Thesis (MComm (Business Management))--University of Stellenbosch, 2011. / ENGLISH ABSTRACT: The increase in globalisation and integration of world financial markets has seen a significant enhancement in the amount in foreign investments. This coupled with the downfall of the apartheid regime has given rise to an opportunity for companies to diversify their investment and operational portfolios internationally. Furthermore world foreign direct investment has reached a high during recent years. This indicates that companies are undertaking more opportunities to invest internationally. This study was undertaken from the perspective of South African companies who may be considering to invest abroad. This is due to the fact that a clear research gap regarding their perspective has been found. The gap was found because most studies chose to focus on countries such as the United States of America, China and Japan, while none focused on the point of view of South African companies to the best of the available knowledge. The second factor was that studies did not only focus on the financial considerations, but instead included social and political factors. This study, due to the research gap found, chose to focus on the financial considerations of South African companies when considering making capital investments abroad. The top 50 companies in South Africa were chosen according to the Financial Mail’s Top Companies issue. It was decided that 30 of these companies would be sufficient as the research sample for the study. A questionnaire was drawn up and used as an aide memoire in personal interviews with these executives of the relevant companies. This allowed an opportunity to explore their perceptions and opinions regarding the factors that were selected as important from the literature study. In addition to this the executives provided company information that would be used in the sensitivity analysis. It was found that there are a number of company- and country-specific factors that need be contemplated when considering capital investments abroad. The company-specific factors include the profitability, cash flow, liquidity, solvency and future long-term growth characteristics of the prospective investment opportunity. This should be done in comparison with the host country to ensure that it will be worthwhile to increase the company’s risk factors. The country-specific factors include any restrictions placed on the cross-border movement of capital, the taxation legislation, and the availability of reliable information regarding the foreign market. The availability of foreign financing, availability of foreign exchange hedging instruments, investment incentives and the availability of labour and capital in order to apply the correct operating leverages are also important. The company-specific and country-specific factors need be considered in conjunction with each other. Furthermore all factors need be compared between the home and host countries in order to ascertain whether the advantages of entering into the foreign market are large enough. / AFRIKAANSE OPSOMMING: Die toename in globalisering en integrasie van finansiele markte in die wêreld het ‘n beduidende toename in die hoeveelheid buitelandse investerings na vore gebring. Tesame met die ondergang van apartheid het dit geleenthede aan maatskappye gebied om hul investerings en operasionele portefeuljes internasionaal te diversifeer. Verder het globale buitelandse direkte investering ‘n hoogtepunt in die onlangse jare bereik. Dit toon dat maatskappye meer geleenthede onderneem om internasionaal te investeer. Die studie was onderneem vanuit die perspektief van Suid-Afrikaanse maatskappye wat dit moontlik oorweeg om in die buiteland te investeer. ‘n Duidelike navorsingsgaping is gevind op grond van die verskille tussen die maatskappye se perspektiewe. Die gaping het ontstaan aangesien meeste studies gefokus het op lande soos die Verenigde State van Amerika, China en Japan, met so ver bekend geen studie wat fokus vanuit Suid-Afrikaanse maatskappye se perspektief nie. Die tweede faktor was dat die studies nie slegs op finansiele inagnemings gefokus het nie, maar ook sosiale en politieke faktore ingesluit het. As gevolg van die navorsingsgaping wat gevind is, fokus hierdie studie op die finansiele oorgewings vir Suid- Afrikaanse maatskappye wanneer hulle kapitaalinvesterings in die buiteland oorweeg. Die 50 top maatskapye in Suid-Afrika was gekies volgens die “Financial Mail” se uitgawe van vooraanstaande maatskappye. Daar is besluit dat 30 van hierdie maatskappye ‘n voldoende navorsingsteekproef vir die studie sal wees. ‘n Vraelys was saamgestel om as hulpmiddel te dien vir die persoonlike onderhoude wat met die senior bestuurders gevoer is. Dit het die geleentheid geskep om hul perspektiewe en opinies rakende die belangrike faktore wat uit die literatuurstudie geidentifiseer is, te verken. Die uitvoerende beamptes het ook maatskappy-inligting verskaf wat in die sensitiwiteitsanalise gebruik sou word. Daar was gevind dat ‘n aantal maatskappy- en land-spesifieke faktore bestaan waaroor besin moet word wanneer buitelandse kapitaalinvesterings oorweeg word. Die maatskappy-spesifieke faktore sluit in winsgewendheid, kontantvloei, likiditeit, solvabiliteit en toekomstige langtermyn groei-eienskappe van die voornemende investeringsgeleentheid. Dit moet gedoen word in vergelyking met die land waarin geinvesteer gaan word on te verseker dat dit die moeite werd sal wees om die maatskappy se risikofaktore te verhoog. Die land-spesifieke faktore sluit in enige beperkings wat geplaas word op die beweging van kapitaal oor grense, die belasting-wetgewing, en die beskikbaarheid van betroubare inligting rakende die buitelandse mark. Die beskikbaarheid van buitelandse finansiering, beskikbaarheid van verskansingsinstrumente vir buitelandse valuta, investeringsaansporingsmaatreels en die beskikbaarheid van arbeid en kapitaal om die korrekte bedryfshefboomwerking toe te pas is ook belangrik. Die maatskappy-spesifieke en landspesifieke faktore moet gesamentlik oorweeg word. Verder moet alle faktore tussen die tuisland en die land waarin geinvesteer gaan word, vergelyk word om vas te stel of dit voordelig sal wees om die buitelandse mark te betree.

Thesis (MComm)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: Enterprises and more specifically, marketing departments, function in a complex global market, while trying to deliver products and services to satisfy the needs of consumers. It is estimated that by 2013, enterprises will be spending $4.75 trillion and consumers $330 billion by means of commercial transactions over the Internet, and that by 2050 most transactions – if not all transactions – will be e-commerce based (Laudon and Traver, 2010:1-7). The 24-hour access to a global network of markets has brought about two major challenges for most enterprises. Firstly, the Internet as a publishing platform has exponentially increased the creation and sharing of information, which has significantly increased consumers’ search cost; and secondly, as more electronic word-of-mouth (EWOM) is being generated online, a significant amount of power and influence over enterprises has shifted to consumers (Chen, Wu and Yoon, 2004:716-722; Tapscott and Williams, 2008:52-53). Ultimately, enterprises are challenged to harness the power of EWOM for more successful e-commerce strategies and increased market share. Given previous studies, it was possible to extend the theoretical framework of EWOM communication in the fields of Internet marketing and online consumer behaviour. The purpose of this study was to create two models that could measure, over time, the impact of EWOM review communication on an e-commerce platform, specifically with regard to review credibility and sales levels. In using a non-probability judgement sampling procedure, it emerged that EWOM reviews do indeed influence the sales levels of e-commerce platform Amazon.com, and that certain review factors (platform, text length, time and star ratings) significantly influenced the credibility of Amazon.com and Barnesandnoble.com reviews. Furthermore, it was concluded that the overall credibility of reviews increases over time as more and more online users have the ability to scrutinise it. When Amazon.com and Barnesandnoble.com’s reviews were compared to each other, the results indicated that Amazon.com had more reviews than Barnesandnoble.com, and that the reviews posted at Amazon.com had on average longer text lengths and were found to be more helpful than the reviews at Barnesandnoble.com. The study's major contribution is that it provides wide-ranging guidelines for usability and user experience design, sales and inventory forecasting, as well as benchmark statistics for marketing campaigns. / AFRIKAANSE OPSOMMING: Ondernemings, en in die besonder bemarkingsafdelings, funksioneer in ‘n komplekse globale mark, in hulle strewe om voortdurend produkte en dienste te lewer wat voldoen aan verbruikersbehoeftes. Na raming sal ondernemings teen die jaar 2013 $4.75 triljoen en verbruikers $330 biljoen spandeer aan kommersiële transaksies oor die Internet, terwyl die meeste, indien nie alle transaksies, teen die jaar 2050 gebaseer gaan wees op e-handel (Laudon en Traver, 2010:1-7). Die 24-uur toegang tot ‘n globale netwerk van markte het twee hoofuitdagings vir die meeste ondernemings tot gevolg. In die eerste plek het die Internet as uitgewersplatform die skep en verspreiding van inligting eksponensieel laat toeneem, wat verbruikers se soekkoste noemenswaardig verhoog het; en tweedens, namate elektroniese hoorsê aanlyn gegenereer word, het ‘n beduidende hoeveelheid mag en invloed van ondernemings na die verbruiker verskuif (Chen, Wu en Yoon, 2004:716-722; Tapscott en Williams, 2008:52-53). Ondernemings word dus uitgedaag om die impak van elektroniese hoorsê (electronic word-of-mouth) te ontgin om meer suksesvolle e-handelstrategieë en verhoogde winste te verkry. In die lig van vorige studies was dit moontlik om die tradisionele teoretiese raamwerk van hoorsêkommunikasie uit te brei na die veld van Internet-bemarking en verbruikersgedrag. Die doel van hierdie studie was om twee modelle te ontwikkel wat, met verloop van tyd, die impak van elektroniese hoorsêkommunikasie op ‘n e-handelplatform kon meet, met spesifieke verwysing na resensiegeloofwaardigheid en verkoopsvlakke van boeke. Deur die gebruik van ‘n nie-waarskynlikheidsoordeel steekproefprosedure, het die studie bevind dat elektroniese hoorsêresensies inderdaad ‘n invloed het op die verkoopsvlakke van elektroniese e-handelplatforms en dat sekere resensiefaktore (platform, teks, lengte, tyd en stergradering) die geloofwaardigheid van elektroniese e-handelplatforms se resensies beduidend beïnvloed het. Verder is die gevolgtrekking gemaak dat die oorhoofse geloofwaardigheid van resensies toeneem namate al hoe meer aanlynverbruikers die vermoë het om dit onder oë te kry. In ‘n vergelyking tussen die resensies van twee e-handel platforms Amazon.com en Barnesandnoble.com, is bevind dat Amazon.com meer resensies as Barnesandnoble.com het, dat die resensies op Amazon.com gemiddeld langer tekste het, en ook meer behulpsaam uit ‘n verbruikersoogpunt is as die resensies op Barnesandnoble.com. Die hoofbydrae van hierdie studie is dat dit riglyne bied aan e-handelplatforms om hul kliënte se verbruikerservaring beter te verstaan, en om sodoende beter verkope- en voorraadvooruitskattings te kan maak. Verder bied die studie ook riglyne t.o.v. doeltreffende bemarkingsveldtogte vir e-handelplatforms.

Thesis (MComm)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: This study sets out to evaluate the possible influence of increasing and declining markets on the returns of dividend-investing strategies. This study’s objective, therefore, was to evaluate the possible influence dividend pay-out policy has on share return. Secondary objectives serve to investigate how the size of cash dividend payments, measured in dividend yield (DY), influence share value, especially during bull and bear markets respectively. In order to address the stated objectives of this study and prevent possible survivorship bias, the sample included listed and delisted shares for the period 1995 to 2010. Initially, all firms that were listed on the Johannesburg Stock Exchange (JSE) during the period under review were considered, both that were listed at the end as well as firms that delisted. However, due to the nature of the financial structures of firms in the financial and basic industries, the study did not include their data. The final sample consisted of 291 firms, providing 22 927 monthly observations. Dividend-investing strategies were constructed using non-dividendpaying (Portfolio one) and dividend-paying firms (Portfolio two). Portfolio one and two were then further deconstructed into four groups based on monthly DY rankings. Portfolio one was represented by Group 1, whilst Portfolio two was grouped into the lowest, medium, and highest DYs and classified as Group 2 to Group 4 accordingly. The results obtained from statistical analyses performed in this study indicate that the level of DY appears to influence returns positively. Furthermore, after investigating the results obtained during opposing market scenarios, some important findings resulted. During bear markets no significant difference in abnormal risk-adjusted returns was observed for the portfolios and four groups, however, in bull markets the return for Portfolio two, specifically Group 4, was more than double the result for the non-dividend payers. This study, therefore proposes that firms should have a DY in the range of the highest market DY average for bull markets specifically. From the perspective of the potential investors, the study suggests that dividend-investing could allow for the generation of positive risk-adjusted returns during bull markets. / AFRIKAANSE OPSOMMING: Hierdie studie evalueer die moontlike invloed van stygende en dalende markte aangaande opbrengs op dividend-investerings strategie . Die studie se primêre doelwit is om die invloed van dividend uitbetalings op aandeel opbrengste te bestudeer. Sekondêre doelwitte ondersoek hoe die grootte van ‘n kontant dividend, soos gemeet in dividend opbrengs, die aandeel-waarde beïnvloed, spesifiek tydens bul en beer markte. Om oorlewingsydigheid te voorkom, sluit die steekproef genoteerde sowel as gedenoteerde firmas in vir ‘n tydperk van 1995 tot 2010. Aanvanklik was alle sektore van die Johannesburg Aandele-beurs (JSE) ondersoek, maar weens die komplekse kapitaal struktuur van finansi le en die basiese nywerheid sektore was hul aandeel inligiting uitgesluit. Die finale steekproef het ‘n totaal van 291 firmas ingesluit en 22 927 maandelike waarnemings verskaf. Dividend-investerings strategie was saamgestel deur nie-dividend-betalende firmas (Portefeulje een) teenoor dividendbetalende firmas (Portefeulje twee) te vergelyk. Die twee portefeuljes was ook verder onderdeel in vier groepe volgens maandelikse dividend opbrengstes. Portefeulje een was verteenwoordig deur Groep 1, terwyl Portfeulje twee opgedeel was volgends laag, medium, en hoë dividend opbrengstes en geklasifiseer as Groep 2 tot 4 onderskeidelik. Die resultate van die statististiese ontleding van hierdie studie dui moontlik daarop dat die vlak van dividend opbrengs aandeel waarde positief beïnvloed. Nadat die spesifieke bul en beer markte ontleed is, was belangrike resultate waargeneem. Tydens beer markte was daar geen beduidende verskil tussen die risiko-aangepaste opbrengstes van die twee portefeuljes en vier groepe nie, maar tydens bul markte het die opbrengstes van Portefeulje twee, spesifiek Groep 4, meer as dubbel dié van die nie-dividend betalers getoon. Die studie stel dus voor dat ‘n firma tydens bul markte moet poog om ‘n dividend opbrengs te handhaaf wat die hoogste gemiddeld van die mark verteenwoordig. Vanuit die belegger se oogpunt, stel die studie voor dat dividend investering stategie moontlik gebruik kan word om positiewe risikoaangepaste opbrengstes te genereer, veral tydens bul markte.

Thesis (MBA)--Stellenbosch University, 2001 / ENGLISH ABSTRACT: Small businesses are the traditional source of local and national economic growth. Small businesses in South Africa absorb almost half the people formally employed in the private sector and contribute nearly thirty seven percent to the country's gross domestic product. Unfortunately small businesses also have the reputation of a high failure rate some literature quote figures as high as sixty six percent of all small businesses within the first six years of their existence. An Australian survey indicated that nearly sixty five percent of all business failures were caused by controllable factors, which implicates that the use of consultants, or simply better management of the small business, could have prevented the failure. This study explains why small business owners are so reluctant to make use of outside consultants and looks into the most common causes of small organisation failure. This research project is designed as an incremental development study, where an existing model is adjusted to focus on a smaller nische market. A consulting model, developed to use in large organisations, was evaluated by identifying the problem areas that most often cause small organisations to fail and then comparing them to the areas addressed in the existing model. The conclusion reached was that although this model will definitely help small business owners to improve their businesses, it doesn't address the mest common causes of small business failure and adjustments is needed to customise this product for the small organisation. Based on the available data on the most common causes of small organisational failure, a new model is developed, which addresses the specific causes of small organisation failure. The new model gives examples of what would be in place in an organisation where the relevant critical success factor is successfully implemented as well as examples of what the situation will be if the relvant factor is absent. The small business owners evaluate themselves on a scale of one to ten. The model has a dual purpose, firstly to create an awareness with the owner of the full spectrum of factors that need to receive attention in a small organisation, and secondly to give a benchmark against which progress on each of the critical success factors can be measured. / AFRIKAANSE OPSOMMING: Klein besighede vorm die ruggraat van die Suid Afrikaanse ekonomie, met byna sewe-en-dertig persent van die Bruto Nasionale Produk (BNP), wat aan klein besighede toegeskryf kan word en as werkverskaffer aan bykans die helfte van alle werknemers wat formeel in diens is van die private sektor. Ongelukkig het klein besighede ook die reputasie van 'n groot mislukkingskoers met mislukkings so hoog as ses-en-sestig persent van alle klein besighede in die eerste ses jaar van die ondernemings se bestaan. 'n Australiese studie het getoon dat ongeveer vyf-en-sestig persent van die oorsake van klein besigheid mislukkings aan beheerbare faktore toegeskryf kan word. Met ander woorde hulp van konsultante, of bloot beter bestuur van die klein besigheid, kon die mislukking verhoed het. Hierdie werkstuk kyk na redes hoekom konsultante so min deur klein besighede gebruik word en na die mees algemene oorsake van klein besigheid mislukkings. Die werkstuk neem die vorm aan van 'n inkrementele ontwikkeling studie waar 'n reeds bestaande evaluasie model, aangepas word om te fokus op 'n kleiner nismark. 'n Konsultasie model, wat ontwikkel is vir gebruik in die diagnostiese fase van die konsultasieproses vir groot besighede, is ondersoek en daar is gekyk watter van die mees algemene faktore vir klein besigheid mislukking in hierdie model aangespreek is. Die gevolgtrekking was dat alhoewel die model definitief klein besigheids eienaars sal help om hul organisasies te verbeter, dit meeste van die oorsake vir mislukking in klein besighede nie direk aanspreek nie, en dat aanpassings van die model nodig is. Gebasseer op reeds bestaande navorsing oor die oorsake van klein besigheid mislukkings, is 'n nuwe model ontwikkel, wat spesifiek gerig is daarop om die mees algemene oorsake van mislukking aan te spreek. Die hersiene model gee voorbeelde van wat in plek sal wees in 'n organisasie waar die kritieke suksesfaktor suksesvol geimplementeer is asook voorbeelde van hoe die situasie daar sal uitsien indien die relevante faktor afwesig is. Klein besigheidseienaars evalueer hulself op 'n skaal van een tot tien. Die doel van die model is tweeledig, eerstens om die eienaar attent te maak op die volle omvang van faktore waaraan aandag gegee moet word, en tweedens om 'n riglyn te bied waarteen vordering op elkeen van die kritieke sukses faktore gemeet kan word.

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The study involves research of secondary data in the field of knowledge management. It investigates the different perspectives of how knowledge can be managed. The complexity of knowledge requires different approaches for different organisations in a variety of industries. The complexity of this field has resulted in a number of acceptable as well as unacceptable knowledge management approaches. In the study the two predominant conflicting perspectives of knowledge management is discussed. The information-processing perspective suggests that knowledge can be effectively managed through the use of information technology. The emphasis is on the capabilities of information technology with little reference to the human and cultural issues. The opposing knowledgecentric perspective emphasises that a knowledge initiative requires fundamental change that affects the strategy, structure, culture and processes within an organisation. The goal is to create an environment that is conducive to knowledge creation and sharing. In the study these contrasting perspectives are investigated. Analysis of the main points of contention provides insight into faulty assumptions that affect the credibility of an approach. The first primary area of dispute relates to the understanding of knowledge and information. According to the information processing approach knowledge and information are similar. Therefore knowledge can be managed with information processing tools. Advocates of the knowledge-centric approach disagree with this assumption. They believe that knowledge sharing and creation are subject to human interaction and creativity, and not technological systems. A clear definition and description of knowledge and information is provided. It is apparent from this discussion that there is a vast difference between information and knowledge. It is therefore false to suggest that knowledge and information can be managed with information management tools. The analysis of the factors that limit the capabilities of information management tools to provide knowledge management solutions indicates that technology merely plays an enabling role in knowledge management. Humans play the fundamental role in creating new knowledge and sharing existing knowledge. The information-processing perspective is therefore flawed, for knowledge and information cannot be equated and therefore information-processing tools cannot be used to manage knowledge. / AFRIKAANSE OPSOMMING: Die studie gebruik sekondêre data in die veld van kennisbestuur. Verskillende perspektiewe of benaderings tot kennisbestuur word ondersoek. Die kompleksiteit van kennis noodsaak dat verskillende benaderings vir verskillende organisasies gevolg moet word. Die resultaat is dat daar 'n verskeidenheid van aanvaarbare sowel as onaanvaarbare benaderings tot kennisbestuur is. In hierdie studie word die twee primêre teenoorgestelde perspektiewe van kennisbestuur bespreek. Die inligtingsverwerkingsbenadering se standpunt is dat kennis effektief bestuur kan word deur die gebruik van inligtingstegnologie. Die vermoëns van inligtingstegnologie word beklemtoon terwyl min aandag aan kulturele en menslike aspekte betee word. Die opponerende kennis-georiënteerde benadering beklemtoon dat 'n kennisbestuursinisiatief fundamentele veranderinge in die strategie, struktuur, kultuur en besigheidsprosesse van 'n organisasie vereis. Die doel is om 'n omgewing daar te stel waarin die skep en deel van kennis vrylik kan geskied. In die studie word die kontrasterende perspektiewe van kennisbestuur ondersoek. 'n Analise van die hoof konflikareas verskaf insig in foutiewe afleidings wat gemaak word. Foutiewe afleidings bevraagteken die kredietwaardigheid van 'n benadering. Die eerste primêre area van konflik kan toegeskryf word aan verskillende interpretasies van kennis en inligting. Volgens die inligtingsverwerkingsbenadering is kennis en inligting dieselfde. Kennis kan dus effektief bestuur word deur tegnologie wat geskik is vir die bestuur van inligting. Die kennisgeoriënteerde benadering beskou hierdie afleiding as foutief. Ondersteuners van hierdie benadering is van mening dat die deel en skep van kennis afhanklik is van menslike interaksie en kreatiwiteit, nie tegnologiese stelsels nie. 'n Duidelike definisie en beskrywing van kennis en inligting word voorgelê. Dit is duidelik uit hierdie bespreking dat daar 'n definitiewe verskil bestaan tussen inligting en kennis. Die aaname dat kennis en inligting deur dieselfde tegnologie bestuur kan word, is dus foutief. Die analise van die faktore wat die vermoëns van tegnologie beperk om kennisbestuursoplossings te verskaf, maak dit duidelik dat tegnologie nie kennisbestuursprobleme kan oplos nie. Mense speel die fundamentele rol in die skepping van nuwe kennis en die deel van bestaande kennis. Die inligtingsverwerkingsbenadering tot kennisbestuur sal dus nie optimale gebruik van kennisbronne verseker nie.

Thesis (PhD (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: The turbulent and rapidly changing world, including South Africa, has created a society craving for speed and action. Future leaders, therefore, face incredible pressures to deliver immediate results, to do more with less and to manage an ever-increasing personal workload. The pace and urgency of daily demands can make it difficult to be more than the step ahead into the future. But in a world of changing conditions and priorities, leaders and individual contributors alike must be able to look beyond the ‘now’ and take a more strategic leadership approach to their work and responsibilities. Global mega-trends are leading to increasing levels of complexity, dynamism and uncertainty in the corporate environment. In an uncertain economy, organisations need effective strategies that will enable them to thrive. Traditional leadership approaches have been rendered insufficient by the rapid changes in the knowledge economy. Businesses need to practise systemic innovation in this fast-changing, knowledge-driven global business landscape in order to remain competitive. Despite heightened awareness and interest by both scholars and practitioners in the field of strategic leadership, the subject will always be an emerging field of inquiry. Furthermore, limited research has thus far been conducted on the impact of strategic leadership on the operational strategy and performance of business organisations in South Africa. A review of strategic leadership literature revealed a research gap that culminated in the following research question: “What is the impact of strategic leadership on the operational strategy and performance of business organisations in South Africa”? To address the research question stated above, a literature review on the impact of strategic leadership on the operational strategy and performance was conducted, and an empirical study was executed. The literature review emphasised the three interrelated strategic leadership constructs of action, coherence and discipline that explored the relationship between strategic leadership and the organisation’s operational strategy and performance. In this study, operational strategy includes strategic orientation as well as the operational excellence of the organisation. The factors which influence strategic orientation were identified as the organisation’s ability to create and formulate their strategy as well as the discipline of all people in the organisation to execute the strategy. Operational excellence, was influenced by product differentiation, cost management and integration. The literature review also emphasised the influence of adaptive leadership, autonomy, communication, knowledge, processes and systems, and values on self reported organisational performance which was directly related to strategic leadership. To address the research problem, empirical cross-sectional telephone surveys were conducted. The sample selected for the study was the top 200 listed organisations for 2008, as published in the Financial Mail. The key respondent was the chief executive officer (CEO), or a member of the executive team. The sample consisted of 200 organisations of which 118 valid responses were received with a response rate of 59 percent. Measurement instruments were adapted, developed and revised where necessary to ensure the reliability and validity of the data. The collected data were analysed using descriptive and inferential statistics. The findings of the study indicated that strategic leadership is directly and indirectly positively associated with operational strategy and organisational performance. It is positively associated with strategy orientation as well as operational excellence of business organisations in South Africa. Furthermore, strategic leadership can also be related to return on assets (ROA) and earnings per share (EPS). Self reported performance is also associated with higher organisational performance. Strategic leadership is unrelated to the size of the organisation, but is more likely to occur in a turbulent business environment. Product differentiation and cost management were also directly linked to strategic leadership. The most important contribution of this study is based on the testing of successful strategic leadership practices in business organisations in the South African context. Competition in the 21st century’s global economy will be complex, challenging and filled with competitive opportunities and threats. This study asserted that effective strategic leadership practices could help business organisations in South Africa to enhance their performance while competing in turbulent and unpredictable environments. Measurement instruments have also been developed, which may be used by executives, consultants and other researchers to measure these phenomena in future. / AFRIKAANSE OPSOMMING: Die turbulente en vinnig veranderende wêreld, Suid-Afrika inkluis, het ‘n gemeenskap geskep wat gewoond geraak het aan spoed en aksie. Toekomstige leiers is dus blootgestel aan oneindige druk om dadelik te presteer, resultate te lewer, om meer met minder te doen en om ‘n vootdurende en toenemende werkslading te bestuur. Die vinnige pas en dringendheid van daaglikse vereistes kan dit baie moeilik maak om ‘n stap voor die toekoms te wees. Maar, in die wêreld van veranderende omstandighede en prioriteite, moet leiers en individue oor die vaardighede en kennis beskik om verby die ‘huidige’ na die toekoms te kyk en daardeur ‘n meer strategiese leierskapsbenadering te volg ten opsigte van hulle werk en verantwoordelikhede. Die impak van globalisering het aanleiding gegee tot verhoogde vlakke van kompleksiteit, dinamika en onsekerheid in die korporatiewe omgewing. Organisasies het, veral in ‘n onsekere ekonomie, ‘n effektiewe strategie nodig om te presteer. Tradisionele leierskapbenaderings is nie meer voldoende in ‘n kundigheidsekonomie wat vinning besig is om te verander nie. Dit het dus noodsaaklik geword vir leiers in organisasies om effektiewe stelsels en ander innoverende praktyke te implementeer om kompeterend te wees in die toekoms. Nieteenstaande die verhoogde bewustheid en belangstelling van beide studente en persone wat in die praktyk werksaam is teenoor strategiese leierskap, sal dit altyd nodig wees om hierdie vakgebied verder te ontwikkel en te bestudeer. Voorts is daar tot op hede slegs beperkte navorsing gedoen oor die impak van strategiese leierskap op die operasionele strategie en prestasie van besigheidsorganisasies in Suid-Afrika. ‘n Oorsig van strategiese leierskapliteratuur het getoon dat daar ‘n navorsingsgaping bestaan wat aanleiding gegee het tot die volgende navorsingsvraag: “Wat is die impak van strategiese leierskap op die operasionele strategie en prestasie van besigheidsorganisasies in Suid-Afrika”? Om die bogenoemde navorsingsvraagstuk aan te spreek, is daar ‘n omvattende literatuuroorsig asook ‘n volledige empiriese studie gedoen ten opsigte van die impak van strategiese leierskap op die operasionele strategie en prestasie van besigheidsorganisasies. Die literatuuroorsig het beklemtoon dat die drie interafhanklike konstrukte van aksie, samehorigheid en dissipline, (wat strategiese leierskap verteenwoordig), ‘n nou verband het met operasionele strategie en prestasie in besigheidsorganisasies. In hierdie studie het strategiese oriëntasie van die organisasie sowel as die vermoë om die strategie uit te voer die beginsel van operasionele strategie verteenwoordig. Die faktore wat strategiese oriëntasie beïnvloed het, is geïdentifiseer as die organisasie se vermoë om ‘n strategie te ontwikkel en te formuleer, asook om die nodige dissipline te handhaaf om die strategie op alle vlakke suksesvol uit te voer en te implementeer. Operasionele uitnemendheid is beïnvloed deur produkdifferensiasie en die effektiewe bestuur van kostes. Die literatuuroorsig het ook die belangrike invloed van adaptiewe leierskap, outonomie, kommunikasie, kundigheid, effektiewe prosesse en sisteme asook gevestigde waardes bevestig as aspekte wat ‘n direkte en indirekte impak het op die selfgerapporteerde prestasies in besigheidsorganisasies, wat ‘n direkte verband getoon het met strategiese leierskap. Die navorsingsprobleem is aangespreek deur empiriese kruisseksionele telefoononderhoude te voer met gelyste besigheidsorganisasies in Suid-Afrika. Die geselekteerde populasie was die 200 top organisasies vir 2008, soos gepubliseer in die Financial Mail van 2009. As gevolg van die strategiese aard van die studie, was die sleutelrespondente die Hoof Uitvoerende Beampte (HUB), of ‘n lid van die uitvoerende bestuur van die organisasie. Die populasie het bestaan uit al 200 gepubliseerde organisasies waarvan 118 geldige vraelyste geprosesseer is, met ‘n respondentkoers van 59 persent. Die meetinstrument is aangepas, ontwikkel en verander waar dit nodig was om die geldigheid en toepaslikheid van die data te kon verseker. Die versamelde data is met beskrywende en inferensiële statistiek ontleed. Die bevindinge van die studie het aangetoon dat strategiese leierskap direk en indirek positief verbind kan word met operasionele strategie sowel as die self gerapporteerde prestasie van organisasies. Dit kan ook positief geassosieer word met strategiese oriëntasie sowel as operasionele uitnemendheid van besigheidsorganisasies in Suid- Afrika. Voorts kan strategiese leierskap ook verbind word met die opbrengs op bates sowel as die verdienste per aandeel. Selfgerapporteerde prestasie van die deelnemende organisasies kon ook direk verbind word tot verbeterde prestasie van hierdie organisasies. Daar is egter ook bevind dat strategiese leierskap geen verband het met die grootte van die organisasie nie, maar is wel geneig om ‘n positiewe impak te hê op die prestasie van organisasies in ‘n turbulente besigheidsomgewing. Produk- differensiasie en die effektiewe bestuur van kostes kan ook direk geassosieer word met effektiewe strategiese leierskap. Die belangrikste bydrae van hierdie studie is gebaseer op die toetsing van suksesvolle strategiese leierskapspraktyke in besigheidsorganisasies in die Suid-Afrikaanse konteks. Kompetisie in die 21ste eeu in ‘n globale ekonomie gaan kompleks en uitdagend wees, gevul met kompeterende geleenthede en bedreigings. Hierdie studie het empiries bevestig, dat effektiewe strategiese leierskapspraktyke besighede in Suid- Afrika kan help om uitnemend te presteer asook om winsgewendheid te verhoog, alhoewel hulle deel is van ‘n turbulente en onvoorspelbare omgewing. Meetinstrumente is ook ontwikkel wat deur uitvoerende beamptes, konsultante en ander navorsers gebruik kan word om hierdie verskynsels in die toekoms te kan meet.

PhD / Thesis (PhD (Business Management))--Stellenbosch University, 2008. / The objective of this study is to provide a new approach to assessing fund management and to establish whether there is empirical support for this approach. The new approach will improve investors’ decision making with respect to the management and investment of their assets. We construct equity-only funds from quarterly equity holdings of unit trusts. The funds are ranked each quarter using various performance measures and segmented into winners and losers; firstly according to the median of the ranks and secondly according to quintile rankings. The funds’ rankings are examined for evidence of persistence. Secondly, a performance attribution method is introduced that identifies the static (“buy-and-hold”) portion and the trading portion of a fund. The funds are examined in terms of characteristics that distinguish between funds according to how the manager has chosen to organise (or construct) the fund. These characteristics are the static portion, the trading portion, the size of the static portion and the extent of the overlap between funds’ holdings and the large, mid and small capitalisation indices. Relationships between winners and losers (based on quartiles) and the fund characteristics are examined. Finally, the trading activities of investment managers, for their funds, are examined. This examination begins with the use of traditional measures that focus on a holistic approach to evaluating trading ability. The examination is enhanced with the introduction of a new reductionism approach, where the success of individual trades is examined. The results of the earlier performance attribution are included in the evaluation of investment managers’ abilities to add value to investors’ assets via trading activities.

Thesis (PhD (Business Management))--University of Stellenbosch, 2007. / The turbulent, rapidly changing knowledge economy has forced enterprises to become more entrepreneurial in order to capitalise on new opportunities and to create value. Previous research has shown the financial and non-financial benefits of corporate entrepreneurship (CE), but the implementation and management of CE remains problematic. Despite heightened awareness and interest by both scholars and practitioners in studying and better understanding entrepreneurship within large organisations, CE is still regarded as an emerging field of inquiry. Furthermore, limited research has thus far been conducted on CE and entrepreneurial intensity (EI) in the South African context. A review of the CE literature revealed a research gap that culminated in the following research question: How do the antecedents to CE influence the entrepreneurial intensity of firms active in e-business operating in South Africa? To address the research question stated above a literature review of antecedents to CE, and entrepreneurial intensity was conducted, and an empirical study was executed. The literature review emphasised five salient internal antecedents to CE: management support for CE; autonomy of employees; rewards for CE; time and resource availability; and flexible organisational boundaries. The external antecedents which influence CE were identified as munificent, opportunity-rich environments, and hostile environments filled with threats. Other factors that also play a role in influencing the level of entrepreneurship in enterprises are the type of industry, size and age of a company, managerial influence and the role of the individual in the CE process. The level of entrepreneurship was defined as entrepreneurial intensity, a function of frequency and degree of entrepreneurship. To address the research problem, empirical cross-sectional telephone surveys were conducted in two stages. The sample selected for the study was companies active in e-business operating in South Africa and aware of innovation practices. Two groups of companies were identified, namely JSE companies and Information and Communication Technology (ICT) companies. The key respondent targeted in JSE companies was the Information Technology (IT) Manager or the Chief Information Office (CIO), while the Chief Executive Officer (CEO) or Sales Manager was the key respondent in ICT companies. The population consisted of 715 companies. The response rate for first stage of the study was 44%, while the response rate was 20% for the second stage of the study. Measurement instruments were adapted, developed and revised where necessary to ensure the reliability and validity of the data. The collected data were analysed using descriptive and inferential statistics. The findings indicated that internal antecedents to CE have a significantly stronger influence on degree of entrepreneurship than munificent, external factors. This finding underlines the important role managers can play in providing a supportive climate for CE. The prominent internal antecedents in this study were management support for CE, autonomy of employees and rewards for CE. The findings also emphasised the importance of a positive, munificent business climate, as perceived by managers inside the organisations. Furthermore, the findings suggested that the more frequently enterprises act entrepreneurially, the higher their degree of entrepreneurship should be. Differences in EI, degree of entrepreneurship, internal and external antecedents were also discernable between JSE and ICT companies, with ICT companies showing higher levels of entrepreneurship than JSE companies. Moreover, the findings suggested that the size of a company did not influence EI, but the age of companies showed a negative relationship with EI, degree of entrepreneurship and the internal antecedents to CE. It appears that as companies become older, their internal environments become less supportive of entrepreneurial behaviour. The most important contribution of this study is the testing of CE-theories in the South African context. The managerial implications of the behavioural model tested in the study are that top and middle management could create a supportive environment for CE, while munificent environments encourage entrepreneurial behaviour. Measurement instruments have been developed, which may be used by managers, consultants and other researchers to measure these phenomena in future. Furthermore, the findings suggest that there are country differentials with regard to CE, while opportunities for further research were also identified.

Thesis (PhD (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: This dissertation is made up of stand-alone essays on the determinants of the investment climate in emerging market economies. Chapter One presents the purpose of this study, the significance of the research to policy makers, researchers and investors and the limitations of the research. Chapter Two investigates empirically whether business regulations, as measured by the „Doing Business‟ indicators, have an impact on investment in 29 emerging market economies in Africa, Asia, Latin America and emerging Europe. The results show that secure property rights and the level of business entry regulation influence the investment climate in these economies. In addition, efficiency of the judicial system, investor protection and the flexibility of employment regulation were found to be insignificant determinants of investment. Chapter Three explores the effect of business regulation on stock market liquidity, using data from a selection of 15 stock markets in Africa. The results from the panel data analysis show that the degree of business regulation does not influence stock liquidity. However, the results confirm that greater protection of minority share-holders' rights, as well as lender and better collateral and bankruptcy laws enhance stock market liquidity. There was anecdotal evidence to suggest that improved judicial efficiency enhances stock market liquidity. The legal origin was found to be significant in explaining the differences in the legal systems of these countries. Countries that have adopted French legal traditions were found to have less active stock markets and less investor and property rights protection compared to countries that have adopted English legal traditions. Chapter Four investigates the effect of the level of business regulation, infrastructure and political environment on investment in 29 African countries. The results provide evidence to show that lower levels of business regulation, less corruption and a stable political environment are important in enhancing investment. The final essay examines the effect of business regulation and geography on investment in a sample of 37 countries in Africa. The results show that more secure property rights and fewer import and export regulations have a significantly positive effect on private investment. In addition, being landlocked and distant from the sea has a negative effect on investment. Furthermore, the findings revealed that property rights protection in landlocked economies is not significantly different from that in coastal economies. In all the studies, the legal origin was found to be significant in explaining cross-country differences in the legal systems of the selected countries. These findings have important implications for policy makers, multi-lateral organisations and investors. / AFRIKAANSE OPSOMMING: Hierdie proefskrif bestaan uit alleenstaande studies oor die beslissende faktore van die beleggingsklimaat in opkomende markekonomieë. In hoofstuk een word die doel van die studie; die belang van die navorsing vir beleidmakers, navorsers en beleggers; en die beperkings van die navorsing aangebied. Hoofstuk twee bevat ‟n empiriese ondersoek om te bepaal of sakeregulasies, soos deur die “Doing Business”-aanwysers gemeet, ‟n uitwerking op belegging in 29 ontluikende markekonomieë in Afrika, Asië, Latyns-Amerika en ontluikende Europa het. Die resultate toon dat veilige eiendomsregte en die vlak van regulasie vir toetrede tot besigheid die beleggingsklimaat in hierdie ekonomieë beïnvloed. Hierbenewens is die doeltreffendheid van die regstelsel, die beskerming van beleggers en die buigsaamheid van indiensnemingsregulasies gevind onbelangrike beslissende faktore vir belegging te wees. In hoofstuk drie word verslag gelewer oor die uitwerking van sakeregulasies op die likiditeit van effektemarkte op grond van data van ‟n keur van 15 effektemarkte in Afrika. Die resultate van die paneeldata-analise toon dat die graad van sakeregulasie nie die likiditeit van effekte beïnvloed nie. Die resultate het egter bevestig dat meer beskerming van die regte van minderheidsaandeelhouers asook verbeterde wetgewing ten opsigte van kredietverskaffing, aanvullende sekuriteit en insolvensie die likiditeit van effektemarkte verhoog. Anekdotiese bewyse is gevind wat aan die hand doen dat verbeterde regsdoeltreffendheid ook die likiditeit van effektemarkte verhoog. Die regsoorsprong is as beduidend gevind ter verklaring van die verskille in die regstelsels van hierdie lande. Lande wat Franse regstradisies aanvaar het, is gevind minder aktiewe effektemarkte en minder beskerming van beleggers en eiendomsregte te hê, vergeleke met lande wat Engelse regstradisies aanvaar het. In hoofstuk vier word die uitwerking van die vlak van sakeregulasie, infrastruktuur en die politieke omgewing op belegging in 29 Afrika-lande bespreek. Die resultate toon bewyse dat laer vlakke van sakeregulasie, minder korrupsie en ‟n stabiele politieke omgewing belangrike faktore is om belegging te bevorder. Die laaste studie ondersoek die uitwerking van sakeregulasies en geografie op belegging in ‟n monster van 37 Afrika-lande. Die resultate toon dat veiliger eiendomsregte en minder invoer- en uitvoerregulasies ‟n beduidende positiewe uitwerking op privaat belegging het. Hierbenewens is daar ‟n negatiewe uitwerking op belegging in lande wat deur land omring is en ver van die see af is. Die bevindings het ook aan die lig gebring dat die beskerming van eiendomsregte in ekonomieë wat deur land omring is, nie aanmerklik verskil van dié in kusekonomieë nie. In al die studies is regsoorsprong as beduidend gevind in die verklaring van verskille in die regstelsels van die gekose lande. Hierdie bevindings het belangrike implikasies vir beleidmakers, multilaterale organisasies en beleggers.

Thesis (MComm)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: The implementation or adaption of a common currency by a group of countries has managerial as well as risk management implications for these emerging market multinational corporations (EMNC’S). This study sets out to examine these business management implications and the computation of a fictitious uniform currency for the SADC region, “SADC dollar” to derive its optimality should the SADC dollar replace the ZAR. This optimality was determined by comparing the basis risk of currency futures hedge positions using both the USD/ZAR on a ZAR currency index and USD/SADC dollar on a SADC currency index as the respective underlings. Findings indicated that the basis risk and currency risk declined over a time-series analysis which implied better business management decisions, increased profit margins, larger firm value and more effective hedged positions for the companies in South Africa that may adopt this new currency. / AFRIKAANSE OPSOMMING: Die implementering of aanvaarding van ‘n gemene wisselkoers deur ‘n groep SADC-lande het besigheidsbestuurs- asook risikobestuursimplikasies vir SADC multinasionale maatskappye. Hierdie studie beoog om die implikasies vir bestuur te ondersoek en te bepaal hoe die skep van ‘n fiktiewe eenvormige wisselkoers vir die SADC-streek gebruik kan word, dit is, sou die “SADC dollar” die ZAR vervang. Hierdie optimaliteit is bereken deur die basisrisiko van verskeie valutatermynkontrakte vergelyk. Die instrument onderliggend aan die verskillende valutatermynkontrakte was die VSA dollar/rand wisselkoers wat op ‘n Suid-Afrikaanse rand (ZAR) valutaindeks gemodelleer is en die VSA dollar/SADC dollar wat op ‘n SADC valutaindeks gemodelleer was. Die resultate van die navorsing op die gekose tydreeks dui daarop dat die basisrisiko sowel as die valutarisiko moontlik sal afneem. Die implikasie hiervan is moonlik beter besigheidsbestuurs-besluite, toename in winsmarges, toenames in maatskapywaardes en meer effektiewe skans posisies vir maatskappye in Suid–Afrika wat hierdie eenvormige wisselkoers sou implementeer.