Thesis (MBA (Business Management))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The phenomenon of globalisation has seen the closer integration of the world's countries and people. The result of this, is that overall, the world economy has grown substantially. On the flip side, globalisation has greatly increased the exposure of individual countries to occurrences elsewhere in the world. This latter statement is witnessed by the events such as the spread of financial crises from source countries to third party countries that do not seem to have any obvious ties with the crisis-source countries. This has been termed financial contagion. This study seeks to break new ground by focussing on trade-related issues of contagion rather than presenting the usual macro-economic, financial, and political perspectives. A model that considers the trade pattern of countries as linkages tying together countries around the world as a whole (network) is used. This study uses the network approach to international trade as an integration measure and ascertains the occurrence of contagion in South Africa. These parameters will then be used to establish whether trade network integration can be used to explain financial contagion affecting South Africa (and extended to other countries). Two hypotheses are designed and tested in order to establish this. Two measures are used to determine the level of integration of the four study countries. The two measures are country centrality and country importance index. Comparative analysis done showed that all four countries are relatively highly integrated and are in close proximity for both degree centrality and importance. A summary of both indicators of integration measures relative to other countries in the trade network indicate that Mexico, Russia, South Africa and Thailand are well integrated in the network. Secondly the difference in ranking amongst these countries is not significant. Three financial crises are used namely, the Mexican Tequila (1994), the Asian Flu (1997) and the Russian Virus (1998). The contagion testing methodology applied uses the cross-market correlation coefficients between crisis-country and test-country. It is shown that there is no evidence to suggest that South Africa (JSE) was contagiously affected by any of the three financial crises. Only interdependence seems to have existed between the South African market and the crises countries. Evidence shows that countries that are, relatively, highly integrated with the crisis epicentre in terms of the international trade are more immune to episodes of contagion. It is shown further that the relative position of the crisis-suspect country to the crisis epicentre countries, in terms of integration in the international economic landscape, can provide susceptibility indications of that particular country. / AFRIKAANSE OPSOMMING: Die fenomeen van globalisering het gelei tot 'n groter integrasie van die wereld se lande en mense. Die gevolg hiervan is, dat oor die algemeen die wereld ekonomie beduidend gegroei het. Aan die ander kant het globalisering gelei tot die toename in blootstelling van individuele lande aan gebeurtenisse elders in die wereld. Die laasgenoemde stelling getuig van die gebeure, soos die verspreiding van finansiele krisisse vanaf die land van oorsprong tot 'n derde party land wat op die oog af geen ooglopende bande met die krisis-bron lande gehad het nie. Hierdie verskynsel word finansiele besmetting genoem. Hierdie studie beoog om nuwe lig te werp op die saak deur om te fokus op handelsverwante kwessies van besmetting eerders as om die gewone makro-ekonomiese, finansiele en politieke perspektiewe voor te le. 'n Model word gebruik wat die handelspatrone van lande voorstel as 'n samesnoering van lande dwarsoor die wereld as 'n netwerk. Hierdie studie gebruik die netwerk uitgangspunt vir internasionale handel, as 'n integrasie maatstaf en stel vas wat die voorkoms van besmetting in Suid-Afrika is. Hierdie parameters sal dan gebruik word om vas te stel handelsnetwerk integrasie gebruik kan word om die finansiele besmetting wat Suid Alrika (en verspreiding na ander lande) affekteer. Twee hipotese (veronderstellings) word ontwerp en getoets om bogenoemde te bewys. Twee maatstawwe word gebruik om die vlak van integrasie van die vier studie-lande te bepaal. Die twee maatstawwe is 'n land se sentralisasie en die land se belangrikheidsindeks. Vergelykende analise het gewys dat al vier lande relatief hoogs geintegreer is en parallel is in beide sentralisasie en belangrikheid. 'n Opsomming van beide aanduidings t.o.v. integrasie maatstawwe, relatief tot ander lande in die handelsnetwerk, toon dat Meksiko, Rusland en Thailand goed geintegreer is in die netwerk. Tweedens die verskil in rang tussen die lande is nie beduidend nie. Drie finansiele krisisse word gebruik naamlik die Meksikaanse Tequila (1994), die Asiatiese Griep (1997) en die Russiese Virus (1998). Die besmettings waarnemings metodologie gebruik die krisismark korrelasie medewerkende faktore tussen die krisisland en die toets-land. Dit wys dat daar geen getuienis is wat te kenne gee dat Suid Afrika (JSE) besmet is deur enige van die drie krisisse nie. Slegs onderlinge afhanklikheid kom voor tussen die Suid Afrikaanse mark en die krisislande. Dit is bewys dat lande, wat relatief hoog geintegreer is met die krisis episenter, in terme van internasionale handel, meer immuun teen episodes van besmetting is. Verder het dit bewys dat die relatiewe posisie van die krisis-vermeende land tot die krisis episenter lande, in terme van integrasie in die internasionale ekonomiese landskap, vatbare indikasies vir daardie spesifieke land kan verskaf.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010.

Thesis (MBA (Business Management))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: There are conflicting aims among the various stakeholders of a business. Shareholders wish to maximise their return on capital, whereas debt holders and customers wish to minimise the risk to capital. This conflict has led to the emergence of economic capital. Financial services companies, such as insurers, manage risk on behalf of their customers and at the same time make profits for the shareholders of the business. A company that employs economic capital analysis will strike a balance between too much capital, which can lead to an excessive cost of insurance, or not enough capital, which can lead to an unacceptable risk of insolvency. Sound financial management is required to manage the capital resources of the business. The aim on the part of management is to calculate an economic capital requirement for the business that can absorb any financial shocks or losses and provide the flexibility needed to continue with day·to·day operations. The issue is therefore whether to assess the amount of capital required based on a statutory view of solvency, or an "economic" (fair value) view of solvency. The statutory view of solvency is the capital adequacy requirement (CAR) as described by the Financial Services Board (FSB). CAR provides the insurer with an approximately 95% confidence in its ability to meet its obligations as they fall. More companies are moving towards an economic capital approach when assessing capital requirements. There is also much uncertainty around the calculation of economic capital. Apart from guidance note 104 of the Actuarial Society of South Africa that stipulates how CAR should be calculated for insurers, no single approach exists for the calculation of economic capital. Calculation methods are still emerging and companies have started to develop their own internal models to calculate economic capital. Rating agencies such as Fitch have introduced their own models with the objective of reviewing insurers' internal models. Various techniques have developed over the last few years to asses a company's capital requirements. Factors such as company size, resources and complexity of the insurer influence the use of deterministic or leading edge actuarial techniques to calculate capital requirements. Stochastic modelling, risk neutral and real world techniques are examples of sophisticated methods. Another element to consider in the calculation of economic capital is the understanding, modelling and quantification of financial and business risks. Capital adequacy requirement, CAR cover and excess of assets over liabilities were analysed for five South African insurers. The analysis illustrated that the relationship between CAR and excess is different for each insurer. This trend can be attributed to the unique risk profile of the business, the nature of the organisation's products and the maturity of risk management practices. The analysis also indicated that in the case of all the five insurers, the growth in excess over the period 2003-2007 exceeded the growth in CAR for the same period. This scenario could be the result of management actions, such as risk diversification and sophistication of capital modeling. It is clear that economic capital is of primary concern to insurance executives, shareholders and regulators. / AFRIKAANSE OPSOMMING: Die verskillende belanghebbendes in 'n onderneming het teenstrydige doelwitte. Aandeelhouers wil hulle kapitaalopbrengs vergroot terwyl skuldaktehouers en klante die kapitaalrisiko wil verminder. Hierdie konflik het gelei tot die ontstaan van ekonomiese kapitaal. Finansiele dienstemaatskappye, soos versekeraars, bestuur risiko namens hulle kliente en verdien terselfdertyd wins vir die aandeelhouers van die onderneming. 'n Maatskappy wat van ekonomiese kapitaalanalise gebruik maak, sal die regte balans vind tussen te veel kapitaal, wat tot buitensporige versekeringskoste kan lei, en te min kapitaal, wat tot 'n onaanvaarbare risiko van bankrotskap kan lei. Gesonde finansiele bestuur is nodig om die onderneming se kapitaalmiddele te bestuur. Die bestuurders se doel is om 'n ekonomiese kapitaalvereiste vir die onderneming vas te stel wat enige finansiele skokke of verliese kan absorbeer en wat die buigsaamheid wat nodig is om die daaglikse werksaamhede voort te sit, kan voorsien. Die vraag is dus of die hoeveelheid kapitaal wat nodig is, bepaal moet word op grond van 'n statutere beskouing van solvensie of 'n "ekonomiese" (billike waarde) beskouing van solvensie. Die statutere beskouing van solvensie is die kapitaaltoereikendheidsvereiste (KTV) soos beskryf deur die Raad op Finansiele Dienste (RFD). KTV voorsien die versekeraar van 'n vertroue van ongeveer 95% in sy vermoe om sy verpligtinge na te kom soos wat hulle betaalbaar word. Meer maatskappye neig na 'n ekonomiese kapitaalbenadering wanneer hulle hulle kapitaalbehoeftes bepaal. Daar bestaan ook baie onsekerheid oor die berekening van ekonomiese kapitaal. Behalwe riglyn 104 van die Aktuariele Vereniging van Suid-Afrika wat bepaal hoe KlV vir versekeraars bereken moet word, is daar geen enkele benadering vir die berekening van ekonomiese kapitaal nie. Nuwe berekeningsmetodes kom steeds te voorskyn en maatskappye het begin om hulle eie interne modelle om ekonomiese kapitaal te bereken, te ontwikkel. Graderingsagentskappe soos Fitch het hulle eie modelle ingestel met die doel om versekeraars se interne modelle te beoordeel. Verskeie tegnieke om 'n maatskappy se kapitaalbehoeftes vas te stel, is oor die afgelope paar jaar ontwikkel. Faktore soos maatskappygrootte, hulpbronne en saamgesteldheid van die versekeraar belnvloed die gebruik van deterministiese of ultramoderne aktuariele tegnieke om kapitaalbehoeftes te bereken. Stogastiese modellering, risikoneutrale- en reelewereldtegnieke is voorbeelde van gesofistikeerde metodes. Nog 'n beginsel om in gedagte te hou in die berekening van ekonomiese kapitaal is die verstaan, modellering en kwantifisering van finansiele en sakerisiko's. Kapitaaltoereikendheidsvereiste-dekking en oorskryding van bates oor aanspreeklikheid van vyf Suid-Afrikaanse versekeraars is ontleed. Die ontleding het geillustreer dat die verhouding tussen KTV en oorskryding vir elke versekeraar anders is. Hierdie neiging kan toegeskryf word aan die unieke risikoprofiel van die onderneming, die aard van die onderneming se produkte en die effektiwiteit van risikobestuurspraktyke. Die ontleding het ook aangedui dat die toename in die oorskryding gedurende die tydperk 2003-2007 in die geval van al vyf die versekeraars meer was as die toename in KTV gedurende dieselfde tydperk. Hierdie scenario kan die gevolg wees van bestuursaksies soos risikodiversifikasie en verfyning van kapitaalmodellering. Dit is duidelik dat ekonomiese kapitaal van pnmere belang is vir versekeringsbestuursbeamptes, -aandeelhouers en -reguleerders.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010. / INTRODUCTION: This research report investigates the feasibility of an innovative food outlet in Cape Town called HOME CHEF. The food and groceries industry is continuously changing to suit the needs of individuals and to respond to current economic and health trends. Charles Darwin observed, “It‟s not the strongest nor the most intelligent creature that survives. It's the one that is most responsive to change” (Goodreads). HOME CHEF is a new business concept with a unique approach to assist people with the acquisition of their groceries and the preparation of their home-cooked meals, whilst providing a variety of different meal options for a typical family. With Darwin‟s theory in mind, HOME CHEF will respond to the changing environment by taking advantage of evolving food and retail trends. HOME CHEF will target a large market that includes the typical fast food, online retail and grocery segment. Because of the demographic variety of the customer base and due to the innovative nature behind the HOME CHEF concept, little information regarding, market trends, operations and existing strategies was available. Innovative approaches had to be used to acquire the information required for a suitable business plan.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010.

Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: A virtual monopoly has existed in the mohair processing industry for decades. As a result of 25 years of regulated marketing, producers lack marketing experience. This “monopolistic” situation has led to stagnation in production and eventually to alarming decreases world-wide. The aim of this research report is to provide a business plan for a company (Fibre Traders International (Pty) Ltd) that can capitalise on the opportunities in the market for mohair products in order to secure the funding needed to take advantage of these opportunities in a manner which would eventually also empower suppliers and clients. / AFRIKAANSE OPSOMMING: Die bokhaar-bedryf gaan reeds vir dekades gebukkend onder ‘n monopolistiese markomgewing binne die eerste vlakke van verwerking. Hierdie situasie is vererger deur produsente se gebrek aan bemarkingservaring asook 25 jaar se beheerde bemarkingsregulasies. Die gevolg was ‘n konstante afname in bokhaarproduksie oor ‘n tydperk van 20 jaar – en die bedryf verkeer tans op die rand van waarskynlik totale uitwissing. Hierdie situasie het Fibre Traders International Pty Ltd (FTI) laat besef dat daar groot geleenthede in die mark ontstaan het vir bokhaarprodukte en die maatskappy het dit ten doel om hierdie geleenthede op sodanige wyse te benut dat produsente en verbruikers uiteindelik ook voordeel daaruit kan trek. Die doel van hierdie besigheidsplan is dat FTI dit kan gebruik om die nodige kapitaal te genereer om hierdie geleenthede te benut.

Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: Corporate governance in South Africa (SA) has been promoted since 1994 with the release of the King report which was the first code of corporate governance in the country. This has since been updated in 2002, and most recently in 2009. In previous independent assessments of corporate governance in South Africa, the country has been commended for its corporate governance standards. As a large institutional investor the Public Investment Corporation (PIC) actively encourages high standards of corporate governance in the companies in which it invests. Therefore, the PIC wanted to develop a matrix to assess the current corporate governance standards of listed companies in South Africa in order to assist with investment decisions, and to actively promote high standards. Therefore, the skills and knowledge of an expert panel were called upon in order to develop a robust assessment tool that incorporates best practice, but remains locally relevant. The intention was to not only focus on disclosure, but to also incorporate an assessment of conformance and performance. This was then applied to the Johannesburg Stock Exchange (JSE) top 40 companies. The aim of the study was not only to assess the corporate governance of these companies, but also to critically review the matrix to ensure it is an effective assessment tool. In addition the link between corporate governance, company performance, and company valuation was investigated as these variables are commonly reported in the literature to be positively correlated. Various aspects of board diversity, including age, gender and ethnicity, were also researched as this was identified as a critical issue in the South African context. Factors that have been shown to affect board diversity in the literature were also investigated. Following this the link between board diversity and company performance was studied as there is limited information regarding this relationship in the literature. Various limitations of the matrix were identified and in many instances related to what had previously been reported in the literature. However, a significant relationship was not found between corporate governance and company performance, and, the relationship between corporate governance and company valuation was negative. This may be due to limitations of the study, and therefore, a definitive conclusion cannot be drawn. In terms of the demographics of the boards of the JSE top 40 companies, most directors fall between the ages of 51 and 60 years, 14.5 per cent of board members are female, and 32.5 per cent of directors are black. There was a trend towards a positive relationship between diversity of age and board size, while no relationship was found between shareholder diversity and board diversity, and interestingly board ethnic diversity was found to be positively correlated with company performance. / AFRIKAANSE OPSOMMING: Korporatiewe beheer in Suid-Afrika is sedert 1994 bevorder met die uitreik van die King-verslag wat die eerste kode vir korporatiewe beheer in die land was. Hierdie verslag is sedertdien opgedateer in 2002 en mees onlangs in 2009. In vorige onafhanklike beoordelings van korporatiewe beheer in Suid-Afrika, is die land aangeprys vir sy korporatiewe beheerstandaarde. As ‟n groot institusionele belegger, moedig die Public Investent Corporation (PIC) aktief hoë standaarde van korporatiewe beheer aan in die maatskappye waarin hy belê. Die PIC wou daarom ‟n matriks ontwikkel om die huidige korporatiewe beheerstandaarde te beoordeel van die genoteerde maatskappye in Suid-Afrika ten einde te help met beleggingsbesluite en om hoë standaarde aktief aan te moedig. Die kennis en vaardighede van ‟n paneel deskundiges is daarom ingeroep om ‟n robuuste beoordelingshulpmiddel te ontwikkel wat die beste praktyke sou insluit, maar plaaslik relevant sou bly. Die bedoeling was ook om nie net op openbaarmaking te fokus nie, maar ook beoordeling van nakoming en prestasie in te sluit. Dit is dan op die Johannesburgse Effektebeurs (JSE) se top 40 maatskappye toegepas. Die doel van die studie was nie net om die korporatiewe beheer van hierdie maatskappye te beoordeel nie, maar ook om die matriks krities te beoordeel om te verseker dat dit ‟n effektiewe beoordelingshulpmiddel is. Die verwantskap tussen korporatiewe beheer, maatskappy prestasie, en maatskappy waardasie is verder ook ondersoek aangesien hierdie veranderlikes algemeen in die literatuur as positief gekorreleer beskryf word. Verskeie aspekte van direksie diversiteit, insluitend ouderdom, geslag en etnisiteit, is ook nagevors aangesien hierdie sake as kritiese kwessies binne die Suid-Afrikaanse konteks geïdentifiseer is. Faktore wat in die literatuur geblyk het die direksie se diversiteit te beïnvloed, is ook ondersoek. Hierna is die verwantskap tussen direksie diversiteit en maatskappy prestasie ook ondersoek aangesien daar beperkte inligting oor hierdie verwantskap in die literatuur bestaan. Verskeie beperkinge van die matriks is geïdentifiseer en hou in baie gevalle verband met dit wat reeds voorheen in die literatuur beskryf is. Geen beduidende verwantskap is egter gevind tussen korporatiewe beheer en maatskappy prestasie nie, en die verwantskap tussen korporatiewe beheer en maatskappy waardasie was negatief. Dit mag wees as gevolg van beperkings van die studie, en daarom kan ‟n beslissende gevolgtrekking nie gemaak word nie. In terme van die demografie van die direksies van die JSE se top 40 maatskappye, is die meeste direkteure tussen 51 en 60 jaar oud, 14.5 persent van direksielede is vroulik, en 32.5 persent van direkteure is swart. Daar was ‟n tendens tot ‟n positiewe verwantskap tussen diversiteit van ouderdomme en direksiegrootte, maar geen verwantskap is gevind tussen aandeelhouer diversiteit en direksie diversiteit nie, en dit is interessant dat direksie etniese diversiteit gevind is om positief gekorreleer te wees met maatskappy prestasie.

Thesis (MBA (Business Management))--University of Stellenbosch, 2009.

Thesis (MBA (Business Management))--University of Stellenbosch, 2010.