Thesis (MBA)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: South African businesses might be missing out on the benefits of commercial barter trading, which has seen considerable adoption in other parts of the world. Commercial barter is the non-monetary exchange of products and services between organisations specifically from the small to medium business sector. The research aim was to unpack and understand the level of awareness, engagement and perceptions of commercial barter in order to assess the viability, scope and scale of commercial barter as a trade instrument across small to medium businesses in South Africa. The research took on a quantitative approach surveying representatives of 68 firms primarily situated in Cape Town, South Africa. The research results suggested that commercial barter is a viable method of trade for small to medium businesses. Although viable, the scale to which it will propagate is dependent on the growth of awareness as well as the growth of knowledge on barter practices amongst firms that form part of the small to medium business sector. The study further found that commercial barter is favourable to organisations that offer either goods or services, more so to firms that are part of business services, information technology, hospitality and personal services industries. With commercial barter displaying viability, a Barter Exchange Network is suggested for mass introduction to South Africa. The generic business model was described using the Business Model Canvas by Alexander Osterwalder.

Dissertation (PhD)--University of Stellenbosch, 2007. / ENGLISH ABSTRACT: This thesis is made of stand-alone essays on the capital structure and financing of Small and Medium Enterprises (SMEs) in Ghana and South Africa. Chapter Two reviews issues on SME development in Ghana and South Africa. Chapter Three compares the capital structures of large, quoted firms and SMEs in Ghana. The results show that quoted firms exhibit higher debt ratios than those of SMEs. The results suggest that age, size, asset structure, and profitability of the firm affect the capital structures of quoted firms and SMEs. For the SME, it is evident that level of education and gender of the entrepreneur, industry, and location of the firm are also important in explaining their capital structure. Chapter Four examines the determinants of bank financing of SMEs in Ghana. The results reveal that bank financing accounts for less than a quarter of SMEs’ debt financing, with short-term bank credit representing the greater proportion of bank finance. The results show that age, size, asset tangibility, and growth of the firm have positive associations with long-term bank debt, while profitability is negatively related to long-term bank debt. The short-term debt indicates a positive relationship with size, but negative relationships with profitability, and growth. Chapter Four also investigates the awareness and use of various financing schemes available to the Ghanaian SME sector. The results reveal low awareness and usage levels of these financing initiatives. Chapter Five explores the determinants of Ghanaian small and medium sized non-traditional exporters’ (NTEs) choice of formal/informal finance. The results show that NTEs depend on formal financing sources with bank finance representing the greater percentage of NTEs’ financing. The results suggest that, newer firms depend more on formal finance and less on informal finance. The results show positive relationships between formal finance and size, and growth of the firm. Chapter Six assesses how corporate governance affects the performance of SMEs in Ghana and what the implications are for financing opportunities. The results reveal that better corporate governance structures lead to better performance of SMEs. The paper concludes that the adoption of good corporate governance structures could lead to better management decisions and enable SMEs to attract financing resources. Chapter Seven examines the relationship between agency factors and the capital structure of quoted SMEs in South Africa. The results indicate that firms with one institutional blockholder are able to monitor the opportunistic behaviour of management more effectively than those with more than one institutional blockholders. Chapter Eight looks at the financial market and financing choice of SMEs and large firms in South Africa. The results indicate that developments in the financial market affect both longterm debt/equity and short-term debt/equity decisions of large firms. However, for SMEs, it is the long-term debt/equity decision that is affected by the financial market. The final essay examines the effect of debt policy on the performance of SMEs in Ghana and South Africa. The results indicate that long-term debt and total debt ratios negatively affect performance of SMEs. These findings have important implications for policy-makers, entrepreneurs and managers of SMEs. / AFRIKAANSE OPSOMMING: Hierdie tesis bestaan uit losstaande essays oor die kapitaalstruktuur en finansiering van kleinen middelgrootte-ondernemings (KMO's) in Ghana en Suid-Afrika. Hoofstuk Twee kyk na kwessies oor KMO-ontwikkeling in Ghana en Suid-Afrika. Hoofstuk Drie vergelyk die kapitaalstrukture van groot genoteerde maatskappye en KMO's in Ghana. Die resultate dui daarop dat genoteerde maatskappye groter skuldverhoudings as KMO's toon. Hierdie resultate wys ook dat ouderdom, grootte, batestruktuur en die winsgewendheid van die maatskappy die kapitaalstruktuur van genoteerde maatskappye en KMO's beïnvloed. Dit is vir die KMO voor die hand liggend dat die opvoedingsvlak en geslag van die entrepreneur, die bedryf en die ligging van die maatskappy ook belangrik is om die kapitaalstruktuur daarvan te verduidelik. Hoofstuk Vier ondersoek die bepalende faktore vir bankfinansiering vir KMO's in Ghana. Die resultate toon aan dat bankfinansiering rekenskap gee van minder as 'n kwart van die KMO se skuldfinansiering en dat korttermynbankkrediet die grootste gedeelte van die bankfinansiering verteenwoordig. Die resultate toon aan dat ouderdom, grootte, die tasbaarheid van bates en maatskappygroei op 'n positiewe verwantskap met langtermynskuld dui, terwyl winsgewendheid 'n negatiewe verband met langtermynbankskuld het. Die korttermynskuld toon 'n positiewe verwantskap met grootte maar 'n negatiewe verwantskap met winsgewendheid en groei aan. Hoofstuk Vier ondersoek ook die bewustheid en gebruik van verskeie finansieringskemas wat aan die Ghanese KMO-sektor beskikbaar is. Die resultate bring 'n lae bewustheid en gebruiksvlakke van hierdie finansieringsinisiatiewe aan die lig. Hoostuk Vyf verken die bepalende faktore van die Ghanese klein- en middelgrootte nie-tradisionele uitvoerders (NTU's) se keuse van formele/informele finansiering. Die resultate toon aan dat NTU's op formele finansieringsbronne staat maak en dat bankfinansiering die grootste persentasie van die NTU's se finansiering uitmaak. Uit die resultate kan afgelei word dat nuwer maatskappye meer op formele finansiering staat maak en minder op informele finansiering. Die resultate dui op 'n positiewe verwantskap tussen formele finansiering en grootte, en die groei van die maatskappy. Hoofstuk Ses evalueer die invloed van korporatiewe bestuur op die prestasie van KMO's in Ghana en watter implikasies dit vir finansieringsgeleenthede inhou. Die resultate toon aan dat beter korporatiewe finansieringstrukture by KMO's tot beter prestasie lei. Hierdie essay kom tot die gevolgtrekking dat die aanvaarding van goeie korporatiewe bestuurstrukture tot beter bestuursbesluite kan lei en KMO's in staat kan stel om finansieringsbronne te lok. Hoofstuk Sewe ondersoek die verwantskap tussen agentskapfaktorering en die kapitaalstruktuur van genoteerde KMO's in Suid-Afrika. Die resultate dui daarop dat maatskappye met een institusionele blokhouer die opportunistiese gedrag van bestuur meer doeltreffend kan monitor as dié met meer as een institusionele blokhouer. Hoofstuk Agt kyk na die keuses wat KMO's en groot maatskappye in Suid-Afrika ten opsigte van finansiële markte en finansiering maak. Resultate toon aan dat ontwikkelings in die finansiële mark besluite oor die langtermynskuld/aandelekapitaal sowel as die korttermynskuld/aandelekapitaal van groot maatskappye beïnvloed. By KMO's is dit egter besluite oor langtermynskuld/aandelekapitaal wat deur die finansiële mark beïnvloed word. Die laaste essay ondersoek die uitwerking van skuldbeleid op die prestasie van KMO's in Ghana en Suid-Afrika. Die resultate toon aan dat langtermynskuld en totale skuldverhoudings die prestasie van KMO's negatief beïnvloed. Hierdie bevindinge het belangrike implikasies vir beleidmakers, entrepreneurs en die bestuurders van KMO's.

Dissertation submitted in partial compliance with the requirements for Master‟s Degree of Technology: Marketing, Durban University of Technology, 2007. Thesis (M.Tech.: Marketing)-Dept. of Marketing, Durban University of Technology, 2007. xv, 205 leaves / Cause related marketing (CRM) is becoming a popular marketing strategy used by brand managers, retailers and service companies. It can be described as a marketing strategy that links charities or ‘causes’ with the sales of a product, brand or service. The charity is mentioned in promotional campaigns and a certain percentage is donated to the cause in accordance with unit sales or turnover. A study was conducted in the eThekweni region of Kwazulu Natal, South Africa to gather information on this issue. The study was a quantitative survey and data was collected by means of an interview process. The overall objective of this study was to gain an understanding of consumer behaviour towards companies using CRM in the greater eThekweni region. This objective was made up of three sub-objectives. The first subobjective was to identify whether eThwekeni consumers would switch brands to a company involved with CRM, if price and quality were equal. This was followed by subobjective two, which was to establish whether particular socio-demographic characteristics of consumers would be related to their evaluation of a CRM offer. Finally, sub-objective three was to establish whether those same socio-demographic characteristics would be related to the selection of specific causes. / M

M.Com. (Financial Management) / The concept of social responsibility has been in existence for centuries, but the modern notion of corporate social investment (CSI) only emerged in the 1950s. Since then, the adoption of initiatives and integration of CSI by corporations has seen a steady growth, primarily driven by stakeholders. The rise of CSI can also be attributed to a better understanding of its associated business benefits. The relationship between CSI and company performance has been investigated since the mid-1970s and consensus about this relationship has still not been reached. In this study, secondary data from company reports is used to perform a panel regression analysis to determine the relationship between CSI and company financial performance for 30 South African companies listed on both the FTSE/JSE Socially Responsible Investment (SRI) Index and FTSE/JSE Top 40 Index for the period 2010 to 2013. The relationship between the financial performance measures, return on assets (ROA), earnings per share (EPS) and CSI was confirmed as positive while the relationship between CSI and return on equity (ROE) was confirmed as negative. Mixed or inconsistent results makes it impossible to support the notion of a positive or negative relationship for the study overall. The results of this study only prove a relationship between CSI and financial performance in South Africa for the relevant companies and cannot therefore be generalised.

D.Comm. / The small-business enterprise is becoming evermore important to economies worldwide, even to those of first-world countries. In South Africa, the small-business sector plays an even greater part. Research has shown that computer technology can be implemented in the small-business environment to increase productivity and even to gain a competitive edge over one's competitors. Despite the fact that small-business enterprises stand to derive great benefits from computerisation, many managers lack the necessary expertise to computerise their businesses. Although the necessary expertise may be acquired by engaging consultants, the associated cost often is beyond the financial means of the smallbusiness enterprise. The principal aim of this study, therefore, is to identify mechanisms in terms of which the necessary expertise could be made available to the small-business enterprise at a fair price. The study furthermore proposes a consultation model in terms of which the costs can be shared by enough small-business enterprises so that it would still be affordable to small-business enterprises and financially viable for consultants.

This thesis describes the Community Investment Programme (CIP) and investigates its practicability in three pilot projects in South Africa where it was implemented. CIP is a community development programme that was conceptualised by Dr Norman Reynolds, a development economist. From 1994 onwards, he became disillusioned with the fact that the new democratic government did not address the structural problems in the South African economy, which left the majority of the poor trapped in the so-called second economy of South Africa. He conceptualised a programme, CIP, which aims to develop this second economy so as to ensure that all South Africans may participate meaningfully in the economy. CIP is advocating a people-centred development approach, where communities themselves take the lead in their development. Communities make their own decisions and decide how to use community development budgets, called ‘rights programmes’ in CIP, which are spent to stimulate the emergence of working local economies. The implementation of CIP should be a learning process, where the community gets the space to learn, make mistakes and rectify them. In addition, CIP aims to address all aspects of human development, not only economic development. Hence, if CIP is implemented by communities, it will contribute to the self-esteem and dignity of individuals and communities. The three pilot projects encountered a number of issues in the implementation of CIP, as described in theory by Reynolds. After analysing those, this research reaches a number of conclusions that should be taken into account when implementing CIP in a community. CIP is seriously needed in South Africa and if the recommendations of this research are taken into account, it could be very powerful in addressing the underdevelopment characterising so many areas in South Africa. / Development Studies / D. Litt. et Phil. (Development Studies)

Submitted in accordance with the requirement for the degree of Doctor of Philosophy in Business Administration at the University of the Witwatersrand Johannesburg March 2016 / The principal aim of this study is to analyse how the three (3) labour legislations, namely, (a) the Labour Relations Act 66 of 1995, (b) the Basic Conditions of Employment Act 75 of 1997 and (c) the Employment Equity Act 55 of 1998 influence the growth, management and governance of small enterprises in Gauteng Province of South Africa. This research also investigates if the complete exclusion, selective exclusion or parallel application of the above three labour legislations will help in the management, growth and good governance of small enterprises in Gauteng Province. In addition to the above issues, this research also investigates how disputes are resolved in small enterprises. Furthermore, this research investigates the issue of organisational rights in small enterprises.To investigate all the above issues, the researcher used both qualitative and quantitative research techniques and both techniques were quite useful in the data analysis.The inference that was drawn from the data analysis is that application of the three (3) labour legislations in terms of complete exclusion, selective exclusion and parallel application of the three labour legislations is very important for the growth, management and good governance of small enterprises and this is fully discussed in the thesis. The analysis of the research data indicates that small enterprises cannot benefit from the organisational rights entrenched in the Labour Relation Act of 1995 and the reasons for this are discussed in the thesis. This research also found that small enterprises cannot resolve their disputes efficiently through the current process of dispute resolution as stipulated in Section 135 of the LRA. The reasons why small enterprises find it difficult to follow the process is discussed in the thesis. The recommendations in this thesis, attempt to offer solutions to the identified problems. / MB2016

Submitted in partial fulfillment of the requirements for the degree of Master of Commerce in Information Systems (Coursework) at the School of Economic and Business Sciences, University of the Witwatersrand, June 2017 / Small Medium Enterprises (SMEs) are now recognized as the driving force behind most thriving economies. This is mainly attributed to the role they play in most economies in reducing unemployment and their contribution towards Gross Domestic Product. This means that SMEs should have the right resources to enable them to enhance performance. Choosing the right technology to support their businesses is one of the important decisions that SMEs should make. Understanding the benefits and challenges of different technologies is often a problem for most SMEs. One of the new technologies that has gained prominence in recent years is cloud computing. Even though the value associated with this technology has been widely researched especially for large enterprises, the rate at which SMEs adopt cloud computing still remains low. The purpose of this research sought to explore and describe the determinants influencing the adoption of cloud computing by SMEs in South Africa. The study used Technology Organization Environment (TOE) framework as the theoretical lens in understanding the adoption of Could Computing phenomenon. Further, this qualitative exploratory and descriptive study used semi-structured interviews to collect data from five SMEs based in Johannesburg, Gauteng Province, operating in different industries and belonging to the National Small Business Chamber. The main factors that were identified as playing an important role in the adoption of cloud computing by SMEs are, relative advantage, complexity, compatibility, awareness, trialability, culture, top management support, size, regulation and trade partner relationship. It is worth noting that there was not enough evidence that competitive pressure played a significant role in SME cloud adoption. / XL2018

Thesis (Ph.D.)--University of the Witwatersrand, Faculty of Commerce, Law and Management, Wits Business School, 2017. / The study is aimed at empirically investigating the dynamic interaction between the demand and supply factors affecting SMME access to credit in the Eastern Cape. The study is also aimed at conducting a comparative evaluation of lending criteria used by development finance institutions (DFIs) and commercial banks in evaluating SMME funding applications. The study is geared towards proposing a funding framework aligned to the characteristics of SMMEs which can be used by both DFIs and commercial banks to assess applications for SMME funding. In order to meet the objectives of the study, a sample of 80 SMMEs from the manufacturing, construction, services, agriculture, automotive, mining, security, merchandising and retail sectors was, through proportionate stratified sampling, selected from the population of all the SMMEs from the eight metropolitan and district municipalities (Nelson Mandela, Buffalo City, Joe Gqabi, Chris Hani, OR Tambo, Cacadu, Alfred Nzo and Amathole) constituting the Eastern Cape Province. Three separate structured open and closed-ended questionnaires were used to collect data from the 80 SMMEs owner/managers, 8 DFIs’ regional/branch managers and 5 major commercial banks branch managers in the province. The design of both questionnaires was underpinned by the credit rationing theoretical framework as well as the 5C’s of credit (capacity, collateral, capital, condition and character). A response rate of 100% was achieved. Content analysis and Relative Importance Index (RII) were used to analyse data. The results of the dynamic interaction between the supply and demand factors affecting SMME access to credit show that generally, there is an alignment between the SMME and the funding institutions survey results. This shows that the lending criteria of funding institutions are transparent. On the other hand, it is evident that there is poor awareness of the funding institutions criteria by SMMEs. SMMEs seem not to know what funding institutions are looking for when they evaluate funding applications. The results also pointed out that the characteristics of SMMEs in the study are representative of those of SMMEs countrywide. SMMEs in the study are characterised by poor/no business plans, lack of financial statements, lack of collateral, tax clearance certificates, poor cash flow, lack of owners’ contribution and lack of previous industry experience. The results also indicate that funding institutions’ lending criteria do not take into account the unique characteristics of SMMEs in the Eastern Cape. The results of the comparative evaluation of the lending criteria of DFIs and commercial banks show that there are no substantive differences between how commercial banks and DFIs evaluate the credit applications made by SMMEs. Both groups of lenders place significance on the business plans, financial statements, cash flows, owners’ contribution, collateral and experience of owner/managers. Moreover, the study also found that there is significant discrepancy between what the lending documentation of DFIs and commercial banks indicates as key requirements and what the survey results indicate. This means that what funding institutions practice is not congruent with what is enshrined in their lending criteria/policy. If we proxy lend in practice with what the key informants indicated as critical variables, the results show that both groups are more stringent in practice in key areas of their lending criteria. The review of the characteristics of SMMEs in South Africa showed that they lack collateral, are low on savings and experience. Furthermore, they have little capacity for writing business plans and cash flow management. The results here indicate that these are the very same areas which the financial institutions place significant importance on. The findings indicate that the lending criteria used by both groups tend to favour large and well established firms which have the required capacities. Based on the above findings, it is evident that in order to address the SMME access to credit constraint, a new framework that can be used by DFIs to lend to SMMEs needs to be developed. The framework must take into account the peculiar nature of SMME characteristics. Without such an approach, the funding gap for SMMEs in SA will continue. In response to the above findings, the study proposes that government must incentivise funding institutions to innovatively provide capacity building and training programmes targeted at improving the skills and expertise of their staff. It is proposed that DFIs should simplify their loan application forms to cater for the historically low literacy levels of SMMEs in the Eastern Cape. In addition, DFIs should adopt a more streamlined loan application process as well as a shared due diligence process. Credit application forms as well as key lending documents should be standardised. DFIs should conduct road shows to take their potential SMME customers through their application form, how they must be completed and the documents to accompany the form. SMMEs must be personally involved in the gathering of the relevant business plan information as well as in the writing up of their business plans. DFIs must organise quarterly workshops aimed at taking their potential clients through their lending criteria. The SEFA Credit Guarantee Scheme must be reviewed. Government must provide support to its venture capital industry by creating a good investment climate. The study proposes that a knowledge portal that will enable the sharing of knowledge and learning among SMMEs in the Eastern Cape be established. DFIs must set up SMME divisions or units to provide specialised credit services to their SMME customers. DFIs should evaluate SMME credit applications based on alternative risk evaluation methodologies such as the psychometric screening developed by the Harvard University’s Entrepreneurial Finance Laboratory. DFIs should explore alternative means of financing that do not require collateral. To increase SMME access to credit, government should establish specialised banks that can exclusively cater for the needs of the SMME sector. Government could consider granting certain incentives to funding institutions that actively promote SMME financing and have achieved a sizeable SMME loan book. / MT 2017

A research dissertation submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, Johannesburg, in fulfilment of the requirements of the degree of Master of Commerce (Business Sciences/ Management). Johannesburg South Africa March 2016 / Corporate Social Performance is both a prominent notion that the business world views as strategic and a well-known concept in academia that has been assessed in relation to different constructs. Several scholars have suggested the relationship between corporate social performance and its capability to attract numerous superior job applicants at the organisational level, yet, there is no corresponding evidence at the individual level of analysis. Thus, based on suggestions from the social identity theory and the signaling theory, this study hypothesized that job seekers’ perception of Carroll’s (1979) four dimensions of corporate social performance of an organisation are positively related to the organisation’s attractiveness as an employer and aimed to assess these relationships. Carroll’s (1979) four dimensions of corporate social performance consist of an organisation’s economic, legal, ethical and philanthropic responsibility. This study was quantitative in nature; therefore, the data for this study was collected through the use of previously developed questionnaires that had obtained high Cronbach’s alpha values thus confirming their reliability. Survey results were collected from a sample of 216 final year undergraduate and honours students who were selected via probability sampling technique. These results indicated that job seekers are more likely to pursue jobs from socially responsible organisations; with economic responsibility having the greatest impact on organisational attractiveness. Two Statistical packages, namely, the statistical package of the social sciences and Amos were used to test the conceptual model and to arrive at these findings. The implications of the empirical findings for researchers and South African organisations as well as the study’s contributions to practice and theory are discussed. Just like most studies, this study had several limitations such as the size of the sample and time, just to mention a few, which led to recommendations that future research could take into consideration. / MT2017