Thesis submitted in the fulfilment of the requirements for the Degree of the Master of Management in Finance and Investment, 2015/2016 / South African inner-city , through a series of political cycles, social transformations and shifts in local government structures, have undergone significant physical change in a deteriorating direction. This change has largely manifested in the dilapidation of inner-city real estate stock, in that brownfield buildings, or buildings with former residential, commercial and industrial functions, have been re-appropriated for alternative (often illegal) uses that have potential consequences for that redevelopment and, through the sourcing of necessary capital, maybe restored and rehabilitees to better serve inner-city inhabitants and stake holds. / GR2018

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management (ENVC) Johannesburg, 2017 / The ability of immigrants to craft successful livelihoods in the harsh economic climate that seems to overwhelm the local population has led to them being blamed for the unfortunate plight of South Africa’s poor, with the result that there has been targeted violence on immigrants in recent years. Informal sector entrepreneurship is at the heart of this with immigrants said to be outperforming local entrepreneurs, and taking away the last option of earning an income. Entrepreneurship is quoted as the only lasting solution to the poverty and unemployment that plagues developing countries. The ability of immigrants to succeed in a sector that is considered unproductive is worth investigating. In this study, cross sectional data is used to compare the antecedents of Entrepreneurial Performance between foreign Immigrants and South Africans. The findings are that, while both group’s performance is affected by Entrepreneurial Action; South African performance is driven mainly by deprivation, a factor that has no effect on immigrants. This puts the recent explosive response of local entrepreneurs to immigrant competition into perspective, and necessitates interventions that will, not only curb further xenophobic violence, but up-skill local entrepreneurs and enable them to make a living out of informal sector entrepreneurship. Contrary to popular belief, none of the population’s performance was linked to Social Capital. There is no use allowing people into the country only to stifle their ability to sustain themselves. Immigrant Entrepreneurship is a reality that South Africa needs to embrace. / MT2017

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management specialising in Entrepreneurship and New Venture Creation, 2016 / The successful commercialisation of high-tech products and services require an appreciation of the social context in which such products and services are introduced. The market for high-tech products and services in emerging markets are drawing increasing involvement of small and medium sized firms that are either developing high-tech products and services, or selling such products and services imported from developed markets. The need for basic services at the citizen level in emerging markets necessitate firms to adapt the commercialisation strategies and ultimate sales of products and services to address basic needs. Drawing on the theory of social impact measurement, social enterprise selfefficacy and entrepreneurial orientation, this research aims to assess the way in which emerging market firms – using primarily South African firms in the research sample offering high-tech products and services - have had to adjust commercialisation strategies, so as to take cognisance of the social context specific to the target markets. Data was collected from a number of high-tech firms operating in, or offering hightech products and services to emerging markets. The data was subsequently analysed based on the social impact measures, social enterprise self-efficacy and entrepreneurial orientation constructs found in literature, to assess the overall social impact of high-tech SMEs in an emerging market, being predominantly South Africa. The researcher introduced a tailor-made variable, Success by drawing on various data items collected from respondents, such as the age of the firm, and changes in recent employment and turnover figures. The results point to a positive and statistically meaningful relationship between the Success of such firms in the final sample, and the need to demonstrate social impact considerations in the business strategies of such firms offering high-tech products and services in an emerging market. The research outputs align with theory in so far as social impact not being the primary driver of such high-tech firms, but rather a necessary by-product of ensuring sustainability and success, and the need to adapt to the contextual realities present in an emerging market. This is one of the first studies to test the social impact of high-tech firms in an emerging market, especially in so far as outlining the need to expand commercialisation strategies to incorporate social impact awareness. By applying the theory of self-efficacy to social impact, the findings point to the need for hightech firms in emerging markets to not only take note of social needs, but to adapt firm strategy to integrate social impact considerations into the commercialisation strategies, so as to be successful. In other words, to be successful, such high-tech firms need to both talk-the-talk, and walk-the-walk. The implications of the research extend to the way high-tech SMEs approach commercialisation in emerging markets, as well as the team composition of such high-tech firms in order to integrate the necessary skills and experienced resources beyond those necessary for technological commercialisation, thereby having also human resources with the necessary skills and experience needed to take cognisance of, and adapt to relevant social impact contexts. / XL2018

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management specialising in Entrepreneurship and New Venture Creation Johannesburg, 2016 / The establishment and growth of informal traders in South Africa have been attributed with a considerable need and desire for these informal economies to achieve economic growth, create sustainable entrepreneurial opportunities, assist with employment opportunities, etc. A number of factors have an impact on how these informal traders can become competitive and formalised, and one of these enablers is the influence of ICT interventions by informal economies to improve business performance. The purpose of this research was to establish the perceived relationship between the influence of ICT usage by informal traders and the perceived impact on business performance. The intended objective was to assess whether the perception of ICT adoption by informal traders had a positive or negative business performance outcome. The research methodology adopted was a quantitative approach, which was guided by a positivist paradigm. The population targeted were informal traders in the Sandton region of Johannesburg, South Africa. A questionnaire was distributed to gather data. The influence of ICT and the perceived impact within informal traders in the Sandton region revealed some findings consistent with existing literature. It was the overall accepted perception that ICT adoption has a perceived positive impact on business performance, including but not limited to market share, products, and customer service, as measured in the research. A deeper analysis is required to understand why the respondents in the research overwhelmingly state that the influence of ICT adoption has a perceived positive impact on performance, market share, and product and customer service. / MT2016

A research report submitted to the Faculty of Engineering and the Built Environment in partial fulfilment of the requirements for the degree of Master of Science (Building), University of the Witwatersrand, 2016 / South Africa implemented the REIT structure in 2013 with the intention of encouraging local and international investment. A year after implementation South African listed property was reported to have performed better than the UK, European, and Asian REITs. This report assesses the initial performance of South African REITs and their portfolio diversification benefits when paired with Shares, Bonds, T-Bills, and other Listed Property in a mixed-asset portfolio, over the period May 2013 to December 2015. The findings show that REITs are the second best performing asset, risk-adjusted. REITs are a return-enhancer when included in a mixed-asset portfolio, and tend to contribute at the higher end of the risk spectrum. This reports contributes to the few that exist on emerging markets, it is a study of the only major REIT market in Africa, and is significant as it discusses South African REITs from their implementation. / MT2017

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management (ENVC) Johannesburg, 2016 / Entrepreneurial Leadership is a fledgling discourse within the entrepreneurial fraternity, yet its absence in enterprises contributes to most of the firms’ abrupt ending. Studies show the lifespan of SMEs in South Africa only lasting the first three years of existence. Entrepreneurial Leadership plays critical role in the business performance of the SME in Johannesburg. A sample of 123 respondents was drawn from mostly owners and managers of SMEs in Johannesburg. A multi-prong approach for data collection was administered in the study; this included calling the prospective respondents both on their landline telephones and mobiles and some were given hard copies of the questionnaire to complete. For the convenience of other prospective respondents, an e-link questionnaire was sent by email, and directly, to the mobile phones. The conclusion of the study showed a correlation between entrepreneurial leadership and business performance, correlation between entrepreneurial orientation and business performance and finally, the moderating effect of entrepreneurial leadership on entrepreneurial orientation and business performance in Johannesburg. Given the gap in the market for the practitioners in the sphere of SME, the application of findings of this report will be helpful to the prolonged tenure of the SME in Johannesburg. The theory amassed in the study will also contribute towards further studies in Entrepreneurial Leadership. / MT2017

A Dissertation Report presented to the Witwatersrand Business School Witwatersrand University In fulfilment of the requirements for the Doctor of Philosophy Degree in Management June 2017 / Impact investment is an innovative mechanism developed within the realm of development finance to intentionally create measurable positive impact beyond financial returns. It has become an instrument for South African banks to achieve their Financial Sector Charter goals of making a viable contribution towards economic growth, development, empowerment and reduction of inequalities and poverty in our society. South Africa is the largest market in Southern Africa for impact investment and the management dilemma faced by the South African Banking Sector as the financial intermediaries is how to account and measure the social value created by the impact investments? This study investigated the measurement practices of social value of impact investment and developed theoretical constructs on how the financial intermediaries measure social value. A multiple qualitative case study method utilising purposive sampling was employed. The sample included fourteen interviews that covered the South African Banking as financial intermediary (micro and macro perspective) and its value chain and the competitive landscape perspectives. The study had three sub-questions focusing on the conceptualisation of impact investment, the nature of the South African impact investment ecosystem and the nature of measurement of social value. Data was triangulated by integrating semi-structured interviews, field notes and secondary documents. The data analysis used Attride-Stirling’s thematic networks as an analytical tool to analyse the qualitative data. This consisted of three stages that covered six steps of analysis. The analysis used Excel software to navigate from the interview question, coding, labelling, definition of codes, issues discussed, theme identification, organising and global theme deduction, description of network, and the triangulation of data (respondents quotes, field notes and document text). The findings of the study developed three models, an impact investment conceptual model, impact investment ecosystem model for South African Banking Sector and the financial intermediary social value equation model that depicts the measurement ratios of hybrid returns of impact investment. The study recommends the seven emerging theoretical propositions as the backbone of measuring the innovative social finance. The emergent models’ theoretical propositions will ensure that practitioners use the models to measure and account for the SA Banking Sector’s social value creation and the models will influence the intellectual framing of those in academic and reflective practitioner domain. This study’s overall contribution was to create the foundation of a method and theory for measuring social value in anticipation and seeking to influence the types of managerial knowledge needed to deal with societal and organisational concerns in the fourth industrial revolution. / MT2017

A research submitted to the Faculty of Commerce, Law and Management, University of Witwatersrand in partial fulfilment of the requirements for the degree of Master of Commerce (Taxation), Johannesburg, 2017 / South Africa is young democratic country with just 22 years in democracy underpinned by the South African Constitution Act of 1996. Achievements and strides have been made to address the ills of the past but like any other emerging economy, major challenges remain. These challenges impact on business and the society at large. These challenges include lack of education, high rate of unemployment, high levels of inequality, lack of infrastructure and investment stimulate growth. This has been compounded by the slowdown in the world economy. The culmination of these issues has resulted in slow or very little economic growth. The South African Government remains instrumental in the development of the economy. Much is still required to ensure that there is prosperity for all that live in the country. The Government has come-up with the National Development Plan (NDP) 2030 as the economic growth strategy to address these major challenges. There are various programmes and plans set up by the Government to address these challenges. This research discusses some of the initiatives to address these challenges. As mentioned above, one of the critical issues facing South Africa is the lack of infrastructure and investment to boost the South African economy. The focus of this report is on tax incentives to support Small Medium Enterprises and industry at large with a view that development of Small Medium Enterprises will yield economic growth. Reputable institutions such as OECD share a view that development and growth of SMEs is quite critical to the economic growth, SMEs are equally important for South African economic growth. ‘SMEs (small and medium-sized enterprises) account for 60 to 70 per cent of jobs in most OECD countries, with a particularly large share in Italy and Japan, and a relatively smaller share in the United States. Throughout they also account for a disproportionately large share of new jobs, especially in those countries which have displayed a strong employment record, including the United States and the Netherlands.’ OECD publication, SMALL BUSINESSES, JOB CREATION AND GROWTH: FACTS, OBSTACLES AND BEST PRACTICE. One can argue that with 60 to 70 per cent of jobs for most OECD countries, Small Medium Enterprises are actually the economic drivers for these countries. / XL2018

Thesis is submitted in partial fulfilment of the requirements for the degree of Master of Management specialising in Entrepreneurship and New Venture Creation to the Faculty of Commerce, Law and Management, Graduate School of Business Administration,University of the Witwatersrand, Johannesburg, 2018 / Enterprise development (ED) is concerned with helping entrepreneurs to grow their businesses. The business development process is dynamic with rapid technological and environmental change that occurs through the enterprise development life cycle. Business incubation programs play an integral part in the development of small and medium enterprises (SMEs). They offer support services, both financial and non-financial, of which mentorship is regarded as one of the key aspects of incubation programs. This study looked at SMEs across South Africa, operating in different industries to evaluate the impact of entrepreneurial orientation on SME growth and determine the moderating effect of mentorship on this relationship. The South African government, through its B-BBEE policies, has mandated corporates to implement ED programs as a way of aiding the growth of SMEs. The challenge faced by SMEs within the context of ED is discussed broadly in this study with recommendations put forth in an attempt to assist the successful implementation of ED. Entrepreneurial orientation (EO) is an established construct in entrepreneurship literature and its impact on growth is well researched. The three dimensions of innovativeness, proactiveness and risk-taking, as a unidimensional composite is used to assess the level of EO exhibited by the sample. This study however, expanded on the EO-Growth relationship to assess the role of mentorship within the context of ED in South Africa. Mentorship forms part of the developmental process of entrepreneurs and is well incorporated into the ED sphere. This study considered the role of the mentors as it relates to opportunity recognition. The study applied a quantitative method to analyse the relationship between the independent variable (EO) and the dependent variable business growth (BG), with mentorship being the moderating variable. The survey questionnaire was electronically distributed, producing a final number of 215 respondents as the empirical research sample. Growth, the dependent variable, was considered as a measure of success for SMEs. The measurement of SME growth focused on sales, assets, profit, annual turn-over and employment growth. The high failure rate of SMEs in SA is a cause of great concern to the government. This study provided empirical research, which further investigated the reasons attributed to government’s concerns. It further argued for certain interventions that can be of value to SMEs, government, ED practitioners, mentors and corporates. A regression analysis and bivariate correlation analysis was adopted to test the hypotheses, confirmatory factor analysis assessed the factorial validity of the constructs. Pearson’s test tested the significance of the correlations, visual tests (histograms) and descriptive statistics (skewness and kurtosis) assessed the normality of variables, before hypothesis testing was carried out, factor analysis determined the empirical analysis to confirm the theory, and to reduce dimensions of variables within constructs. In addition, the overall level of Cronbach reliability (0.68≤α≤0.89), and the corresponding EVA of close to 0.3, showed excellent reliability. The empirical findings of the study revealed that EO had a positive impact on SME growth and that the relationship between EO and growth was moderated by mentorship. As such, this study contributes to the theoretical discourse through its contribution to the existing body of literature. It further adds to literature concerned with the role of mentors in ED, and how this influences the growth of SMEs participating in ED programs. From a practical perspective, it provides recommendations to all stakeholders of ED in South Africa. Finally, this study provides ED practitioners, incubation managers, government policy makers, corporates, mentors, SMEs and entrepreneurs with relevant information to support their strategic planning and the implementation of enterprise development in South Africa. / MT 2018

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management specialising in Entrepreneurship and New Venture Creation Johannesburg, 2016 / This study was aimed at investigating what the antecedents are for achieving financial success in post mergers and acquisitions, particularly in the field of commercial property in an emerging economy. This study sought to understand the reasoning and the value addition behind mergers and acquisitions activities in the real estate sector. This paper used empirical research to conduct the investigation of the hypothesised relationship between financial performance and three key independent variables, namely; corporate entrepreneurial culture, resource sharing and infrastructure support. An analysis by testing the hypotheses that predict the relationships of the variables was undertaken through various statistical models. Mergers and acquisitions often take place in entrepreneurially oriented organisations as a means of increasing competitiveness, productivity and growth, therefore this paper tests the financial performance post mergers and acquisitions transactions. It also tests the role of corporate entrepreneurship and corporate culture (corporate entrepreneurial culture) specifically on the impact that it has on financial performance. Understanding the financial performance relationship with other variables is significantly important because it is argued by some researchers that the benefits of mergers and acquisitions sturdily enhance revenue growth through market share, create economies of scale through cost efficient methodologies and often produce tax gains. This paper tests the validity of these theories. / MT2016