No description available.

Thesis (Ph.D.)--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Economic & Business Sciences, 2011. / The primary aIm of this study is to investigate the role that is played by the quality of infrastructure on export participation and on foreign direct investment using firm level data from the World Bank and employing maximum likelihood techniques such as the Tobit and Probit models. Results show that firm size, foreign ownership, internet access, international distance, electricity, customs and generator ownership matter in influencing export participation. Thus the reason why very few firms in Africa are outward oriented is partly because of poor market access and poor electricity and customs infrastructure. Ln the case of foreign direct investment (FDI) results show that foreign firms are attracted to a market, bigger in size and that market access is also very important. FDI results also show that a big market in an environment characterized by acute power problems negatively affects market seeking FDI. Customs problems generally have a weak negative effect on the probability to be foreign invested particularly inward FDI, but days to export matter to outward looking foreign producers. Water problems do not seem to matter for both FDI firms and exporters in this study. In light of these findings, there is need therefore for the government in collaboration with multilateral institutions like the World Bank, United Nations and other donor agencies to mobilise resources to improve Africa's infrastructure facilities particularly customs, power and international transport facilities . This could also be done by involving the private sector through various Public Private Partnership arrangements.

Thesis (M.M. (Finance & Investment)--University of the Witwatersrand, Faculty of Commerce, Law and Management, Wits Business School, 2017. / This study researches the capital budgeting techniques employed by decisionmakers in state-owned enterprises (SOEs) in Africa. A literature review revealed that limited previous research was performed on the specific topic, although capital budgeting techniques of private companies were extensively researched. Based on these shortcomings, a knowledge gap was identified. The research performed will seek to address this gap to some extent, by collecting and discussing primary data from African SOEs. The results revealed that a substantial number of African SOEs make use of DCF techniques such as NPV (44 percent) and IRR (33 percent) in investment evaluation. Project implementation was highlighted as being the most important (67 percent) and also the most complex (56 percent) step in the capital budgeting process of African SOEs. The majority of respondents (89 percent) indicated that they do consider the assessment of risk in capital project budgeting and that scenario analyses is preferred by 78 percent of respondents. Qualitative (non-financial) factors are always a consideration in the capital budgeting process of African SOEs with environmental factors and service delivery being rated the highest. It was observed that employment creation was almost never a consideration in 44 percent of responses. The most important take-away from the study is that decision makers in African SOEs do make use of sophisticated capital budgeting techniques. It is however of concern that non-DCF techniques are used, especially in smaller organisations. For future research, it is recommended that a larger sample number of African SOEs are included. Also consider including the state-owned institutions that provide funding for capital investment in Africa. / GR2018

Thesis (MBA)--Stellenbosch University, 2014. / The last decade has seen an increased focus on emerging markets. The BRICS countries are at the forefront of this trend and have been achieving high economic growths in comparison to the developed countries. The contribution that these countries make to the global economy is increasing significantly. Many global companies have entered emerging markets seeking new growth opportunities within these untapped regions that are rich with possibility. With the increasing number of companies entering emerging markets, it is important that investors have a good understanding of what it is like doing business in these markets. This research focusses on doing business in Africa within the retail sector. The current literature provides examples of companies entering these markets, but only a handful deals with the retail industry. The purpose of this research is to establish a set of guidelines based on the literature and findings from this research. Four company’s experiences with entering emerging markets are analysed. This research addresses the considerations taken into account prior to entering a market, the challenges faced post entry and what factors contributed to the current success achieved. This research will be particularly useful for foreign companies deciding to enter Africa.

Thesis (MComm (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: “Africa’s not for sissies” is what one often hears when discussing business conditions in sub-Saharan Africa (SSA). For purposes of this study, the relatively well-developed country of South Africa has been excluded from the definition of SSA. The region boasts some of the lowest human development index scores and economic growth levels in the world, while enjoying the unenviable reputation as one of the most corrupt places on earth. The fact that SSA fares poorest of all when it comes to attracting foreign direct investment (barely 1% of global inflows), is due to foreign investor perceptions of unacceptable levels of country risk that keep them from investing in the region. Reasons for SSA’s malaise are instructive as context for the status quo and include the aftermath of colonialism, continued flare-ups of ethnic-induced civil unrest, the lingering effects of a disastrous flirtation with socialism and a recent generation of corrupt and incompetent leaders. However, the good news is that the new millennium increasingly exhibits significant trends in support of the notion that a reversal of SSA’s fortunes is underway: annual GDP growth in the region is well ahead of the global average, civil wars in the region have largely come to an end and, for two years running, private equity investment flows into the region have surpassed that of foreign aid, Africa’s traditional ‘crutch’. Importantly, a small band of early-mover Multinational Corporations (MNCs) are making their presence felt in the region and beginning to make good profits. These firms include the likes of Diageo, The Coca-Cola Company, MTN and SABMiller. Still, today’s business environment in the small, impoverished markets of SSA remains extremely challenging, characterised by poor infrastructure and skills, coupled to an unhelpful officialdom. The purpose of this study is to research the impediments to investing in SSA, both real and imagined, and then to discuss ways of overcoming these. By applying a qualitative research methodology, including the use of case studies and structured interviews with selected executives of the MNCs active in the region, key success factors for investing and operating in the region will be identified and explained. / AFRIKAANSE OPSOMMING: Enigeen wat ‘n besigheid in Afrika bedryf is dit eens dat ‘n mens hare op jou tande nodig het om hier sukses te behaal as gevolg van die aansienlike aantal struikelblokke wat ‘n mens te wagte moet wees. Hierdie studie is gemik op die onontwikkelde Afrika lande, suid van die Sahara woestyn (ASS). Suid Afrika word vir doeleindes van hierdie studie uitgesluit uit die definisie van ASS, weens die land se relatiewe gevorderde besigheidsklimaat. Ongelukkig word die lande van die ASS streek oorwegend gekenmerk deur lae peile van ontwikkeling, asook lae ekonomiese groeikoerse. Die streek word boonop beskou as die mees korrupte plek op aarde. Dit is dus geen wonder nie dat ASS die slegste van alle streke vaar wanneer dit by besteding deur buitelandse beleggers kom nie – laasgenoemde glo eenvoudig dat die gepaardgaande risiko verbonde aan die maak van ‘n belegging in die streek onaanvaarbaar hoog is. Sommige van die redes wat aanleiding gee tot hierdie teleurstellende toedrag van sake is insiggewend as konteks vir hierdie studie, insluitend: die nagevolge van die era van kolonialisme, sporadiese uitbarstings van etniese geweld, die negatiewe gevolge veroorsaak deur die onlangse beheptheid met sosialisme onder baie van die streek se lande, asook die uitwerking van uiters swak leierskap in die streek gedurende die tweede helfte van die 20ste eeu. Die keersy van hierdie swak beeld is dat ‘n aansienlike verbetering in toestande te bespeur is sedert die aanvang van die 21ste eeu. Die Bruto Nasionale Produk van ASS lande groei nou vinniger as dié van enige ander streek op aarde. Die voorkoms van burgerlike onrus en geweld in die streek toon ‘n beduidende afname. Vir die eerste keer ooit is die waarde van buitelandse beleggings in ASS groter as die waarde van hulp en ondersteuning wat die streek van die buiteland ontvang (en waarop die regerings van die streek tradisioneel staatgemaak het om basiese dienste aan hul inwoners te verskaf). Dit is ook verblydend om te verneem dat ‘n klein groepie ywerige internasionale maatskappye besig is om hulself toenemend in die gebied te vestig en dat hulle goed geldmaak daaruit. Voorbeelde van suksesvolle maatskappye sluit Diageo, Coca-Cola, MTN en SABMiller in. Nogtans bly die besigheidstoestande waarin maatskappye hulle bevind ongunstig in die brandarm markte van ‘n streek wat verder gekenmerk word deur gebrekkige infrastruktuur, onvoldoende vaardighede en onbehulpsame amptenare. Die doel van die navorsing is eerstens om die daadwerklike toedrag van sake vas te stel i.v.m. die omgewingsfaktore wat verhinder dat maatskappye vrylik hul doelstellinge in ASS mag najaag. Daarna word die fokus verskuif sodat oplossings geformuleer mag word ten einde hierdie struikelblokke uit die weg te ruim. ‘n Kwalitatiewe navorsingsmetode word nagevolg. Dit sluit die gebruik van gevallestudies en gestruktureerde onderhoude met senior verteenwoordigers van internasionale maatskappye met filiale in ASS in. Die vernaamste uitslag van die navorsing is die daarstelling en verduideliking van ‘n stel kritieke suksesfaktore wat as handleiding mag dien aan diegene wat besighede in die streek bedryf.

The dissertation uses the lens of electricity provision to examine processes of state formation in Somaliland, an unrecognized, self-declared independent state in the northwest of the former Somali Republic. The dissertation focuses on Hargeisa, the capital city at the heart of Somaliland's state-building project. After the collapse of the Somali state in 1991, private companies arose from the ruins of Hargeisa and turned the lights back on, navigating a fragmented post-war landscape by mobilizing local connections and transnational ties. However, being dependent on the political settlement that engendered the peace necessary for business, emerging private power providers were tied into a state-building project. The dissertation analyses the resulting tensions at the heart of this project, by examining the struggle to define the role, extents and limits of an emerging state in an interconnected world. Based on interviews in Somaliland and a survey of news media and grey literature, the dissertation has three aims. First, it provides a view into how social order and service provision persist after the collapse of the state. Secondly, it investigates how patterns of provision emerging in the absence of the state shape subsequent processes of state formation. Finally, it discusses how patterns of provision affect the interaction of state-building and market-making. In order to fulfil these aims, the dissertation examines how people invest in the project of building a state, both materially and discursively. The chapters present a narrative history of the electricity sector, explaining the attempts of both private companies and the government to claim sovereignty over the market and shape statehood in their own interests. The struggles shaping Somaliland's economic order reveal the contemporary significance of transnational connections, interconnected systems of capital flows, and the rise of corporate business actors. At the same time, they underline the abiding power of social structure, local identities, and historical memory.

Doctorat en Sciences politiques et sociales / info:eu-repo/semantics/nonPublished

Text in English with abstract in English, Northern Sotho and Xhosa / This study investigated the determinants of expansion strategies that are adopted by MNCs that invest in African emerging economies. Literature suggests that expansion strategies have received little research attention, especially in the African context. Previous studies suggest that MNCs initiate their internationalisation process through exportation, and then explore other resource-committed expansion strategies (FDIs) at a later stage. A number of theories have been used to explain the behaviour and decisions of MNCs in this regard. One of the prominent theories in this regard is Dunning‘s OLI paradigm that has been the most influential and widely used, but this study was premised on internationalisation theory. For the purposes of this study, two expansion strategies of MNCs were identified as greenfield foreign direct investment (FDI) and exports. The study sampled six top African emerging countries rated by the stock size and volume of FDI inflow they had attracted. The study utilised the cross-sectional time-series data for period spanning 1996 to 2016. The data were accessed from statistical records of African Development indicators (ADI), a statistical arm of the World Bank. This quantitative research employed econometrics estimation technique to achieve its objectives, namely OLS regression. The study relied on Durbin-Watson statistics contained in ordinary least squares (OLS) regression to attend to issues of autocorrelation. To establish long run relationship, Johansen‘s cointegration approach was employed. / Thutelo ye e nyakišitše ditšhupo tša maano a katološo ao a amogetšwego ke dikhamphani tše di dirago dinageng tše ntši (diMNC) tšeo di beeleditšego ka go diekonomi tše di golago tša Afrika. Dingwalo di šišinya gore maano a katološo a filwe šedi ye nnyane ya dinyakišišo, gagolo kemong ya Afrika. Dithutelo tše di šetšego di dirilwe di šišinya gore diMNC di thome tshepedišo ya go oketša tiro ya feme boemong bja boditšhabatšhaba ka mokgwa wa kišontle, gomme ka morago di hlohlomiše maano a mangwe a katološo a boikemišetšo go fa ditlakelo le thušo tše di nyakegago go fihlelela dinepo tše di filwego tša feme nakong ye e tlo latelago. Diteori tše mmalwa di dirišitšwe go hlaloša mokgwa wa go dira le diphetho tša diMNC malebana le se. Ye nngwe ya diteori tše bohlokwa malebana le se, gape yeo e bego e le ye e nago le khuetšo ye kgolo gape e dirišitšwego ka bophara, ke dikgopolo ka ga ka moo dilo di šomago tša OLI go ya ka Dunning, eupša thutelo ye e begilwego bjalo ka matseno go teori ya kgodišo ya difeme gore di dire dinageng tše dingwe. Ka lebaka la morero wa thutelo ye, maano a katološo a mabedi a diMNC a šupilwe bjalo ka peeletšo thwi ge motho a hloma khamphani nageng e šele (FDI) le kišontle. Thutelo e tšeere dinaga tše tshela tša boemo bja godimo tšeo di golago tšeo di lekantšwego ka bogolo bja thoto le bolumo ya ditseno tša FDI tšeo di di tlišitšego. Thutelo ye e dirišitše tshedimošo yeo e hweditšwego ka go lemoga dinomoro tšeo di kgobokeditšwego dinakong tše di fapanego dinakong ka sebaka sa nako seo se lekanago pakeng ya nako ya 1996 go iša go 2016. Tshedimošo e hweditšwe go tšwa direkhotong tša Dipalopalo tša African Development Indicators (ADI), lekala la Dipalopalo la Panka ya Lefase. Nyakišišo ka go kgoboketša le go sekaseka datha yeo e hweditšwego methopong ye e fapanego e dirišitše dithekniki tša dipalopalo go kwešiša ditaba tša ekonomi le diteori tša teko go fihlelela maikemišetšo a yona, e lego tswalano go OLS. Thutelo e theilwe go Dipalopalo tša Durbin-Watson tšeo di lego ka tekanyo ya tswalano ka go fokotša palo ya go fapana ga disekwere gare ga dipalo tše di lemogilwego le tšeo di akantšwego go lebelela ditlhagišo tša nyalanyo Go hlola ditswalanyo tša nako ye telele, mokgwatebelelo wa Johansen wa tatelano ya dikhutlo tša datha ya dinomoro ka go latelana ga tšona o dirišitšwe / Esi sifundo siphande izinto ezilawula amacebo okwandisa enziwa ngamaqumrhu amazwe ngamazwe (MNCs) natyala imali kumazwe aseAfrika anoqoqosho oluntshulayo. Uluncwadi olukhoyo luthi amacebo okwandisa awanikwa ngqwalasela yaneleyo kuphando, ngakumbi kwiimeko zaseAfrika. Izifundo ezidluleyo ziveze ukuba iiMNCs ziyiqala ngokuthumela iimveliso zazo inkqubo yokufaka la mazwe kushishino lwamazwe ngamazwe. Emva koko zizama ukuncedisa ngezixhobo nemithombo yokusebenza njengecebo lokwandisa. Ziliqela iingcingane ezisetyenzisiweyo xa kuchazwa indlela yokwenza nezigqibo zeeMNCs ngalo mbandela. Enye yeengcingane eziphambili nesetyenziswe kakhulu kulo mba yekaDunning, neyaziwa ngokuba yiOLI paradigm, nangona esakhe isifundo sasisekele kwingcingane yokudibanisa amazwe ngamazwe. Kwesi sifundo kuchongwe amacebo okwandisa amabini asetyenziswe ziiMNCs. La macebo kukutyala ngqo imali nemithombo (greenfield foreign direct investment - FDI) nokuthumela iimveliso zazo kuloo mazwe. Esi sifundo sikhethe amazwe aseAfrika amathandathu naphambili xa kubalwa izinto anazo la mazwe, nomyinge wemali nezixhobo ezifakiweyo. Isifundo sisebenzise iinkcukacha ezingamaqela amanani anqumlezanayo (cross-sectional time-series data) kwixesha elisukela kunyaka we-1996 ukuya kowama-2016. Ezi nkcukacha zafunyanwa kwiingxelo ezigciniweyo zeZalathisi Zophuhliso LwaseAfrika (African Development Indicators - ADI), kwicandelo lezobalo kwiBhanki Yehlabathi. Olu phando lusekelwe kumanani, lusebenzise indlela yokusebenza ngokuqikelela nekuthiwa yieconometrics estimation technique ukuze siphumeze iinjongo zaso zobalo olwaziwa ngokuba yiOLS regression. Esi sifundo saxhomekeka kwizibalo zikaDurbin-Watson ezifumaneka kubalo lweordinary least squares (OLS) regression ukuze lujongane nemiba yokuzilungisa. Ukuze simisele ulwalamano oluqhuba ixesha elide, kwasetyenziswa indlela yokuhlanganisa iinkcukacha zikaJohansen. / Business Management / M. Com. (Business Management)

Foreign direct investment (FDI) has been touted in literature and by numerous studies on the topic as one of the main drivers of economic growth globally. Its benefits transcend from host to home countries, introducing related benefits that would not be realised without FDI. In sub-Saharan Africa, FDI is further regarded as one of the main avenues to alleviate resource deficits on the continent. Moreover, FDI is considered critical in mitigating socio-economic challenges experienced in many parts of the sub-continent. However, the continent lags behind the rest of the world in both outward FDI (OFDI) and inward FDI. Furthermore, intra-Africa FDI is also the lowest intra-regional FDI in the world. Various studies have been conducted on how MNCs strategise for their FDI initiatives and how the host country attributes render nations either attractive or otherwise to FDI. However, most of the studies have been premised on the developed world, mainly neglecting the unique characteristics of the continent. Africa has become a potentially attractive FDI destination for MNCs, as it has achieved consistently higher economic growth rates when compared to the rest of the world in the past few decades. However, the relatively few studies on the business environment, compounded by the often-negative media publication about the continent have rendered Africa a treacherous investment destination for MNCs. Democratic South Africa is a relatively new country in Africa. However, it is an important economic force on the continent due to superior resources and expertise formulated in the country over centuries. South African-originated MNCs currently form the bulk of MNC activity on the continent. However, SA MNCs have reported mixed fortunes in their OFDI endeavours in the rest of the sub-continent with many disinvestments, especially over the past two decades. These business closures continue up to the present day. This primary purpose of this study was to add to the existing literature on OFDI to ascertain scientific solutions to mitigate inappropriate business strategies being adopted by SA MNCs on the rest of the continent, especially those MNCs that invest in agribusiness. The study is unique in that it investigates the firm, host industry and overall host country attributes of OFDI in agribusiness. Furthermore, the study focused on the four regions of sub-Saharan Africa (East, West, Central and Southern Africa) to ensure that the regional dynamics of the continent are considered. The study also considered the effects of the different historical legal and business processes of the continent by factoring in anglophone, francophone and lusophone countries in the study. The formulation of this study and incorporation of these specifics therefore rendered this study different from existing studies. Furthermore, agribusiness is one of the most important industries in Africa, employing most of its populace, given the unique agrarian nature of the continent. However, there are negligible studies on FDI in agribusiness on the continent. To bridge this academic lacuna, the current study primarily focused on this sector that is critical to most African economies. The research, therefore, fills these gaps in the existing literature. The period under study was from 2000 to 2018. With the usage of annual data sourced from reliable sources in a robust panel regression approach, the findings of the study are as follows. Firm heterogeneity plays a critical role in the success of FDI initiatives. The study found that the asset base of an MNC was pertinent for the success of OFDI. Firms that relied on debt funding encountered challenges in OFDI processes. The research also found that profitability remained the main priority of MNCs, given that profitability and FDI share significant positive relationships. Interestingly, the findings established that MNCs that had a long history in their home countries struggled with OFDI, attributable to their limited ability to adapt their tried and tested home processes to new, unique markets on the rest of the continent. The findings on the agribusiness sector of host countries revealed that countries with progressive policies in agribusiness attracted additional and better FDI. For instance, investments in agri-infrastructure were beneficial to those host countries, showing that countries that prioritised agribusiness reaped the benefits, especially in the long term. Furthermore, there was clear evidence that FDI had a mutually beneficial relationship with crop and livestock production as well as value addition in agribusiness. There were mixed and useful findings regarding the impact of climate, food security and arable land as they relate to agribusiness FDI. Finally, the study supported the importance of institutional sturdiness on FDI. Although the study corroborated the direct relationship between FDI and economic growth, the findings revealed varied effects of the FDI relationship with unemployment, political stability and infrastructural development. The research findings inferred the importance of policy interventions to ensure that FDI initiatives are optimised to realise food security and growth in order to alleviate poverty and other social challenges experienced in the continent. / Business Management / D. Com. (Business Management)