A research report submitted to the faculty of Commerce, Law and Management, University of Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management in Strategic Marketing / Since the 1980s, marketing researchers have conceptualised market orientation as an organisational culture that is geared towards delivering supreme customer value. However, one of the shortcomings of the market orientation concept is that it has failed to recognise the potential significance of strong brands, that is, it did not acknowledge brand orientation. A few studies have investigated the conceptualisation of brand orientation in relation to brand loyalty; and the involvement of brand commitment and brand trust in mediating this association in the business-to-business context. Thus, it is the aim of this study to examine the impact of brand orientation on brand loyalty, and the roles played by brand commitment and brand trust in mediating the impact in the South African business-to-business environment. Two hundred and sixty one questionnaires were completed by top and senior managers of a B2B organisation in South Africa. Structural equation modelling and Smart Plus were employed in this study to examine the relationships between the constructs. This study provides empirical evidence that brand orientation has a positive and significant relationship with brand commitment and brand trust, and that brand commitment and brand trust have positive and significant respective relationships with brand loyalty in the South African B2B context. The results indicate that brand orientation (BO), brand commitment (BC) and brand trust (BT) all have a strong influence on Brand Loyalty (BL). Implications and limitations, as well as future research, are discussed in the study. Keywords: Brand Orientation, Brand Commitment, Brand trust, Brand Loyalty, B2B / GR2018

Masters of Management in Finance and Investment Faculty of Commerce, Law and Management, 2016 / It is known that entrepreneurship has great advantages on the economy as a whole. In South Africa, SMEs constitute majority of business in the formal sector. Yet, many firms struggle and some diminish because of finance. Many do not have access to external finance as such this study proposed internal finance to be an avenue that can be explored. This paper argues that access to internal finance leads to firm growth. Thus the following research question is proposed: To what extent does internal finance impact the growth of SME in South Africa and how? A second question is proposed as there are different types of internal finance: What component of internal finance is available for South African SMEs and to what extent does it affect their growth? Moreover, the other factors of firm growth and, further, their impact on internal finance were focused in order to fully understand the relationship between internal finance and firm growth. The study employed a sample of SMEs registered on the AltX section of the JSE. A panel data set was used in combination with Fixed Effects Method and Random Effects Model to run simple and multiple linear regression analysis to obtain results. A significant but ambiguous relationship between internal finance and firm growth was found. The study further recognized a negative relationship between internal finance and the two types of internal finance: retained earnings and fixed assets. In addition, the study established equity, debt, and taxes to have a significant impact on firm growth and internal finance. These three factors are proposed to be the underlying factors of both firm growth and internal finance. Though performed on listed SMEs; these findings would allow policy makers to design policies that truly promote SME growth. / XL2018

PHDRDV / Institute for Rural Development / Over 50% of the world's economies face high enterprise failure with African countries being on the top of the list. Specifically, South Africa is among nations with the highest rate of enterprise failure, estimated at 70%, despite sustained investments by the government to support the growth of enterprises. It has been argued that the country has no entrepreneurship models to support enterprise development, as a result, policies for entrepreneurial-supporting initiatives are not driven by correct or informed mechanisms that can adequately transform enterprises. This study investigated the indicators and critical exogenous and endogenous components associated with successful enterprises, borrowing some aspects from the Economic base theory. A mixedmethod was followed and 280 participants were drawn from 16 villages in four local municipalities of Vhembe District using snowball, purposive and cluster sampling techniques. A desktop review, semi-structured and structured questionnaires were tools used for the data collection. An analysis of the qualitative data was achieved through a thematic technique using MAX QDA and Atlas-ti v8. Microsoft Excel functions; descriptive statistics through STATA, while, Crosstabulation, Principal Component Analysis (PCA) and Multilayer Perceptron (MLP) model through SPSS v26, as well as Multiple Linear Regression (MLR) model using R v3.0, were exploited with the quantitative data. The results indicate that - profit margin, trends of new products, enterprise expansion and enterprise survival - are common success indicators in the area. The PCA fitted on exogenous data structure (n=280) computed 6 principal enterprise challenges from 45 items identified qualitatively. These are - Access to finance (AF: 14.887%), Access to market (AM: 10.297%), Physical capacity (PC: 8.858), Operational cost (OC: 6.052%), Socio-cultural issues (SC: 5.628%) and Competition (Co 4.460%). The MLP based on 83 sample structure of success enterprises, however, revealed that Co presents the most challenge followed by AM, OC, SI, AF and PC which was the least challenging. Similarly, PCA post-endogenous qualitative study computed 5 principal components from 49 initial items. Bridging networks (BN) constituted 38.044% of the variance followed by Self-belief (SB:15.802), Risk Awareness (RA:6.144), Resilience (R: 4.532), and Nonconformist (NC:4.271). The MLR employed to investigate the linear relationship of the parameters revealed that BN (𝛽1 = 7.57) is most influential and statistically significant (p=0.01). Except for SI which is negatively related to enterprise success, R, RA and NC parameters demonstrate positive influences to enterprise success. A model for successful enterprises centred on entrepreneurs’ exogenous and endogenous attributes is proposed as the main contribution of the study towards enterprises’ success in the areas of the research. The key recommendation in this study is that support to enterprises should be informed by the area-specific indicators outlined in the study. Keywords: African model, enterprise development, endogenous attributes, exogenous factors, rural areas / NRF

MCom (Business Management) / Department of Business Management / South African economic policies (for example, the National Development Plan [NDP] and Broad-Based Black Economic Empowerment Act [BBBEE]) place high emphasis on promoting entrepreneurial activities. In particular, these policies seek to provide for interventions that minimise challenges faced by entrepreneurs. In spite of this there is a segment of entrepreneurs that continues to experience numerous challenges – women entrepreneurs. The purpose of this study was to analyse the challenges faced by rural-women entrepreneurs. Rural women entrepreneurs in particular face challenges or barriers, which can be categorised under entrepreneurial, socio-cultural, personal, and technical barriers. The notion of gender socialisation can be used as one of several explanations as to why males and females behave differently. This kind of socialisation is also thought to be at the root of gender stereotyping, including chauvinism. This kind of socialisation has been said to influence the degree to which women face entrepreneurial challenges in rural areas. To address this research problem, which focuses on social perceptions, the critical realism paradigm was used. The research methodology used was a quantitative one, with the sample size 151 participants. Snowballing was utilised to locate participants with the desired characteristics. Self-completing questionnaires adapted from previous studies were utilised to gather data. The collected data was analysed using IBM-SPSS. Various descriptive and multivariate statistical tests, including ANOVA, cluster analysis, and factor analysis were used to analyse the data. The data collected indicated that women entrepreneurs with higher levels of gender socialisation (‘strongly believe’) are affected by entrepreneurial challenges more than those with low levels of gender socialisation. The results also indicated that education plays a key role in changing women’s’ attitudes towards their gendered roles and how they are socialised from a young age through to adult status. The researcher recommended equal opportunities for both males and females with regard to access to state resources such as education and finance, and access to information about businesses. / NRF

Thesis (MBA (Business Management))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The project manager is facing many challenges when planning and managing an Emerging Contractor project. Constraints experienced by Emerging Contractors are exerting risks on the project and pose a challenge to the project manager to guide the project to successful completion. The constraints and risks experienced on an Emerging Contractor project are mostly related to inexperience and unproven track record. The Emerging Contractor has not been in business long enough to build trust relationships with suppliers. Suppliers are limiting their exposure to risk and are therefore not prepared to supply material in bulk or on credit to the Emerging Contractor. The term Emerging Contractor is a well-known term in the South African construction industry, but no clear definition exists of what criteria qualifies a contractor to be an Emerging Contractor. The assumption in the industry is that an Emerging Contractor is a construction business which is 100% controlled and managed by a black person. Emerging Contractors are conducting business at the bottom end of the market where there is no barrier to entry. This makes the competition very severe and the profit margins are very slim. Even though the contract values are low, the Emerging Contractor projects require a considerable amount of effort to manage and are therefore not cost effective for the experienced project manager. The constraints experienced by the Emerging Contractor can be addressed by co-opting experience to the project team to provide guidance, training and management assistance. The proposal will require additional funding, but after a few projects the Emerging Contractor would have built up a reputation as a successful contractor and will therefore be self sustaining. / AFRIKAANSE OPSOMMING: Die projekbestuurder moet baie uitdagings trotseer met die beplanning en bestuur van 'n Opkomende Kontrakteur. Beperkings wat deur die Opkomende Kontrakteur ervaar word lei tot 'n risiko vir die projek en bied dus 'n uitdaging aan die projekbestuurder om die projek te lei tot suksesvolle voltooiing. Die beperkings en risiko's wat deur 'n Opkomende Kontrakteur projek ervaar word, hou meerendeels verband met onervarendheid en gebrekkige ondervinding. Die Opkomende Kontrakteur is nog nie lank genoeg in die bedryf om vertrouensverhoudings met verskaffers op te gebou het nie. Verskaffers verskans dus hul blootstelling aan risiko en is dus nie bereid om materiaal in grootmaat of op krediet aan die Opkomende Kontrakteur te lewer nie. Die term "Emerging Contractor" is welbekend in die Suid-Afrikaanse konstruksiebedryf, maar 'n duidelike definisie kon nie gevind word wat die vereistes stel om as 'n Opkomende Kontrakteur te kwalifiseer nie. In die konstruksiebedryf word dit algemeen aanvaar dat 'n Opkomende Kontrakteur 'n konstruksie besigheid is wat 100% deur 'n swart persoon beheer en bestuur word. Opkomende Kontrakteurs ding mee op die intreevlak van die konstruksiebedryf waar daar weinig min versperring vir toetrede is. Dit maak die kompetisie baie straf en die winsmarge laag. Selfs al is die kontrakwaarde laag behels die Opkomende Kontrakteur projek buitengewone aandag en bestuur en is dit dan ook nie 'n koste effekiewe projek vir 'n ervare projekbestuurder nie. Die beperkings wat deur die Opkomende Kontrakteur ervaar word, kan aangespreek word deur ervare diensverskaffers na die projekspan te bring om leiding, opleiding en bestuurshulp te verskaf. Die voorgestelde projekbestuursplan benodig addisionele fondse, maar na 'n paar projekte het die kontrakteur vir hom/haar 'n reputasie opgebou wat hom/haar toelaat om volhoubaar te wees sonder die hulp van die diensverskaffers.

Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: This event study examines the effect that Black Economic Empowerment (BEE) announcements have on a companies' share price. The average mean return model is applied to study a sample of companies from the Financial Mail Top 200 Empowerment Companies list, 2007. The mean price change observed in a 7-day window around the event announcement is found to be significant relative to the calculated critical value. Results of the test statistic calculated relative to the probability shows that at a p-value of 0,00113, the result is significant and the null hypothesis is rejected at a 95% confidence level. This result of this study supports the fact that markets react positively to the announcements of BEE events. / AFRIKAANSE OPSOMMING: Hierdie studie ondersoek die verhouding tussen die verandering van 'n maatskappy se aandele prys wanneer hierdie maatskappy 'n aankondiging maak oor 'n Swart Ekonomiese Transaksie (SET). Die Financial Mail Top 200 Empowerment Companies 2007 lys is gebruik om maatskappye te kies vir die studie. Die gemiddelde verandering in aandele prys in a 7-dag venster rondom die SET aankondiging blyk merkwaardig te wees wanneer met 'n berekende kritiese waarde vergelyk word. Die toets statistiek bewys dat met 'n p-waarde van 0,00113 daar met 95% sekerheid die nul hipotese kan verwerp. Die resultaat van hierdie studie ondersteun die feit dat markte positief reageer teenoor maatskappye wat nuus oor SET transaksies aankondig.

Dissertation (PhD)--University of Stellenbosch, 2001. / ENGLISH ABSTRACT: Financial performance ratios are generally based on a set of financial statements without taking cognisance of other factors that could affect the measurement of performance. The behaviour of financial performance indicators during an upswing and decline phase of the economic cycle, together with the nature and scope of an enterprise's activities may have an effect on the manner in which financial performance indicators are used by an enterprise. The question may arise whether or not a ratio's behaviour for capital intensive (CI) and labour intensive (LI) enterprises could capture the essence of external factors such as an upswing or decline in the economic cycle as measured by the Gross Domestic Product (GOP). In this study an upswing phase (1987-1989) of three years and a decline phase (1990-1992) of three years have been selected after an analysis of the economic cycle over the period 1970 to 1996. The distinction between the capital and labour intensity of an enterprise is based on an analysis of the total assets, fixed assets and number of employees of industrial enterprises listed on the Johannesburg Stock Exchange (JSE). The initially selected 62 financial performance indicators categorised under profitability, growth, cash flow, value-added and inflation-adjusted ratios are calculated for each enterprise of the CI (33) and LI (36) groups and for each year of the research period. The primary objectives of the research are: • To distinguish between the CI and LI nature of enterprises listed in the industrial sector of the JSE by using measures of capital and labour intensity; • To obtain patterns and identify differences in the behaviour of the selected financial indicators between CI and LI enterprises during an upswing and decline phase of the economic cycle, as measured by the GOP; • To analyse and investigate patterns and differences to determine whether or not there is specific justification(s) for the behaviour exhibited by the CI and LI enterprises for a particular ratio during either or both the upswing and decline phases of the economic cycle; • To identify key financial indicators, which could possibly be used by CI and LI enterprises to forecast financial performance and to identify lead and lag patterns in the economic cycle. An elaborate statistical analysis is conducted of the ratios to satisfy the objectives stipulated above. The first part of the analysis is based on a single representative measure, which represents an average of the three-year upswing and three-year decline phases respectively. Mean and median values are calculated for the CI and LI enterprises for both the upswing and decline phases. A profile analysis based on Hotelling's T2 test is used for the analysis of ratios that exhibit approximate normal distributions. Non-parametric tests, Mann-Whitney Utest and Wilcoxon matched-pairs test, are used for the analysis of ratios that do not indicate approximately normal distributions. The second part of the study focuses on an analysis of the ratios based on the individual years of the research period. The statistical techniques used for the analysis of the ratios based on a single representative measure are also used in the analysis of the ratios based on the individual years. The limitations identified during the analysis based on a single representative measure are addressed to a large extent in this section of the statistical analysis. By analysing the mean and median values based on the individual years, it is possible to classify the ratios as one of five pattern groups exhibited by the CI and LI enterprises, i.e. normal expected, lag, lead, cyclical and mixed. The patterns of the various ratios within each of the pattern groups are also analysed from a financial management perspective. The findings of the study confirm the stated hypothesis that there are differences in the behaviour of financial indicators based on a single representative measure and over the individual years of the research period between CI and LI enterprises during either or both an upswing and decline phase of the economic cycle. Furthermore, the analysis highlights several ratios based on a single representative measure that could not be used universally by all enterprises to measure financial performance and only during either an upswing or decline phase of the economic cycle. Ratios which are part of this category include return on total net assets (before tax), return on total net operating assets, dividend per share, sales to total net assets and interest-bearing debt to total shareholders' interest. The results based on the individual years of the analysis indicate that a large number of ratios exhibit normal expected patterns. Among the traditional profitability indicators, 80% exhibit normal expected patterns for the CI and LI enterprises during the upswing and decline phases. Traditional profitability ratios such as return on total net assets, return on net operating assets, return on total shareholders' interest and the value-creation ratio, economic value added form part of the normal expected group of patterns. All the inflation-adjusted ratios indicate normal expected patterns. These ratios indicate relative stability over the economic cycle and may be appropriate for the purposes of medium- and long-term financial forecasting as they follow the trade cycle. Approximately 39% of the ratios indicate mixed patterns, i.e. different patterns for the CI and LI enterprises. The growth in attributable earnings, cash flow to interest payments, market value of equity to book value of equity and market value added ratios indicate behaviour patterns for the CI and LI enterprises which may lead the economic cycle. These ratios may indicate the possibility of anticipating upswing and decline phases in the economic cycle. The relevance of the results for a CI enterprise alludes to the use of more debt financing during the decline phase to cover costs and working capital requirements when demand for products and services decreases as a result of a slow-down in the economy. The pattern exhibited by EPS may allude to an anticipated upswing phase in the economic cycle. An increase in the cash flow to interest payments ratio during the decline phase may indicate an imminent change in the cycle of the economy. The relevance of the results for LI enterprises indicates that an upswing in the economic cycle may be anticipated by an increase in the working capital to operating cash flow ratio. More debt financing is used during the upswing period, which may be attributed to greater demand and consequently results in a higher gearing position for LI enterprises. An increase in the cash flow to interest payments ratio during the decline phase may indicate an imminent upswing in the economic cycle. Several limitations of the study include the use of a single upswing and decline phase to represent the movements of the economic cycle; the approach used to distinguish between the CI and LI enterprises requires further analysis, and the large number of ratios could in future research be limited to several indicators. The more important recommendations of the study include the use of multiple upswing and decline phases of the economic cycle; more research into the lags and leads exhibited by the CI and LI enterprises for specific ratios should be conducted; the possibility of adopting a different approach to distinguish between CI and LI enterprises could also be considered; and further research is required to ascertain the reliability of indicators that highlight lead patterns for forecasting an upswing or decline phase in the economic cycle. / AFRIKAANSE OPSOMMING: Finansiele verhoudingsgetalle word algemeen op 'n stel finansiele state gebaseer sonder dat ander faktore wat die meting van prestasie kan beinvloed, in ag geneem word. Die gedrag van finansiele verhoudingsgetalle tydens 'n opswaai en afswaai-fase van die ekonomiese siklus, tesame met die aard en omvang van 'n ondememing se aktiwiteite, mag die manier waarop 'n ondememing finansiele verhoudingsgetalle gebruik, beinvloed, Die vraag mag ontstaan of 'n verhoudingsgetal se gedrag vir kapitaalintensiewe (KI) en arbeidsintensiewe (AI) ondememings die essensie van eksteme faktore soos 'n opswaai en afswaai in die ekonomiese siklus soos gemeet deur die Bruto Binnelandse Produk (BBP), sal kan omvat. In hierdie studie is 'n opswaai-fase van driejaar (1987-1989) en 'n afswaai-fase van driejaar (1990-1992) geselekteer na 'n analise van die ekonomiese siklus vir die peri ode 1970-1996. Die onderskeid tussen die kapitaal- en arbeidsintensiteit van 'n ondememing is op 'n analise van totale bates, vaste bates en die aantal werknemers van nywerheidsondememings wat op die Johannesburg Aandelebeurs (JAB) genoteer is, gebaseer. Die 62 gekose finansiele verhoudingsgetalle wat as winsgewindheid-, groei-, kontantvloei-, toegevoegdewaarde- en inflasie-aangepaste verhoudingsgetalle gegroepeer is, is vir elkeen van die 33 KI ondememings en die 36 AI ondememings, sowel as vir elke jaar van die ondersoekperiode, bereken. Die primere doelstellings van die navorsing is: • Om tussen die KI en AI aard van ondememings wat in die industriele sektor van die JAB genoteer is, te onderskei deur maatstawe van kapitaal- en arbeidsintensiwiteit te gebruik. • Om patrone te verkry en verskille in die gedrag van die gekose verhoudingsgetalle gedurende opswaai- en afswaai-fases van die ekonomiese siklus soos gemeet deur die BBP, tussen KI en AI ondememings te identifiseer. • Om patrone en verskille te ontleed en ondersoek ten einde te bepaal of daar spesifieke regverdiging is vir die gedrag wat deur KI en AI ondememings vir 'n bepaalde verhoudingsgetal gedurende een of albei van die opswaai- en afswaai-fases van die ekonomiese siklus getoon word. • Om bepaalde finansiele verhoudingsgetalle vir KI en AI ondememings te identifiseer wat moontlik gebruik kan word om finansiele prestasie te voorspel en om lei- en sloerpatrone in die ekonomiese siklus te identifiseer. 'n Omvattende statistiese analise van die verhoudingsgetalle is uitgevoer om bogenoemde doelwitte te bevredig. Die eerste deel van die analise is op 'n enkel verteenwoordigende maatstaf gebaseer wat 'n gemiddelde van die drie-jaar opswaai en drie-jaar afswaai-fases onderskeidelik verteenwoordig. Gemiddelde en mediaanwaardes is vir die KI en AI ondememings vir die opswaai- en afswaai-fases bereken. 'n Profiel-analise gebaseer op Hotelling se T2 toets is gebruik om die verhoudingsgetalle wat benaderd normaal verdeel is, te ontleed. Die nie-parametriese toetse "Mann-Whitney U-test" en "Wilcoxon matched-pairs test" is gebruik om die verhoudings wat nie benaderd normaal verdeel is nie, te ontleed. Die tweede dee I van die studie fokus op 'n analise van die verhoudingsgetalle wat op die individuele jare van die navorsingsperiode gebaseer is. Die statistiese tegnieke wat in die analise van die verhoudingsgetalle gebaseer op 'n enkel verteenwoordigende maatstaf gebruik is, is ook vir die analise van die verhoudingsgetalle gebaseer op die individuele jare gebruik. Die beperkings wat deur die analise gebaseer op 'n enkel verteenwoordigende maatstaf geidentifiseer is, word tot 'n groot mate in hierdie afdeling van die statistiese analise aangespreek. Deur die gemiddelde en mediaanwaardes gebaseer op die individuele jare te ontleed, is dit moontlik om die verhoudingsgetalle as een van 'n aantal patroongroepe, naamlik normaal verwagte, sloer-, lei-, sikliese en gemengde patrone, vir die Kl en AI ondememings te klassifiseer. Die patrone van 'n verskeidenheid van verhoudingsgetalle binne elk van die patroongroepe word ook uit 'n finansiele bestuursperspektief ontleed. Die bevindings van die studie bevestig die gestelde hipotese dat daar verskille in die gedrag van finansiele verhoudingsgetalle, gebaseer op 'n enkel-verteenwoordigende maatstaf en vir individuele jare van die navorsingsperiode, tussen Kl en AI ondememings gedurende een of albei van die opswaai- en afswaai-fases van die ekonomiese siklus is. Die analise beklemtoon verder dat 'n aantal verhoudingsgetalle wat op 'n enkel verteenwoordigende maatstaf gebaseer is, nie universeel vir alle ondememings en slegs gedurende 6f 'n opswaai- 6f 'n afswaai-fase van die ekonomiese siklus gebruik kan word nie. Verhoudingsgetalle wat deel van hierdie kategorie vorm, sluit ondememingsrentabiliteit (voor belasting), rentabiliteit van totale netto vaste- en bedryfsbates, dividend per aandeel, verkope tot totale netto bates, en rentedraende skuld tot totale aandeelhouersbelang in. Die resultate gebaseer op die individuele jare van die analise toon dat die oorgrote meerderheid van die verhoudingsgetalle normaal verwagte patrone volg. Van die tradisionele winsgewindheidsverhoudingsgetalle vertoon 80% normaal verwagte patrone vir die KI en AI ondememings gedurende die opswaai- en afswaai-fase. Tradisionele winsgewindheidsverhoudingsgetalle soos ondememingsrentabiliteit, rentabiliteit van netto vaste- en bedryfsbates, rentabiliteit van eie kapitaal en die waardeskeppingsverhoudingsgetal EVA, vorm deel van die normaal verwagte groep van patrone. Al die inflasie-aangepaste verhoudingsgetalle toon ook normaal verwagte patrone. Hierdie groep van verhoudingsgetalle toon relatiewe stabiliteit gedurende die ekonomiese siklus en is vir medium- en langtermyn finansiele vooruitskatting geskik omdat hulle die besigheidsiklus volg. Ongeveer 39% van die verhoudingsgetalle toon gemengde patrone, m.a.w. verskillende patrone vir die KI en AI ondememings. Die groei in verdeelbare inkomste, kontantvloei tot rentebetalings, markwaarde van aandeelhouersbelang tot boekwaarde van aandeelhouersbelang en mark-toegevoegde waarde verhoudingsgetalle toon gedragspatrone vir die KI en AI ondememings wat moontlik die ekonomiese siklus kan lei. Hierdie verhoudingsgetalle mag 'n aanduider van verwagte opswaai- en afswaai-fases in die ekonomiese siklus wees. Die relevansie van die resultate vir KI ondememings dui op die groter gebruik van vreemde kapitaal gedurende die afswaai-fase om kostes en bedryfskapitaal behoeftes te dek wanneer die vraag na produkte en dienste afneem as gevolg van 'n daling in die ekonomie. Die patroon wat deur verdienste per aandeel aangedui word, gee 'n moontlike aanduiding van 'n verwagte opswaai-fase in die ekonomiese siklus. 'n Toename III die kontantvloei-totrentebetalingsverhoudingsgetal gedurende die afswaai-fase mag 'n aanduider van 'n naderende opswaai in die ekonomiese siklus wees. Die relevansie van die resultate vir AI ondememings toon dat 'n opswaai in die ekonomiese siklus deur 'n toename in die bedryfskapitaal tot kontant uit ondememingsaktiwiteite verhoudingsgetal verwag kan word. Meer vreemde kapitaal word gedurende die opswaai-fase gebruik wat aan 'n toename in die vraag toegeskryf kan word en gevolglik tot 'n hoer hefboomsituasie vir AI ondememings lei. 'n Toename in die kontantvloei tot die rente betaal verhoudingsgetal gedurende die afswaai-fase mag 'n aanduider van 'n naderende opswaai in die ekonomiese siklus wees. 'n Aantal beperkings van die studie sluit in: die gebruik van 'n enkele opswaai- en afswaaifase wat die ekonomiese bewegings verteenwoordig; die benadering wat gevolg is om tussen die KI en AI ondememings te onderskei benodig verdere ondersoek; en die groot aantal verhoudingsgetalle kan in toekomstige studies tot 'n sekere aantal indikatore beperk word. Die belangrikste aanbevelings van die studie sluit in: die gebruik van veelvoudige opswaai- en afswaai-fases van die ekonomiese siklus; meer navorsing op die sloer- en leipatrone wat deur die KI en AI ondememings vir spesifieke verhoudingsgetalle getoon word; die moontlikheid om 'n ander benadering te volg om tussen KI en AI ondememings te onderskei, kan oorweeg word; en verdere navorsing word benodig om die betroubaarheid te bepaal van die indikatore wat dui op lei patrone wat 'n opswaai- of afswaai-fase in die ekonomiese siklus kan voorspel.

Employment, economic growth and self-reliance are the appetites of every country. Small enterprise development is seen as an effective solution towards this goal depending on the availability of resources. Private equity finance is one of the key resources to enterprise development in a country. International case studies have shown that private equity finance can lead to enterprise development in a country. The aim of the study is to determine the contribution of private equity finance to enterprise development in South Africa. In order to get views from other role players in the private equity finance market, questionnaires were distributed to 200 private equity finance players and the response rate was 39%. The sample size comprised 61.5% males and 38.5% females. The majority of the participants were in the age group 25–34 and constituted 53% of the respondents, whilst those aged 35–49 years constituted 35.9%. A smaller number of respondents were in the age group 18–24 and 50 and above, which both comprised 11.5% as an aggregate. The results revealed that there is a positive correlation between enterprise development and private equity capital with 83% of the respondents agreeing and strongly agreeing that the business skills and expertise brought by private equity investors increase business performance. Of the respondents, 74.4% strongly agree and agree with the notion that most Small and Medium Enterprises do need the intervention of private equity investors. It is recommended that the government, through relevant legislation, needs to promote and encourage private equity investment. Some form of private equity investment such as angel investment needs to be formalized, as is available in other countries such as the United States of America and some countries in Europe. / MBA. University of KwaZulu-Natal, Durban 2010.

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, 2017 / Existing literature indicates a positive relationship between human capital and entrepreneurial capital. This has been a dominant supported view for ages. Among other scholars, Unger, et al. (2011); Davidson and Honig (2003); still uphold the view that human capital influence entrepreneurial success to a certain magnitude. However, contemporary studies argue that although the relationship has been demonstrated for decades, some assumptions to the perception should be questioned as the world evolves over time. Unger (2011); Martin, et al. (2013), and more other scholars identify the modification of the traditional assumptions. In terms of these scholars, uncertainty remains over the magnitude of this relationship and the circumstances under which human capital is more or less strongly associated with entrepreneurial success. Consideration of fragmentation in today's study with regard to conceptualization of human capital, the choice of success indicators, the context of study provide some critical challenges to the traditional perception of consistent relationships. All these aspects provide some open gaps to be filled by research. Oostebreek, et al. (2010) sees a questionable relationship between human capital factors and entrepreneurial success, which in terms of Unger, et al. (2011) give rise for the consideration of a moderator approach to study the effects of human capital on business success in order to efficiently determine whether the stated relationships exist or not. Resourced-Based Theory (RBT) was used as theoretical framework to this study. Three main constructs and five sub-constructs have been used to formulate the conceptual model from which three hypotheses were developed and tested. Empirical studies was conducted among selected informal traders in Limpopo Province – focusing in three districts. 257 unregistered small business owners were potential respondents. A quantitative methodology was employed to collect and analyse data through survey research design. The Structural Equation Modelling (SEM) along with AMOS 23, SPSS were used as descriptive statistical tools to test the validity of the hypotheses. Both theoretical and applied implications will assist the knowledge-base of researches. Policymakers will also find the implications useful in industrial policymaking. This study provides recommendations which may assist further research and other related enquiries of academic nature. / MT2017

A Research Report submitted in partial fulfilment of the requirements for the degree Master of Commerce in Accounting in the Faculty of Commerce, Law and Management at The University of the Witwatersrand September 2016 / Black Economic Empowerment (BEE) or Broad-Based Black Economic Empowerment (BBBEE) is an important means by which the South African government aims to address the social injustices of the past as well as eliminating inequalities between white capital and the black majority (Fauconnier and Mathur-Helm, 2008). The Department of Trade and Industry (DTI) has been tasked with overall responsibility for instituting and monitoring the laws that govern BEE. Since the introduction of the Broad-Based Black Economic Empowerment Act no. 53 of 2003 (Ferreira and Villiers, 2011) and the codes of good practice of 2007, a number of amendments were made in response to deficiencies identified, the most material being the Amended Codes of Good Practice of 2013, which were effective from 1 May 2015. This research paper sought to investigate the impact and cost implications of the 2013 amendments to the BBBEE Codes of Good Practice (new codes) on companies within the industrial goods and services sector of the Johannesburg Stock Exchange (JSE). This was done relative to the 2007 BEE Codes of Good Practice (old codes). The main purpose of the study was to explore the impact and related costs of implementing the changes in the BBBEE codes on a sample of JSE listed companies obtained from the Empowerdex Top 100 2015 survey. The sample selected was those companies in the industrial goods and services sector. The methodology used was an exploratory study using semi-structured, in-depth interviews with the executives responsible for BBBEE or transformation, as it sometimes called, in each company. While an interview questionnaire was used, the questions asked were fairly open-ended which allowed the subject to be explored fully in each setting. This enabled the researcher to also understand the practicalities of implementing the BBBEE codes within each company and each industry. The results of the study indicated that most companies found it difficult to maintain their BBBEE ratings, with indicative ratings showing a likely overall average drop of three levels. In addition, further discounting in the rating may result from not meeting the sub-minimum levels of the three priority elements. These elements are; ownership, skills development as well as enterprise and supplier development (ESD). Overall, in terms of the impact and challenges in implementing the new codes, companies found that the new codes were onerous, complex in some instances, vague in others, with a potential for misinterpretation and possible manipulation. ESD was found to be the most challenging of the new elements to implement and likely to have the most impact on companies, whereas skills development, which has been doubled from 3% to 6% of the payroll leviable amount, had the biggest impact in terms of cost as assessed on the new codes. Notwithstanding the perceived challenges, companies acknowledged that BBBEE was not only a moral imperative (Fauconnier and Mathur-Helm, 2008), but also a business imperative (Arya and Bassi, 2009) and a licence to trade in South Africa. The study had four main limitations. Firstly, that companies investigated were selected from the Empowerdex Top 100 most empowered companies 2015 survey, completed in May 2015. Within those, only the ones in the industrial and services sector were included in the study. Secondly, that all companies interviewed, regardless of sector, responded to the questions with respect to the generic scorecard, as no sector charters were enacted at the date of writing the research report. Thirdly, the ability to secure the appropriate number of interviews was key, which may affect the quality of the responses and conclusions reached. Finally, because the new codes were implemented on 1 May 2015, which is less than a year from the date of this research report, there is a limitation that limited information is available on the new codes. The effective implementation date of the new codes, means that very little research is likely to have been conducted on the new codes; or the likely impact they could have on companies; or the critical changes between the old codes (2007) and new codes (2013). The researcher hopes this study will enable greater understanding of the codes and assist listed and other companies in strategic decision-making (Horwitz and Jain, 2011) and implementation of transformation initiatives. Furthermore, issues raised as contentious, confusing or due for improvement can be further researched and possibly used by policy-makers as input to future changes in the codes. Further research can also be conducted three to five years from now when the amended codes have been in place for a period that allows implementation by companies. This can either be conducted using a case study that tracks the BBBEE strategies, initiatives and ratings over that period within one company. Alternatively, the researcher can select any one of the five elements and investigate how it has been implemented in different companies over a specific period. / MT2017