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There are many reasons to believe that budgeting lies at the heart of business management. Gray et al (2001:324) states that ―budgetary planning and control is the most visible use of accounting information in the management control process. By setting standards of performance and providing feedback by means of variance reports, the accountant supplies much of the fundamental information required for overall planning and control. However, Gray et al (2001:324) point out that capital budgeting decision is limited by the intricacies of the international business environment, which is characterized by economic, social, political, and cultural diversity. Therefore, decisions of capital investments and budgetary controls are more problematic (Gray et al., 2001:14). One of the defining characteristics of the globalization of the world economy in the past two decades has been the spread of multinational corporations' activities across countries, and, as a result, significant increases in global foreign direct investment (FDI) outflow in the 1990s (from R233 billion in 1990 to R1, 379 billion in 2000). For example, the total stock of Chinese direct investment abroad nearly tripled over the 1990s (from $2.2 trillion in 1990 to $6.3 trillion in 2000) as Chinese multinational corporations generated an increasingly large share of world GDP (6.8 percent in 1994 and 8.6 percent in 2000). Multinational corporations have become an important conduit in the global allocation of investment funds. However, the business environment in international markets has been considered volatile; there is no reliable and accurate method to aid 2 multinational corporations about decisions about the international environment. Thus, multinational corporations have encountered risk and challenge. Given the development and challenge of the international environment, this study have been considered to plan over a longer time horizon, develop formal mechanisms to set aside funds for preserving existing facilities, increase automation of the process, and link capital planning decisions to statewide performance goals and strategic plans. This research draws upon existing theoretical determinants of capital budgeting and empirically tests the hypotheses across a sample of multinational corporations in China. Although the sample is from China, the results have important implications for multinational corporations based in other countries. This paper is composed of four parts. The first part briefly gives both a theoretical and practical overview of multinational capital budgeting analysis. The second part discusses the data collection techniques and the questionnaire design used in this study. The third part provides some important findings of this research. The last section offers some conclusions from this study.

Family businesses constitute between forty five and ninety percent of gross domestic product world wide. Research shows that within the next five years over fifty percent of executives will retire, highlighting the significance of successful family business successions. Family businesses founded in the “baby-boom” era are of immediate concern to researchers who are working to understand the dynamics around the succession process and ultimately the criteria preventing or enhancing successful successions. The purpose of this study was to better understand the development of successors in family businesses. A detailed literature study was conducted on family businesses and in particular the factors which both positively and negatively affect family business successions. A single case study approach was used to test whether six dynamic variables applied to this case or not. Three sibling brother successors, a sibling sister and their parents were each separately interviewed and the interviews voice recorded. They were asked questions which could be later analysed and used to uphold or negate whether the six dynamic variables applicable to successful family business succession were upheld or rejected. The data was meticulously analysed and similar answers grouped together. Answers which varied from the norm were reported separately. It was found that in all six of the propositions the responses received from the case study respondents upheld the propositions. Thus, families businesses seeking succession, may well understand and take action regarding the six dynamic variables relating to successful family business successions

Despite the demand for ICT skills, businesses are experiencing an ICT skills shortage. Constantly changing ICT technologies require business leaders to find qualified ICT professionals to implement new business strategies and business processes. The Information and Communications Technology (ICT) sector is experiencing a continued skills shortage and various initiatives have been launched to address the problem. Businesses continually struggle to find qualified and suitably skilled ICT personnel. As a result businesses have had to outsource their ICT requirements off-shore to obtain the required ICT skills and maintain their competitive advantage. In a country desperate for job creation, entrepreneurial inclination and start up of new businesses may play a pivotal role in the economic development and well being of individuals able to capitalise on the availability of ICT opportunities. Entrepreneurship is a critical factor in promoting innovation, creating employment opportunities and generating social and economic wealth in a country's economy. Sectors such as Information and Communication Technologies can be seen as archetypal entrepreneurial industries and can consequently play a key role in economic development. In the research that follows the author identifies an ICT skills shortage in South Africa. This is followed by an exploratory study that investigates the influence of psychological traits and socio-cultural variables on the entrepreneurial intent of selected ICT SMME’s in the Nelson Mandela Metropolitan Area. The findings revealed that both psychological traits together with socio-cultural variables influence an individual’s intention to start up a business. The predominant psychological trait discovered during the research was perseverance. Family environmental issues were the dominant socio-cultural variable influencing entrepreneurial intention amongst the case study subjects.

Copreneurs, defined as couples who jointly operate a business and share business-related responsibilities and decisions, represent a growing portion of family business (Fitzgerald & Muske; 2002; Marshack, 1993, 1994). However, knowledge of copreneurs remains limited in the research literature. The uniqueness of copreneurs may be particularly meaningful with respect to community social responsibility, referring to the contributions a business provides to the community beyond the products and services offered (Besser, 1999). This study explores the potential differences between the socially responsible behaviors of copreneurial and noncopreneurial businesses using the Sustainable Family Business Theory as a framework. Analysis focuses on the influence of business owner, business, community, and family characteristics on the community social responsibility of copreneurs and noncopreneurs. Data from the 2000 panel of the National Family Business Survey (NFBS) was used. Findings indicate that certain characteristics and contexts influence community social responsibility, although copreneurship is not a significant predictor.

The capital structure debate has been live for decades, with the key point of contention for many researchers being whether capital structure positively or negatively impacts firm value. Much of the literature on this question takes its departure from the seminal writings of Modigliani and Miller (1958) and their Theorem of Irrelevance. Many researchers have subsequently argued their case for and against the optimal value capital structure. The purpose of this research is to evaluate whether in a South African context an increase in financial leverage positively or negatively impacts firm value. Furthermore, given the high level and volatility of the current local interest rate market, this report also considers how the volatility of the local interest rate impacts on capital structure. This research was conducted using secondary data sourced from the McGregor BFA database for the period 1998-2007. The sample included 113 Johannesburg Stock Exchange (JSE) listed firms, which were stratified by industry in order to distinguish between different industries dynamics in this regard. Regression analysis was carried out for both tests It was found that an increase in financial leverage is negatively correlated with firm value. The study on the impact of interest rates on capital structure proved to be inconclusive. / Dissertation (MBA)--University of Pretoria, 2008. / Gordon Institute of Business Science (GIBS) / unrestricted

Prior research on capability upgrading in developing country firms has emphasised the importance of gaining legitimacy in the public domain. For technology-based firms this implies disclosure of knowledge assets through patents and scientific publications. In the absence of a managed approach to intellectual property (IP) protection, this disclosure often takes place in a desultory manner with disappointing results. Therefore, this research focuses on the formalisation of IP as a key indicator of the evolution of a developing country technology-based MNC using Sasol as a case study. The paucity of research into South African firms compared to the abundance of literature on the evolution of firms from other developing countries provides further justification for this study. Patent and publication data associated with Sasol (1955-2005) was analysed using multidimensional scaling and multiple regression techniques in order to examine the nature of disclosure. Patent value was estimated using forward citations and an adaptation of Putnam’s Value Index, while journal impact factors served as a proxy for the value of scientific publications. The role of international connections was investigated by examining co-authorships. The evidence suggests that formalisation of IP promotes an awareness of the purpose of disclosure, enhancing indigenous capability to appropriate returns from R&D and gain legitimacy within the global research community. This evolutionary trajectory may be accelerated by leveraging international research connections. / Dissertation (MBA)--University of Pretoria, 2007. / Gordon Institute of Business Science (GIBS) / unrestricted

Black Economic Empowerment is a strategy aimed at substantially increasing meaningful Black participation at all levels in the South African economy. South Africa is characterised by remarkably low levels of entrepreneurship. As entrepreneurship is associated with wealth generation and job creation, increased entrepreneurial activity can contribute significantly to address unemployment and societal inequalities. This study explores the relationship between Black Economic Empowerment and entrepreneurship in South Africa in an attempt to investigate whether Black Economic Empowerment promotes entrepreneurship. A qualitative approach was adopted to gain insights into the lived experiences of Black Business Leaders and Black Entrepreneurs through a phenomenological analysis of the data. Data was also collected from Experts, in an attempt to strengthen the findings and validity of the study through triangulation. Research instruments included open-ended questionnaires to ascertain the views of Experts and face-to-face, in-depth interviews to promote storytelling by Black Business Leaders and Black Entrepreneurs. The results revealed that Black people are entrepreneurial in nature. Black people are motivated to pursue entrepreneurial opportunities by, inter alia, financial reasons, their contribution to society and the creation of wealth in order to leave a legacy. It is evident that Black Economic Empowerment can develop Black entrepreneurs, Black Businesses and Black intrapreneurs. A diagrammatic presentation of the relationship between Black Economic Empowerment and entrepreneurship is proposed that depicts the key linkages established by the findings from this study. / Dissertation (MBA)--University of Pretoria, 2007. / Gordon Institute of Business Science (GIBS) / unrestricted

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