published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

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 / This study examined the relationship between business failure and macroeconomic fluctuations within business cycles of South Africa’s economy for the time period 1980 to 2016. The study also sought to understand where, if any, immediate and lag correlations between fluctuations and business failure could be established. To understand this connection, this study used longitudinal data sets of different macroeconomic factors and studied their influence on business failure. The vector error correction model (VECM) was used to determine the long-term relationship between failure and each of the other variables. Additionally, Granger Causality was applied to establish whether the macroeconomic variables investigated in this study can be constructed to predict the probability of business failures. Three classes of macroeconomic predictor variables were considered. Firstly, well-known international variables in the form of GDP and CPI were used. Secondly, the study incorporated the three Composite Business Cycle indicators- leading, coincident and lagging. Lastly, behavioural indicators were used to incorporate the views of the actual businesses and their customers, which for this the study were the Business and Consumer Confidence Indices. After examining the effects the 7 macroeconomic variables had on business failure, the study found that there is a long-run relationship between the Composite Lagging Business Cycle indicator, the Business Confidence and Consumer confidence, which influenced Business Failure. Additionally, it was noted that Business Failure influence the Composite Lagging Business Cycle indicator in the long-run. The study additionally found that Business Failure may Granger Cause the Composite Leading Business Cycle indicator Outcomes of the study are potentially vital for entrepreneurs to understand the timing of entry into markets based on macroeconomic fluctuations through their cycles in certain industries. Business owners can make proactive financial and strategic decisions vital for survival of their business through the expansion and especially in the contraction cycles of the macroeconomic environments. / MT2017

A research report submitted by In partial fulfilment of the Degree: Master of Commerce School of Accountancy 2016 / Given the seemingly low rate of success of the current business rescue regime (at just 13.6% as at June 2015), this study sought to identify whether the current business rescue regime in South Africa realises its intended objectives and why this meeting of objectives or failure to do so may be the case. It focuses on practical issues and the investigation is undertaken through interviews with business rescue practitioners who are the facilitators of business rescue. The findings show that there is a lack of clarity in the definition of success which may be cause for concern and that, despite its consistency with other jurisdictions, in the views of practitioners, the success rate is expected to improve. The study finds that there is a lack of prompt action when signs of financial distress are noted and a lack of funding for companies in business rescue. The experience of the practitioner has a significant impact on the success or failure of the rescue and may be one of the reasons for the current low rate of success of the regime, while the specific qualifications of the practitioner play a smaller role. The plan is imperative but there is often a lack of information and insufficient time allocated to its preparation. Consistency of Court judgements also has a bearing on success of business rescue, while consistency with provisions of other jurisdictions is not considered to be important. / MT2017

Thesis (Ph. D.)--Universitat̋ St Gallen, 1998. / "Dissertation Nr. 2122." Includes bibliographical references (p. 311-360).

The purpose of this research was to investigate and analyse the factors that lead to the failure of SMMEs, especially the businesses owned by previously disadvantaged individuals in Durban. The study was motivated by the fact that SMMEs are not growing but instead there seems to be an increase in the failure rate of SMMEs. A range of literature was reviewed that included past research papers and journals on the subject of SMMEs, government papers and acts, information from NGOs, financial institutions and government agencies to help understand the role players in the SMME sector. Primary data was collected in the form of a questionnaire which was given to SMME owners to complete in order to get their views on the sector. The findings show that SMMEs owned by previously disadvantaged individuals are dealing with issues such as lack of finance, insufficient government support and lack of information on services available to them from government and NGOs, which if left unattended, can cause their businesses to fail. Among other things, it was recommended that business owners be mentored and trained in both financial and business management in order to be able to take advantage of the services available to them. It was also recommended that government assess its position on SMME policies in order to be readily available to the SMME sector. / Thesis (MBA)-University of KwaZulu-Natal, Westville, 2011.

Submitted in fulfillment of the requirements for the degree of Masters in Business Administration, Business Studies Unit, Durban University of Technology, Faculty of Commerce, 2008. / It is estimated, that 90% of small businesses in South Africa fail within the first two years of their operation. The South African Government has improved business support services to small businesses. However, it has called on all South Africans to become involved in supporting small businesses and not to leave this responsibility to a single role player. Improving individual entrepreneurial capabilities should therefore be a focus area for all stakeholders involved in the promotion of entrepreneurship in South Africa. Changes brought on by growth, competition and many other factors, frequently require businesses to quickly identify alternatives, for driving significant improvements in their businesses. Business assessment tools generally provide a framework to assist business leaders to review the operations of their businesses. It was against this background that this research study was undertaken. The main aim of this research study was to develop a guide which can be used to assess small businesses. This study identified and evaluated six business diagnostic tools currently used nationally and internationally. The information gathered from evaluating these assessment tools were verified through discussions with five expert business practitioners who have relevant experience and knowledge on assessment tools. A self – assessment can be defined as a comprehensive, systematic and regular review of an organization‟s activities and results. Of the six assessment tools evaluated, it was found that the Baldrige Quality Programme, best satisfied the research questions, in terms of applicability of content, procedures and effective administration of diagnostic tools. The guide for self - assessments for small businesses was therefore, developed by using the Baldrige Quality Programme as a benchmark. This research study demonstrated, by means of an exploratory case study methodology, that self - assessment diagnostic tools do have a critical role to play in improving entrepreneurial and organizational performance of small businesses. Through the use of the self - assessment guide, developed in this study, entrepreneurs have an opportunity to take an integrated approach towards the improvement of business leadership, management and general business capabilities. This self - assessment guide fully involves the small business owner in the planning, implementation and monitoring phases of operating his or her business. There is also an element of skills transfer designed into the administration aspects of the tool, as guidelines are included in the tool, where possible. The researcher strongly feels that the use of this self - assessment tool can contribute to enhancing the success rate of small businesses in South Africa.

The thesis aims at contributing to clarify broad conjectures on growth, such as, (i) the extent to which growth constitutes an imperative for the firm, and (ii) what leads some firms to enjoy continuing growth and a continued existence, while others, after experiencing continuing growth, end up contracting and decaying. As a result, the thesis seeks to develop a deeper understanding of the mechanisms fostering and precluding growth, while also identifying challenges and opportunities in managing growth. / The thesis comprises four interrelated essays: (i) Chandler on the growth of the firm---this essay scrutinizes The Visible Hand (Chandler, 1977) seeking to answer the question "What is Chandler's theory on how and why did the modern business enterprise (MBE) appear and grow?" Four processes are identified---MBE formation, MBE development, industry formation, industry development. Their analysis within a process-oriented view (Mohr, 1982) discloses chains of necessary conditions in growth-related processes. Moreover, two growth-related dilemmas are advanced and the firm-industry co-evolution is explored. (ii) Identifying the building blocks of growth dynamics---this essay addresses the question "Which are the basic processes of change that form the dynamics of growth?" Drawing on Mario Bunge's philosophy (1973--1989; 1979), a framework of qualitatively different modes of change is derived. The framework allows the identification of elementary units of the growth dynamics. These comprise the following types: quantitative, qualitative (dialectical), goal-directed, interactional, causal, structural, random. In addition, complex units of growth dynamics made up of combinations of elementary units are also advanced: evolutionary motor of firm growth, co-evolutionary motor of growth relating firm and industry, and different instances of continuing growth motors. (iii) Describing growth trajectories of firms---the question "How can growth trajectories be represented?" is addressed in this essay. An indicator of size, which automatically adjusts for inflationary and deflationary changes in currency value is proposed. This indicator enables the drawing of growth trajectories of firms in the economy over long periods of time. (iv) Growth trajectories of General Electric and Westinghouse: a comparative study---this essay addresses the question "Why do some firms experience continuing growth and continued existence while others decay and disappear?" The growth trajectories of

An important problem in present academic research on foreign divestment is to understand how foreign divestments fit in a concept of international business strategy. The purpose of this paper is to research if characteristics of foreign divestment differ according to the corporate international business strategy and if so what these differences are.This paper is unique of its kind because cases presented here have never been mentioned in any academic literature before. In this paper I am using case study method in order to compare characteristics of foreign divestment experienced by two MNCs pursuing two opposite international business strategies.The results of the paper are inline with previous suggestions in the academic literature on foreign divestment. It was proved that international business strategy affects the characteristics of foreign divestment. These results were proved using comparable analysis of case studies. Analysis of the findings shows that differences in foreign divestment characteristics exist in dependence of corporate international business strategy. This paper also describes these differences and draws propositions for further research in the topic.The implications of this research are of particular interest both in practical and theoretical terms. Practically, results of the study can contribute to building better planning and predictive models of foreign divestments. Theoretically, results of the paper can be seen as a contribution to understanding and more detailed definition of relationships between international business strategy and foreign divestments.

Thesis (Ph. D.)--Columbia University, 1993. / Includes bibliographical references.

Thesis (M.Phil.)--Hong Kong University of Science and Technology, 2006. / Includes bibliographical references (leaves 88-91). Also available in electronic version.