M.Com. (Business Management) / Statistics have shown that 227 companies and close corporations were liquidated during 1993. In addition 386 private persons, sole proprietors and partnerships were adjudged insolvent. These liquidations and insolvencies came about in all industries. By making use of ratio analysis, management can identify early danger signs and determine the presence of weaknesses in their business. There are some other critical factors and aspects that become evident from everyday trading activities that also point to danger signs. Management should be mindful and become aware of the danger signs at an early stage so that corrective action may be taken during a recessionary period. Numerous management aids in the field of financial discipline are at the disposal of management when applying corrective action. The core principles of effective asset management covering cash flow management, credit control, stock control and asset control should be employed to ensure survival during difficult times. Furthermore it is of critical importance that management makes use of the correct sources of financing and knows where to obtain it. It is also important that management addresses the other functional disciplines within the business. Management should continue the function of marketing and selling its products. Checklists containing useful questions should be applied to generate maximum sales. Production and sales should, however, be synchronised. Effective production management aids should be applied to create this harmony. It is also necessary that products be continually developed and that research into new areas be conducted. Management should handle labour relations and political and legal aspects with great sensitivity during recessionary periods. All employees deserve fair treatment and should be respected for their convictions. Appropriate general management principles should be applied at all times including effective leadership, motivation, communication and company philosophy. By making use of the proposed management aids, management can considerably improve the chances of the undertaking to survive a recession.

The field of entrepreneurship research offers differing theories regarding the underlying behaviours of entrepreneurs. These theoretical frameworks describe the behaviours and principal thought processes that entrepreneurs use to create new businesses. The unique attributes of the South African context, characterised by high unemployment and low entrepreneurial activity, together with new business formation make this field of research particularly important. Some of the major theoretical frameworks were reviewed in the study, and a qualitative study was employed using the Grounded Theory approach. Ten successful entrepreneurs were interviewed for the study and the data collected was used to provide insight into their behaviour and particularly sought to determine whether principles from Effectual Theory were present. The findings of the research supported some aspects of the important theoretical frameworks, emphasising the need for a multitude of perspectives rather than a single best framework. Particularly strong evidence of effectual entrepreneurial behaviours were found in the data, supporting the Theory of Effectuation as a construct for new business formation in South Africa. / Dissertation (MBA)--University of Pretoria, 2014. / lmgibs2015 / Gordon Institute of Business Science (GIBS) / Unrestricted

Includes bibliography. / The area of interest in which this Study is set is the linking of a company's business strategies with its strategic planning for IT (information technology). The objectives of the Study are: to investigate how the IT planning environment is changing for business enterprises in South Africa; to establish how successfully South African companies are managing IT strategically; to propose a new approach to strategic IT decision making that will help South African management deal with the major issues; to propose a way of implementing the approach. In Chapter 2, conclusions are drawn from an examination of the key strategic IT planning literature. It appears that fundamental changes are indeed taking place, and are producing significant shifts in the way researchers, consultants and managers think about IT. The survey of South African management opinion is described in Chapter 3. The opinions analyzed range over environmental trends, strategic decision making practices, and what an acceptable strategic IT decision making framework would look like. The need for a new, comprehensive approach to strategic IT decision making in South Africa is clearly established. In Chapter 4, a theoretical Framework is proposed as a new, comprehensive approach to strategic IT decision making. The Framework covers five strategic tasks: analysing the key environmental issues; determining the purposes and uses of IT in competitive strategy and organizational designs; developing the IT infrastructure, human systems, information systems, and human resources to achieve these purposes and uses; implementing the strategic IT decisions; and learning to make better strategic IT decisions. In Chapter 5, ways of implementing the Framework in practice are .identified. A means of evaluating its acceptability in a specific company is also proposed. The general conclusions of the Study are presented in Chapter 6. The Framework developed in this Study is intended for use, not directly by the IT decision makers themselves, but by the persons responsible for designing the IT decision making processes of the company. It is not, however, offered as a theory or a methodology. The aim is· simply to provide a conceptual "filing system", to help designers uncover and classify the IT strategy problems of their own company, to identify the tools their decision makers need, and to put appropriate problem solving processes in place.

A thesis submitted in fulfilment of the requirements for the degree Doctor of Philosophy in the School of Economic and Business Sciences,University of the Witwatersrand, Johannesburg / Although some previous research has focused on consumer behaviour with respect to corporate social performance (CSP), few empirical studies have been done, especially in the African context. In particular, a highly under-researched topic is the role that corporate social performance (CSP) plays in South Africa. Due to the increasing public awareness of CSR globally, individuals in South Africa are becoming more aware of the need for companies to engage in corporate social responsibility (CSR) and companies have realised that fulfilling social responsibilities has a positive impact on their overall performance and sustainability. In this regard, the current study examines the effects of perceptions of CSP in South Africa. Particularly, it investigates whether the perception of CSP plays a role on individual’s purchasing decisions, in enhancing reputation of a company, and the role that a company’s reputation for social responsibility plays during a corporate crisis.The study uses the exploratory model of surplus, break-even and deficit developed by Coldwell and Joosub (2014) and a modified version of Carroll and Buchholtz’s (2000) model to measure the perceived actual CSP of companies in comparison to what individuals expect a company’s CSP to be. To measure the effects of perception of CSP in relation to actual purchasing behaviour, Carroll’s CSR framework (1991), which takes economic, legal, ethical and philanthropic responsibilities into account, was adopted. To explore whether CSP influences the reputation of a company, Fombrun's, Gardberg, & Sever (2000, p. 253) 20-items RQ grouped into six pillars “(emotional appeal, products & services, financial performance, vision & leadership, workplace environment, and social responsibility)” was used. Finally, to investigate whether CSR-derived reputational capital plays a role in sustaining a company during a crisis, crisis scenarios from Dean (2004) were adopted and modified to suit the study. A qualitative follow-up study, through face-to-face interviews, was carried out to clarify the quantitative findings. A mixed methods technique that combines questionnaires, interviews and content analysis was used to explore the effects of perceptions of CSP on individual purchasing behaviour, reputation capital and crisis management. A sample of 145 students at the University of the Witwatersrand in South Africa was used for a quantitative study, and a sample of 30 for a qualitative study. The findings show that a company that fulfils consumer expectations of social performance generates positive perceptions of CSP that not only lead to actual purchases of goods and services but also generate desirable returns through enhanced reputational capital that is seen to sustain a company during a crisis situation. Aspects other than CSP that also influence an individual's actual purchasing behaviour at grass roots level are also described in the study. The study extended the theoretical understanding of CSR by interrogating Carroll’s CSR framework (1991) for empirical analysis and its applicability in an African context. The findings show that CSP plays a positive though relatively minor role in individuals’ actual purchasing behaviour. This study also enhances the theoretical knowledge of individual expectations of CSP and actual CSP of companies in South Africa. Our study validates Coldwell & Joosub’s (2014) exploratory model of surplus, break-even and deficit in the relationship between actual and expected CSP. Also, the study has managerial implications in that those companies that engage in CSR are perceived favourably than those that do not hence enhancing their reputational capital; and that prior CSP reputational capital played a significant role in a crisis situation. Future research could investigate aspects like culture, political settings and the economic foundations of different African countries to confirm the findings of this study. / NG (2020)

This study focused on the possible determinants of operational efficiency at the University of Venda, which was premised on the extent to which stakeholders are involved in the strategic planning of the institution. The aim of the study was to establish the stakeholders’ involvement in the strategic planning of the University of Venda. Structured questionnaires were used to collect data during August and October 2011. The study was conducted at the University of Venda, Vhembe District in the Limpopo Province. A non-probability sampling procedure was used to select respondents. The results revealed that whilst the stakeholders seem to be involved in the process of the strategic planning, the extent of stakeholders’ involvement has largely remained contentious. The results further indicate that not all stakeholders are involved in the strategic planning process at the University of Venda. Although stakeholders are invited to participate, the process of strategic planning is absolutely dominated by the management cadre, reducing the rest participants into the doldrums. Those who are directly affected by the strategic plan are least involved in the process of the planning. Because of the lack of involvement and communication regarding the strategic planning process, the findings reveal that the majority of stakeholders were de-motivated in that regard, culminating in their lack-lustre approach towards the implementation of the orchestrated plan. The resultant lack of buy-in by the affected stakeholders, essentially the internal stakeholders (staff members and the student community), eventually hamper the actualisation of the targeted goals of the strategic plans. These results suggest that the strategic plan review should be an on-going process in order to update and involve the university community of the strategic planning processes. Proper feedback and communication on strategic planning processes should be implemented. More importantly, the stakeholders’ involvement and consultation on the strategic planning should be galvanized, since most of the staff members and students seem to be unaware of the strategic planning process at the University of Venda, let alone its contents and aspirations. / Business Management / M. Tech.(Business Administration)

Thesis (PhD (Business Management))--Stellenbosch University, 2008. / Please refer to full text to view abstract.

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: This study explores the role of the cultural analysis component in an international strategy of South African companies. It highlights general and country-specific cultural trends that emerged from the research. It also provides a basic cultural analysis framework that can be used as a general guideline for companies planning international expansion. The research methodology included both primary and secondary data analysis. The primary data were gathered through face-to face interviews; the secondary data examined journals, articles, the Internet and case studies. The interviews used a mix of open and closed questions to extract the most accurate responses from interviewees. Trompenaars' "Seven Dimensions Framework" served as a basis for the design of the interview questions, as well as for the analysis of the responses. Seven South African companies, spanning across different industries were interviewed. They included Engen Petroleum Limited in the petrochemical industry, Dole South Africa in the fruit export industry, Nando's International in the restaurant industry, Dimension Data in the information technology industry, Denel (Ply) Ltd in the anms and weaponry industry, SABMiller pic in the beer industry and Barloworld Limited in the brand management industry. Countries that were discussed with each of these companies respectively were: Southern Africa, Middle East, Malaysia & Indonesia, United States of America, Poland & Hungary, The Czech Republic and Russia. Several general trends leading to a successful international expansion emerged from the research. Along with the long-term focus, flexibility and commitment that are required, relationship-building proved to be the most essential ingredient for creating a successful international venture. Relationship-building was achieved when the internationalisation team demonstrated cultural sensitivity, respect, humility and patience, all attributes that are needed when interacting cross-culturally. The research also identified specific country cultural trends. For example, in Southern Africa, a developmental focus on the part of the internationalisation party is crucial to future success. In the Middle East, acknowledging rank was important. Recognising the communitarian philosophy and strict hierarchy in Malaysia and Indonesia was a key aspect of an effective strategy. In the United States, clarity, confidence and decisiveness proved important. Poland, Hungary, The Czech Republic and Russia required that logic be the basis on which business is conducted. The basic cultural analysis framework presented in the research follows a step-by-step approach. Step one requires that basic information about the country be gathered e.g .: population size, language, etc. Step two entails visiting the target country to gather additional data. Step three involves deciding on the best strategy to enter the target country e.g.: partnerships, jOint ventures, strategic alliances. The final step includes deciding who will manage the foreign operation e.g. locals versus ex-patriats. In conclusion, for businesses interested in expanding internationally. the role of cultural analysis cannot be over-emphasised. It is the one component of an internationalisation strategy that is the most essential, yet the least understood. / AFRIKAANSE OPSOMMING: Hierdie studie ondersoek die rol van die kulturele analiseringskomponent van Suid-Afrikaanse maatskappye se internasionale strategie. Dit lig uit algemene en besondere kulturele tendense wat eie is aan 'n spesifieke land, soos wat dit uit die navorsing na vore gekom het. Dit verskaf ook 'n basiese analiseringsraamwerk wat benut kan word as 'n algemene riglyn vir maatskappye wat internasionale uitbreiding beplan. Die navorsingsmetodologie sluit in die analisering van beide primere en sekondere data. Die primere data is ingewin deur direkte onderhoudvoering, terwyl die sekondere data die bestudering van vaktydskrifte, artikels, die Internet en gevallestudies behels het. Tydens onderhoude is beide oop en geslote vrae gestel ten einde die mees akkurate antwoorde van die respondente te verkry. Trompenaars se "Sewe Dimensies Raamwerk" het gedien as grondslag vir die ontwerp van die onderhoudsvrae, sowel as vir die analisering van die antwoorde. Daar is onderhoude gevoer met sewe Suid·Afrikaanse maatskappye wat verskillende industriee verteenwoordig . Dit sluit in: Engen Petroleum Beperk in die petrochemiese industrie; Dole Suid-Afrika in die vrugte·uitvoerbedryf; Nando's Internasionaal in die restaurantberyf; Dimension Data in die inligtingstegnologiebedryf; Denel (Edms) Bpk. in die wapentuigbedryf; SABMiller plc in die bierbedryf en Barloworld Beperk in die handelsmerk-bestuursbedryf. Lande wat afsonderlik met elkeen van hierdie maatskappye bespreek is, het ingesluit: Suidelike Afrika, die Midde-Ooste, Maleisie en Indonesia, die Verenigde State van Amerika, Pole en Hongarye, die Tsjeggiese Republiek en Rusland. Verskeie algemene tendense wat tot 'n geslaagde internasionale uitbreiding lei, het uit die navorsing na vore gekom. Saam met die langtermyn fokus, buigsaamheid en toegewydheid wat vereis word, is daar bewys dat die opbou van goeie verhoudings die mees noodsaaklike bestanddeel is vir die daarstelling van 'n geslaagde internasionale onderneming. Die opbou van goeie verhoudings is verkry toe die internasionaliseringspan kulturele sensitiwiteit, respek, nederigheid en geduld aan die dag gelê het - eienskappe wat nodig is wanneer daar oor kultuurgrense heen verkeer word. Die navorsing het ook kuturele tendense geidentifiseer wat eie is aan 'n spesifieke land. In Suidelike Afrika is byvoorbeeld 'n fokus op ontwikkeling deur die internasionaliseringspan gebiedend noodsaaklik vir toekomstige sukses. In die Midde Ooste was die erkenning van posrang belangrik. Die erkenning van die filosofie van gemeenskaplikheid en strenge hiarargie in Maleisie en Indonesia was 'n sleutelaspek vir 'n doeltreffende strategie. In die Verenigde State was duidelikheid, selfvertroue en beslistheid belangrik. Pole, Hongarye, die Tsjeggiese Republiek en Rusland het vereis dat logika die grondslag moet wees waarvolgens sake bedryf behoort te word. Die basiese kulturele analiseringsraamwerk wat in hierdie navorsing aangebied word, volg 'n stapsgewyse benadering. Die eerste stap vereis dat basiese inligting oor 'n land ingesamel moet word , byvoorbeeld: bevolkingsgrootte, taal, ens. Die tweede stap behels 'n besoek aan die teikenland om bykomstige data in te samel. Die derde stap behels die besluitneming oor die geskikste strategie waarmee sake aangepak kan word, byvoorbeeld: vennootskappe, gesamentlike ondernemings, strategiese bondgenootskappe. Die laaste stap sluit in die besluitneming oor wie die buitelandse onderneming gaan bestuur, byvoorbeeld plaaslike beheer teenoor bestuur deur buitelanders. Ten slotte, die rol van kulturele analise kan nie oorbeklemtoon word in daardie besighede wat in internasionale uitbreiding belangstel nie. Dit is die een komponent van 'n internasionaliseringstrategie wat uiters noodsaaklik is, maar wat tog die minste begryp word.

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.

Thesis (PhD)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: This dissertation considers the use of Dynamic Stochastic General Equilibrium (DSGE) models for the analysis of South African macroeconomic business cycle phenomena. It includes four separate, but interrelated parts, which follow a logical sequence. The rst part motivates the use of these models before establishing the theoretical foundations for these models. The theoretical foundations are accompanied by detailed derivations that are used to construct a model for a small open economy. The second part considers the properties of South African macroeconomic data that may be used to estimate the parameters in these models. It includes a discussion of the variables that may be included in such a model, as well as various methods that may be used to extract the business cycle. Thereafter, the sample size for the dataset is established, after investigating for possible structural breaks in the rst two moments of the data, using various univariate and multivariate techniques. The nal chapter of this part contains an investigation into the measures of core in ation, whereby a comparison of trimmed means, dynamic factor models and various wavelet decompositions are applied to data for South Africa. The third part considers the application of the dataset that was identi ed in part two, in a DSGE model that incorporates features that are typical of small open economies. It includes a discussion that relates to the role of the exchange rate in these models, which is found to contain key information. In addition, this part also includes a optimal policy investigation, which considers the reaction function of central bank. The nal part of this thesis considers more recent advances that have been applied to DSGE models for the South African economy. It includes an example of a nonlinear model that is estimated with the aid of a particle lter, which is then used for forecasting purposes. The forecasting results of both linear and nonlinear versions of the model are then compared with the results from various Vector Autoregression (VAR) and Bayesian VAR models. / AFRIKAANSE OPSOMMING: Hierdie proefskrif oorweeg die gebruik van Dinamiese Stogastiese Algemene Ewewig (Engels: Dynamic Stochastic General Equilibrium (DSGE)) modelle vir die analise van besigheidsiklus gebeure in die Suid Afrikaanse makroekonomie. Dit bestaan uit vier aparte dog onderling verwante dele wat in « logiese ontwikkeling vorm. Die eerste deel motiveer die gebruik van dié modelle en daarna word die teoretiese onderbou van die modelle daargestel. Die teoretiese onderbou word aangevul met gedetaileerde stappe van die a eiding van die verhoudings wat gebruik word om « model vir « klein oop ekonomie saam te stel. Die tweede deel oorweeg die eienskappe van Suid Afrikaanse makroekonomiese data wat relevant is vir « ekonometriese model in hierdie konteks. Dit sluit « bespreking in van die veranderlikes wat vir so « model gebruik kan word, asook « bespreking van die verskeie metodes wat gebruik kan word om die besigheidsiklus uit die data te identi seer. Die steekproefgrootte van die data word dan vasgestel, ná die moontlikheid van strukturele onderbrekings van tendens in die eerste en tweede momente van die data ondersoek is met behulp van verskeie enkel en meervoudige-veranderlike tegnieke. Die laaste hoofstuk van dié deel is « studie van verskeie maatstawwe van kern in asie (core in ation), waar « vergelyking getref word tussen die resultate van die volgende metodes toegepas op Suid Afrikaanse data: afgesnede gemiddeldes (trimmed means), dinamiese faktor modelle en verskeie golfvormige onderverdelings (wavelet decompositions). Die derde deel gebruik die datastel, wat in deel twee ontwikkel is, in die passing van « DSGE model wat die tipiese eienskappe van « klein oop ekonomie inkorporeer. Dit sluit « bespreking in van die rol van die wisselkoers in hierdie tipe modelle, en daar word empiries bevind dat die wisselkoers belangrike inligting bevat. Hierdie deel sluit ook « ondersoek in van optimale beleid in terme van die reaksie funksie van die sentrale bank. Die laaste deel van die proefskrif bestudeer die resultate van onlangse ontwikkellinge in DSGE modelle wat toegepas word op die Suid Afrikaanse ekonomie. Dit sluit « voorbeeld van « nie-liniêre model wat met behulp van « partikel lter (particle lter) geskat word en gebruik word vir vooruitskattings. Die vooruitskattings uit beide die liniêre en nie-liniêre modelle word dan vergelyk met dié verkry uit verskeie Vektor

This study focused on the possible determinants of operational efficiency at the University of Venda, which was premised on the extent to which stakeholders are involved in the strategic planning of the institution. The aim of the study was to establish the stakeholders’ involvement in the strategic planning of the University of Venda. Structured questionnaires were used to collect data during August and October 2011. The study was conducted at the University of Venda, Vhembe District in the Limpopo Province. A non-probability sampling procedure was used to select respondents. The results revealed that whilst the stakeholders seem to be involved in the process of the strategic planning, the extent of stakeholders’ involvement has largely remained contentious. The results further indicate that not all stakeholders are involved in the strategic planning process at the University of Venda. Although stakeholders are invited to participate, the process of strategic planning is absolutely dominated by the management cadre, reducing the rest participants into the doldrums. Those who are directly affected by the strategic plan are least involved in the process of the planning. Because of the lack of involvement and communication regarding the strategic planning process, the findings reveal that the majority of stakeholders were de-motivated in that regard, culminating in their lack-lustre approach towards the implementation of the orchestrated plan. The resultant lack of buy-in by the affected stakeholders, essentially the internal stakeholders (staff members and the student community), eventually hamper the actualisation of the targeted goals of the strategic plans. These results suggest that the strategic plan review should be an on-going process in order to update and involve the university community of the strategic planning processes. Proper feedback and communication on strategic planning processes should be implemented. More importantly, the stakeholders’ involvement and consultation on the strategic planning should be galvanized, since most of the staff members and students seem to be unaware of the strategic planning process at the University of Venda, let alone its contents and aspirations. / Business Management / M. Tech.(Business Administration)