This research investigates the relationship between innovation and leadership in First National Bank in South Africa. In an information age paradigm, innovation is a key driver of organisational success. Innovation allows an information age company to create a sustainable competitive advantage over its competitors. First National Bank (FNB) has recognised the need for innovation and measures the amount of innovation generated in each business unit on an annual basis. Leadership is a key factor influencing innovation in large, multi-segment organisations, particularly transformational leadership. Large multi-segment organisations often have multi-functional teams and transformational leadership of these teams more effectively promotes innovation. Large multi-segment organisations also often have complex decision making processes. Transformational leadership ensures optimal innovative decisions rather than adequate decisions are reached. FNB is a multi-segment organisation comprising ten business units each headed by a Chief Executive Officer (CEO). The relationship between the level of innovation being generated annually by each business unit and the leadership style of the business unit CEO formed the focus of this research. The Multifactor Leadership Questionnaire was used to gather information on the leadership style of each CEO's. Data on the level of innovation within each of these business units was supplied by First National Bank. Data was statistically analysed against the innovation generated by each business unit using correlation analysis. Most of the results testing the relationship between transformational and transactional leadership and innovation were found not to be significant. This contradicts the theory which suggests a positive relationship between transformational leadership and innovation.

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This study investigated the relationship between capital structure, performance and replacement of chief executive officer in firms listed on the Nairobi Securities Exchange (NSE). Data was collected from a sample of 37 firms listed on the NSE over a period of 23 years, from 1990 to 2012. The analysis was conducted at three stages. The canonical correlation technique was employed to investigate the bi-directional relationship between capital structure and performance and to select competing indicators of performance and capital structure. Second, the general linear model (GLM) procedure was used to test the effect of performance and ownership structure and to test the effect of capital structure and ownership structure. Lastly, the generalised estimating equation (GEE) was used to assess effects of performance, capital structure and ownership structure on change in CEO. The results revealed that a bidirectional relationship exists between capital structure and debt capital. The indicators found to be useful in examining the relationship between performance and capital structure are asset turnover ratio and total debt to the total asset ratio. The findings support the efficiency hypothesis but not the franchise hypothesis. The results also indicated that firms with a low asset turnover are with a low asset turnover are 3.045 times likely to change CEO compared to firms with a high asset turnover. The results also indicated that firms with high leverage (debt) are he results also indicated that firms with high leverage (debt) are 3.430 times likely to change CEO compared to firms in low leverage, while the firms with medium leverage are are are are 6.491 times likely to change CEO. Therefore managers should not be passive when it comes to choosing between equity and debt capital played a disciplinary role on firms listed on the NSE. / Business Management / DCom (Business Management)

This study investigated the relationship between capital structure, performance and replacement of chief executive officer in firms listed on the Nairobi Securities Exchange (NSE). Data was collected from a sample of 37 firms listed on the NSE over a period of 23 years, from 1990 to 2012. The analysis was conducted at three stages. The canonical correlation technique was employed to investigate the bi-directional relationship between capital structure and performance and to select competing indicators of performance and capital structure. Second, the general linear model (GLM) procedure was used to test the effect of performance and ownership structure and to test the effect of capital structure and ownership structure. Lastly, the generalised estimating equation (GEE) was used to assess effects of performance, capital structure and ownership structure on change in CEO. The results revealed that a bidirectional relationship exists between capital structure and debt capital. The indicators found to be useful in examining the relationship between performance and capital structure are asset turnover ratio and total debt to the total asset ratio. The findings support the efficiency hypothesis but not the franchise hypothesis. The results also indicated that firms with a low asset turnover are with a low asset turnover are 3.045 times likely to change CEO compared to firms with a high asset turnover. The results also indicated that firms with high leverage (debt) are he results also indicated that firms with high leverage (debt) are 3.430 times likely to change CEO compared to firms in low leverage, while the firms with medium leverage are are are are 6.491 times likely to change CEO. Therefore managers should not be passive when it comes to choosing between equity and debt capital played a disciplinary role on firms listed on the NSE. / Business Management / DCom (Business Management)