M.Com. (Business Management) / With organisations facing increased pressure due to the tougher economic climate, there is an increasing need to remain competitive and profitable. One such way an organisation can endeavour to do this, is through the implementation of corporate entrepreneurship. As a form of corporate entrepreneurship, corporate venturing is gaining prevalence as a method with which an organisation can take advantage of opportunities in the environment that can contribute to the overall competitiveness and profitability of the organisation. The purpose of this study was to explore the organisational motives for pursuing corporate venturing. A literature study and interviews with respondents, who met the criteria of the study, were the chosen means of collecting data. The study examined through the literature review, the subjects supporting the objectives of the research, namely the definition of corporate venturing, the different types of corporate venturing that exist, and the main reasons why an organisation would venture. Each subject was investigated individually, after which the research literature was evaluated to determine the most common reasons why an organisation would choose to implement corporate venturing. The research methodology for the study made use of a qualitative research technique, and the primary data were gathered via personal interviews. The questions put forward to the respondents were aligned with the objectives and propositions as set out in the study. The literature review and data obtained through the respondents suggested that the reasons for pursuing a corporate venture were varied and cannot necessarily be singled out; organisations chose to implement a corporate venture for several reasons. Therefore, there were similarities between the motives as identified in the literature, and the motives identified by the respondents who participated in the study.

M.Com. (Business Management) / Please refer to full text to view abstract

Thesis (M.M. (Finance & Investment)--University of the Witwatersrand, Faculty of Commerce, Law and Management, Wits Business School, 2017 / This study investigates the effects of M&A to investment returns in South Africa. The value of M&A executed in emerging economies (EM) is around $129 billion (The United Nations Conference on Trade and Development (UNCTAD), 2014) and this figure is projected to double in the next ten years bringing positive economic development in EM. In light of this perspective, there is renewed interest in understanding the economics of M&A in developing countries. Our aim was to assess the extent of mergers and acquisition on shareholder returns in South Africa using a case study approach. A case study approach was adopted in order to analyse the impact of specific events on shareholder value by date. Two prominent mergers involving acquiring companies from Developed Markets (DM) were selected namely AB Inbev (Belgium) and Walmart (US). As anticipated, the results show that each merger update announcement had an impact on the share price of the target based on the type of announcement. Positive news increased the share price and bad news adversely impacted the share price. Post the merger, Massmart’s headcount increased and profitability decreased. The same could not be measured for SABMiller as the company has been delisted. / MT2017

MASTER OF MANAGEMENT IN FINANCE & INVESTMENT (MMFI) 2015 RESEARCH REPORT / This paper assesses shareholder wealth creation in target and acquiring companies as a result of an acquisition, in particular, a hostile takeover. The paper reviews existing mergers and acquisitions literature and also considers a case study in order to review some practical results. The case study of the Bidvest Group hostile takeover of Adcock Ingram Pharmaceuticals that took place in January 2014 in South Africa is reviewed. A detailed qualitative and quantitative analysis is conducted to ascertain and quantify shareholder wealth creation after the takeover. The analysis conducted included a financial assessment using relevant financial indicators, an analysis of existing literature and interviews with key board directors of Adcock Ingram Pharmaceuticals. To ascertain whether the results of the target company, Adcock Ingram Pharmaceuticals, are either in line, below or above industry performance after the takeover, Adcock Ingram Pharmaceuticals’ results are benchmarked against Aspen Pharmacare Holding’s results. Majority of the findings literature reviewed are that target company shareholder gains exceed acquiring company shareholder gains post an acquisition. The findings of this research are that target company (Adcock Ingram Pharmaceuticals) shareholders are worse off whilst acquiring company (Bidvest Group) shareholders continue to increase their wealth after the takeover. Possible reasons for these results, which contradict majority of the existing literature on wealth gains post a merger or acquisition, are given.

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Masters of Commerce (Accountancy). / Accountability by state owned companies has been lacking in recent times. The need for an oversight mechanism to improve governance and as such accountability is required for state owned companies (IOD and PWC, 2011). Integrated reporting has answered this call due to its ability to provide a holistic view of the factors that create value for an entity in the short, medium and long-term. South African state owned companies have realised the benefit integrated reporting can have on their corporate governance and as such have adopted integrated reporting in terms of King III and the IR Framework. The purpose of this study is to investigate the trends in integrated reporting by state owned companies per The Public Finance Management Act 1999 for the 2013, 2014 and 2015 financial periods. This report examines the extent of disclosure made by state owned companies per the King III and IR Framework recommendations and requirements in respect of integrated reporting; by means of using a scorecard approach to identify the level of disclosure made by each state owned company. The key findings of this study was that the level of reporting disclosure by state owned companies increased following an upward positive trend with the disclosures on average increasing from providing little information on a poor to average basis in 2013 to providing some information at a satisfactory level in 2015. It was found that there were no instances of noncompliance with overall disclosure by any of the state owned companies analysed over the three year period. Furthermore, not a single company provided disclosure overall at an excellent level in any of the three years analysed. This finding suggests that although improving, the level of integrated reporting disclosure by state owned companies is still only satisfactory and as such there is a lot of room for improvement over time. Areas that are in need of reform relate to governance, the governance of information technology, the provision of information on the outlook of the entity and information as to the basis upon which integrated reports are prepared. / MT2017

This study investigated the alignment of the oversight function conducted by the Gauteng Provincial Legislature (GPL) with the constitutional oversight mandate and with the service delivery priorities for Gauteng. The Gauteng Provincial Legislature adopts 5-year strategic plans at the beginning of each Political Term of Office to execute its mandates of oversight, law making, public participation and cooperative governance. Since all functions of the legislature emanate from these strategic planning documents, and if such 5-year strategic plans are aligned to the legislature’s mandate on oversight and to the provincial priorities for the province, it can be deduced that the resultant oversight function conducted by the legislature will similarly be aligned. This alignment between the oversight function of the legislature and the constitutional mandate on oversight, and between the oversight function of the legislature and the service delivery priorities for Gauteng is essential to promote implementation, performance and ultimately, the actual service delivery by the executive in a manner that is similarly aligned with the constitutional oversight mandate and the service delivery priorities for Gauteng. By using a qualitative approach, the study has shown that this alignment is inadequate. While there was sufficient alignment between the oversight conducted by the GPL and the Constitutional oversight mandate, there was inadequate alignment between the oversight conducted by the GPL and the service delivery priorities for Gauteng. The study has also identified challenges that relate to these inadequate alignments as well as recommendations for improvement. / Public Administration and Management / M. Admin. (Public administration and management)

The political and economic pressures for transformation in South Africa have been documented in an array of policies, pieces of legislation, regulatory and statutory frameworks, and also in governance codes for both public and private companies. Specifically for the mining industry, the Mining Charter comprises of transformation targets and measurement criteria that are presented in a scorecard to be achieved by the mining industry by 2014. Additionally, the King reports on governance have specific requirements that listed companies must meet in terms of employment equity and demographic representation to achieve board diversity and independent boards. The aim of this study was to report on the board transformation status in the mining industry, as well as the progress that has been made towards meeting transformation targets. The 2011 annual reports were used to capture profiles and composition of board of directors in Johannesburg Stock Exchange (JSE) listed mining companies. Interviews were used to gain insight on the transformation status, initiatives undertaken and challenges of transformation in the mining industry. The research findings from the analysis of board members demographic and career profiles shows that little has been achieved to ensure equal representation and diversity on the boards of directors. Further analysis of the status of transformation by JSE listed mining companies to realise transformation, shows that transformation in the mining industry is still a major challenge. Whilst some initiatives have been undertaken and some progress has been made, this study reveals that the barriers to transformation in the South African mining industry are racial issues and tensions based on colour, the lack of skills caused by the education system, a war for talent, a lack of mentorship and no stakeholder engagement between the mining industry and government / Business Management / M. Com. (Business Management)

M.Com. (Financial Management) / Mergers and acquisitions (M&A) is a thoroughly researched area in finance. However, some basic concerns still remain unresolved such as the measurements of corporate performance post M&A (Agrawal, Jaffe & Mandelker, 1992:1605. In this study, the impact of M&A on corporate performance of South African listed companies in the financial sector was investigated. The primary goal was to determine if corporate performance post M&A does actually change. Share price studies have had little success in relating the gains in equity value of M&A to improvements in subsequent corporate performance (Healy, Palepu & Ruback, 1992:136). Therefore, an accounting study approach was applied to determine if corporate performance changes post M&A. The accounting study utilised a quantitative approach that follows a quasi-experimental research design. This involved statistical testing to examine the accounting data of companies before (pre-testing) and after (post-testing) the M&A, to determine a change in corporate performance. Accounting ratios were applied as performance indicators and consisted of: inflation adjusted return on assets, inflation adjusted return on equity, operating profit margin and return on capital employed. None of the performance indicators indicated a statistical significant change between pre and post M&A performance. It was concluded that the sample of financial companies that engaged in M&A did not experience a significant change in corporate performance within their first financial year post M&A.

M. Tech. Business Administration / Working from home is a worldwide trend and effect companies in various ways. With advancement of the information technology and Internet the virtual organizations have become a trend with more and more professionals working from home. Several studies have focused mostly in developed nations with little or no research found in the South African context. This study focused on South African circumstances and examined the cost saving implications for Business Connexion and their employees if they would be able and allowed to work from home. Further, relationships between operational and professional factors, with virtual work were studied.

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The purpose of this study was to investigate the relationship between dividend changes and operating cash flows in South Africa. Previous studies on the relationship in developed markets established that the main determinants of dividend changes are current year earnings and preceding dividend levels. The dividend changes-operating cash flows relationship was successfully studied in the developing market of Nigeria. The procedures and arguments used in this study were largely based on studies undertaken by Charitou and Vafeas (1998) and Adelegan (2003). The relationship was studied by selecting 60 companies that have been listed on the Johannesburg Stock Exchange from 1990 to 2005. A multiple regression model was used in this study to investigate the relationship between dividend changes and operating cash flows. The multiple regression results revealed that there is a significant positive relationship between dividend changes and operating cash flows. The results also revealed that there is a significant positive relationship between dividend changes and profits after tax and a significant negative relationship between dividend changes and the previous year's dividend yield. Relative to profit after tax and operating cash flows, the previous year's dividend yield has the strongest relationship with dividend changes. The strength of the variables in explaining dividend changes has changed over time. In the study, the multiple regression equation was estimated for three different periods, 1990 to 1993, 1994 to 1999 and 2000 to 2005. In the period 1994 to 2005, operating cash flows showed a significant positive relationship with dividend changes. In all three periods, the previous year's dividend yield showed a significant negative relationship with dividend changes and was also relative to profit after tax and operating cash flows, the strongest determinant of dividend changes in all three periods. In the period 1990 to 1999, profits after tax had a significant positive relationship with dividend changes. The results showed that operating cash flows, over time explain more of dividend changes than profits after tax. The study also investigated factors that have the potential to influence the relationship between dividend changes and operating cash flows. The multiple regression results revealed that growth prospects, levels of leverage and the size of a company did not significantly influence the dividend changes-operating cash flows relationship. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie was om die verwantskap tussen dividendveranderinge en kontant uit bedryfsaktiwiteite te ondersoek. Vorige studies oor die verwantskap wat met betrekking tot ontwikkelende markte onderneem is, het bevind dat die hoof determinante van dividendveranderinge die huidge jaar se verdienste en die voorafgaande jaar se dividendopbrengste is. Die dividendveranderinge-kontant uit bedryfsaldiwiteite verwantskap is suksesvol bestudeer in die ontwikkelende mark van Nigerië. Die prosedures en argumente wat gebruik is in hierdie studie is hoofsaaklik op die studies van Charitou en Vafeas (1998) en Adelegan (2003) gebaseer. Die verwantskap is bestudeer deur 60 maatskappye te selekteer wat vanaf 1990 tot 2005 op die Johannesburg se Effektebeurs genoteerd was. 'n Meervoudige regressie model is in die studie gebruik om die verwantskap tussen dividendveranderinge en kontant uit bedryfsaktiwiteite te ondersoek. Die meervoudige regressieresultate het gewys dat daar 'n positiewe betekenisvolle verwantskap tussen dividend veranderinge en kontant uit bedryfsaktiwiteite is. Die resultate het ook gewys dat daar 'n positiewe betekenisvolle verwantskap is tussen dividendveranderinge en wins na belasting asook, 'n negatiewe betekenisvolle verwantskap tussen dividendveranderinge en die voorafgaande jaar se dividendopbrengs. Relatief tot wins na belasting en kontant uit bedryfsaktiwiteite, het die voorafgaande jaar se dividendopbrengste 'n sterker verwantskap met dividendveranderinge gehad. Die sterkte van die veranderlikes in die verduideliking van dividendveranderinge het met verloop van tyd verander. Die meervoudige regressie vergelyking is in die studie vir drie verskillende periodes geraam, naamlik vir 1990 tot 1993, 1994 tot 1999 en 2000 tot 2005. In die periode 1994 tot 2005 was daar 'n positiewe betekenisvolle verwantskap tussen dividendveranderinge en kontant uit bedryfaktiwiteite. Al drie periodes het 'n negatiewe betekenisvolle verwantskap tussen dividendveranderinge en die voorafgaande jaar se dividendopbrengs getoon. Die voorafgaande jaar se dividendopbrengs was ook relatief tot wins na belasting en kontant uit bedryfsaktiwiteite die sterkste determinant van dividendveranderinge in al drie periodes. Daar was 'n positiewe betekenisvolle verwantskap tussen dividendveranderinge en wins na belasting in die periode van 1990 to 1999. Die resultate toon dat kontant uit bedryfsaktiwiteite met verloop van tyd meer verklaar van dividendverandringe as wins na belasting. Die studie het ook faktore wat die verwantskap tussen dividendveranderinge en kontant uit bedryfsaktiwiteite potensieël kan beïnvloed, ondersoek. Die meervoudige regressieresultate het getoon dat groeimoontlikhede, hefboomfinansiering en die grootte van 'n maatskappy nie die verwantskap tussen dividendveranderinge en kontant uit bedryfsaktiwiteite betekenisvol beïnvloed nie.