The importance of State-owned entities (SOEs) in a developing State has been argued for centuries. SOEs are perceived as the tool that the State can successfully use to implement its developmental agenda. In the Republic of South Africa, SOEs have been used to ensure universal access to electricity, water and logistical infrastructure to support industrial development, as well as basic service delivery. These entities have been expected to fund these initiatives from their own funds, which alleviated the need for commercial SOEs (also known as State-owned companies) to be profitable without continuous financial injections from the RSA government. Generally, commercial SOEs have been performing poorly financially. This research study aims to determine whether political influence might affect the profitability of these commercial SOEs. The poor financial performance plaguing the commercial SOEs hinders their ability to effectively contribute as a collective to the developmental agenda of the State, as espoused in the current strategic plan of the RSA in the form of the National Development Plan (NDP). Due to the poor financial performance and subsequent diversion of financial resources from other national priorities for their bail-out, commercial SOEs have been considered a liability rather than an asset to the RSA. To satisfy the primary and associated research objectives, qualitative primary and secondary research data have been collected. The primary data have been collected by using the semi-structured interview from the CFOs of commercial SOEs from various government departments – given their proximity to the financial performance and the drivers of this performance in commercial SOEs. CFOs are also part of the commercial SOEs senior-executive management of these entities. The general opinion of the participants and the literature review of the research study is that, indeed, political influence has had an adverse effect on the profitability of commercial SOEs, among others, as a consequence of the positioning of SOEs within the governance system of the RSA, the impact of the recruitment process for senior executives and the implications of an unfunded mandate. It is clear that in the RSA, commercial SOEs, and SOEs in general, will continue to play a pivotal role in the implementation of the developmental agendas of the State, as expressed in the NDP. With the RSA government expecting commercial SOEs to fund these activities from their own funds, it is critical that the State should be an enabler rather than a hindrance for commercial SOEs‟ profitability.

[Integrative Summary] This study is situated in the complex field of change management, and strategy execution. The study focuses on the corporate level restructuring of Ellerine Holdings Limited (EHL), subsequent to its acquisition by the micro lending financial institution African Bank Investments Limited (ABIL). The interest of the researcher was aroused by the uniqueness of the relationship. This was the first of its kind in a South African context, where a banker owned a furniture retailer. The restructuring was undertaken shortly after the acquisition. This research paper adopted a case study approach, in describing the restructuring initiative that took place in EHL, focusing on the period between January 2008 and the end of 2010/ 11 financial year on the 30th of September 2011. The case captures the significant phases of the restructuring including a background of (1) the protagonist, Toni Fourie (Chief Executive Officer), (2) EHL as the researched company, (3) the industry it operates in, and (4) the case content. Brief teaching notes have been provided to explain the teaching value of the case and to assist with its delivery in the classroom. Attention is drawn to a presentation by the protagonist in November 2011, named 'A CEO Insight' where he gave an overview and insights of the road travelled in restructuring Ellerine Holdings Limited, and more importantly highlights the following about the purpose and nature of the restructuring of the organisation. • A plan to change the way the industry works. • The creation of a profitable, stand-alone retail business through: o The sale of two companies, the closure of two companies and consolidating from thirteen to six brands. o Separating financial services from retail. o Moving the financial services component to African Bank, also a subsidiary of ABIL. o Redesigning the credit model. o Completion of twelve system changes. • Over R600million reduction in cost • A place where people want to work. The restructuring outlined above represents a major shake-up in many aspects of the corporation. The main challenge for Toni Fourie and his team was: how best could they restructure EHL to extract synergies between their two subsidiaries Ellerine Holdings Limited & African Bank to increase shareholders ' value at Group level. The case seeks to describe this in detail. The overarching strategy underpinning the restructuring of the researched corporation is premised on the price volume elasticity equation, by reducing the cost of credit, thereby driving pricing down within the brands, and facilitating more people having access to affordable credit. The case study of the restructuring is presented in Section 1. A review of relevant literature on strategy implementation is presented in Section 2, focusing on restructuring. Successful implementation of strategies only takes place with structures that are developed by organisations to support the achievement of their strategic objectives. Organisational architecture and design have a critical role to play in the execution of organisational strategies. Nadler and Tushman (1978) emphasise the importance of congruence in the organisational design, for the organization to not only deliver superior results but to sustain them over a period of time. Research by Okumus (2005) seems to tell us that the lack of credible framework to implement strategy, has contributed the high failure rate of strategy initiatives. Although this is a strategy implementation case, it also touches on aspects of leadership - mainly the architectural role - and the role, or influence of strategic leadership, in restructuring the corporation. The results of this research paper were achieved by following a specific research methodology. The aim of the research was to analyse the restructuring of the researched company at corporate level, having the following objectives in mind; • Understanding the strategy. • Analysing the design decisions in the light of the strategy chosen by the top management of Ellerine Holdings Limited. • Analysing what monitoring and control measures had been designed to facilitate the corporate restructuring. Data was collected through documentation of the corporation that was made available to the researcher on request, as well as those that are in the public domain, and an interview with the CEO of the researched company. The interview was conducted after analysing the documentation (Hakim, 2000). The Methodology is detailed in Section 3. The researcher hopes that the case study will contribute to learning about business leadership and strategic management. The case should develop an understanding of the complexities related to strategy execution at corporate level, particularly the restructuring aspect of it.

No abstract available. / Dissertation (LLM (Mercantile Law))--University of Pretoria, 2006. / Mercantile Law / unrestricted

Family business literature reveals that the majority of family businesses do not make it to the second generation, and quite a few are fortunate to be passed onto the third generation. Succession planning is the critical issue that enhances continuity of the family business. Relational influences indicate that the balancing of family systems and business systems is more likely to encourage high quality succession. The development of effective practical governance systems can help the family business achieve its strategy. External influences indicate that owner role adjustment, defined as the predecessor’s “letting go” in the firm, as well as the development and mentoring of the successor, shape the effectiveness of succession in the family business.

Every business organisation has a unique set of challenges and problems. The family business is mainly affected by personal factors and family political influences. Most family business political influences are based on succession. Many of these problems exist in corporate business environments, but can be exaggerated in a family business. Family businesses go through various stages of growth and development over time. Many of these challenges will be found once the second and subsequent generations enter the business. One of the key problems is succession planning. Most family organisations do not have a plan for handing the power to the next generation, leading to great political conflicts and divisions. Despite the foregoing problems, family business is the world’s dominant form of business organisation. Based on figures compiled by the Family Firm Institute (FFI), in the Barclays Wealth Insights 2009, family firms comprise 80% to 90% of all businesses in North America. In the United Kingdom 75% of all businesses are family businesses. Some of the world’s biggest and best-known companies are family-owned. In the United States, some 37% of Fortune 500 companies are family-owned. In the global beer industry there are two family owned businesses in the top five, namely the Anheuser Busch Inbev Brewing Company and Heineken Breweries. Charlene de Carvalho-Heineken, a Heineken family member is delegate member of the Board of directors of Heineken Holding N.V. (Heineken Annual Report, 2011).This research report investigated succession at Heineken (as a family business). The researcher employed a mixed methodology approach where both quantitative and qualitative data collection instruments were used to gather data from two different groups of respondents (Heineken Operational Company Executives and Heineken Expatriates). Numerous attempts were made to contact Mrs Charlene de Carvalho-Heineken as well as other members of the Heineken family, without success. None of the questionnaires were returned. The research concluded that despite the fact that Heineken management has been highly professionalised with the majority of senior management structures filled with non-family members; the company is still a family business because 50.005% of the shareholding is held by Mrs. de Carvalho Heineken who is a family member. The research also observed that Mrs. de Carvalho Heineken sits on the Heineken Board of Directors. There is also an interesting side to the family ownership of the Heineken business. According to the Heineken Group’s 2009 Annual Report, the Hoyer family and Heineken family own L’Arche Green, a company that holds 58.78% interest in Heineken Holdings. This scenario confirms earlier research findings that according to the Agency Theory, managers who are not owners will not watch over the affairs of a firm as diligently as owners managing the firm themselves. The placement of Mrs.de Carvalho Heineken and Mr. D.P. Hoyer on Board of Directors is therefore very strategic in terms of maintaining the “familiness” of the Heineken business. Although respondents were not as direct as to whether there was a succession plan at Heineken, available documents reveal that indeed there is a succession plan at the company. It is interesting to note that Mrs. de Carvalho Heineken has been a member of the Executive Board of Directors since the age of thirty-four (she was nominated in 1988). This type of exposure to the Heineken business would went a long way in preparing Mrs. de Carvalho-Heineken for future positions. Her experience as a member of the Executive Board of Directors therefore confirms results of studies that found that positive firm performance by family successors is associated with successor’s development and intergenerational relationships, succession planning, successor’s potential capability, commitment to the firm and successor’s business skills.

Thesis (Ph. D. Commerce (Accounting)) -- University of Limpopo, 2016 / The purpose of this study was to determine the factors which spur corporate green investment practices amongst firms listed on the Johannesburg Stock Exchange (JSE). The data were sourced from companies’ annual sustainability reports over a period of five years (2010 to 2014) and were subjected to content analysis. This quantitative study adopted a multiple case research approach as it examined all 100 South African CDP companies listed on the JSE. Data analysis was conducted using Chi-Square tests, together with Phi and Cramer’s V tests. The findings indicate that legislation influences the corporate green investment practices of JSE listed firms as do corporate image, profitability and environmental consciousness. Legislation, corporate image, profitability and environmental consciousness showed a significant relationship with the green investment practices of JSE listed firms. Furthermore, the number of JSE listed firms which supported each of these variables as a factor which promoted firm green investment practices steadily increased during the period 2010 to 2014. This study makes a modest contribution to knowledge by suggesting a framework to understand corporate green investment practice in JSE listed firms based on the study’s findings and a review of the literature. Arising from this framework, suggestions are made for further research to scrutinise how a combination of the four determinants of firm green investment practice could influence corporate eco-efficiency, firms’ engagement in green operations and markets, corporate environmental compliance and the incorporation of environmental performance measures in corporate performance measurement systems. KEY CONCEPTS: Environmental legislation; Corporate image; Profitability; Environmental consciousness; Green investment practices;Environmental legislation JSE listed firms.

A research report submitted to the Faculty of Commerce, Law and Management in partial fulfilment of the requirements for the degree of Master of Commerce (specialising in Taxation) / The popularity of hybrid instruments as a tax planning technique has grown over the years. There is an increasing global awareness on the use of these instruments and on addressing the tax gaps created by these instruments. South Africa introduced significant amendments to the legislation on hybrid debt instruments, ahead of many countries around the globe. This research report examines hybrid debt instruments and the tax concerns which have created the need for specific tax legislation addressing such instruments. It considers tax policies proposed by the international tax fraternity, global trends in changes to tax policies and South Africa‘s stance on such tax policies. The amended section 8F and new section 8FA of the Income Tax Act are included in this consideration. Key words: arrangement, debt, deductible, dividend, equity, host country, interest, hybrid debt instrument, hybrid interest, home country, tax / MT2017

This doctoral dissertation utilizes survey research design and an interview research design to compare the influence of cultural factors on successful succession in South African and American family owned business (FOB’s). The target populations consisted of owner managers and successors of FOB’s located in two countries: USA (State of Indiana) and South Africa (Indian South Africans). The qualitative research methodology was based on 1:1 interviews with 10 FOB’s in South Africa and the USA. The survey research methodology was based on a cross-sectional survey and the research design was correlational. The independent variables included nine cultural dimensions of the target populations measured using a dedicated survey instrument. The dependent variable (Perceived Success) was the relative success of each participant in the target population, with respect to his/her alleged levels of accomplishment in the succession processes. The demographic characteristics of the members of the target populations were also recorded. Correlative relationships between nine reliably measured cultural dimensions, seven demographic characteristics, and the Perceived Success of the succession process were identified. Differences between the populations in USA and South Africa were apparent. Multiple Linear Regression analysis indicated that the most important predictor of Perceived Success in the USA population was Performance Orientation, followed in rank order by In-Group Collectivism, Assertiveness, and Uncertainty Avoidance. Demographic variables had no significant effect on the relationship between Predicted Success and the cultural dimensions of the USA population. In comparison the most important predictor of Perceived Success in the Indian South African population was Uncertainty Avoidance, followed in rank order by Performance Orientation, Future Orientation, the age of the participant, and the number of people who worked in the participant’s organization. The combined model between the USA and the Indian South African FOB’s indicated that the most important predictor for perceived success was Uncertainty Avoidance, followed in rank order by In- Group Collectivism, Performance Orientation and Assertiveness. Evidence is provided to conclude that the relative importance of cultural dimensions and demographic characteristics to the succession planning of owner managers and successors in South Africa was significantly different to those of their western counterparts.

Thesis (MBA)--Stellenbosch University, 2005. / ENGLISH ABSTRACT: Against the backdrop of recent co-operative challenges, it may not be very pragmatic to paint a euphoric picture of things in the world of co-operatives. The distaste from co-operative scamp will continue for some time but, despite all that has happened in the recent past, co-operative activity particularly in the rural context will remain the answer to poverty in the rural areas. The spirit and principles that lead to the formation of co-operatives make sense and have a global appeal. If they are applied in properly structured and well managed environments, they can add value towards the improvement of the quality of lives in the rural communities. This work explains the failure, hopes and fears, potential and inadequacies of the co-operative effort in the Limpopo Province. The recommendations made by the researcher are linked to the data of the study and should not be read as bland generalisations. The new economic outlook in the province makes it all the more imperative that an understanding of the individual initiative should be reinforced by co-operative struggle in the rural areas where no other option seems to be more promising. The Limpopo Province will benefit from big irrigation projects to be implemented in the various districts. All well-wishers of co-operatives focus their attention on the future potential and try to forget the bitterness of the past. Any significant success in co-operatives in Limpopo Province will send good signals everywhere in South Africa. / AFRIKAANSE OPSOMMING: Teen die agtergrond van die onlangse koöporasie uitdagings, kan dit dalk uiters pragmaties klink om 'n euforiese siening in die wêreld van koöporasies te skilder. Die teensin in koöporasie-ongerymdhede sal nog vir 'n geruime tyd voortduur, maar ten spyte van alles wat in die verlede gebeur het, bly samewerking, veral in die plaaslike konteks, die antwoord vir die armoede in die platteland. Die geesdrif en beginsels wat lei tot die ontstaan van koöperasies maak sin en het wel 'n algemene trefkrag. Indien hulle in behoorlike strukture, en goed bestuurde omgewings toegepas word, kan hulle waarde tot die verbetering in die lewensgehalte van gemeenskappe in die landelike gebiede voeg. Hierdie navorsing verteenwoordig die mislukking, hoop, vrese, potensiaal en ongelykhede van koöporasiepogings in die Limpopo Provinsie. Die aanbevelings wat deur die navorser gedoen word, is gekoppel aan die inligting van die studie en behoort nie as veralgemenings gesien te word nie. Weens die nuwe ekonomie uitkyk in die provinse is dit noodsaaklik dat die inisiatief van die individu versterk word, deur die samewerking stryd in die platteland gebiede. Die Limpopo Provinsie sal baat vind by groot besproeiingsprojekte in die verskillende distrikte. Alle voorstanders van koöporasie-aksie moet op die pontensiaal vir die toekoms fokus en die griewe van die verlede probeer vergeet. Enige noemenswaardige kooporasie aksie in Limpopo Provinsie sal goeie seine wyd en syd stuur.

Thesis (MBA (Business Management))--University of Stellenbosch, 2008. / ENGLISH ABSTRACT: To date, there has been significant research completed on the topic of corporate financial distress. Two pioneering researchers in the field of predicting financial distress was Beaver in 1966 and Altman in 1968. More recent research, based on companies listed on the JSE has been that of Steyn-Bruwer and Hamman (2006). This project, based on the latter authors’ work, has been formulated with one main research objective and two subordinate research objectives. The main research objective is to prove that different modelling techniques provide better prediction accuracies than others. The two subordinate research objectives are firstly to prove that there is a difference in the overall predictive accuracy if the data (provided by Steyn-Bruwer and Hamman) is subdivided according to “year before failure” and not according to economic period and secondly to prove that more optimised, independent variables would provide a better overall predictive accuracy. This research report summarises several significant papers on the topic; and draws the conclusion that research on financial distress is fragmented with very little consensus on any of the major definitions, assumptions and findings. In order to contextualise these differences; this research report defines and discusses corporate financial distress and considers the major issues associated with the field of research. An interesting observation from the literature survey was the fact that existing literature does not readily take consideration of the number of Type I and Type II errors made. As such, this research report introduces a novel concept (not seen in other research) called the “Normalised Cost of Failure” (NCF) which takes cognisance of the fact that a Type I error typically costs 20 to 38 times that of a Type II error. In order to satisfy the main research objective several different modelling techniques were selected based on their popularity in the literature surveyed. They are: Multiple Discriminant Analysis (MDA), Recursive Partitioning (RP), Logit Analysis (LA) and Neural Networks (NN). A summary of each of the different techniques is provided in Chapter 4 of this research report. The research by Steyn-Bruwer and Hamman forms the departure point for this research and their work is summarised in Chapter 5 of this report. Chapters 6, 7 and 8 use the data from Steyn-Bruwer and Hamman along with the above mentioned modelling techniques to verify the main and subordinate objectives. In terms of the main research objective, the results of these chapters show that the different analysis techniques definitely produce different predictive accuracies. Here, the MDA and RP techniques correctly predict the most “failed” companies; and consequently have the lowest NCF. This research report also shows that LA and NN provide the best overall predictive accuracy. In terms of the first subordinate research objective; this research shows that using the year before failure rather than the economic period as a subdivision provides superior predictive accuracy. With regard to the second subordinate research objective: there is no difference in the predictive accuracies if the independent variables are further optimised. These results were disappointing and consequently disprove the second subordinate objective that widening the number of input variables actually improves the predictive accuracy. In fact, the results indicate that the information contained in the independent variables seems to saturate after the most important (key predictor) independent variables have been included in the model. It is important to take cognisance of the fact that each predictive technique has its own strength and weakness. It is proposed by the author that the strengths and weaknesses of these predictive techniques be combined to provide a better overall predictive methodology. / AFRIKAANSE OPSOMMING: Heelwat betekenisvolle navorsing oor die onderwerp van maatskappye se finansiële verknorsing is tot op hede voltooi. Twee baanbreker-navorsers op die gebied van vooruitskatting van finansiële verknorsing was Beaver in 1966 en Altman in 1968. Meer onlangse navorsing, gebaseer op maatskappye wat op die JSE genoteer is, was dié van Steyn-Bruwer en Hamman (2006). Hierdie navorsingsverslag, gebaseer op die voorgenoemde outeurs se werk, is geformuleer met een hoofnavorsingsdoelwit en twee ondergeskikte navorsingsdoelwitte. Die hoofnavorsingsdoelwit is om te bewys dat verskillende modelleringstegnieke beter voorspellingsakkuraatheid as andere het. Die twee ondergeskikte navorsingsdoelwitte is, eerstens, dat daar ʼn verskil is in die oorhoofse voorspellingsakkuraatheid as die data (verskaf deur Steyn-Bruwer en Hamman) onderverdeel word volgens die “jaar voor mislukking” eerder as volgens die ekonomiese tydperk; en tweedens, om te bewys dat meer geoptimiseerde, onafhanklike veranderlikes kan lei tot ʼn beter oorhoofse voorspellingsakkuraatheid. Ten einde hierdie verskille te konseptualiseer, het hierdie navorsingsverslag finansiële mislukkings van maatskappye bespreek en gedefinieer en aandag geskenk aan die belangrikste aspekte geassosieer met die navorsingsveld. ʼn Interessante waarneming uit die literatuurstudie was die feit dat die huidige literatuur selde indien enige, oorweging skenk aan die aantal Tipe I- en Tipe II-foute wat gemaak word. As sulks het hierdie navorsingsprojek ʼn nuwe begrip (nog nie in ander navorsing gesien nie) ontwikkel, wat beskryf word as die “Genormaliseerde Kostefaktor”; wat die feit dat ʼn Tipe I-fout tipies 20 tot 38 maal die koste van ʼn Tipe II-fout beloop, in ag neem. Ten einde te voldoen aan die hoofnavorsingsdoelwit is verskillende modelleringstegnieke wat op grond van hul gewildheid in die literatuur voorgekom het, gekies. Hulle is: Meervoudige Diskriminantanalise (MDA), Herhalende Verdeling (RP), Logit-Analise (LA) en Neurale Netwerke (NN). ʼn Opsomming van elk van hierdie verskillende tegnieke word in Hoofstuk 4 van hierdie navorsingsverslag verskaf. Die navorsing wat deur Steyn-Bruwer en Hamman gedoen is, vorm die vertrekpunt van hierdie navorsing en hulle werk is gevolglik in Hoofstuk 5 van hierdie verslag opgesom. Hoofstukke 6, 7 en 8 gebruik die data van Steyn-Bruwer en Hamman tesame met die bovermelde modelleringstegnieke ten einde die hoof- en ondergeskikte doelwitte te bewys. In terme van die hoofnavorsingsdoelwit, het die resultate van hierdie hoofstukke getoon dat die verskillende analitiese tegnieke definitief verskillende voorspellingsakkuraatheid oplewer. Hier het die MDA- en RP-tegnieke die grootste aantal mislukte maatskappye korrek voorspel, en gevolglik die laagste Genormaliseerde Kostefaktor gehad. Die navorsingsverslag toon ook dat LA en NN die beste oorhoofse akkuraatheid van voorspelling het. In terme van die eerste ondergeskikte navorsingsprobleem het hierdie navorsing getoon dat, om die jaar voor mislukking te gebruik as onderverdeling, eerder as die ekonomiese tydperk, beter voorspellingsakkuraatheid het. Wat die tweede ondergeskikte navorsingsdoelwit betref, is daar bevind dat daar geen verskille in die voorspellingsakkuraatheid bestaan as die individuele veranderlikes verder geoptimaliseer word nie. Hierdie resultate was teleurstellend en het gevolglik die tweede ondergeskikte probleem, naamlik dat as die aantal inset-veranderlikes sou vergroot word, dit die vooruitskattingsakkuraatheid behoort te kan verhoog, verkeerd bewys. Tewens, die resultate het getoon dat die inligting soos vervat in die onafhanklike veranderlikes klaarblyklik versadiging bereik nadat die belangrikste (hoof-vooruitskatter) onafhanklike veranderlikes in die model opgeneem is. Dit is belangrik om kennis te neem van die feit dat elke vooruitskattingstegniek sy eie sterk en swak punte het. Die skrywer stel dus voor dat hierdie sterk- en swakpunte gekombineerd gebruik word om ʼn beter oorhoofse vooruitskattingsmetodologie daar te stel.