Thesis (LLM (Mercantile Law))--University of Stellenbosch, 2007. / The collapse of Enron, WorldCom and other companies and the worldwide adoption of codes of good corporate governance have highlighted the poor standard of corporate governance systems and brought about big changes in this field. Corporate scandals in Britain and South Africa have contributed to greater local awareness of the failings of traditional company governance. In the Anglo-Saxon system non-executive directors are important watchdogs over powerful executive directors and other managers who are in a position to abuse their powers to the disadvantage of the shareholders. As independent supervisors non-executive directors are in a position to protect the interests of shareholders and prevent the manipulation of power relationships by executive managers. Independent supervision is of the outmost importance to ensure effective corporate governance. It contributes to the objectivity of the decision-making process and also to the appointment of other efficient non-executive directors. Independence of non-executive directors is influenced by the limited candidates in the pool from which they are appointed. This leads to a limited number of non-executive directors serving on multiple boards of directors, which in turn compromises their independent supervision function. The promotion of diversity on company boards, can expand the “limited gene pool” of non-executive directors. The question arises whether black economic empowerment, as a mechanism to promote greater diversity, has in South Africa contributed to a wider gene pool from which non-executive directors are appointed? In this study it is concluded that, instead of widening the gene pool of non-executive directors, black economic empowerment is creating a second “gene pool” of black directors who serve on multiple boards and with potential implications for their independence.

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Repurchasing of shares by South African companies were legalised on 1 July 1999. This introduced an alternative to dividends for distributing cash to shareholders. Although dividends and share repurchases realise the same value in a perfect efficient market, the inefficiencies of the South African stock market require managers to carefully evaluate factors like taxation and stock price valuation when selecting appropriate distribution methods. This research report aims to update shareholder distribution trends for industrial JSE listed companies over the past 10 years in order to determine the impact of share repurchases on dividend payouts. Furthermore, this research report examines the factors that may have had an impact on shareholder distribution choices in order to provide some guidelines for choosing appropriate distribution methods. An initial analysis of SENS share repurchase announcements revealed that 121 JSE listed companies repurchased about R50 billion worth of shares up to 30 June 2007. The bulk of the shares, 65% by value, were repurchased on the open market, while 35% was repurchased through specific fixed price offers. However, a comparison of accurate share repurchase data obtained from a sample of company annual reports, indicate that repurchase announcements understate actual repurchases by more than 20% on average. Further analysis of distribution trends were therefore based on actual repurchase data published in annual reports rather than SENS announcements. After the legalisation of share repurchases in South Africa, a decline in dividend paying companies was expected similar to that experienced by the United States since the 80's. However, a detailed analysis of 132 industrial listed companies indicated that the proportion of dividend paying companies increased from a level of 50% to almost 75% since the introduction of share repurchases. On the other hand, the proportion of companies repurchasing shares initially rose to over 25%, but then declined to below 20% by 2007. Ordinary dividends are the dominant shareholder distribution choice with 64% of companies opting for this method. Open market share repurchases have been well adopted with 17% of companies using this method, while only 5% and 4% of companies using special dividends or specific repurchases respectively. Dividends paid out of share premium (capital distributions) have also emerged as a favourite over recent years with almost 20% of companies using this shareholder distribution method. Current tax legislation do not provide all the advantages usually enjoyed by share repurchases internationally and have largely prevented dividends from being substituted by share repurchases. The decline in share repurchases up to 2007 also indicates that share repurchases become less effective as share prices increase to overvalued levels. While tax implications and stock price valuation remain the dominant determinants of shareholder distribution choice, this study shows that shareholder diversity, dividend preferences, size of distribution, and BEE requirements also have significant influences on the choice of distribution method in the South African context. / AFRIKAANSE OPSOMMING: Die terugkoop van aandele deur Suid-Afrikaanse maatskappye is wettig sedert 1 Julie 1999. Dit het 'n alternatief tot dividende in werking gestel om kontant aan aandeelhouers uit te keer. Alhoewel dividende en aandele-terugkoop dieselfde waarde in 'n perfekte doeltreffende mark realiseer, vereis die tekortkominge van die Suid-Afrikaanse aandelemark dat bestuurders faktore soos belasting en aandeelpryswaardasie versigtig moet oorweeg tydens die keuse van geskikte uitkeringsmetodes. Die doelwit van hierdie navorsingsverslag is om die tendense van uitkerings aan aandeelhouers te hersien vir industriele JSE-genoteerde maatskappye oor die laaste 10 jaar om sodoende die effek van aandele-terugkope op dividenduitbetalings te bepaal. Verder ondersoek hierdie navorsingsverslag ook die faktore wat moonlik 'n invloed op aandeelhouers-uitkeringskeuses gehad het, om sodoende riglyne vir die keuse van geskikte uitkeringsmetodes saam te stel. 'n Voorlopige analise van SENS-terugkoopaankondigings toon dat 121 JSE-genoteerde maatskappye ongeveer R50 miljard se aandele teruggekoop het tot en met 30 Junie 2007. Die grootste gedeelte van hierdie aandele, 65% se waarde, is op die ope mark teruggekoop terwyl 35% deur spesifieke vasteprys terugkope verkry is. 'n Vergelyking met terugkoopsyfers wat uit 'n steekproef van maatskappyjaarverslae geneem is, dui egter daarop dat aankondigings die ware terugkope met gemiddeld 20% onderskat. Verdere ontleding van aandeelhouers-uitkeringstendense word derhalwe gebaseer op syfers wat in jaarverslae gepubliseer is, eerder as SENS-aankondigings. Na die wettiging van aandele-terugkoop in Suid-Afrika, is verwag dat dividenduitbetalings sou daal soortgelyk aan dit wat in die Verenigde State ondervind is sedert die 80's. Die ondersoek van 132 genoteerde industriele maatskappye toon egter dat die persentasie van maatskappye wat dividende betaal van 50% tot bykans 75% toegeneem het sedert aandele-terugkoop 'n beskikbare opsie is. In teenstelling hiermee, het die persentasie maatskappye wat aandele terugkoop aanvanklik tot 25% gestyg, maar sedertdien afgeneem tot onder 20% teen 2007. Gewone dividende is die gewildste aandeelhouers-uitkeringsmetode met 64% van maatskappye wat van hierdie metode gebruik maak. Aandele-terugkope op die ope mark is goed verteenwoordig met 17% van maatskappye wat van hierdie metode gebruik gemaak het, terwyl slegs 5% en 4% van maatskappye onderskeidelik van spesiale dividende en spesifieke aandele-terugkope gebruik gemaak het. Dividende uit aandelepremie (kapitaaluitkerings) het ook na vore getree as 'n gunsteling keuse in die laaste paar jaar met bykans 20% van maatskappye wat hierdie uitkeringsmetode gebruik het. Huidige belastingswetgewing bied nie al die belastingvoordele aan aandele-terugkope wat normaalweg deur internasionale maatskappye benut word nie en het grotendeels verhoed dat dividende deur aandele-terugkoop vervang is. Die afname in aandeleterugkope tot en met 2007 is ook 'n aanduiding dat dit minder effektief raak soos wat aandeelpryse oor gewaardeerde vlakke styg. Terwyl belasting-oorwegings en aandeelpryswaardasies steeds die dominante drywers van aandeelhouersuitkeringskeuses bly, bevind hierdie studie dat faktore soos aandeelhouers se diversiteit, dividendvoorkeure, grootte van uitkerings, en vereistes van swart ekonomiese bemagtiging ook 'n noemenswaardige invloed op uitkeringskeuses binne die Suid-Afrikaanse konteks het.

Thesis (MBA)--Stellenbosch University, 2007. / ENGLISH ABSTRACT: This is an introductory research into executive remuneration and its effectiveness as an instrument to generate company growth in South Africa. This research is based on the assumption that there is a direct relationship between company performance and growth, and directors' remuneration. Companies employ directors in an attempt to increase value to shareholders. Remuneration paid to directors is sometimes viewed as excessive. To determine whether executive remuneration is excessive, various elements have to be taken into account. These elements vary, depending on the point of view of the analyst. This research is based on the point of view of the shareholder. A remuneration strategy can be deemed effective when elements important to shareholders have shown a positive change relevant to the change in directors' remuneration. Thirty-eight companies have been sampled. The proxies of the ROA ratio as well as the share price growth have been used. It is apparent that of the companies sampled, the majority has an effective executive remuneration strategy in terms of driving company growth and performance. In 18 instances a change in directors' remuneration (seen in isolation) resulted in an outright benefit to the company. This change was an increase in directors' remuneration in 15 of the companies sampled. In three of the companies sampled, this change was a decrease in directors' remuneration. Interpreting the results of the sample data, within the ambit of the proxies used, the conclusion is that in these instances the executive remuneration strategy has been used as an effective instrument to generate company growth. In eight instances a change in directors' remuneration (seen in isolation) did not result in any benefit to the company. Six of these changes were an increase in directors' remuneration. Two of these changes were a decrease in directors' remuneration. Interpreting the results of the sample data, within the ambit of the proxies used, the conclusion is that in these instances the executive remuneration strategy had not been used as an effective instrument to generate company growth. In 12 instances a change in directors' remuneration (seen in isolation) resulted in some kind of benefit to the company. Ten of these changes were an increase in directors' remuneration . Two of these changes were a decrease in directors' remuneration . Interpreting the results of the sample data, within the ambit of the proxies used, the conclusion is that in these instances the executive remuneration strategy had been used as a partially effective instrument to generate company growth. The proxies of the ROA ratio as well as the growth in a company's share price can therefore be used to determine the effectiveness of a company's executive remuneration strategy in driving company growth and performance. These proxies can be used if the assumption is made that there is a relationship between company growth and performance and executive remuneration. Executive remuneration alone does not drive company growth. There are numerous other factors at playas well. Executive remuneration should, however, be closely scrutinised so that it is optimally used. Executive remuneration should be incentivised in such a way that increased remuneration results in an increase in the ROA ratio as well as in market related growth in the share price over a period of time. / AFRIKAANSE OPSOMMING: Hierdie is inleidende navorsing in uitvoerende bestuur se vergoeding en hul doeltreffendheid as 'n instrument om groei te bewerkstellig vir maatskappye in Suid-Afrika. Hierdie navorsing is gebaseer op die aanname dat daar 'n direkte verwantskap is tussen opbrengste en groei van maatskappye en die direkteursvergoeding. Maatskappye betrek direkteure om waarde vir beleggers te vermeerder. Direkteursvergoeding word soms beskou as oordadig. Om te bepaal of hierdie besoldiging oordadig is, moet verskeie aspekte in berekening gebring word. Hierdie aspekte verskil vanuit die oogpunt van analis tot analis. Hierdie navorsing is gebaseer vanuit die oogpunt van die aandeelhouer. 'n Besoldigingstrategie kan as suksesvol beskou word as die aspekte wat belangrik is vir die aandeelhouer positief verander het, teenoor die verandering in die direkteursvergoeding. Die resultate van 38 maatskappye is gebruik. Die opbrengs op bates verhouding en die groei in aandeleprys is as maalstaf gebruik. Oil blyk dal die meerderheid van maatskappye waarvan inligting gebruik is, wei 'n effektiewe uitvoerende besoldigingstrategie het in terme van maatskappygroei en opbrengste vir aandeelhouers. In 18 gevalle was die verandering in direkteursbesoldiging (in isolasie beskou) 'n direkte voordeel vir die maatskappy. Hierdie verandering was 'n vermeerdering van besoldiging in 15 gevalle. In drie gevalle was die verandering in besoldiging 'n vermindering . Interpretasie van die navorsing, met verwysing na die maatstawwe wat gebruik is, dui daarop dat (in hierdie gevalle) die uitvoerende besoldigingsstrategie as 'n effektiewe instrument gebruik is om maatskappygroei teweeg te bring. In agt gevalle was die resultaat van 'n verandering in direkteursbesoldiging (in isolasie beskou) nie tot voordeel van die maatskappy nie. In ses gevalle was die verandering in direkteursbesoldiging 'n vermeerdering. Twee van die veranderinge in direkteursbesoldiging was 'n vermindering. Interpretasie van die navorsing, met verwysing na die maatstawwe wat gebruik is, dui daarop dat (in hierdie gevalle) die uitvoerende besoldigingstrategie onsuksesvol as 'n effektiewe instrument gebruik is om maatskappygroei teweeg te bring. In 12 gevalle was die resultaat van 'n verandering in direkteursbesoldiging (in isolasie beskou) tot die een of ander voordeel van die maatskappy. In 10 gevalle was die verandering in direkteursbesoldiging 'n vermeerdering. In twee gevalle was die verandering in direkteursbesoldiging 'n vermindering. Interpretasie van die navorsing, met verwysing na die maatstawwe wat gebruik is, dui daarop dat (in hierdie gevalle) die uitvoerende besoldigingstrategie gedeeltelik suksesvol as 'n effektiewe instrument gebruik is om maatskappygroei teweeg te bring. Die maatstawwe van die opbrengste op bates verhouding en die van groei in aandeleprys kan dus aangewend word om die doeltreffendheid te bepaal van die uitvoerende besoldigingstrategie om maatskappygroei en opbrengste teweeg te bring. Hierdie maatstawwe kan gebruik word indien die aanname gemaak word dat daar 'n verwantskap is tussen maatskappygroei en opbrengste sowel as die uitvoerende besoldiging wat betaal word. Die uitvoerende besoldiging is nie die enigste faktor verantwoordelik vir maatskappygroei nie. Daar moet noukeurig gelet word op uitvoerende besoldiging sodat dit optimaal aangewend word. Uitvoerende besoldiging moet tot aansporing dien sodat meer besoldiging aanleiding gee tot 'n vermeerdering van die opbrengste op bates verhouding sowel as markverwante groei in aandeleprys oor 'n periode van tyd.

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The publication of the Value Added Statement should be seen as an attempt to introduce financial results to all the stakeholders of an organisation that aided in its wealth creation process. However, the current practice to present Value Added Statements in a variety of ways is not conducive to financial analysis and users of the information find it difficult to compare company results. The information on the Value Added Statement provides useful knowledge of the contribution of employees and fixed assets, the relative relationship of dependency and control between the organisation and its suppliers and the long-term requirements of the organisation to meet market demands. This study project aims to determine if value added-based ratio analysis could be used to measure company strength and be useful as a tool in corporate strategy formulation. The areas of investigation included productivity of production factors, reinvestment in capital and overall business control. The measures used to determine productivity also provided insight into the capital and labour intensity of companies and sectors. The model that was developed in this section indicates how companies differ in terms of their intensity and how productive their production factors are. It was found that although some companies were able to exert high value added to sales ratios, they did not perform as well when their productivity levels were measured. This is an indication that an imbalance exists between the current production factor proportions and management should try to find the optimal solution for increased productivity. The search for the optimal point between labour and fixed assets could convince management to reduce employee numbers or fixed assets to increase their productivity ratios. This is not a favoured approach as companies are dependent on their production factors for continuous growth and prosperity. The aim is to determine if companies have the means to invest in their production factors to increase their levels of productivity. Reinvestment in capital refers to fixed assets, as well as investment in training and development of current employee skills. The investigation revealed that many companies have the ability to reinvest, while others appear to be in a less favourable position. The last section was an attempt to measure the overall business control of companies when their margins on sales and value added were compared. These ratios provided insight into the ability of companies to add value through their own production skills or by command of lucrative contracts with suppliers. Those companies that are able to show high values on both ratios are said to display a high degree of overall business control. In conclusion it was found that value added-based ratio analysis could be used to identify problem areas in corporate strategy. Management's reaction to those areas and their continuous drive to improve value creation in the organisation would eventually lead to increased national wealth creation. / AFRIKAANSE OPSOMMING: Die publikasie van die Staat van Toegevoegde Waarde moet gesien word as 'n poging om finansiële resultate aan alle belanghebbendes van 'n organisasie, wat bygedra het tot die proses van welvaartskepping, aan te bied. Die huidige praktyk om die Staat van Toegevoegde Waarde op verskeie maniere aan te bied is egter nie bevorderlik vir finansiële analise nie en gebruikers van die inligting vind dit moeilik om maatskappy resultate te vergelyk. Die inligting op die Staat van Toegevoegde Waarde verskaf waardevolle kennis oor die bydrae van werknemers en vaste bates, die relatiewe verhouding van afhanklikheid en beheer tussen die organisasie en sy verskaffers en die langtermyn behoeftes van die organisasie om aan markverwagtinge te voldoen. Hierdie studieprojek poog om vas te stel of toegevoegde waarde gebaseerde verhoudingsanalise gebruik kan word om maatskappyvermoë te bepaal en of dit 'n nuttige instrument in korporatiewe strategieformulering kan wees. Die areas van ondersoek het die produktiwiteit van produksiefaktore, herinvestering in kapitaal en algehele besigheidsbeheer ingesluit. Die maatstawwe wat gebruik is om produktiwiteit te bepaal het ook insig gegee oor die kapitaal- en arbeidsintensiteit van maatskappye en sektore. Die model wat ontwikkel is in hierdie afdeling wys hoe maatskappye verskil in terme van hul intensiteit en hoe produktief hul produksiefaktore is. Dit is gevind dat, alhoewel sommige maatskappye in staat was om hoë waardes vir die toegevoegde waarde tot verkope verhouding te openbaar, hulle nie so goed gevaar het toe hul produksie vlakke gemeet is nie. Dit is 'n aanduiding dat 'n wanbalans bestaan tussen die huidige produksiefaktor verhouding en bestuur moet probeer om 'n optimale oplossing te vind vir verhoogde produktiwiteit. Die soeke na die optimale punt tussen arbeid en vaste bates kan bestuur oortuig om werknemer getalle of vaste bates te verminder ten einde hul produktiwiteitsverhouding te verbeter. Dit is nie die aangewese benadering nie aangesien maatskappye afhanklik is van hul produksiefaktore vir volgehoue groei en welvaart. Die doel is om te bepaal of maatskappye die middele het om te investeer in hul produksiefaktore ten einde hul vlakke van produksie te verhoog. Herinvestering in kapitaal verwys na vaste bates, sowel as investering in opleiding en ontwikkeling van bestaande werknemer vaardighede. Die ondersoek het openbaar dat baie maatskappye wel oor die vermoë beskik om te herinvesteer, terwyl ander blyk om in 'n minder gunstige posisie te wees. Die laaste afdeling was 'n poging om die algehele besigheidsbeheer van maatskappye te bepaal wanneer die marge op verkope en toegevoegde waarde vergelyk word. Hierdie verhoudings bied insig oor die vermoë van maatskappye om waarde toe te voeg deur hul eie produksievaardighede of deur middel van winsgewende kontrakte met hul verskaffers. Maatskappye wat in staat is om hoë waardes vir beide verhoudingsgetalle te openbaar word beskou as maatskappye met 'n hoë algehele besigheidsbeheer.

Assignment (MComm)--University of Stellenbosch, 2001. / ENGLISH ABSTRACT: A definite need exists for a measure which can be used to determine the degree of capital intensity of an enterprise. One of the main reasons why it is important to determine if an enterprise is capital or labour intensive is that the two types of enterprises react to changes in the economic environment in different ways. Some changes in the economic factors will have a totally different effect on a capital intensive enterprise than they would have on a labour intensive one. The degree of capital intensity of an enterprise can therefore be used to predict how it will react to economic changes, and it is therefore a valuable source of information for financial decision-making. The measurement of capital intensity, however, presents a major problem. A large number of different measures have been developed and used in the literature. These measures include the measures of total assets to revenue; property, plant and equipment to revenue; property, plant and equipment to total assets; depreciation as a percentage of revenue; as well as property, plant and equipment per employee. A number of measures are also based on value added figures, and these include salaries to revenue; value added per employee; property, plant and equipment to value added; and salaries to value added. In the literature most researchers provide no or little justification for their preferred measure of capital intensity. The main objective of the study is to determine an appropriate method to measure capital intensity. For this purpose the above-mentioned measures, which are generally used to determine capital intensity, are considered critically and evaluated by classifying enterprises listed in the Industrial Sector of the Johannesburg Stock Exchange during the period 1989 to 1996. During this period the South African economy experienced a decline, followed by an upswing in the economic cycle. Principal component analyses (PCA) are used to analyse the data. These analyses are carried out for each year separately as well as for the period as a whole. Biplots are used to provide a multidimensional graphic representation of the results. The results indicate that the five traditional measures of capital intensity which are not based on value added figures are all suitable to use as measures of capital intensity. Only one of the measures based on value added figures, however, are able to indicate capital intensity. The five traditional measures of capital intensity which are not based on value added figures, as well as the measure property, plant and equipment to value added, are therefore included in the principal component analyses. The principal component scores obtained from the first principal component are proposed as a composite measure of capital intensity. These principal component scores represent a linear combination of the six measures of capital intensity. The relative contributions of the various measures to this composite measure are also investigated, and it is found that all six the measures provide an important contribution. The results indicate that a number of enterprises listed in the Stores and Food sectors are relatively less capital intensive, while enterprises listed in the Building and Construction, Engineering, Steel and Allied, and Electronics sectors are relatively capital intensive. A visual evaluation of the results indicates that the proposed method IS able to distinguish between capital and less capital intensive enterprises. The results of the study provide researchers with a more efficient way of measuring capital intensity, and can be used to provide more information about the effect of changes in the economic cycle on the expected financial performance of enterprises. / AFRIKAANSE OPSOMMING: 'n Duidelike behoefte bestaan VIr 'n maatstaf wat gebruik kan word om die kapitaalintensiteit van 'n onderneming te bepaal. Een van die vernaamste redes waarom dit belangrik is om te bepaal of 'n onderneming kapitaal- of arbeidsintensief is, is die verskillende wyses waarop die twee tipes ondernemings gedurende 'n verandering in die ekonomiese siklus reageer. Sommige veranderinge in die ekonomiese faktore sal die teenoorgestelde effek op 'n kapitaalintensiewe onderneming hê as wat dit op 'n arbeidsintensiewe onderneming mag hê. 'n Onderneming se graad van kapitaalintensiteit kan dus gebruik word om te voorspel hoe die onderneming op ekonomiese veranderinge sal reageer, en is dus 'n belangrike bron van inligting by finansiële besluitneming. Die meting van kapitaalintensiteit is egter 'n belangrike probleem. 'n Groot aantal verskillende maatstawwe van kapitaalintensiteit is ontwikkel en word algemeen in die literatuur gebruik. Hierdie maatstawwe sluit totale bates tot inkomste; eiendom, aanleg en toerusting tot inkomste; eiendom, aanleg en toerusting tot totale bates; depresiasie as 'n persentasie van inkomste; asook eiendom, aanleg en toerusting tot aantal werknemers in. 'n Aantal maatstawwe wat op waarde toegevoeg gebaseer is, is ook ontwikkel, en sluit die maatstawwe salarisse tot inkomste; waarde toegevoeg per werknemer; eiendom, aanleg en toerusting tot waarde toegevoeg; asook salarisse tot waarde toegevoeg in. In die literatuur verskaf die meeste navorsers min of geen motivering vir die spesifieke maatstaf wat hul voorkeur geniet nie. Die primêre doelstelling van die studie is om 'n geskikte metode te vind om kapitaalintensiteit te meet. Ten einde hierdie doelstelling te bereik, word die bogenoemde maatstawwe, wat algemeen gebruik word as maatstawwe van kapitaalintensiteit, krities ondersoek en geëvalueer deur ondernemings wat genoteer is in die Industriële Sektor van die Johannesburgse Aandelebeurs gedurende die periode 1989 tot 1996 te klassifiseer. Gedurende hierdie periode het die Suid-Afrikaanse ekonomie 'n afname, gevolg deur 'n opswaai in die ekonomiese siklus beleef. Hoofkomponent analises word gebruik om die verskillende maatstawwe te evalueer. Die analises word individueel uitgevoer vir elke jaar, sowel as vir die periode as 'n geheel. Bi-stippings word gebruik om 'n meerdimensionele grafiese voorstelling van die resultate te verskaf. Die resultate toon dat die vyf tradisionele maatstawwe van kapitaalintensiteit wat nie op waarde toegevoeg gebaseer is nie almal geskik is om as maatstawwe van kapitaalintensiteit gebruik te word. Slegs een van die maatstawwe wat op waarde toegevoeg gebaseer is, is egter in staat om kapitaalintensiteit aan te toon. Die vyf tradisionele maatstawwe van kapitaalintensiteit, sowel as die maatstaf eiendom, aanleg en toerusting tot waarde toegevoeg, word derhalwe ingesluit in die hoofkomponent analises, en die hoofkomponenttellings wat verkry word uit die eerste hoofkomponent word as 'n saamgestelde maatstaf van kapitaalintensiteit voorgestel. Hierdie hoofkomponenttellings verteenwoordig 'n liniëre kombinasie van die ses maatstawwe van kapitaalintensiteit. Die relatiewe bydraes van die verskillende maatstawwe tot die saamgestelde maatstaf word ook ondersoek. Die resultate dui aan dat 'n aantalondernemings wat in die Winkels en Voedsel sektore genoteer is relatief minder kapitaalintensief is, terwyl ondernemings wat in die Boubedryf, Ingenieurswese, Staal en Bedrywe, asook die Elektronika sektore genoteer is, relatief kapitaalintensief is. 'n Visuele evaluasie van die resultate toon aan dat die voorgestelde maatstaf in staat is om tussen kapitaalintensiewe en minder kapitaalintensiewe ondernemings te onderskei. Die resultate van die studie stel navorsers in staat om 'n meer effektiewe meting van kapitaalintensiteit te verkry, en kan ook meer inligting verskaf oor die invloed van veranderinge in die ekonomiese siklus op die verwagte finansiële prestasie van ondernemings.

The corporate governance set-up in South Africa has undergone fundamental changes during the past decade, with the country today being responsive to most corporate governance issues. South Africa should be complimented for its King Code on Corporate Governance, the Companies Act and Johannesburg Securities Exchange Listing Requirements which have significantly strengthened the country’s corporate governance framework. These legal instruments have been influential in limiting directors’ powers and regulating the way directors are remunerated as a way of achieving good corporate governance. The research discusses the South African corporate governance framework with particular focus on the legal and regulatory framework that seeks to regulate directors’ powers and remuneration. An evaluation of the extent to which the legal and regulatory framework restrains directors’ powers and curbs excessive remuneration is undertaken. Recommendations are then provided on how the existing framework can be improved to adequately and effectively regulate directors’ powers and remuneration so as to achieve good corporate governance. / Mercantile Law / LL.M.

Thesis (M.B.A.: Business Studies Unit)-Durban University of Technology, 2008. xi, 96 leaves / The amalgamation of municipalities came into effect as a legislative requirement brought about a number of challenges for the local government. One such major challenge relates to the impact that these amalgamations will have on human resource practices of the various municipalities. Literature study reveals that during any merger or amalgamation, less attention is paid to the human element of a merger until the merger is almost complete. This lack of attention impacts negatively on the merger results. Like other municipalities, Ethekwini Municipality is a product of this legislative requirement. It was formed as a result of the amalgamation of different municipal entities that had different human resource practices. The problem facing eThekwini Municipality is the misalignment of human resources policies and their effect on the working environment. This study looks at the impact of this amalgamation on the human resources practices of the eThekwini Municipality. The sub-objectives of the study are: to ascertain employees’ perceptions of amalgamation; to determine whether employees believe that the human resources’ matters are handled in a manner that will bring about stability and equity in the workplace; and to establish whether different perceptions exist between employees of the former Durban Metro Central and those of the erstwhile entities. / M

Thesis (M.B.A.)-Business Studies Unit, Durban University of Technology, 2007 iv, 116 leaves / The research assesses employee readiness at eThekwini Electricity to form part of the Regional Electricity Distributor, which had been legislated by Government. The premise of the study is to investigate, identify and understand key factors likely to promote or inhibit effective readiness to change. If these factors can be measured by the organisation, an evaluation of the difficulty of the change effort can then be used to plan accordingly. By assessing readiness for change in the organisation, Top Management will be in a position to identify gaps that may exist between their own expectations about the change effort and those of other organisational members. / M

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management: Strategic Marketing Johannesburg, 2017 / State-owned enterprises share many similarities with their purely commercial counterparts. There are however, a number of factors that these organisations are obligated to account for that set them apart from traditional product and service brands. This makes them unique in terms of how and why they build their corporate brands and manage their brand portfolios. State-owned enterprises (SOEs) are prolific across the world. Enterprises controlled and funded entirely or partially by governments are involved in a broad spectrum of business ranging from arms manufacture to communications and media. These state-owned enterprises often command marketing budgets and resource their businesses with brand managers for the purposes of building strong corporate brands and managing their brand portfolios effectively. In short, SOEs often behave as brands and yet their objectives differ from the very definition of what building a brand is intended to do; deliver bottom-line value to the business. The main problem in this study then was to identify the decision-making factors in corporate brand building and portfolio management in a South African state-owned organisation. This was in a bid to resolve how these factors are prioritised to achieve organisational objectives and what value there is in building a corporate brand in such a state-owned organisation. To do this a qualitative research strategy was selected as a means of identifying insights from key personnel at a state-owned organisation. A single case study method was utilised and the South African Broadcasting Corporation (SABC) was identified as an ideal SOE in which to conduct the study. The key findings indicated a worrying level of confusion regarding the true objectives of the organisation. This was attributed to be due to two factors. Firstly, that there is a conflict between the mandate of an SOE or its altruistic, normative objective to serve the country and its people and the commercial imperative to build consumers (or audiences in the case of the SABC) and attract revenue to be self-sustaining. Secondly, that due to political influence and the nature of state- ownership of the organisation, the objectives documented and approved differ to those that are truly practiced by managers in the organisation. Further to this it was found that there is a lack of clarity regarding the structure of the brand portfolio and relationships between brands, many of which have strong heritage in and of themselves and form key touchpoints for sizeable audiences. It was found that building a strong corporate brand was essential for the SABC’s success and that each brand in the portfolio should fall under the umbrella corporate brand however this again brought forth the conflict between how things should be and how they can practically be done. Due to its SOE nature, and the public context of the SABC, it was found that the portfolio brands tended to distance themselves from the corporate brand due to its instability and negative corporate reputation which impacted on individual brand performances in the portfolio. Based on the findings in this study, this thesis recommends a clear prioritisation of the three areas of influence within the SOE in the order of audiences followed by mandate and then revenue. The thesis recommends a corporate brand audit, taking stock of the heritage elements of the SABC corporate brand and its brand portfolio so as to mine the value in its 80-year-old history and to turn these heritage-based elements into advantages for the organisation upon which its corporate brand can be built. This thesis recommends the building of a strong corporate brand for the SABC with links between each brand in its portfolio leaning to the branded house side of the spectrum of classical brand relationship typology. The study also proposes practical applications to achieve prioritisation of the corporate brand which requires high level management attention. To this end, it calls for the appointment of a Chief Marketing Officer to the executive of the SABC and a core corporate brand management team. The function of this team would be to articulate the objectives and the prioritisation of these objectives to all stakeholder groups, to audit and reorganise the brand portfolio for effective management according to theory-based guidelines, and to establish and implement a corporate brand building strategy that will deliver value to the SABC and all its stakeholders, using the corporate brand and its messaging as a bridge to connect the brand promise of the organisation to the brand reality experienced by those stakeholder groups most especially its audiences as priority. / MT 2017

Thesis (M.B.A.: Business Studies Unit)-Durban University of Technology, 2008. xi, 96 leaves / The amalgamation of municipalities came into effect as a legislative requirement brought about a number of challenges for the local government. One such major challenge relates to the impact that these amalgamations will have on human resource practices of the various municipalities. Literature study reveals that during any merger or amalgamation, less attention is paid to the human element of a merger until the merger is almost complete. This lack of attention impacts negatively on the merger results. Like other municipalities, Ethekwini Municipality is a product of this legislative requirement. It was formed as a result of the amalgamation of different municipal entities that had different human resource practices. The problem facing eThekwini Municipality is the misalignment of human resources policies and their effect on the working environment. This study looks at the impact of this amalgamation on the human resources practices of the eThekwini Municipality. The sub-objectives of the study are: to ascertain employees’ perceptions of amalgamation; to determine whether employees believe that the human resources’ matters are handled in a manner that will bring about stability and equity in the workplace; and to establish whether different perceptions exist between employees of the former Durban Metro Central and those of the erstwhile entities.