by Lam Yu-Kan, Wong Yik. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaf 74). / ABSTRACT --- p.3 / TABLE OF CONTENTS --- p.5 / Chapter / Chapter 1. --- INTRODUCTION OF THE BANKING INDUSTRY IN HK --- p.6 / Chapter 2. --- BRIEF HISTORY AND CORPORATE STRATEGIES (WITH CHANGES OVER THE HISTORY) --- p.7 / Chapter 3. --- OPERATING AND FINANCIAL PERFORMANCE EVALUATION ..… --- p.16 / Chapter 4. --- LONG-TERM INVESTMENT POTENTIAL --- p.57 / Chapter 5. --- CONCLUSIONS AND RECOMMENDATIONS --- p.68 / BIBLIOGRAPHY --- p.74

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-08-15T19:54:39Z No. of bitstreams: 2 MARCOS ANTONIO DA SILVA.pdf: 391290 bytes, checksum: 13a7f180e4ffc72715375afc7cd9eb64 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-08-15T19:54:39Z (GMT). No. of bitstreams: 2 MARCOS ANTONIO DA SILVA.pdf: 391290 bytes, checksum: 13a7f180e4ffc72715375afc7cd9eb64 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-02-21 / Many studies have analyzed the capital structure of companies and how to best fund their activities, whether through equity or third-party capital. Most of the papers is devoted to identifying its determinants or analyzing specific sectors. The present study aims to verify if the indebtedness of Brazilian companies changed during the 2008 financial crisis. For this purpose, a sample of 90 Brazilian companies listed on BM &FBovespa was analyzed by average test and linear regression (OLS) . The results indicated a significant increase in the level of gross debt in the period between the third quarter of 2008 and the fourth quarter of 2009 and a significant increase in net debt in the period between the third quarter of 2008 and the second quarter of 2009. / Muitos estudos analisaram a estrutura de capital das empresas e qual a melhor forma de financiar suas atividades, seja essa por meio de capital pr??prio ou de capital de terceiros. A maioria dos trabalhos dedica-se a identificar seus determinantes ou analisar setores espec??ficos.O presente estudo tem o objetivo de verificar se o endividamento das empresas brasileiras alterou-se durante a crise financeira de 2008. Para tanto, analisou-se uma amostra de 90 empresas brasileiras listadas na BM&FBovespa por meio de teste m??dia e regress??o linear (MQO). Os resultados indicaram aumento significantes no n??vel de endividamento bruto no per??odo entre o terceiro trimestre de 2008 e o quarto trimestre de 2009 e aumento significativo no endividamento l??quido no per??odo entre o terceiro trimestre de 2008 e o segundo trimestre de 2009.

This thesis provides new insight into the EMU’s impact on the Euro-area firms’ performance, by examining the firms’ accounting rates of return and financial cash flows. The impact is evaluated separately for the EMU formation and the physical Euro adoption, and over different time horizons. The existing literature does not directly examine these issues. This study uses the regression model of the difference-in-differences approach to examine 121 Euro-area and North American firms, covering 14 sectors, over the period from 1992 to 2008. The results indicate a positive impact of the EMU on the firms’ financial cash flows, especially after the Euro adoption, which support the related literature. However, the accounting rates of return suggest a mostly negative impact. The magnitude of the impacts declines over time. The results are robust with respect to GDP as a control variable. The study also reports the EMU’s impact on 4 major industrial sectors. / viii, 68 leaves : ill. ; 29 cm

This study examined the nature and extent of relations between Management of Technology [MOT] and cost management. It explores the roles of competencies and competency measurement in these relations and its associations with company performance. The problem statement asks how the MOT community deals with cost management, whether MOT-based cost management competencies can be isolated and measured, whether a tool for measurement can be created, tested and validated and indeed whether it can be used to assess relations between MOT-based cost management competencies and company performance. To answer these questions, a MOT-based cost management competency index is formulated, consisting of problem statements representing MOT-based cost management insights, knowledge and practices. Designed in the format of a typical research survey, the index is used to source data from sampled companies listed on the Johannesburg Stock Exchange [JSE]. Although too small a sample to generalise about the population, sufficient data is collected and processed with statistical software programs. A second set of variables, about financial performance of the responding companies, consists of Asset Turnover [ATO] and Return on Assets Managed [ROAM]. Data for these variables is sourced from their annual financial statements and processed into ATO and ROAM indicators. The combined research data set is used to critically describe statistical qualities of variables such as ATO, ROAM, MOT-based cost management competencies of company executives, their education and exposure to the executive management teams in their respective organizations. The research data is subsequently subjected to correlation analysis, as foundation for hypothesis testing. Among the relationships described by correlation analysis and warranting further examination with regression analysis, are associations between MOT-based cost management competencies and ATO and between Education and MOT-based cost management competencies. The former association is found to be not significant, having the research hypothesis rejected. A significant association between Education and MOT-based cost management competencies is indeed found. Utilizing regression equations yielded by the analyses, the predictive capacity of regression analysis is used to demonstrate results of interventions in those associations postulated in the research hypotheses. The study concludes that it achieved a qualified success in its first objective, which was to formulate a MOT-based cost management competency index, and to demonstrate its application as measurement and management tool on executive managers of JSE-listed companies. The study failed in its second objective, which was to demonstrate a significant association between MOT-based cost management competencies and financial performance of sampled companies. Critical perspectives on the data and the associations tested reveal important shortcomings in the research. These perspectives do though create opportunities for refinement of the MOT-based cost management competency index as measurement and management tool, validation of its status, and indeed demonstration of its business value to the MOT and business community in particular. In closure, the study was meant as a contribution to the discourse on a credo for MOT and the MOT body of knowledge, and it subjects itself to critical analysis by the research community so as to establish whether it succeeded in indeed making such a contribution. / Business Management / M.Tech. (Business Administration)

The implementation of International Accounting Standard 32 Financial Instruments: Disclosure and Presentation (lAS 32), International Accounting Standard 39 Financial Instruments: Recognition and Measurement (lAS 39) and International Financial Reporting Standard 7 Financial Instruments: Disclosures (IFRS 7) by developing countries has been met with mixed reactions largely due to the extensive use of the fair value concept by the three accounting standards. The use of the fair value concept in developing countries has proved to be a significant challenge due to either a Jack of formal capital market systems or very thinly traded capital markets. This study investigates the obstacles to determining fair values of equity share investments, government bonds and corporate bonds, treasury bills and loan advances in Mozambique. The study was done through a combination of literature review and empirical research using a questionnaire. The trading statistics of the financial instruments on the Mozambique Stock Exchange and the prospectuses of bonds were used. The empirical research was carried out using a type of non-probability sampling technique called purposive sampling. A subcategory of purposive sampling called expert sampling was used to select the eventual sample which was composed of people with specialised knowledge on the capital market system in Mozambique. The results of the empirical research were analysed using pie charts to summarise the responses. The research concluded that the Mozambique Stock Exchange is an inactive market for financial instruments characterised by thin trading in both equity shares and bonds. The estimation of fair values evidenced by observable market transactions is therefore impossible. The absence of credit rating agencies in Mozambique presents a significant challenge in assigning credit risk and pricing financial instruments such as bonds. The research also noted that significant volatility of the main economic indicators such as treasury bills interest rates and inflation made it difficult to determine fair values of financial instruments using financial modelling techniques. Due to the above obstacles to determining fair values of certain financial instruments in Mozambique, the best alternatives are to value these financial instruments at either cost or amortised cost. / Financial Accounting / M. Com. (Accounting)

Die studie ondersoek die inligtingswaarde van dividende as 'n moontlike verldaring van die waargenome aandeleprysreaksie op dividendaankondigings. Twee algemene hipoteses is getoets, naamlik dat 'n betekenisvolle verandering in 'n maatskappy se dividendbeleid inligting oor daardie maatskappy se toekomstige verdienste per aandeel bevat, en tweedens dat hierdie inligting in die reaksie van aandelepryse na die aankondiging van die verandering gereflekteer word. Die belangrikste bevindinge is soos volg: • Die inligting vervat in huidige dividendaankondigings kan nie deur beleggers gebruik word om die volgende jaar se verdienste per aandeel van 'n maatskappy te voorspel nie. Die aandeleprysreaksie op positiewe, negatiewe en neutrale nuus is statisties beduidend, maar vind hoofsaaklik in dieselfde rigting plaas. Beleggers sou dus nie die inligting vervat in dividendaankondigings kan gebruik om bogemiddelde opbrengskoerse te genereer nie. • Die inligtingswaarde van dividende is dus 'n onwaarskynlike verldaring van die invloed van 'n maatskappy se dividendbeleid op die waarde van sy gewone aandele. / This research investigates the information content of dividends as a possible explanation for the observed share price reaction to dividend announcements. Two hypotheses were tested, namely that a significant change in a company's dividend policy contains information on that company's future earnings per share, and secondly, that this information is reflected in the share price reaction after the announcement of the change. The most important findings are as follows: • Investors cannot use the information contained in current dividend announcements to predict a company's earnings per share for the next year. • Share price reactions to positive, negative and neutral news are statistically significant, but will be in the same direction. Hence investors cannot use this information to generate above-normal returns. The information content of dividends is therefore an unlikely explanation of the influence a company's dividend policy has on the value of its ordinary shares. / Business Management / MCom (Sakebestuur)

The share of corporate saving in total saving in South Africa has increased during the past four decades. In this dissertation various economic theories are examined in order to try to explain this change and to determine the possible implications of this change. The conclusion is that the relationship between the investment decision of companies and their savings decision is governed by the determinants of the financing choice of firms. These include cost, risk, control and availability. If, because of these factors, firms prefer to finance investment with retained earnings, there is a relationship between investment and the level of corporate saving. The degree to which the investment decision is dependent on the availability of internal financing will determine the importance of the level of corporate saving in a country. / Oor die afgelope vier dekades het die aandeel van maatskapybesparing in die totale besparing in Suid-Afika toegeneem. In hiersie vehandeling word veskillende ekonomiese teoriee ondersoek ten einde hierdie verandering te probeer veklaar en te probeer vasstel wat die implikasies van hierdie veandering is. Die gevolgtrekking waartoe gekom word, is dat die verband tussen die investeringsbeleid en die maatskappye se besparingsbesluit bepaal word deur faktore wat die finansieringskeuse van die firmas beinvloed, naamlik koste, risiko, beheer en beskikbaarheid. Indien hierdie faktore daartoe lei dat die maatskapye verkies om investering met terruggehoue bespaaring the finansier, is daar 'n verband tussen investering en die vlak van maatskappybesparing. Die mate waarin die investeringsbesluit afhanklik is van die beskikbaarheid van interne finansiering, sal bepaal hoe belangrik die vlak van maatskappybesparing in 'n land is. / Economics and Management Sciences / M.Com.

The purpose of this project is to analyze whether i3 Strategy of Applied Digital Solutions (ADS) was necessary to meet the fast-moving IT industry. i3 Services Strategy is an integrated corporate strategy to reengineer the organizational structure of ADS.

Abstracts in English, Zulu and Xhosa / The banking sector is an important industry that needs to be safeguarded because its failure is bound to have a negative knock-on effect on the economy at large. The 2007-2009 financial crises were occasioned by banks assuming disproportionate levels of risk resulting in a high incidence of non-performing loans on their books. As such, this study examined the impact of credit risk on the financial performance of 18 South African banks for the period 2008 to 2018. Panel data techniques, namely the pooled ordinary least squares (pooled OLS), fixed effects and random effects estimators were employed to test the relationship between credit risk and financial performance proxied by non-performing loans (NPLs) and by return on assets (ROA) or return on equity (ROE) respectively. The results of the study documented that credit risk is negatively related to financial performance. Thus, the higher the incidence of non-performing loans, the lower the profitability of the bank. Secondly, the study documented that growth has a positive effect on financial performance. This indicates that productivity capacity is ameliorated through bank development. Thirdly, it was found that capital adequacy is positively related to financial performance. While a greater capital adequacy ratio may instil confidence of stakeholders in a bank, making it competitive, a high capital base may be perceived as a lack of initiative and tying up resources which could have yielded better returns in alternative investments. Fourthly, the study did not find any conclusive relationship between size and financial performance. Lastly, the study found that bank leverage and financial performance are negatively related. The implications of the findings are that at a micro level, banks should observe prudent and stringent credit policies in order to limit the incidence of non-performing loans. At a macro level, regulators must enforce supervision in order to ensure that banks manage their credit risk according to the regulations to minimise the risk of bank failure. / Umkhakha wezamabhanga kulibubulo eliqakathekileko eliding ukobana litjhejwe ngombana ukwehluleka kwalo kuqaleka kungaba nomthelela omumbi kezomnotho ngokubanzi bawo. Umraro wezomnotho weminyaka ephakathi kuka -2007-2009 yayikhambisana nesikhathi lapho amabhanga athoma ukuzifaka engozini ekulukazi, kanti lokho kwarholela ebujameni besehlakalo esikhulu seenkolodo ezingenzi inzuzo encwadini zamabhanga. Yeke-ke, leli rhubhululo belihlola umthintela wesikolodo mayelana nobujamo beemali bamabhanga weSewula Afrika ali-18 ukusukela ngomnyaka ka 2008 ukufika ku 2018. Amano wephanele yedatha, wona ngilawa pooled ordinary least squares (pooled OLS), fixed effects kanye namatshwayo ameda alinganisa imithintela kusetjenzisiwe ngehloso yokuhlola itjhebiswano eliphakathi kobungozi besikolodo kanye nobujamo beemali obukhambisana neenkolodo ezingananzuzo (non-performing loans )(NPLs) begodu lokhu kukhambisana nenzuzo elethwa msebenzi wepahla eligugu (return on assets) (ROA) nanyana inzuzo elethwa magugu womnotho anjengemali/matjhezi (return on equity) (ROE) ngaleyo ndlela.. Imiphumela yerhubhululo itlolwe bona ubungozi bokulodisa buhlobene ngendlela embi nobujamo beemali. Yeke-ke, kutjho bona lokha izinga lezehlakalo zeenkolodo ezingangenisi inzuzo naliya phezulu, kutjho bona izinga lokwenza inzuzo ezincani nalo liya phasi emabhangeni. Kwesibili, irhubhululo litlolwe bona ukuhluma komnotho kunomthelela omuhle ebujameni beemali. Lokhu kutjengisa bona amandla wokukhiqiza asekelwa kuthuthukiswa kwamabhanga. Kwesithathu, kuye kwatholakala bona iimali ezaneleko zikhambisana kuhle nobujamo beemali. Kanti godu, isilinganiso esikhulu seemali ezaneleko singaletha ukuzethemba kwabadlalindima ebhangeni, lokhu kwenze ibhanga bona ibe sezingeni lokuphalisana, isisekelo esiphezulu sezeemali singathathwa njengokutlhogeka komzamo wokuhlanganisa imithombo ebeyingaletha iinzuzo ezincono kwamanye amahlelo wokutjalwa kweemali. . Kwesine, irhubhululo akhange lithole nginanyana ngiliphi itjhebiswano phakathi kobukhulu kanye nobujamo beemali. Kokugcina, irhubhululo lithole bonyana ukuqiniswa kwebhanga ngeemali kanye nobujamo beemali kuzizinto ezingahlobani kuhle. Ilwazi elitholiweko lihlathulula bona ezingeni lamabhizinisi amancani, amabhanga kufanele aqale imigomo eqinileko yokukolodisa ukobana akwazi ukwehlisa izehlakalo zeenkolodo ezingangenisi inzuzo. Ezingeni lamabhizinisi amakhulu, iimbethamthetho kufanele ziqinise ilihlo ukobana aqinisekise ukuthi amabhanga alawula ubungozi bokukolodisa ngokwemithetho ukuphungula ubungozi bokwehluleka kwamabhanga. / Icandelo lezeebhanki lushishino olubalulekileyo olufuna ukukhuselwa kuba ukusilela kwalo ngokuqinisekileyo kunganesiphumo esigangqalanga esingasihlanga kuqoqosho ngokubanzi. Ixesha lobunzima kwezemali ngowe-2007-2009 labangelwa ziibhanki ngamazinga omngcipheko angalamananga athe agqibelela kwisehlo esiphezulu seemalimboleko ezingazaliyo kwiincwadi zazo. Kananjalo, olu phononongo luvavanye impembelelo yomngcipheko wonikezomatyala kwizinga lokuphuma nokungena kwemali kwiibhaki zaseMzantsi Afrika ezili-18 kwisithuba sowe-2008 ukuya kowe-2018. Uluhlu lweenkcukachalwazi zobugcisa, olubizwa ngokuba yi-pooled ordinary least squares (i-pooled OLS), iziqikeleli zeziphumo ezizinzileyo kunye nezeziphumo zebhaqo zasetyenziswa ukuvavanya unxulumano phakathi komngcipheko wonikezomatyala kunye nezinga lokuphuma nokungena kwemali okumelwe ngokwelungelo ziimalimboleko ezingazaliyo (ii-NPL) kunye nembuyekezo yeeasethi (i-ROA) okanye imbuyekezo yezabelo (i-ROE) ngokulandelelana. Iziphumo zophononongo zingqine ngamaxwebhu ukuba umngcipheko wonikezomatyala unonxulumano olungaluhlanga nezinga lokuphuma nokungena kwemali. Ngoko ke, okona isehlo seemalimboleko ezingazaliyo siphezulu, kokona inzuzo yebhanki iphantsi. Okwesibini, uphononongo lungqine ngamaxwebhu ukuba uhlumo lunesiphumo esihle kwizinga lokuphuma nokungena kwemali. Oku kudandalazisa ukuba isakhono sokuvelisa senziwa ngcono ngophuhliso lwebhanki. Okwesithathu, kufunyaniswe ukuba isilinganiso senkunzi sinxulumene ngokukuko nezinga lokuphuma nokungena kwemali. Ngelixa umlinganiselo wesilinganiso senkunzi omkhulu unganika ukuthembeka koqoqosho kwabachaphazelekayo kwibhanki leyo, kuyenze ukuba ibe kwizinga lokukhuphisana nezinye, isiseko senkunzi ephezulu singathathwa njengokusilela kokusungula kunye nokudibanisa imithombo engeyivelise iimbuyekezo ezingcono kutyalomali olulolunye. Okwesine, uphononongo alukhange lufumanise naluphi na unxibelelwano olubonakalayo phakathi kobungakanani nezinga lokuphuma nokungena kwemali. Okokugqibela, uphononongo lufumanise ukuba inkxasomali yebhanki kunye nezinga lokuphuma nokungena kwemali zinxulumene ngokungakuhlanga. Okubhekiselele kokufunyanisiweyo kukuba kwicandelo loshishino olunganeno, iibhanki kufuneka ziqwalasele imigaqonkqubo yamatyala enobulumko nengqongqo ngenjongo yokunciphisa isehlo seemalimboleko ezingazaliyo. Kwicandelo loshishino olubanzi, abalawuli kufuneka banyanzele ukubekwa kweliso ukuqinisekisa ukuba iibhanki zilawula umngcipheko wonikezomatyala lwazo ngokwayamene nemigaqo ukunciphisa umngcipheko wokusilela kwebhanki. / Business Management / M. Com. (Business Management)

Recently, corporate scandals rocked the South African financial landscape, prompting the re-examination of existing corporate governance practices and renewed scrutiny of corporate governance institutions and mechanisms. One of these practices, a phenomenon called “director interlock”, was scrutinised in this study. A quantitative and inductive approach was used in this research to scrutinise companies listed on the Johannesburg Stock Exchange, as well as the directors who served on their boards during the periods researched, namely, 2010 and 2016, with the purpose of considering the consequences of director interlock in a South African context. Appropriate sources on corporate governance, director interlock and network analysis were accessed. Social network analysis was applied to analyse and map the extent, nature and structural dynamics of director interlock statistically in all South African listed companies in respect of 2010 and 2016 with a view to considering the causes and consequences of identified changes between 2010 and 2016, and possible implications of those changes for corporate governance in South Africa. Both periods occurred shortly after times of financial turmoil or contracting economic growth, where, in line with global trends, financial consolidation and a possible decline in economic activity and board sizes of companies would be expected. The concept of centrality, comprising three components, was used in the statistical social network analysis. These components were degree centrality, which is an indicator of the number of connections and the degree of activity of a company or a director, closeness centrality, which is an indicator of the closeness of a company or a director to other companies or directors within a network and the number of steps from that company or director to other companies and directors in the network, and betweenness centrality, which is a measure of the centrality of a company or a director and the extent to which the company or the director acts as a bridge between and connects with other well-connected companies and directors in the network. The following striking findings emerged from this research: a massive increase in the average board size between 2010 and 2016, a resultant increase in the density of networks between 2010 and 2016, and an apparent shift away from the dominance of mining houses described in earlier studies to financial services companies in 2010 and retail companies in 2016. In the literature review the existence of a global elite in the structure of company boards was pointed out, and the question was asked whether there is any evidence of the existence of a similar elite in South Africa and, if so, whether there have been any changes in the makeup, characteristics or nature of such an elite from 2010 to 2016. Further, the question was asked whether any changes can be observed regarding the central actors of company boards in the local economic power network. The research results indicate that iii there was an apparent reversal of transformational gains towards the re-establishment of white male dominance in the ultra-elite echelons of directors in the South African network by 2016. In the absence of conclusive evidence emanating from this research, the value of director interlock is still hotly debated. Is the practice of director interlock beneficial or damaging to corporations and the wider economic landscape, or could it be both beneficial and damaging? This study provides conclusive evidence that the value of interlock depends on the way in which it is applied, taking into account how the causes, consequences and dynamics of director interlock are manifested in individual companies. While evidence suggests that director interlock, if applied correctly, can be beneficial, the recent Steinhoff debacle was used to illustrate that it can also be detrimental, depending on how it is applied. This study emphasised the value of social network theory, resource-dependence theory, agency theory, small-world theory and power dynamics, specifically in research into corporate governance and related fields of study. This research undoubtedly contributes to the body of knowledge on corporate governance in general and the structure and functioning of company boards, inclusive of director interlock, in particular. The guidelines that emerged from this study could be used to identify board structures and strategically positioned directorship candidates for board appointments and to avoid potentially destructive patterns that may even lead to corporate failure. / Maduzane nje, kuvele amahlazo ezinkampani ezinkulu zezezimali eNingizimu Afrika, lokhu okwenze ukuthi kuhlolwe kabusha inqubo nenkambiso yamanje yolawulo lwezinkanpani ezinkulu, kanti futhi lokhu kwavuselela ukuhlaziywa kwezikhungo zezolawulo lwezinkampani ezinkulu kanye nezindlela zokwenza lokhu. Enye yalezi zinkambiso, ukuhlala nokungenelelana kwabantu kumabhodi ezinkampani ezehlukene okuyinto ebizwa ngokuthi yi-"director interlock" iye yahlolisiswa kulolu cwaningo. Kusetshenziswe inqubo ye-quantitative ne-inductive kulolu cwaningo ukuhlolisisa izinkampani ezifakelwe kuhla lwe-Johannesburg Stock Exchange, kanye nodayirektha abakumabhodi azo ngesikhathi sokwenziwa kocwaningo, okusho ukusukela ngo 2010 ukuya kua 2016, ngenhloso yokubhekisisa imiphumela yenqubo yodayirektha abahlala kumabhodi amaningi ehlukene i-director interlock kwisimo seNingizimu Afrika. Kuye kwatholwa imithombo yolawulo iv lwezinkampani, inqubo ye-director interlock kanye nokuhlaziya ukuxhumana okwaziwa njenge-network analysis. Uhlaziyo lwama-network okuxhumana kwabantu kwe-social network analysis kwasetshenziswa ukuhlaziya kanye nokubheka ukujula nokwenza imephu yenhlobo kanye nobudlelwane bezakhiwo kunqubo ye-director interlock, namastatistiki kuzo zonke izinkampani ezifakelwe kuhla zaseNingizimu Afrika ngesikhathi esiphakathi kuka 2010 no 2016 ngenhloso yokubheka izimbangela kanye nemiphumela yezinguquko ezibhekiwe phakathi kuka 2010 no 2016, kanye nemphumela yalezi zinguquko kwinqubo yolawula lwezinkampani eNingizimu Afrika. Zombili izinkathi zenzeke maduzane ngemuva kweziyaluyalu zezezimali nokuncipha kwesimo somnotho, laphokhona, ngokuhambisana nobekwenzeka kuwo wonke umhlaba, kuye kwaba nokuqoqana kwesimo sezezimali kanye nokwehla kwezimo zomnotho kanye nosayizi bamabhodi ezinkampani okwakulindelwe. Umqondo wokuqoqela ndawonye, onemikhakha emithathu, wasetshenziswa ekuhlaziyweni kwamastatistiki okuxhumana kwabantu okwaziwa nge-statistical social network analysis. Le mikhakha kwakuyizinga lokuqoqana ndawonye okwaziwa nge-degree of centrality, okuyinkomba yamanani okuxhumana kwezinto kanye namazinga emisebenzi yenkanpani noma udayirektha, ukusondelana qokuqoqana ndawonye okwaziwa ngokuthi yi-closeness centrality, okuyinkamba yokusondelana kwenkampani noma udayirektha nezinye izinkampani noma abanye odayirektha kwi-network, kanye nenani lezinyathelo kuleyo nkampani noma udayirekha kwezinye izinkampani kanye nabanye odayirektha kwi-network, kanye nanokuxhumana phakathi kwabo, okuyisikali sokuxhumana kwenkampani noma udayirektha, nezinga lendlela inkampani noma udayirekha athatha ngalo izinyathelo njengomxhumanisi phakathi kokuxhumana nezinye izinkampani kanye nabanye odayirektha kwi-network. Imiphumela eyisimanga etholakele ngalolu cwaningo: kuye kwaba nokwenyuka kakhulu kosayizi bamabhodi esikhathini esiphakathi kuka 2010 no 2016, lokhu okubangele ukwenyuka kokujula kwama-network phakathi kuka 2010 no 2016, kanye nokugudluka ukusukela kubukhulu bezimayini ukuya kwizinkampani zezezimali ngo 2010 kanye nezinkampani zama-retail ngonyaka ka 2016. Ekubuyekezweni kwemibhalo ubukhona bama-elite kumhlaba wonkana kwizakhiwo zamabhodi kuye kwabona, kanti umbuzo owabuzwa ukuthi ngabe bukhona ubufakazi bobukhona bama-elite efanayo eNingizimu Afrika, uma kunjalo, ngabe kube khona ushintsho ngendlela ahleleke ngayo, ubunjalo noma inhlobo yalawo ma-elite ukusukela ngo 2010 ukuya ku 2016. Omunye umbuzo, owabuzwa, wukuthi ngabe noma yiziphi izinguquko ziyabonakala yini mayelana nababambiqhaza ababalulekile kumabhodi ezinkampani kuma-network anamandla kwezomnotho. Imiphumela yocwaningo ikhombisa ukuthi kwabanokuhlehla ngokuzuziwe kwezezinguquko, kwabuyelwa emuva ekubuseni kakhulu kwabesilisa abamhlophe v kwimikhakha ephezulu yama-elite odayirektha kuma-network aseNingizimu Afrika ngo 2016. Ngokusweleka kobufakazi obuphethakele obuvela kulolu cwaningo, ukubaluleka kwe-director interlock kusaxoxwa ngakho kakhulu. Ngabe i-director intelock inenzuzo noma ilimaza izinkampani kanye nesimo somnotho ngokunabile, noma kungenzeka ukuthi kwenzeka kokubili, ukubanenzuzo kanye nokulimaza? Lolu cwaningo luhlinzeka ngobufakazi obuphelele bokuthi ukubaluleka kwe-director interlock kuncike kwindlela okusetshenziswa ngayo, ngokubonelela izimbangela, imiphumela emibi kanye nama-dynamic endlela i-directoer interlock ebonakala nokuvela ngayo ezinkampanini ezehlukene. Ngisho noma ubufakazi bukhombisa ukuthi i-director intelock, uma isetshenziswa kahle, ingaba yinzuzo, kodwa ihlazo lamaduzane le-Steinhoff lisetshenziswe ukukhombisa ukuthi, lokhu kungaba ngokulimazayo, kuncike ngokuthi kusetshenziswa kanjani. Lolu cwaningo lukhombise ukubaluleka kwe-social network theory (ithiyori yobudlelwane bokuxhumana kanye nokwabelana ngolwazi), i-resource-dependence theory (ithiyori yokuthi ngabe imithombo yosizo yangaphandle ichapha0zela kanjani ukuziphatha kwenhlangano), i-agency theory (ithiyori yobudlelwane phakathi kwama-ejenti kanye nabaphathi), small-world theory (ithiyori yokuxhumana kwabantu bexhunyaniswa ngabanye noma eminye imikhakha yabaxhumanisi) kanye nama-power dynamic (ndlela amandla umuntu anawo nokuba nomthelela kwabanye abantu nokuchaphazela ubudlelwane babo), ikakhulukazi kucwaningo ngokulawulwa kwezinkampani ezinkulu kanye nemikhakha ehambelanayo yocwaningo. Ngaphandle kokungabaza, lolu cwaningo lunomthelela kwingqikthi yolwazi ngezolawulo lwezinkampani ezinkulu ngokunabile kanye nezakhiwo nokusebenza kwamabhodi ezinkampani, okubandakanya ukukungenelelana kodayirektha kwamanye amabhodi ezinye izinkampani, ikakhulukazi. Imikhombandlela evelile kulolu cwaningo ingasetshenziswa ukuphawula izakhiwo zamabhodi, kanye nobudayirektha obusemkhakheni ethize, ngokuqokwa kwamabhodi ukugwema ukuba namaphatheni anemiphumela emibi, engaholela nasekwehlulekeni kwezinkampani ezinkulu. Amagama abalulekile: Inqubo yebhodi, ukuchaphazelana kobudlelwane nemithelela kumabhodi, ukuhleleka ngezinhlobo kwamabhodi, ukungenelelana kwabantu kumabhodi ezinkampani ezehlukene, ubudlelwane phakathi kwabantu abakumabhodi ehlukene, i-isomorphism, i-social network analysis (SNA), ama-network obudlelwane babantu, ubudlelwane babantu, i-social network analysis software, i-statistical analysis system (SAS / Malobanyana, mahlabišadihlong a koporase a wetše tikologo ya ditšhelete ya Afrika Borwa, yeo e hlohleletšago go sekwasekwa leboelela ga ditlwaedi tša pušo ya dikgwebo le nyakišišo ye e mpshafaditšweng ya mekgwa ya diinstitšhušene tša pušo ya koporase. Se sengwe sa ditlwaedi tše, ke ponagalo ya go bitšwa “tlhatlaganyo ya molaodi”, mahlabišadihlong a nyakišišitšwe ka nyakišišong ye. Mokgwa wa khwalithethifi le taelo o šomišitšwe ka gare ga nyakišišo ye go nyakišiša dikhamphani tše di ngwadilwego lenaneong la Johannesburg Stock Exchange, le balaodi bao ba šomilego dibotong tša yona dinakong tše di nyakišišitšwego, e lego 2010 le 2016, ka morero wa go šetša ditlamorago tša tlhatlaganyo ya molaodi mo maemong a Afrika Borwa. Methopo ya maleba mabapi le pušo ya koporase, tlhatlaganyo ya molaodi le tshekatsheko di fihleletšwe. Tshekatsheko ya neteweke ya leago e dirišitšwe go sekaseka le go beakanya bogomo, tlhago le diphetogo tša sebopego tša tlhatlaganyo ya molaodi ka dipalopalo ka gare ga dikhamphani tša Afrika Borwa ka moka tše di ngwadilwego lenaneong mabapi le 2010 le 2016 ka kgopolo ya go ela hloko ditlholo le ditlamorago tša diphetogo tše di hlaotšwego gare ga 2010 le 2016, le dikhuetšo tše di kgonegang tša diphetogo tšeo tša pušo ya koporase ka Afrika Borwa. Dinako ka bobedi di diragetše kgauswinyana morago ga dinako tša mathata a ditšhelete goba kgolo ya ikonomi ye e phuhlamago, fao, ka go sepetšana le mekgwa ya lefase ka bophara, kopantšho ya ditšhelete le kgonagalo ya phokotšego ya ditiro tša ikonomi le bogolo bja diboto tša dikhamphani di tla letelwa. Kgopolo ya bogare, ya go bopša ka dikarolo tše tharo, e šomišitšwe ka tshekatshekong ya neteweke ya leago ya dipalopalo. Dikarolo tše e be e le bogare bja bogolo, tšeo e lego taetšo ya palo ya dikgokagano le bogolo bja tiro ya khamphani goba molaodi go dikhamphani tše dingwe ka gare ga neteweke, le bogare bja kelo, tšeo e lego kelo ya bogare bja khamphani goba molaodi le bokgole bjoo khamphani goba molaodi a šoma bjalo ka leporogo mo gare le go kgokagana le dikhamphani tše dingwe tše di nago le kgokagano ye botse le balaodi ka gare ga neteweke. Dikutullo tše di latelago tša go goga šedi di tšweletše go tšwa nyakišišong ye: koketšego ye kgolokgolo ya bogolo bja boto bja palo gare ga 2010 le 2016, koketšego ye e hlotšwego ka pitlaganong ya dineteweke gare ga 2010 le 2016, le tšhutišo ya go hlaka go tšwa go taolo ya dintlo tša moepo tše di hlalositšwego ka dinyakišišong tša pele go dikhamphani tša ditirelo tša ditšhelete ka 2010 le dikhamphani tša retheile ka 2016. Ka tshekatshekong ya dingwalo go ba gona ga bahuetši ba lefase ka sebopegong sa diboto tša khamphani di laeditšwe, gomme potšišo e botšišitšwe ge eba go na le bohlatse bofe goba bofe bja bahuetši ba go swana ka Afrika Borwa gomme, ge go le bjalo, ge eba go bile le diphetogo dife goba dife ka gare ga popego, dipharologantšho goba tlhago ya bahuetši ye vii bjalo go tloga ka 2010 go fihla ka 2016. Gape, potšišo e botšišitšwe ge eba diphetogo dife goba dife di ka bonwa mabapi le diketapele tša diboto tša khamphani ka netewekeng ya maatla a ikonomi ya tikologo. Dipoelo tša dinyakišišo di laetša gore go be go na le poelomorago ye e hlakileng ya dipoelo tša phetošo go ya go tlhomo leswa ya taolo ya banna ba bathobašweu ka gare ga maemo a go feta tekanyo a bahuetši a balaodi ka netewekeng ya Afrika Borwa 2016. Ka go hlokega ga bohlatse bja mafelelo bja go tšwa nyakišišong ye, boleng bja tlhatlaganyo ya molaodi bo sa ntše bo ngangišanwa kudu. Setlwaedi sa tlhatlaganyo ya molaodi se na le mohola goba se senya dikoporase le ponagalo ya ikonomi ye e nabilego, goba se ka ba bobedi sa mohola le go senya? Nyakišišo ye e fa bohlatse bja mafelelo bja gore boleng bja tlhatlaganyo bo laolwa ke tsela yeo bo šomišwago ka yona, go akaretšwa ka fao ditlholo, ditlamorago le diphetogo tša tlhatlaganyo ya molaodi di bago gona khamphaning e tee ka e tee. Mola bohlatse bo šišinya gore tlhatlaganyo ya molaodi, ge e šomišitšwe ka nepagalo, e ka ba le mohola, bothata bja malobanyana bja Steinhoff bo šomišetšwe go laetša gore gape bo ka ba kotsi, go ya ka fao bo šomišitšwego. Nyakišišo ye e gatelela boleng bja teori ya neteweke ya leago, teori ya boikanyo bja methopo, teori ya etšentshi, teori ya lefase le lenyane le diphetogo tša maatla, gagolo ka dinyakišišong tša pušo ya koporase le makala ao a amegago a nyakišišo. Nyakišišo ye ntle le pelaelo e kgathatema go tsebo ya mmele go pušo ya koporase ka kakaretšo le sebopego le go šoma ga diboto tša khamphani, go akaretšwa tlhatlaganyo ya molaodi, gagolo. Melawana ya tshepedišo ye e tšweletšeng go tšwa nyakišišong ye a ka no šomišwa go hlaola dibopego tša boto le bonkgetheng ba bolaodi ba go beelwa go thwalwa ga boto ka maikemišetšo le go efoga diphethene tše di nago le kgonagalo ya go senya tšeo gape di kago iša go palelwa go koporase / Business Management / D. B. L.