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

A research report submitted to the faculty of management, University of the Witwatersrand, in 25% fulfilment of the requirements for the degree of Master of Management (in the field of Public and Development Management). / This research examines the existence and the degree of compliance and adherence to corporate governance processes and practices in the South African Broadcasting Corporation (SABC). Its purpose was to examine whether the SABC as an institution has any corporate governance standards, and if those standards exist, whether they are adhered to, and the role of management in advancing or hindering organisational effectiveness. This research followed an interpretative social science approach. The approach adopted by the study is a qualitative approach. Data was collected through semi-structured interviews using purposive sampling. Three critical findings emerged from the study. First, that the SABC does have the right corporate governance internal systems, but fails to comply with them. Secondly, there is lack of effective leadership and stability in the SABC. The continuous change of senior strategic managers, with six Chief Executive Officers and four different boards of directors within the period of five years that the research focuses on has been detrimental to the institution’s stability. Thirdly, the nature of the relationship between the SABC and the government has compromised the organization. Based on the findings, the conclusions of this study are that the SABC leadership and management have failed to apply proper corporate governance standards, due to the weak leadership structure, and in some cases due to external factors such as the influence of government in the operations of the organization. The prevailing current situation has impacted on the effective implementation of corporate governance. The study recommends that the organization reviews its corporate governance practices and commit to acceptable corporate governance standards. / GR2018

This study examines the influence of working capital management components on the profitability of South African firms listed on the Johannesburg Stock Exchange (“JSE”). In addition, the study investigates how the influence of the selected working capital management components changes as macroeconomic conditions change. The study used accounting based secondary data obtained from I-Net Bridge and BF McGregor for 254 firms from 2004 to 2010. The Pooled Ordinary Least Squares (“OLS”) regression models were used in the analyses. The key findings from the study indicate the following: (1) that there exists a significant negative relationship between the net time interval between actual cash expenditures on a firm‟s purchase of productive resources and the ultimate recovery of cash receipts from product sales (cash conversion cycle) and profitability. This negative relationship suggests that managers can create value for the shareholders of the firm by reducing the cash conversion cycle; (2) that there exists a significant negative relationship between days sales in receivables and profitability. This indicates that slow collection of accounts receivables is associated with low profitability and suggests that corporate managers can improve profitability by reducing credit period granted to their customers; (3) that an increase in the length of a firm‟s cash (operating) cycle tends to increase profitability during an economic recession than during an economic boom. This result indicates that firms adopt a more generous trade credit policy during an economic recession than during a boom in an attempt to boost sales which would ordinarily dwindle during a recession. The implication of this positive relationship in comparison with a negative relationship between the normal cash conversion cycle and profitability is that corporate managers need to streamline their trade credit policy and change it accordingly as the macroeconomic environment changes in ensuring that the company‟s sales are not adversely impacted as economic conditions change. Furthermore, the study finds that there exists a highly significant negative relationship between profitability and the following respective ratios: days payables outstanding, current ratio, and capital structure. The negative relationship found between profitability and debt to equity ratio (used as a proxy for capital structure) indicates that South African firms‟ profitability tends to decrease at excessively high and increasing levels of debt.

The relationship between finance and the real economy which has been the subject of centuries old debates, gained renewed prominence with the relative and unprecedented growth of the financial sector over the last few decades. Finance has changed not only in terms of its size compared to other sectors, but also in terms of the nature of its products, and how it affects outcomes in the real economy. This has become known as financialisation. Research in other places has shown that the financial sector has grown at the expense of the real economy, as it has negatively impacted real investment. This occurred against the backdrop of non-financial corporations (NFCs) diverting more of their surpluses to the financial sector in the form of financial payout and financial investment. This research project studies the relationship between financialisation and the real economy in South Africa. Using aggregated data of all listed firms (with the exception of financial companies) on the Johannesburg Stock Exchange between 1971 and 2012 the impact of financialisation on real investment is empirically tested. Two channels in the form of financial payout (dividend and interest payments) and financial income (dividend and interest income) through which funds flow between the real economy and finance are analysed. We find that increased financial activity by NFCs may have a negative impact on real capital investment. Financial income presents more robust results than financial payout which may be an indication that the crowding out effect is a serious problem in South Africa.

Mergers and acquisitions (M&As) of private target firms is a common phenomenon and being acquired is the desired outcome for some private firms, as it is the path to wealth creation for these firm’s owners and investors. However, this M&A type has received limited attention in the literature, especially from the perspective of the target firm. Furthermore, neither a theoretical model to explain the phenomenon where the goal of the target firm is to be acquired in M&A, nor an indicator to gauge wealth creation for such firms were identified in the review of the literature. This paper established that, because being acquired in a M&A may be the goal, the wealth generated from the M&A is the outcome or performance indicator for such firms. The outcomes of M&As depend, among other factors, on the acquiring firm’s perception of the target firm’s value. Thus, this paper coined the term ‘private firm’s attractiveness as an acquisition target’, and built on the resource based view of the firm and signaling theory to identify factors that influence a private firm’s attractiveness to acquirers. Furthermore, private firm’s attractiveness as an acquisition target was used as the bridge between the acquiring firm perspective and target firm perspective in a M&A. The resource-based view of the firm and the signaling theory were used jointly in building the theoretical framework for hypotheses development. Hypotheses were tested using a sample of 222 acquisitions of US private target firms by US public acquiring firms. Hierarchical regression with inverse mills ratio, as well as two-step Heckman model were used to address the potential selection hazard. Results provided strong support for most hypotheses, and showed that investor involvement, target firm’s industry innovativeness, and target firm’s emphasis on growth in human capital were positively related to the private firm’s attractiveness as an acquisition target. Furthermore, the effects of emphasis on growth in human capital were stronger when the target firm’s growth in revenue was lower and when the target firm operated in a more innovative industry. The effects of emphasis on growth in revenue were stronger when the target firm operated in a less innovative industry. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2018. / FAU Electronic Theses and Dissertations Collection

by Chan Wai Wong, Cheung Che Yan Vivian. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 39-40). / ABSTRACT --- p.ii / ACKNOWLEDGEMENTS --- p.iv / TABLE OF CONTENTS / LIST OF TABLES --- p.vi / LIST OF FIGURE --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / """Blue Chip"" Companies" --- p.3 / """Red Chip"" Companies" --- p.4 / Chapter II. --- LITERATURE REVIEW --- p.6 / Optimal Capital Structure --- p.6 / Pecking Order Theory --- p.8 / Study on Capital Structure of Hong Kong Companies --- p.11 / Chapter III. --- DATA AND METHODOLOGY --- p.13 / Chapter IV. --- RESULTS AND FINDINGS --- p.17 / Pattern and Trend of Debt / Equity Ratios --- p.17 / Empirical Test of Pecking Order Application in Hong Kong --- p.23 / Blue Chip Companies --- p.23 / Red Chip Companies --- p.28 / Chapter V. --- CONCLUSION --- p.34 / APPENDIX --- p.36 / BIBLIOGRAPHY --- p.39

by Sek Ngo Chi, Tam Kin Sang Samson. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaf 38). / Acknowledgment --- p.5 / Chapter I. --- Introduction --- p.6 / Chapter II. --- Long-term objectives for Mergers and Acquisitions --- p.15 / Chapter III. --- Data Source and Terms --- p.21 / Chapter IV. --- Statistical Summary and Characteristics of Deals --- p.22 / Chapter V. --- Literature Review on Stock Market Reactions --- p.29 / Chapter VI. --- Stock Market Reactions --- p.30 / Chapter VII. --- Effects of Payment methods on M&A transactions --- p.33 / Conclusion --- p.37 / References --- p.38 / Appendices --- p.39

by Chan, Cheuk-Wah. / Thesis submitted in: August 1997. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references. / Abstract also in Chinese. / Chapter CHAPTER ONE --- p.1. / Chapter 1.1.-- --- The main theme / Chapter 1.2. -- --- Theoretical background / Chapter 1.2.1. -- --- The proper role of the state in the economy / Chapter 1.2.2. -- --- Conception of the development state / Chapter 1.2.3. -- --- Politics of defining the role of the state / Chapter 1.2.4. -- --- The relative autonomy of the state / Chapter 1.2.5. -- --- "The ISH Model-- Institutions, Strategic actions of agents, Historical contingencies" / Chapter 1.2.6. -- --- The ISH Model and the economic dynamics in Hong Kong / Chapter CHAPTER TWO --- p.22. / Chapter 2 -- --- "Historical Background, Contingency and International Hurricane (from the mid of 1940s to the mid 1950s)" / Chapter 2.1. -- --- Introduction / Chapter 2.2. -- --- Historical background / Chapter 2.3. -- --- Conflicts between China and the West (Korean War and Cold War) / Chapter 2.4. -- --- Hong Kong's fluctuating economy and the colonial minimal government / Chapter CHAPTER THREE --- p.44. / Chapter 3. --- The Dynamics of the Process of Economic Restructuring and the Strategies of the Industrialists (1950s-60s) / Chapter 3.1. -- --- Introduction / Chapter 3.2. -- --- The path of economic restructuring / Chapter 3.2.1. -- --- Profile of textiles industry / Chapter 3.2.2.-- --- rofile of clothing industry / Chapter 3.2.3. -- --- Profile of toys and plastic industry / Chapter 3.3.-- --- Strategies of the Chinese industrialists / Chapter CHAPTER FOUR --- p.62. / Chapter 4. --- Hong Kong Government's Role and Selective Interventions in the Economy / Chapter 4.1. -- --- Introduction / Chapter 4.2. -- --- Monetary/fiscal policy with colonial bias / Chapter 4.3. -- --- Housing policy / Chapter 4.4. -- --- Investment and trade promotion / Chapter 4.5. -- --- Land and infrastructure development / Chapter 4.6. -- --- Influences on the prices and supplies of foodstuffs / Chapter 4.7. -- --- Productivity and quality support services / Chapter 4.8. -- --- Inadequate research and development policy / Chapter 4.9. -- --- Absence of industrial bank and few financial incentives for Industries / Chapter 4.10. -- --- Deficiency in manpower training for manufacturing / Chapter CHAPTER FIVE --- p.83. / Chapter 5. --- The Dominance of British Hongs' in Hong Kong / Chapter 5.1. -- --- Introduction / Chapter 5.2. -- --- The historical foundation of the British Hongs in Hong Kong and its political implication / Chapter 5.3. -- --- Dominance of the British hongs in Hong Kong in the period of1950-70 / Chapter 5.4. -- --- "The business activities of the Jardines, Matheson and Co. Ltd. in Hong Kong" / Chapter CHAPTER SIX -- --- CONCLUSION --- p.102.

U.S. multinational corporations are well known for shifting income to low tax foreign subsidiaries to avoid U.S. income tax. Yet little is known about how multinational corporations opportunistically use low tax foreign subsidiaries for financial reporting purpose. Understanding this question has implications for U.S. accounting regulators to set enforcement targets. Using worldwide consolidated financial statements, I examine the role of taxes for multinational corporations to manage earnings in foreign subsidiaries. I find that by managing earnings in low tax foreign countries, multinational corporations can reduce the effective tax rate on pretax accrual earnings by an average of 4.3%. To examine the implication of opportunistic foreign earnings management on investors' equity valuation, I find evidence that investors do not seem to overvalue foreign managed earnings compared to domestic managed earnings, though foreign earnings are on average valued higher than domestic earnings.

Thesis. 1975. M.S.--Massachusetts Institute of Technology. Alfred P. Sloan School of Management. / Bibliography: leaves 83-86. / M.S.