Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: Corporate alliances have never been stronger than in the current environment. The more people that have access to the organisation’s products and services the better. Success is achieved through alliances with partners, direct contact with customers and collaboration with competitors. Today the focus is on identifying customer demands and integrating those demands across all business processes. Based on the above statements it is clearly evident that forward thinking organisations must develop deeper relationships with strategically identified customers. For organisations in general (buyers and suppliers) B2B e-commerce potentially offer the solution to strengthened customer relationships. The main aim of the study is to provide organisations entering the world of B2B collaborative commerce with a high level business orientated framework of the many and varied factors that influence a B2B journey. The study provides an understanding of global themes influencing e-business development such as globalisation, innovation and increased customer demands and relates these themes to current technology trends facing the buyers and suppliers of goods or services. Without such high level indicators organisations would lack a “compass” by which to navigate the treacherous waters of a B2B e-commerce journey. To create a deeper understanding of the B2B environment the study project discusses a concept coined by Oracle Corporation that breaks B2B relationships into four functional domains, modes or “sides”. They are the buy and sell sides, inside-common and infrastructure. The concept focuses on application functions, interfaces, and technical architecture and design. This is followed by an assessment of B2B operating models, a definition of B2B e-commerce and its association with Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT). Risk management is an ongoing issue in the e-landscape. Understanding e-business risks and creating trading environments that limit these risk factors are key considerations. Developing e-trust principles, information management and a security framework are the topics under discussion in chapter four. The Chapter five starts with a comparative review of a study indicating that most organisations go through four stages prior to reaching the Internet endgame. Organisations keen to develop B2B e-commerce solutions should have a thorough understanding of where in the e-lifecycle the organisation is. This is followed by a discussion on how a KPMG Consulting methodology can chart organisational NetReadiness. The NetReadiness Score Card is a tool utilised to test four parameters within the organisation, namely leadership, governance, organizational competencies and technology. The analysis of the parameters provides prescriptive recommendations that can easily be practically applied. The writer is of the opinion that with clear indications of major growth in B2B e-commerce volumes and the substantial resources that organisation are investing in the e-business environment, the study’s relevance is unquestionable. Given the current environment, the study forms the foundation for explorative, qualitative research in the field of B2B e-commerce. / AFRIKAANSE OPSOMMING: Korporatiewe alliansies was nog nooit so sterk soos in die huidige omgewing nie. Hoe meer mense toegang tot ‘n organisasie se produkte en dienste het, hoe beter. Sukses word bewerkstellig deur alliansies met vennote, regstreekse kontak met kliënte en samewerking met mededingers. Vandag is die fokus op die identifisering van kliëntevereistes en die integrasie van daardie vereistes oor alle sakeprosesse heen. Gegrond op bogenoemde stellings is dit duidelik dat progressiewe organisasies sterker verhoudings met strategies geïdentifiseerde kliënte moet ontwikkel. Vir organisasies oor die algemeen (kopers en verskaffers) bied besigheid-tot-besigheid-e-handel potensieel die oplossing tot sterker kliënteverhoudings. Die hoofdoel van die studie is om organisasies wat die wêreld van besigheid-tot-besigheid medewerkende handel betree ‘n hoëvlakbesigheidsgerigte raamwerk te bied van die talle verskillende faktore wat ‘n besigheid-tot-besigheid-proses beïnvloed. Die studie verskaf ‘n begrip van internasionale temas, soos globalisering, innovasie en groter kliëntevereistes, wat die ontwikkeling van e-handel beïnvloed, en bring hierdie temas in verband met huidige tegnologietendense waarmee die kopers en verskaffers van goedere en dienste te kampe het. Sonder sulke hoëvlakaanwysers sal organisasies nie ‘n “kompas” hê waarmee hulle die gevaarlike waters van ‘n besigheid-tot-besigheid-e-handelsreis kan aandurf nie. Ten einde ‘n beter begrip van die besigheid-tot-besigheid-omgewing te bewerkstellig, word ‘n begrip bespreek wat deur Oracle Corporation geskep is en wat besigheid-tot-besigheid-verhoudings in vier funksionele domeine, modusse of “kante” opdeel, naamlik die koop- en verkoopkante, interne gemeenskaplike domein en infrastruktuur. Die begrip fokus op toepassingsfunksies, koppelvlakke en tegniese argitektuur en ontwerp. Dit word gevolg deur ‘n evaluering van besigheid-tot-besigheid-bedryfsmodelle, ‘n omskrywing van besigheid-tot-besigheid-e-handel en die verbinding daarmee met Elektroniese Data-uitruiling (EDI) en Elektroniese Fondsoorplasing (EFT). Risikobestuur is ‘n deurlopende vraagstuk in die e-omgewing. ‘n Begrip van e-handels-risiko’s en die skepping van handelsomgewings wat hierdie risikofaktore beperk, is belangrike oorwegings. Die ontwikkeling van e-vertrouensbeginsels, inligtingsbestuur en ‘n sekuriteitsraamwerk is die onderwerpe wat in Hoofstuk 4 bespreek word. Hoofstuk 5 begin met ‘n vergelykende oorsig van ‘n studie wat aantoon dat die meeste organisasies deur vier stadiums gaan voordat die Internet-eindspel bereik word. Organisasie wat gretig is om besigheid-tot-besigheid-e-handelsoplossings te ontwikkel, behoort ‘n deeglike begrip te hê van waar in die e-lewensiklus die organisasie is. Dit word gevolg deur ‘n bespreking oor hoe ‘n KPMG-konsultasiemetodologie organisatoriese NetGereedheid kan bepaal. Die NetGereedheidstelkaart is ‘n instrument wat gebruik word om vier parameters binne die organisasie, naamlik leierskap, regering, organisasiebevoegdhede en tegnologie, te toets. Die ontleding van die parameters verskaf voorskriftelike aanbevelings wat maklik in die praktyk toegepas kan word. Die skrywer is van mening dat met duidelike aanduidings van sterk groei in besigheid-tot-besigheid-e-handelsvolumes en die aansienlike hulpbronne wat organisasies in die e-handelsomgewing belê, die relevansie van die studie onbetwisbaar is. Gegewe die huidige omgewing vorm die studie die fondament vir ondersoekende, kwalitatiewe navorsing op die gebied van besigheid-tot-besigheid-e-handel.

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: Matrix organizations still remain a successful competitor in a hyper networked and borderless world. Matrix organizations are a multidimensional structure that tries to maximize the strength of a functional organization and minimize the weaknesses of both the project and functional organizations. It combines the vertical hierarchical structure with a horizontal structure of an input coordinator and provides advantages in terms of creativity, innovation, integration of knowledge and responsiveness to customer needs (Stebbins, Sena & Shani, 1997: 1). Project managers in a matrix organization have control over three factors: what has to be done, when it must be done, and how much in terms of resources must be dedicated to the project. The probable risk here is that the project manager may become isolated from a technical foundation and loss the technical skills that is needed to manage the matrix organization effectively. Some of the other key issues in a matrix organization is the "two bosses" or sharing of authority, the difficult balance between the organizations need for cost effectiveness and the project manager's need to achieve perfection and the problems associated with the resources and functional managers' reluctance to give up these resources. The solution for most of these problems is that the project manager should have sufficient authority in the organization and the back up and support of top management. The project manager of the matrix organization needs the personal skills to effectively communicate and motivate the project team and allow for greater collaboration among differing functional specialties, and political skills to handle all the relevant stakeholders. The transition into a predominantly knowledge-based economy with knowledge workers manning the workstations, the need for managing interpersonal complexity at work is also driving the matrix. The discipline of matrix management, however, remains more an art than a science. / AFRIKAANSE OPSOMMING: Matriks organisasies is nog steeds 'n suksesvolle mededinger in 'n wereld met netwerke sonder grense. Matriks organisasies is multi-dimensionele strukture wat probeer om die sterk punte van funksionel organisasies te maksimaliseer en die swak punte te minimaliseer van beids projek en funksionele organisasies. Dit kombineer die vertikale hierargiese strukture met die horisontale strukture van 'n koordineerder wat verantwoordelik is vir insette, en voorsien voordele in terme van kreatiwiteit, innovering, integrasie van kennis en reaksie op wat kliente benodig (Stebbins, Sena & Shani, 1997: 1 ). Projekbestuurders in 'n matriks organisasie het beheer oor drie faktore: wat moet gedoen word, wanneer moet dit gedoen word en hoeveel, in terme van hulpbronne, moet toegewys word aan die projek. Die moontlike risiko is dat die projekbestuurder geisoleer kan word van 'n tegniese grondslag en die tegniese vaardigheid, wat nodig is om die matriks organisasie effektief te bestuur, verloor. Sommige van die ander belangrike punte in 'n matriks organisasie is die "twee hoofde"of die gedeelde autoriteit, die moeilike balans tussen die organisasie se noodsaaklikheid van koste effektiwiteit en die projek bestuurder se strewe na volmaakheid, asook die probleme wat geassosieer word met die hulpbronne en die funksionele bestuurder se huiwering om dit op te gee. Die oplossing van die meeste van hierdie probleme is dat die projekbestuurder voldoende autoriteit moet hê in die organisasie en die ondersteuning van die top bestuur. Die projekbestuurder van die matriks organisasie benodig die persoonlike vaardigheid om effektief met die projekspan te kommunikeer en hul te motiveer. Groter samewerking tussen die verskillende funksionele spesialiteite moet toe gelaat word en die projek bestuurder benodig ook die politieke vaardigheid om alle relevante insethouers te hanteer. Soos die verandering plaasvind in 'n hoofsaaklike kennis gebaseerde ekonomie met opgeleide werkers wat die werkstasies beman, word die matriks ook gedryf deur die behoefte om interpersoonlike gekompliseerdheid te bestuur. Die disipline van matriksbestuur is meer 'n kuns, as 'n wetenskap.

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: Presents an empirical investigation into the nature of entrepreneurship and emotional intelligence components of leadership. Describes relationship between entrepreneurship and emotional intelligence as perceived by middle management Sales Managers. Relationships between key performance indicators (sales turnover, sales growth, debtors days and years' experience) and respective entrepreneurship/emotional intelligence constructs are defined. By applying statistical evaluation methods (reliability analyses, correlation analyses and comparative analyses) this research adds to existing knowledge in this field by defining middle management perspectives of the entrepreneurship and emotional intelligence components of leadership. Analysis shows a highly significant correlation between the entrepreneurship and emotional intelligence constructs of leadership, which emphasises the importance of entrepreneurship and emotional intelligence in the business environment. Emotional intelligence construct correlates significantly with sales turnover. Draws implications for training and development of emotional intelligence characteristics of sales leaders. Analysis shows no significant relationships between entrepreneurship and emotional intelligence constructs and sales growth or debtors days. Concludes with recommendations for emotional intelligence and entrepreneurship training and development. Keywords: Entrepreneurship Emotional intelligence Leadership / AFRIKAANSE OPSOMMING: Empiriese navorsing wat die aard en wese van entrepreneurskap en emosionele intelligensie as komponente van leierskap beskryf, word aangebied. Perspektiewe van middelvlak Verkoopsbestuurders rakende die verwantskap tussen entrepreneurskap en emosionele intelligensie word beskryf. Verwantskappe tussen sleutel prestasie aanwysers (verkoopsomset, groei in verkope, debiteure dae en jare ervaring) en entrepreneurskap/emosionele intelligensie konstrukte word gedefinieer. Deur middel van statistiese evaluasie tegnieke (betroubaarheidsanalise, korrelasie analise en vergelykende analise) dra hierdie navorsing by tot bestaande kennis in hierdie domein deur die persepsies van middelbestuur rakende die entrepreneurskap en emosionele intelligensie komponente van leierskap te beskryf. Die resultate beskryf In hoogs betekenisvolle verwantskap tussen die entrepreneurskap en emosionele intelligensie konstrukte van leierskap. Die resultate beklemtoon dus die belangrikheid van entrepreneurskap en emosionele intelligensie in die sake omgewing. Emosionele intelligensie korreleer betekenisvol met verkoopsomset. Dui op implikasies vir die opleiding en ontwikkeling van emosionele intelligensie eienskappe van leiers in verkope. Studie toon geen betekenisvolle verwantskappe tussen entrepreneurskap en emosionele intelligensie konstrukte en groei in verkope of debiteure dae nie. Ten slotte word aanbevelings gemaak rakende opleiding en ontwikkeling van entrepreneurskap en emosionele intelligensie eienskappe. Sleutelwoorde: Entrepreneurskap Emosionele intelligensie Leierskap

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The study project examines the concept of information technology (IT) outsourcing to external service providers. It is a relatively new concept in the South African scenario and there are many risks associated with the process that can cause a company to loose large amounts of money if outsourcing is not done right. The study project will aim to examine the most important aspects regarding IT outsourcing in order to reduce the risks associated with the process. The definition of IT outsourcing is the practice of transferring an organisation's computer centre operations, telecommunications networks, or applications development to external vendors of these services. There are different variations of outsourcing applicable to IT, for example: contracting out, outsourcing, in sourcing and co-sourcing. Companies have different reasons for outsourcing and the risks associated with the process have to be taken into account when embarking on an outsourcing initiative. With IT outsourcing there are different services that can be outsourced, for example: mainframe services, desktop computer services, security services and different application services. The decision to outsource a specific area of IT is a strategic issue and the risks, costs, and selection of the service provider are all very important factors to take into account. One of the main factors that any company should take into account when embarking on a big initiative is of course costs. The aim is the reduction of costs of the specific outsourced area. Therefore the necessary measures need to be in place to measure costs before and after the outsourcing process. It could happen that the outsourcing process do not provide the reduced cost benefits envisaged initially. This could be due to hidden costs that were not taken into account when the outsourcing initiative was planned. Normally the outsourcing process is driven by a structured project and numerous important factors need to be taken into account when managing the whole process. The factors include: the vendor evaluation process, setup of the service level agreement, the request for proposal, relationship with the supplier, communication of the whole process inside the company, the contract between the two parties, and the transition period with the measuring of results thereafter. The current IT skills shortage in South Africa is causing companies to rethink their IT strategies and make use of external service providers to supply them with the necessary skills to get the job done. The research illustrates this fact that IT consulting has one of the highest adoption rates currently and with regard to the future. Full blown outsourcing is still a relatively new concept in South Africa and companies will only adopt the concept as soon as it has proved to be successful and cost effective. As mentioned it is important that a structured methodology should be used to drive an outsourcing process. It is important that the approach is structured around proven project management principles with the correct measures in place to support and sustain the whole process. Outsourcing of IT services is a strategic decision that a company must take and the risks associated with the process mean that it must be planned and executed very carefully. Outsourcing has various risks associated with it like the appointment of the wrong service provider. However, the outsourcing process can also have its merits and the most important of these are most probably lower costs, new IT skills, and better service. The shortage of IT skills in South Africa makes the idea of outsourcing more and more attractive because of the fact that companies can now "buy" the skills without having to commit to long term permanent employment contracts for permanent staff. / AFRIKAANSE OPSOMMING: Die navorsingsverslag handel oor die konsep van uitkontraktering van inligtingstegnologie(IT) dienste aan eksterne diensverskaffers. Aangesien dit 'n relatiewe nuwe tendens in Suid Afrika se IT bedryf is, en die risiko bestaan dat 'n maatskappy groot geldelike verliese kan ly indien dit nie reg aangepak word nie, word daar gepoog om na die belangrikste aspekte van uitkontraktering te kyk om die risikos daaraan verbonde so laag as moontlik te hou. Die definisie van IT uitkontraktering is die oordrag van 'n organisasie se rekenaar sentrum operasies, telekommunikasie netwerk, of toepassing ontwikkeling na 'n eksterne verskaffer van hierdie dienste. Daar is verskillende variasies van uitkontraktering van toepassing op IT soos byvoorbeeld: uitkontraktering, inkontraktering, en gesamentlike kontraktering. Maatskappye het verskillende redes om 'n diens uit te kontrakteer en die risikos verbonde aan die proses moet sorgvuldig in gedagte gehou word wanneer die uitkontrakteringsproses aangepak word. Met IT uitkontraktering is daar verskillende dienste wat uitgekontrakteer kan word soos byvoorbeeld: hoofraam dienste, persoonlike rekenaar dienste, sekuriteitsdienste en verskeie rekenaar applikasie dienste. Die besluit om 'n spesifieke area van IT uit te kontrakteer is 'n strategiese kwessie vir die maatskappy en die risikos, kostes en keuse van eksterne diensverskaffer is almal baie belangrike faktore wat in gedagte gehou moet word. Een van die vernaamste faktore wat enige maatskappy in ag behoort te neem wanneer 'n groot inisiatief aangepak word, is natuurlik kostes. Die doel van uitkontraktering is om die kostes van die spesifieke area te verlaag. Daarom moet die nodige maatreëls in plek wees om die kostes vooraf en na die uitkontrakteringsproses te meet. Die uitkontraktering inisiatief kan die maatskappy egter baie duur te staan kom en glad nie die koste voordele bied wat aanvanklik beplan is nie. Dit kan wees as gevolg van verskuilde kostes wat nie met die beplanning van die proses in ag geneem is nie. Gewoonlik word die uitkontrakteringsproses gedryf deur 'n gestruktureerde projek en verskeie belangrike faktore moet in ag geneem word vir die hele proses. Die faktore sluit in: die evaluasieproses om die regte diensverskaffer aan te stel, die opstel van die regte dokumentasie in terme van die diensvoorstel voorlegging, verhouding met die diensverskaffer, die opstel van die diensvlak ooreenkoms, kommunikasie oor die hele proses binne die maatskappy, die kontrak tussen die twee partye, oorgangstadium en die meting van voordele daarna. Die huidige tekort aan IT vaardighede in Suid Afrika veroorsaak dat maatskappye hul IT strategie moet herdink en die opsie van eksterna diensverskaffers wat die nodige vaardighede kan verskaf, oorweeg word. Die studie illustreer hierdie feit dat IT konsultasie een van die hoogste vlakke van ingebruikneming tans en vir die toekoms het. Volledige IT funksie uitkontraktering is nog 'n relatiewe nuwe konsep in Suid Afrika en maatskappye sal slegs die idee aanneem sodra uitkontraktering as suksesvol en koste effektief bewys is. Soos reeds genoem is dit belangrik dat 'n gestruktureerde metodologie gebruik word om 'n uitkontrakteringsinisiatief te dryf. Dit is belangrik dat die aanslag geskoei is rondom bewese projekbestuursbeginsels en dat die regte maatreëls getref is om die proses te ondersteun. Uitkontraktering van IT dienste is 'n strategiese besluit wat 'n maatskappy moet neem. Die risikos daaraan verbonde veroorsaak dat die beplanning en aanpak van die proses baie deeglik en noukeurig gedoen moet word. Uitkontraktering het verskeie risikos soos om die verkeerde eksterne diensverskaffer te kies, maar kan ook voordelig vir die maatskappy wees en die grootste voordele wat 'n maatskappy kan verwag is verlaagde kostes en nuwe IT vaardighede. Die probleem van 'n tekort aan goed opgeleide IT personeel in Suid Afrika maak die idee van uitkontraktering al meer aanlokliker omdat dit 'n goeie manier is om goeie vaardighede in te "koop".

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The purpose of the study is to determine whether organisational culture has an effect on the effectiveness of project management, and if project managers have a specific preference in terms of organizational culture in order to enable them to be successful. The empirical research was done by sending questionnaires to practising project managers who passed a course in project management at the University of Stellenbosch Business School in the period 2000 to 2003. The questionnaire is based on the Competing Values Framework (Cameron & Quinn, 1999: 20). The findings show that different organisation cultures do exist in organisations that experience different levels of effectiveness in project management. Furthermore the preferred culture appears to be a combination of clan-, adhocracy-, market- and to a lesser extent hierarchy cultures (the four quadrants in the Competing Values Framework). The presence of clan culture indicates a strong need for loyalty and support, cohesion and high morale, sensitivity towards clients and colleagues, teamwork, participation and consensus. In the tendency towards adhocracy culture there is a need for flexibility, individual initiative, risk taking, experimentation, innovation and freedom. The strong tendency towards market culture indicates an external focus with a high measure of stability and control, as well as a goal and results orientation, an emphasis on winning and hard-driving competitiveness. The relatively low score in hierarchy culture indicates a limited need for stability and control by means of structure, policies, procedures and dependable delivery. The conclusion is that there is a relationship between organisation culture and the effectiveness of project management, and that there are specific preferences for an organizational culture that will, in the perception of project managers, positively impact on project management. / AFRIKAANSE OPSOMMING: Die doel van die studie is om te bepaal of organisasiekultuur wel die effektiwiteit van projekbestuur beïnvloed, en of projekbestuurders 'n sekere voorkeur het in terme van die organisasiekultuur ten einde hulle in staat te stel om suksesvol te wees. Die empiriese ondersoek is gedoen deur vraelyste te stuur aan praktiserende projekbestuurders wat 'n kursus in projekbestuur aan die Universiteit Stellenbosch Bestuurskool geslaag het in die periode 2000 tot 2003. Die vraelys gebruik is gebaseer op die Competing Values Framework (Cameron & Quinn, 1999: 20). Die bevindings is dat verskille in organisasiekulture bestaan in organisasies wat verskillende mates van effektiwiteit in projekbestuur ervaar. Verder blyk die kultuur van voorkeur 'n kombinasie van clan -, adhocracy-, market- en in 'n minder mate hierarchy kulture (die vier kwadrante binne die Competing Values FrameworK) te wees. Die teenwoordigheid van clan kultuur dui op 'n sterk behoefte na onderlinge lojaliteit en ondersteuning, sterk samehorigheidsgevoel en hoë moraal, sensitiwiteit teenoor kliënte en kollegas, goeie spanwerk, deelname en konsensus. In die geneigdheid na adhocracy kultuur is daar 'n behoefte na 'n hoë mate van buigbaarheid, ruimte vir kreatiewe individualiteit, die neem van risiko's, eksperimentering, innovasie en 'n mate van vryheid. Die sterk neiging na market kultuur dui op 'n eksterne fokus met 'n mate van stabiliteit en beheer, sowel as 'n sterk behoefte na 'n doelwit en resultate oriëntasie, 'n sterk behoefte na sukses en oorwinning en ongenaakbare kompetisie. Die relatiewe lae telling in hierarchy kultuur dui op 'n beperkte behoefte aan stabiliteit en beheer deur middel van struktuur, beleid, prosedures en betroubare lewering. Dit blyk uit die ondersoek dat organisasiekultuur wel die effektiwiteit van projekbestuur beïnvloed, en dat 'n spesifieke kultuur van voorkeur wel bestaan ten einde effektiwiteit van projekbestuur te verbeter.

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: When hedging with futures contracts the hedge ratio is one of the fundamental figures needed to set up a successful hedging strategy. The Mean Variance framework has been used for some time to calculate hedge ratios for this exact purpose. Certain assumptions are implicit in the Mean Variance framework such as the assumed normality of returns and assumed quadratic utility functions of investors. The validity of these assumptions has been questioned in the literature. The Mean Gini framework is first and second order stochastically dominant implying that there is no assumption regarding the return process or the utility function of investors. This study compares these two frameworks regarding the hedge ratios generated by each and their subsequent hedging effectiveness. The results indicate that neither one of the two frameworks generate the most effective hedge ratios all the time. The Mean Gini framework is, however, preferred above the Mean Variance framework for a significant number of futures contracts evaluated. It can therefore be concluded that making use of the Mean Variance framework for all futures contracts would have resulted in numerous ineffective hedging situations. / AFRIKAANSE OPSOMMING: Wanneer verskansing met termynkontrakte gedoen word is, die verskansingsverhouding een van die fundamentele veranderlikes waaroor 'n besluit geneem moet word. Vir 'n geruime tyd word die Minimum Variansie verskansingsverhouding vir hierdie doel gebruik. Implisiet in die Minimum Variansie raamwerk is die aannames dat opbrengste normaal verdeel is en dat die beleggersnutsfunksie kwadraties van aard is. Die geldigheid van hierdie aannames het reeds heelwat kritiek in die literatuur ontlok. Die Gemiddelde Gini raamwerk is eerste en tweede graads stochasties dominant, wat impliseer dat geen aannames aangaande die opbrengs of die beleggersnutsfunksie gemaak word nie. Die studie vergelyk beide raamwerke rakende die verskansingsverhoudings deur elk gegenereer en die gepaardgaande verskansingdoeltreffendheid. Die resultate toon dat nie een van die twee raamwerke vir alle kontrakte die mees effektiewe verskansingsverhouding genereer nie. Die Gemiddelde Gini raamwerk word egter vir 'n beduidende aantal van die termynkontrakte bestudeer bo die Minimum Variansie raamwerk verkies.

Thesis (MBA)--Universiteit van Stellenbosch, 1997. / ENGLISH ABSTRACT: In this study an investigation has been made into the cash flow of delisted companies to determine whether any patterns appear.The hypothesis has been make that if companies, after their annual company taxation and finance charges have been paid, have a negative cash flow over two consecutive years, they will most probably be delisted the third year. In order to address the problem in the short term a rights issue can be done, but the problem is not necessarily solved. In lay language it would imply that the operating capital cycle is too high, or that the earnings before interest and taxation are too low, or that the growth rate is too high, or a combination of the three factors. Financing must therefor be arranged to meet the legal liabilities, such as interest and taxation, and also to finance any expansion, investment or growth. The short-term answer is indeed a rights issue to existing shareholders. If this option is exercised the cash-flow pattern could be disturbed since the extra capital can, in some cases. save the company despite the negative cash flow. In the long term it is not preferable since the company may run into financial difficulties due to excessive growth as a result of poor management, although the rights issue can keep the company alive in the short term. Nonna1 and preference shares are issued regularly to increase capital and the resulting costs are less than those of a long or short-term loan. Shareholders will lose dividends under these circumstances provided that the company grows and the share price rises in the process. This study has shown that even these companies, where the poor cash flow pattern is disturbed, could not be saved from financial disaster. / AFRIKAANSE OPSOMMING: In hierdie studie is ondersoek ingestel oa die kontantvloei van gedenoteerde maatskappye om te bepaal of daar enige patrone voorkom. Die hipotese is gemaak dat as maatskappye, nadat hulle jaarlikse maatskappybelasting en finansieringskostes betaal is, 'n negatiewe kontantvloei oor twee agtereenvolgende jare bet, hulle heel moontlik die derde jaar gedenoteer sal word. Om op die kort termyn die probleem aan te spreek sal 'n regte-uitgifte gedoeu kan word, maar die probleem word nie noodwendig opgelos nie. In leketaal sou dit impliseer dat die bedryfSkapitaa1siklus te groot is, of dat die verdienste voar rente en belasting te laag is, of dat die groeikoers te boog is, of 'n komhinasie van die drie faktore. Finansiering moet dus geree} word am die wetlike aanspreeklikhede, soos rente en belasting, Da te kom en ook am enige uitbreiding, investering of groei te finansier. Die korttermynantwoord Ie juis in 'n regte-uitgifte aan bestaande aandeelhouers. Indien hierdie opsie uitgeoefen word, sal die kontantvioeipatroon versteur kao word aangesien die ekstra kapitaal die maatskappy, ongeag die negatiewe kontantvloe~ in sommige gevalle kan red. Oor die lang termyn is dit rue wenslik rue aangesien die maatskappy homself kan doodgroei of bloot kan ondergaan as gevolg van swak bestuur, alhoewel die regte-uitgifte die maatskappy oor die kort termyn lewendig hou. Gewone en voorkeuraandele word geree1d uitgereik om kapitaal te verhoog en die voortspruitende verpligtinge is minder as die van 'n lang- of korttermynlening. Aandeelhouers sal onder omstandighede dividende inboet mits die maatskappy groei en die aandeelprys in die proses styg. Die ondersoek het getoon dat selfs die roaatskappye. waar die swak kontantvloeipatroon verst-eur word, nie van ondergang gered kon word rue.

Thesis (MBA)-- Stellenbosch University, 1973. / ENGLISH ABSTRACT: no abstract available / AFRIKAANSE OPSOMMING: geen opsomming

Thesis (MBA)--Stellenbosch University, 1984. / The capital market is a field of very specialised financial knowledge and expertise. The latter is concentrated in relatively few people who manage vast portfolios of such assets. I was introduced to the South African capital market early in 1983. In an effort to comprehend the intricacies of my new surroundings I started to look for something to read to answer the many questions I had. Very little is written about the South African capital market, even more so for readers who are not well acquainted with this subject. This technical report endeavours to fill such a need. It surveys risk, risk management and strategy formulation pertaining to the holding of a single or portfolio of bonds. Chapter 1 is a general introduction. It surveys the growth of the capital market, the reason for such growth and briefly points out the parameters of thereof. It introduces the financial intermediaries that are responsible for the matching of demand and supply and briefly points out the difference between the money- an capital markets. Three important concepts, yield to maturity, a yield curve and the price calculation of a bond is explained and three important general shapes that the yield curve might adopt, is introduced. Chapter 2 takes account of the risk that is presently associated with the holding of a single or a portfolio of bonds. The effects of inflation, changes in the level of applicable yield to maturities and the reinvestment risk is explained and quantified given a particular scenario of ex ante contingencies. Less quantifiable elements of risk, namely, marketability, political and default risk and the role of emotions and expectations, are discussed and possible problems in this regard are pointed out. Chapter 3 turns to a more theoretical discussion of risk. It looks at the expected rate of return on a single or portfolio of bonds and reviews the method of measuring expected risk in terms of a standard deviation. Chapter 3 concludes by making the important remark that risk is an esoteric concept which is based on an expected scenario of contingencies of each investor. Central to the discussion is the formation of a scenario pertaining to the relevant variables concerning the bond investment market. Chapters 4 and 5 are dedicated to two lesser known concepts, duration and immunisation. Each bond has its own unique duration. That is the time period during which a loss of capital value will be exactly equal to the gain in interest earned on invested coupons received in the case of an upwards move in the applicable yield to maturity curve, and vice versa. Chapter 5 uses this feature to immunise a bond portfolio against loss of return. This method, however, needs considerable study before it can be used as a portfolio management tool since it is based on parallel movements of the yield to maturity curve. Chapter 6 introduces a new· feature, namely options on bonds, of the South African bond market. It defines options and explains the strategic utilization thereof in both bear and bull markets. Chapter 7 is a practical discussion of strategy formulation in the bond market. It defines strategic decision making and describes the investment process, and its dynamics in terms of strategy formulation and execution. Active and passive portfolio management and the main problem encountered in South Africa pertaining to strategy execution are briefly discussed. Two different portfolio tactics that are employed, namely, options and switching, to enhance portfolio performance (earnings) are introduced. The chapter makes mention of the present state of the art of portfolio management and concludes that portfolio managers must above all be people who can cope with, and anticipate change.

Thesis (MBA)--Stellenbosch University, 1984. / INTRODUCTION: One of the methods utilized by the S.A. Government to stimulate ecomonic growth has been to grant tax incentives for the investment, by industrialists, in capital equipment for use "in a process of manufacture". These incentives comprised the investment allowance as at May 1984, an allowance of 30% of the cost of the capital asset, as an off balance sheet deduction from taxable income, and the initial allowance, currently an allowance of 25% of the cost of the capital asset, which can be written off as depreciation during the first tax year during which the asset is utilized.