This study examines whether financial reporting, in its present state, complies with the modern farmer's need for efficient financial management. Although decision making is the ultimate outcome, the emphasis in this study is on the way the presentation and interpretation of financial reporting assist that outcome. The following issues are addressed to establish the usefulness of agricultural financial statements: (1) the nature and quality of current financial statements in agriculture (2) the stakeholders in need of financial management information (3) the methods used to acquire financial information for management purposes (4) new trends in the presentation of financial statements The following are some interesting facts emanating from the study: (1) Farmers must realise that they are principal users of their financial reports. (2) Financial decision making can only be done if financial statements are presented timeously, and are accurate and comprehensible. (3) Farm managers need to keep up with the changing financial and technological environment in which they operate. / Auditing / M.Comm (Accounting))

This thesis examines the capital, risk and efficiency relationship in European banking in the 1990s. The topic is particularly relevant in the European context, as the ongoing process of increased financial integration is enhancing competition and emphasising the importance of efficiency. Yet, these factors could also increase incentives for bank risk-taking. In this environment, bank capital has become a focal point of bank regulation as the primary means for limiting risk taking by banks. The empirical analysis conducted builds on the earlier US work by Kwan and Eisenbeis (1997) and Berger and De Young (1997). We developed the aforementioned approaches by including market measures of bank risk, as well as including proxies accounting for charter value, and profit efficiency in a model evaluating the determinants of European bank capital. A positive effect of inefficiency on bank risk-taking, and also of inefficiency on higher leverage were found, supporting the moral hazard hypothesis. The latter implies that inefficient banks are more likely to have more incentives towards risk taking. In addition, excessive rates of loan growth are found to have a negative effect on banking risk and efficiency. This supports the hypothesis that due to agency problems entrenched managers may pursue a growth objective, which may damage both the risk and efficiency position of the institution. The empirical model results show a positive effect of risk on capital probably indicating regulators' preference for capital, as a means of restricting risktaking activities. Finally, as in most studies analysing the determinants of bank efficiency, capital is found to affect positively the efficiency of banks. The empirical results of this research concord with earlier US work by Kwan and Eisenbeis (1997) and Berger and De Young (1997). Overall, the results presented in this thesis suggest that moral hazard incentives may be playing an important role increasing systematic risk in European banking.

This thesis investigates the efficiency levels of the Jordanian, Egyptian, Saudi Arabian and Bahraini banking systems. The empirical evidence on bank efficiency in these markets aims to highlight the features associated with the role of economic and financial reforms that have taken place in these countries over the past decade. Our sample comprises information on 82 banks operating in Jordan, Egypt, Saudi Arabia and Bahrain over the 1992-2000 period. We use the stochastic frontier and Fourier-flexible form to estimate cost and profit efficiency levels in these banking systems. In addition, we also estimate the scale elasticity and scale efficiency levels in the banking sectors under study. The sample size represents 78% of the banking sector of Jordan, just under 90% of the Egyptian banking sector, 63% of that of Saudi Arabia and over 50% of the banking sector of Bahrain. To derive efficiency levels, we employ three distinct economic efficiency concepts (cost, standard profit and alternative profit efficiencies), using a number of different measurement methods (including the stochastic frontier approach, specification of the Fourier-flexible functional form versus the translog form, and inclusion of a banks' asset quality and financial capital in a number of different ways) to a single data set. In choosing the 'preferred' cost and profit models to estimate efficiency levels, we follow various contemporary methodologies that use a variety of hypotheses tests to arrive at preferred model specifications. Given cost efficiency, the preferred model is the Fourier-truncated form that excludes the control variables (capital adequacy, asset quality and the time trend) but includes all the environmental variables. Given the standard and alternative profit function, the preferred model is the Fourier-flexible that includes the control as well as the environmental variables. The technical cost efficiency averaged around 95%, based on our preferred model, over the 1992-2000 period. Standard and alternative profit functions estimates reveal technical efficiency on average around 66% and 58% respectively. Islamic banks are found to be the most cost and profit efficient while investment banks are the least (cost and profit efficient). This result perhaps reveals the fact that the cost of funds for Islamic banks is relatively cheaper than the cost of funds for other financial institutions. Large banks, in assets terms, appear to be relatively more cost and profit efficient. This possibly signals the ability of large banks to utilise more efficient technology with less cost, the ability of these banks to introduce more specialised staff for the most profitable activities and the ability of these banks to provide (presumably) better quality outputs for which they can charge higher prices. Geographically, Bahrain is the most cost and profit efficient while Jordan is the least (cost and profit efficient). The scale efficiency results reveal that, on average, banks in the countries under study are around 65% scale efficient in terms of cost. In terms of profit efficiency, estimates are around 60% for both standard and alternative profit function but with rather dissimilar movements overtime for scale efficiency scores using both sets of measures. Both cost and profit functions report Islamic and commercial banks as the most scale efficient types of banks. Based on asset size, the results of the alternative profit function estimates, in particular, indicate that large banks are more scale efficient than small banks. Geographically, Saudi Arabian and Egyptian banks appear to be the most cost and profit scale efficient. The derived efficiency levels for the banks operating in the countries under study, however, provide little evidence to suggest that the economic and financial reforms undertaken in Jordan, Egypt, Saudi Arabia and Bahrain over the last decade have had a noticeable impact on improvement in banking sector efficiency. The main policy recommendation from this study, therefore, is that these countries need to continue the reform process in order to enhance financial sector performance.

M.Econ. / Please refer to full text to view abstract

M.Phil. / The provision of adequate infrastructure and the economic growth of a country's highly interrelated population growth and rapid urbanization has placed enormous pressure on existing infrastructure. The provision of new and maintenance of existing infrastructure presents a challenge to the government. In South Africa infrastructure expenditure were generally funded directly from the country's fiscal budgets. Macroeconomic instability and growing investment requirements have shown that public financing is too volatile and rarely meets crucial infrastructure expenditure requirements in a timely and adequate manner. On the other hand, private sector organisations have a larger pool of sources from which to seek funding, equity investors, capital markets, banks etc., this can be from local to international markets. Therefore, private sector involvement in infrastructure provision has been widely used as a preferred method of financing these projects. The South African government can no longer carry the financial burden in it's fiscal policy to finance all the infrastructure projects needed in this country, and it is also up to the private sector to seek funding for projects that will be economical strong enough to service its own debt. Research objectivesobjectives of this study are to give a background of project financing by addressing the risks involved, finance structures, funding alternatives and strategies.

Improving access and building inclusive financial systems is not just a goal but also a necessity for economies at every level of development. Unsecured lending was first introduced with the intention of addressing society's ills yet recent violence experienced at the Marikana mines in Rustenburg aroused the attention of both the general public and government. The impact of unsecured lending on the financial wellbeing of consumers has subsequently been brought under the spotlight. Unsecured lending has taken and will continue to take an increasingly central role in our social, political and economic landscape. This study intended to determine the impact of unsecured lending on the financial wellbeing of consumers and made use of three research hypotheses towards this aim. A survey was used to gather data which was statistically analysed by means of a quantitative research strategy. The findings of the research indicated that those who make use of unsecured lending as a means of accessing finance have a better subjective view of their financial wellbeing than those who do not make use of unsecured lending, further, consumers who make use of multiple unsecured loans have an improved outlook with regard to their financial position than those who do not make use of multiple unsecured loans. / Dissertation (MBA)--University of Pretoria, 2013. / mn2014 / Gordon Institute of Business Science (GIBS) / unrestricted

M.Comm. (Financial Management) / At the University of Johannesburg (UJ), the subject financial management is taught on various programmes across various disciplines. Lecturers find many students struggling with this subject and particularly with applying their knowledge to practical scenarios. If the problem (practical scenario) is not similar to a scenario previously encountered, many students struggle to solve these problems by themselves. This article will attempt to identify and explain key principles that need to be considered by lecturers in order to improve the problem-solving performance of their students in financial management. Most aspects identified and elaborated on lie within the field of educational psychology. This article will attempt to create an awareness of the key underlying principles of a problem-based pedagogy.

M.Com. / This study examines the disclosure of depreciation in company financial statements. The following aspects were discussed: a) The nature of depreciation. Concepts for the measurement of depreciation can be 'classified under the following: depreciation as a process of cost allocation depreciation as a process of valuation depreciation as a reservation of funds for the replacement of assets. b) The measurement of depreciation. Both the depreciable amount ang the useful life of fixed assets are factors taken into consideration in the measurement of depreciation. The method applied in the measurement as well as the problems related to estimation are discussed. c) The revaluation of fixed assets. Maintenance of capital as the purpose of revaluation, the determination of such value and sUbsequent entry thereof into the financial records are contemplated. d) The disclosure fixed assets of depreciation and revaluation of in the financial statements of companies. The prerequisites according to generally accepted accounting practice are quoted and the application in practice of same subsequently viewed. The discussion clearly signifies that the relevant documents issued by the SA Institute of Chartered Accountants are clear and unambiguous. Yet, the requirements of disclosure contained in these documents are not adhered to in practice.

Housing is one of the cornerstones of rebuilding our social structures and creating wealth in the economy of South Africa. The lack of access to finance in the low-income market has been viewed as a stumbling block in the delivery of affordable housing. Several policies have been introduced in the past to meet the promise that the government made in the White Paper on Housing Policy and Strategy in 1994, where they promised to successfully eradicate the housing challenge by increasing the delivery of houses; none of the results inspire confidence. The purpose of this exploratory research was to analyse the impact of the Financial Sector Charter in the creation of housing stock for the low-income market. The researcher interviewed seven passionate, experienced experts in low-income housing, using in-depth face-to-face interviews. These interviewees were secured using a snowball sampling technique. The key findings from the study revealed that there has been an improvement in the access to finance within the low-income market. Banks have moved a step further from the traditional approach by coming up with innovative products. Although this is encouraging, there are a number of inhibiting factors that negatively impact the delivery of housing; these include the flawed legislative procedures in rezoning of land, the process for township establishment and inefficiencies that exist within government housing structures. New policies can continue to be introduced, but if these inhibiting factors are not addressed the results will remain disappointing. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

This research project identified principles of practice management as applied to the personal financial planning process. The purpose of this research was to establish principles that Financial Planners could use to improve service delivery to the individual. In broad terms this is known as practice management and this research attempted to develop a greater understanding of practice management and provide a basis for further research on the subject.To do this in a meaningful way the research had two structured phases. The first phase was a theoretical study that provided the basis for the design of a research instrument. The second phase was an empirical study that was done on the responses received on the research instrument to establish principles of practice management.The research successfully identified four components and twenty principles of practice management, as well as three demographic drivers of income and succeeded in meeting the research objectives. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted