The thesis analyzes macro-economic determinants and roles of financial sector development. The literature argues that the size and efficiency of both banking systems and financial markets - the two major components of a financial system - matter for economic development. In the same vein, the quality of financial institutions and regulations are instrumental in the construction of a strong financial system. We study several aspects of financial sector development in relation to three recent phenomena, namely, the rise of Islamic banking and finance, the increasing interest for emerging stock markets, and the growing remittance flows. This thesis is made up of three essays. The first essay extends the literature on the determinants of financial sector development, from the angle of culture. We show that, on average, Islamic finance favors the development of the banking sector in Muslim countries. We provide evidence that several countries have indeed been successful in launching a new, Shariah-compliant, banking system, while not harming the existing, conventional, banking sector. Our empirical analysis uses a newly-constructed original database on the size and performance of Islamic deposit banks globally over the period 2000 to 2005. The second essay focuses on stock markets, in particular, the less-studied emerging equity markets. We confirm traditional literature findings on unconditional stock returns, over a panel of 53 Major and Frontier markets. Mainly, volatility is high, big surprises happen, and return correlations with the rest of the world are low but have been rising over the last decades. In spite of large differences in market size and liquidity, Frontier market returns are qualitatively similar to Major markets', except correlations, which are lower in Frontier markets. At current correlation levels, the latter continue to bring substantial diversification benefits to international investors. The last essay examines the relationship between remittances and economic growth. It confirms that remittances are important for developing countries as they stimulate domestic investment. It then demonstrates, theoretically and empirically, that improving the access to bank deposit accounts is crucial to channel remittances to more productive uses. This is even more true when the access to international borrowing is costly. The 2008-2009 financial crisis has propelled the improvement of financial systems to the top of policymakers' agendas. Our work contributes to a better understanding of the importance of finance in economic outcomes. It also brings a novel perspective on the determinants of financial systems./ Notre thèse a pour objet l'étude des déterminants et des rôles macro-économiques des secteurs financiers dans le monde. Selon la littérature scientifique, la taille et l'efficacité des systèmes bancaires et des marchés financiers - les deux composantes principales d'un système financier - sont importantes pour le développement économique. Il apparaît également que la qualité des institutions et des régulations financières contribuent à la création d'un système financier fort. Au travers de trois essais, nous examinons plusieurs aspects du développement du secteur financier, qui sont en relation avec trois phénomènes récents; à savoir: la croissance de la finance islamique, l'intérêt grandissant pour les marchés boursiers émergents, et l'augmentation des flux de transferts de fonds des migrants. Dans le premier essai, nous nous intéressons aux facteurs culturels comme déterminants des secteurs financiers et, en particulier, au rôle de la religion musulmane. Nous montrons que, en moyenne, la finance islamique favorise le développement du secteur bancaire dans les pays musulmans. Plusieurs pays ont en effet réussi à développer un nouveau secteur bancaire compatible avec la Shariah, sans porter ombrage au secteur bancaire non islamique avec lequel il co-existe. Notre analyse empirique est fondée sur une base de données nouvelle et originale. Celle-ci a pour intérêt de fournir des indicateurs de taille et de performance des banques islamiques de dépôt dans le monde, pour la période 2000-2005. Dans le deuxième essai, nous explorons les rendements inconditionnels obtenus sur les marchés boursiers, en particulier les marchés émergents d'actions. Notre analyse d'un large panel de 53 marchés émergents "Majeurs" et "Frontières" confirme les résultats traditionnellement observés dans la littérature. Ainsi, pour l'essentiel, les deux types de marchés sont volatils et émaillés d'événements extrêmes. De plus, les rendements des marchés émergents sont faiblements corrélés avec ceux du reste du monde, même si ces corrélations ont augmenté au cours des derniers décennies. Malgré d'importantes différences en terme de taille et de liquidité, les rendements sur marchés "Frontières" sont qualitativement similaires à ceux des marchés "Majeurs", à l'exception des corrélations. Ces dernières sont en effet actuellement plus faibles dans les marchés "Frontières", qui continuent dès lors à offrir d'importants bénéfices de diversification aux investisseurs internationaux. Dans le dernier essai, nous examinons la relation entre les transferts d'argent des migrants et la croissance économique. Nous confirmons l'idée que les transferts de fonds des migrants sont importants pour les pays en voie de développement. Mais surtout, nous démontrons, de manière théorique et empirique, qu'il est crucial de faciliter dans ces pays l'accès aux comptes de dépôt bancaires, afin de transformer une plus grande part des transferts des migrants en investissements productifs. Ceci est d'autant plus vrai quand l'accès aux autres sources de capitaux internationaux est coûteux. En conclusion, la crise financière de 2008-2009 a fait de l'amélioration des systèmes financiers la priorité de nombreuses politiques économiques. Dans cette perspective, notre travail apporte une contribution à une compréhension plus fine de l'importance de la finance pour l'économie, ainsi qu'une vision novatrice des déterminants des systèmes financiers.

Submitted by paulo junior (paulo.jr@fgv.br) on 2010-03-04T20:00:17Z No. of bitstreams: 1 Sylvia_Re...pdf: 426310 bytes, checksum: b142af85bf8f3d59f2ebfc356864d09f (MD5) / Approved for entry into archive by paulo junior(paulo.jr@fgv.br) on 2010-03-04T20:00:35Z (GMT) No. of bitstreams: 1 Sylvia_Re...pdf: 426310 bytes, checksum: b142af85bf8f3d59f2ebfc356864d09f (MD5) / Made available in DSpace on 2010-03-05T19:13:30Z (GMT). No. of bitstreams: 1 Sylvia_Re...pdf: 426310 bytes, checksum: b142af85bf8f3d59f2ebfc356864d09f (MD5) Previous issue date: 2009-07-30 / The dissertation aimed to identify the main macroeconomic aspects that influence the Asset Management segment in Brazil, a sector which presented a great improvement in the last decade. The method applied was quantitative, using the multiple linear regressions and stood on a data base with 15 macroeconomic variables of the Brazilian economy. The period of analysis was of 14 years (from 1994 to 2008). Because of this study focus, it was necessary to review the literature related to the main changes of the economy and financial sector of the country. Through the analysis, it was possible to realize how high is the correlation among the variables studied and identify which of them influence most in the number of Assets in the brazilian market are: banks; volume of savings deposits and inflation expectation. / A dissertação objetivou identificar os principais determinantes que exercem influência no número de gestoras independentes de recursos de terceiros (Assets) em funcionamento no Brasil, um segmento que apresentou franco crescimento na última década. O método de análise empregado foi quantitativo, utilizando o modelo de regressão linear múltipla, e teve, como base de dados analisados, dados históricos de 15 variáveis macroeconômicas da economia brasileira. O período analisado contempla 14 anos (de 1994 a 2008). Dado o enfoque deste trabalho, considerou-se necessária uma revisão das principais mudanças ocorridas na economia e no setor financeiro do país, bem como seus reflexos nas taxas de juros, níveis de poupança, endividamento interno e externo e no setor bancário. Através da análise realizada foi possível perceber, através do emprego da análise de correlação, que as variáveis macroeconômicas são altamente relacionadas entre si, bem como identificar que as principais variáveis que têm impacto no mercado de Assets em funcionamento são: bancos em funcionamento no país; volume de recursos depositados em poupança e expectativa de inflação.

The thesis examined the comprehensive causal relationship between the banking sector, stock market development and economic growth in a multi-variate framework using Zimbabwean time series data from 1988 to 2015. Three banking sector development proxies (total financial sector credit, banking credit to private sector and broad money M3) and three stock market development proxies (stock market capitalization, value traded and turnover ratio) were employed to estimate both long and short run relationships between banking sector, stock market and economic growth in Zimbabwe. The study employs the vector error correction model (VECM) as the main estimation technique and the autoregressive distributed lag (ARDL) approach as a robustness testing technique. Results showed that in Zimbabwe a significant causal relationship from banking sector and stock market development to economic growth exists in the long run without any feedback effects. In the short run, however, a negative yet statistically significant causal relationship runs from economic growth to banking sector and stock market development in Zimbabwe. The study further concludes that there is a unidirectional causal relationship running from stock market development to banking sector development in Zimbabwe in both short and long run periods. Nonetheless this relationship between banking sector and stock markets has been found to be more significant in the short run than in the long run. The thesis adopts the complementary view and recommends for the spontaneity implementation of monetary policies as the economy grows. Monetary authorities should thus formulate policies to promote both banks and stock markets with corresponding growth in Zimbabwe’s economy. / Business Management / M. Com. (Business Management)

This study has been conducted with Sirius International as a case company. The investigation has revolved around the weaknesses Sirius, along with the authors, have identified concerning the international collaboration and communication. It was later shown that these problems were based on a low sense of unity in the organization as a result of the lack of knowledge sharing, knowledge management, and spread of organization related information. It was decided to evaluate whether a corporate social network (CSN) could assist in these problems and if so, decide what system would be the most appropriate in regards to the internal needs and requirements at Sirius. The major challenges brought on with an implementation of a CSN, and how to face these, were investigated as a part of the evaluation whether a CSN would be appropriate for Sirius or not. The study showed that a CSN was an appropriate choice for Sirius in order to improve the international communication, collaboration, and unity. The most suitable choice was determined to be Yammer, as it best suited the internal requirements and needs. Along with these results, the largest challenge with an implementation and future use of the system was user acceptance and overall usage of the system. If the CSN is not used, none of the visions, goals, or purposes will be fulfilled. / Denna studie har gjorts med Sirius International som case-företag. Undersökningen har kretsat kring svagheterna som Sirius, tillsammans med författarna har identifierat kring det internationella samarbetet och kommunikationen. Det visade sig senare att dessa problem var grundade i en låg känsla av samhörighet i organisationen och att detta var ett resultat av den låga nivån av kunskapsspridning, kunskapshantering och spridning av organisationsrelaterad information. Beslutet togs att undersöka huruvida ett företags-baserat socialt nätverk kunde hjälpa vid dessa problem och, om fallet var sådant, komma fram till vilket socialt nätverk som skulle vara mest lämpat vid avseende på de interna behoven och kraven från Sirius. Vid undersökningen om huruvida ett socialt nätverk var lämpligt för Sirius gjordes också en undersökning för att identifiera de största utmaningarna med en implementation av ett socialt nätverk och hur dessa skall bemötas och övervinnas. Studien visade att ett företagsbaserat socialt nätverk var ett lämpligt val för att överkomma problemen i Sirius och förbättra den internationella kommunikationen, samarbetet och samhörigheten. Det lämpligaste sociala nätverket för Sirius blev Yammer som bäst täckte de interna behoven och kraven hos Sirius. Tillsammans med dessa resultat visade undersökningen att den största utmaningen med en implementation och framtida nyttjande av systemet var användaracceptans och generell användning av systemet. Om ett socialt nätverk inte används så kan inga av visionerna, målen eller syftena med systemet infrias.

Актуальность исследования обуславливается тем, что банковская сфера в наше время является высоко конкурентной средой и в свете протекающей глобализации и консолидации финансового сектора наблюдается снижение количества частных банков, что вызвано, в свою очередь, процессами слияния, поглощения и неспособностью противостоять крупным агентам рынка, поддерживая необходимые требования, которые выставляются регуляторами. Финансовые институты вынуждены наращивать свой арсенал конкурентных преимуществ, активно использовать нераспределенную прибыль на формирование отличительных конкурентных факторов и заниматься мониторингом существующих предложений на рынке. Как следствие, кредитным организациям необходимо критически подходить к успехам и неудачам иностранных коллег, повышая эффективность банковского бизнеса, формируя собственные уникальные конкурентные преимущества. Целью диссертационной работы является оценка факторов повышения конкурентоспособности международного банка в разрезе сложившегося отечественного финансового сектора. Объектом диссертационного исследования выступает отечественный филиал АО «Райффайзенбанк». Предметом исследования является процесс формирования конкурентных преимуществ АО «Райффайзенбанк», система экономических, организационных и финансовых механизмов повышения эффективности деятельности банка. Результатами выпускной квалификационной работы являются разработка многофакторной модели формирования чистой прибыли, рекомендации по оптимизации существующих процессов и экономическая оценка эффектов от внедрения предлагаемых инструментов. / The relevance of the study stems from the fact that banking is a highly competitive environment and in light of the proceeding of globalization and consolidation of the financial sector, a decrease in the number of private banks, which caused, in turn, processes of mergers, acquisitions, and the failure to counter major market agents, while maintaining the necessary requirements that are set by regulators. Financial institutions are forced to increase their arsenal of competitive advantages, actively use retained earnings to form distinctive competitive factors and monitor existing offers on the market. As a result, credit institutions need to take a critical approach to the successes and failures of foreign colleagues, increasing the efficiency of the banking business, forming their own unique competitive advantages.

The thesis analyzes macro-economic determinants and roles of financial sector development.<p> The literature argues that the size and efficiency of both banking systems and financial markets - the two major components of a financial system - matter for economic development. In the same vein, the quality of financial institutions and regulations are instrumental in the construction of a strong financial system.<p> We study several aspects of financial sector development in relation to three recent phenomena, namely, the rise of Islamic banking and finance, the increasing interest for emerging stock markets, and the growing remittance flows.<p> This thesis is made up of three essays.<p> The first essay extends the literature on the determinants of financial sector development, from the angle of culture. We show that, on average, Islamic finance favors the development of the banking sector in Muslim countries. We provide evidence that several countries have indeed been successful in launching a new, Shariah-compliant, banking system, while not harming the existing, conventional, banking sector. Our empirical analysis uses a newly-constructed original database on the size and performance of Islamic deposit banks globally over the period 2000 to 2005.<p> The second essay focuses on stock markets, in particular, the less-studied emerging equity markets. We confirm traditional literature findings on unconditional stock returns, over a panel of 53 Major and Frontier markets. Mainly, volatility is high, big surprises happen, and return correlations with the rest of the world are low but have been rising over the last decades. In spite of large differences in market size and liquidity, Frontier market returns are qualitatively similar to Major markets', except correlations, which are lower in Frontier markets. At current correlation levels, the latter continue to bring substantial diversification benefits to international investors.<p> The last essay examines the relationship between remittances and economic growth. It confirms that remittances are important for developing countries as they stimulate domestic investment. It then demonstrates, theoretically and empirically, that improving the access to bank deposit accounts is crucial to channel remittances to more productive uses. This is even more true when the access to international borrowing is costly.<p> The 2008-2009 financial crisis has propelled the improvement of financial systems to the top of policymakers' agendas. Our work contributes to a better understanding of the importance of finance in economic outcomes. It also brings a novel perspective on the determinants of financial systems./<p> Notre thèse a pour objet l'étude des déterminants et des rôles macro-économiques des secteurs financiers dans le monde.<p> Selon la littérature scientifique, la taille et l'efficacité des systèmes bancaires et des marchés financiers - les deux composantes principales d'un système financier - sont importantes pour le développement économique. Il apparaît également que la qualité des institutions et des régulations financières contribuent à la création d'un système financier fort.<p> Au travers de trois essais, nous examinons plusieurs aspects du développement du secteur financier, qui sont en relation avec trois phénomènes récents; à savoir: la croissance de la finance islamique, l'intérêt grandissant pour les marchés boursiers émergents, et l'augmentation des flux de transferts de fonds des migrants.<p> Dans le premier essai, nous nous intéressons aux facteurs culturels comme déterminants des secteurs financiers et, en particulier, au rôle de la religion musulmane. Nous montrons que, en moyenne, la finance islamique favorise le développement du secteur bancaire dans les pays musulmans. Plusieurs pays ont en effet réussi à développer un nouveau secteur bancaire compatible avec la Shariah, sans porter ombrage au secteur bancaire non islamique avec lequel il co-existe. Notre analyse empirique est fondée sur une base de données nouvelle et originale. Celle-ci a pour intérêt de fournir des indicateurs de taille et de performance des banques islamiques de dépôt dans le monde, pour la période 2000-2005.<p> Dans le deuxième essai, nous explorons les rendements inconditionnels obtenus sur les marchés boursiers, en particulier les marchés émergents d'actions. Notre analyse d'un large panel de 53 marchés émergents "Majeurs" et "Frontières" confirme les résultats traditionnellement observés dans la littérature. Ainsi, pour l'essentiel, les deux types de marchés sont volatils et émaillés d'événements extrêmes. De plus, les rendements des marchés émergents sont faiblements corrélés avec ceux du reste du monde, même si ces corrélations ont augmenté au cours des derniers décennies. Malgré d'importantes différences en terme de taille et de liquidité, les rendements sur marchés "Frontières" sont qualitativement similaires à ceux des marchés "Majeurs", à l'exception des corrélations. Ces dernières sont en effet actuellement plus faibles dans les marchés "Frontières", qui continuent dès lors à offrir d'importants bénéfices de diversification aux investisseurs internationaux.<p> Dans le dernier essai, nous examinons la relation entre les transferts d'argent des migrants et la croissance économique. Nous confirmons l'idée que les transferts de fonds des migrants sont importants pour les pays en voie de développement. Mais surtout, nous démontrons, de manière théorique et empirique, qu'il est crucial de faciliter dans ces pays l'accès aux comptes de dépôt bancaires, afin de transformer une plus grande part des transferts des migrants en investissements productifs. Ceci est d'autant plus vrai quand l'accès aux autres sources de capitaux internationaux est coûteux.<p> En conclusion, la crise financière de 2008-2009 a fait de l'amélioration des systèmes financiers la priorité de nombreuses politiques économiques. Dans cette perspective, notre travail apporte une contribution à une compréhension plus fine de l'importance de la finance pour l'économie, ainsi qu'une vision novatrice des déterminants des systèmes financiers. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Summaries in English, Afrikaans and Zulu / Various studies on international capital flows have established the deterministic role of local financial markets on the attractiveness of countries to inflow of foreign direct investment. The current study investigated the impact of FDI inflows on the financial sector development of countries in the Middle East and North Africa region for the period 2003 to 2016. Various panel data analysis methods were employed. These approaches included fixed effects, random effects, pooled OLS, FMOLS and the dynamic GMM. In addition, pre-estimation tests, diagnostic tests which included panel unit root and co-integration tests and robustness tests were conducted. Using both financial development proxies, broad money as a ratio of GDP (model 1) and domestic credit to the private sector (model 2), the study found that the lag in financial development had a significant positive effect on financial development. In model 1 under fixed effects, random effects and pooled OLS, FDI had a significant negative effect on financial development. In contrast, model 2 showed a significant positive relationship running from FDI to financial development under the pooled OLS method. The interaction between FDI and economic growth was found to have a significant negative influence on financial development in models 1 and 2 under the pooled OLS method. This finding indicates that economic growth had a deleterious effect on the impact of FDI on financial development in the MENA region. In the light of these results, policy makers in the MENA region countries should be urged to avoid undue reliance on FDI in their efforts to develop their financial sectors. Furthermore, the MENA region nations are urged to avoid implementing economic growth enhancement policies as a way of trying to improve financial development, directly or indirectly, as the effort has been shown to achieve the opposite effect. / Verskeie studies wêreldwyd oor die vloei van internasionale kapitaal is dit eens dat aantreklike plaaslike finansiële markte direkte buitelandse beleggings (DBB) na lande laat stroom. Hierdie studie het die uitwerking van DBB in die tydperk 2003 tot 2016 op die finansiële sektore van lande in die Midde Oosterse en Noord-Afrikaanse (MONA) streek ondersoek. Verskeie paneeldataontledingsmetodes is gevolg, waaronder vaste en ewekansige effekte, saamgevoegde, gewone kleinstekwadratemetode (GKK), volgewysigde kleinstekwadratemetode (VGKK) en die dinamiese, veralgemeende metode van momente (VMM). Afgesien hiervan is voorberamings- en diagnostiese toetse, waaronder paneeleenheidswortel-, koïntegrasie- en robuustheidstoetse, toegepas. Op grond van sowel volmagte vir finansiële ontwikkeling, breë geld – as ʼn verhouding van die BBP (model 1) – as binnelandse krediet aan die privaat sektor (model 2), is bevind dat die vertraging in finansiële ontwikkeling ʼn opmerklik positiewe effek op finansiële ontwikkeling uitgeoefen het. In model 1, onder vaste effekte, ewekansige effekte en saamgevoegde GKK, het DBB ʼn opmerklik negatiewe effek op finansiële ontwikkeling gehad. Model 2, daarenteen, het onder die saamgevoegde GKK-metode op ʼn opmerklik positiewe verband tussen DBB en finansiële ontwikkeling gedui. Daar is in model 1 en 2 onder die saamgevoegde GKK bevind dat die wisselwerking tussen DBB en ekonomiese groei ʼn opmerklik negatiewe effek op finansiële ontwikkeling gehad het. Hierdie bevinding is ʼn aanduiding daarvan ekonomiese groei ʼn nadelige effek op die uitwerking van DBB op finansiële ontwikkeling in die MENA-streek gehad het. In die lig hiervan moet die beleidsmakers van lande in die MONA-streek teen oormatige steun op DBB om hulle finansiële sektore te laat ontwikkel, gemaan word. Hierbenewens moet lande in die MONAstreek teen beleide vir ekonomiese groei as ʼn manier om finansiële ontwikkeling regstreeks of onregstreeks aan te wakker, gewaarsku word omdat dit die teenoorgestelde uitwerking sal hê. / Izifundo zocwaningo ezahlukahlukene ekuthunyelweni kwezimali sezisungule indima yezimpawu ezikhombisayo zokuthunyelwa kwezimali ezimakethe zasemakhaya mayelana nekhono lamazwe lokuheha ukutshalwa kwezimali okuqondile. Ucwaningo lwamanje luye lwaphenya umthintela wokungena kwezimali ngohlelo lokutshalwa kwezimali ngaphandle, phecelezi FDI mayelana nokuthuthukiswa komkhakha wezezimali emazweni asesiyingini esiseMpumalanga eMaphakathi (Middle East) kanye kanye nase-Afrika eseNyakatho (North Africa (MENA), ukusukela onyakeni ka 2003 ukufika ku 2016. Izindlela ezahlukahlukene zokuhlaziya ipanel data analysis ziye zasetshenziswa. Lezi zindlela ziye zaxuba imiphumela enqunyelwe isikhathi, imiphumela enganqunyelwanga isikhathi, uhlelo lwe pooled OLS, lwe FMOLS kanye nohlelo oluguquguqukayo lwe GMM. Ngaphezu kwalokho, izinhlelo zokuhlolwa phecelezi, pre-estimation tests kanye ne diagnostic tests, lokhu okuyizinhlelo ezixuba amayunidi ephaneli panel unit root kanye nohlelo lwe cointegration tests kanye nohlelo lwe robustness tests, nazo ziye zaxutshwa phakathi. Ngokusebenzisa zombili izinhlelo zokuthuthukiswa kwezinhlelo zezimal, imali ebanzi – njengesilinganiso semodeli 1 yeGDP – kanye nesikweletu sasekhaya esinikezwa imikhakha yamabhizinisi angasese asekhaya (imodeli 2), ucwaningo luthole ukuthi ukubambezeleka kwesikhathi sokuthuthukiswa kwezinhlelo zezimali kuye kwaba nomthelela omuhle kakhulu ekuthuthukisweni kwezimali. Kumodeli 1, ngaphansi kohlelo lwemiphumela enqunyelwe isikhathi, kwemiphumela enganqunyelwanga iskhathi kanye nasohlelweni lwe pooled OLS, uhlelo lwe FDI luye lwaba nomthelela omubi kakhulu kwezokuthuthukiswa kwezimali. Okuphikisana nalokho, imodeli 2 iye yakhombisa ubudlelwano obuhle kakhulu, ukuqala ohlelweni lokutshalwa kwezimali emazweni angaphandle (FDI) ukufika ohlelweni lwezokuthuthukiswa kwezinhlelo zezimali, ngaphansi kohlelo lwe pooled OLS. Ukuhlangana phakathi kohlelo lwe FDI kanye nokuhluma komnotho kutholakele ukuthi luye lwaba nomthelela omubi kakhulu ekuthuthukisweni kwezinhlelo zezimali, kumamodeli 1 nemodeli 2, ngaphansi kohlelo lwe pooled OLS. Lolu lwazi olutholakele lukhombisa ukuthi ukuhluma komnotho kuye kwaba nomthelela oyingozi kakhulu ohlelweni lwe FDI mayelana nokuthuthukiswa kwezimali esiyingini seMENA. Uma kubhekwa le miphumela, abenzi bemigomo emazweni asesiyingini seMENA kufanele bacelwe ukuba bagweme ukwencika ngendlela engenasidingo ohlelweni lwe FDI kwimizamo yabo yokuthuthukisa imikhakha yezimali. Ngaphezu kwalokho, amazwe asesiyingini saseMENA ayacelwa ukuba agweme ukusetshenziswa kwemigomo eqinisa ukuthuthukiswa komnotho njengendlela yokuzama ukuthuthukisa izinhlelo zezimali, ngendlela eqondile nangendlela engaqondile, njengoba umzamo sewukhonjiswe ukuze kuphunyelelwe imiphumela engaqondiwe. / Business Management / M. Com. (Business Management : Finance)