This thesis investigates the impact of an EU-directive (directive 2011/61/EU) regarding the administration of alternative investments by fund managers (AIFMs) on the business models of AIFMs which became effective on June 22, 2013. This new fund regulation is expected to affect the business models of traditional AIFMs that were not previously subject to regulation but now have to comply with these rules. The potential effect of the Alternative Investment Fund Manager Directive (AIFMD) has been subject to contentious debate in the past. However, the outcomes of the AIFMD have not previously been considered post implementation and so will be investigated for the first time by this research thesis. This thesis explores the changes already driven by the AIFMD to understand its impact on traditional business models. These changes are currently initiated by fund managers in order to ensure a sustainable business. This thesis also investigates how the marketplace in which fund managers operate will change as a result of the AIFMD and how this change will impact traditional business models. Since the AIFMD only recently became effective, no quantitative data is available. Therefore, this research is based on exploratory research starting with an online survey sent to 200 fund managers managing different types of small, medium and large Alternative Investment Funds. The online survey asks general questions about the fund manager’s business, such as size, jurisdictions, investment types, etc. It also reveals the extent to which business models have been adapted to the requirements, in particular the operating conditions of the AIFMD and which requirements still need to be employed by the respective fund manager. Based on the results of the online survey, a small number of fund managers were chosen for personal interviews representing different types and size of managed funds as well as a variety of country locations. The samples were chosen in that way to allow generalization of the research findings for a broad range of different fund managers with different business models. The personal interviews enable confirmation of the findings achieved by the online survey as well as providing a deeper understanding of how fund managers perceive the impact of the AIFMD on their business model. The form of the interviews is flexible with open and spontaneous questions appropriate to the specific interview situation. This enables a more complex and sophisticated view of the change of traditional business models. Since the AIFMD was only recently realized and currently several AIFMD documents, such as specific guidance, is still outstanding, additional research is needed. Additional research could consider more quantitative data that is not yet available.

Small and medium enterprises (SMEs) play a vital role in the growth of the economy and have become a major concern for government and policy makers in developed, as well as in developing countries. Given the stated importance of SMEs in generating economic growth in Kuwait, it is essential that SMEs have access to sources of finance. However, access to finance is one of the major constraints to SME development, and is frequently mentioned in the entrepreneurship literature. This study aims to evaluate how Islamic financial institutions can support SMEs in Kuwait. The study adopts a qualitative approach that was articulated through a case study design. The case here is the phenomenon of SME financing as enacted by two organisational forms. This research uses two comparative cases; the cases are formed around the nature of the financing organisations in Kuwait and the interaction of SME owners with these organisations. Twenty face-to-face semi-structured interviews were conducted with members of three different groups: SME owner-managers, managers of financial institutions, and Sharia board members to explore their opinions and perceptions with regard to the role of Islamic finance for SMEs. The main findings indicate that, in Kuwait, access to finance remains a principal challenge for SMEs. Furthermore, collateral is one of the main problems they face when obtaining finance from Islamic banks. The findings suggested that without government support, the banks would not be able to finance SMEs, and therefore, specialised SME finance institutions were more compatible than other Islamic banks with small and medium enterprises. In addition, the study showed that Islamic finance instruments were more suitable than commercial instruments. It also showed that integrating zakat, charity, waqf, and qard hassan would be helpful to the SME sector in Kuwait. The findings add to the understanding of the role of Islamic finance and contribute to knowledge about SME development, using Islamic finance methods, in Kuwait. This could encourage the government to adopt related policies in order to improve access to finance for SMEs.

This paper will discuss the role that corporate governance can play in promoting sustainable development. Sustainable development is discussed in relation to three things: • Current development which does not result in the damage and destruction of the environment to the detriment of future inhabitants of this planet. This paper will discuss the role that corporate governance can play in promoting sustainable development. Sustainable development is discussed in relation to three things: • Current development which does not result in the damage and destruction of the environment to the detriment of future inhabitants of this planet.

The reason for the existence of any company is to make a profit, which means increasing turnover and keeping costs as low as possible. Optimisation of the Value Chain and Procurement were identified as the two largest contributors when one needs to improve the bottom line of any company. The purpose of this research was to develop an integrated Value Chain and Procurement cost reduction methodology and system specifications for a software solution which captures, tracks and accurately reports the impact of the improvement initiatives. The main research question was structured as follows: What should the specifications of a software solution be that will integrate the cost reduction processes of the Value Chain and of Procurement, in a manner that will ensure maximum sustainable bottom-line savings for companies in the manufacturing or service industries? The objective was to define the key phases in the Value Chain and Procurement cost reduction process and to determine how and where they integrate. It is important to note that according the literature review and the survey, both the Value Chain and Procurement cost reduction processes consist of seven phases. The phases of the Value Chain cost reduction process were: Phase 1: Budget/ABC costing and data analysis; Phase 2: Generate ideas; Phase 3: Evaluate and approve ideas; Phase 4: Implementation planning and approval; Phase 5: Development of project (idea) specific KPI's; Phase 6: Implementation of ideas; Phase 7: Track and report savings. The phases of the Procurement (Strategic Sourcing) cost reduction process were: Phase 1: Team selection/data collection/spend analysis/work plan development Phase 2: Access requirements/internal and external analysis; Phase 3: Develop strategy/shape value proposition; Phase 4: Screen suppliers, issue RFI/P/Q, implementation planning; Phase 5: Conduct commercial event/negotiate/finalise contract; Phase 6: Implement contract; Phase 7: Contract management/track and reporting. The above two cost reduction processes integrate at each phase of the respective processes and should thus be implemented at the same time due to their interdependencies. Based on the findings of the research it was clear that an integrated Value Chain and Procurement cost reduction process alone is not going to solve the cost reduction problems of companies. It is essential for the successful implementation of the integrated cost reduction process to develop skills and knowledgeable resources to implement the integrated cost reduction process, improve collaboration between the Value Chain and Procurement, and to implement a system to track and report performance during implementation. Further research should include how to adapt the current company processes, structures, procedures and systems in order to gain maximum benefit from the implementation of an integrated cost reduction process. The integrated Value Chain and Procurement cost reduction process, supported by a software system, should improve the success of cost reduction projects in companies. It is, however, important to note that the application of the methodology will vary between industries and that service-related industries might put more emphasis on Procurement cost reduction, while the manufacturing industries might place a bigger emphasis on cost reduction in operations. In conclusion, irrespective of the industries, it is evident that this methodology will enhance the cost reduction results previously obtained from similar efforts.

This study is aimed at investigating the effect of mergers and acquisitions on the share prices and dividends involving South African companies in the food and beverage industry. A sample of 79 mergers from 1999 to 2005 was used. The data was analysed using the event study methodology and descriptive statistics. In addition, the paired t-test was also conducted to test the significance of the results. The results were presented using graphs, tables and charts. The results showed that target companies obtained negative abnormal returns during the announcement of mergers while acquiring companies on the other hand received positive abnormal returns. The results imply that it can no longer be generalized that target companies always win and acquiring companies lose during the merger activity. On the other hand, the dividends for target companies increased significantly after the merger, while the dividends for acquiring companies remained insignificantly negative after the merger. / Graduate School of Business Leadership / MBL

With the advent of the Municipal Management Finance Management Act, (Act 56 of 2003), working capital issues have been legislatively forced onto managers’ daily agenda. Municipal finance officials have been given a clear mandate to focus greater attention on issues such as debt and cash management and stricter policies relating to short term credit financing. The MFMA allows for the unlocking of the fiscal powers of a municipality to generate its own income. Research objectivesThisresearch is intended as a pilot study that argues greater focus on and improvement of, working capital procedures would assist a municipality to exploit this fiscal capacity. Other objectives include: - Generate greater interest in this topic amongst researchers. - Identify factors that limit the implementing good working capital policy. - Identify factors the affect the income earning ability of municipalities. - Identify possible best practices benchmarking.

Purpose/objectives: The study considered international Joint Venture projects (‘IJV’) and international acquisitions (for recognition purposes, the term of international Mergers & Acquisitions ‘IM&A’ is used even though mergers are not specifically part of the study) with a focus on automotive suppliers in the passenger car market and regionally on US partners. The objective was to analyse how suppliers in the automotive industry can close their strategic deficiencies through these IJV and IM&A transactions. The regional focus on US partners was chosen, as the USA is a major market for automotive suppliers (volumes/size and innovation-focus). The idea was to identify, categorise, and subsequently analyse decision-making parameters of the engagement in IJV and IM&A. Design/methodology/approach: The research had two main areas: a general literature review and an empirical part with a case study approach. As the research drew on a constructivist perspective, the empirical part of the research was conducted with a qualitative approach. At the centre were three case studies of a major German supplier analysed in depth: one IM&A, one IJV and one ‘hybrid’ transaction. These studies examined good practices, highlights, and challenges through semi-structured interviews. Senior experts in the Business Units and collaboration teams involved in these strategic projects were interviewed. Documentation reviews and the researcher’s own observations flanked these interviews. Findings: Bringing together ideas from the existing literature, and enriching them with insights from projects in the real automotive world, the current study contains valuable considerations about these complex strategic transactions. In order to enhance the deliberate use of these collaborations, the research reflected on the possible alignments of the various parameters and strategic factors. Contributions: The study represents a contribution to the practice and to the academic world, since it is a study to bridge the relevant theory/practice literature with real casestudy- based insights of German-USA inter-firm collaborations in the automotive industry. On that basis, an ‘advisory framework’ was developed to enhance decisionmaking in that area of corporate strategy. It focuses on important factors to consider when engaging in cross-border IJV and IM&A in a specific industry. Research limitations/implications: The research results would need to be further explored in practice, which could be the subject of future research. Limitations from the current study stem from the chosen research design and sample size.

With the advent of the Municipal Management Finance Management Act, (Act 56 of 2003), working capital issues have been legislatively forced onto managers’ daily agenda. Municipal finance officials have been given a clear mandate to focus greater attention on issues such as debt and cash management and stricter policies relating to short term credit financing. The MFMA allows for the unlocking of the fiscal powers of a municipality to generate its own income. Research objectivesThisresearch is intended as a pilot study that argues greater focus on and improvement of, working capital procedures would assist a municipality to exploit this fiscal capacity. Other objectives include: - Generate greater interest in this topic amongst researchers. - Identify factors that limit the implementing good working capital policy. - Identify factors the affect the income earning ability of municipalities. - Identify possible best practices benchmarking.

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The aim of this study is to examine why firms may manipulate not just their earnings but also their cash flows, and to investigate the effects of this behaviour in debt markets with respect to the cost of debt. This research addresses current concerns about accounting rules (both GAAP and IFRS) which allow companies discretion in the presentation of their operating cash flow in financial statements. Using a sample of 8,684 UK and 23,935 USA firm-years from 1998 to 2010, the reported operating cash flow is decomposed into two components, unmanaged and managed, in order to examine the association between the estimated discretionary part of operating cash flow and the cost of debt. The results show that the cost of debt has a significantly positive association with the managed component of operating cash flows. By using path analysis, it is further shown that the effect of cash flow management in increasing the cost of debt is largely through its impact on accounting quality. Also it is found that the market positively prices abnormal operating cash flow information when firms experience financial problems, especially when companies are faced with low cash flows.