In recent years the ideas of good governance and the responsibility of corporate South Africa to contribute to the society in which they operate have become an undeniable part of organisational conception. Indeed, South Africa is considered to be a leader in the field of corporate governance internationally. Forming part of governance practices is Corporate Social Investment (CSI) whereby corporate organisations contribute to causes and societal groupings in need of financial and other assistance. Among these societal groupings that receive support from CSI activities are non-profit organisations (NPOs) that rely on funding from their corporate donors for survival. Based on the exchange of funding and a shared attempt at social development, a relationship between the two parties emerges. From the perspective of the stakeholder theory, corporate organisations, through their CSI activities, and NPOs are stakeholders of each other and a positive relationship between them could strengthen their individual and collective goals. This study explored and described the relationship between corporate donors and recipient NPOs in order to understand the state of the relationship and to critically consider the way in which the relationship is defined, described and measured. First, the relationship was explored by means of partially structured interviews based on well-known relationship indicators where it appeared that the relationship is not only fraught with negative perceptions from both sides, but also where the relationship indicators used to explore the relationship were not entirely suited for the specific context of this relationship. The negative perceptions and inappropriate relationship indicators formed the basis of a theoretical inquiry of literature on CSI, stakeholder relationships and participatory development communication. Subsequently, the partially structured interviews and the literature review informed the design of two corresponding survey questionnaires that could test both findings quantitatively. The results of validity and reliability testing confirmed the qualitative finding that a contextualised measurement is suited for this relationship. A mix of existing and newly formulated items grouped in contextual elements and redefined relationship indicators was used to describe the relationship. A combined analysis of qualitative and quantitative results indicated that the relationship is not as negative as the qualitative research might have suggested (possibly a result of contextualised measurement); but that very specific relational challenges are present and it is suggested that these challenges need a realistic approach of which accurate description is a starting point. The research contributes twofold with the first contribution being a clearer understanding of the relationship between corporate donors and recipient NPOs and the second being a set of redefined and contextualised relationship indicators with which to define and measure this relationship. / PhD (Communication Studies), North-West University, Potchefstroom Campus, 2014

In recent years the ideas of good governance and the responsibility of corporate South Africa to contribute to the society in which they operate have become an undeniable part of organisational conception. Indeed, South Africa is considered to be a leader in the field of corporate governance internationally. Forming part of governance practices is Corporate Social Investment (CSI) whereby corporate organisations contribute to causes and societal groupings in need of financial and other assistance. Among these societal groupings that receive support from CSI activities are non-profit organisations (NPOs) that rely on funding from their corporate donors for survival. Based on the exchange of funding and a shared attempt at social development, a relationship between the two parties emerges. From the perspective of the stakeholder theory, corporate organisations, through their CSI activities, and NPOs are stakeholders of each other and a positive relationship between them could strengthen their individual and collective goals. This study explored and described the relationship between corporate donors and recipient NPOs in order to understand the state of the relationship and to critically consider the way in which the relationship is defined, described and measured. First, the relationship was explored by means of partially structured interviews based on well-known relationship indicators where it appeared that the relationship is not only fraught with negative perceptions from both sides, but also where the relationship indicators used to explore the relationship were not entirely suited for the specific context of this relationship. The negative perceptions and inappropriate relationship indicators formed the basis of a theoretical inquiry of literature on CSI, stakeholder relationships and participatory development communication. Subsequently, the partially structured interviews and the literature review informed the design of two corresponding survey questionnaires that could test both findings quantitatively. The results of validity and reliability testing confirmed the qualitative finding that a contextualised measurement is suited for this relationship. A mix of existing and newly formulated items grouped in contextual elements and redefined relationship indicators was used to describe the relationship. A combined analysis of qualitative and quantitative results indicated that the relationship is not as negative as the qualitative research might have suggested (possibly a result of contextualised measurement); but that very specific relational challenges are present and it is suggested that these challenges need a realistic approach of which accurate description is a starting point. The research contributes twofold with the first contribution being a clearer understanding of the relationship between corporate donors and recipient NPOs and the second being a set of redefined and contextualised relationship indicators with which to define and measure this relationship. / PhD (Communication Studies), North-West University, Potchefstroom Campus, 2014

The increasing amount of power and potentially negative impacts that corporations exert within society has become a growing concern for many people. In response to this and due to the changing role of business in society, more and more members of social groups, who are affected by corporate activities, are claiming their rights to be better informed of and more involved in corporate decision-making. Consequently, the need for companies worldwide to be more accountable for the ways in which they conduct their business has grown at a tremendous rate. Especially during the last decade, companies have globally been placed under increasing pressure from different stakeholder groups to demonstrate and prove their commitments to the idea of Corporate Social Responsibility (CSR). In order to facilitate and guide these CSR-commitments, society has for many years already begun to implement various standards of behaviour/performance, which corporations need to achieve in order to be accepted as being part of the citizenry. However, despite an abundance of such standards in terms of CSR-related guidelines and codes, a clear need has been identified for the development of better measuring tools of CSR, in order to efficiently assess and monitor companies’ performance. The Bench Marks is one of the most comprehensive sets of social and environmental criteria and business performance indicators available. It offers an ethical standard on which to base decisions about global corporate social responsibility. Consequently, the need arose from the Bench Marks Foundation - in collaboration with the Bench Marks Centre for Corporate Social Responsibility at the North-West University – to develop the current Bench Marks CSR Framework into a practical measuring instrument. This need has successfully been fulfilled through this research by means of two methods, namely a literature review and an empirical study. During the literature study, the concepts CSR and Corporate Personality were contextualised - particularly with the investigation of related concepts; as well as critically examined - specifically in terms of their theoretical measurement properties. During the empirical research, quantitative research techniques have been utilised which involved: the application of certain ‘theoretically recognised phases’ of measuring instrument development; as well as a survey in the form of a ‘preliminary measuring instrument’ (in questionnaire format) that was administered on a random sample respondents (n = 350), including the statistical analysis of the results. 189 Questionnaires were completed, which gave a response rate of 54%. The statistical analysis mainly served as an effective guideline for determining the best CSR items (in terms of reliability and validity) to be included in the final version of the instrument. Apart from measuring CSR performance in line with the Bench Marks, the instrument that has been developed by this study, can also be used as a measuring mechanism for Corporate Personality. This is achieved by assessing company behaviour in terms of the theoretical dimensions of CSR (economic, legal, ethical and philanthropic) and Sustainable Development (economic, social and environmental). In doing so, this instrument provides companies with a unique way of identifying their status of being true Corporate Citizens. / Thesis (Ph.D. (Sociology))--North-West University, Potchefstroom Campus, 2012

Gräsrotsfinansiering har under 2010-talet vuxit till att bli ett betydelsefullt finansierings-alternativ för små och medelstora företag, vilket även möjliggjort för privatpersoner (icke-professionella investerare) att investera i denna typ av bolag genom att teckna aktier i dem. Investeringar i bolag av mindre storlek kan potentiellt ge mycket god avkastning, men är även förenade med stor risk. Dessa investeringar kan fungera som ett komplement till sedvanliga investeringar på vad som i dagligt tal kallas för ”börsen”, men investeringar i småbolag skiljer mot aktiemarknadsbolag. Värdepappersmarknaden är föremål för rigorös reglering, i syfte att värna om ett starkt investerarskydd och upprätthålla förtroendet för marknaden. Mot bakgrund härav, föreligger högt ställda krav på aktiemarknadsbolagens löpande informationsgivning. Alla inträffade händelser och uppkomna förhållanden, vilka kan tänkas ha en påverkande effekt på aktiens pris ska, i regel, så snart som möjligt delges marknaden. På så vis ges alla befintliga och potentiella aktieägare en rättvis tillgång till information om bolaget, för att ha möjlighet att fatta välavvägda investeringsbeslut. Något motsvarande investerarskydd finns inte implementerat för investeringar i onoterade aktiebolag, utan investerare har få rättsliga medel för att tillskansa sig ytterligare information som kompletterar vad som utges under och i samband med bolagsstämman. Möjligheter till detta finns, men är praktiskt komplicerade att genomdriva. Detta ger upphov till frågan om balans råder mellan ett intresse att värna om investerare, å ena sidan, och ett intresse att underlätta företagande, å andra sidan. Gällande rätt är knappast ändamålsenlig, utan ändringar krävs för att råda bot på obalansen. Investerare bör ges utvidgad rätt till informationsgivning från onoterade aktiebolag när gräsrotsfinansiering tillämpats, eller om investerarkretsen annars är spridd. Krav på löpande informationsgivning av samma brådskande karaktär som råder på aktiemarknaden är emellertid inte önskvärt, utan vore alltför betungande för företagen. Därför föreslås istället kvartalsvis regelbunden informationsgivning från onoterade aktiebolag till investerarna, med komplettering av omedelbar informationsgivning av väsentliga händelser och förhållanden. Sådan reglering skulle tillförsäkra investerare en bättre ställning och hålla dem informerade om bolagets förehavanden, samtidigt som efterlevnaden inte vore oproportionerligt betungande för bolaget och dess befattningshavare. / Crowdfunding has, during the 2010s, grown rapidly to become a meaningful alternative financing solution for small and medium-sized businesses, which has also made it possible for individuals (non-professional investors) to invest in these types of companies, by subscribing for shares. Investments in smaller sized businesses are, however, associated with greater risk. Such investments could work as a complement to more traditional investments on the stock market, but investments in small companies differ from publicly traded companies. The securities markets are subject to rigorous regulation, in order to ensure strong investor protection, as well as maintaining a high level of trust in the market. Therefore, extensive demands on the companies are in place regarding their distribution of ad hoc information. All occurring events and circumstances that might have an impact on the shares’ value, shall, subject to some exceptions, immediately be made public to the market. This will ensure that both existing and potential shareholders are given a fair access to information regarding the company, to have the possibility to make sound investment decisions. Any corresponding investor protection scheme is not implemented for investments in non-publicly traded companies. Investors have access to very few legal tools for obtaining other information than what is given during, and in connection to, the shareholders’ meeting. There are however, a handful of such possibilities, but they are practically complicated to use. This raises the question whether there is a balance at all between an interest of protecting investors on the one hand, and an interest of facilitating for entrepreneurs on the other hand. Today’s regulation is hardly appropriate, and changes are needed, in order to solve the imbalance. Investors should be given a wider right to enforce issuing of information from non-publicly traded companies that have raised capital through crowdfunding, or for other reasons have a diverse group of investors. However, similar urgency for such information, as is demanded on the stock market, is hardly necessary, as it would be far too burdensome for the companies. Therefore, quarterly information distribution is suggested, complemented with immediate information for essential occurring events and circumstances. Such regulation, would ensure investors a better position and keep them informed regarding the business’ operation, while the actions required for ensuring compliance would not be disproportionately burdensome for the company or its executives.

<p>Intern kontroll handlar om att ha verksamhetens riskområden under kontroll. Brister i intern kontroll kan leda till ett ineffektivt arbete och riskera att utsätta verksamheten och därmed dess aktieägare för risk. När Svensk Kod för Bolagsstyrning (Koden) infördes i juli 2005 var syftet delvis att ge börsnoterade bolag ett ramverk för hur de ska arbeta med och redovisa sitt arbete med dessa frågor som ett led i att åstadkomma god bolagsstyrning.</p><p>Uppsatsen undersöker huruvida Koden har förändrat svenska börsnoterade bolags arbete med intern kontroll samt den betydelse förändringen, ur ett investeringsperspektiv, har för aktieägarna.</p><p>Agentteorin utgör en grundläggande del av uppsatsens teoretiska ram genom att beskriva relationerna mellan och drivkrafterna bakom de studerade aktörerna, aktieägarna och styrelsen. En täckande schematisk modell av agentteorin saknas i befintlig akademisk litteratur. Uppsatsens författare har därför utformat en sådan modell, som presenteras och utgör stommen i uppsatsens analysmodell.</p><p>Nio stycken intervjuer med revisorer och ansvariga för intern kontroll på svenska börsnoterade bolag genomfördes. Vidare utfördes en enkätundersökning bland investerare på svenska fondbolag som ett led i den empiriska datainsamlingen.</p><p>Studien visar att införandet av Koden har lett till en förändring i hur svenska börsnoterade bolag idag arbetar med intern kontroll. Förändringen har varit störst i de små och medelstora bolagen, som inte arbetat med dessa frågor tidigare i samma utsträckning som de stora bolagen. Investerarna, och tillika aktieägarna, är inte medvetna om den förändring som skett avseende bolagens arbete med intern kontroll. Investerarna anser dock att intern kontroll är viktigt vid ett investeringsbeslut, men samtidigt inte en av de tre avgörande faktorerna.</p><p>Bolagen har i och med sitt ökade arbete med intern kontroll mer börjat identifiera de långsiktiga överlevnadsriskerna. Utfallet av denna förändring i styrelsens arbete har möjligen ännu inte kommit aktieägarna till godo något som kan förklara varför de inte ser intern kontroll som ett avgörande investeringskriterium.</p>

Intern kontroll handlar om att ha verksamhetens riskområden under kontroll. Brister i intern kontroll kan leda till ett ineffektivt arbete och riskera att utsätta verksamheten och därmed dess aktieägare för risk. När Svensk Kod för Bolagsstyrning (Koden) infördes i juli 2005 var syftet delvis att ge börsnoterade bolag ett ramverk för hur de ska arbeta med och redovisa sitt arbete med dessa frågor som ett led i att åstadkomma god bolagsstyrning. Uppsatsen undersöker huruvida Koden har förändrat svenska börsnoterade bolags arbete med intern kontroll samt den betydelse förändringen, ur ett investeringsperspektiv, har för aktieägarna. Agentteorin utgör en grundläggande del av uppsatsens teoretiska ram genom att beskriva relationerna mellan och drivkrafterna bakom de studerade aktörerna, aktieägarna och styrelsen. En täckande schematisk modell av agentteorin saknas i befintlig akademisk litteratur. Uppsatsens författare har därför utformat en sådan modell, som presenteras och utgör stommen i uppsatsens analysmodell. Nio stycken intervjuer med revisorer och ansvariga för intern kontroll på svenska börsnoterade bolag genomfördes. Vidare utfördes en enkätundersökning bland investerare på svenska fondbolag som ett led i den empiriska datainsamlingen. Studien visar att införandet av Koden har lett till en förändring i hur svenska börsnoterade bolag idag arbetar med intern kontroll. Förändringen har varit störst i de små och medelstora bolagen, som inte arbetat med dessa frågor tidigare i samma utsträckning som de stora bolagen. Investerarna, och tillika aktieägarna, är inte medvetna om den förändring som skett avseende bolagens arbete med intern kontroll. Investerarna anser dock att intern kontroll är viktigt vid ett investeringsbeslut, men samtidigt inte en av de tre avgörande faktorerna. Bolagen har i och med sitt ökade arbete med intern kontroll mer börjat identifiera de långsiktiga överlevnadsriskerna. Utfallet av denna förändring i styrelsens arbete har möjligen ännu inte kommit aktieägarna till godo något som kan förklara varför de inte ser intern kontroll som ett avgörande investeringskriterium.

Syfte: Syftet med denna undersökning är att göra en komparativ studie mellan Sverige-och global aktiefonder för att vidare analysera vilka aktiefonder som ger högst avkastning. Metod: Uppsatsen bygger på en statistisk analys vilket sekundärdata ligger till grund för våra beräkningar. Genom tillämpning av kvantifierbar hård data där bland annat historiska aktiekurser ingår, så har en kvantitativ studie använts. Befintliga teorier och modeller har tillämpats. Slutsats: Studien visar i stort sett att högre risk ger en högre avkastning. Under period 1 presterade Latin Amerika fonderna bäst varefter Sverige fonder presterade bättre under period 2. Dessa marknader kan vara väldigt oberoende av varandra och tenderar därmed inte att följa varandras kursutveckingen. Slutsatsen är då att en investering i olika geografiska placeringar diversifierar risken mer. Exempelvis en investering i en svensk fond och en latin amerika fond.

In this study it is argued that organisations can contribute to development through their Corporate Social Responsibility Initiatives (CSR). Therefore one should consider CSR programmes similar to development programmes and should be managed accordingly. When one communicates in a development context it happens within the extensive field of development communication. In this field the participatory approach to development communication is regarded as the normative approach. In view of this, this study argues that communication in CSR programmes should conform to the principles of the participatory approach. Participatory evaluation is one of the elements of the participatory approach; therefore the evaluation of programmes should adhere to the principles of the participatory approach to contribute to sustainable development. For this reason this study is informed by the relevant principles of the participatory approach to evaluation: dialogue; participation; empowerment and diversity. These principles of participatory evaluation are rooted in the mentioned principles and they are: partnership; participation in evaluation; acknowledgement of local knowledge; empowerment and change. The financial sector in South Africa is one of the largest financial contributors towards CSR. As a result, two financial organisations were chosen to be studied. The research question of this study is: What is the nature of the communication during evaluation of CSR programmes in the financial sector? A qualitative approach is used in this study to obtain the relevant information. Qualitative content analysis, semi-structured interviews and focus groups were used as research methods. The conclusion is made that none of the five programmes in this study use participatory evaluation to evaluate their CSR programmes. In two of the programmes a limited partnership is identified between the organisation and/or the program leader and the beneficiaries, while no partnership was found in the other three programmes. Limited participation from the beneficiaries of the two programmes during evaluation was observed; hence limited local knowledge is recognised in these two programmes. It was also found that only two programmes' beneficiaries are empowered through evaluation and only these two programmes changed according to the beneficiaries’ input. These findings that were made through an empirical study indicate that in spite of the limited presence of some principles of participatory evaluation in two of the five programmes, neither of the organisations uses participatory evaluation methods to evaluate their CSR programmes. / Thesis (MA (Communication Studies))--North-West University, Potchefstroom Campus, 2013

In this study it is argued that organisations can contribute to development through their Corporate Social Responsibility Initiatives (CSR). Therefore one should consider CSR programmes similar to development programmes and should be managed accordingly. When one communicates in a development context it happens within the extensive field of development communication. In this field the participatory approach to development communication is regarded as the normative approach. In view of this, this study argues that communication in CSR programmes should conform to the principles of the participatory approach. Participatory evaluation is one of the elements of the participatory approach; therefore the evaluation of programmes should adhere to the principles of the participatory approach to contribute to sustainable development. For this reason this study is informed by the relevant principles of the participatory approach to evaluation: dialogue; participation; empowerment and diversity. These principles of participatory evaluation are rooted in the mentioned principles and they are: partnership; participation in evaluation; acknowledgement of local knowledge; empowerment and change. The financial sector in South Africa is one of the largest financial contributors towards CSR. As a result, two financial organisations were chosen to be studied. The research question of this study is: What is the nature of the communication during evaluation of CSR programmes in the financial sector? A qualitative approach is used in this study to obtain the relevant information. Qualitative content analysis, semi-structured interviews and focus groups were used as research methods. The conclusion is made that none of the five programmes in this study use participatory evaluation to evaluate their CSR programmes. In two of the programmes a limited partnership is identified between the organisation and/or the program leader and the beneficiaries, while no partnership was found in the other three programmes. Limited participation from the beneficiaries of the two programmes during evaluation was observed; hence limited local knowledge is recognised in these two programmes. It was also found that only two programmes' beneficiaries are empowered through evaluation and only these two programmes changed according to the beneficiaries’ input. These findings that were made through an empirical study indicate that in spite of the limited presence of some principles of participatory evaluation in two of the five programmes, neither of the organisations uses participatory evaluation methods to evaluate their CSR programmes. / Thesis (MA (Communication Studies))--North-West University, Potchefstroom Campus, 2013

The increasing amount of power and potentially negative impacts that corporations exert within society has become a growing concern for many people. In response to this and due to the changing role of business in society, more and more members of social groups, who are affected by corporate activities, are claiming their rights to be better informed of and more involved in corporate decision-making. Consequently, the need for companies worldwide to be more accountable for the ways in which they conduct their business has grown at a tremendous rate. Especially during the last decade, companies have globally been placed under increasing pressure from different stakeholder groups to demonstrate and prove their commitments to the idea of Corporate Social Responsibility (CSR). In order to facilitate and guide these CSR-commitments, society has for many years already begun to implement various standards of behaviour/performance, which corporations need to achieve in order to be accepted as being part of the citizenry. However, despite an abundance of such standards in terms of CSR-related guidelines and codes, a clear need has been identified for the development of better measuring tools of CSR, in order to efficiently assess and monitor companies’ performance. The Bench Marks is one of the most comprehensive sets of social and environmental criteria and business performance indicators available. It offers an ethical standard on which to base decisions about global corporate social responsibility. Consequently, the need arose from the Bench Marks Foundation - in collaboration with the Bench Marks Centre for Corporate Social Responsibility at the North-West University – to develop the current Bench Marks CSR Framework into a practical measuring instrument. This need has successfully been fulfilled through this research by means of two methods, namely a literature review and an empirical study. During the literature study, the concepts CSR and Corporate Personality were contextualised - particularly with the investigation of related concepts; as well as critically examined - specifically in terms of their theoretical measurement properties. During the empirical research, quantitative research techniques have been utilised which involved: the application of certain ‘theoretically recognised phases’ of measuring instrument development; as well as a survey in the form of a ‘preliminary measuring instrument’ (in questionnaire format) that was administered on a random sample respondents (n = 350), including the statistical analysis of the results. 189 Questionnaires were completed, which gave a response rate of 54%. The statistical analysis mainly served as an effective guideline for determining the best CSR items (in terms of reliability and validity) to be included in the final version of the instrument. Apart from measuring CSR performance in line with the Bench Marks, the instrument that has been developed by this study, can also be used as a measuring mechanism for Corporate Personality. This is achieved by assessing company behaviour in terms of the theoretical dimensions of CSR (economic, legal, ethical and philanthropic) and Sustainable Development (economic, social and environmental). In doing so, this instrument provides companies with a unique way of identifying their status of being true Corporate Citizens. / Thesis (Ph.D. (Sociology))--North-West University, Potchefstroom Campus, 2012