Enterprise risk management (ERM) has emerged as a distinct model for managing a sophisticated portfolio of corporate risks. The purpose of this study was to determine the impact of ERM on firm value for companies on the Johannesburg Securities Exchange. The sample comprised forty-five firms from different industries over the period 2000-2016. Most studies used five or ten-year periods, using data derived from only one industry. Tobin’s Q was used as a proxy for firm value. Multivariate regression analysis was employed to determine statistical relationships. The findings indicate a significant correlation between ERM and Tobin’s Q, indicating that ERM significantly contributes to firm value. These findings may be used to develop and shape ERM policy frameworks for firms and countries. The study provides new insights, from an African emerging market context on the value effects of ERM. Larger and international samples may improve future studies. / Business Management / M. Com. (Business Management)

There exists significant literature investigating the link between macroeconomic variables and stock market returns. Most previous studies utilise an overall stock market index to measure stock market returns, thereby aggregating a number of different industries into a single index. This research investigated the link between macroeconomic variables and a single sector’s share returns, being the Resources sector. The aim was to ascertain whether or not a correlation exists between the Resource Index of the Johannesburg Stock Exchange and four macroeconomic variables, namely: GDP, Inflation, Interest rates and the Rand/US Dollar Exchange Rate. Quarterly data for all 4 macroeconomic variables and the Resource Index was collected for the period 2002 to 2011 and tests of correlation performed between each macroeconomic variable and the Resource Index. The findings reveal that there is a positive correlation between GDP and resources share returns, a negative correlation between interest rates and resources share returns and a positive relationship between the Rand/US Dollar Exchange rate and resources share returns. The relationship between the inflation and the resource share returns proved inconclusive.Copyright / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

The argument with regards to whether macro-economic fundamentals determine stock market behaviour is very important because of the roles it plays in an economy. Such roles include: pooling and trading of risks, mobilization of savings, provision of liquidity and allocation of capital. However, the stock market will only perform such roles effectively if the macro-economic environment is conducive. This study examined the behaviour of the All Share Index (ALSI) and market capitalization on the Johannesburg Stock Exchange in response to changes in the domestic and international macro-economic fundamentals such as the consumer price index, rand-dollar real exchange rates, domestic GDP, yield on South African government bonds, yield on United States government bonds and United States GDP. The study used cointegration and error correction techniques proposed by Johansen and Juselius (1990) to test for long run relationship. Two separate models were estimated and results obtained show that the two proxies for the stock market behaviour (All share Index and market capitalization) are true endogenous variables, but react differently to economic fundamentals. The consumer price index has a significant negative impact on the JSE share price index while market capitalization is determined predominantly by the yield on South African government bonds. The exchange rate seems to have had little or no influence on the share price index, but becomes negative and significant in the case of market capitalization. The yield on United States government bonds also produced a strong influence on both the share price index and market capitalization. While it has a negative significant impact on share prices, it produced a positive significant impact on market capitalization. In order to ascertain whether the South African interest rate or the United States interest rate is more important in explaining the share price and market capitalization, each of the variables were estimated in the model separately, the result obtained reveals that the United States interest rate is more important than the domestic interest rate in explaining the share price and market capitalization on the JSE. This implies that investors need to observe the USA interest rate before investing in South African equities. A comparison of the responses of share price index and market capitalization to impulses from the macro-economic variables tested reveals that both proxies elicit a positive response from aggregate output. The share price index responds more significantly to impulses from output growth than the market capitalization, meaning that, as aggregate production increases, the share price index tends to respond positively and quickly. The exchange rate produced mixed result from the two proxies, while it produced a positive response from the market capitalization; an initial positive response was noted in the share price index that immediately turned negative. Another glaring contrast was identified in the response of both proxies to impulses from the United States interest rate. The share price index responded positively while the market capitalization produced a negative response. This finding reveals that the two proxies actually respond differently to macro-economic variables. The variance decomposition of both stock prices and market capitalization reveals that the yield on United States government bonds has a more significant absorption potential than the South African government bonds. However, the absorption process is slower in the case of the market capitalization. The exchange rate has a greater impact on the market capitalization than stock prices. The overall assessment shows that share prices respond faster than market capitalization to macro-economic fundamentals. The study also shows that the increased openness of the South African economy by way of relaxation of the exchange control on capital account transaction has allowed the USA market to play a crucial role in equity prices in South Africa. Three main policy recommendations results from the study. Firstly, if inflation is well monitored, then the local equity market is bound to perform strongly resulting in strong shares earning growth. Secondly, the exchange rate should be made to be less volatile so that long term investment plans across borders can be further enhanced. Thirdly, financial analyst and investors in South Africa need to analyse macro-economic developments in the United States before investing in equities in South Africa.

Philosophiae Doctor - PhD / The value added statement is published by about 200 of the 400 companies listed in the industrial sector on the Johannesburg Stock Exchange. This is the highest incidence of publication of such statements reported to date. It appears from a literature review that the usefulness of the statement has never been tested in depth from the perspective of the users. The importance of this study stems from the increased incidence of publication of the statement in South Africa and the lack of evidence substantiating its usefulness. The study aims to investigate the usefulness of the value added statement in South Africa from the perspective of all the different users of external financial information. The literature review revealed that, although the value added statement is based on the theory of value added and was aimed at broadening the scope of financial reporting, it did not develop to the point of being governed by statutory requirements. This resulted in diverse accounting treatment in the statement and the resultant loss of consistency and comparability, which gave an early indication from the literature that value added statements might not be very useful. The usefulness of the value added statement was evidenced by users actually using the statement and the explanatory and predictive power of value added information. No reliable evidence of users actually using the statement was found in the literature. Evidence was found that value added information had greater predictive and explanatory power than earnings, but these findings were found to be inconclusive. A questionnaire survey among users representing the South African users of external financial reports revealed little evidence of actual use of the value added statement. The general usage trend from past to present, was to use the statement less rather than more. More than fifty percent of the respondents do not intend to use the statement in future, even if the shortcomings experienced could be overcome. The major reason for this lack of support for the value added statement seems to be the shortcomings experienced by the users when publishing and using the statement, which stems mainly from the lack of statutory requirements. Another reason is that the value added statement introduces very little information that is not already available from the other financial statements. The predictive and explanatory power of value added information was examined by doing statistical analysis on empirical data of South African listed companies. This analysis indicated that value added information did not have additional explanatory and predictive power when compared to earnings and that the high inter-correlation between value added and earnings prevented value added from being used in prediction models in combination with earnings. The predictive and explanatory power of value added information is therefore limited. This research study could not find sufficient evidence of the usefulness of value added statements to justify their continued publication, neither could it find significant support for future use. It is therefore suggested that the publication of the statement be discontinued and that additional information be included in the income statement disclosures to accommodate this.

M. Tech (Department of Accountancy, Faculty of Management Sciences) Vaal University of Technology. / Numerous studies have been conducted to ascertain factors that impact on wealth creation of companies. It has been suggested by various researchers that economic value added (EVA) could be used to measure company wealth creation and a number of factors have been suggested that contribute to wealth creation for company shareholders. The purpose of this study is to determine the company characteristics that influence wealth creation. The study uses EVA, the dependent variable, as a measure of a company’s wealth creation. The company characteristics, independent variables, are operating capital size, capital gearing, export and domestic distribution market segments, sub-sectors and the type of product companies release into the market. Identifying company characteristics that influence wealth creation could enlighten investors on where capital should be directed in order to maximise wealth creation for the companies’ shareholders and the entire economy. Logistic regression analysis models were used to analyse 61 industrial companies listed on the Johannesburg Stock exchange (JSE) for the 10-year period of 2005 to 2014. The use of logistic regression for this analysis was necessitated by the binary nature of the data (EVA positive or negative) and logistic regression analysis is suitable for such binary data. A series of tests were conducted to assess the suitability of logistic regression analysis in evaluating the impact of company characteristics on EVA. The classification accuracy test, which shows the predictive accuracy or the forecast strength of the logistic regression model for this study yielded a forecast strength of the highest of 97.2 percent for 2006 and lowest of 63.2 percent for 2014. The results indicated the appropriateness of the logistic regression model for the study. The data on the EVA of companies were collected from INET-BFA. Other sets of data also obtained from INET-BFA include companies’ volume of operating capital, capital gearing, company product types, distribution channels and sub-sectors to which each company belongs. The historical inflation and exchange rates were also obtained and applied in comparing with EVA. The comparison was to determine if there was any relationship between EVA, exchange rates and inflation. Results of the logistic regression analysis model reveal that the sub-sector factor, capital size factor and capital gearing factor impact on EVA, while market segment and company product type do not impact on EVA. The results show that the sub-sector categories of manufacturing, retail and extraction have significant positive impact on EVA while property management does not impact on EVA. The large capital category of the capital size factor shows significant positive impact on EVA while the medium capital category shows a negative impact on EVA, leaving small capital size having no impact on EVA. The high as well as moderate capital gearing categories of the capital gearing factor show negative impact on EVA, while low gearing shows no impact on EVA. However, some years covered in the study did not have any significant factors. Results of wealth creation evaluation of the industrial companies using EVA as a metric reveals that the industrial companies created more value than was destroyed in terms of EVA. The results show that manufacturing, extraction and retail sub-sectors achieved net positive EVA, while the property management sub-sector achieved net EVA negative in the 10-year period. Furthermore, results of EVA comparison with foreign exchange and inflation rates indicated a relationship between EVA, exchange rate and rate of inflation. The results show that as inflation rises, foreign exchange depreciates, while EVA performance of companies drops during the same period. Findings and recommendations of this study are important to company managers as they offer crucial information regarding the types of activities organisations could engage in and for investors to consider the types of businesses in which to invest. The findings are also important in suggesting how companies could organise their capital structure as well as the size of the capital in order to optimise wealth creation. Such considerations by company managers and investors alike would help to increase wealth creation within the economic system. This study made use of five company characteristics, which were stated into various categories. Additional company characteristics should be used in a further study to identify other company attributes that may impact on EVA. There is also the need to carry out further studies using other methods to find out if different results could be achieved. In addition, a study is recommended to establish why no significant factor was identified in some of the years.

Die studie vergelyk die prestasie van 'n koop-en-hou-strategie met die van 'n tydsberekeningstrategie binne die raamwerk van die arbitrasie-prysbepalingsteorie (APT) op die nywerheidsindeks van die Johannesburgse Aandelebeurs (JA). Die periode van die studie is oor twee tydperke, naamlik Januarie 1970 tot September 1987 en Januarie 1989 tot Junie 1997. Die langtermyntendens van die nywerheidsindeks en APT-faktore is bepaal deur die beste nie-reglynige model vir elke tydreeks te vind. Reglynige meervoudige stapsgewyse regressie-ontleding is gebruik om die bewegings van die nywerheidsindeks rondom die langtermyntendens te voorspel. Die sloeringsreekse van die langtermyntendensresidutelling van die APT-faktore en die sloeringsreekse van die eerste-ordeverskiltelling van die langtermyntendensresidutelling is as moontlike voorspellers gebruik. Gegrond hierop is beslissingslyne ontwik:kel wat gebruik is vir die implementering van 'n tydsberekeningstrategie. Die resultate van die studie is die volgende: • Waar die sloeringsreekse van die langtermyntendensresidutelling van die APTfaktore as moontlike voorspellers gebruik is, is die risiko-aangepaste opbrengskoers van 'n tydsberekeningstrategie 6, 41 persent en 0, 71 persent b6 die van 'n koop-en-hou-strategie vir tydperk een en twee onderskeidelik. • Waar die sloeringsreekse van die eerste-ordeverskiltelling van die langtermyntendensresidutelling van die APT-faktore as moontlike voorspellers gebruik is, is die risiko-aangepaste opbrengskoers van 'n tydsberekeningstrategie 10,40 persent en 1,04 persent b6 die van 'n koop-enhou- strategie vir tydperk een en twee onderskeidelik. Die belangrikste gevolgtrekking van die studie is dat die APT en 'n tydsberekeningstrategie teoreties en prakties versoenbaar is op die JA. Aanbevelings vir toekomstige navorsing is die volgende: ( 1) sistematiese risikofaktore, anders as makro-ekonomiese faktore, behoort identifiseer te word wat die voorspellingswaarde van die faktore in die tweede tydperk van die studie kan verhoog; (2) elke stap van die model wat ontwikkel is, behoort op elke indeks van die JA toegepas te word om die risiko-aangepaste opbrengskoers van 'n tydsberekeningstrategie toegepas op elkeen van die indekse met die van 'n koop-en-hou-strategie te vergelyk; en (3) die invloed van transaksiekoste en dividende op die potensiele voordele van tydsberekening moet bepaal word. / The study compares the performance of a buy-and-hold strategy with that of a markettiming strategy in the framework of the arbitrage pricing theory (APT) applied to the industrial index of the Johannesburg Stock Exchange (JSE). The study period is divided into two parts, namely January 1970 to September 1987 and January 1989 to June 1997. The long-term trend of the industrial index and every APT factor is determined by finding the best nonlinear model for each time series. Linear multiple stepwise regression analysis, with the lagged time series of the long-term trend error terms of the APT factors, is used to forecast the movement of the industrial index around its long-term trend. Decision lines were developed to implement a market-timing strategy. The results of the study are as follows: • Where the lagged time series of the long-term trend error terms of the APT factors were used as possible predictors, the risk-adjusted return of a markettiming strategy was 6, 41 percent and 0, 71 percent higher than that of a buyand- hold strategy for periods one and two respectively. • Where the lagged time series of the first-order difference of the long-term trend error term of the APT factors were used as possible predictors, the riskadjusted return of the market-timing strategy was 10,40 percent and 1,04 percent higher than that of a buy-and-hold strategy for periods one and two respectively. The main conclusion of the study is that the APT and a market-timing strategy are theoretically and practically reconcilable on the JSE. The main recommendations of the study are the following: (1) systematic risk factors, other than macroeconomic factors, should be identified in order to increase the forecasting value of these factors in the second period of the study; (2) each step of the model developed in this study should be repeated on every index of the JSE; and (3) the influence of transaction costs and dividends on the potential benefits of a market-timing strategy should be determined. / Business Management / DCom (Sakebestuur)

It is generally acknowledged that the share price of listed companies is not usually a true reflection of the value imbedded in the said companies. The main purpose of this study is to explore the correlation between selected performance measurement tools, namely Return on Equity (ROE) and Economic Value Added (EVA®), and the share price of companies listed on the Johannesburg Stock Exchange. The study is a quantitative one as it uses data extracted from McGregor BFA database to investigate the relationship between the variables studied. Correlation and linear regression analyses were used in determining such relationships. This study found that there is a synergy in using ROE and EVA® as performance measurement tools and that their interaction explains 8.06% of the movement in the share price of listed companies, all things being equal. Hence it is recommended to identify and study possible synergies between other performance measurement tools. / Management Accounting / M. Phil. (Accounting Sciences)

Die studie vergelyk die prestasie van 'n koop-en-hou-strategie met die van 'n tydsberekeningstrategie binne die raamwerk van die arbitrasie-prysbepalingsteorie (APT) op die nywerheidsindeks van die Johannesburgse Aandelebeurs (JA). Die periode van die studie is oor twee tydperke, naamlik Januarie 1970 tot September 1987 en Januarie 1989 tot Junie 1997. Die langtermyntendens van die nywerheidsindeks en APT-faktore is bepaal deur die beste nie-reglynige model vir elke tydreeks te vind. Reglynige meervoudige stapsgewyse regressie-ontleding is gebruik om die bewegings van die nywerheidsindeks rondom die langtermyntendens te voorspel. Die sloeringsreekse van die langtermyntendensresidutelling van die APT-faktore en die sloeringsreekse van die eerste-ordeverskiltelling van die langtermyntendensresidutelling is as moontlike voorspellers gebruik. Gegrond hierop is beslissingslyne ontwik:kel wat gebruik is vir die implementering van 'n tydsberekeningstrategie. Die resultate van die studie is die volgende: • Waar die sloeringsreekse van die langtermyntendensresidutelling van die APTfaktore as moontlike voorspellers gebruik is, is die risiko-aangepaste opbrengskoers van 'n tydsberekeningstrategie 6, 41 persent en 0, 71 persent b6 die van 'n koop-en-hou-strategie vir tydperk een en twee onderskeidelik. • Waar die sloeringsreekse van die eerste-ordeverskiltelling van die langtermyntendensresidutelling van die APT-faktore as moontlike voorspellers gebruik is, is die risiko-aangepaste opbrengskoers van 'n tydsberekeningstrategie 10,40 persent en 1,04 persent b6 die van 'n koop-enhou- strategie vir tydperk een en twee onderskeidelik. Die belangrikste gevolgtrekking van die studie is dat die APT en 'n tydsberekeningstrategie teoreties en prakties versoenbaar is op die JA. Aanbevelings vir toekomstige navorsing is die volgende: ( 1) sistematiese risikofaktore, anders as makro-ekonomiese faktore, behoort identifiseer te word wat die voorspellingswaarde van die faktore in die tweede tydperk van die studie kan verhoog; (2) elke stap van die model wat ontwikkel is, behoort op elke indeks van die JA toegepas te word om die risiko-aangepaste opbrengskoers van 'n tydsberekeningstrategie toegepas op elkeen van die indekse met die van 'n koop-en-hou-strategie te vergelyk; en (3) die invloed van transaksiekoste en dividende op die potensiele voordele van tydsberekening moet bepaal word. / The study compares the performance of a buy-and-hold strategy with that of a markettiming strategy in the framework of the arbitrage pricing theory (APT) applied to the industrial index of the Johannesburg Stock Exchange (JSE). The study period is divided into two parts, namely January 1970 to September 1987 and January 1989 to June 1997. The long-term trend of the industrial index and every APT factor is determined by finding the best nonlinear model for each time series. Linear multiple stepwise regression analysis, with the lagged time series of the long-term trend error terms of the APT factors, is used to forecast the movement of the industrial index around its long-term trend. Decision lines were developed to implement a market-timing strategy. The results of the study are as follows: • Where the lagged time series of the long-term trend error terms of the APT factors were used as possible predictors, the risk-adjusted return of a markettiming strategy was 6, 41 percent and 0, 71 percent higher than that of a buyand- hold strategy for periods one and two respectively. • Where the lagged time series of the first-order difference of the long-term trend error term of the APT factors were used as possible predictors, the riskadjusted return of the market-timing strategy was 10,40 percent and 1,04 percent higher than that of a buy-and-hold strategy for periods one and two respectively. The main conclusion of the study is that the APT and a market-timing strategy are theoretically and practically reconcilable on the JSE. The main recommendations of the study are the following: (1) systematic risk factors, other than macroeconomic factors, should be identified in order to increase the forecasting value of these factors in the second period of the study; (2) each step of the model developed in this study should be repeated on every index of the JSE; and (3) the influence of transaction costs and dividends on the potential benefits of a market-timing strategy should be determined. / Business Management / DCom (Sakebestuur)

It is generally acknowledged that the share price of listed companies is not usually a true reflection of the value imbedded in the said companies. The main purpose of this study is to explore the correlation between selected performance measurement tools, namely Return on Equity (ROE) and Economic Value Added (EVA®), and the share price of companies listed on the Johannesburg Stock Exchange. The study is a quantitative one as it uses data extracted from McGregor BFA database to investigate the relationship between the variables studied. Correlation and linear regression analyses were used in determining such relationships. This study found that there is a synergy in using ROE and EVA® as performance measurement tools and that their interaction explains 8.06% of the movement in the share price of listed companies, all things being equal. Hence it is recommended to identify and study possible synergies between other performance measurement tools. / Management Accounting / M. Phil. (Accounting Sciences)

Abstracts in English, Zulu and Afrikaans / The stakeholder instrument (SI) is a conceptual framework developed to complement integrated reports for value creation, transparency and accountability. It is a tool developed specifically for stakeholders to have an understanding of the integrated reports and assist them in making informed decisions. Currently, integrated reports fail to provide meaningful insights into organisations’ performance and its strategy focus, thus making it difficult for stakeholders to understand the contents of the integrated reports. The research illuminated pertinent variables synonymous with value creation. The study involved analysis of data from 42 companies trading on the Johannesburg Stock Exchange and administration of 80 questionnaires on randomly selected respondents. Significant and positive correlations between value creation and the attributes namely integrated reports; corporate governance and financial measures were established. Contributions: The results of the empirical study provide significant perceptions into the process of stakeholder value creation. The study established the significance of complementing the integrated reports in creating stakeholder value. The study, further, authenticated the stakeholder instrument as a distinct antecedent of value creation. The study further illuminated the attributes that matter to the stakeholders and assist with effective decision-making and value creation. / Ithuluzi lababambiqhaza wuhlaka olwenzelwe ukweseka nokuthasisela phezu kwemibiko edidiyelwe ukuze kuthuthukiswe ukuhlomula nokubhekelelwa kahle kwababambiqhaza (value creation), ukusebenza ngokusobala kanye nokuphendula. Leli yithuluzi elenzelwe ukuqinisekisa ukuthi ababambiqhaza bayayiqonda imibiko edidiyelwe (integrated reports) futhi libalekelele ukuthi bathathe izinqumo eziphusile emva kokuhlonyiswa ngalo lonke ulwazi olungaba wusizo kubona. Njengamanje, imibiko edidiyelwe iyahluleka ukuhlinzeka ngolwazi olubonisa ukuqonda okujulile ukusebenza kwezinhlangano kanye namaqhingasu ezigxile kuwona izinhlangano, futhi-ke lokho kwenza kube nzima kubabambiqhaza ukuqonda ulwazi oluqukethwe yimibiko edidiyelwe. Ucwaningo lwahlonza ama-variable afanelekile ahlobene kakhulu nokuhlomula nokubhekelelwa kahle kwababambiqhaza. Ucwaningo lwabandakanya ukuhlaziywa kwedatha eyaqoqwa ezinkampanini ezingama-42 ezihweba ku-Johannesburg Stock Exchange futhi kwakhishwa amaphepha-mibuzo angama-80 anikezwa ababambiqhaza abaqokwa ngaphandle kokulandela indlela ethile ehlelekile (randomly), ukuze bawaphendule. Ucwaningo lwaveza ukuba khona kobudlelwano obunohlonze phakathi kokuhlomula nokubhekelelwa kahle kwababambiqhaza kanye nezicibunjalo zenkampani, okusho, imibiko edidiyelwe, ukuphathwa nokulawulwa kahle kwenkampani kanye nezinyathelo eziphathelene nezimali. Ulwazi olusemqoka olwakhiqizwa wucwaningo: Imiphumela yocwaningo oluphathekayo futhi olusekelwe phezu kwezinto ezibonakalayo (empirical study) ihlinzeka ngolwazi olunohlonze oluzolekelela ekuqondeni inqubo yokuhlonyuliswa nokubhekelelwa kahle kwababambiqhaza. Ucwaningo lwabonisa ukubaluleka kokweseka kanye nokuthasisela phezu kwemibiko edidiyelwe enqubweni yokuhlonyuliswa nokubhekelelwa kahle kwababambiqhaza. Ithuluzi lababambiqhaza laqinisekiswa futhi njengethuluzi elicacile eliwusizo olukhulu ekuhlonzweni kobudlelwano obuphathelene nokuhlonyuliswa nokubhekelelwa kahle kwababambiqhaza. Futhi ngaphezu kwalokho ucwaningo lwahlonza izicibunjalo ezibonwa ngababambiqhaza njengezibalulekile futhi ezilekelelayo ekuthathweni kwezinqumo ngobunyoninco kanye nasekuhlonyulisweni nokubhekelelwa kwababambiqhaza ngendlela efanele. / Die belanghebberinstrument is 'n konseptuele raamwerk wat ontwikkel is om geïntegreerde verslae vir waardeskepping, deursigtigheid en aanspreeklikheid te komplementeer. Dit is 'n instrument wat spesifiek ontwikkel is sodat belanghebbers die geïntegreerde verslae kan verstaan en om hulle te help om ingeligte besluite te maak. Tans bied geïntegreerde verslae nie betekenisvolle insig in organisasies se prestasie en hulle strategiefokus nie wat dit dus moeilik maak vir belanghebbers om die inhoud van geïntegreerde verslae te verstaan. Die navorsing identifiseer toepaslike veranderlikes wat sinoniem is met waardeskepping. Die studie het ontleding behels van die data van 42 maatskappye wat op die Johannesburg Aandelebeurs sake doen en die administrasie van 80 vraelyste aan respondente wat ewekansig geselekteer is. Beduidende en positiewe korrelasies tussen waardeskepping en die attribute, naamlik geïntegreerde verslae, korporatiewe beheer en finansiële maatstawwe, is geskep. Bydraes: Die resultate van die empiriese studie verskaf beduidende persepsies van die proses van belanghebberwaardeskepping. Die studie het die belang van die geïntegreerde verslae om belanghebberwaarde te skep, daargestel. Die egtheid van die belanghebberinstrument is ook as 'n kennelike antesedent van waardeskepping bewys. Die studie het ook die attribute geïdentifiseer wat vir belanghebbers saak maak en wat help met effektiewe besluitneming en waardeskepping. / Graduate School of Business Leadership / D.B.L.