M. Tech. Business Administration / The objectives of this study is to measure the risk propensity of entrepreneurs from four nationalities in the Gauteng region, namely Chinese, Zimbabweans, Pakistanis and South Africans. The study tries to find out if entrepreneurship and risk taking is determined by culture. It also looks at how the businesses of these people are performing.

M.Phil. (Economics) / There has been increasing focus on banking system stability worldwide, particularly due to the recent financial crisis experienced and the resultant adverse economic effects. In the case of a developing country like South Africa (SA), the stability of the banking system is even more important as it is crucial for the achievement of the country’s development goals. Credit extension is also a core component for facilitating economic and social development in the country. The downside risk attached to credit extension is that once it reaches a point of being excessive it can have a destabilising effect on the banking system and the economy. SA has experienced a rapid increase in credit extension since 2001, which prompted the implementation of the National Credit Act (NCA), with the intention of regulating the credit industry and improving the practices therein. More recently, further concerns have been raised by regulatory authorities around the possibility of an asset bubble in the SA economy as a result of the level of unsecured credit extended in the country. The objective of this study therefore is to investigate the impact of the NCA on risk, both credit and systemic, in the banking system. This is important, as investigating and understanding the impact of credit controls, like the NCA, on risk in the banking system is critical to supporting the SA development agenda. The findings of this study show that the NCA has been successful in reducing credit risk in the banking system, even though this was by default and not through the stated intention of the Act. This was achieved through the introduction of the affordability requirement into the credit assessment process. This study highlights however, that there are still areas of improvement which can be made to the NCA to increase its effectiveness in preventing excessive credit extension.

The concept of sustainability has become imperative for any organisation in order to survive and prosper in the long term. As such, the management of fraud risk has become an important component for organisations in order to achieve this objective. The purpose of this study was to explore the management of fraud risk within the South African private hospital sector. The study endeavoured to ascertain how private hospitals in South Africa manage fraud risk. In this regard, problem areas in the management of fraud risk were identified, and recommendations are provided in order to improve the management of fraud risk in the South African private hospital sector. Primary data was collected by means of survey research, which involved management staff at head office level and at hospital level, as these two groups were identified to have the required expertise and experience with regard to risk management procedures and practices within South African private hospitals. The findings suggested that South African private hospitals could improve their current risk management practices, in particular with regard to fraud risk. By implementing the recommendations provided by the study, private hospitals will be able to manage fraud risk more effectively. These recommendations will not only be beneficial to private hospitals, but will also have a positive effect on numerous external stakeholders, because the effective management of fraud risk could lead to considerable cost savings. The public hospital sector of South Africa would equally find the research findings and recommendations of value because it could also be applied to their fraud risk management practices. / Business Management / M. Com. (Business Management)

M. Tech. Business Administration / Entrepreneurship is very important in all countries because even in the developed world, small business enterprises create the majority of employment. Entrepreneurship is therefore critical to the development and well-being of society. Entrepreneurship presents massive opportunities for increasing employment creation and growth in gross domestic product (GDP). Entrepreneurship is thus a promoter of economic growth. As a nation, we're low on the rankings when measured by our entrepreneurial activity, and we need new ideas and entrepreneurial energy to create the growth and jobs needed to reverse the current levels of unemployment and poverty. The perception of risk is relevant to the decision to become an entrepreneur as risk taking is a part of entrepreneurial life. Starting a new business has long been considered a risky proposition. Just the potential for failure and loss discourages many would-be entrepreneurs from giving it a go. This study analyses the risk taking propensity of entrepreneurs. Through using two structured questionnaires, primary data were collected from a population sample of 30 female and 30 male businesses, randomly selected from among the small and medium scale entrepreneurs engaged in manufacturing, trading, retailing and services industries in Roodepoort. The listing was extracted from the Business Index.

Thesis (MBA)--Stellenbosch University, 2006. / ENGLISH ABSTRACT: Weather derivatives, a new breed of financial assets, allow firms to manage weather risk that disturbs their activities and may lead to variability in earnings and operating cost. Considering that nearly 20% of the U.S. economy alone is directly affected by the weather, weather derivatives are an important development in the area of risk management. This study project explores the concept, functioning and pricing of weather derivatives by reviewing available literature on the topic. It then investigates international weather derivative markets to establish which markets are thriving and what lessons can be learnt from them. This then forms the basis for a set of requirements for developing a weather derivative market in South Africa. Finally, the study project makes a number of recommendations for developing a weather derivative market in South Africa. The findings suggest that, in the absence of a deregulated energy industry, South African suppliers of weather derivatives need to target small·medium size organisations, specifically within the agricultural industry, in order to grow market liquidity. Furthermore, these suppliers need to attract capital market investors either by marketing weather derivatives as a diversification tool to portfolio managers, or by issuing weather·linked bonds as a more familiar investment product for investors. It also suggests that weather data problems can be resolved through, among others, data cleaning and data enhancement techniques and should therefore not impede the growth of a weather derivative market in South Africa. / AFRIKAANSE OPSOMMING: Weer opsies, 'n bundel nuwegenerasie finansiele instruments, stel maatskappye in staat om die invloed van weer op hulle besigheidsaktiwiteite, soos byvoorbeeld die variasie in inkomste en operasionele koste, beter te bestuur. Weer opsies verteenwoordig 'n belangrike ontwikkeling in die area van risikobestuur, inaggenome dat bykans 20% van die V.S.A. ekonomie deur die weer geaffekteer word. Hierdie werkstuk ondersoek die konsep, funksionering, en prysbepaling van weer opsies deur die oorsig en evaluering van die beskikbare literatuur oor die onderwerp. Verder word die internasionale mark vir weer opsies ondersoek om vas te stel waar die grootste suksesse behaal word en watter lesse daaruit geleer kan word. Laastens word daar 'n aantal aanbevelings gemaak vir die ontwikkeling van die weer opsie mark in Suid-Afrika. Die werkstuk bevind dat die verskaffers van weer opsies in Suid Afrika, in die afwesigheid van 'n gedereguleerde energie sektor, klein to medium sakeondernemings (veral in die landbou sektor) moet oormerk en teiken, ten einde mark likiditeit te verhoog. Verskaffers kan kapitaalmark beleggers betrek deur die produk te bemark as 'n diversifisering instrument vir portefeuljebestuurders, of deur die aanbieding van weer geassosieerde verbande as 'n meer alledaagse beleggingsproduk. Daar word verder bevind dat data kwaliteit probleme aangespreek kan word deur gebruik te maak van data-skoonmaak en - verbeterings tegnieke, en dat dataprobleme dus nie 'n effek behoort te hê op die groei van die weer opsie mark in Suid-Afrika nie.

Thesis (PhD (School of Public Management and Planning ))—University of Stellenbosch, 2006. / The absence of an integrated risk management programme in local government in South Africa creates the danger that these risks are not identified, which could be catastrophic, and opportunities to minimise losses are not utilised. A further problem is that common risk-management terminology is lacking and management are dependent on diverse legislation as a guide to developing and implementing risk management. In order to achieve the strategic and operational objectives of local government in an effective and efficient manner, a pro-active identification and evaluation of potential risks should be established to minimise their impact. Officials on every level need to be informed about processes and techniques for managing risks and recalibrating activities to enable management to operate more effectively in risk-filled environments. Problems were identified that prevent management from providing reasonable assurance to stakeholders that the most significant risks are being addressed. These problems are as follows: the lack of applying risk management in an integrated manner; the enforcement of integrated risk management due to the lack of relevant legislation; a lack of training in risk management, ethics and risk response plans; a lack of practical techniques to assist officials in taking remedial action to prevent recurrence of risks; the absence of a risksensitive organisational culture; and a lack of commitment and leadership from politicians and management. Relevant legislation on integrated risk management should assist in embedding a culture where everyone in local government is obliged to adhere thereto and to conduct their dayto- day activities accordingly. A mission and vision statement needs to be developed and implemented with the consent of all stakeholders. Integrated risk-management processes, which are generally lacking or incomplete in local government, should be aligned with generic public management functions. An integrated risk-management programme can be enhanced by establishing a risk organisational structure within local government. The establishment of a risk management department and risk committee is essential to the enhancement of corporate governance and the management of risks that might have a negative impact on local government. Internal and external controls should be evaluated regularly to facilitate the riskmanagement programme. An Integrated Risk Monitoring Technique is proposed as a technique to assist stakeholders in identifying root causes of risks and the management thereof. A model of integrated risk management was designed to assist academics and practitioners to get a holistic perspective on integrated risk management and to assist in the management of risks.

M.Com. (Business Management) / This study focuses on one specific knowledge management process, namely the knowledge sharing process within an operational risk management cluster of a chosen South African retail bank. The study specifically focuses on the bi- weekly meetings that are used as platforms for knowledge sharing sessions. The primary objective of the study, is to ascertain how well the corporate investment bankers, shared services and CIB Africa operational risk management cluster is effectively utilising its meetings in terms of knowledge sharing to ensure that the operational risk management strategies of the chosen bank, provides optimal assurance to its stakeholders that the bank operates within its operational risk appetite. The study is divided into five chapters. The first chapter provides the readers with a thorough understanding of the research problem and topic. The second chapter provides the theoretical framework of the literature pertaining to the context of knowledge management with a specific focus of knowledge sharing. The third chapter discusses the research methodology adopted to conduct the study. The fourth chapter discusses the empirical findings and discussion of the study. Lastly, chapter five provides conclusions, recommendations and possibilities for further research. The theoretical framework of study began by focusing broadly on the concept of knowledge management weaving its way to the specific concept of knowledge sharing. A single case research approach was adopted. All respondents were attendants of the bi-weekly knowledge sharing sessions held in the chosen bank. The empirical findings of the study revealed that there is no common awareness and understanding of the concepts of knowledge management and knowledge sharing within the chosen bank. It was further established that factors such as the role of organisational culture, leadership involvement and participation, and rewards and incentives were key factors that had the ability to either enable or hinder the knowledge-sharing within the chosen bank.

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management (in the field Finance and Investment Management) , 2016 / Style investing is a well-documented global phenomenon that refers to the manner in which investors formulate their capital allocation decisions. The two broad styles of investing to be discussed in this report are the ‘value style’ and the ‘growth style’ investing. Recent empirical research suggests that value style of investing outperforms growth style investing over the long term. Rational theories suggest that a value premium exist because value counters have higher unsystematic risk. However, theories such as behavioural finance attribute the value premium to more psychological social factors such as emotional and heuristic biases. The aim of this study was to determine whether value style investing outperforms growth style investing in South Africa. For the purposes of this study, we evaluated the performance of various portfolios for the period of December 2000 to December 2015. In addition, the study determined the relative risk of the two styles, by testing whether value outperforms growth during periods of financial crisis, and during a period of slow economic growth. In defining the parameters of our study, we divided the constituents of Financial Times and London Stock Exchange/Johannesburg Stock Exchange (FTSE /JSE) index into growth and value based on their relative Price to book (P/B) going back to December 2000. This created four portfolios; namely, Deep value, Relative value, Relative growth and Super growth. Portfolio Analytics were employed to determine which style outperforms over the period. Regression analyses was used to ascertain which portfolio generated abnormal risk adjusted returns over the period. Relative risk is also analysed. The results of this research indicate that there is limited evidence of value premium in South Africa over the period of the study, albeit there are some periods where one style is dominant over the other. Regressions suggest that none of the portfolios constructed using market capital weighted generate abnormal returns. However, deep value, relative value and relative growth portfolios generate abnormal returns when constructed on equalweighted basis. On a relative risk basis, deep value outperforms during the financial crisis, whereas relative value outperforms during economic slowdowns. / GR2018

A thesis submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, Johannesburg, South Africa, in fulfilment of the requirements for the degree of Doctor of Philosophy (PhD) March 2017 / The objective of this study is twofold: first to evaluate the magnitude of the effect of endogenous and exogenous risk factors in the success of South African (SA) small and medium-sized enterprises (SMEs); second, to develop a framework for an integrated risk assessment model that can be used to assess SA SMEs holistically. Drawing from the entrepreneurial ecosystem, systems perspective, GEM framework and complex theory, an integrated risk assessment model framework that is person-centric, interdisciplinary, and multidimensional (individual, firm and environment) is formulated. This was a cross-sectional, quantitative study, which followed a post-positivist approach. Primary data, with a sample size of 286, was collected from SA SMEs through self-administered questionnaires. Data analysis included correlational analysis, backward elimination method, hierarchical multiple regression and mediation analysis. Financial capital, entrepreneurial self-efficacy on growth and risk perception emerged as significant predictors of SME success. However financial capital is by far the most influential predictor of financial performance. The results also confirmed the mediating effect of financial capital between entrepreneurial self-efficacy (finance and growth) and financial performance. Entrepreneurs who are confident can raise enough capital for their businesses, thus producing successful SMEs. Government policies and support programmes need to take a holistic view when supporting SMEs. While taking a holistic view, priority needs to be put on making capital available for entrepreneurs to develop and grow their businesses. Training programmes can focus on up-skilling entrepreneurs regarding entrepreneurial tasks that can improve their self-efficacy in management, financial understanding, and growth of their businesses. The study’s findings are important in that they help funders realise that business plans and financial projections are not the most important predictors of SME success, thus the need to review current risk assessment models. / MT 2017

Thesis (M.M. (Research))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Governance, 2016. / Most economies today are calling upon their or rather are starting to rely on their Small and Medium business Enterprises to stimulate the economy and also help address issues of unemployment. However it is also believed that even though this maybe the case, most economies still don’t give SMEs enough funding. The underlying public assumption is that all that is needed for SMEs to thrive is access to funding, as such this study sought to investigate the role of financial access in the success of SMEs. The study had intended to use financial ratios as proxies for success, however, the record keeping of the SMEs or lack thereof impeded this intention, so the study measured the success of the enterprise as perceived by the owner. The study sampled SMEs from all for regions of Swaziland, and besides a descriptive analysis that were carried out to examine the utilization of credit by the SMEs. This study also used a statistical model known as the Logit model, to determine the effect that credit access had on the success of the SME and also assess the challenges/barriers that the SMEs faced when trying to access funding. The results of this study deviated from the underlying public assumption, as they showed that an SME owner that had access to funding had reduced odds of success, if anything the results showed that the success of an SME did not entirely depend on the availability of funding, and there were other potent factors that posed as barriers to financial access. / DM2016