D.Com. (Economics) / The objective in writing this thesis was to investigate the capital structure of South African manufacturing industry and the implications of this structure for policy formation relating to industry. The capital stock of the 27 branches of the manufacturing industry were calculated by means of the perpetual inventory method based on the following assumptions: capital formation excludes transactions relating to inventory, durable consumer goods and financial assets; transactions in land and other fixed assets were taken into consideration; leasing was regarded as investment and capitalised at ten times the annual base payment in respect of land and buildings and five times in respect of machinery and transport equipment; and transfer costs on property and existing buildings were treated as part of fixed investment. Cencuses compiled by the Department of Statistics were the main source of information in the calculation of investment. Depreciation was based on the straight-line-method. Price indices from various sources, including those compiled by the Reserve Bank, were used. The economic life of fixed assets for the various branches of the manufacturing industry was chosen after consultation with experts in the various industries and an analysis of information obtained by questionnaire. It was found that the real capital stock of manufacturing industry increased by 1 247 per cent during the period 1945-1975, i.e. at an average annual rate of 8,8 per cent. The basic iron and steel industry with a capital stock (valued at 1975 replacement values) or R2 478,4 million in 1975 was the largest absolute consumer of capital followed by the food industry ...

M.A. (Social Work) / The purpose of this study was to ascertain whether the manner in which the management tasks of planning and control are executed in a clinic for the treatment of alcohol dependents. influences the development of financial problems in the conduct of the affairs of such a clinic. The study was motivated by many years experience of a social worker at such clinics. In view of the paucity of research in this field, an exploratory study was undertaken. Research methods included: comparison of selected financial aspects in respect of two financial years, vis 1973/74 and 1983/8'4; a scrutiny of files for confidential information; and an examination of annual reports. The main hypothesis - although this hypothesis was not tested in an experimental manner - was found to be valid. The manner in which the management tasks of planning and control were executed determined the nature of the development of the following financial problems: inaccurate computation of subsidies; fund-raising not related to objectives in terms of the constitution; uncontrolled escalation in expenditure; failure, on the part of committees, to permit an appropriate delegation of powers; inadequate functioning of the social worker; and insufficient liaison with Council. Some of the recommendations made to rectify the situation were as follows : that an in-depth analysis of the subsidisation of clinics for the treatment of alcohol dependents be undertaken; that modern methods of fund-raising be studied and applied; that social workers Iike a personal effort to broaden their knowledge of financial matters, since this will greatly benefit the agencies employing them.

M.Com. ( Transport Economics) / The past years have been momentous in terms of international air transport economic regulatory developments. The years ahead threatens to be unique in terms of disruption of the international air network, as highest level forces in the world's most influential aviation nations seek to change the very nature of sound and orderly commercial international air transport ...

M.Com. (Economics) / Please refer to full text to view abstract

Real estate is said to be the largest or second largest asset in a firm’s financial books – comparable to human resources, but is often been treated as a reactive and secondary utility. Real estate can be a significant factor of production and a strategic resource and due to its effect on an organisation’s profitability there is a growing need for a more critical site selection decision-making. Purpose – This is an exploratory study of the Sandton office market in order to ascertain which factors are most highly considered when making an office (site) selection decision. The purpose of this study is to assist in determining the direction further research into the South African corporate real estate market should take by gathering preliminary information about the preferences of Sandton corporate real estate occupiers. Design/methodology/approach – A questionnaire was developed and distributed electronically through the Survey Monkey website. Findings – The results show that the location factor, in terms of a specific site, is not as highly rated amongst the respondents, as one would expect. The respondents to the questionnaire indicate that the landlord and/or property manager is the most important consideration – whether it is their reputation or their relationship with tenants’ is yet to be determined. Security, a reliable power supply and competitive building levies are amongst some of the most important office attributes for the respondent companies. Originality/value – Sandton’s corporate real estate stock amounts to approximately 168 million square feet, which is comparable in size to Madrid’s total office stock, and greater than cities such as Brussels, Moscow and Milan. Moreover, more than 500 companies in South Africa own corporate real estate, including international companies (Jones Lang LaSalle, 2012) – a large proportion of which is situated in Sandton. These numbers make Sandton a significant player in the international corporate real estate arena.

M.Com. ( Business Management) / The dire shortage of low cost housing in South Africa has a detrimental effect on both the social and economic welfare of the country. On comparison of the percentage that housing construction comprises of the Gross Domestic Product in South Africa to the international experience, it becomes clear that this country lags behind the international trend for countries on a comparable level of economic development. Given the multiplier effect that construction causes in the economy, the importance of increased expenditure on housing become paramount.The current shortage of low cost housing, especially amongst the black population is partly the legacy of the policy of separate development followed by the National Party since 1948. Because black people were regarded as temporary citizens insufficient funds were allocated by the fiscus in the national budget. The shortage of low cost housing has increased to the point where the backlog of houses is estimate at 188 000 houses.This is beyond the ability of the fiscus to address. The need to mobilise private sector finance in the quest to eradicate this backlog is clear. Efforts by the government to supply low cost housing has met with limited success due to intervention by the mass based organisations, such as the South African National Civics Organisation. The financial institutions has withdrawn from the low cost housing market because of the losses suffered as a result of the bond boycott. A further factor inhibiting low cost housing development is the plethora of rules and regulations governing township development. The high standard of servicing required for a stand has placed the price of a serviced stand outside the affordability of the financially disadvantaged part of the population. The need to apply third world standard to a third world problem is evident. There is a need for holistic approach to the housing problem, an approach based on the co-operation of all the players in the housing field. Such a strategy can be negotiated at a representative forum such as the National Housing Forum. This can ensure the participation of communities, the government, financial institutions, private sector developers and the representatives of the mass based organisations.

Thesis (Ph.D.)--University of the Witwatersrand, Faculty of Commerce, Law and Management, Wits Business School, 2017. / The study is aimed at empirically investigating the dynamic interaction between the demand and supply factors affecting SMME access to credit in the Eastern Cape. The study is also aimed at conducting a comparative evaluation of lending criteria used by development finance institutions (DFIs) and commercial banks in evaluating SMME funding applications. The study is geared towards proposing a funding framework aligned to the characteristics of SMMEs which can be used by both DFIs and commercial banks to assess applications for SMME funding. In order to meet the objectives of the study, a sample of 80 SMMEs from the manufacturing, construction, services, agriculture, automotive, mining, security, merchandising and retail sectors was, through proportionate stratified sampling, selected from the population of all the SMMEs from the eight metropolitan and district municipalities (Nelson Mandela, Buffalo City, Joe Gqabi, Chris Hani, OR Tambo, Cacadu, Alfred Nzo and Amathole) constituting the Eastern Cape Province. Three separate structured open and closed-ended questionnaires were used to collect data from the 80 SMMEs owner/managers, 8 DFIs’ regional/branch managers and 5 major commercial banks branch managers in the province. The design of both questionnaires was underpinned by the credit rationing theoretical framework as well as the 5C’s of credit (capacity, collateral, capital, condition and character). A response rate of 100% was achieved. Content analysis and Relative Importance Index (RII) were used to analyse data. The results of the dynamic interaction between the supply and demand factors affecting SMME access to credit show that generally, there is an alignment between the SMME and the funding institutions survey results. This shows that the lending criteria of funding institutions are transparent. On the other hand, it is evident that there is poor awareness of the funding institutions criteria by SMMEs. SMMEs seem not to know what funding institutions are looking for when they evaluate funding applications. The results also pointed out that the characteristics of SMMEs in the study are representative of those of SMMEs countrywide. SMMEs in the study are characterised by poor/no business plans, lack of financial statements, lack of collateral, tax clearance certificates, poor cash flow, lack of owners’ contribution and lack of previous industry experience. The results also indicate that funding institutions’ lending criteria do not take into account the unique characteristics of SMMEs in the Eastern Cape. The results of the comparative evaluation of the lending criteria of DFIs and commercial banks show that there are no substantive differences between how commercial banks and DFIs evaluate the credit applications made by SMMEs. Both groups of lenders place significance on the business plans, financial statements, cash flows, owners’ contribution, collateral and experience of owner/managers. Moreover, the study also found that there is significant discrepancy between what the lending documentation of DFIs and commercial banks indicates as key requirements and what the survey results indicate. This means that what funding institutions practice is not congruent with what is enshrined in their lending criteria/policy. If we proxy lend in practice with what the key informants indicated as critical variables, the results show that both groups are more stringent in practice in key areas of their lending criteria. The review of the characteristics of SMMEs in South Africa showed that they lack collateral, are low on savings and experience. Furthermore, they have little capacity for writing business plans and cash flow management. The results here indicate that these are the very same areas which the financial institutions place significant importance on. The findings indicate that the lending criteria used by both groups tend to favour large and well established firms which have the required capacities. Based on the above findings, it is evident that in order to address the SMME access to credit constraint, a new framework that can be used by DFIs to lend to SMMEs needs to be developed. The framework must take into account the peculiar nature of SMME characteristics. Without such an approach, the funding gap for SMMEs in SA will continue. In response to the above findings, the study proposes that government must incentivise funding institutions to innovatively provide capacity building and training programmes targeted at improving the skills and expertise of their staff. It is proposed that DFIs should simplify their loan application forms to cater for the historically low literacy levels of SMMEs in the Eastern Cape. In addition, DFIs should adopt a more streamlined loan application process as well as a shared due diligence process. Credit application forms as well as key lending documents should be standardised. DFIs should conduct road shows to take their potential SMME customers through their application form, how they must be completed and the documents to accompany the form. SMMEs must be personally involved in the gathering of the relevant business plan information as well as in the writing up of their business plans. DFIs must organise quarterly workshops aimed at taking their potential clients through their lending criteria. The SEFA Credit Guarantee Scheme must be reviewed. Government must provide support to its venture capital industry by creating a good investment climate. The study proposes that a knowledge portal that will enable the sharing of knowledge and learning among SMMEs in the Eastern Cape be established. DFIs must set up SMME divisions or units to provide specialised credit services to their SMME customers. DFIs should evaluate SMME credit applications based on alternative risk evaluation methodologies such as the psychometric screening developed by the Harvard University’s Entrepreneurial Finance Laboratory. DFIs should explore alternative means of financing that do not require collateral. To increase SMME access to credit, government should establish specialised banks that can exclusively cater for the needs of the SMME sector. Government could consider granting certain incentives to funding institutions that actively promote SMME financing and have achieved a sizeable SMME loan book. / MT 2017

"A significant number of households in need of housing in South Africa can afford to access housing credit, provided that this is available. Such credit is currently not readily accessible by most of such home seekers. Unlocking housing credit is therefore seen as a fundamental requirement in order to facilitate the ongoing improvement of the housing circumstances of such households" (Housing White Paper, 1994). Restricted access and unavailability of housing end-user finance is one of the critical challenges which faces the government in general, and the Department of Housing in particular. Access to end-user finance is limited due to many reasons which the study will identify. This study primarily looks at the access and availability of housing end-user finance to the low income earners. Basically it attempts to explore the impact of Non-Traditional Lenders in the provision of end-user finance to the poor. Non-traditional lenders refer to any lender who is not a traditional retail finance lender/company. The study looks at the National Housing Finance Corporation (NHFC) and the National Urban Reconstruction and Housing Agency's (NURCHA) attempts to mobilise housing credit. It closely pays special attention to the strategies used to mobilise the much-needed credit, their impact and the problems they encounter. This is done with the sole purpose of establishing whether or not it is possible to extend their scope to cater for the low income housing market. To realise this purpose, the study follows the path undertaken by these two institutions in terms of impacting to the poor. Agishana Credit Company's activities were investigated in order to determine Nurcha's impact, and Ithala Development Finance Corporation for the NHFC. Further, a path will be established to determine the impact of these retail lenders on the poor. Thus, Pioneer Park housing project is surveyed to determine Ithala's lending activities as well as Thembalihle (Glenwood 2) housing project for Agishana. It is paramount to indicate that both the NHFC and Nurcha do not lend to a man on the street, but deal with retail lenders. In essence, the NHFC attempts to open the floodgates of housing credit by funding intermediary lenders that on-lend to individual beneficiaries, while on the other hand, Nurcha guarantees activities by these intermediary lenders. This study is divided into five chapters. Chapter one broadly gives an overview of problems regarding access and availability of housing end-user finance and also outlines the research methodology employed. Chapter two identifies and discusses the different housing delivery systems, as well as gives a vivid picture on the functioning of non-traditional lenders. It provides both international and national experiences that proves that it is feasible to provide housing loans to the poor. Chapter three aims at offering historical background of the four institutions. It identifies their missions, sources of funds, nature of clientele, key activities and the strategies they employ with regards to defaults. Chapter four provides the finding and analysis of the surveys conducted. Firstly, a brief background of the case study areas is outlined. Then findings of the study reveal that it is safe to lend to low income households. This proves that there is a potential to successfully lend to this market without running at a loss. Chapter five is a summary of the research findings, conclusions and recommendations. The findings of the study point out that there is a place for provision of housing credit to the poor. To that end, the study recommends that, what is needed to significantly provide housing loans to this market is the amalgamation of the NHFC and Nurcha's activities; establishment of more lending institutions; encouragement of savings for housing purposes; as well as commitment to innovatively devise and introduce new lending products to cater for this market, which is equally met with strategies to level the play field in terms of legislation so that lending institutions can participate in this housing market at scale. / Thesis (M.Arch.)-University of Natal, 2000.

The research problem addressed in this study was to determine the challenges facing the financial manager in the manufacturing organisation and the possible ways of surmounting these challenges. To achieve this objective, relevant literature was reviewed and an empirical survey conducted. The main challenges identified are discussed under the following headings: · Regulatory requirements; · Information age; · Employees; · Economic environment; Each challenge was broken down into sub-challenges that were analysed using literature identified in the literature study. This information was used to develop a questionnaire to test the degree to which financial managers working for manufacturing organisations are challenged. The empirical results obtained indicate a strong concurrence with the literature study emphasising the importance of the identified challenges and the best possible ways of surmounting these challenges.

Various allegations have been levelled against certain local authorities in South Africa. These allegations include poor governance, maladministration, corruption and poor service delivery. Some of the South African municipalities are unable to deliver sufficient services to the people due to financial instability. On the other side the fact that the municipalities have to generate their own revenue is no longer sufficient. However, government, both national and provincial has to support the municipalities in terms of their capacity to provide services. While government has to provide services to the people to ensure their welfare, people from local communities should also support the continuous provision of `these services by paying for municipal rates and services. These may include services such as water, refuse removal and electricity as well as property taxes. The main issue is that these services are not readily available, for instance water has to be purified. The situation at Mnquma Local Municipality as indicated in the financial and other reports is such that there is a very slow payment of rates and services, which leads to the municipality relying mostly on government grants, and this puts a heavy strain on service delivery by the municipality. Seemingly, it has been long that rates and services have not been paid in Butterworth-even before the restructuring of the municipality (i.e. before the Mnquma Municipality came into being). However, if alternatives could be found to enhance regular payment of rates and services the municipality might improve in terms of its capacity to deliver services.