Thesis (MPhil) -- University of Stellenbosch, 2001. / ENGLISH ABSTRACT: Community radio stations in South Africa are faced with a huge challenge to become sustainable in the process of serving their communities. The issue of sustainability itself is complex and shaped by a range of conditionalities. These include community participation, funding, regulatory and licencing factors, staff and management expertise, and the strategic planning and management capacity of a station. Often the communities themselves are materially poor and unable to contribute in monetary terms to the radio station. However, these same communities are also a source of wealth when it comes to experience, ideas, human power and time. A major challenge is for station management to develop organisational strategies that facilitate full utilisation of this community resource in the process of sustaining their stations. The focus of this study is on two stations in the Western Cape - Bush Radio and Radio Zibonele - and how their management is responding to the challenge of sustainability. Bush Radio has evolved a diversification strategy based on providing formal training and development as an income-generator, and Radio Zibonele has responded through a strategy of selling airtime to advertisers. This work describes these sustainability strategies and explores whether they constitute 'building a brick column or a brick wall'. The conclusion suggests that while both radio stations demonstrate varying degrees of community participation, clear internal systems of monitoring and control of resources, they differ in some fundamental respects of strategy. Bush Radio, on the one hand, shows a clear commitment to consciously diversifying income sources in a way that does not leave the station highly dependent on any single source. This, the writer submits, constitutes an attempt at building a "brick wall". Radio Zibonele, on the other hand, shows a clear commitment to consolidation and reliance on advertising revenue as a single source of income for the station. To the extent that this station relies on a single source of income and does not demonstrate any strategic objective of diversifying sources, the writer submits, it is building a "brick column". The basic assumption of this study is that while the challenge of sustainability constitutes an objective reality facing community radio stations in South Africa today, the subjective responses developed by station management to deal with this challenge can and often do make a difference. / AFRIKAANSE OPSOMMING: Gemeenskapsradiostasies in Suid-Afrika staan voor 'n groot uitdaging om volhoubaar te ontwikkel. Volhoubaarheid as sulks is kompleks en word deur 'n verskeidenheid faktore beinvloed. Dit sluit in gemeenskapsdeelname, befondsing, regulerings- en lisensierinqsfaktore, personeel- en bestuursvernuf en die strategiese beplanning en bestuurskapasiteit van die stasie. Meestal is die gemeenskappe self arm en nie daartoe in staat om in rnonetere terme 'n bydrae tot die stasie te lewer nie. Dieselfde gemeenskappe is egter ook 'n bron van rykdom in terme van ondervinding, idees, mannekrag en tyd. Een van 'n stasiebestuur se grootste uitdagings is om organisatoriese strateqiee te ontwikkel wat die volle gebruik van die gemeenskapshulpbron sal fasiliteer in die proses om hul stasies volhoubaar te ontwikkel. Die fokus van die studie val op twee stasies in die Wes-Kaap - Bush Radio en Radio Zibonele - en hoe hul bestuur op die uitdaging van volhoubare ontwikkeling reageer. Bush Radio het 'n diversifiseringstrategie ontwikkel wat op formele onderig en ontwikkeling as 'n inkomstegenereerder gebaseer is. Radio Zibonele, daarenteen, konsentreer op adverteerders. Die werk beskryf die volhoubaarheidstrategiee elk van die radiostasies. Die gevolgtrekking word gemaak dat albei radiostasies wei verskillende grade van gemeenskapsbetrokkenheid, duidelike interne monitorsisteme en beheer van hulpbronne het. Tog verskil hulle ten opsigte van sekere fundamentele strategiee. Aan die een kant het Bush Radio 'n duidelike verbintenis tot 'n bewustelike diversifisering van inkomste op so 'n manier dat die stasie nie afhanklik is van een bron van inkomste nie. Die skrywer vergelyk dit met die bou van 'n "baksteenmuur". Radio Zibonele, aan die ander kant, is verbind tot advertensies as die enigste bron van inkomste. Aangesien die stasie op 'n enkele bron van inkomste vertrou en nie enige strategiese doelwitle vir die diversifisering van hulpbronne het nie, vergelyk die skrywer dit met die bou van 'n "baksteenpilaar" . Die basiese veronderstelling van die studie is dat die reaksie van die stasiebestuur In deurslaggerwende verskil kan maak om die uitdaging van volhoubare ontwikkeling Suid- Afrikaanse radiostasies die hoof te bied.

Abstract in Xhosa and English / This study aimed to examine the relationship between working capital management and the financial performance of listed food and beverage companies in South Africa. Despite the existing literature on this relationship, no notable studies have investigated it in this particular industrial sector. Various data from a sample of 12 food and beverage companies listed on the JSE during the period 2007 to 2016 were collected from iress McGregor databases. Econometric regression analysis was then conducted on the data to determine the magnitude of relationships between working capital components and the financial performance of these companies. The researcher found that adopting an aggressive working capital management strategy assists in creating shareholder wealth through improved financial performance of the firm. To sum up, the shorter the cash conversion cycle, the more profitable the firm will be. / Injongo yesi sifundo kukuphonononga unxulumano phakathi kolawulo lwemali etyalelwa ukusebenza (inkunzi) nentsebenzo yemali (inzala) eyenziwa ziinkampani ezibhalisiweyo zokutya neziselo eMzantsi Afrika. Nangona kukhona okubhaliweyo malunga nolu nxulumano, akukho sifundo sigqamileyo ngeli candelo lorhwebo. Kukho iinkcukacha ezaqokelelwa kwiinkampani ezikhethiweyo ezili-12 nezibhaliswe kwiJSE. Ezi nkcukacha zazikwingqokelela egciniweyo eyaziwa ngokuba yi ‘iress McGregor databases’. Kuye kwenziwa uhlalutyo ngokuthelekisa inzala eqhele ukwenziwa naleyo kuqikelelwa ukuba iza kwenziwa kwezi nkcukacha zikaMcGregor. Oku bekusenzelwa ukubona ubungakanani bonxulumano phakathi kwenkunzi nenzala eyenziwa zezi nkampani. Umphandi ufumanise ukuba ukwakha icebo lolawulo olungqongqo lwenkunzi kuyanceda ekudaleni ubutyebi babanini zabelo ngokuphucula inzala eyenziwa liqumrhu lorhwebo. Elokuqukumbela lithi, ngokufutshanisa ivili lokuguqula imali, iya kuba ngaphezulu inzala yequmrhu lorhwebo. / Business Management / M. Com. (Business Management)

Existing literature and theories related to the separation of ownership and control and its impact on companies' financial performance, including dividend payment have left this subject in state of ambiguity and uncleamess, with various contradictions and inconsistencies being noted. In order to establish whether there is a significant difference in financial performance between owner-controlled and management-controlled companies in South Africa, as a result of the separation of ownership and control, this study has used appropriate mathematical and statistical methods for data processing and analysis. Results obtained from the study have revealed the existence of a significant difference in financial performance between owner-controlled and management-controlled companies in South Africa, as measured in terms of profitability, asset management, liquidity, leverage and dividend payment. The analysis has indicated that management-controlled companies have been more efficient, more mature financially and paying higher dividends, out of earnings available to shareholders, than their owner-controlled counterparts. / Business Management / M. Comm. (Business Management)

The procurement function accounts for the largest total amount of organisational expenditure. This fact notwithstanding, the function is still referred to as non-strategic and is often subordinate to finance in the public or service sectors, and is therefore considered as a non-value-adding task in some organisations. Despite the fact that renowned scholars have revealed that organisations may eliminate waste, realise more prospects and cut costs if they implement procurement best practices. It is reported that few organisations have adopted procurement best practices, especially in the public sector. In South Africa, public universities face numerous procurement challenges, such as procurement irregularities and wasteful expenditure of resources and money. Corruption and maladministration in the procurement system have been noticed, which involves among others, the payment of suppliers, owned or co-owned by university employees who have failed to declare their interest when providing services to the university. This study determines whether South African comprehensive universities conduct procurement according to the best practices. In order to investigate the problem, an exploratory study was carried out in two phases. The first phase comprised the literature study, while the second phase entailed an empirical study. Face-to-face interviews were conducted using open-ended questions. The findings of the study revealed that that some participating South African comprehensive universities do not conduct their procurement according to procurement best practices and consequently do not contribute sufficiently to the university’s overall objectives for competitive advantage and sustainability. While others displayed elementary initiatives in the adoption of procurement best practices, some universities had developed turnaround strategies for implementing procurement best practices. The slow progression can be attributed to the rigid, cumbersome and unclear public procurement policies that govern procurement in South Africa. So, comprehensive universities face diverse challenges in the adoption of procurement best practices. A framework for implementing procurement best practices in South African Comprehensive universities was developed. / Business Management / M. Com. (Business Management)

Many theorists have linked dividends with the ability to carry signals regarding a firm’s expected financial performance. Despite being grounded on a sound theoretical framework, empirical evidence has failed to unanimously corroborate the dividend signalling hypothesis, with some authors resignedly concluding that dividends are the puzzle of finance literature. Recent empirical evidence has shown that limiting the dividend signalling hypothesis to earnings has contributed to that puzzle. To try and decipher the puzzle, this study extends the dividend signalling hypothesis to measures of financial performance seldom linked with dividend signalling such as liquidity and gearing. Using panel data regression models and data for 39 firms listed on the JSE from 1995 to 2016, the study reveal that when one controls for the mean reversion and autocorrelation of profitability, dividends lose the power to signal earnings. The results further show that managers in South Africa use dividends to signal expected changes in liquidity and gearing. / Business Management / M. Phil. (Accounting Sciences)

Thesis (MA)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: The point of departure for this study was the wide-ranging furore in media publications regarding the pervasive decline in donor funding for civil society organisations in South Africa, as influenced by the recent global financial crisis, and the subsequent shutting down of a number of civil society organisations. The decision to embark on this study has its roots in the fact that civil society is an important feature in a democracy with regards to government responsiveness, accountability as well as citizen participation in democratic governance. In South Africa, particularly, this is important in light of the country’s fledgling democracy, and even more so, when considering the ruling party’s overwhelming political power resulting in a dominant party system. The aim of this study was to find out what accounts for the plummet in donor funding, and the overriding question guiding this study was: Has the global financial crisis influenced civil society in South Africa? The broader question asked was: What are the challenges facing civil society organisations in South Africa? This study aims to assist in the evaluation of the potential role that civil society has played and continues to play in South Africa’s young democracy and what the implications would be for democracy if civil society organisations were hampered in these roles and continued to close offices. This study is explorative in nature and relied on qualitative data obtained from in-depth interviews conducted with two prominent South African non-governmental organisations; namely the Institute for Democracy and the Treatment Action Campaign. A key informant was selected and interviewed from each organisation. The findings of the interviews were operationalised through the lenses of Andrew Heywood’s (2007) conceptual theoretical framework, which puts forward five resources that civil society organisations need in order to exert their influence. While acknowledging the importance of all five resources, this study pays particular attention to financial resources received through international donor funding, for without financial resources it is difficult for an organisation to survive. The findings of the interviews and the conclusions drawn underscored four realities: firstly that the decrease in funding is not limited to the organisations examined in this study, but civil society as a whole. The second reality rests on the fact that the global financial crisis has indeed influenced the Institute for Democracy and the Treatment Action Campaign in ways that are a cause for a concern, not only for the survival of the organisation, but also for the durability of South Africa’s young and at times fragile democracy. The third reality points to other challenges that have influenced donor funding, such as South Africa’s middle income status, a shift in donor orientation and focus and donor-specific problems. The fourth reality that was pointed out thrust this study into the conclusion that financial resources are the essential life-blood of civil society organisations. In light of the role that civil society plays in a democracy, the findings in this study point to a concerning trend in South Africa. / AFRIKAANSE OPSOMMING: Die aanvangspunt van hierdie studie is die omvangrykende mediadekking aangaande die wydverspreide afname in donateursbefondsing vir burgerlike samelewingorganisasies in Suid-Afrika. Hierdie afname is beïnvloed deur die onlangse globale finansiële krisis en het tot gevolg die ontbinding van ʼn aantal burgerlike samelewingorganisasies. Die besluit om met hierdie studie te begin het sy oorsprong in die feit dat die burgerlike samelewing ʼn belangrike kenmerk van demokrasie is veral met betrekking tot regeringsresponsiwiteit, aanspreeklikheid sowel as die deelname van burgers aan ʼn demokratiese regering. In Suid-Afrika is dit belangrik, veral met die oog op die land se jong demokrasie en nog meer wanneer die heersende party se oorweldigende politiese mag in ag geneem word en dat dit tot ʼn dominante partystelsel lei. Die doel van hierdie studie is om vas te stel wat die oorsaak van die daling in skenkersfondse is. Die rigtinggewende vraag vir die studie was: het die wêreldwye finansiële krisis die burgerlike samelewing in Suid-Afrika beïnvloed? Die studie beoog om by te dra tot die evaluasie van die potensiële rol wat burgerlike samelewing in Suid-Afrika se jong demokrasie gespeel het, en steeds speel, en wat die implikasies vir demokrasie sou wees indien burgerlike samelewingorganisasies se rol bemoeilik word en verplig word om nog meer van hulle kantore te sluit. Die studie is ondersoekend van aard en het staatgemaak op kwalitatiewe data wat verkry is deur in-diepte onderhoude met twee vooraanstaande Suid-Afrikaanse nie-regeringsorganisasies te voer naamlik die Instituut vir Demokrasie en die ‘Treatment Action Campaign’. ’n Gesaghebbende segsman uit elke organisasie is gekies vir die onderhoude. Die bevindings is geoperasionaliseer deur die lense van Andrew Heywood (2007) se konseptuele teoretiese raamwerk wat aanvoer dat daar vyf hulpbronne is wat burgerlike organisasies nodig het om hulle invloed te laat geld. Terwyl die waarde van al vyf hulpbronne erken word, skenk hierdie studie in die besonder aandag aan die finansiële hulpbronne wat van internasionale skenkersfondse ontvang word omdat burgerlike organisasies beswaarlik daarsonder kan oorleef. Die bevindinge van die onderhoude en die gevolgtrekkings wat gemaak is beaam vier realiteite: eerstens dat die daling in befondsing nie beperk is tot die organisasies wat aan die studie deelgeneem het nie, maar burgerlike samelewing as ʼn geheel. Die tweede realiteit berus by die feit dat die globale finansiële krisis inderdaad die Instituut van Demokrasie en die ‘Treatment Action Campaign’ op kommerwekkende maniere beïnvloed het, nie net in terme van die organisasies se oorlewing nie, maar ook in terme van die behoud van Suid-Afrika se jong en soms brose demokrasie. Die derde realiteit dui op ander uitdagings wat skenkersfondse beïnvloed het soos Suid-Afrika se middel inkomstestatus, ʼn fokusverskuiwing van skenkingsgeoriënteerdheid tot skenker-spesifieke probleme. Die vierde realiteit wat uitgewys is dwing die studie om tot die gevolgtrekking te kom dat finansiële hulpbronne ʼn noodsaaklikheid vir die behoud van burgerlike gemeenskapsorganisasies is. In die lig van die rol wat burgerlike gemeenskap in demokrasie speel, is die bevindings van die studie kommerwekkend.

Thesis (MBA)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: The sharp decline in the brandy market since 1997, together with a world wide focus towards the production and marketing of quality wines and brand building, as driven by changing market preferences, served as a wake-up call to South African producers to adjust their strategy to accommodate this international trend. Given the stagnant nature of the domestic market for high price wines in South Africa, growth prospects through the investment in marketing and brand building of higher price wines is very limited in South Africa, and South African wine producers wishing to pursue growth is left with no other option but to embark on an overseas marketing initiative. A large amount of cellars wishing to start focusing on the marketing of their wines outside the borders of South Africa don't possess the knowledge and skills to tackle such an initiative. This study project aims to assist the prospective wine exporter in the process of initiating and executing a strategic export initiative. Specific focus is placed on the importance of the optimisation of the total value chain. / AFRIKAANSE OPSOMMING: Die skerp afname in die brandewyn mark sedert 1997, tesame met 'n wêreldwye fokus op die produksie en bemarking van kwaliteit wyne en die bou van handelsmerke, soos gedryf deur veranderde mark voorkeure, het gedien as bewusmaking vir Suid-Afrikaanse produsente om hul strategieë aan te pas om hierdie internasionale tendens te akkommodeer. Gegewe die stagnante karakter van die binnelandse mark vir hoë prys wyne in Suid-Afrika, is groei vooruitsigte deur die belegging in bemarking en die bou van handelsmerke van hoër prys wyne baie beperk in Suid-Afrika, en Suid- Afrikaanse wyn produsente wat groei wil nastreef, word gelaat met geen ander opsie as om 'n oorsese bemarkings inisiatief te onderneem nie. 'n Groot aantal kelders wat wil begin fokus op die bemarking van hul wyne buite die grense van Suid-Afrika beskik nie oor die kennis en vaardighede om so 'n inisiatief aan te pak nie. Hierdie studieprojek streef daarna om die voornemende wynuitvoerder behulpsaam te wees in die proses van inisiëring en uitvoering van 'n strategiese uitvoer inisiatief. Spesifieke fokus word geplaas op die belangrikheid van die optimalisering van die totale waardeketting.

Dissertation (PhD)--University of Stellenbosch, 2001. / ENGLISH ABSTRACT: Financial performance ratios are generally based on a set of financial statements without taking cognisance of other factors that could affect the measurement of performance. The behaviour of financial performance indicators during an upswing and decline phase of the economic cycle, together with the nature and scope of an enterprise's activities may have an effect on the manner in which financial performance indicators are used by an enterprise. The question may arise whether or not a ratio's behaviour for capital intensive (CI) and labour intensive (LI) enterprises could capture the essence of external factors such as an upswing or decline in the economic cycle as measured by the Gross Domestic Product (GOP). In this study an upswing phase (1987-1989) of three years and a decline phase (1990-1992) of three years have been selected after an analysis of the economic cycle over the period 1970 to 1996. The distinction between the capital and labour intensity of an enterprise is based on an analysis of the total assets, fixed assets and number of employees of industrial enterprises listed on the Johannesburg Stock Exchange (JSE). The initially selected 62 financial performance indicators categorised under profitability, growth, cash flow, value-added and inflation-adjusted ratios are calculated for each enterprise of the CI (33) and LI (36) groups and for each year of the research period. The primary objectives of the research are: • To distinguish between the CI and LI nature of enterprises listed in the industrial sector of the JSE by using measures of capital and labour intensity; • To obtain patterns and identify differences in the behaviour of the selected financial indicators between CI and LI enterprises during an upswing and decline phase of the economic cycle, as measured by the GOP; • To analyse and investigate patterns and differences to determine whether or not there is specific justification(s) for the behaviour exhibited by the CI and LI enterprises for a particular ratio during either or both the upswing and decline phases of the economic cycle; • To identify key financial indicators, which could possibly be used by CI and LI enterprises to forecast financial performance and to identify lead and lag patterns in the economic cycle. An elaborate statistical analysis is conducted of the ratios to satisfy the objectives stipulated above. The first part of the analysis is based on a single representative measure, which represents an average of the three-year upswing and three-year decline phases respectively. Mean and median values are calculated for the CI and LI enterprises for both the upswing and decline phases. A profile analysis based on Hotelling's T2 test is used for the analysis of ratios that exhibit approximate normal distributions. Non-parametric tests, Mann-Whitney Utest and Wilcoxon matched-pairs test, are used for the analysis of ratios that do not indicate approximately normal distributions. The second part of the study focuses on an analysis of the ratios based on the individual years of the research period. The statistical techniques used for the analysis of the ratios based on a single representative measure are also used in the analysis of the ratios based on the individual years. The limitations identified during the analysis based on a single representative measure are addressed to a large extent in this section of the statistical analysis. By analysing the mean and median values based on the individual years, it is possible to classify the ratios as one of five pattern groups exhibited by the CI and LI enterprises, i.e. normal expected, lag, lead, cyclical and mixed. The patterns of the various ratios within each of the pattern groups are also analysed from a financial management perspective. The findings of the study confirm the stated hypothesis that there are differences in the behaviour of financial indicators based on a single representative measure and over the individual years of the research period between CI and LI enterprises during either or both an upswing and decline phase of the economic cycle. Furthermore, the analysis highlights several ratios based on a single representative measure that could not be used universally by all enterprises to measure financial performance and only during either an upswing or decline phase of the economic cycle. Ratios which are part of this category include return on total net assets (before tax), return on total net operating assets, dividend per share, sales to total net assets and interest-bearing debt to total shareholders' interest. The results based on the individual years of the analysis indicate that a large number of ratios exhibit normal expected patterns. Among the traditional profitability indicators, 80% exhibit normal expected patterns for the CI and LI enterprises during the upswing and decline phases. Traditional profitability ratios such as return on total net assets, return on net operating assets, return on total shareholders' interest and the value-creation ratio, economic value added form part of the normal expected group of patterns. All the inflation-adjusted ratios indicate normal expected patterns. These ratios indicate relative stability over the economic cycle and may be appropriate for the purposes of medium- and long-term financial forecasting as they follow the trade cycle. Approximately 39% of the ratios indicate mixed patterns, i.e. different patterns for the CI and LI enterprises. The growth in attributable earnings, cash flow to interest payments, market value of equity to book value of equity and market value added ratios indicate behaviour patterns for the CI and LI enterprises which may lead the economic cycle. These ratios may indicate the possibility of anticipating upswing and decline phases in the economic cycle. The relevance of the results for a CI enterprise alludes to the use of more debt financing during the decline phase to cover costs and working capital requirements when demand for products and services decreases as a result of a slow-down in the economy. The pattern exhibited by EPS may allude to an anticipated upswing phase in the economic cycle. An increase in the cash flow to interest payments ratio during the decline phase may indicate an imminent change in the cycle of the economy. The relevance of the results for LI enterprises indicates that an upswing in the economic cycle may be anticipated by an increase in the working capital to operating cash flow ratio. More debt financing is used during the upswing period, which may be attributed to greater demand and consequently results in a higher gearing position for LI enterprises. An increase in the cash flow to interest payments ratio during the decline phase may indicate an imminent upswing in the economic cycle. Several limitations of the study include the use of a single upswing and decline phase to represent the movements of the economic cycle; the approach used to distinguish between the CI and LI enterprises requires further analysis, and the large number of ratios could in future research be limited to several indicators. The more important recommendations of the study include the use of multiple upswing and decline phases of the economic cycle; more research into the lags and leads exhibited by the CI and LI enterprises for specific ratios should be conducted; the possibility of adopting a different approach to distinguish between CI and LI enterprises could also be considered; and further research is required to ascertain the reliability of indicators that highlight lead patterns for forecasting an upswing or decline phase in the economic cycle. / AFRIKAANSE OPSOMMING: Finansiele verhoudingsgetalle word algemeen op 'n stel finansiele state gebaseer sonder dat ander faktore wat die meting van prestasie kan beinvloed, in ag geneem word. Die gedrag van finansiele verhoudingsgetalle tydens 'n opswaai en afswaai-fase van die ekonomiese siklus, tesame met die aard en omvang van 'n ondememing se aktiwiteite, mag die manier waarop 'n ondememing finansiele verhoudingsgetalle gebruik, beinvloed, Die vraag mag ontstaan of 'n verhoudingsgetal se gedrag vir kapitaalintensiewe (KI) en arbeidsintensiewe (AI) ondememings die essensie van eksteme faktore soos 'n opswaai en afswaai in die ekonomiese siklus soos gemeet deur die Bruto Binnelandse Produk (BBP), sal kan omvat. In hierdie studie is 'n opswaai-fase van driejaar (1987-1989) en 'n afswaai-fase van driejaar (1990-1992) geselekteer na 'n analise van die ekonomiese siklus vir die peri ode 1970-1996. Die onderskeid tussen die kapitaal- en arbeidsintensiteit van 'n ondememing is op 'n analise van totale bates, vaste bates en die aantal werknemers van nywerheidsondememings wat op die Johannesburg Aandelebeurs (JAB) genoteer is, gebaseer. Die 62 gekose finansiele verhoudingsgetalle wat as winsgewindheid-, groei-, kontantvloei-, toegevoegdewaarde- en inflasie-aangepaste verhoudingsgetalle gegroepeer is, is vir elkeen van die 33 KI ondememings en die 36 AI ondememings, sowel as vir elke jaar van die ondersoekperiode, bereken. Die primere doelstellings van die navorsing is: • Om tussen die KI en AI aard van ondememings wat in die industriele sektor van die JAB genoteer is, te onderskei deur maatstawe van kapitaal- en arbeidsintensiwiteit te gebruik. • Om patrone te verkry en verskille in die gedrag van die gekose verhoudingsgetalle gedurende opswaai- en afswaai-fases van die ekonomiese siklus soos gemeet deur die BBP, tussen KI en AI ondememings te identifiseer. • Om patrone en verskille te ontleed en ondersoek ten einde te bepaal of daar spesifieke regverdiging is vir die gedrag wat deur KI en AI ondememings vir 'n bepaalde verhoudingsgetal gedurende een of albei van die opswaai- en afswaai-fases van die ekonomiese siklus getoon word. • Om bepaalde finansiele verhoudingsgetalle vir KI en AI ondememings te identifiseer wat moontlik gebruik kan word om finansiele prestasie te voorspel en om lei- en sloerpatrone in die ekonomiese siklus te identifiseer. 'n Omvattende statistiese analise van die verhoudingsgetalle is uitgevoer om bogenoemde doelwitte te bevredig. Die eerste deel van die analise is op 'n enkel verteenwoordigende maatstaf gebaseer wat 'n gemiddelde van die drie-jaar opswaai en drie-jaar afswaai-fases onderskeidelik verteenwoordig. Gemiddelde en mediaanwaardes is vir die KI en AI ondememings vir die opswaai- en afswaai-fases bereken. 'n Profiel-analise gebaseer op Hotelling se T2 toets is gebruik om die verhoudingsgetalle wat benaderd normaal verdeel is, te ontleed. Die nie-parametriese toetse "Mann-Whitney U-test" en "Wilcoxon matched-pairs test" is gebruik om die verhoudings wat nie benaderd normaal verdeel is nie, te ontleed. Die tweede dee I van die studie fokus op 'n analise van die verhoudingsgetalle wat op die individuele jare van die navorsingsperiode gebaseer is. Die statistiese tegnieke wat in die analise van die verhoudingsgetalle gebaseer op 'n enkel verteenwoordigende maatstaf gebruik is, is ook vir die analise van die verhoudingsgetalle gebaseer op die individuele jare gebruik. Die beperkings wat deur die analise gebaseer op 'n enkel verteenwoordigende maatstaf geidentifiseer is, word tot 'n groot mate in hierdie afdeling van die statistiese analise aangespreek. Deur die gemiddelde en mediaanwaardes gebaseer op die individuele jare te ontleed, is dit moontlik om die verhoudingsgetalle as een van 'n aantal patroongroepe, naamlik normaal verwagte, sloer-, lei-, sikliese en gemengde patrone, vir die Kl en AI ondememings te klassifiseer. Die patrone van 'n verskeidenheid van verhoudingsgetalle binne elk van die patroongroepe word ook uit 'n finansiele bestuursperspektief ontleed. Die bevindings van die studie bevestig die gestelde hipotese dat daar verskille in die gedrag van finansiele verhoudingsgetalle, gebaseer op 'n enkel-verteenwoordigende maatstaf en vir individuele jare van die navorsingsperiode, tussen Kl en AI ondememings gedurende een of albei van die opswaai- en afswaai-fases van die ekonomiese siklus is. Die analise beklemtoon verder dat 'n aantal verhoudingsgetalle wat op 'n enkel verteenwoordigende maatstaf gebaseer is, nie universeel vir alle ondememings en slegs gedurende 6f 'n opswaai- 6f 'n afswaai-fase van die ekonomiese siklus gebruik kan word nie. Verhoudingsgetalle wat deel van hierdie kategorie vorm, sluit ondememingsrentabiliteit (voor belasting), rentabiliteit van totale netto vaste- en bedryfsbates, dividend per aandeel, verkope tot totale netto bates, en rentedraende skuld tot totale aandeelhouersbelang in. Die resultate gebaseer op die individuele jare van die analise toon dat die oorgrote meerderheid van die verhoudingsgetalle normaal verwagte patrone volg. Van die tradisionele winsgewindheidsverhoudingsgetalle vertoon 80% normaal verwagte patrone vir die KI en AI ondememings gedurende die opswaai- en afswaai-fase. Tradisionele winsgewindheidsverhoudingsgetalle soos ondememingsrentabiliteit, rentabiliteit van netto vaste- en bedryfsbates, rentabiliteit van eie kapitaal en die waardeskeppingsverhoudingsgetal EVA, vorm deel van die normaal verwagte groep van patrone. Al die inflasie-aangepaste verhoudingsgetalle toon ook normaal verwagte patrone. Hierdie groep van verhoudingsgetalle toon relatiewe stabiliteit gedurende die ekonomiese siklus en is vir medium- en langtermyn finansiele vooruitskatting geskik omdat hulle die besigheidsiklus volg. Ongeveer 39% van die verhoudingsgetalle toon gemengde patrone, m.a.w. verskillende patrone vir die KI en AI ondememings. Die groei in verdeelbare inkomste, kontantvloei tot rentebetalings, markwaarde van aandeelhouersbelang tot boekwaarde van aandeelhouersbelang en mark-toegevoegde waarde verhoudingsgetalle toon gedragspatrone vir die KI en AI ondememings wat moontlik die ekonomiese siklus kan lei. Hierdie verhoudingsgetalle mag 'n aanduider van verwagte opswaai- en afswaai-fases in die ekonomiese siklus wees. Die relevansie van die resultate vir KI ondememings dui op die groter gebruik van vreemde kapitaal gedurende die afswaai-fase om kostes en bedryfskapitaal behoeftes te dek wanneer die vraag na produkte en dienste afneem as gevolg van 'n daling in die ekonomie. Die patroon wat deur verdienste per aandeel aangedui word, gee 'n moontlike aanduiding van 'n verwagte opswaai-fase in die ekonomiese siklus. 'n Toename III die kontantvloei-totrentebetalingsverhoudingsgetal gedurende die afswaai-fase mag 'n aanduider van 'n naderende opswaai in die ekonomiese siklus wees. Die relevansie van die resultate vir AI ondememings toon dat 'n opswaai in die ekonomiese siklus deur 'n toename in die bedryfskapitaal tot kontant uit ondememingsaktiwiteite verhoudingsgetal verwag kan word. Meer vreemde kapitaal word gedurende die opswaai-fase gebruik wat aan 'n toename in die vraag toegeskryf kan word en gevolglik tot 'n hoer hefboomsituasie vir AI ondememings lei. 'n Toename in die kontantvloei tot die rente betaal verhoudingsgetal gedurende die afswaai-fase mag 'n aanduider van 'n naderende opswaai in die ekonomiese siklus wees. 'n Aantal beperkings van die studie sluit in: die gebruik van 'n enkele opswaai- en afswaaifase wat die ekonomiese bewegings verteenwoordig; die benadering wat gevolg is om tussen die KI en AI ondememings te onderskei benodig verdere ondersoek; en die groot aantal verhoudingsgetalle kan in toekomstige studies tot 'n sekere aantal indikatore beperk word. Die belangrikste aanbevelings van die studie sluit in: die gebruik van veelvoudige opswaai- en afswaai-fases van die ekonomiese siklus; meer navorsing op die sloer- en leipatrone wat deur die KI en AI ondememings vir spesifieke verhoudingsgetalle getoon word; die moontlikheid om 'n ander benadering te volg om tussen KI en AI ondememings te onderskei, kan oorweeg word; en verdere navorsing word benodig om die betroubaarheid te bepaal van die indikatore wat dui op lei patrone wat 'n opswaai- of afswaai-fase in die ekonomiese siklus kan voorspel.

Research Report submitted for the Master of Science in Building in the field of Property Development and Management at the School of Construction Economics and Management, University of the Witwatersrand, 2016 / On the 4th of July 2013, the South African National Treasury introduced the Taxation Laws Amendment Bill. The purpose of the amendment bill was to introduce new anti-avoidance rules into the Income Tax Act No. 58 of 1962 (the Act) in order to reduce the formation of equity instruments that are falsely masked as debt instruments. The amendment bill contains sections 8F and 8FA which have unintended consequences for the real estate industry, more specifically for the unlisted real estate sector. The application of sections 8F and 8FA of the Taxation Laws Amendment Act, has been suggested to have a negative impact on the returns of unlisted real estate funds. The legislation appears to provide tax relief to real estate investment trusts (REITs) and this is perceived as grossly biased and discriminatory against unlisted real estate funds. The Investment Property Databank (IPD) South Africa estimates the unlisted real estate market in South Africa makes up 46% of the property market. When pension funds and banks, short term and long term insurers, private investors and government are included, the unlisted real estate market is possibly larger than the listed real estate market. Despite the numerous listings of real estate investment trusts South Africa has seen over the last ten years, the listed real estate market is still in its infancy stage and accounts for a very small percentage of the property market in South Africa. This indicates the important role unlisted real estate funds play in the South African property market. The purpose of this study is to find out whether the application of the tax legislation has had any effect on the performance of South African unlisted real estate funds. This study evaluates the investment performance of the unlisted real estate funds and real estate investment trusts (REITS) through the implementation of descriptive statistics, and the event study methodology to indicate whether there is a significant relationship in the returns of unlisted real estate funds and tax legislation. The study finds that tax legislation imposed on South African unlisted real estate funds has had no significant impact on the return performance of unlisted real estate funds. The study also finds that the returns of unlisted real estate funds are very competitive with the listed real estate returns listed on the Johannesburg Stock Exchange. / MT2017

A thesis submitted in fulfilment of the requirements of the degree of Master of Art by research in the Department of Sociology, University of the Witwatersrand, April 2017 / Fire lives briefly, breathes sharply and spreads with urgency across the surface of the earth. Writing from Inside the Fire offers a series of reflection on the fire-centered politics that have been ignited within the RhodeMustFall and FeesMustFall movements. in this paper I trace the political roots of fire and explore the ways in which it employed as a tool of resistance and empowerment during the anti-apartheid struggle.: [Abbreviated Abstract. Open document to view full version] / XL2018