Thesis (PhD)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: The changing South African policy context since 1994 (new science and innovation policies), and institutional changes at the National Research Foundation (NRF) have had an effect on different funding instruments and related modes of knowledge production. In this study we compare the modes of knowledge production utilized by researchers funded by the NRF and those funded by industry. We also compare the level of scientific productivity of these groups. This study makes two major contributions: first, we provided a reconstruction of the history of research funding in South Africa from 1918 (through the Research Grant Board – RGB), to date (through the NRF established in 1999 as a result of the merger of the Foundation for Research Development (FRD) and the Centre for Science Development (CSD). The second major contribution of this study concerns the relationship between funding sources and modes of knowledge production and dissemination. We found evidence that there is an increase in third stream funding for university research in South Africa. The study shows that respondents who received funding from both the Focus Areas and THRIP, concurrently, produced more average annual research outputs than those who received funding from either the Focus Areas or THRIP only. When we compared respondents who only received the Focus Areas or THRIP grant, we found that those who received the Focus Areas grant published more outputs annually than THRIP-funded researchers, despite the fact that those who received the THRIP grant had larger grant amounts, on average, than their Focus Areas-funded counterparts. We also found that industry/THRIP funding is utilised on problem-solving type of research, i.e. applied research, while public/NRF funding is utilised on basic/fundamental/curiosity-driven research. Overall, the findings show that there is no clear cut conclusion about the influence of funding on the mode of knowledge production. We could not prove that the two factors, that is, funding and mode of knowledge production, are related in a linear fashion. This is a much more complicated situation that requires more investigation. / AFRIKAANSE OPSOMMING: Die veranderende Suid-Afrikaanse beleidskonteks sedert 1994 (nuwe wetenskap- en innovasiebeleid), sowel as institusionele veranderinge aan die Nasionale Navorsingstigting (NNS), het 'n uitwerking gehad op verskillende befondsingsinstrumente en verwante vorme van kennisproduksie. In die lig hiervan vergelyk die huidige studie die vorme van kennisproduksie van navorsers wat deur die NNS befonds word met dié van navorsers wat deur die bedryf befonds word. Die twee groepe se onderskeie vlakke van wetenskaplike produktiwiteit word ook vergelyk. Die studie lewer twee belangrike bydraes. In die eerste plek bied dit 'n rekonstruksie van die geskiedenis van die finansiering van navorsing in Suid-Afrika, vanaf 1918 (deur die Navorsingstoekenningsraad), tot en met vandag (deur die NNS wat in 1999 tot stand gekom het met die samesmelting van die destydse Stigting vir Navorsingsontwikkeling – SNO – en die Sentrum vir Wetenskapsontwikkeling – SWO). Die tweede belangrike bydrae van hierdie studie is die ondersoek na die verband tussen befondsingsbronne en verskillende vorme van kennisproduksie en -disseminasie. Die resultate van die ondersoek dui op 'n toename in derdegeldstroom-befondsing wat universiteitsnavorsing in Suid-Afrika betref. Die studie toon verder dat respondente wat befondsing van beide die fokusarea- en THRIP-programme ontvang, se gemiddelde jaarlikse navorsingsuitsette beduidend hoër is as dié van respondente wat slegs binne een van die twee programme befonds word. ʼn Vergelyking van die navorsingsuitsette van respondente wat slegs fokusarea-befondsing ontvang en respondente wat slegs THRIP-befondsing ontvang, toon dat diegene met fokusarea-befondsing se jaarlikse publikasieuitsette gemiddeld hoër is, ondanks die feit dat die THRIP-toekennings groter bedrae behels. Daar is ook gevind dat befondsing deur die bedryf/THRIP gebruik word vir navorsing wat gerig is op probleemoplossing, d.w.s. toegepaste navorsing, terwyl publieke of NNS-befondsing aangewend word vir basiese/ fundamentele/nuuskierigheid-gedrewe navorsing. Die algehele beskouing is dat geen duidelike gevolgtrekking gemaak kan word met betrekking tot die invloed van befondsing op die vorme van kennisproduksie nie. Daar kan nie onomwonde gestel word dat die twee kernfaktore van ondersoek, naamlik befondsing en vorme van kennisproduksie, reglynig met mekaar verband hou nie. Die situasie is meer kompleks en vereis verdere navorsing.

Thesis (MComm (Business Management))--Stellenbosch University, 2008. / Universities manage their administrative and financial operations traditionally by means of cost centres in the form of faculties, departments and divisions. In these cost centres financial performance is purely measured by comparing actual expenses with drawn up budgets. During performance measurement only direct costs allocated to cost centres are taken into account. Often, indirect costs are not taken into account which leaves an erroneous impression about the real cost of a certain cost centre. However, it is of importance for education managers to take cost management into consideration as a primary tool to manage institutions of higher education. Accurate cost information is an indispensable management aid, especially in a changing and dynamic environment. During budget allocations mostly only direct costs are taken into account. This also happens when the financial performance of academic departments, faculties and other entities are measured. The utilisation of a full cost approach could add substantial value to current management information. The starting point of this study is by placing a perspective on problems arising from the utilisation of cost allocation techniques by means of a case study from which activity based costing and responsibility centre management can solve the problem. Throughout this study it was attempted to emphasise the relevance between activity based costing and responsibility centre management and the focus was on how both budget allocation models could be applied in an integrated context. During the allocation of income and indirect costs the question normally arises on which basis these components are to be allocated to faculties and departments at a university. Attention has been given to both these components to establish which method / basis is the most applicable for the allocation thereof. The aim was to generally keep cost drivers as simple as possible. The cost drivers used need to bear the approval of deans to ensure the credibility of the budget allocation model. However, cost drivers could well be investigated continually to consider their applicability against alternative cost drivers. The allocation of budget amounts to faculties stemming from the main budget of a university is normally a dilemma. Therefore, a budget allocation model has been developed taking the financial performance of faculties into consideration to determine the budget allocation of each individual faculty.

Thesis (MComm (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: The objective of almost all firms should be to maximise the wealth of shareholders. To achieve this goal, firms should use an optimal combination of debt and equity, which will consequently result in the lowest weighted average cost of capital. Firms therefore need to determine their target capital structure. This will require firms to be aware of the various factors that can influence their decision-making regarding capital structure. The effects of firm characteristics and economic factors on capital structures have been researched in many countries. Various South African studies have been conducted on this topic; however, limited research was found where both the firm characteristics and economic factors were included in the same study. The majority of South African studies furthermore either focused on a specific industry on the Johannesburg Securities Exchange Limited (JSE) or their focus was predominantly on the theory of capital structure applied by South African firms. Most of the studies were also conducted for the period prior to the demise of apartheid in 1994. Six firm characteristics (profitability, asset structure, liquidity, business risk, growth and size) and three economic factors (interest rate, inflation and economic growth) were identified for this study. The primary objective was to determine the effect of firm characteristics and economic factors on the capital structure of South African listed industrial firms. External databases were used to obtain the data needed for statistical analysis. McGregor BFA (2008) was used to obtain the data required to calculate the measures for the firm characteristics. This database contains annual standardised financial statements for listed and delisted South African firms. INET-Bridge (2005), Statistica South Africa (2006) and the South African Reserve Bank (SARB) website were used to obtain data for the economic factors. The study was conducted for a period of 14 years, from 1995 to 2008. Focusing only on those firms that are listed at the end of the selected period would have exposed the study to a survivorship bias. The census for this study, therefore, included all firms listed on the industrial sector of the JSE, as well as those firms that delisted during the selected period. Firms had to provide financial data for at least five years in order to be included in this study. This requirement was incorporated since the data set contains cross-sectional and time-series dimensions. The final census included a total of 280 firms (170 listed firms and 110 delisted firms), providing 2 684 complete observations for the firm characteristics and 14 complete observations for the economic factors. The results from this study indicated that the growth of firms and the interest rate may be the most important firm characteristic and economic factor, respectively, to consider in financing decisions. The study furthermore indicated that differences exist between the results obtained for book value leverage and those obtained for market value leverage. An important observation is that the results are stronger when the performance of the variables in the preceding year is included. Not only are the R² values higher, but the independent variables also reported to be more significant when one-year lag variables are included. This may indicate that capital structure takes time to adjust. Differences between listed firms and delisted firms are also evident from the results. Lastly, it appears that the firms included in the study overall, lean more towards the pecking order theory than towards the trade-off theory. Based on these results, it appears that firm characteristics and economic factors do have an effect on capital structures of listed industrial firms in South Africa. Firms should, therefore, take these factors into consideration when making their optimal capital structure decisions. / AFRIKAANSE OPSOMMING: Dit behoort die doelwit van byna alle firmas te wees om die welvaart van aandeelhouers maksimaal te verhoog. Om hierdie doelwit te bereik, moet firmas 'n optimale kombinasie van geleende kapitaal en ekwiteit gebruik, wat gevolglik sal lei tot die laagste geweegde gemiddelde koste van kapitaal. Firmas moet dus hulle beoogde kapitaalstruktuur bepaal. Dit sal van firmas vereis word om bewus te wees van die verskillende faktore wat 'n invloed op hul kapitaalstruktuur-besluite kan hê. Die uitwerking van 'n firma se eienskappe en ekonomiese faktore op kapitaalstruktuur is al in baie lande nagevors. Verskeie Suid-Afrikaanse studies is in dié verband gedoen, maar daar is beperkte navorsing waar beide firma eienskappe en ekonomiese faktore in dieselfde studie ingesluit is. Die meerderheid Suid- Afrikaanse studies het gefokus op 'n spesifieke nywerheid op die Johannesburg Sekuriteite-beurs Beperk (JSE) of die hooffokus was op die teorie van kapitaalstruktuur soos deur Suid-Afrikaanse firmas toegepas. Die meeste van die studies is ook gedoen vir die tydperk voor die afskaffing van apartheid in 1994. Ses eienskappe van firmas (winsgewendheid, batestruktuur, likiditeit, sakerisiko, groei en grootte) en drie ekonomiese faktore (rentekoers, inflasie en ekonomiese groei) is vir die studie geïdentifiseer. Die primêre doelwit was om die uitwerking van firmas se eienskappe en ekonomiese faktore op kapitaalstrukture van genoteerde nywerheidsfirmas in Suid-Afrika te bepaal. Eksterne databasisse is gebruik om die data wat vir statistiese ontleding nodig was, te bekom. McGregor BFA (2008) is gebruik om die nodige data vir die berekening van die maatstawwe vir die firma se eienskappe te bekom. Hierdie databasis bevat jaarlikse, gestandaardiseerde finansiële state vir genoteerde en gedenoteerde Suid- Afrikaanse firmas. INET-Bridge (2005), Statistica South Africa (2006) en die Suid- Afrikaanse Reserwebank (SARB) se webtuiste is gebruik om die data vir die ekonomiese faktore te bekom. Die studie is uitgevoer vir 'n tydperk van 14 jaar, van 1995 tot 2008. Deur slegs op daardie firmas wat aan die einde van die navorsingstydperk genoteer was, te fokus sou die studie aan 'n oorlewingsydigheid blootstel. Die sensus vir die studie het, dus, genoteerde firmas op die nywerheidsektor van die JSE asook daardie firmas wat gedurende die geselekteerde tydperk gedenoteer is, ingesluit. Firmas moes finansiële data vir ten minste vyf jaar verskaf om by die studie ingesluit te word. Hierdie vereiste is gestel aangesien die datastel beide deursnee- en tydreeksdimensies bevat het. Die finale sensus het 'n totaal van 280 firmas (170 genoteerde firmas en 110 gedenoteerde firmas) ingesluit, waaruit 2 684 volledige waarnemings vir die firma se eienskappe en 14 volledige waarnemings vir die ekonomiese faktore gemaak kon word. Die resultate van hierdie studie dui moontlik daarop dat die groei van firmas en die rentekoers, onderskeidelik die belangrikste eienskap van 'n firma en ekonomiese faktor is om te oorweeg by finansieringsbesluite. Die studie dui verder daarop dat die resultate, onderskeidelik verkry vir boekwaarde-hefboomwerking en markwaardehefboomwerking, verskil. 'n Belangrike opmerking is dat die resultate sterker is wanneer die prestasie van die veranderlikes in die voorafgaande jaar ingesluit word. Nie alleen is die R²-waardes hoër nie, maar die onafhanklike veranderlikes blyk ook om meer beduidend te wees wanneer een-jaar-vertraagde veranderlikes ingesluit word. Verskille tussen genoteerde firmas en gedenoteerde firmas is ook duidelik uit die resultate van die studie. Laastens wil dit blyk dat die firmas in die studie oor die algemeen meer leun na die pikorde-teorie ("pecking order theory") as na die kompromis-teorie ("trade-off theory"). Op grond van hierdie resultate wil dit voorkom asof 'n firma se eienskappe en die ekonomiese faktore wel 'n uitwerking het op die kapitaalstrukture van genoteerde nywerheidsfirmas in Suid-Afrika. Firmas moet dus hierdie faktore in ag neem wanneer hulle besluite neem rakende hul besluite oor optimale kapitaalstruktuur.

Thesis (MComm)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: This assignment sets out to address the concept of equity duration, where equity duration is viewed as a measure of the interest rate sensitivity of common stock's market value. The traditional use of standard dividend discount models, results in extremely long duration estimates for equities - in the order of 10 years for income stocks to 25 years and more for growth companies whose cash flows are not expected to materialize until some future period. Leibowitz (1986) identified an alternative approach for assessing equity duration empirically. These empirical estimates of actual stock price sensitivity to underlying changes in interest rates imply that equities behave as if they are much shorter duration instruments. Various attempts have been made to reconcile the difference between theoretical predictions of equity duration and empirical findings. The differences in duration of assets in place and growth opportunities are given as a possible reason for the above mentioned differences. It is argued that investment opportunities are similar to options a company has. These option-like characteristics of growth opportunities may alter the basic relationship between equity valuation and interest rate changes. The option framework suggests that the duration of growth companies may be shorter (not longer) than those of assets in place. The results from option theory can however not be applied directly to growth options, since some of the assumptions may not be valid in the case of growth options. The presence of these growth options makes it virtually impossible to calculate equity duration theoretically. This study empirically tests the relationship between growth opportunities and equity duration by focussing the attention on the interest rate sensitivity of South African growth companies. The following hypotheses regarding equity duration and growth companies are postulated: • There is a significant difference in interest rate sensitivity between growth companies and low-growth companies. • There is a significant difference between duration of growth companies measured using nominal interest rates and duration of growth companies using real interest rates. All non-mining companies on the Johannesburg Securities Exchange SA, for the period 1980 to 2000, were analysed. These companies were sorted into different portfolios that reflected their growth opportunities. Market capitalisation, book-to-market and price-earnings ratios were used as proxies to rank companies according to growth opportunities. The results from univariate regressions suggest positive duration for common equities. The negative relationship between equity returns and changes in nominal interest rates are independent of size, book-to-market or price-earnings ratios of the sampled companies. Including the market factor as an independent variable results in markedly different equity duration. The duration is correlated with size, as both coefficients and t-statistics increase when moving from small companies to larger companies. In addition, the small companies have negative not positive duration, as was the case for simple univariate regressions. There is also some evidence that high growth portfolios, as measured by low book-to-market and high price-earnings ratios, are less sensitive to interest rate changes than low growth portfolios. Employing all three Fama and French's factors, there is no longer a cross-sectional dependence on company size, with the mean duration being close to zero and statistically insignificant in virtually all cases. Also, when dividing changes in the nominal interest rate into changes in real rates and changes in inflation, it does not significantly affect the estimates of equity duration. The author found no evidence to support the stated hypotheses, when employing the Fama and French's three factor model. This may mean that the relationships are subsumed in the Fama and French risk factors. / AFRIKAANSE OPSOMMING: Hierdie werkstuk bestudeer die konsep van die duur van gewone aandele (equity duration), waar die duur van 'n gewone aandeel gedefinieer word as 'n maatstaf van die rentekoerssensitiwiteit van die markwaarde van die aandeel. Die tradisionele gebruik van standaard dividend verdiskonterings modelle, lei tot uiters lang duur beramings vir gewone aandele - in die orde van 10 jaar vir inkomste aandele tot 25 jaar en meer vir groei ondernemings wie se kontantvloei nie verwag word om te materialiseer voor 'n sekere toekomstige datum nie. Leibowitz (1986) identifiseer 'n alternatiewe empiriese benadering vir die beraming van gewone aandeel duur. Hierdie empiriese bepaling van die sensitiwiteit van die werklike aandeelprys tot onderliggende veranderings in rentekoerse, impliseer dat gewone aandele reageer asof hulle baie korter duur instrumente is. Verskeie pogings is aangewend om die verskille tussen teoretiese voorspellings van gewone aandeel-duur en empiriese bevindings te rekonsilieer. Die verskille tussen duur van bates in plek en groei-geleenthede word aangevoer as 'n moontlike rede vir bogenoemde verskille. Dit word geargumenteer dat investeringsgeleenthede soortgelyk is aan die opsies wat 'n onderneming het. Hierdie opsie-soortgelyke eienskappe van groei-geleenthede kan die basiese verhouding tussen gewone aandeel waardasie en rentekoers verandering wysig. Die opsie raamwerk dui daarop dat die duur van groei-ondernemings korter kan wees (en nie langer nie) as die van bates in plek. Die resultate van opsie teorie kan egter nie direk toegepas word op groei-opsies nie, aangesien sekere van die aannames nie geldig mag wees in die geval van groei-opsies nie. Die teenwoordigheid van hierdie groei-opsies het tot gevolg dat dit feitlik onmoontlik is om gewone aandeel-duur teoreties te bereken. Die studie toets empiries die verhouding tussen groei-geleenthede en gewone aandeel-duur deur te fokus op die rentekoers sensitiwiteit van Suid Afrikaanse groei-ondernemings. Die volgende hipoteses met betrekking tot die gewone aandele duur en groei-ondernemings word gestel: • Daar is 'n betekenisvolle verskil in rentekoers sensitiwiteit tussen groei-ondernemings en lae groei-ondernemings. • Daar is 'n betekenisvolle verskil tussen duur van groei-ondernemings gemeet deur gebruik te maak van nominale rentekoerse en duur van groei-ondernemings deur gebruik te maak van reële rentekoerse. Alle nie-myn ondernemings op die Johannesburg Sekuriteite Beurs SA, vir die periode 1980 tot 2000, is ontleed. Hierdie ondernemings is gesorteer in verskillende portefeuljes wat hulle groei geleenthede reflekteer. Markkapitalisasie, boek-tot-markwaarde en prysverdienste verhoudings is gebruik as maatstawwe om ondernemings te rangskik volgens groeigeleenthede. Die resultate van enkel veranderlike regressies dui positiewe duur aan vir gewone aandele. Die negatiewe verhouding tussen aandeelopbrengs en verandering in nominale rentekoerse is onafhanklik van grootte, boek-tot-markwaarde of prysverdienste verhoudings vir die getoetste ondernemings. Indien die markfaktor ingesluit word, as 'n onafhanklike veranderlike, lei dit tot opvallend verskillende gewone aandeel-duur. Die duur is gekorreleer met grootte, met beide koëffisiënte en t-statistieke wat styg wanneer beweeg word van klein ondernemings tot groter ondernemings. Addisioneel, die klein ondernemings het negatiewe, nie positiewe duur, anders as in die geval van eenvoudige enkel veranderlike regressies. Daar is ook bewyse dat hoë groei portefeuljes, soos gemeet deur lae boek-tot-markwaarde en hoë prysverdienste verhoudings, minder sensitief is vir rentekoers veranderings as lae groei portefeuljes. Met die aanwending van al drie Fama en French se faktore is daar nie meer kruis-selektiewe afhanklikheid (cross-selectional dependence) op ondernemingsgrootte aanwesig nie, met die gemiddelde duur wat naby nul is en statisties onbedeidend in feitlik all gevalle is. Wanneer die verandering in die nominale rentekoers verdeel word in veranderings in reële koerse en veranderings in inflasie, beïnvloed dit ook nie betekenisvol die bepaalde gewone aandeel duur nie. Die outeur het met die gebruik van die Fama & French drie faktor model geen bewyse gevind wat die vermelde hipoteses staaf nie. Dit mag beteken dat die rente-risiko verwantskappe in die Fama en French risiko faktore vervat is.

Thesis (MPA (School of Public Management and Planning))--University of Stellenbosch, 2005. / South Africa, as a young and emerging democracy, faces many challenges regarding the transformation of the socio-economic landscape of the South African society. The provision of better health care services and the overall development and empowerment of society are some of the many challenges government has to resolve. This research focuses specifically on service delivery in public hospitals with special emphasis on: 􀂙 An assessment of financial management outcomes within the context of the implementation of the Public Finance Management Act (Act 1 of 1999, as amended) [PFMA] in public hospitals; and 􀂙 An assessment of supply chain management (SCM) outcomes in relation to the achievement of empowerment and equity of disadvantaged communities within the context of Black Economic Empowerment (BEE). The PFMA is the result of financial reform in South Africa. The PFMA emphasises effective, efficient, economic and transparent use of public funds. This research assessed the financial management at the Head Office of the Western Cape Health Department, as well as at Karl Bremer, Lentegeur and Swellendam Hospitals for the financial years 1998/99 to 2002/03. The Western Cape Tender Board ceased to exist in December 2003. The procurement and provisioning processes have now been decentralised to the various departments with effect 1 January 2004 and have become the responsibility of supply chain units within departments. BEE and the preferential procurement policy are government initiatives that had to be executed on SCM as platform. The three hospitals were also used to assess progress on the implementation of SCM, as well as the realisation of BEE objectives. Annual Reports, Audit Reports and Strategic Planning documentation were used to extract the relevant information necessary for the research. Interviews with nineteen (19) officials were conducted. Good progress has been made with the implementation of the PFMA. All those officials that were interviewed displayed sensitivity for the responsible management of public funds. A lack of internal control measures was identified in almost all audit reports. The absence of a risk management plan and a functional internal audit unit is hampering the realisation of the objectives of the PFMA. With health care service delivery and black economic empowerment being topical issues in SA, this research endeavours to make recommendations that could assist the Western Cape government with the realisation of the intended objectives of better health care services delivery by public hospitals, transformation of the economy, equity and empowerment of the disadvantaged through SCM processes and eventually to secure “a better life for all”.

Thesis (MPA))--School of Public Leadership, 2011. / ENGLISH ABSTRACT: The objective of this study is the evaluation of financial management practices in the Department of Correctional Services (DCS). For the purpose of the study, "financial management practices‟ are defined and demarcated as the practices performed by the accounting officer, chief financial officer and other managers in the areas of budgeting, supply chain management, movable asset management and control. Recurrence of similar internal audit and inspection findings, as well as the continuous poor audit reports that the department had been receiving annually, led the office of the National Commissioner to request all branches and Regional Commissioners to compile action plans aimed at addressing non-compliance. In order to fulfil the study objective, the normative requirements for the identified financial management practices are first defined in terms of financial management theory, policy and legislation. The accounting officers are heads of departments, and they account personally for financial transactions. The concepts of "budget processes" and "planning" are explored in order to identify normative requirements. „Budget‟ is identified as part of organisational planning, which starts with the aim and the mission of the institution. Under supply chain management, the principles of procurement are discussed, as considerable amounts are spent on goods and services. The life cycle of assets is discussed in detail, including the procedure for giving account of assets. Control is defined as a process through which a manager ensures that activities are carried out as originally planned. With regard to policy and legislation, the Public Finance Management Act (PFMA), Act 1 of 1999 as amended by Act 29 of 1999 (South Africa, 1999) and Treasury Regulations are explained in detail, focusing on the budget process and financial management responsibilities of all different role players. With regard to supply chain management, policies are explained in detail, focusing on the acquisition of goods and services. The acceptable supply chain management system is also highlighted. According to Gildenhuys (1997:137), equipment is called movable assets and this category of assets are obtained and created to be utilised for a number of years as instruments for delivering services. With regard to control, in order to comply with financial management policies, an official in a department must ensure that the system of financial management and internal control established for that department is carried out within the area of responsibility of that official. The budget and planning processes of the Department of Correctional Services are explained in detail. How the financial management cascades through the department is highlighted by means of an organogram. Supply chain management processes are discussed in detail, focusing on the procurement procedures and requirements for acquisition of goods and services. The policy on asset management for the Department of Correctional Services is considered, focusing on the acquisition and control of assets. The legislative framework of the department is also examined in detail, focusing on the control measures within the department. The theory of evaluation is discussed in detail, with the emphasis on evaluation questions. A summary is provided of the financial functions of budgeting, supply chain management, asset management and control in terms of the financial functions of each of the following role players: the Accounting Officer, Chief financial officer and other managers. Evaluation questions are formulated, and audit reports contained in the annual reports, the internal auditor‟s reports and circulars of the department are used to answer those questions. Finally, recommendations are made, emphasising that Department of Correctional Services needs to continue to invest in the training and development of all staff, regarding The PFMA (South Africa, 1999) and Treasury Regulations. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie was om finansiële bestuurspraktyke binne die Departement Korrektiewe Dienste (DKD) te evalueer. "Finansiële bestuurspraktyke" word vir die doel van die studie gedefinieer en omskryf as die praktyke wat deur die rekenpligtige amptenaar, die hoof finansiële bestuursbeampte en ander bestuurders binne die gebied van begroting, voorsieningskettingbestuur, roerende batebestuur en beheer beoefen word. Herhaalde voorkoms van soortgelyke interne ouditerings- en inspeksiebevindings, sowel as die voortdurende swak ouditverslae wat jaarliks deur die departement ontvang is, het die kantoor van die Nasionale Kommissaris genoop om alle takke en Streekskommissarisse te versoek om 'n plan van optrede op te stel om nie-nakoming aan te spreek. Om die doelwit van die studie te bereik, word die normatiewe vereistes vir die geïdentifiseerde finansiële bestuurspraktyke eerstens in terme van finansiële bestuursteorie, beleid en wetgewing gedefinieer. Die rekenpligtige amptenare is hoofde van departemente en hulle doen persoonlik verantwoording vir finansiële transaksies. Die konsepte „begrotingsproses‟ en „beplanning‟ word verken om normatiewe vereistes te identifiseer. „Begroting‟ word as deel van organisatoriese beplanning, wat by die doel en misie van die instelling begin, geïdentifiseer. Die beginsels van aanskaffing word in verband met die voorsieningskettingbestuur bespreek aangesien aansienlike bedrae op goedere en dienste bestee word. Die lewensiklus van bates word met inbegrip van die prosedure vir verslaglewering aangaande bates in besonderhede bespreek. Beheer word as 'n proses waarvolgens 'n bestuurder verseker dat aktiwiteite sonder afwyking van 'n oorspronklike plan uitgevoer word. Ten opsigte van beleid en wetgewing word die Wet op Openbare Finansiële Bestuur (WOFB), No. 1, 1999 soos gewysig deur Wet 29 van 1999 (South Africa, 1999) en Regulasies van die Departement Finansies in besonderhede verduidelik, met aandag aan die begrotingsproses en die finansiële bestuursverantwoordelikhede van al die verskillende rolspelers. Beleid betreffende voorsieningskettingbestuur word in besonderhede bespreek met spesifiek aandag aan die verkryging van goedere en dienste. Die aanvaarbare voorsieningskettingbestuurstelsel word ook toegelig. Volgens Gildenhuys (1997:137) word toerusting as roerende bates aangedui en hierdie kategorie van bates word verkry en geskep om vir 'n aantal jare as middele vir die lewering van dienste gebruik te word. Om aan finansiële bestuursbeleid met betrekking tot beheer te voldoen, moet 'n amptenaar binne 'n departement verseker dat die stelsel wat binne sy/haar verantwoordelikheidsveld vir die finansiële bestuur en interne beheer van daardie departement ingestel is, toegepas word. Die begrotings- en beplanningprosesse van die Departement Korrektiewe Dienste word in besonderhede verduidelik. 'n Organogram word gebruik om lig te werp op hoe die finansiële bestuur die hele departement deurvloei. Voorsieningskettingbestuursprosesse word in besonderhede bespreek met klem op die prosedure en die vereistes vir die verkryging van goedere en dienste. Aandag word geskenk aan die beleid oor batebestuur binne die Departement Korrektiewe Dienste, met klem op die verkryging en beheer van bates. Verder word die departement se wetgewingsraamwerk in besonderhede ondersoek, weereens met aandag aan beheermeganismes binne die departement. Die teorie aangaande evaluering word in besonderhede bepreek, met spesiale klem op vrae wat vir evaluering gestel word. 'n Opsomming van die finansiële funksie van begrotings, voorsieningskettingbestuur, batebestuur en beheer in terme van die finansiële funksies van elk van die rolspelers, naamlik die rekenpligtige amptenaar, die hoof bestuursbeampte en ander bestuurders word voorsien. Vrae vir evaluering word geformuleer en antwoorde op daardie vrae word aan die hand van ouditverslae wat in jaarverslae opgeneem is, die interne ouditeur se verslae en departementele omsendbriewe verskaf. Ten slotte word aanbevelings gedoen wat beklemtoon dat die Departement Korrektiewe dienste sy belegging in die opleiding en ontwikkeling van alle personeel ten opsigte van die WOFB (South Africa, 1999) en Regulasies van die Departement Finansies moet voortsit.

Thesis (MBA (Business Management))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Venture capital is a major source of funding for the entrepreneurial community and usually focuses on the early stage, more risk orientated business endeavours. This study explores and identifies the investment criteria used by South African venture capitalists in their venture screening and evaluation process and compares these criteria with the results obtained in similar studies abroad. By identifying the criteria that are deemed as important, venture capitalists can enhance their decision-making process and entrepreneurs can adjust their preparation for venture capital application to maximise their success rate. By alerting entrepreneurs of these criteria, some potentially flawed proposals can be corrected beforehand, hence enhancing the venture capital process for both the venture capitalist and the entrepreneur. By making use of a questionnaire, data was gathered from a population of 16 identified South African venture capitalists, of which 75% replied. The most important criteria was identified by evaluating the mean ratings assigned to them and was found to be, the entrepreneurs honesty and integrity, a good expected market acceptance and a high IRR. The data was further analysed using the Friedman two-way analysis of variance (ANOVA) by ranks test, the Sign test and factor analysis. It was found that the South African venture capitalists, just like their overseas counterparts, rate the entrepreneur and management team, as the most important category of criteria when evaluating new projects for investment. In addition, two lists of factors were identified by using factor analysis to reduce the criteria obtained from the questionnaire. / AFRIKAANSE OPSOMMING: Waagkapitaal is een van die belangrikste bronne van befondsing waarvan entrepreneurs gebruik kan maak. Dit fokus hoofsaaklik op besighede in 'n vroeë besigheid lewensiklus, waar hoër risiko aan die orde van die dag is. Hierdie studie identifiseer en analiseer die beleggings maatstawwe wat gebruik word vir waagkapitaal belegging besluitneming in Suid-Afrika en vergelyk die resultate met soortgelyke studies wat reeds in die buiteland uitgevoer is. Die besluitnemingsproses vir die waagkapitalis kan ook vergemaklik word deur die identifisering van die mees belangrikste maatstawwe en terselfdertyd kan entrepreneurs dit ook gebruik vir beter voorbereiding in hul aansoek om waagkapitaal. Deur entrepreneurs se aandag op die belangrike faktore te vestig kan potensiële swak voorleggings vroegtydig gekorrigeer word, wat 'n positiewe bydrae sal lewer tot die beleggingsproses vir beide die waagkapitalis en die entrepreneur. Daar is gebruik gemaak van 'n vraelys wat gestuur is aan 16 Suid-Afrikaanse waagkapitaal beleggers, 75% het die vraelys voltooi. Deur vergelyking van die gemiddelde waardes is vasgestel dat die belangrikste maatstawwe die entrepreneur se eerlikheid en integriteit, goeie verwagte aanvaarding en aanvraag na die produk en 'n hoë “IRR” is, daarna is die data geanaliseer deur middel van die “Friedman two-way analysis of variance (ANOVA) by ranks test”, die ”Sign test” en “factor analysis”. Daar is bevind dat die Suid-Afrikaanse waagkapitalis net soos sy oorsese eweknie, die entrepreneur en bestuurspan as die mees belangrikste afdeling van maatstawwe ag wanneer gekyk word na nuwe projekte vir beleggings. Daar is ook twee addisionele lyste van belangrike maatstawwe opgestel deur die aantal faktore te verminder deur faktor analise.

Thesis (MDF (Development Finance))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Development Finance Institutions (DFIs) in South Africa can enhance their role as prime vehicles for the Government to achieve the social objectives of meeting the millennium goals. This can be achieved by ensuring that higher ratios of resources available to the DFIs are applied to development lending and that such DFls stay financially sustainable. DFls have served as conduits for channelling credit to priority sectors, often at concession terms, and have directed their strategies towards achieving social and economic goals that are believed to be neglected by market forces. The absence of structured monitoring and evaluation mechanisms for both impact assessment and the application of resources make it impossible to ensure that these DFIs exist to achieve the mandates for which they were created. The perception of market failure, however, justifies the allocations of scarce public resources to DFIs. DFIs are expected to be catalysts in financial intermediation, extending long-term credit and contributing to economic development through the removal of bottlenecks associated with credit shortage within communities of the Historically Disadvantaged Individuals (HDI). The application of scarce resources, however, calls for a financially sustainable DFI sector so that there may be a sustained provision of credit to the targeted sectors, in order to achieve optimum use and allocation of state resources. The government, through the ASGISA initiative, recognises the role the DFIs can play in halving poverty and unemployment by 2014, due to the labour intensive nature of the targeted priority sectors, such as agriculture. The performance of most of these DFIs, in terms of mandate achievement and financial sustainability, has not been well balanced, as evidenced by the past and present prevalence of the use of govemment guarantees including recapitalisation and future anticipated requests for such facilities. This study was initiated in response to the anticipated growth in the number of DFIs likely to seek either government guarantees or recapitalisation or both. At present, no mechanism is in place for the National Treasury (NT) to detect financial distress of any DFI long before it occurs, so that intervention measures can be put in place. / AFRIKAANSE OPSOMMING: Ontwikkelingsfinansiering Instellings (OFIs) in Suid Afrika kan hulle rolle versterk as primere voertuie om die sosiale doelwitte van die millennium te bereik. Hierdie doelwitte kan bereik word deur te verseker dat die hoer beskikbare verhouding en middele by die OFIs aangewend word vir ontwikkelingslenings en dat hierdie OFIs finansieel volhoubaar bly. "OFIs het as wee gedien vir die kanalisering van krediet aan prioriteit sektore, dikwels teen konsessionere terme, en het hulle strategies gerig om sosiale en ekonomiese doelwitte te bereik wat geglo is deur markkragte negelaar is. Die nie bestaan van gestruktureede monitering- en evaluasiemeganismes vir beide impak evaluasie en aanwending van hulpbronne maak dit onmoontlik om te verseker dat hierdie OFIs bestaan om die mandate waarvoor hulle geskep is te bereik. Die persepsie van mark versuim regverdig nietemin die allokasie van skaars openbare hulpbronne aan OFIs. Daar word van OFIs verwag om kataliste te wees van finansiele intermediasie, die verskaffing van langtermyn krediet en om by te dra tot ekonomise ontwikkeling deur van bottelnekke weg te neem wat geassosieer word met krediettekorte binne gemeenskappe van Voorheen Benadeelde Individue (VBI). Die aanwending van skaars hulpbronne vra nietemin vir 'n finansiele volhoubare OFI sektor, sodat die volgehoue voorsiening van krediet aan geteikende sektore plaasvind, om die optimum gebruik en allokasie en staatshulpbronne te verseker. Die regering, deur die ASGISA inisatief, erken die rol wat OFIs kan speel in die halvering van armoede en werkloosheid teen 2014, as gevolg van die arbeidsintensiewe aard van die geteikende sektore, soos byvoorbeeld landbou. Die prestasie van hierdie OFIs in terme van die bereiking van mandate en finansiele volhoubaarheid was nie goed gebalanseerd nie, soos bewys word deur die oorgewig van die gebruik in die verlede en huidiglik van regerings waarborge, insluitend herkapitalisasie en toekomstige versoeke vir sodanige fasiliteite. Die studie was geinisieer in reaksie tot die verwagte groei in die getal OFIs wat waarskynlike staastwaarborge of herkapitalisasie of beide gaan vra. Huidiglik is daar geen meganisme in plek vir die Nasionale Tesourie (NT) om die finansiele nood van enige OFI te identifiseer voordat dit plaasvind en om daardeur intervensie maatreels in plek te sit nie.

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Repurchasing of shares by South African companies were legalised on 1 July 1999. This introduced an alternative to dividends for distributing cash to shareholders. Although dividends and share repurchases realise the same value in a perfect efficient market, the inefficiencies of the South African stock market require managers to carefully evaluate factors like taxation and stock price valuation when selecting appropriate distribution methods. This research report aims to update shareholder distribution trends for industrial JSE listed companies over the past 10 years in order to determine the impact of share repurchases on dividend payouts. Furthermore, this research report examines the factors that may have had an impact on shareholder distribution choices in order to provide some guidelines for choosing appropriate distribution methods. An initial analysis of SENS share repurchase announcements revealed that 121 JSE listed companies repurchased about R50 billion worth of shares up to 30 June 2007. The bulk of the shares, 65% by value, were repurchased on the open market, while 35% was repurchased through specific fixed price offers. However, a comparison of accurate share repurchase data obtained from a sample of company annual reports, indicate that repurchase announcements understate actual repurchases by more than 20% on average. Further analysis of distribution trends were therefore based on actual repurchase data published in annual reports rather than SENS announcements. After the legalisation of share repurchases in South Africa, a decline in dividend paying companies was expected similar to that experienced by the United States since the 80's. However, a detailed analysis of 132 industrial listed companies indicated that the proportion of dividend paying companies increased from a level of 50% to almost 75% since the introduction of share repurchases. On the other hand, the proportion of companies repurchasing shares initially rose to over 25%, but then declined to below 20% by 2007. Ordinary dividends are the dominant shareholder distribution choice with 64% of companies opting for this method. Open market share repurchases have been well adopted with 17% of companies using this method, while only 5% and 4% of companies using special dividends or specific repurchases respectively. Dividends paid out of share premium (capital distributions) have also emerged as a favourite over recent years with almost 20% of companies using this shareholder distribution method. Current tax legislation do not provide all the advantages usually enjoyed by share repurchases internationally and have largely prevented dividends from being substituted by share repurchases. The decline in share repurchases up to 2007 also indicates that share repurchases become less effective as share prices increase to overvalued levels. While tax implications and stock price valuation remain the dominant determinants of shareholder distribution choice, this study shows that shareholder diversity, dividend preferences, size of distribution, and BEE requirements also have significant influences on the choice of distribution method in the South African context. / AFRIKAANSE OPSOMMING: Die terugkoop van aandele deur Suid-Afrikaanse maatskappye is wettig sedert 1 Julie 1999. Dit het 'n alternatief tot dividende in werking gestel om kontant aan aandeelhouers uit te keer. Alhoewel dividende en aandele-terugkoop dieselfde waarde in 'n perfekte doeltreffende mark realiseer, vereis die tekortkominge van die Suid-Afrikaanse aandelemark dat bestuurders faktore soos belasting en aandeelpryswaardasie versigtig moet oorweeg tydens die keuse van geskikte uitkeringsmetodes. Die doelwit van hierdie navorsingsverslag is om die tendense van uitkerings aan aandeelhouers te hersien vir industriele JSE-genoteerde maatskappye oor die laaste 10 jaar om sodoende die effek van aandele-terugkope op dividenduitbetalings te bepaal. Verder ondersoek hierdie navorsingsverslag ook die faktore wat moonlik 'n invloed op aandeelhouers-uitkeringskeuses gehad het, om sodoende riglyne vir die keuse van geskikte uitkeringsmetodes saam te stel. 'n Voorlopige analise van SENS-terugkoopaankondigings toon dat 121 JSE-genoteerde maatskappye ongeveer R50 miljard se aandele teruggekoop het tot en met 30 Junie 2007. Die grootste gedeelte van hierdie aandele, 65% se waarde, is op die ope mark teruggekoop terwyl 35% deur spesifieke vasteprys terugkope verkry is. 'n Vergelyking met terugkoopsyfers wat uit 'n steekproef van maatskappyjaarverslae geneem is, dui egter daarop dat aankondigings die ware terugkope met gemiddeld 20% onderskat. Verdere ontleding van aandeelhouers-uitkeringstendense word derhalwe gebaseer op syfers wat in jaarverslae gepubliseer is, eerder as SENS-aankondigings. Na die wettiging van aandele-terugkoop in Suid-Afrika, is verwag dat dividenduitbetalings sou daal soortgelyk aan dit wat in die Verenigde State ondervind is sedert die 80's. Die ondersoek van 132 genoteerde industriele maatskappye toon egter dat die persentasie van maatskappye wat dividende betaal van 50% tot bykans 75% toegeneem het sedert aandele-terugkoop 'n beskikbare opsie is. In teenstelling hiermee, het die persentasie maatskappye wat aandele terugkoop aanvanklik tot 25% gestyg, maar sedertdien afgeneem tot onder 20% teen 2007. Gewone dividende is die gewildste aandeelhouers-uitkeringsmetode met 64% van maatskappye wat van hierdie metode gebruik maak. Aandele-terugkope op die ope mark is goed verteenwoordig met 17% van maatskappye wat van hierdie metode gebruik gemaak het, terwyl slegs 5% en 4% van maatskappye onderskeidelik van spesiale dividende en spesifieke aandele-terugkope gebruik gemaak het. Dividende uit aandelepremie (kapitaaluitkerings) het ook na vore getree as 'n gunsteling keuse in die laaste paar jaar met bykans 20% van maatskappye wat hierdie uitkeringsmetode gebruik het. Huidige belastingswetgewing bied nie al die belastingvoordele aan aandele-terugkope wat normaalweg deur internasionale maatskappye benut word nie en het grotendeels verhoed dat dividende deur aandele-terugkoop vervang is. Die afname in aandeleterugkope tot en met 2007 is ook 'n aanduiding dat dit minder effektief raak soos wat aandeelpryse oor gewaardeerde vlakke styg. Terwyl belasting-oorwegings en aandeelpryswaardasies steeds die dominante drywers van aandeelhouersuitkeringskeuses bly, bevind hierdie studie dat faktore soos aandeelhouers se diversiteit, dividendvoorkeure, grootte van uitkerings, en vereistes van swart ekonomiese bemagtiging ook 'n noemenswaardige invloed op uitkeringskeuses binne die Suid-Afrikaanse konteks het.

Thesis (MDF)--University of Stellenbosch, 2011. / Using a case study design, this study described the relationship between a government department and a commercial bank aimed at increasing access to finance by SMMEs and improve service delivery. The study examined whether SMME contractors are able to deliver on contracted products and services without access to bank funding to answer the question: “Is access to funding as a constraint to SMME Development over-emphasised?” Commercial Bank A and Gauteng Department of Agriculture and Rural Development signed a partnership agreement which resulted in nine SMMEs that were awarded tenders by the Gauteng Department of Agriculture and Rural Development being referred to Commercial Bank A for loan funding application. All the nine SMMEs’ application for funding were unsuccessful due to various reasons including short term contracts, insufficient information, adverse listings in credit bureaux and improved cash flows of business after they received payment from GDARD. SMMEs delivered their goods and services as expected, but they experienced minor challenges which included delayed payments, officials not understanding specifications causing misunderstandings with the service provider, beneficiaries not understanding tender specifications, wrong beneficiaries who were not supposed to benefit from the service, and unavailability of stock of certain products from suppliers. From the mentioned challenges, it is clear that access to loan finance is not cited as a major challenge. SMMEs were able to deliver on goods and services despite their applications not being approved by Commercial Bank A. SMMEs used alternative sources of funding to deliver on the tenders awarded to them. The main source was credit from suppliers of goods and services. Own savings and borrowings from friends and families were also used. Once the first payment is received from GDARD, SMMEs are able to deliver on subsequent deliverables. This shows that payment on time is very crucial for the continued supply of goods and services by SMMEs. The partnership between Commercial Bank A and Gauteng Department of Agriculture and Rural Development had good intentions even though none of the SMMEs referred got access to funds. There is a need for the improvement of the way the partnership operates to ensure a high success rate. Success in this case refers to the number of SMMEs whose funding applications are approved by Commercial Bank A. The areas that need improvement are communication among the department, the Bank and SMMEs, the lending criteria, duration of the tenders (contracts), and training of SMMEs.