Higher education and training in South Africa in the post-Apartheid era has never been more volatile than it is currently, some two decades into democracy. Despite the many advances and achievements of higher education, the student protests of 2015 and 2016 have given expression to underlying fault-lines, including increasing student expectations and frustrations with regard to access and funding. This research was undertaken to document the underlying historical issues and models pertaining to funding within the higher education and training sector as well as the existing higher education and training taxation policies and incentives enacted in South Africa and selected international jurisdictions. This was done with a view to providing a framework for higher education and training tax policy formation in South Africa to assist in meeting its higher education and training “access and affordability” targets as set out in the National Plan on Higher Education and the Higher Education White Paper, while at the same time not hindering economic growth. A doctrinal research methodology was adopted in this study as it mainly analysed and interpreted legislation and policy documents and therefore the approach was qualitative in nature. An extensive literature survey was done in order to document the various internationally selected legislated higher education and training tax policies and incentives. The literature indicated that there are widespread funding perspectives and initiates, and that international tax policies enacted with the aim of ensuring that higher education and training is more accessible and affordable to the public, is stable and effective in certain jurisdictions. It is submitted that while a higher education dedicated tax may not be sufficiently effective in South Africa, a combination of broad-based tax incentives will help to promote the change to a more affordable and stable higher education funding system, whilst not preventing growth through sustainable development.

Submitted in fulfillment of the requirements of (the qualification as per the PG2 form), Human Resource Management, Durban, University of Technology, Durban, South Africa, 2017. / This study evaluated the effect of government expenditure on education attainment in South Africa by assessing the effect of the amount spent by government on education from 1980 to 2014 on human capital development. The study is centred around two objectives: (1) to analyse the effect of government expenditure on education attainment; and (2) to investigate the effect of education attainment on human development. Human capital development was measured using Gross Enrolment Ratio for secondary school, supplied by the South African Reserve Bank. Data on government expenditure on human capital was acquired from the Treasury database. The study draws from the human capital theoretical framework in explaining the effect of education expenditure on human capital development. The findings of the study showed that there is a positive relationship between human capital development and government expenditure. These findings showed a strong relationship between government expenditure and gross enrolment ratio at 99 % confidence interval (p< 0,0001). The theory of human capital is thus confirmed with these findings. / M

The debate concerning small firm access to finance continues. The proliferation of research of the issue underlines the importance attached in promoting a strong entrepreneurial culture within a country. Small firms are significant to economic growth if they are growing. Central to this significance is ascertaining the role of finance and in particular bank finance in accelerating small growth potential. The case study, through its ontological, epistemological and methodological position, draws on a document review and interview material from small firm owners and key informants to explore the role of bank finance in small firm growth. Case study evidence reveals that small firm owners do not intend to finance firm growth with bank finance but prefer to finance growth with internally generated funds. The owners indicate that non-financial and behavioural factors, such as, maintaining decision-making control, experience accessing bank finance, the perception of the banking relationship and growth aspirations of owners may be more important in dertermining the finance structure for firm growth. From the bank's perspective, findings suggest that risk assessment, financial viability of the enterprise and provision of collateral are more important in the lending decisions; findings supported by an analysis of selected documents. The small sample of small firm owners, bank representatives, experts and documents makes it difficult to generalize the findings. However, the findings are significant because exploring the issue from different perspectives presents invaluable insights, which can be investigated further to assist small firm owners, to develop finance products geared for small firm operations, and in the development of the knowledge base on finance-related issues in the South African context.

This thesis analyses the effects of relative market share and the rate of market growth on the strategic characteristics and financial performance of selected companies quoted on the Johannesburg Stock Exchange over the period 1977 to 198. It is well established that business performance is partially contingent upon relative market share position and the rate of market growth. Together these variables comprise the basis of the Boston Consulting Group approach to portfolio analysis in the form of the Boston Consulting Group Growth/Share Matrix. A methodology was designed to test the validity of this matrix in measuring and predicting corporate behaviour at the business level in South Africa. Selected companies were placed into the matrix and analysed in terms of their strategic attributes (represented by selected financial ratios) and their level of performance (represented by a wide range of financial performance measures). The research findings show that relative market share and the rate of market growth have a significant impact on the strategic attributes and financial performance of South African businesses. Also, certain attributes are closely associated with particular types of performance. Therefore, given a specific performance target, management should ultimately be able to isolate and monitor the relevant strategic attributes in ensuring that the target is achieved. The analysis of contingent models of strategy is still in its infancy, but this study indicates that the field is possessed of great potential.

For many financial analysts the relationship between dividend policy and share price volatility remains inconclusive. The purpose of this study was to ascertain whether the relationship between dividend policy and share price volatility for JSE-listed firms in South Africa differs from previous, similar research done on different markets. The research study answered the research question and determined what the relationship is between dividend policy and share price volatility for a representative sample of JSE-listed firms. In addition, it met the objective of finding and evaluating the relationship between dividend policy and share price volatility for a selection of JSElisted firms, under various economic conditions. The research study spanned a 12- year period with more than 1 065 observations noted. Quantitative, secondary data was collected and descriptive statistics were used during the analysis phase. Two standard multiple regression models were used to regress dividend policy and share price volatility, with the first regression model only providing a crude test between the variables. The second regression model accounted for factors that affect both variables and was included to provide a more accurate test estimation. The relationship between the dividend payout ratio and share price volatility and the relationship between dividend yield and share price volatility were evaluated and reported on, under various different economic conditions (pre, during and post the 2008 financial crisis). The study concluded that there is a negative correlation between a firm’s dividend policy and share price volatility. It further found that a firm’s dividend payout ratio, and not the dividend yield ratio, remains the single biggest contributor in explaining the variance in share price volatility throughout the different economic phases presented by pre, during and post the 2008 global financial crisis. / Finance, Risk Management and Banking / M. Com. (Financial Management)

Thesis (M. Dev. (Planning and Management)) -- University of Limpopo, 2022 / The National Student Financial Aid Scheme (NSFAS) was introduced in South Africa in 1999. Despite two decades of implementation—and some notable successes—the NSFAS has been critiqued for its overall “effectiveness” (McKay, Naidoo & Simpson 2018:25-27). This study investigated the effectiveness of NSFAS from the perspective of skills development among students at the University of Limpopo (UL). The study used a qualitative research design which purposively selected participants using a semi-structured interview instrument. The purposive sampling included nine NSFAS beneficiaries from the Faculties of Management and Law and Science and Agriculture and six NSFAS administrators working at UL. The study applied thematic analysis to analyse the collected data. The analysis enabled insights into the effectiveness of NSFAS on skills development among a limited sample at UL to be presented. The findings suggest that NSFAS funding contributes towards soft-skills development of student beneficiaries. There was less evidence that NSFAS funding contributed to hard-skills development. The study recommends that UL could introduce a number of measures to reinforce the soft-skills development that NSFAS catalysed such as internal mentorship schemes for students and/or engaged collaborations with non-academic partners to reinforce the soft-skills components of students learning experience. Due to the localised nature and small size it is suggested that further research is warranted into the impact of NSFAS on students soft-skills development at a broader scale. During the research process, the ethical rules and regulations dictated by the Turfloop Research and Ethics Committee (TREC) were complied with and the suggested protocols of the experiences of educational researchers in the use of case study design during the COVID-19 pandemic were also observed and adhered to.

Abstract in English, Xhosa and Southern Sotho / This study was about the lack of uniform financial reporting guidelines to be used by South African School Governing Bodies (SGBs) in preparing their financial statements and financial records, which resulted in the inconsistencies and the lack of comparability in the financial statements of section 21 schools. The researcher aimed to develop recommended practice guidelines to be used by SGBs of public schools in South Africa when preparing their financial statements. The research was conducted through a qualitative approach using document analysis, supplemented by individual interviews. Provincial guidelines and selected schools’ financial statements were analysed. Schools’ principals, finance officers, auditors, School Governing Body treasurers, as well as districts officials were interviewed. The participants were selected using a purposive sampling method. Without generalising, the findings revealed that the existing provincial guidelines as well as the financial statements of the selected schools, are not consistent. The inconsistencies affect the comparability of the financial information negatively and that may also have negative impact on the reliability of financial information. The findings from the interviews, supported by the literature review, revealed that there is a need for uniform guidelines in terms of preparation of schools’ financial statements. The findings also revealed that the majority of SGBs opt for the examination of accounting records and financial statements instead of the audit thereof. Recommended practice guidelines were developed using information acquired through the literature review and the data acquired through document analysis and interviews. The study recommended amongst others that a further study be conducted on the effectiveness of financial management training in addressing the financial reporting challenges of South African public schools and whether the examination (instead of audit) of schools’ financial records and financial statements should still be acceptable. / Thutopatlisiso eno e batlisisitse go tlhokagala ga kaedi e e tshwanang ya dipegelo tsa ditšhelete e e ka dirisiwang ke Makgotlataolo a Dikolo tsa Aforikaborwa (diSGB) fa a baakanya dikanego tsa ona tsa ditšhelete mmogo le direkoto tsa ditšhelete, e leng se se bakileng gore go se nne le go tsamaelana le tlhaelo mo ntlheng ya tshwantshanyego ya dikanego tsa ditšhelete tsa dikolo tsa Karolo 21. Maikaelelo a mmatlisisi e ne e le go tlhama kaedi e e tlaa atlenegisiwang ya tiriso e e tlaa dirisiwang ke diSGB tsa dikolo tsa setšhaba mo Aforikaborwa fa di baakanya dikanego tsa tsona tsa ditšhelete. Thutopatlisiso e dirilwe ka mokgwatebo o o lebelelang mabaka go dirisiwa tshekatsheko ya dikwalo, e tshegediwa ke dipotsolotso tsa batho bongwe ka bongwe. Go sekasekilwe kaedi ya porofense le dikanego tsa ditšhelete tsa dikolo tse di tlhophilweng. Go botsoloditswe bagokgo ba dikolo, batlhankedi ba ditšhelete, baruni, batshwaratlotlo ba Makgotlataolo a Dikolo, gammogo le batlhankedi ba dikgaolo. Bannileseabe ba tlhophilwe ka go dirisa mokgwa wa go tlhopha sampole ka maikaelelo. Kwa ntle ga go akaretsa, diphitlhelelo di bontshitse gore kaedi ya ga jaana ya porofense gammogo le dikanego tsa ditšhelete tsa dikolo tse di tlhophilweng, ga di tsamaelane. Go tlhoka go tsamaelana go ama go tshwantshanyega ga tshedimosetso ya ditšhelete ka tsela e e bosula mme seo se ka ama go ikanyega ga tshedimosetso ya ditšhelete. Diphitlhelelo go tswa mo dipotsolotsong, di tshegediwa ke tshekatsheko ya dikwalo, di senotse gore go na le tlhokego ya gore go nne le kaedi e e tshwanang malebana le go baakanngwa ga dikanego tsa ditšhelete tsa dikolo. Gape bontsi jwa diSGB bo itlhophela gore go tlhatlhobiwe direkoto tsa palotlotlo le dikanego tsa ditšhelete go na le gore di runiwe. Go tlhamilwe kaedi ya tiro e e atlenegisiwang go dirisiwa tshedimosetso e e bonweng ka tshekatsheko ya dikwalo le data e e bonweng mo tshekatshekong ya dikwalo le dipotsolotso. Thutopatlisiso e atlenegisitse, gareng ga tse dingwe, gore go nne le thutopatlisiso e nngwe ya nonofo ya katiso ya botsamaisi jwa ditšhelete malebana le go samagana le dikgwetlho tsa dipegelo tsa ditšhelete mo dikolong tsa setšhaba tsa Aforikaborwa gammogo le go bona gore a tlhatlhobo (go na le boruni) ya direkoto tsa ditšhelete le dikanego tsa ditšhelete tsa sekolo e sa ntse e tshwanetse go amogelesega / Ndzavisiso lowu wu lavisise hi makombandlela ya ndlela yo fanana yo endla xiviko xa swa timali leswi swi faneleke ku tirhisiwa hi va Tihuvo ta Vufambisi bya Swikolo eAfrika Dzonga ku nga South African School Governing Bodies (SGBs) ku lulamisela switatimende swa timali na tirhekhodo ta timali, leswi nga vangela leswaku ku va na mafambiselo yo ka ya nga fanani na ku va swilo swi nga pimanyiseki kahle eka switatimende swa timali eka swikolo swa Xiyenge 21. Muendli wa ndzavisiso u ve na xikongomelo xa ku endla xibumabumelo hi maendlelo na makombandlela lama ya faneleke ku tirhisiwa hi ti-SGB ta swikolo swa mfumo eAfrika Dzonga, loko swi lulamisa switatimende swa timali. Ndzavisiso wu endliwe hi ku landza fambiselo ra qualitative hi ku xopaxopa tidokumente, ku tlhela ku endliwa na mimburisano ya ti-interview na vanhu hi wun'we-wun'we. Makombandlela ya xifundzhankulu na switatimende swa timali swa swikolo swi xopaxopiwile. Ku endliwe mimburisano ya ti-interview na tinhloko ta swikolo (vaprinsipala), vaofisara va swa timali, vakamberi va swa timali (ti-odithara), vatameri va minkwama ya Tihuvo ta Vufambisi bya Swikolo (School Governing Body treasurers) xikan'we na vaofisara va tidistriki na vona ku endliwe mimburisano ya ti-interview na vona. Vokhoma-xiave va hlawuriwe hi ku tirhisa fambiselo ra sampuli ya xikongomelo ku nga purposive sampling method. Handle ko navisa vuyelo eka hinkwavo, vuyelo byi kume leswo makombandlela ya xifundzhankulu na switatimende swa timali eka swikolo swo karhi, a swi fanani. Ku hambana swi endla leswo ku nga vi na ku fambelana na ku pimanyiseka ka vutivi bya swa timali, na swona swi na vuyelo byo ka byi nga ri kahle na ku tshembeka eka vutivi bya swa timali. Vuyelo eka mimburisano ya ti-interview, hi ku seketeriwa hi ku hlayiwa ka matsalwa, swi kombise leswo ku na xilaveko xa makombandlela ya ku fanana hi ku landza ku lulamisiwa ka switatimende swa ta timali lomu swikoleni. Vunyingi bya ti-SGB byi endla na nkambelo kunene wa tirhekhodi ta timali na switatimende swa timali ku tlula ku lava leswo ku endliwa nxopanxopo lowu fambisanaka na ku xopaxopa vumbhoni bya swa matirhiselo ya timali ku nga auditing ya tibuku ta timali. Makombandlela lama ya bumabumeriwaka ya endliwe hi ku tirhisa vutivi lebyi nga kumeka eka ku hlayiwa ka matsalwa na data leyi nga kumeka hi ku xopaxopa tidokumente na mimburisano ya ti-interview. Ndzavisiso wu bumabumela, exikarhi ka swin'wana leswo ku endliwa ndzavisiso wun'wana hi ku tirheka ka vuleteri bya mafambiselo ya swa timali eka ku langutana na mintlhontlho leyi nga kona hi ku vika hi swa timali eswikolweni swa mfumo eAfrika Dzonga, no kumisisa leswo xana nkambelo kunene (ku nga ri nxopanxopo lowu xopaxopaku na vumbhoni ku nga auditing) ya tirhekhodo ta timali na switatimende swa timali swa ha fanela ku amukeriwa xana / College of Accounting Sciences / D. Phil. (Accounting Sciences)

This study explores the financial performance measurement of South Africa's Top Companies. It aims to find a conclusion on the research problem, that is 'Do South Africa's Top Companies use the available arsenal to measure their financial performance?' Commerce and industry are the cornerstones of the economy of a country. This study purports to contribute to the ways and means of minimising the risk of business failures due to the resultant effects on the economy. The sample comprises of sixty companies. The sampling frame is the first hundred companies of the Financial Mail 200 Top Performers for 2004. The arsenal that is available to measure financial performance is researched in the financial literature. Mainly, this covers ratio analysis and interpretation, and the bankruptcy prediction models. To arrive at a conclusion on the research problem, a research instrument is developed from the host of financial ratios in the literature, including the bankruptcy prediction models. The research instrument comprises of popular ratios that are also found to be 'logical', as well as the ratios that make up the Z-Score bankruptcy prediction model. The instrument is called the Ratio Map and Z-Score and is applied to test the financial strengths/weaknesses of the Top Companies. In addition to the Ratio Map and Z-Score, the measures applied by the Top Companies as 'highlights' are analysed. This is done to determine the extent at which the measures unearth the strengths/weaknesses of the Top Companies. The conclusion drawn is that the Top Companies do not utilise the available arsenal to measure their financial performance. The supporting evidence is that the most frequently applied 'highlights' measures by the Top Companies cover only one area of the many financial fields of a company, that is, share performance. On the other hand, the analyses per Ratio Map and Z-Score have not revealed major material weaknesses in the financial position of the Top Companies. It is proposed that: ïf  More information be given in the notes to the financial statements to facilitate meaningful analysis; and ïf  A follow-up research study be done to assess the trends of the Top Companies. / Business Management / D.Comm. (Business Management)

This study aimed to develop a causal chain that illustrates the path through which a variety of factors influence consumer financial vulnerability. In order to achieve the stated aim, it was necessary to firstly identify the factors that gave rise to consumers being financially vulnerable. Secondly, the nature of the causal chain between the identified factors was determined. Thirdly, the causes of consumer financial vulnerability according to key informants in the financial services industry were determined. Finally, based on the results of the first three stages, possible explanations for consumer financial vulnerability were provided. Before the construction of the causal chain could be explored, a theoretical framework regarding household financial position as well as financial attitudes and behaviours was provided. The theoretical framework was supported by a description of the linkages through which consumers function and transact in an economy by applying chain reasoning. The chain reasoning was extended by providing financial statements reflecting the results of consumers’ interactions in the macroeconomy with an extract from the national accounts of South Africa presenting the income statements, balance sheets and relevant financial ratios of consumers for the period in which the research was conducted (2008 to 2009). For this study, the explanatory sequential mixed methods design was deemed appropriate to achieve the proposed research objectives. The research process firstly consisted of a quantitative strand where the possible causes for consumer financial vulnerability were identified after which the results were validated with data obtained in the second phase by means of four focus group discussions. To determine the factors giving rise to and establish the causal chain of overall consumer financial vulnerability, regression analysis was conducted. Based on the results of the regression analysis, it became evident that the financial vulnerability chain is not a singular linear process but rather a non-linear process (with contemporaneous and singular linkages) with a variety of factors influencing financial vulnerability, but also influencing each other over time. / Management Accounting / D. Accounting Science

The financial stability of the insurers is important to fulfil its role as a risk transfer mechanism and to protect the purchasers of their products. The European Union is introducing the Solvency II to modernise the current Solvency I regime and to harmonise the different insurance legislation of the members of the European Union. Solvency II introduces an architecture consisting of three pillars, with Pillar I setting the solvency capital requirements, Pillar II the governance and risk management requirements and Pillar III the reporting requirements. The South African Regulator initiated Solvency Assessment and Management for implementation in 2016 to align the South African prudential regulatory framework to meet the Solvency II requirements for third country equivalence. The problem that this study addressed is the possible effect that the introduction of Solvency Assessment and Management may have on the sustainability of short-term insurers in South Africa. The results of a empirical component of the study indicated that small and medium short-term insurers may be negatively impacted due to the costs incurred to implement and comply with the requirements of the new regulatory framework. The effect on the South African short-term industry can be that cover is concentrated among a few large short-term insurers. / Business Management / M. Com. (Business Management)