Thesis (MBA (Business Management))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: There are conflicting aims among the various stakeholders of a business. Shareholders wish to maximise their return on capital, whereas debt holders and customers wish to minimise the risk to capital. This conflict has led to the emergence of economic capital. Financial services companies, such as insurers, manage risk on behalf of their customers and at the same time make profits for the shareholders of the business. A company that employs economic capital analysis will strike a balance between too much capital, which can lead to an excessive cost of insurance, or not enough capital, which can lead to an unacceptable risk of insolvency. Sound financial management is required to manage the capital resources of the business. The aim on the part of management is to calculate an economic capital requirement for the business that can absorb any financial shocks or losses and provide the flexibility needed to continue with day·to·day operations. The issue is therefore whether to assess the amount of capital required based on a statutory view of solvency, or an "economic" (fair value) view of solvency. The statutory view of solvency is the capital adequacy requirement (CAR) as described by the Financial Services Board (FSB). CAR provides the insurer with an approximately 95% confidence in its ability to meet its obligations as they fall. More companies are moving towards an economic capital approach when assessing capital requirements. There is also much uncertainty around the calculation of economic capital. Apart from guidance note 104 of the Actuarial Society of South Africa that stipulates how CAR should be calculated for insurers, no single approach exists for the calculation of economic capital. Calculation methods are still emerging and companies have started to develop their own internal models to calculate economic capital. Rating agencies such as Fitch have introduced their own models with the objective of reviewing insurers' internal models. Various techniques have developed over the last few years to asses a company's capital requirements. Factors such as company size, resources and complexity of the insurer influence the use of deterministic or leading edge actuarial techniques to calculate capital requirements. Stochastic modelling, risk neutral and real world techniques are examples of sophisticated methods. Another element to consider in the calculation of economic capital is the understanding, modelling and quantification of financial and business risks. Capital adequacy requirement, CAR cover and excess of assets over liabilities were analysed for five South African insurers. The analysis illustrated that the relationship between CAR and excess is different for each insurer. This trend can be attributed to the unique risk profile of the business, the nature of the organisation's products and the maturity of risk management practices. The analysis also indicated that in the case of all the five insurers, the growth in excess over the period 2003-2007 exceeded the growth in CAR for the same period. This scenario could be the result of management actions, such as risk diversification and sophistication of capital modeling. It is clear that economic capital is of primary concern to insurance executives, shareholders and regulators. / AFRIKAANSE OPSOMMING: Die verskillende belanghebbendes in 'n onderneming het teenstrydige doelwitte. Aandeelhouers wil hulle kapitaalopbrengs vergroot terwyl skuldaktehouers en klante die kapitaalrisiko wil verminder. Hierdie konflik het gelei tot die ontstaan van ekonomiese kapitaal. Finansiele dienstemaatskappye, soos versekeraars, bestuur risiko namens hulle kliente en verdien terselfdertyd wins vir die aandeelhouers van die onderneming. 'n Maatskappy wat van ekonomiese kapitaalanalise gebruik maak, sal die regte balans vind tussen te veel kapitaal, wat tot buitensporige versekeringskoste kan lei, en te min kapitaal, wat tot 'n onaanvaarbare risiko van bankrotskap kan lei. Gesonde finansiele bestuur is nodig om die onderneming se kapitaalmiddele te bestuur. Die bestuurders se doel is om 'n ekonomiese kapitaalvereiste vir die onderneming vas te stel wat enige finansiele skokke of verliese kan absorbeer en wat die buigsaamheid wat nodig is om die daaglikse werksaamhede voort te sit, kan voorsien. Die vraag is dus of die hoeveelheid kapitaal wat nodig is, bepaal moet word op grond van 'n statutere beskouing van solvensie of 'n "ekonomiese" (billike waarde) beskouing van solvensie. Die statutere beskouing van solvensie is die kapitaaltoereikendheidsvereiste (KTV) soos beskryf deur die Raad op Finansiele Dienste (RFD). KTV voorsien die versekeraar van 'n vertroue van ongeveer 95% in sy vermoe om sy verpligtinge na te kom soos wat hulle betaalbaar word. Meer maatskappye neig na 'n ekonomiese kapitaalbenadering wanneer hulle hulle kapitaalbehoeftes bepaal. Daar bestaan ook baie onsekerheid oor die berekening van ekonomiese kapitaal. Behalwe riglyn 104 van die Aktuariele Vereniging van Suid-Afrika wat bepaal hoe KlV vir versekeraars bereken moet word, is daar geen enkele benadering vir die berekening van ekonomiese kapitaal nie. Nuwe berekeningsmetodes kom steeds te voorskyn en maatskappye het begin om hulle eie interne modelle om ekonomiese kapitaal te bereken, te ontwikkel. Graderingsagentskappe soos Fitch het hulle eie modelle ingestel met die doel om versekeraars se interne modelle te beoordeel. Verskeie tegnieke om 'n maatskappy se kapitaalbehoeftes vas te stel, is oor die afgelope paar jaar ontwikkel. Faktore soos maatskappygrootte, hulpbronne en saamgesteldheid van die versekeraar belnvloed die gebruik van deterministiese of ultramoderne aktuariele tegnieke om kapitaalbehoeftes te bereken. Stogastiese modellering, risikoneutrale- en reelewereldtegnieke is voorbeelde van gesofistikeerde metodes. Nog 'n beginsel om in gedagte te hou in die berekening van ekonomiese kapitaal is die verstaan, modellering en kwantifisering van finansiele en sakerisiko's. Kapitaaltoereikendheidsvereiste-dekking en oorskryding van bates oor aanspreeklikheid van vyf Suid-Afrikaanse versekeraars is ontleed. Die ontleding het geillustreer dat die verhouding tussen KTV en oorskryding vir elke versekeraar anders is. Hierdie neiging kan toegeskryf word aan die unieke risikoprofiel van die onderneming, die aard van die onderneming se produkte en die effektiwiteit van risikobestuurspraktyke. Die ontleding het ook aangedui dat die toename in die oorskryding gedurende die tydperk 2003-2007 in die geval van al vyf die versekeraars meer was as die toename in KTV gedurende dieselfde tydperk. Hierdie scenario kan die gevolg wees van bestuursaksies soos risikodiversifikasie en verfyning van kapitaalmodellering. Dit is duidelik dat ekonomiese kapitaal van pnmere belang is vir versekeringsbestuursbeamptes, -aandeelhouers en -reguleerders.

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The purpose of this study was to investigate the relationship between dividend changes and operating cash flows in South Africa. Previous studies on the relationship in developed markets established that the main determinants of dividend changes are current year earnings and preceding dividend levels. The dividend changes-operating cash flows relationship was successfully studied in the developing market of Nigeria. The procedures and arguments used in this study were largely based on studies undertaken by Charitou and Vafeas (1998) and Adelegan (2003). The relationship was studied by selecting 60 companies that have been listed on the Johannesburg Stock Exchange from 1990 to 2005. A multiple regression model was used in this study to investigate the relationship between dividend changes and operating cash flows. The multiple regression results revealed that there is a significant positive relationship between dividend changes and operating cash flows. The results also revealed that there is a significant positive relationship between dividend changes and profits after tax and a significant negative relationship between dividend changes and the previous year's dividend yield. Relative to profit after tax and operating cash flows, the previous year's dividend yield has the strongest relationship with dividend changes. The strength of the variables in explaining dividend changes has changed over time. In the study, the multiple regression equation was estimated for three different periods, 1990 to 1993, 1994 to 1999 and 2000 to 2005. In the period 1994 to 2005, operating cash flows showed a significant positive relationship with dividend changes. In all three periods, the previous year's dividend yield showed a significant negative relationship with dividend changes and was also relative to profit after tax and operating cash flows, the strongest determinant of dividend changes in all three periods. In the period 1990 to 1999, profits after tax had a significant positive relationship with dividend changes. The results showed that operating cash flows, over time explain more of dividend changes than profits after tax. The study also investigated factors that have the potential to influence the relationship between dividend changes and operating cash flows. The multiple regression results revealed that growth prospects, levels of leverage and the size of a company did not significantly influence the dividend changes-operating cash flows relationship. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie was om die verwantskap tussen dividendveranderinge en kontant uit bedryfsaktiwiteite te ondersoek. Vorige studies oor die verwantskap wat met betrekking tot ontwikkelende markte onderneem is, het bevind dat die hoof determinante van dividendveranderinge die huidge jaar se verdienste en die voorafgaande jaar se dividendopbrengste is. Die dividendveranderinge-kontant uit bedryfsaldiwiteite verwantskap is suksesvol bestudeer in die ontwikkelende mark van Nigerië. Die prosedures en argumente wat gebruik is in hierdie studie is hoofsaaklik op die studies van Charitou en Vafeas (1998) en Adelegan (2003) gebaseer. Die verwantskap is bestudeer deur 60 maatskappye te selekteer wat vanaf 1990 tot 2005 op die Johannesburg se Effektebeurs genoteerd was. 'n Meervoudige regressie model is in die studie gebruik om die verwantskap tussen dividendveranderinge en kontant uit bedryfsaktiwiteite te ondersoek. Die meervoudige regressieresultate het gewys dat daar 'n positiewe betekenisvolle verwantskap tussen dividend veranderinge en kontant uit bedryfsaktiwiteite is. Die resultate het ook gewys dat daar 'n positiewe betekenisvolle verwantskap is tussen dividendveranderinge en wins na belasting asook, 'n negatiewe betekenisvolle verwantskap tussen dividendveranderinge en die voorafgaande jaar se dividendopbrengs. Relatief tot wins na belasting en kontant uit bedryfsaktiwiteite, het die voorafgaande jaar se dividendopbrengste 'n sterker verwantskap met dividendveranderinge gehad. Die sterkte van die veranderlikes in die verduideliking van dividendveranderinge het met verloop van tyd verander. Die meervoudige regressie vergelyking is in die studie vir drie verskillende periodes geraam, naamlik vir 1990 tot 1993, 1994 tot 1999 en 2000 tot 2005. In die periode 1994 tot 2005 was daar 'n positiewe betekenisvolle verwantskap tussen dividendveranderinge en kontant uit bedryfaktiwiteite. Al drie periodes het 'n negatiewe betekenisvolle verwantskap tussen dividendveranderinge en die voorafgaande jaar se dividendopbrengs getoon. Die voorafgaande jaar se dividendopbrengs was ook relatief tot wins na belasting en kontant uit bedryfsaktiwiteite die sterkste determinant van dividendveranderinge in al drie periodes. Daar was 'n positiewe betekenisvolle verwantskap tussen dividendveranderinge en wins na belasting in die periode van 1990 to 1999. Die resultate toon dat kontant uit bedryfsaktiwiteite met verloop van tyd meer verklaar van dividendverandringe as wins na belasting. Die studie het ook faktore wat die verwantskap tussen dividendveranderinge en kontant uit bedryfsaktiwiteite potensieël kan beïnvloed, ondersoek. Die meervoudige regressieresultate het getoon dat groeimoontlikhede, hefboomfinansiering en die grootte van 'n maatskappy nie die verwantskap tussen dividendveranderinge en kontant uit bedryfsaktiwiteite betekenisvol beïnvloed nie.

Thesis (MBA)-- Stellenbosch University, 1995. / ENGLISH ABSTRACT: The price of shares is determined primarily by investors' current expectations about the future values of variables that measure the relevant aspects of a company's performance and profitability, particularly the anticipated growth rate of earnings per share. Empirically, no model estimated with only historical senes data has been found to have greater forecast accuracy than the random walk model in estimating earnings one period ahead. This has led to the conclusion that past and future earnings growth is uncorrelated and that only year t-l earnings are useful in forecasting year t earnings. Research by Mozes in the USA has found the opposite and his model is applied to the South African situation. The aim is to determine whether the Mozes model has greater forecasting accuracy in the prediction of earnings per share than the random walk model. The present study shows that the Mozes model has greater forecast accuracy in the prediction of earnings per share than the random walk model if the following criteria are met: the company must be classified as a large company in terms of market capitalisation; or the percentage increase in earnings per share must be large; and the earnings per share must be classified in the growth mode. It is demonstrated that if these criteria are met, the historical growth in earnings and the future growth in earnings are positively correlated and not distributed at random. If earnings per share is classified in the non~growth mode, the random walk model is more accurate in the prediction of earnings per share than the Mozes model and as such, only the earnings per share of year t-l is important in forecasting year t's earnings per share. The most important conclusion from the study is that earnings per share in the South African market is not always randomly distributed. / AFRIKAANSE OPSOMMING: Die prys van aandele word primer bepaal deur beleggers se huidige verwagtinge rakende die toekomstige waarde van veranderlikes wat relevante aspekte van die maatskappy se prestasie en winsgewendheid beinvloed, meer spesifiek die geantisipeerde groei in verdienste per aandeel. Empiriese studies het bevind dat die toevalslopie-model die grootste akkuraatheid in die vooruitskatting van verdienste vir een periode in die toekoms lewer indien van historiese tydreeksdata gebruik gemaak word. Die gevolgtrekking word dus gemaak dat groei in verdienste van die verlede en die toekoms nie gekorreleerd is nie en dat slegs jaar t-1 se verdienste belangrik is in die vooruitskatting van jaar t se verdienste. Navorsing deur Mozes in die VSA het die teendeel getoon en die model is in die ondersoek toegepas op Suid-Afrikaanse data om te bepaal of dieselfde bevindinge geld. Resultate van hierdie studie toon dat daar aan die volgende kriteria voldoen moet word alvorens die Mozes-model meer akkurate vooruitskattings van verdienste per aandeel lewer as die toevals-Iopiemodel : -die maatskappy behoort as 'n groot maatskappy geklassifiseer te wees volgens markkapitalisasie; of -die persentasieverandering in verdienste per aandeel behoort groot te wees; en -indien verdienste per aandeel as synde in die groeifase geklassifiseer is. Indien aan die kriteria voldoen word, is aangetoon dat historiese groei in verdienste en toekomstige groei in verdienste gekorreleerd is en nie ewekansig versprei is nie. In die gevalle waar verdienste per aandeel as synde in die nie-groeifase geklassifiseer is, lewer die toevalslopie-model oorheersend meer akkurate vooruitskattings van verdienste per aandeel as die Mozes-model en gevolglik is daar bevind dat slegs jaar t ~ 1 se verdienste per aandeel belangrik is vir die vooruitskatting van jaar t se verdienste per aandeel. Die belangrikste afleiding vanuit die studie is gevolglik dat verdienste per aandeel in die SuidAfrikaanse mark nie in aile gevalle sonder meer ewekansig versprei is nie.

Thesis (MBA)--University of Stellenbosch, 1998. / ENGLISH ABSTRACT: In many ways, the cash flow statement can be more informative than the other financial statements. It is relatively freer from subjective accounting and reveals managerial choices, such as investment and financing decisions, which are less apparent from the balance sheet or income statement. One of the components of the cash flow statement, cash flow from operations, is the primary focus and the primary variable of interest in this study. The study set out to create a database for the University of Stellenbosch Business School by using cash flow ratios of listed industrial companies on the Johannesburg Stock Exchange for the period 1974 to 1997. This is an initial attempt to have such a facility in place to assist future researchers in establishing patterns present in the ratios. Descriptive statistics were calculated for all the ratios. Twenty-two ratios were calculated in three ways: (a) Ratios were pooled over time and over sector; (b) Ratios were pooled over time for each of the 17 sectors; and (c) Ratios were pooled over sectors for each of the years 1974 to 1997. In addition, chi-square and Kolmogorov-Smirnov tests for normality were conducted. To get insight into the potential patterns, some of the statistical properties of cash flow ratios have been examined with particular reference to two ratios, (ratio 14 and ratio 20). These were chosen since they are considered to be the most important ratios in the study. / AFRIKAANSE OPSOMMING: Die kontantvloeistaat kan op baie maniere meer inligting as die ander finansieIe state verskaf. Dit word relatief gesproke minder deur subjektiewe rekerungkunde beYnvloed en dit 1aat die klem val op bestuursbesluite, S005 investerings- en finansieringsbesluite. Laasgenoemdes is minder duidelik waameembaar as daar na die balansstaat en inkomstestaat gekyk word. Kontant uit bedryfsaktiwiteite. een van die komponente van die kontantvloeistaat, is die primere fokus en die belangrikste item in hierdie studie. Die doel van die studie is om 'n datahasis vir die Bestuurskool van die Universiteit van Stellenbosch daar te stel, deur gebruik te maak van kontantvloeiverhoudings van aile genoteerde industriele maatskappye op die Johannesburg Effektebeurs vir die periode 1974 tot 1997. Dit was 'n eerste poging om so 'n fasiliteit daar te stel ten einde toekomstige navorsers in staat te stel om patrone aanwesig in die verhoudings waar te neem. Beskrywende statistiek is bereken Vlf al die verhoudings. Twee en twintig verhoudings is bereken op drie maniere: (a) Verhoudings gepoel oor tyd en oor sektore heen; (b) Verhoudings verpoel oor jare vir elk van die 17 sektore; en (c) Verhoudings verpoel oor sektore heen, per jaar vanaf 1974 tot 1997. Verder is die chi-kwadraat en die Kolmogorov-Smirnoftoetse vir normaliteit gedoen. Twee van die verhoudings. verhoudings 14 en 20, is uitgesonder as die belangrikste verhoudings in die studie. Ten einde insig in die potensieie patrone van die kontantvloeiverhoudings te verkry, is die statistiese eienskappe van hierdie twee verhoudings verder ondersoek.

Thesis (MDF)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: Poor financial management and a lack of financial performance are some of the major challenges that affect local government in South Africa. This has raised concern with regard to the financial sustainability of local government in South Africa. Furthermore, the poor state of financials in local government has directly impacted the ability of local government to execute and deliver on its constitutional mandate to deliver basic public services and goods to local communities. The lack of service delivery by local government has since resulted in service delivery protests around the country which have often turned violent. The improvement of the financial function in local government is said to have the ability to improve the general functioning of local government and lead not only to the delivery of basic public services to communities but also facilitate development in those communities. Thus, the objective of this study was to analyse and determine the drivers of financial performance and financial sustainability of local government in South Africa. The data that was used for the study is from all 278 municipalities in South Africa for the year 2013/2014. The study used regression analysis (Chi-Squared) with financial distress (performance) as a dependent variable and the following as explanatory variables: Type of municipality, cash cover, cash balances, reliance on grants and transfers, overspending, underspending, debtor growth, debtors as a percentage of own revenue and capacity in the key positions of the municipality. The regression analysis was supported by a contingency table and decision tress. The results and findings of the study are consistent with literature and indicate that the type of municipality, the degree to which a municipality relies on government grants and transfers, the manner in which a municipality manages it debtors, cash, creditors, its spending (in comparison to its budgets) as well as the extent to which municipalities adhere to legislative compliance all affect financial performance in local government in South Africa.

Thesis (PhD)-- Stellenbosch University, 2014. / ENGLISH ABSTRACT: Mainstream investors are mostly interested in how they can benefit financially from a specific investment. Although this is the case, an increasing number of so-called responsible investors are also beginning to integrate environmental, social and corporate governance (ESG) aspects into their investment analysis and ownership practices. Corporate governance compliance is often the first level of ESG interest for these investors. Previous researchers considered the relationship between corporate governance and various financial performance measures, but reported inconclusive evidence on the nature of the relationship. Even though the three King Reports provide a well-developed framework for corporate governance compliance in South Africa, no comprehensive academic study has previously been conducted on the above-mentioned relationship in the South African context. The primary objective of the current study was therefore to investigate the relationship between corporate governance and the financial performance of selected JSE industries. The chosen study period (20022010) coincided with the launch of the King II Report and included the 20072009 global financial crisis. A combination of convenience and judgement sampling was used to draw a sample from six JSE industries. In an attempt to reduce survivorship bias, the sample included both listed firms and firms that had delisted during the study period. The complete sample comprised 227 companies (1 417 annual observations). When the study commenced, there was a lack of reliable, readily available ESG data for JSE-listed firms. An existing corporate governance research instrument was therefore refined to develop standardised data on the corporate governance compliance of the selected firms. An annual corporate governance score (CGS) was compiled for each of the firms by means of content analysis of its annual reports. Five financial performance variables were considered, namely return on assets (ROA), return on equity (ROE), earnings per share (EPS), total share return (TSR) and risk-adjusted abnormal return (alpha). The selection of these measures was based on previous research. The secondary financial data were sourced from the McGregor BFA database and the Bureau for Economic Research. The resulting panel dataset was analysed by means of various descriptive and inferential analyses. The descriptive statistics revealed an overall increasing corporate governance compliance trend. Both the disclosure and acceptability dimensions of the sample companies’ CGSs improved over time. The sample firms complied with approximately 68 per cent of the corporate governance criteria on average. The panel regression analysis showed a significant positive relationship between CGS and the accounting-based EPS ratio. Although this result is encouraging, it should be kept in mind that managers can have an influence on both these variables. On the other hand, a significant negative relationship was observed between the market-based TSR measure and CGS. The TSR measure is not adjusted for risk. Risk-adjusted abnormal returns were thus also estimated for four corporate governance-sorted portfolios. In a positive change of events, both the capital asset pricing model (CAPM) and the FamaFrench three-factor estimations showed positive alphas for the portfolio consisting of firms with the highest CGSs. These encouraging results were observed for the overall study period and the period before May 2008. Investors could thus have benefitted, in risk-adjusted terms, by investing in the sample firms with high corporate governance compliance. In the period after May 2008, the FamaFrench three-factor estimations revealed that the risk-adjusted market-based performance of almost all the sample firms were negatively affected by the global financial crisis of the late 2000s. The reported alphas for this period were, however, not significant. Based on these results, the researcher recommends that directors, managers and shareholders should consider the valuable opportunities associated with sound corporate governance compliance, rather than merely regarding it as a “tick-box” obligation. / AFRIKAANSE OPSOMMING: Hoofstroombeleggers is veral geïnteresseerd in hoe hulle finansieel by ʼn spesifieke belegging kan baat. Alhoewel dit die geval is, begin ʼn toenemende aantal sogenaamde ‘verantwoordelike beleggers’ ook die omgewing, sosiale en korporatiewe bestuursaspekte (ESG-aspekte) in hulle beleggingsanalise en eienaarskapspraktyke integreer. Korporatiewe bestuursnakoming is dikwels die eerste vlak van ESG-belangstelling vir hierdie beleggers. Vorige navorsers het die verwantskap tussen korporatiewe bestuur en verskeie maatstawwe van finansiële prestasie ondersoek, maar het onbesliste resultate ten opsigte van die aard van die verhouding gerapporteer. Ongeag die drie King-verslae wat ʼn goed ontwikkelde raamwerk vir die nakoming van korporatiewe bestuur in Suid-Afrika verskaf, is daar tot dusver nog geen omvattende akademiese studie oor die bogenoemde verwantskap in Suid-Afrika gedoen nie. Die primêre doelstelling van hierdie studie was dus om die verwantskap tussen korporatiewe bestuur en die finansiële prestasie van JSE-genoteerde maatskappye te ondersoek. Die geselekteerde studie tydperk (2002-2010) het die wêreldwye finansiële krisis van 2007-2009 ingesluit en het saamgeval met die bekendstelling van die King II-verslag. ʼn Kombinasie van gerieflikheids- en oordeelkundige steekproefneming is gebruik om ʼn steekproef vanuit ses JSE-nywerhede te selekteer. In ʼn poging om oorlewingsydigheid te verminder, het dié steekproef sowel genoteerde maatskappye as maatskappye wat gedurende die studietydperk gedenoteer het, ingesluit. Die volledige steekproef het uit 227 maatskappye (1 417 jaarlikse waarnemings) bestaan. Met die aanvang van die studie was daar ʼn gebrek aan betroubare, geredelik beskikbare ESG-data vir JSE-genoteerde maatskappye. ʼn Bestaande navorsingsinstrument vir korporatiewe bestuursnakoming is dus verfyn om gestandaardiseerde data rakende die gekose maatskappye se korporatiewe bestuursnakoming te verkry. ʼn Jaarlikse korporatiewe bestuur telling (CGS) is deur middel van inhoudsanalise van die betrokke maatskappy se jaarstate vir elk van die maatskappye saamgestel. Vyf finansiële prestasie veranderlikes is oorweeg, naamlik ondernemingsrentabiliteit (ROA), rentabiliteit van ekwiteit (ROE), verdienste per aandeel (EPS), totale aandeelopbrengs (TSR) en risiko-aangepaste abnormale opbrengs (alfa). Die keuse van hierdie maatreëls was op vorige navorsing gegrond. Die sekondêre finansiële data was afkomstig van die McGregor BFA-databasis en die Buro vir Ekonomiese Ondersoek. Verskeie beskrywende en inferensiële analises is gebruik om die gevolglike paneeldatastel te ontleed. Die beskrywende statistiek het gedui op ʼn algeheel toenemende tendens in korporatiewe bestuursnakoming. Beide die bekendmaking- en aanvaarbaarheidsdimensies van die steekproef maatskappye se CGS’s het met verloop van tyd verbeter. Die steekproef maatskappye het gemiddeld aan ongeveer 68 persent van die korporatiewe bestuurskriteria voldoen. Die paneel regressie-analise het ʼn beduidende positiewe verwantskap tussen CGS en die rekeningkundig-gebaseerde EPS-verhoudingsgetal getoon. Alhoewel die resultaat bemoedigend is, moet daar in gedagte gehou word dat bestuurders ʼn invloed op beide hierdie veranderlikes kan hê. Aan die ander kant is ʼn beduidende negatiewe verband tussen die markgebaseerde TSR-maatstaf en CGS waargeneem. Die TSR-maatstaf is nie vir risiko aangepas nie. Risiko-aangepaste abnormale opbrengste is dus ook bepaal vir vier korporatiewe bestuursgesorteerde portefeuljes. In ʼn positiewe wending het beide die kapitaal-bate prysmodel (CAPM) en die FamaFrench drie-faktor beramings positiewe alfas vir die portefeulje bestaande uit maatskappye met die hoogste CGS’s getoon. Hierdie bemoedigende resultate is vir die volle studietydperk en die tydperk voor Mei 2008 gerapporteer. Beleggers kon dus, in risiko-aangepaste terme, baat gevind het deur in die steekproef maatskappye met hoë korporatiewe bestuursnakoming te belê. In die tydperk ná Mei 2008 het die Fama-French drie-faktor beramings aangetoon dat die risiko-aangepaste markgebaseerde prestasie van byna al die maatskappye in die steekproef negatief geraak is deur die wêreldwye finansiële krisis van die laat 2000’s. Die gerapporteerde alfas vir hierdie tydperk was egter nie beduidend nie. Na aanleiding van hierdie resultate beveel die navorser aan dat direkteure, bestuurders en aandeelhouers die waardevolle geleenthede wat met standvastige korporatiewe bestuursnakoming verband hou oorweeg eerder as om dit bloot as ʼn “afmerk”-verpligting te beskou.

Dissertation (PhD)--University of Stellenbosch, 2007. / ENGLISH ABSTRACT: This thesis is made of stand-alone essays on the capital structure and financing of Small and Medium Enterprises (SMEs) in Ghana and South Africa. Chapter Two reviews issues on SME development in Ghana and South Africa. Chapter Three compares the capital structures of large, quoted firms and SMEs in Ghana. The results show that quoted firms exhibit higher debt ratios than those of SMEs. The results suggest that age, size, asset structure, and profitability of the firm affect the capital structures of quoted firms and SMEs. For the SME, it is evident that level of education and gender of the entrepreneur, industry, and location of the firm are also important in explaining their capital structure. Chapter Four examines the determinants of bank financing of SMEs in Ghana. The results reveal that bank financing accounts for less than a quarter of SMEs’ debt financing, with short-term bank credit representing the greater proportion of bank finance. The results show that age, size, asset tangibility, and growth of the firm have positive associations with long-term bank debt, while profitability is negatively related to long-term bank debt. The short-term debt indicates a positive relationship with size, but negative relationships with profitability, and growth. Chapter Four also investigates the awareness and use of various financing schemes available to the Ghanaian SME sector. The results reveal low awareness and usage levels of these financing initiatives. Chapter Five explores the determinants of Ghanaian small and medium sized non-traditional exporters’ (NTEs) choice of formal/informal finance. The results show that NTEs depend on formal financing sources with bank finance representing the greater percentage of NTEs’ financing. The results suggest that, newer firms depend more on formal finance and less on informal finance. The results show positive relationships between formal finance and size, and growth of the firm. Chapter Six assesses how corporate governance affects the performance of SMEs in Ghana and what the implications are for financing opportunities. The results reveal that better corporate governance structures lead to better performance of SMEs. The paper concludes that the adoption of good corporate governance structures could lead to better management decisions and enable SMEs to attract financing resources. Chapter Seven examines the relationship between agency factors and the capital structure of quoted SMEs in South Africa. The results indicate that firms with one institutional blockholder are able to monitor the opportunistic behaviour of management more effectively than those with more than one institutional blockholders. Chapter Eight looks at the financial market and financing choice of SMEs and large firms in South Africa. The results indicate that developments in the financial market affect both longterm debt/equity and short-term debt/equity decisions of large firms. However, for SMEs, it is the long-term debt/equity decision that is affected by the financial market. The final essay examines the effect of debt policy on the performance of SMEs in Ghana and South Africa. The results indicate that long-term debt and total debt ratios negatively affect performance of SMEs. These findings have important implications for policy-makers, entrepreneurs and managers of SMEs. / AFRIKAANSE OPSOMMING: Hierdie tesis bestaan uit losstaande essays oor die kapitaalstruktuur en finansiering van kleinen middelgrootte-ondernemings (KMO's) in Ghana en Suid-Afrika. Hoofstuk Twee kyk na kwessies oor KMO-ontwikkeling in Ghana en Suid-Afrika. Hoofstuk Drie vergelyk die kapitaalstrukture van groot genoteerde maatskappye en KMO's in Ghana. Die resultate dui daarop dat genoteerde maatskappye groter skuldverhoudings as KMO's toon. Hierdie resultate wys ook dat ouderdom, grootte, batestruktuur en die winsgewendheid van die maatskappy die kapitaalstruktuur van genoteerde maatskappye en KMO's beïnvloed. Dit is vir die KMO voor die hand liggend dat die opvoedingsvlak en geslag van die entrepreneur, die bedryf en die ligging van die maatskappy ook belangrik is om die kapitaalstruktuur daarvan te verduidelik. Hoofstuk Vier ondersoek die bepalende faktore vir bankfinansiering vir KMO's in Ghana. Die resultate toon aan dat bankfinansiering rekenskap gee van minder as 'n kwart van die KMO se skuldfinansiering en dat korttermynbankkrediet die grootste gedeelte van die bankfinansiering verteenwoordig. Die resultate toon aan dat ouderdom, grootte, die tasbaarheid van bates en maatskappygroei op 'n positiewe verwantskap met langtermynskuld dui, terwyl winsgewendheid 'n negatiewe verband met langtermynbankskuld het. Die korttermynskuld toon 'n positiewe verwantskap met grootte maar 'n negatiewe verwantskap met winsgewendheid en groei aan. Hoofstuk Vier ondersoek ook die bewustheid en gebruik van verskeie finansieringskemas wat aan die Ghanese KMO-sektor beskikbaar is. Die resultate bring 'n lae bewustheid en gebruiksvlakke van hierdie finansieringsinisiatiewe aan die lig. Hoostuk Vyf verken die bepalende faktore van die Ghanese klein- en middelgrootte nie-tradisionele uitvoerders (NTU's) se keuse van formele/informele finansiering. Die resultate toon aan dat NTU's op formele finansieringsbronne staat maak en dat bankfinansiering die grootste persentasie van die NTU's se finansiering uitmaak. Uit die resultate kan afgelei word dat nuwer maatskappye meer op formele finansiering staat maak en minder op informele finansiering. Die resultate dui op 'n positiewe verwantskap tussen formele finansiering en grootte, en die groei van die maatskappy. Hoofstuk Ses evalueer die invloed van korporatiewe bestuur op die prestasie van KMO's in Ghana en watter implikasies dit vir finansieringsgeleenthede inhou. Die resultate toon aan dat beter korporatiewe finansieringstrukture by KMO's tot beter prestasie lei. Hierdie essay kom tot die gevolgtrekking dat die aanvaarding van goeie korporatiewe bestuurstrukture tot beter bestuursbesluite kan lei en KMO's in staat kan stel om finansieringsbronne te lok. Hoofstuk Sewe ondersoek die verwantskap tussen agentskapfaktorering en die kapitaalstruktuur van genoteerde KMO's in Suid-Afrika. Die resultate dui daarop dat maatskappye met een institusionele blokhouer die opportunistiese gedrag van bestuur meer doeltreffend kan monitor as dié met meer as een institusionele blokhouer. Hoofstuk Agt kyk na die keuses wat KMO's en groot maatskappye in Suid-Afrika ten opsigte van finansiële markte en finansiering maak. Resultate toon aan dat ontwikkelings in die finansiële mark besluite oor die langtermynskuld/aandelekapitaal sowel as die korttermynskuld/aandelekapitaal van groot maatskappye beïnvloed. By KMO's is dit egter besluite oor langtermynskuld/aandelekapitaal wat deur die finansiële mark beïnvloed word. Die laaste essay ondersoek die uitwerking van skuldbeleid op die prestasie van KMO's in Ghana en Suid-Afrika. Die resultate toon aan dat langtermynskuld en totale skuldverhoudings die prestasie van KMO's negatief beïnvloed. Hierdie bevindinge het belangrike implikasies vir beleidmakers, entrepreneurs en die bestuurders van KMO's.

M.Ed. (Educational Management) / Many principals perceive the tuck shop, in South Africa, as a form of additional income to the school. School finances have assumed a greater importance in South African schools. The national education budget is continually curtailed and is continues to remain insufficient. Any additional finance is needed to maintain accepted standards and improve the quality of education on offer (Bisschoff and Mestry 2003). “Schools are becoming increasingly reliant on additional financial resources, hence due consideration should be given to potential sources of finance and the way such finance may be appropriated” (Bisschoff and Mestry 2003:2). There has to be a paradigm shift, of the tuck shop, from a ‘money making’ structure to include a nutrition program. Tuck shops need to re-evaluate the nutrition on offer. The re-evaluation of the tuck shop structure may be one solution in assisting the school’s Principal in addressing the need to acquire additional funds and continue to maintain an acceptable level of education.

M.Com. (South African & International Taxation) / The tax system in South Africa makes provision for everyday South African citizens to contribute to a greater or lesser extent towards health care funding in South Africa. However, as a result of the high unemployment rate, a large gap exists between tax contributors and non-tax contributors. This raises the question of whether it is fair that the burden to fund the proposed National Health Insurance (NHI) initiative in South Africa is borne by the small percentage of current tax contributors. The purpose of this research was to provide a taxation perspective on the different funding models and financing options available to the South African government for consideration in developing the NHI implementation strategy. The study evaluated the four traditional health care models used worldwide and assessed existing health care systems in selected first and third world countries in order to contribute towards the development of the proposed NHI system in South Africa. The health care models used by France, The United States, The United Kingdom, Brazil and Spain were evaluated in order to achieve an understanding of the funding approaches followed by these countries. It was found that although it is inevitable that South African tax contributors will have to be more heavily taxed in order to fund the NHI, as there are only limited possibilities for distributing the tax burden evenly. The main stumbling block in finding an equitable funding solution is the fact that there is a large disparity in South African income tax contributors.

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