M.Comm. / This study of dividend rules and accounting issues relating to the payment of dividends, has now reached its conclusion. All that remains is to put the study in the South African context and to reflect on a number of new topics that may be researched on the issue of dividends. In the 1950's and the 1960's, the South African economy grew at a rate of 4,5% per year, which was in line with many other western economies. During the 1 970's, the South African Government's role in the economy increased dramatically under a burgeoning bureaucracy. Slow economic growth over this decade and the 1980's, caused South Africa to fall further behind its major trading partners. High inflation, poor productivity, a high population growth rate and a shortage of skilled manpower was the resultant effect (Manning, 1988:14). The collapse of apartheid and the dawning of the New South Africa during the 1990's have brought with it its own opportunities and challenges. The South African economy's most pressing reality now is its own sheer economic survival. South Africa is currently battling with a staggering unemployment rate of 40%, suffering a budget deficit amounting to 5% of its R118 billion gross domestic product and must compete on world markets with nations like Brazil, Chile, South Korea and Indonesia (Ogden, 1996:49). The issues that need to be addressed'are undoubtedly immense. The question then has to be asked if and how a study on dividends can make a difference. The fact, however, remains that the proverbial drops eventually fill an empty bucket. There are certainly no short-cuts if the country is to make a successful transformation to full economic maturity (Ogden, 1996:49). Share investments and dividends received by individual investors could go a long way in introducing new participants into the equity market that is one of the pillars of the South African economy. Equity ownership in South Africa need to be democratized and filtered down to the individuals of all population groups and income levels in order to reduce ethnic conflict, reduce economic disparity of population groups and contribute to development (Nyhonyha & Braithwaite, 1 996:8). The majority of the population would, however, need assistance in this regard. The empowerment of these individuals through information would be the starting point as discussed in paragraph 9.9.3.1. Apart form the information and training that should be provided, these individuals would also need financial assistance in some form in order to invest in shares and receive dividends. Employee share incentive schemes could be a valuable tool that could provide the majority of the economically active South African population, who currently do not have access to equity capital, with the means of ownership of a portion of the economy (Nyhonyha & Braithwaite, 1996:8). Employee share incentive ownership programs are urgently needed in South Africa. The excessive concentration of economic power in the hands of a small minority must be addressed (Nyhonyha & Braithwaite, 1996:8). Individuals who have previously not taken part in the formal economy need to be empowered in this way. Employee share incentive schemes normally take on the form of a scheme in terms of section 38 (2) (b) and section 38 (2) (c) of the Act (South Africa, 1 973). Section 38 (2) (b) allows for a scheme through which a trust receives assistance from a company in the form of money, for the subscription for or purchase of shares. The trustees may then purchase shares in the company or its holding company. The trustees will hold the shares for the benefit of the employees of the company, including any salaried director holding a salaried employ or office in the company (South Africa, 1973). Section 38 (2) (c) allows for a company to provide financial assistance to persons, other than directors, bona fide in the employment of the company with a view to enabling those persons to purchase or subscribe for shares of the company or its holding company to be held by themselves as owners (South Africa, 1973). There are, however, other ways through which individuals may invest on the JSE. This study of dividends, focused on a number of problems that may be encountered by small individual investors and in particular black investors who intend to invest on the JSE. Paragraph 7.4.6.1. highlighted a number of problems that these investors face and noted that their discretionary savings may be limited. In South Africa, more than 50% of the black population earns less than R300 a month (Nyhonyha & Braithwaite, 1996:8). The savings of potential investors as individuals, however, need not be mobilized. Programs for future investment on the JSE, can target stokvels. Research has shown that about 8 million people in urban townships belong to stokvels, exchanging more than R900 million a year (Anon., 1996:4). The market capitalization of black controlled companies on the JSE is currently R7,78 billion (Kobokoane, 1996:3).

LL.M. / Die doel van hierdie verhandeling is om die reguleringsisteem in Suid-Afrika te beskryf soos wat dit betrekking het op termynkontrakte. Termynkontrakte vorm deel van 'n groep finansiele instrumente algemeen bekend as afgeleide instrumente. Die term 'afgeleide instrumente' is 'n generiese begrip wat gebruik word om verskeie finansiele instrumente te beskryf wie se waarde afgelei word van 'n onderliggende kommoditeit, wisselkoers of indeks. Termynkontrakte word op die Suid-Afrikaanse termynbeurs (SATEB) verhandel. Ter inleiding sal die sleutelaspekte rondom termynkontrakte en termynhandel kortliks bespreek word ten einde die leser 'n oorsig te bied. Die aspekte word egter in die loop van die verhandeling, onder die toepaslike hoofstukke, meer volledige verduidelik.

The neoclassical "sources-of-growth" approach is applied to derive total factor productivity (TFP) growth measures for manufacturing industries in South Africa. Although South Africa's recorded industrial TFP growth measures have been persistently low in absolute terms, this performance is not significantly worse than the industrial TFP growth performance of other developing countries. In some periods there is evidence of a significant variability in TFP performance across industries. The measures also indicate that TFP growth has worsened in the 1980s, particularly in the intermediate-capital intensive and labour intensive industries. However, there are various problems with interpreting neoclassical TFP growth measures as indicators of production efficiency. In fact, as TFP growth is derived as a residual, it may measure many factors besides production efficiency. Alternative growth theories are used to assess the fundamental determinants of productivity growth. These provide a more plausible conceptualisation of the process by which productivity growth is generated than the neoclassical growth theory does. However, this analysis also provides little empirical evidence of which underlying factors have had the most influence on productivity growth in South African manufacturing. Hence, the relative importance of possible candidates can only really be assessed qualitatively and on the basis of micro evidence. However, these assessments, and the assumptions underlying the postulated causal connections (between the identified factors and productivity growth), have a major impact on policy design. In this respect, on the basis of the framework provided by the evolutionary and other recent growth theories, various policy implications are drawn, and these are contrasted with the policy proposals of other South African analysts. This thesis concludes that policies need to be designed with the central objective of enhancing the technological capabilities of South African firms. Trade policies will not be sufficient for achieving this objective. Education and training policies, technology, competition and labour market policies are also crucial. However, since the fundamental causes of productivity growth remain somewhat of a mystery, there is a need to be sceptical of simple policy prescriptions. In this respect, this thesis is highly critical of the World Bank's position that productivity gains will be reaped from the exposure of firms to international competition that trade liberalisation policies entail.

[From the Introduction] The argument by which it is shown that, under a system of open competition, prices are determined in a way which secures to consumers a maximum aggregate of satisfaction consonant with the relative security of the means of production is the familiar material of many treatises on economics, and does not need to be repeated here. In Economics (as distinct from Politics) this argument provided in a simple form the logical justification for the advocacy of laissez faire in State policy during the early 19th century even though "it was the actual success of private enterprise and the inefficiency and corruption of Government control that caused laissez faire to be an acceptable policy". No-one, of course, contended that pure competition did in fact characterize the economic relations of the time. Quite the reverse. It was argued that if the hindrances to competition were removed, society as a whole would reap the benefits indicated by the theory.

Magister Educationis - MEd / In this minithesis I attempt to explain what could be meant by an objective and democratic teacher evaluation system. The central question which I address is whether the current South African teacher evaluation system could lay claim to the kind of objectivity and democracy I develop in my minithesis." / South Africa

Philosophiae Doctor - PhD / The main aim of the present study is to undertake an examination of the discourses regarding lesbianism as produced by a group of black South African lesbians. / South Africa

Magister Educationis - MEd / This thesis investigated the potential role of indigenous healers in life skills education in South African schools. The main focus of this study was to explore how indigenous knowledge of traditional healers can contribute to the development of life skills education in South African schools. The research also sought to strengthen Education Support Services in the South African education system, in order to address barriers to learning. These barriers to learning are linked to health challenges such as substance abuse, violence, malnutrition and HIV/AIDS and many other health-related issues in school-going age learners. / South Africa

Magister Scientiae - MSc / This research was aimed at employing the broad use of petrophysical analysis and reservoir modelling techniques to explore the petroleum resources in the sandstone units of deep marine play in the Bredasdorp Basin. / South Africa

Philosophiae Doctor - PhD / This thesis investigates land reform coverage at the time of the land summit through quantitative and qualitative content analysis. Hard news reports, editorials and opinion pieces that appeared in the daily newspapers Beeld, Business day, Sowetan and Sunday newspapers Rapport and Sunday Times between July and September 2005 were analysed in terms of what they reported , issues that received little attention, portrayal of certain issues and sources used. The findings were used to make inference about the degree to which the newspapers in the study fulfill their societal roles. / South Africa

Magister Legum - LLM / An aspect of the South African law of trusts which has, despite the abovementioned evolution of South African trust law, not been clarified, is the ambit of a trustee's fiduciary duty. This, however, is not only the position in South Africa, but Scotland and, until recently, England as well. It is opined that the "fiduciary obligation" is a concept in search of a principle. Thus, the aim of the present research was to define this concept in terms of the South African trust law context. / South Africa