Thesis (MBA)--Stellenbosch University, 2000. / Dividends are probable the most controversial subject in the finance literature. Dividends are paid cent for cent from company profits. Besides having tax implications on the company, they reduce sources of internal finance for the company. On the other hand, the value of a company is the net present value of cash flows. Theoretically a company that does not pay dividends now and at anytime in the future has a value of zero. Companies have dividend policies applicable to themselves. It is therefore valid to argue that the revision of the dividend policy has an underlying reason. This study was done to investigate the effect of unexpected dividend policy changes to daily share price movement. This study seeks to establish the validity of the much-debated subject of information significance of dividends. Past studies at most failed to converge to an agreement on information significance of dividends. The investigation revealed that there were no significant abnórmal returns earned on the announcement date on three out of four instances. However the results of the cumulative abnormal returns revealed that share prices react to dividend changes during the period of investigation i.e. twenty days before and twenty days after the announcement. The overall adjustment in share prices over the period studied is in the same direction as the dividend charge. The investigation also revealed that price adjustments take place before and after the announcement date. Price adjustments on the Johannesburg Stock Exchange were not efficient as compared to adjustments on the New York Stock Exchange. Share price adjustments on the New York Stock Exchange took place during the period of a day before and a day after the announcement. The lack of similarity can be attributed to either sophistication of the market participants or efficiency of the Johannesburg Stock Exchange.

Thesis (MBA)--Stellenbosch Universiteit, 2000. / ENGLISH ABSTRACT: The important changes in real interest rates, deregulation, amalgamation and the change of enterprise form from co-operatives to companies, require a new approach towards the utilisation and management of capital in the agricultural business. The economic environment has changed from a situation where management used nearly uncontrolled amounts of capital to get turnover, towards a capital scarce situation where capital is applied with caution and where profits are required. This new approach calls for focus on working capital. This study proposes a conceptual approach to the evaluation of the management of cash. The concept of a STREAM / WELL of cash, as used by Hamman (1999) at the Business School of the University of Stellenbosch, is described. The cash flow statements of some co-operatives have been standardised to produce comparable figures for income from operating -, investment- and financing activities. The STREAM / WELL approach with a graphic presentation of income from operating -, investment - and financing activities are used to demonstrate the usefulness thereof. The conclusion is made that profit margins are too low in this kind of business because of a lower than needed mark-up. The working capital cycle is too long in most of the businesses, which indicates that too much working capital is used to generate the income. Lastly, the growth in turnover is as a determinant factor for working capital, too unpredictable and uncontrolled because of inherent qualities of this business environment. The risk in this market, because of climate and uncontrollable factors, is not calculated but indications are that this risk is high. / AFRIKAANSE OPSOMMING: Die ingrypende verandering van reële rentekoerse, deregulering, amalgamasies en omskakeling van koöperasies na maatskappye, verg nuwe benaderings tot die bestuur en aanwending van kapitaal in die landbou. Vanuit 'n omgewing waar omsette nagejaag is met feitlik onbeperkte toegang tot fondse, het die landbouondernemings se benadering verander na ondernemings met beperkte kapitaal wat oordeelkundig aangewend moet word en bevredigende opbrengste moet lewer. Hierdie tendens noodsaak 'n gefokusde benadering tot die bestuur van bedryfskapitaal. Die studie stel 'n konsepsuele benadering voor om ondernemings se bestuur van kontant, soos gerapporteer in kontantvloeistate, te evalueer. Die konsep van 'n STROOM / PUT benadering, soos jare lank deur Hamman (1999) gebruik om die begrippe te verduidelik aan die Bestuurskool van die Universiteit van Stellenbosch, word omskryf. Die kontantvloeistate van 'n aantal landbouondernemings is gestandaardiseer om vergelykende opbrengste uit bedryfs-, investerings- en finansieringsaktiwiteite te bereken. Die STROOM / PUT benadering word saam met 'n grafiese voorstelling van die bydraes uit bedryfs-, investerings- en finansieringsaktiwiteite gebruik om die aanwending daarvan te demonstreer. Daar word tot die slotsom gekom dat winsgewendheid te laag is in ondernemings van dié aard hoofsaaklik omdat winsgrense te laag is. Oor die algemeen is die bedryfskapitaalsiklus te lank, wat daarop dui dat te veel bedryfskapitaal aangewend word om die opbrengs te genereer. Laastens is die groei in omset, as bepaler van die vraag na bedryfskapitaal, ongekontroleerd en wisselvallig as gevolg van die inherente eienskappe van die landbou sakeomgewing. Die risiko opgesluit in dié markomgewing wat grootliks deur klimaat en ander onbeheerbare faktore beïnvloed word, word nie bereken nie, maar die studie dui op besondere hoë risiko's van dié aard.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: It was found that the hot metal cost of ISCOR Newcastle's single blast furnace can significantly be reduced by the correct use of an integrated model to predict reductant cost based mainly on coal blend. The model uses coal ash chemistry, fluiidity, vitrinite rank and volatile matter to predict coke strength after reaction (CSR), coke ash and coking yield. CSR is used to predict maximum allowable coke nut- and pea consumption in the furnace as well as hot blast temperature. Pitch injection levels are predicted using CSR and blast furnace production rates. Coke ash, pitch injection and hot blast temperature is used to predict the coke rate. The above is used with imported Chinese coke cost to accurately predict reductant cost. It was found that the current optimum blends should include Australian en Nieu Zeeland coals because of price and quality conciderations. Because of its low cost of production and low quality the optimum percentage of Grootegeluk in the blend is determined largely by its transfer price. / AFRIKAANSE OPSOMMING: Die vloeiyster koste van ISCOR Newcastle se enigste hoogoond kan drasties verlaag word deur die korrekte gebruik van 'n geïntegreerde model wat reduktant koste voorspel op grond van steenkoolmengsel. Die model gebruik die chemiese samestelling van steenkool-as, fluiiditeit, vitriniet rang en vlugstof om kooks warmsterkte (SNR), kooks-as en verkooksingsopbrengs te voorspel. SNR is gebruik om die maksimum kooksneute- en -erteverbruik in die hoogoond sowel as blaastemperatuur te voorspel. Pikinspuiting is bereken met SNR en hoogoond produksietempo's. Pikinspuiting en blaastemperatuur word saam met kooks-as gebruik om kookskoers te voorspel. Bogenoemde is saam met die koste van ingevoerde Chinese kooks gebruik om reduktant koste akkuraat te voorspel. Daar was bevind dat die huidige optimum mengsels Australiese en Nieu Zeelandse steenkool moet bevat as gevolg van huidige prys- en kwaliteitsoorwegings. As gevolg van sy lae produksiekoste en lae kwaliteit word die optimum hoeveelheid Grootegeluk bepaal deur sy oordragprys.

Thesis (MBA)--Stellenbosch University, 2000. / This mini-project compares the Airports Company South Africa (ACSA) with three European airports i.e. Helsinki, Frankfurt and Vienna. It describes each airport in terms of its background and describes transformation efforts that have taken place to date. A literature study explores various transformation models and examines the modem role of the Human Resource Department. The final conclusion shows that Airports Company South Africa (ACSA) is not only a major league player in Africa in terms of airport management, but also a true global player in this field. This study project will, therefore, be of interest to particularly developing nations who wish to have an airport system that no longer has to be funded by state money, but rather results in a facility that generates world class service and contributes in terms of dividends and/or capital to state offers.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: Technology itself does not currently offer a competitive advantage in this era of technological development. Innovative utilisation and application of technology does, however offer temporary competitive advantages. This innovative utilisation and application of technology is dependant on the creativity and innovation of the entrepreneur. CaliWatch™ makes use of existing technology namely cellular technology, watch technology and medical monitoring technology. The unique application of these technologies gives CaliWatch™competitive advantage in the market. The innovation does not only apply to the technology, but also to strategy and marketing to keep this competitive advantage in the market. This study analyses the different technologies and industries, identifying potential target markets and give projected financial information. / AFRIKAANSE OPSOMMING: Tegnologie op sigself bied tans nie meer mededingende voordele in die era van tegnologiese ontwikkeling nie. Innoverende gebruik en toepassing van tegnologie bied wel tydelike mededingende voordele. Hierdie innoverende toepassing en gebruik berus op die kreatiwiteit en innovasie van die entrepreneur. CaliWatch TM maak gebruik van bestaande tegnologieë, naamlik sellulêre tegnologie, horlosie tegnologie, en mediese monitering tegnologie. Die unieke toepassing van hierdie tegnologieë bied CaliWatchTM mededingende voordeel in die mark. Die innovasie berus nie slegs by die toepassing van tegnologie nie, maar, om die mededinginde voordeel te behou, ook by die strategiese beplanning en bemarking. Hierdie studie ontleed die verskillende tegnologieë en industrieë, identifiseer potentiele teikenmarkte, en maak geprojekteerde finansiële vooruitskouinge.

Thesis (MBA)--Stellenbosch University, 2000 / ENGLISH ABSTRACT: An increase in personal wealth and higher emphasis on profitable investments for retirement has materiálised in a search for investment vehicles to produce superior returns. Two main disciplines of analyses are being used in an attempt to forecast future stock returns. These are fundamental analysis and technical analysis. This study will use technical analysis to generate buy and sell signals for a pseudoportfolio. Portfolio returns were analysed to determine their performance relative to a market index, in this case the S&P 500. A backtesting period of nine years was used to "train" the indicator variables, and applied to a tenth year's data, used as forward testing. Backtesting returns were significantly superior than that of the market, and forward testing significantly inferior. These results appear to confirm the efficient market and random walk theories. A .number of differences of opinion were identified, indicating the need for further research. / AFRIKAANSE OPSOMMING: Toenemende strewe na materiële welvaart en 'n groter fokus op gemaklike aftrede het studies ter hoër beleggings opbrengs gestimuleer. Beide fundamentele en tegniese analises word tans gebruik in 'n poging om toekomende mark prysbeweging te kan voorspel. In hierdie studie is tegniese analise gebruik om koop en verkoop wysers te genereer, waarvan die opbrengs in 'n skyn-portefeulje bepaal is. Die opbrengs van hierdie portefeulje is vergelyk met 'n toepaslike mark - indeks, in hierdie geval die S&P 500. 'n Periode van nege jaar se data is gebruik om tegniese parameters se optimum waardes te bereken, en daarna onveranderd op 'n tiende jaar se historiese data toegepas. Die opbrengste is in beide gevalle bepaal, met terugwaartse opbrengste hoër as mark opbrengs en vooruit toetsing statisties beduidenisvol laer as mark opbrengs. Hierdie resultate is beduidenisvol, en bevestig die geldigheid van die doeltreffende markhipotese asook die toevallige prysbewegingsteorie. 'n Aantal leemtes in huidige portefeulje opbrengste teorieë is geïdentifiseer wat in verdere studies aangespreek behoort te word.

Theses (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: The business of telecommunication companies is growing rapidly worldwide. The number of customers and services offered to them are increasing accordingly. One of the challenges of this fast growing field is to provide world-class technical support for the internal information systems used by customer facing staff. Business requirements for these business critical information systems are strict and encompass data integrity, availability, performance and security. Revenue from support systems is difficult to measure and hence the financial focus on cost savings, productivity and efficiency. The current information system, used by Telkom S.A. for service activation and assurance of al non-voice services, was analysed and proposals made for all identified problem areas. Although the solutions are specific to this particular system, the concepts remain the same for any large-scale distributed information system. / AFRIKAANSE OPSOMMING: Die besigheid van kommunikasie maatskappye groei wêreldwyd baie vinnig. Die aantal kliënte en dienste wat aan hulle gebied word groei ooreenkomstig. Een van die uitdagings van hierdie vinnig groeiende veld is die voorsiening van wêreldklas tegniese bystand vir die interne informasie stelsels wat gebruik word deur werkers wat direk met kliënte skakel. Besigheidsvereistes vir hierdie besigheids kritiese informasie stelsels is streng en strek oor 'n wye veld; data integriteit, stelsel beskikbaarheid, reaksietyd en sekuriteit. Omdat die inkomste wat besigheids ondersteunings stelsels genereer, moeilik bepaalbaar is, word daar vanuit 'n finansiële oogpunt gefokus op koste besparings, produktiwiteit en doeltreffendheid. 'n Analise is gedoen van die informasie stelsel, wat tans deur Telkom S.A. gebruik word vir diens aktivering en diens versekering, vir alle nie-spraak dienste wat aangebied word. Voorstelle is gemaak vir die probleem-areas wat geïdentifiseer is. Alhoewel die oplossings wat aangebied word spesifiek vir hierdie stelsel is, bly die konsepte dieselfde vir enige groot geografies verspreide inligting stelsel.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: A major trend from an information era towards a knowledge economy is currently being experienced, which can be ascribed to the growing importance of knowledge in various countries. The anatomy of the knowledge economy concerns an overall view from the perspective of the organisation. The knowledge economy is analysed in terms of what it involves, its effects on the workplace, the role of information and communication technology (lCT), and emergent key ethical issues. Production and exploitation of knowledge will become the main source of wealth in the knowledge economy. Knowledge can be regarded as value-added to data and information that can be located in organisations either explicitly or tacitly. Tacit knowledge is most prevalent and underutilised form in organisations, and can be exploited to its full extent in the form of intellectual property. A printing metaphor is used to illustrate the extent to which knowledge can become embedded in products, thus increasing intangibility levels within products. Knowledge, as a strategic asset for any organisation, can be generated by innovation and dissemination processes. Knowledge also results in more customised high-valued goods, for which clients are willing to pay more. In facilitating a favourable environment for knowledge development in organisations, governments have an essential role to play. This role includes establishing cultures of entrepreneurship, innovativeness and competitiveness through education, training and funding of appropriate organisations. In order to reap substantial benefits from the knowledge economy, various countries are transforming their economies accordingly. The United States of America, Sweden, Finland and Singapore are currently leading in this respect while others like Canada and the United Kingdom have committed themselves to the new economic order. The measurement of knowledge within organisations has not yet been resolved due to difficulties in isolating the value of knowledge at various levels within the organisation. The escalation and importance of information and knowledge in work processes have resulted in the emergence of knowledge workers at the expense of workers involved with the physical dimension of work. By defeating spatial and temporal limitations through virtualisation, ICT will offer organisations and their workers the necessary agility for survival in the knowledge economy. In response, management will have to change organisational structures and increase innovativeness. Technology, as in the past, will increase capabilities of people even more, for example in the form of supporting tools, automation, controlling devices and connectivity. ICT, being the core technology in the knowledge economy, will have a major role to play relating to knowledge development within organisations by means of the knowledge value chain. The Internet will become an important technology in the knowledge economy. Concerns about unethical and criminal practices in knowledge economies centre around the violation of rights in terms of privacy and freedom, protection of property rights, accountability and liability, reliability of systems and quality of life. To sustain a prosperous knowledge economy and just society will involve innovative stakeholders who participate actively in achieving and maintaining goals of common interest. / AFRIKAANSE OPSOMMING: Tans vind 'n belangrike neiging vanaf 'n inligtingsera na 'n kennisekonomie plaas, wat toegeskryf kan word aan die toenemende belangrikheid van kennis in verskeie lande. Die anatomie van 'n kennisekonomie behels 'n oorsig vanaf die perspektief van die organisasie. Die kennisekonomie word beskou in terme van wat dit impliseer, die effek op die werksplek, die rol van inligtings- en kommunikasietegnologie (lKT), en opkomende etiese aangeleenthede. Die produksie en benutting van kennis gaan die belangrikste bron van welvaart word in die kennisekonomie. Die verskynsel van kennis kan beskou word as waarde toevoeging tot data en inligting en is sigbaar in organisasies in die vorm van óf eksplisiete óf verskuilde kennis. Verskuilde kennis is die mees algemene, maar onbenutte vorm in organisasies kan tot sy volle potensiaal ontgin word as intellektuele eiendom. Die drukkuns word as metafoor gebruik om aan te dui tot watter mate kennis deel geword het van produkte, wat lei tot verhoging van die nie-tasbare komponent in produkte. Kennis, as 'n strategiese bate vir enige organisasie, word geskep deur middel van innovering en verspreiding. Kennis bied ook hoë-waarde aan goedere tot so 'n mate dat kliënte bereid is om daarvoor meer te betaal. Om 'n gunstige omgewing vir kennis ontwikkeling te verkry, het regerings 'n belangrike funksie met betrekking tot die daarstelling van kulture wat betref entrepreneurskap, innovering en mededingendheid deur middel van opvoeding, opleiding en befondsing van toepaslike organisasies. Verskeie land is besig om hul ekonomieë te omvorm om die beduidende voordele wat die kennisekonomie bied, te benut. Die Verenigde State van Amerika, Swede, Finland en Singapoer is tans leiers in dié verband, terwyl Kanada en die Verenigde Koninkryk hulself ook tot die nuwe ekonomie verbind het. Om kennis binne organisasies in finansiële terme te meet is nog nie uitgepluis nie, vanweë die probleme om waarde van kennis by verskeie vlakke binne die organisasie te isoleer. Die toename en belangrikheid van inligting en kennis in die werksplek het gelei tot die verskynsel van kenniswerkers, ten koste van diegene betrokke met die fisiese sy van werk. Deurdat die beperkinge van ruimte en tyd deur middel van virtualisasie opgehef is, maak IKT organisasies en sy werkers meer rats en lenig - eienskappe wat vir oorlewing in die kennisekonomie vereis word. In reaksie hierop, sal bestuur hul organisasie strukture moet aanpas en innoveringsvermoë moet opknap. Tegnologie, soos altyd, sal vermoëns van mense verder verhoog, byvoorbeeld in die vorm van ondersteunende hulpmiddele, outomatisering, beheermiddele en skakeling. IKT, as kerntegnologie in die kennisekonomie, gaan 'n sentrale posisie inneem in die ontwikkeling van kennis in organsasies met behulp van die kennis waardeketting. Die Internet gaan 'n sleutel tegnologie in die kennisekonomie word. Kommer oor onetiese en kriminele praktyke in die kennisekonomie hou verband met die oorskryding van regte in terme van privaatheid en vryheid, beskerming van eiendomsreg, aanspreeklikheid en verantwoordelikheid, betroubaarheid van IKT stelsels en lewensgehalte. Om 'n voorspoedige kennisekonomie terselfdertyd met 'n regverdige gemeenskap te handhaaf, beteken dat innoverende rolspelers aktief sal moet deelneem om gemeenskaplike doelwitte na te streef en te verseker.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: Change is inevitable in today's demanding and changing business world. For an organisation to strategise effectively, it needs a process that is systematic and planned to ensure that the company can compete successfully, please customers and achieve good business and financial performance. The first section of the study focuses on a literature overview with regards to strategic repositioning. A model will be developed that highlight the importance of certain key issues that must be present to ensure an effective and workable strategy. The overview will show that the common mistake that organisations make, is to look only at the external environment, without giving much attention to key internal issues. From the model it will become evident that issues such as the organisational statements, the culture of the organisation, the way change efforts are handlep and what a company does to become world-class, are critical to ensure successful strategic repositioning. The second half of the study focuses on the application of the strategic repositioning model that was developed, to Ceres Fruit Juices (Pty) Ltd. A complete analysis will be done on the organisation statements, as well as an assessment on the culture and how far Ceres Fruit Juices is towards becoming a world-class organisation. From the results it was evident that Ceres Fruit Juices (Pty) Ltd needs to map out all their change activities to ensure the reaching of its strategic objectives. / AFRIKAANSE OPSOMMING: Verandering is onvermydelik in vandag se veeleisende en veranderende besigheidswêreld. Vir 'n organisasie om 'n effektiewe strategie daar te stel, is dit noodsaaklik dat 'n sistematiese en beplande proses gevolg word om te verseker dat 'n maatskappy suksesvol kan meeding, kliënte tevrede kan stel en goeie besigheids- en finansiële resultate kan behaal. Die eerste gedeelte van die studie fokus op 'n literatuur-oorsig rondom strategiese herposisionering. 'n Model sal ontwikkel word wat teenwoordig moet wees om 'n effektiewe en werkbare strategie daar te stel. Die oorsig sal verder uitwys dat die algemene fout wat maatskappye maak, is om slegs na die eksterne omgewing te kyk, sonder om aandag aan kritiese interne aspekte te gee. Vanuit die model sal afgelei word dat aspekte soos organisasie doelstellings, die kultuur van die organisasie, die manier hoe verandering hanteer word en eienskappe wat aanwesig moet wees om op wêreldstandaard te wees, krities is om suksesvolle strategiese herposisionering te verseker. Die tweede helfte van die studie fokus op die toepassing van die strategiese herposisioneringsmodel wat ontwikkel is, op Ceres Fruit Juices (Pty) Ltd. 'n Volledig ontleding sal gedoen word op die organisasie doelstellings, sowel as 'n beoordeling van die kultuur en hoe ver Ceres Fruit Juices Ipty) Ltd op die pad is om 'n wêreldklas onderneming te word. Afleidings wat gemaak is vanuit die resultate, toon duidelik dat die maatskappy 'n volledige plan moet opstel vir hulle verandering aktiwiteite om te verseker dat daar by die strategiese doelwitte uitgekom word.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: Succession planning has to do with passing on responsibility. For companies to be world-class organisations the transfer of responsibility from one executive to another or from one manager to another must be quick and effective otherwise the company stands the chance of losing millions, its reputation and competitive position within the industry its operates. The first section of the study focuses on a literature overview with regard to succession planning. The literature research outlines once again that more indepth research on succession planning is needed in the South African context. The overview, however, forms a solid basis from where the study could expand and forms the cornerstone for developing the people management review model outlined in the second part of the study. From the research and model it is quite clear that the concept of competencies, competency models, competency-based performance and performance-potential management should play an important role in future succession planning processes. From the different segments of the people management review model it is clear that succession planning will need to become part of a series of real-time strategising within companies, that will require the full participation and effort of everyone involved, ensuring an optimally effective process. The model therefore forms the basis of the total tranformation process within companies, and becomes part of future strategic planning in companies en route to become globally competitive. / AFRIKAANSE OPSOMMING: Opvolgbeplanning het te doen met die oordrag van verantwoordelikheid binne maatskappye. Ten einde vir maatskappye om wêreldklas te wees is dit nodig dat die oordrag van verantwoordelikheid van een bestuurder na die volgende so glad en effektief moontlik sal verloop. Indien dit nie gebeur nie loop maatskappye die risiko om miljoene rande te verloor en daarmee saam hul reputasie en kompeterende posisie binne die bedrywe waar hul opereer. Die eerste deel van die studie fokus op 'n literatuur-oorsig rondom opvolgbeplanning. Die oorsig beklemtoon weereens die behoefte aan meer indiepte navorsing rondom opvolgbeplanning binne die Suid-Afrikaanse konteks. Die literatuur vorm egter die basis en hoeksteen vir die res van die studie en die ontwikkelling van die oorsig-model vir mensebestuur soos uiteengesit in die tweede deel van die studie. Dit is duidelik uit hierdie navorsing dat die konsep van vermoëns, vermoëns-gebaseerde prestasie, en prestasie-potensiaal-bestuur 'n belangrike rol gaan speel in toekomstige opvolgbeplannings aksies binne maatskappye. Vanuit die verskillende komponente van die model is dit verder ook duidelik dat opvolgbeplanning 'n waardevolle en belangrike deel van strategiese beplanning moet vorm en dat die volle samewerking van almal in die proses betrokke sal verg ten einde dit doeltreffend en glad te laat verloop. Die model moet verder deel vorm van die totale proses van transformasie binne maatskappye ten einde wêreldklas standaarde te bereik.