Thesis (PhD)--Stellenbosch University, 2012. / Corporate governance has become an issue of global significance. The improvement of corporate governance practices is widely recognized as one of the essential elements in strengthening the foundation for the long-term performance of countries and corporations. This study suggests that companies wishing to remain profitable and sustainable in the future should take a strategic and anticipatory approach to corporate governance. Anticipatory corporate governance requires companies to change short-term orientated decision-making practices to long-term profitable and sustainable policies with insight, vision and strategic foresight. The best candidates to shape a strategic and anticipatory approach towards good corporate governance practices are those who are expected to implement it – the board of directors. Taking an anticipatory approach to governance means that the board must co-design the future of their company by making decisions based on informed trends, evidence-based quantitative analyses and the expert opinion, experience and insight by its directors. The independent non-executive director plays a vital role in this process, as he/she provide specialist skills and bring objective reflection, constructive criticism and external judgment on issues of strategy and standards of conduct and evaluation. Strategic foresight has the potential to assist and empower independent non-executive directors in taking an anticipatory and strategic approach to corporate governance as it provides them with the capability to understand, interpret and respond to current challenges, and to conceive and explore as yet unimagined approaches and solutions to these problems to ensure a profitable and sustainable. The study put forward an instructional intervention – The Art of Shapeshifting – aimed specifically at South African independent non-executive directors by providing them with the skills, knowledge and foresight that will eventually translate into increased personal development awareness of the need for sustainable development and good corporate governance. The basic premise of this intervention is that a change in corporate law and corporate governance recommendations needs to be matched by a change in human behaviour. A new mind-set is required by directors to anticipate and prepare for the future. The researcher proposes a process of “shapeshifting” that requires a futures orientation, with strong strategic foresight capability and capacity, founded on flexible and adaptable systems within an anticipatory governance framework. Thus, the main aim of the research is to design, develop and implement the shapeshifting framework as an instructional intervention in order to assist South African independent nonexecutives in taking an anticipatory approach to corporate governance using strategic foresight as core competence. It consequently evaluates whether participation in the intervention would lead to a change in the knowledge, altruism, attitude, values, socially responsible behaviour, skills, behaviour and empowerment of independent non-executive directors with regard to directorial duties and good corporate governance practice. This in turn would contribute to an increased awareness of sustainable development, and the need for futures-orientated anticipatory approach to corporate governance. The research results show that the shapeshifting intervention is seen to make an overall positive contribution to improved knowledge, altruism, attitude of independent non-executive directors with regard to sustainable development, their duties and responsibilities, and a more futures-orientated approach. The shapeshifting intervention also has an impact on changing attitudes and values towards sustainable development, corporate citizenship and corporate governance. The results also indicate that the shapeshifting intervention assists in the empowerment of independent nonexecutive directors through the use of strategic foresight to initiate and sustain good corporate governance in practice. Stellenbosch University http://scholar.sun.ac.za

Thesis (PhD)--Stellenbosch University, 2012. / The impacts on the active management of investment portfolios of a) market concentration, b) cross-sectional return dispersion and c) restrictions on short sales are explored in this thesis. The context is the fund sponsor’s management of their investment managers in a South African equity investment environment. Some of the findings here are developed analytically and some make use of multiple simulated investment views and their corresponding optimal portfolio solutions to document the size and nature of the inefficiencies that are created by these three factors. The cross-sectional volatility of asset returns in an investment universe represents a carrying capacity for active risk taking: the higher the cross-sectional volatility, the greater the opportunity for active risk taking. Cross-sectional volatility is shown to be an important consideration when setting active risk targets. It is shown that, to remain efficient, active risk should be reduced during periods of low cross-sectional dispersion and vice versa. The sensitivity of active risk estimates to changes in the cross-sectional dispersion of their investment universe is demonstrated and sponsors should therefore exercise caution when reacting to changes in the active risk estimates of their funds. Cross-sectional volatility is shown to be time-varying and is related to similarly varying dispersion in realised fund returns. The ex post performance of competing portfolio managers therefore require correction for this heteroscedasticity and an effective weighted adjustment is recommended. Active managers can only fully express their views in an environment where their mandated conditions accommodate their conviction and level of risk taking. The short sale restriction is shown to be materially binding when applied to a concentrated benchmark such as the ALSI where only a few of the stocks comprise most of the total investment weight. The more concentrated the benchmark and the higher the active risk target, the wider the distribution of individual asset weights in the portfolio will be and the more binding the weighting constraints will be. It is shown that constraints on short positions are more binding on assets with small weightings in the benchmark illustrating the asymmetrical sub-optimal effect of these constraints when they are applied uniformly across the investment opportunity set. It is argued that requiring long-only managers to increase their active positions and/or active risk in a concentrated investment environment further constrains them in their ability to express their best investment view and increases their competitive disadvantage relative to unconstrained funds taking similar risk. The research presented in this thesis measures the nature and size of the impacts of the market concentration, cross sectional return dispersion and restrictions on short sales that are implied by the investment mandate on the quality of the investment portfolio, providing analysis and techniques which can inform and improve the quality of the relationship between fund sponsor and fund manager. The more appropriate the investment mandate and the monitoring of the fund’s performance subject to this mandate, the more effective the manager’s risk-taking on behalf of their investors will be. This is the principle that this research aims to serve.

Thesis (PhD)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: The traditional ways in which manufacturers of crop protection products exercised control over distribution systems have diminished in their impact. Control was based on quality products, the power of the brand, an installed customer base and a broad portfolio of mostly patented products. Manufacturers of crop protection products need to review the manner in which these products are marketed, which distribution system management models are to be used, and the importance that is placed on distribution system management in the marketing mix. The primary aim of this study was defined as: "The development of appropriate distribution system management models for application in South Africa and Australia~. The secondary aim was defined as: "Establishing the key factors which determine the relationship between manufacturers and distributorsn . The dominant economic characteristics of the global crop protection industry are deemed to consist of a global market valued at US $28,090 mio, a mature market in a decline phase, the rapid consolidation of industry players, increased generic product manufacturer activity and an overall decline in manufacturer profitability. In South Africa crop protection product manufacturers use approximately 46 independent distributors to market products on farms through 600 affiliated commissioned sales agents. In Australia the distribution of crop protection products is much more concentrated. Distribution is essentially controlled by five national distributors and their coupled salaried representatives. Manufacturers therefore rely on third parties for the marketing of their products to farmers in both countries. The applicable problem statement has been formulated to select a distribution system management model that will: (i) optimally balance direct distribution related cost and subsequent levels of control over distributors; (ii) maximise the probability that a distributor will buy and actively promote the complete product portfolio of a for high levels of interpersonal relationship maintenance; and (vi) manufacturers have to instill the philosophy that distribution system management is part of a manufacturer's strategic business and marketing focus and not simply a task to be performed by a third party. / AFRIKAANSE OPSOMMING: Die tradisionele maniare waarop die vervaardigers van oesbeskermingsprodukte beheer kan uitoefen oor verspreidingsisteme is nie meer so suksesvol nie. Beheer was gebaseer op kwaliteil produkte, die mag van die handelsmerk:n gevestigde klientebasis en 'n wye produktereeks,bestaande uit gepatenteerde produkte, Vervaardigers van oesbeskermingsprodulcte moet die wyse waarop hierdie produkte bemark word, watter verspreidingsisteem bestuursmodelle gebruik word en die belangrikheid wat geplaas word op die bestuur van die verspreidingsisteme in die totala bemarkingspoging in heroorweging neern. Die primere doelstelling van hierdie studie is: "Die ontwikkeling van toepaslike verspreidingsisteem bestuursmodelle vir toe passing in Suid-Afrika en Australia. "Die sekondere doelstelling is: "Die vas stelling van die sleutelfaktore wat die verhouding tussen velVaardigers (verskaffers) en verspreiders bepaar. Die dominante ekonomiese kenmerke van die globale oesbeskermingsindustrie is 'n markwaarde in VSA $ 28,090 miljoen, 'n stagnante mark in 'n agteruitgang lase, die drastiese konsolidasie van die industrie spelers, 'n toename in die aktiwiteite van die generiese produkvervaardigers en 'n algemene daling in die winsgewindheid van die vervaardigers. In Suid-Afrika gebruik die vervaardigers van die oesbeskermingsprodukte ongeveer 46 onafhanklike verspreiders om die produkte op plaasvlak te bemark met behulp van 600 geaffilieerde kommissie agente. Die verspreiding van oesbeskermingsprodukte is baie meer gekonsentreerd in Australie. Verspreiding word in wese beheer deur vyf nasionale verspreiders en hulle spanne van verkoopsteenwoordigers wat 'n salaris verdien. In beide lande moet velVaardigers van oesbeskermingsprodukte staatmaak op onafhanklike instansies vir die bemarking van hul produkte op plaasvlak. Die probleemsteiling is dus die uitdaging om 'n verspreidingsisteem bestuursmodel t9 ontwikkel wat: (i) . n optima Ie balans sal gee tussen direkte verspreidingskoste en gekoppelde vlakke van beheer oor verspreiders; (ii) die waarskynlikheid dat . n verspreider die betrokke produkreeks van die vervaardiger sal aankoop en aktief sal promoveer; (iii) dit kan bereik in . n mark waar verspreiders talle bronne het van soortgelyke produkte teen kompeterende pryse. Gebaseer op die sekondere navorsing wat gedoen is wit dit blyk dat daar 'n algemene konsensus is dat daar n nei9in9 weg is van transaksie spesifieke besigheidsverhoudings na besigheidsverhoudings gebaseer op vennootskap gebaseerde benaderings in die interaksie tussen vervaardigers (verskaffers) en verspreiders. Hierdie tipe besigheidsverhouding word gekenmerk deur hoe vlakke van onderlinge vertroue, wedersydse verbintenis, konflik hanteringsmeganismes en goeie wedersydse kommunikasie. Primere navorsing is in Suid-Afrika (253 respondente) en Australia (180 respondente) gedoen. Implikasies vir die konstruksie van verspreidingsisteem bestuursmodelle wat voortvloei uit hierdie navorsing sluit in die belangrikheid dat on vervaardiger on wye en gesogte produkreeks het, die vereiste dat produkte beproefde effektiwiteit het, produkte kompeterend geprys is, die vereiste vir hoe vlakke van verskaffer opvolgdiens en die vereiste vir goeie interpersoonlike verhouding tussen werknemers van beide die vervaardigers en die verspreiders. Hierdie elemente moet ondermeer gerugsteun word deur goeie kommunikasiesisteme. Die "idea Ie" verspreidingsisteem bestuursmodelle is vervolgens voorgestel vir beide Suid-Afrika en Australie, gebaseer op die bevindinge van ondermeer die sekondere- en primere navorsing. Hierdie mode lie het ten doel om toepaslike strukture en besigheidsbenaderings vir vervaardigers daar te stel om hulle behulpsaam te wees om die geidentifiseerde behoeftes van die verspreiders aan te spreek.

Thesis (PhD (Business Management))--University of Stellenbosch, 1992. / ENGLISH ABSTRACT: In this dissertation the association between inflation-adjusted data and the behaviour of share prices is investigated. The primary purpose of this investigation is to make a contribution to the body of knowledge regarding share price behaviour, and more specifically with respect to the relationship between inflation accounting and the share market. The disclosure of inflation-adjusted data is not mandatory in South Africa, and few companies have disclosed supplementary current cost income statements. A somewhat larger number of companies make provision for inflation in their financial results by revaluing their assets and accounting for additional depreciation. Prior to 1984 a fair proportion of the companies listed on the Johannesburg Stock Exchange also used the LIFO method of inventory valuation. The disclosed inflation-adjusted data is very limited, necessitating the estimation of the inflation-adjusted data. To estimate the inflation adjustments, a number of inflation accounting models were developed based either on AC 201 or other suggestions found in the literature. These models were then applied to the financial results of listed industrial companies. In the first empirical analysis contained in this dissertation the inflation adjustments generated by the various models were compared to identify unique models for further use in the market related empirical work. From this analysis it was established that AC 201 is open to such a divergent interpretation that significantly different inflation adjustments are generated. From the literature reviewed, three research designs showed promise for application to the market related empirical analyses. The first design used was the event study which was used to evaluate the share market's reaction to the abolition of the tax benefits associated with the LIFO method of inventory valuation. The share market showed no significant reaction for a period of 21 weeks surrounding the announcement, making possible statements regarding the relative efficiency of the Johannesburg Stock Exchange impossible. It was, however, established that the research design used is very sensitive to sample formation, and it is recommended that special care should be used in market related studies to ensure that both operating and holding companies are not included in the same sample. The second research design used was the incremental information content design. Limited incremental information content was found in the inflation-adjusted income for companies which disclosed no inflation adjustments. For companies that did disclose some aspects of inflation accounting, the inflation-adjusted income was often the better explanatory variable of the residual share returns, but no incremental information content could be detected. Based on analyses performed on single years of data it was found that the inflation-adjusted income was as good an explanatory variable of the residual share returns as the historic cost variable. The final research design used was the income measurement perspective. It was found that in general the historic cost income behaved as expected, but the inflation adjustment to income seldom displayed any income measuring properties. The only inflation accounting model that displayed signs of income measurement properties contained as part of its adjustment unrealised holding gains on fixed assets. This could be a indication that the disclosure of unrealised holding gains could be useful. The lack of results found for AC 201 possibly points to its inadequacy. In general the relationship between the inflation-adjusted data and the share market was found to be very weak. / AFRIKAANSE OPSOMMING: In hierdie proefskrif word die verwantskap tussen inflasie-aangepaste data en die gedrag van aandeelpryse ondersoek. Die primere doel met hierdie studie is om by te dra tot die kennis oor die gedrag van aandeelpryse, en dan meer spesifiek met betrekking tot die verwantskap tussen inflasie-rekeningkunde en die aandelemark. In Suid-Afrika is dit nie verpligtend om inflasie-aangepaste data bekend te maak nie, en min maatskappye publiseer 'n aanvullende inkomstestaat van huidige koste. 'n Ietwat groter aantal maatskappye maak voorsiening vir inflasie in hul finansiele resultate deur hul bates te herwaardeer en addisionele waardevermindering af te skryf. Voor 1984 het 'n aantal maatskappye wat op die Johannesburgse Effektebeurs genoteer is, ook voorraad volgens die LIEU metode gewaardeer. Slegs beperkte inflasie-aangepaste data is dus beskikbaar, wat die skatting van sodanige data noodsaak. Om die inflasie-aangepaste data te kan skat, is 'n aantal inflasie-rekeningkunde modelle ontwikkel, op grond van of RE 201 of ander voorstelle in die literatuur. Hierdie modelle is daarna toegepas op die finansiele resultate van genoteerde nywerheidsmaatskappye. In die eerste empiriese ondersoek wat in hierdie proefskrif vervat is, is die inflasieaanpassings wat deur die onderskeie modelle gegenereer is, met mekaar vergelyk om te bepaal watter uniek is vir gebruik in die markverwante empiriese ondersoek wat volg. Met hierdie ondersoek is vasgestel dat RE 201 so uiteenlopend vertolk kan word dat inflasie-aanpassings wat statisties beduidend van mekaar verskil, gegenereer word. Uit die literatuur wat bestudeer is, blyk dit dat drie verskillende navorsingsontwerpe geskik vir toepassing in die markverwante ondersoeke is. Die eerste ontwerp wat gebruik is, is die gebeurtenisstudie waarmee die effektebeurs se reaksie bepaal is op die afskaffing van die belastingvoordeel wat aan die LIEU-voorraadwaardasie gekoppel was. Die effektebeurs het gedurende die 21 weke rondom hierdie aankondiging geen betekenisvolle reaksie getoon nie. Dit maak enige afleidings oor die relatiewe doeltreffendheid van die effektebeurs onmoontlik. Daar is wel vasgestel dat die navorsingsontwerp baie sensitief vir die samestelling van die steekproef is. Dit word aanbeveel dat sorg gedra behoort te word dat 'n bedryfsmaatskappy nie saam met sy houermaatskappy in dieselfde steekproef opgeneem word nie. Die tweede navorsingsontwerp wat gebruik is, berus op die inkrementele inligtingsinhoud. Die inflasie-aangepaste inkomstesyfers van maatskappye wat geen aanpassings vir inflasie toon nie, bevat beperkte inkrementele inligting. Vir maatskappye wat wel inflasieaanpassings openbaar maak, is die inflasie-aangepaste inkomstesyfer dikwels die beste beskrywende veranderlike van die residuele aandeelopbrengste, maar geen inkrementele inligting kon gevind word nie. Uit ontledings wat op 'n jaarbasis uitgevoer is, kan daar afgelei word dat die inflasie-aangepaste inkomstesyfer net so 'n goeie beskrywende veranderlike van die residuele aandeelopbrengste as die historiesekoste-inkomstesyfer is. Die laaste navorsingsontwerp wat gebruik is, berus op die inkomstemetingsperspektief. In die algemeen is daar gevind dat die historiesekoste-inkomstesyfer volgens verwagting reageer, maar dat die inflasie-aanpassing selde enige inkomstemetingseienskappe bevat. Die enigste inflasie-rekeningkunde model wat tekens van inkomstemetingseienskappe toon, bevat ongerealiseerde houwinste op vaste bates as deel van sy regstelling. Dit kan beskou word as 'n teken dat die openbaarmaking van ongerealiseerde houwinste nuttig kan wees. Die gebrek aan betekenisvolle resultate vir RE 201 hou die moontlikheid in dat dit ontoereikend is. In die algemeen is gevind dat die verwantskap tussen inflasie-aangepaste data en die gedrag van aandele op die effektebeurs baie swak is.

Thesis (PhD)--Stellenbosch University, 2004 / ENGLISH ABSTRACT: To the world community at large globalisation has been a gradual process, whereas its impact in South Africa was more intensive and concentrated over a shorter period of time - in particular since South Africa's return to the international community in the early to middle 1990s, its economy, inter alia, has had to adjust to this phenomenon. It is within this environment that all enterprises constituting the South African economy also had to adapt and adjust to a new world environment. From the middle 1980s a new discourse in the literature on the effect of a "new" style of leadership (based on continuous learning, renewal, innovation and entrepreneurship) was reported on in which these leaders brought about significant change in organisations. These leaders recognise the need for change in their organisations. They create a new vision. They bring about change in their organisations to meet the challenges from the changing environment and have been accordingly recognised as transformational leaders. This leadership style has been extensively reported on in large organisations, in both the private and the public sectors. For example, literature and research abound on the impact of transformational leaders in large business enterprises (e.g. Lee lacocca of Chrysler, Jack Welch of General Electric) and government institutions, such as education, the military and health (e.g. Nelson Mandela of South Africa, Mahatma Ghandi of India). A review of the literature on the impact of transformational leadership in large organisations, without fail, reports significant manifestations of success in those organisations' growth, cohesion and development into' more successful and competitive units. Concomitantly, it is generally acknowledged by the World Bank, the International Monetary Fund, the European Union, the Asian Development Bank and other organisations of similar position, that small to medium-sized enterprises (SMEs) shape the very foundation of the majority of successful economies. The impact of transformational leadership in small and medium-sized enterprises (SMEs) has not been measured and reported on in an empirical appraisal and surprisingly little has been forthcoming on the role and impact of transformational leadership in SMEs globally. However, from an entrepreneurial perspective, much has been researched and written on the qualities that support risk-taking, innovation and competition in SMEs. It is within this context that it was decided to investigate the concept of transformational leadership in entrepreneurs, i.e. that group of people who are generally referred to as the drivers of the economy. This dissertation reviews the literature on leadership practices and styles in organisations as a basis to specifically identify the co-producers of leadership in entrepreneurs in SMEs. It is within this context that an empirical study on aspects of transformational leadership in SMEs in a South African context was conducted. This empirical survey verifies the relationship between characteristics of these entrepreneurs and characteristics typically associated with transformational leaders, as manifested in large organisations. Therefore, given the above empirical evidence, the model developed for this study defines the qualities of a transformational leader which will enable those leaders/entrepreneurs (in SMEs with growth potential) to take their organisations from average performance levels to levels comparable to world-class leadership and competitiveness. / AFRIKAANSE OPSOMMING: Vir die wêreldgemeenskap in sy geheel was globalisering 'n geleidelike proses, terwyl die impak daarvan op Suid-Afrika meer intensief en gekonsentreerd oor 'n korter tydperk plaasgevind het - meer spesifiek sedert Suid-Afrika se terugkeer gedurende die vroeë tot middel 1990s tot die internasionale gemeenskap waartydens die ekonomie, onder andere, tot hierdie verskynsel moes aanpas. Dit is binne hierdie omgewing waarbinne alle ondernemings wat die basis van die ekonomie vorm, tot die nuwe wêreldomgewing moes aanpas. Vanaf die middel 1980s is daar redevoering in die literatuur oor die invloed van 'n "nuwe" leierskapstyl (met die uitgangspunte van verandering, innovering en entrepreneurskap) waarvolgens hierdie leiers aansienlike verandering in hul organisasies teweegbring. Hierdie leiers begryp die noodsaaklikheid van verandering en skep sodoende 'n nuwe visie binne hulorganisasies. Hulle bring verandering binne hierdie organisasies teweeg en aanvaar die uitdagings vanuit die omgewing - hierdie leiers word as transformasieleiers uitgeken. Vanuit die oogpunt van beide groot, privaat- en openbare organisasies, word hierdie leierskapstyl omvattend vermeld; byvoorbeeld, in navorsing en literatuur is voldoende verwysings oor die invloed van transformasieleierskap in groot ondernemings (bv. Lee lacocca van Chrysler, Jack Welch van General Electric) en in staatorganisasies, soos in opvoeding, die militêre asook gesondheid (bv. Nelson Mandela van Suid-Afrika, Mahatma Ghandi van Indië). 'n Literatuuroorsig oor die invloed van transformasieleierskap op groot organisasies dui sonder uitsondering op 'n beduidende invloed van sukses in die groei van hierdie ondernemings aan, asook beter spanwerk en die ontplooiing van meer suksesvolle en mededingengde eenhede binne hierdie organisasies. Insgelyks, word dit algemeen deur die Wêreldbank, die Internasionale Monetêre Fonds, die Europese Gemeenskap, die Asiese Ontwikkelingsbank en ander soortgelyke organisasies aanvaar dat klein tot middelgroot-ondernemings (KMOs) die onderbou van die meerderheid van susksesvolle ekonomië vorm. Vanuit 'n entrepreneuriese perspektief is 'n aansienlike hoeveelheid navorsing en publikasies reeds oor die faktore gedoen wat entrepreneurskap in KMOs ondersteun, naamlik risikoneming, innovering en mededining. Dog, vanuit 'n empiriese benadering, is daar nog nie navorsing oor die invloed van transformasieleierskap in KMOs gelewer nie. Dit is binne hierdie konteks dat die besluit geneem is om die konsep van transformasieleierskap in entrepreneurs te ondersoek, m.a.w. daardie groep mense waarna oor die algemeen as die dryfkrag van die ekonomie verwys word. As vertrekpunt ondersoek hierdie verhandeling die literatuur met betrekking tot leierskapgebruike en -style in organisasies, om sodoende meer spesifiek die medeprodusente van leierskap in entrepreneurs in KMOs te bepaal. Vanaf hierdie vertrekpunt word die empiriese ondersoek geloods en voltooi om die teenwoordigheid van transformasieleierskap in KMOs in Suid-Afrika te bepaal. Die empiriese navorsing bevestig die verwantskap tussen die eienskappe van hierdie entrepreneurs en die eienskappe wat tipies aan transformasieleiers in groot organisasies toegeskryf word. Gegewe die bogenoemde empiriese bevindinge omskryf die model (wat gevolglik vir hierdie studie ontwikkel is) die eienskappe van transformasieleiers wat vir leiers/entrepreneurs (in KMOs met groeimoontlikhede) van nut sal wees om sodoende hulondernemings tot prestasievlakke te neem wat met wêreldleierskap en mededingingheid vergelyk kan word.

Thesis (PhD (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: During the past 15 years knowledge management has emerged as a key new organisational practice with numerous organisations implementing processes aimed at facilitating knowledge creation, integration and sharing. With knowledge management positioned as a strategic imperative, numerous studies have explored its resource-base and management alternatives. These studies have played an important role in establishing knowledge management as a field of inquiry within the business sciences, but a number of weaknesses put knowledge management at risk of becoming another passing fad. Previous research tends to prescribe a tool, method or way of looking at knowledge while disregarding any differences in organisational context and displaying little attempt to differentiate organisations in a meaningful way. This assumed homogeneity constitutes a deficiency in knowledge management research. The knowledge-based view of the firm emphasises distinct knowledge as the key source of firm heterogeneity, and the role of the organisation as that of knowledge creation. This view largely ignores the personal and social nature of knowledge, and the role of the firm in providing the organisational context for creating, sharing and integrating knowledge. Knowledge management, as an embodiment of the knowledge-based view, thus also fails to explore organisational context as a possible source of competitive advantage, thereby limiting the potential of knowledge management initiatives. The central theme of the study is that the capacity to provide an institutional context for the creation, sharing and integration of knowledge, henceforth the knowledge-centric capability, rather than distinct knowledge, is the key strategic resource of the organisation. The objective of the study therefore is to understand how different knowledge-centric capabilities configure in different organisational contexts. The objective is achieved by addressing three research questions, namely what dimensions can be used to describe a knowledge-centric capability, what configurations of knowledge-centric capabilities emerge in different organisational contexts, and why do specific configurations of knowledge-centric capabilities emerge in specific organisational contexts? Considering the philosophical foundations of the study, namely knowledge as personal, social and context-specific and the organisation as an open, adaptive system, the study follows a social constructionist research philosophy. The study’s focus on identifying emerging patterns or configurations of knowledge-centric capabilities necessitates a configurational research approach. This allows the study to move beyond uncovering relationships that hold across all organisations, affording the opportunity to identify multi-dimensional constellations of conceptually distinct characteristics that commonly occur together. A sequential mixed-method research methodology is employed to address the research objective and research questions. First a conceptual framework is developed from the extant literature in order to identify the dimensions of a knowledge-centric capability. Next a theorydriven survey, based on the dimensions of the conceptual framework, is employed to obtain data from which the configurations of knowledge-centric capabilities are derived using cluster analysis. Finally, four case studies are presented to explain the emergence of the configurations within specific organisational contexts. This research is important for two main reasons. First, it addresses the identified shortcoming of existing research by providing a mechanism to explore an organisation’s knowledgecentric capability following a context-sensitive approach. Second, the research demonstrates that knowledge-centric capabilities can indeed be used to differentiate between organisations at a strategic level. / AFRIKAANSE OPSOMMING: Die afgelope 15 jaar het kennisbestuur as ‘n belangrike nuwe besigheidspraktyk ontwikkel, met talle ondernemings wat prosesse implementeer wat daarop gemik is om die skepping, integrasie en deel van kennis te fasiliteer. Met die posisionering van kennisbestuur as ‘n strategiese noodsaaklikheid, het verskeie studies die hulpbron-basis en bestuurs alternatiewe ondersoek. Hierdie studies het ‘n belangrike rol gespeel om kennisbestuur as ‘n navorsingsveld te vestig in die bestuurswetenskappe, maar ‘n aantal gebreke laat kennisbestuur die gevaar loop om net ‘n verbygaande gier te word. Bestaande navorsing neig om ‘n instrument, metodiek of manier voor te skryf om na kennis te kyk. Maar terselfdetyd word enige verskille in organisasies se konteks geïgnoreer en is daar min aanduiding van ‘n poging om organisasies op ‘n sinvolle wyse te onderskei. Hierdie veronderstelde homogeniteit vorm ‘n gebrek in kennisbestuur navorsing. Die kennis-perspektief van die organisasie beklemtoon unieke kennis as die belangrikste bron van firma heterogeniteit, en die rol van die organisasie as dié van kennis skepping. Hierdie uitkyk ignoreer grotendeels die persoonlike en sosiale aard van kennis en die rol van die firma in die voorsiening van ‘n organisasie konteks vir die skep, deel en integrasie van kennis. Kennisbestuur, as ‘n vergestalting van die kennis perspektief, faal dus ook om organisasie konteks to ondersoek as ‘n moontlike bron van mededingings voordeel. Sodoende word die potensiaal van kennisbestuur inisiatiewe beperk. Die uitganspunt van die studie is dat die kapasiteit om ‘n institusionele konteks te voorsien vir die skeppping, deel en integrasie van kennis, of te wel die kennis-sentriese vermoë, eerder as unieke kennis die kern strategiese helpbron van ‘n organisasie is. Die doel van die studie is dus om te verstaan hoe verskillende kennis-sentriese vermoëns konfigureer in verskillende organisasie kontekste. Die doel word behaal deur drie navorsingsvrae te adresseer, naamlik watter dimensies kan gebruik word om ‘n kennis-sentriese vermoë te beskryf, watter konfigurasies van kennis-sentriese vermoëns tree na vore in verskillende organisasie kontekste en waarom tree spesifieke konfigurasies van kennis-sentriese vermoëns na vore in spesifieke organisasie kontekste? Met inagneming van die filosofiese grondslag van die studie, naamlik kennis as persoonlik, sosiaal en konteks-spesifiek en die organisasie as ‘n oop, aanpasbare stelsel, volg die studie ‘n sosiaal konstruksionistiese navorsingsfilosofie. Die studie se fokus op die identifisering van patrone en konfigurasies van kennis-sentriese vermoëns, noodsaak ‘n konfigurasionele-benadering tot die navorsing. Dit laat die studie toe om verder te gaan as om bloot verwantskappe te identifiseer wat vir alle organisasies geld, en stel die studie in staat om multi-dimensionele konstellasies van konseptueel-unieke eienskappe wat tipies saam voor kom te identifiseer. ‘n Sekwensieële gemengde metode navorsingsmetodologie is gebruik om die navorsingsdoel en navorsingsvrae te addresseer. Eerstens is ‘n konseptuele raamwerk uit die bestaande literatuur ontwikkel om sodoende die dimensies van ‘n kennis-sentriese vermoë te identifiseer. Volgende is ‘n teorie-gedrewe vraelys, gebaseer op die dimensies van die konseptuele raamwerk, gebruik om die data te versamel waaruit die konfigurasies van kennissentriese vermoëns met die gebruik van trosanalise. Laastens is vier gevallestudies ontwikkel om die figurering van die konfigurasies binne spesifieke organisasie kontekste te verduidelik. Hierdie navorsing is belangrik vir twee bepaalde redes. Eerstens adresseer dit die geïdentifiseerde tekortkoming van bestaande navorsing deur ‘n meganisme te voorsien waarmee ‘n organisasie se kennis-sentriese vermoë ondersoek kan word, deur ‘n kontekssensitiewe benadering te volg. Tweedens demonstreer die navorsing dat kennis-sentriese vermoëns inderdaad gebruik kan word om op ‘n strategiese vlak tussen organisasies te onderskei.

Thesis (PhD (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: The South African tourism industry has undergone transformation with numerous “windows of opportunity” having been opened for tourism entrepreneurs. The South African small, micro and medium tourism enterprises (SMMTE) sector, however, faces numerous challenges. To ensure long-term sustainability, according to Whittle (2000: 8), the owners of SMMTEs need to make efficient and effective business decisions about the internal and external threats and challenges their businesses face. This will ensure that they have sufficient strategic information on which to base decisions in order to maintain their competitive advantage in the tourism industry. Motivation/problem statement: Small business planning behaviour is described as unstructured, irregular and incomprehensive. This characterises SMMTE strategising as incremental, sporadic and reactive. A clear need for strategic planning and management coordination of SMMTEs is identified in the light of increasing competition in the tourism industry and the dominance of large international companies in most sectors of the tourism industry (Cooper & Buhalis, 1996: 101). This study examines determinants of strategic behaviour through a sample frame of formally registered SMMTEs in South Africa. Because of the importance of the issue for a developing economy such as South Africa, the study contributes toward an improved understanding of strategic determinants of sustainable business performance at SMMTE level. It is against this background that the study examines the extent to which linkages or relationships can be established between the characteristics or attributes that are unique to SMMTE owners and manifestations of strategic behaviour. The overall research question in this study is: Do relationships exist between the attributes of SMMTE owners and strategic behaviour? Methods/procedure/approach: The research design for the proposed study primarily involves descriptive and explanatory research. The purpose of using this methodology is to determine predictors of strategic behaviour of SMMTEs in South Africa. Primary and secondary data gathering methods are used in this study. The target-sampling frame is the formally registered SMMTEs in South Africa, and the research sample is determined through using a systematic random sampling method, stratified by province. The study focuses on two elements, namely profile attributes of the SMMTE owner and preferred strategic behaviour that has manifested within the SMMTE. The possible preferred relationship between these two elements is addressed from a theoretical perspective with the basic premise that some of the manifestations of the SMMTE owners’ strategic behaviour have a better likelihood of success. On the basis of this conceptual framework, the development of a suitable data-gathering instrument is discussed and developed to determine the degree of SMMTE strategic behaviour in the ventures. Results/findings/product: The descriptive statistical aspect of the research is discussed in detail. The business characteristics, profiles of the typical attributes or traits of the SMMTE owners, as well as their demographic profiles are discussed in detail. This study further investigates a possible relationship between strategic behaviour (the dependent variable) and entrepreneurial attributes (independent variables) using inferential statistics. The relationships and constructs, as depicted in the a priori model, are empirically tested by means of various statistical techniques: • Reliability testing of the data set is conducted (ref. Section 7.5); • The validity of the research instrument is determined (ref. Section 7.6); • The reliability of the new constructs after exploratory factor analysis is determined (ref. Section 7.6.2); • The relationships between the selected variables are investigated through Spearman’s rho and ANOVA (ref. Section 7.7); and • The relationships between the selected variables of the hypothesis are further investigated (ref. Section 7.7.2) through regression analysis. The research results support an overall statistically significant association between the independent and dependent variables, and the acceptance of the alternative hypothesis (and the rejection of the null hypothesis), namely that there is an association between certain attributes of the owners of the SMMTEs (which is characterised by locus of control, reasons for starting a business, holistic capabilities, formal management education and prior experience) and preferred strategic behaviour. However, the research findings do not support an overall statistically significant association between the risk propensity independent variable and strategic behaviour dependent variables. Consequently the following null sub-hypothesis (ref. Section 7.2.2) is accepted: There is no relationship between risk propensity and strategic behaviour. Conclusion/implications: The study makes various recommendations for further research (ref. Section 8.5.1) and explains the practical implications (ref. Section 8.5.2) thereof. The findings of this study have identified entrepreneurial attributes that have a significant association with strategic behaviour and have made a contribution toward the largely underresearched subject of the role of strategy in entrepreneurship. The study has further applied this to a largely under-researched economic sector in South Africa, namely tourism. The results in this study have produced a foundation for further analysis of the attributes of SMMTE entrepreneurs and the manifestation of strategic behaviour in SMMTEs. / AFRIKAANSE OPSOMMING: Die Suid-Afrikaanse toerismebedryf is getransformeer en dit het talle geleenthede vir toerisme-entrepreneurs in dié bedryf laat ontstaan. Die sektor vir klein, mikro- en middelgrootte toerismeondernemings (KMMTO’s) in Suid-Afrika staan egter voor talle uitdagings. Om volhoubaarheid op lang termyn te verseker, moet die eienaars van KMMTO’s volgens Whittle (2000: 8) doeltreffende en doelmatige sakebesluite neem oor die interne en eksterne bedreigings en uitdagings waarvoor hul ondernemings te staan kom. Dit sal verseker dat hulle oor voldoende strategiese inligting beskik waarop hulle besluite kan grond sodat hulle 'n mededingende voordeel in die toerismebedryf kan volhou. Motivering/probleemstelling: Die beplanningsgedrag van klein ondernemings word as ongestruktureerd, onreëlmatig en onvolledig beskryf. Dit tipeer die strategiese beplanning van KMMTO’s as inkrementeel, sporadies en reaktief. 'n Duidelike behoefte aan strategiese beplanning en bestuurskoördinering word by KMMTO’s geïdentifiseer in die lig van groter mededinging in die toerismebedryf en die oorheersing van groot internasionale maatskappye in die meeste sektore van die toerismebedryf (Cooper & Buhalis, 1996: 101). Hierdie studie ondersoek die bepalers van strategiese gedrag deur middel van 'n steekproefraamwerk van formeel geregistreerde KMMTO’s in Suid-Afrika. Omdat hierdie kwessie vir 'n ontwikkelende ekonomie soos dié van Suid-Afrika belangrik is, dra die studie by tot 'n beter begrip van die strategiese bepalers van volhoubare sakeprestasie op KMMTO-vlak. Dit is die agtergrond wat die studie gebruik om vas te stel tot watter mate daar verwantskappe of verhoudings bestaan tussen die kenmerke of eienskappe wat uniek aan KMMTO-eienaars is en die manifestering van strategiese gedrag. Die oorkoepelende navorsingsvraag in hierdie studie is: Bestaan daar verwantskappe tussen die kenmerke van KMMTO-eienaars en strategiese gedrag? Metodes/prosedure/benadering: Die navorsingsontwerp vir die voorgestelde studie behels hoofsaaklik beskrywende en verduidelikende navorsing. Die doel van die gebruik van hierdie metodologie is om die voorspellers van strategiese gedrag van KMMTO’s in Suid-Afrika te bepaal. Primêre en sekondêre metodes van datainsameling is in die studie gebruik. Die steekproefraamwerk bestaan uit formeel geregistreerde KMMTO’s in Suid- Afrika en die navorsingsteekproef is bepaal deur 'n sistematies ewekansige steekproefmetode te gebruik wat volgens provinsie gestratifiseer is. Die studie lê klem op twee elemente, naamlik die profielkenmerke van KMMTO-eienaars en die voorkeur strategiese gedrag wat in die KMMTO manifesteer. Die moontlike voorkeurverhouding tussen hierdie twee elemente word vanuit 'n teoretiese perspektief beskou met die basiese uitgangspunt dat sommige manifestasies van die KMMTO-eienaars se strategiese gedrag 'n beter kans op sukses het. Die ontwikkeling van 'n toepaslike datainsamelingsinstrument word op grond van hierdie konseptuele raamwerk bespreek en ontwikkel om die graad van strategiese gedrag in die ondernemings te bepaal. Resultate/bevindings/produk: Die beskrywende statistiese aspek van die navorsing word breedvoerig bespreek. Die besigheidskenmerke, profiele van die tipiese kenmerke of eienskappe van die KMMTO-eienaars sowel as die demografiese profiele van die KMMTO eienaars word ook breedvoerig bespreek. Hierdie studie ondersoek ook 'n moontlike verwantskap tussen strategiese gedrag (die afhanklike veranderlike) en entrepreneurskenmerke (onafhanklike veranderlikes) met behulp van inferensiële statistiek. Die verhoudings en konstrukte, soos in die a priori-model uitgebeeld, word empiries deur middel van verskeie statistiese tegnieke getoets: • Betroubaarheidstoetsing van die datastel word uitgevoer (verw. Afdeling 7.5); • Die geldigheid van die navorsingsinstrument word bepaal (verw. Afdeling 7.6); • Die betroubaarheid van die nuwe konstrukte word ná verkennende faktorontleding bepaal (verw. Afdeling 7.6.2); • Die verhoudings tussen die geselekteerde veranderlikes van die hipotese word met Spearman se rho en ANOVA (verw. Afdeling 7.7) getoets; en • Die verhoudings tussen die geselekteerde veranderlikes van die hipotese word verder (verw. Afdeling 7.7.2) deur regressieontleding getoets. Die navorsingsresultate ondersteun 'n oorkoepelende en statisties beduidende verband tussen die onafhanklike en afhanklike veranderlikes, en die aanvaarding van die alternatiewe hipotese (en die verwerping van die nulhipotese), naamlik dat daar 'n verband is tussen sekere van die eienskappe van die KMMTO-eienaars (wat gekenmerk word deur lokus van beheer, redes vir die vestiging van 'n besigheid, konseptuele/perseptuele vermoëns, formele bestuursopleiding en vorige ondervinding) en voorkeur strategiese gedrag. Die navorsingsbevindinge ondersteun egter nie 'n oorkoepelende statisties beduidende verband tussen risikogeneigdheid as onafhanklike veranderlike en strategiese gedrag as afhanklike veranderlikes nie. Die volgende nulsubhipotese (verw. Afdeling 7.2.2) word dus aanvaar: Daar is geen verwantskap tussen risikogeneigdheid en strategiese gedrag nie. Gevolgtrekking/implikasies: Die studie maak verskeie aanbevelings vir verdere navorsing (verw. Afdeling 8.5.1) en verduidelik die praktiese implikasies hiervan (verw. Afdeling 8.5.2). Die bevindinge van hierdie studie identifiseer die entrepreneurskenmerke wat 'n beduidende verband met strategiese gedrag toon en wat 'n bydrae lewer tot die rol van strategie in entrepreneurskap – 'n onderwerp wat nie voldoende nagevors is nie. Die studie pas dit ook toe op toerisme – 'n ekonomiese sektor in Suid-Afrika wat ook nie voldoende nagevors is nie. Die resultate van hierdie studie vorm 'n grondslag vir die verdere ontleding van die eienskappe van KMMTO-entrepreneurs en die manifestering van strategiese gedrag in KMMTO’s.

Thesis (PhD (Business Management))--University of Stellenbosch, 2006. / ENGLISH ABSTRACT: This study investigates whether any exploitable pauems exist in a sample of ten African stock markets that could lead to abnonnal gains. Southern Africa is represented by Botswana, Namibia. Mauritius and Zimbabwe, East Africa by Kenya, West Africa by Ghana and the BRVM, and North Africa by Egypt, Morocco and Tunisia. Such evidence, if it exists, provides ground for refutation of the weak form of the efficient market hypothesis (EM H) as defined by Farna (1965. 1970). The thesis is predominantly empirical, but also provides an overview of African stock markets, the theoretical framework on which the study is based and the impact of the advancement in information technology on market efficiency. The results show that the distribution of stock returns on African stock markets is not normal, and that the deviation from normality is significantly pronounced with almost all the stocks rejecting nonnality using the Kolmogorov-Smimov test at the I % level of significance. The stock price behaviour of the abovementioned stock markets is investigated by testing the random walk hypothesis using the simple serial correlation and runs tests. The investigation is done using returns calculated on a trade-to-trade basis and adjusted for interval variability by weighting each trade-to-trade return by the number of days between trades. While the first part of this analysis only includes the markets on which dividend information could be obtained, the second part includes all the ten markets with returns referring to capital gains. However, it is shown that dividend information does not have a serious impact on the results. While the majority of stocks, especially those for Mauritius and Ghana, reject the random walk hypothesis, only Namibia, Kenya and Zimbabwe, can be said to be weak form efficient. While thin trading is known to cause econometric and statistical problems in empirical tests, thin trading has been taken as given in most studies. In this thesis, the seriousness of thin trading on African stock markets and its implications for efficiency testing is empirically investigated. A comparison of the random walk test results when returns are calculated normally and when the trade-to-trade approach and its variant, the adjusted trade-la-trade approach, are used is carried out. It is found that thin trading is indeed a severe problem on African markets and that there are some differences in the random walk results due to the different methods used to calculate returns. Investigating in-sample predictability using linear models appears to be the norm in most tests of the EMH. This thesis argues that the return-generating process may not be linear and if that is the case, the nonlinear models may outperform the linear models in out-of-sample forecasting. The random walk is considered a true description of stock price behaviour only if it is not outperformed by any of the alternative models in forecasting stock prices out-of-sample. This is empirically tested using the indices data of the African stock markets in the sample. It is found that alternative models, in most instances, outperform the random walk model in out-of-sample forecasting. The random walk results are substantiated by the results on seasonal patterns and other anomalies to the efficient market hypothesis such as the finn size and price earnings (PIE) effects. Size and PIE ratios have been identified as significant predictors of stock returns in other markets. In particular, it has been suggested that small-size firm portfolios outperform large-size finn portfolios and that low PIE firm portfolios outperform high PIE firm portfolios. The size and PIE effects found in this thesis are mostly exactly the opposite of those hypothesised in the literature. The existence of seasonal patterns contradicts the statement that stock prices behave in a random manner. This phenomenon is investigated on African stock markets using indices returns. The study benchmarks the findings with those of South Africa's Johannesburg Stock Exchange (JSE) Securities Exchange; other emerging markets, namely Brazil, Malaysia, Poland, Slovenia and Finland; and developed markets, such as the United States of America (U.S.), Australia and New Zealand. Seasonal effects are observed on some, but not all African stock markets and in most cases the patterns observed are different from those observed on stock markets elsewhere. / AFRIKAANSE OPSOMMING: Hierdie studie delf na of daar enige ontginbare patrone in 'n proefstuk van tien Afrika aandelemarkte bestaan, wat tot abnormale winste kan lei. Suider-Afrika word deur Botswana, Namibie, Mauritius en Zimbabwe verteenwoordig; Oos-Afrika deur Kenia, Wes-Afrika deur Ghana en die BRVM, en Noord-Afrika deur Egipte, Marokko en Tunisie. Indien sodanige bewyse bestaan, sou dit as grondslag dien vir weerlegging van die prestasie van die doeltreffende mark-hipotese (EMH) soos deur Fama (1965, 1970) gedefinieer. Die tesis is oorwegend empiries, maar bied ook 'n oorsig oor Afrika-aandelemarkte, die teoretiese raamwerk waarop die studie gebaseer is en die impak van die vordering in inligtingstegnologie op markdoeltreffendheid. Dit probeer vasstel of die verspreiding van winste op aandele met die van normaliteit konformeer. Die resultate toon dat die verspreiding van winste op aandele op aandelemarkte in Afrika nie normaal is nie en dat die afwyking van normaliteit aansienlik skerp is met byna al die aandelemarkte wat normaliteit verwerp wanneer die Kolmogorov-Smirnov-toets (teen die 1 %-vlak van beduidendheid) toegepas word. Die gedrag van aandelepryse van bovermelde aandelemarkte is ondersoek deur die ewekansige steekproef-hipotese te toets deur die eenvoudige reeks korrelasie en aanvraag-toetse toe te pas. Die ondersoek is gedoen deur opbrengste te gebruik wat op 'n handel-tot-handel-grondslag bereken is en vir interval wisseling aangepas is deur iedere handel-tot-handel-opbrengs teenoor die aantal dae tussen transaksies op te weeg. Terwyl die eerste deel van die ontleding net die markte insluit waarop inligting oor dividende verkry kon word, het die tweede deel al tien markte ingesluit met opbrengste wat na kapitale winste verwys. Daar word egter bewys dat inligting oor dividende nie 'n ernstige en waardige impak op die resultate het nie. Terwyl die meerderheid aandele, veral die vir Mauritius en Ghana, die ewekansige steekproef hipotese verwerp, kan daar aanvaar word dat net die in Namibie, Kenia en Zimbabwe swak-prestasie doelmatig is. Terwyl dit bekend is dat swak handel statistiese en ekonometriese probleme in empiriese toetse meebring, is swak handel as 'n gegewe in die meeste studies aangedui. In die tesis word die erns van swak handel op aandelemarkte in Afrika en die implikasies daarvan vir doeltreffende toetsing empiries ondersoek. 'n Vergelyking van die resultate vir (ewekansige steekproewe) word getref wanneer winste normaal bereken word en wanneer die handel-tot-handel-benadering en sy variant, die aangepaste handel-tot-handelsbenadering, toegepas word. Daar is bevind dat swak handel inderdaad 'n ernstige probleem op Afrika-markte is en dat daar sommige verskille in die ewekansige steekproef-resultate is as gevolg van die verskillende metodes wat ingespan word om die winste te bereken. Die gebruik van liniere modelle om ondersoek in te stel na die voorspelbaarheid van proefstukke blyk die norm in die meeste toetse van die doeltreffende mark-hipotesis te wees. Die tesis voer aan dat die wins-genererende proses nie noodwendig linier is nie, en indien dit die geval is, kan die nie-liniere modelle die liniere modelle in die proefstuk-voorspelling oortref. Die steekproef word as 'n betroubare beskrywing van die gedrag van aandelepryse beskou, maar net indien dit nie deur enige van die alternatiewe modelle in die voorspelling van aandelepryse in die proefstuk oortref word nie. Dit is empiries getoets deur die toepassing van die indeks-data van die Afrika-aandelemarkte in die proefstuk. Die ewekansige steekproef-resultate word deur die resultate van seisoenale patrone en ander afwykings van die doeltreffende mark- hipotesis gestaaf, soos die grootte van die onderneming en die invloede van prys inkomste. Grootte en prysinkomsteverhoudings is as betekenisvolle voorspellers van aandele-winste op ander markte geidentifiseer. Daar is spesifiek aangedui dat die portfolios van klein maatskappye die van groter maatskappye oortref en dat die portfolios van lae prys inkomstemaatskappye die van hoe prysinkomste oortref. Die grootte en invloede van prysinkomste wat in die tesis bepaal is, is hoofsaaklik presies die teenoorgestelde van die waaroor in die literatuur 'n hipotese oor opgestel is. Die bestaan van seisoenale patrone weerspreek die stelling dat aandelepryse hulle op 'n lukrake wyse voordoen. Die verskynsel is op Afrika-aandelemarkte ondersoek deur indeks-opbrengste te gebruik. Hierdie studie meet die bevindinge aan die hand van Suid-Afrika se Effekte Wisselkoerse op die Johannesburgse Aandelebeurs, ander opkomende markte soos Brasilie, Maleisie, Pole, Slovenie en Finland, en ontwikkelde markte soos die van die VSA, Australie en Nieu-Seeland. Seisoenale invloede word op sommige waargeneem, maar nie op alle aandelemarkte in Afrika nie - in die meeste gevalle verskil die patrone wat waargeneem is van die op aandelemarkte elders.

Thesis (PhD)--Stellenbosch University, 2013. / A persistent problem for hedge fund researchers presents itself in the form of inconsistent and diverse style classifications within and across database providers. For this paper, single-manager hedge funds from the Hedge Fund Research (HFR) and Hedgefund.Net (HFN) databases were classified on the basis of a common factor, extracted using the factor axis methodology. It was assumed that the returns of all sample hedge funds are attributable to a common factor that is shared across hedge funds within one classification, and a specific factor that is unique to a particular hedge fund. In contrast to earlier research and the application of principal component analysis, factor axis has sought to determine how much of the covariance in the dataset is due to common factors (communality). Factor axis largely ignores the diagonal elements of the covariance matrix and orthogonal factor rotation maximises the covariance between hedge fund return series. In an iterative framework, common factors were extracted until all return series were described by one common and one specific factor. Prior to factor extraction, the series was tested for autoregressive moving-average processes and the residuals of such models were used in further analysis to improve upon squared correlations as initial factor estimates. The methodology was applied to 120 ten-year rolling estimation windows in the July 1990 to June 2010 timeframe. The results indicate that the number of distinct style classifications is reduced in comparison to the arbitrary self-selected classifications of the databases. Single manager hedge funds were grouped in portfolios on the basis of the common factor they share. In contrast to other classification methodologies, these common factor portfolios (CFPs) assume that some unspecified individual component of the hedge fund constituents’ returns is diversified away and that single manager hedge funds should be classified according to their common return components. From the CFPs of single manager hedge funds, pure style indices were created to be entered in a multivariate autoregressive framework. For each style index, a Vector Error Correction model (VECM) was estimated to determine the short-term as well as co-integrating relationship of the hedge fund series with the index level series of a stock, bond and commodity proxy. It was postulated that a) in a well-diversified portfolio, the current level of the hedge fund index is independent of the lagged observations from the other asset indices; and b) if the assumptions of the Efficient Market Hypothesis (EMH) hold, it is expected that the predictive power of the model will be low. The analysis was conducted for the July 2000 - June 2010 period. Impulse response tests and variance decomposition revealed that changes in hedge fund index levels are partially induced by changes in the stock, bond and currency markets. Investors are therefore cautioned not to overemphasise the diversification benefits of hedge fund investments. Commodity trading advisors (CTAs) / managed futures, on the other hand, deliver diversification benefits when integrated with an existing portfolio. The results indicated that single manager hedge funds can be reliably classified using the principal factor axis methodology. Continuously re-balanced pure style index representations of these classifications could be used in further analysis. Extensive multivariate analysis revealed that CTAs and macro hedge funds offer superior diversification benefits in the context of existing portfolios. The empirical results are of interest not only to academic researchers, but also practitioners seeking to replicate the methodologies presented.

Thesis (PhD)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: The link between a favourable corporate reputation and business benefits is well established. Most executives recognise the importance of a favourable corporate reputation in building a competitive advantage for their organisations. However, the measuring of a corporate reputation, particularly in the service industry, has remained problematic. This study addresses this lingering gap in the literature and focuses on the development of an instrument to measure the client-based corporate reputation of organisations functioning in the service industry. This includes the identification of the factors (dimensions) that clients of large service organisations consider when they evaluate the reputations of organisations. Large organisations functioning in two sectors, the banking sector and the airline sector, were selected as the focus in this study. Groundwork for the design of a reputation-measuring instrument included the clarification of key terms (e.g. corporate identity, corporate image, corporate brand and corporate reputation). It also included a review of corporate reputation from various perspectives (e.g. organisational studies, economics, strategy and corporate communication). It also included discussions on scale development and the various approaches to the conceptualisation and operationalisation of corporate reputation. This study followed mainly a positivistic paradigm, involving quantitative methods. However, two qualitative methods were also used: a focus group discussion to identify patterns of thinking used by clients to assess corporate reputation and the expert-panel method to obtain the inputs of a panel of experts. Six large-scale surveys in three waves served as primary data sources. Large samples of the target population were used to obtain data that was statistically analysable. Secondary data sources included an extensive literature review. To develop the measurement scale, a series of steps was used to refine, purify and replicate the instrument. The process started with an exploratory factor analysis and concluded with an invariance analysis. The data was analysed during three waves of data collection. A variety of statistical techniques was used to assess the construct validity of the proposed instrument, including unidimensionality, convergent validity, reliability, discriminant validity, nomological validity, model fit and invariance. The outcome is a 19-item instrument using five dimensions to measure the client-based corporate reputation of large organisations in the service industry. These dimensions are Emotional appeal, Corporate performance, Social engagement, Good employer and Service points. This study contributes to the existing literature by the development of a valid and reliable instrument that can be used to measure a service organisation’s client-based corporate reputation before embarking on a reputation-enhancement programme. This study proposes that the measurement of an organisation’s client-based corporate reputation is a crucial starting point to assess the gap between where it is and where it wants to be in terms of its corporate reputation, and to manage its reputation accordingly. By using the proposed instrument, managers will be able to track their organisations’ corporate reputation over time, both overall and at the level of the five dimensions separately. / AFRIKAANSE OPSOMMING: Die verband tusssen ’n gunstige korporatiewe reputasie en die voordele daarvan vir organisasies is goed gevestig. Die meeste bestuurders erken ook die belangrikheid van korporatiewe reputasie in die bou van ’n mededingende voordeel vir hul organisasies. Die effektiewe meting van korporatiewe reputasie is egter, veral in die dienstebedryf, steeds problematies. Teen dié agtergrond was die fokus van die proefskrif op die ontwikkeling van ’n instrument om die kliëntgebaseerde korporatiewe reputasie van organisasies in die dienstebedryf te meet. Dit sluit in die identifisering van die faktore (dimensies) wat die kliënte van groot diensteorganisasies oorweeg wanneer hulle organisasies se reputasies evalueer. Groot organisasies wat in twee bedryfsektore werksaam is, naamlik die banksektor en die lugrederysektor, is geselekteer as die fokus van hierdie studie. Die grondslag vir die ontwerp van ’n reputasiemetingsinstrument het die verduideliking van sleutelterme (soos korporatiewe identiteit, korporatiewe beeld, korporatiewe handelsmerk en korporatiewe reputasie) ingesluit. Dit het ook die bestudering van korporatiewe reputasie uit verskillende perspektiewe (soos organisatoriese studies, die ekonomie, strategie en korporatiewe kommunikasie) behels. ’n Bespreking van skaalontwikkeling en die verskillende benaderings tot die konseptualisering en operasionalisering van korporatiewe reputasie het deel van hierdie aanvoorwerk gevorm. Hierdie studie het hoofsaaklik ’n positivistiese paradigma gevolg wat kwantitatiewe metodes ingesluit het. Twee kwalitatiewe metodes is egter ook gebruik: ’n fokusgroepbespreking om die denkpatrone te identifiseer wat kliënte gebruik om korporatiewe reputasie te evalueer en die ekspertpaneelmetode om die insette van ’n paneel kenners te bekom. Daarby het ses grootskaal-opnames in drie golwe as primêre databronne gedien. Groot steekproewe van die teikenpopulasie is gebruik om data te bekom wat statisties analiseerbaar was. Sekondêre databronne het ’n omvattende literatuurstudie ingesluit. Om die metingsinstrument te ontwikkel, is ’n reeks stappe gevolg om die instrument te verfyn, te suiwer en te repliseer. Die vertrekpunt was ’n verkennende faktoranalise en die proses is afgesluit met ’n analise van die invariansie. Die data is ontleed in drie datainsamelingsfases. ’n Verskeidenheid statistiese tegnieke – soos eendimensionaliteit, konvergerende geldigheid, betroubaarheid, diskriminante geldigheid, nomologiese geldigheid, modelpassing en invariansie – is toegepas om die konstrukgeldigheid van die voorgestelde instrument te evalueer. Die uitkoms is ’n 19-item-instrument wat vyf dimensies gebruik om die kliëntgebaseerde korporatiewe reputasie van groot organisasies in die dienstebedryf te meet. Hierdie dimensies is Emosionele aantrekkingskrag, Korporatiewe prestasie, Sosiale betrokkenheid, Goeie werkgewer en Dienspunte. Hierdie studie dra by tot die bestaande literatuur deur die ontwikkeling van ’n geldige en betroubare instrument wat gebruik kan word om ’n diensteorganisasie se kliëntgebaseerde korporatiewe reputasie te bepaal voordat ’n reputasieversterkingsprogram in werking gestel word. Die studie stel voor dat die meting van ’n organisasie se kliëntgebaseerde korporatiewe reputasie ’n uiters belangrike vertrekpunt vorm vir die assessering van die gaping tussen waar die organisasie hom tans bevind en waar hy wil wees, en om hierdie reputasie dienooreenkomstig te bestuur. Bestuurders sal met behulp van die voorgestelde instrument hul organisasies se korporatiewe reputasie oor tyd kan navolg – oorkoepelend, sowel as op die vlak van elke afsonderlike dimensie.