In various economies, businesses operate in a macro-environment influenced by uncontrollable external forces, namely political, economic, social, technological, environmental and legal. For businesses to succeed in a macro-environment all external forces have to be identified and analysed carefully by the business and adaptability to the environment is also very important. Governments intervene by setting up regulatory frameworks that govern all businesses. For instance, for every business to start or grow, there are a numerous legal requirements involved. Businesses have no control over these requirements, but to adapt and comply. These requirements affect the performance of business activities either positively or negatively. However, failure to comply with these requirements could lead to the business’ reputation being destroyed, and loss of customers. The aim of this research is to analyse the perceptions of Small, Medium and Micro Enterprises (SMMEs) owners and managers about the impact of Lesotho government intervention on SMMEs start-up and growth. It also determines whether there is a need for government intervention in these phases. It further determines the extent to which the Lesotho government intervention supports or hinders SMMEs in their quest for start-up assistance and sustainable growth. The White Paper which proposes strategies for development of SMMEs in Lesotho was studied to find out if its intentions have been accomplished. The primary data for this study were gathered through surveys sent out to SMMEs in Lesotho. The questionnaire was designed to be hand-delivered to a sample population of 370. The sample size was calculated using online survey system. At a confidence level of 95 percent and confidence interval of 5, a population value of 10,341 resulted in a sample size of 370 respondents. A list of registered SMMEs with the Ministry of Trade & Industry, Cooperatives & Marketing (MTICM) was accessed. To select respondents from this list, the researcher used a probability sampling method called stratified random sampling, to represent all the key subgroups of the population. The Statistical Package for the Social Sciences (SPSS) for Windows Version 18 was used to analyse the responses obtained from structured and unstructured questions. To facilitate the smooth operation of businesses, governments also create a conducive environment. There are quite a number of initiatives taken by the Lesotho government in an attempt to improve the country’s overall economic environment. The government has used functional and selective interventions just like other developing and developed countries. Functional interventions include the improvement of infrastructure, education and health. Selective interventions include regulations focused on the development of SMMEs and institutional infrastructure aimed at skills training. The viii focus of this study is on selective interventions. Some SMMEs have benefitted from these initiatives, however, other SMMEs still encounter challenges within the regulatory framework which hinder their establishment and growth. Due to the perceived pitfalls, such as high costs of doing business, some businesses decide to operate informally. This means among others, formal tax losses for the government and SMMEs not receiving incentives designed for them. If the Lesotho government could reform and simplify business regulations, this could reduce the increasing number of informal sector businesses and encourage them to grow and operate formally. / Thesis (M.Com.)-University of KwaZulu-Natal, Pietermaritzburg, 2011.

This study aims to determine the state of employee participation in decision-making within the public enterprises of communication in Rwanda. More particularly, it is aimed at mapping out the extent of employee participation in the decision-making process in this area, to identify whether employees desire to participate in decision-making and to find out whether they would prefer to participate directly or act through a representative. It also aims to determine the form(s) of participation practised in the public enterprises of communication, to identify impediments to the participation of employee in decision-making and based on the results suggest recommendations in order to further promote employee participation in the decision-making procedure within this area. The research focuses on employee participation in the decision-making process in the public enterprises of communication in Rwanda. A questionnaire related to employee participation in decision-making was administered to a sample of 96 employees, but only 82 employees filled and returned the questionnaire. Various data analyses techniques were performed measure the state of employee participation in decision-making in general, and the extent of employee participation in the decisionmaking procedure within the public enterprises of communication in Rwanda in particular. The results revealed that the degree of employee participation in decision-making is very low and only senior managers (department managers) have access or rights to participate in the decision-making process. However, those who do not have opportunities to influence decisions made at the workplace manifest a great desire to participate in the decision-making process, and for a considerable number, this tends to be concerned with decisions daily affecting their own job. It was noted that the main obstacles to the participative process within the public companies of communication in Rwanda are the following: a lack of interest, a lack of initiative and support to the participation process from the government, an authoritarian approach via centralisation system of authority and control, managers especially general directors who are unwilling to share decision-making power with employees, manager's enterprise hesitates to accept employees as valuable partners in making decisions, and inadequate understanding of employees concerning their new roles in management of their enterprises. Therefore, employees did not recognise an educational level as an obstacle to their participation. / Thesis (M.Com.)-University of KwaZulu-Natal, 2004.

Whether the clients were in pretty good health or very good health, the clients would generally pay the same price. But now insurers are looking more closely at the healthiest customers, understanding that someone who is not overweight, and who has low cholesterol and no family history of major medical conditions is a better risk than the average person. / Thesis (M.Com.)-University of KwaZulu-Natal, 2004.

Purchasing and supply education and training are vital to the success of Eskom and most importantly to the survival and growth of the profession. In the last decade, the field of procurement has been faced with many changes which have had dramatic impacts on the field of purchasing and supply chain and which ultimately have influenced education and training needs. Eskom is currently facing a number of key challenges to meet current increasing demand fuelled by economic growth and to manage a build program of some R84 billion over the next five years to meet future load demand. These challenges have to be met in the face of Chinese and Indian consumption of raw materials which is affecting their availability to Eskom suppliers. This is putting further strain on the procurement practitioners within the Generation Division who are required to be both highly skilled and knowledgeable in order to meet the challenges in this dynamic and competitive profession. However, continual poor audit results achieved by the majority of the Power Stations in addition to the inclusion of Procurement and competencies and skills development on the Big Five List of high risk areas, have been a clear signal that there is a major problem in the Procurement field, not only across the Generation Division, but Eskom wide and possibly country wide as well. Although the focus of this dissertation will be on the Generation Division, it is envisaged that the recommendations made will be able to be utilized Eskom wide and possibly even in other organizations external to Eskom. A three pronged approach was utilized when conducting the research. This approach consisted of an extensive literature review of the existing body of knowledge available, this was used in conjunction with surveys and interviews conducted. The results obtained from a sample of 89 procurement practitioners, managers and training practitioners were used to reach findings and to make conclusions. It is important to note that there is a dire lack of local information concerning the subject, overseas journals and books were thus used as a reference source a majority of the time. Although there is currently a Procurement Curriculum which Procurement Practitioners are required to complete, it was found that the curriculum did not meet the requirements of the practitioners and did not adequately provide them with the necessary competencies required of them to perform their tasks effectively. There is thus a dire need for this curriculum to be reviewed and to take into consideration the competencies required to assist the Procurement Practitioner to become world class and to elevate the status of the organization to that of a worldclass organization which possesses the competitive advantage. The above mentioned issue was however not seen to be the major issue. Other possibly more important issues were deemed to have also contributed to the poor audit results and subsequent poor image of Procurement. The major issue, the author believes is due to the fact that there is no professional body recognized by Eskom. This has contributed to a host of problems for example, lower graded jobs, discrepancies in grades between divisions, no standardized entry level criteria to name but a few issues. This has resulted in the Theory of Self Sealing Behavior taking place in the form of a de-motivated body of employees which in turn has contributed to the poor image procurement possesses in the organization. It is believed that if a new nationally recognized and credible professional body is created, a multitude of problems will be minimized. This body will however be required to provide guidance and a professional status which is so desperately required in the procurement field. It is furthermore believed that this will positively change the perception that management currently possesses of Procurement. Other important recommendations made include: • Generation Commercial Training to be re-linked to the Corporate Supply Chain Management Office which will enable the Department to provide guidance and World Class Procurement and Supply Chain Management Training Eskom wide. • Standardized entry level criteria. This should preferably be a Degree in Supply Chain Management. Further studies must be encouraged as it is envisaged that in the next decade a Masters Degree will be seen as the minimum requirement. Retention and succession plan policies must be encouraged to ensure that employees are retained and that a transfer of skills occurs. The survey conducted indicates that a majority of the people are over the age of 50. • The entire manner in which Commercial Training is currently training practitioners must be reviewed. For example, alternate training interventions must be introduced for example the internationally recognized International World Trade Centre Supply Chain Program. Alternate forms of training should be introduced for example, the reading of journals, updating of skills by looking at a video etc. The introduction of adult principles of learning into training interventions is of vital importance to ensure maximum transfer of learning. Senge (1990: 64) states that "Tackling a difficult problem is often a matter of seeing where the high leverage lies, a change which with minimum of effort - would lead to lasting, significant improvement." With this in mind it is suggested that the change which would have the highest leverage would be the introduction of a formalized coaching and mentoring system in Eskom. By utilizing the competencies and past experiences of the older people, coupled with the correct world class skills will ensure the success of this discipline. Without this sharing of knowledge, the required professional status will never be obtained. In conclusion it is believed that the current skills issues which are currently being experienced by Eskom are not unique to Eskom, there is currently a skills shortage country wide. However, because Eskom is such an significant and visible organization in South Africa it is imperative for the future economic growth of South Africa that there is a culture change in Eskom towards Procurement with the career development of purchasing and supply change management professionals being viewed as a top priority. / Thesis (M.Com.)-University of KwaZulu-Natal, 2005.

Thesis (M.Com.)-University of KwaZulu-Natal, Westville, 2010.

Background: There is a shortage of Black chartered accountants, with some progress being made in transforming the industry. Accounting firm managers must be prepared to effectively manage the increasing diversity of the profession. Methods: The primary objectives of the study are to determine the KZN accounting firms' managers' and trainees' perceptions of diversity management in the accountancy profession; to determine the KZN accounting firms' managers' and trainees' perceptions of the Chartered Accountancy profession Charter (CA Charter); and to identify the accounting firms' managers' and trainees' perceptions of managerial competencies required by managers to effectively manage diversity in KwaZulu-Natal. A prospective, descriptive and analytical, cross-sectional design using systematic sampling was employed. The responses of 45 accounting managers and 114 trainees were analysed. Results: Both managers and trainees perceived the six managerial competencies important in managing diversity, but the ranking order of perceived importance indicated that there are variations in ratings. Teamwork and self-management competencies were highly rated by managers, while communication and teamwork competencies were highly rated by trainees. A total of 84.4% of managers were male, 44.4% were White, and 91.1% were between 30 to 60 years old. 47.4% of trainees were male, 51.8% were African, and all were between 21 and 30 years old. 42.1% of trainees reported knowledge of the CA Charter, in contrast to 64.4% of managers (p<0.05). 34.2% of trainees did not believe that the accounting firm has a plan to retain Black employees, as compared to 4.4% of managers (p< 0.05). Both managers and trainees believed that diversity should be led by top management. Trainees were more attached than managers to individuals of the same race (p<0.05) and language (p<0.05) as themselves. Conclusion: The managerial competencies are vital for the accounting firms. managers. The study suggests that the accounting firms. managers should consider the importance given by trainees and by themselves in prioritising the most important competencies they require in managing diversity. Accounting firms are encouraged to include the six managerial competencies in the firm's management development programme or training and development programme. Incongruities exist between managers' and trainees' perceptions of managerial diversity efforts and the equity of remuneration call for greater transparency in existing and future diversity management practices. While the CA Charter remains the guiding professional piece on diversity, poor awareness and the lack of targets/benchmarking may fuel the divided perceptions. The language and race based attachments of both trainees and managers are reminiscent of the divisive and exclusive history of the profession. There is still much work to be done in the way of changing perceptions, attitudes and behaviours, before diversity can be effectively managed.

International marketing has become important to firms of all sizes due to factors such as the continued lowering and elimination of trade barriers, increasing regional integration, improvements in communication and transportation, and an overall increase in world trade. Not only has the international marketplace become more turbulent but globalisation of world markets has become competitively more intense. Because of these trends, the formulation of effective international marketing strategies has become more important. Moreover, firms need to get a better understanding of the relationship between international marketing strategies and international performance, as the international market is becoming more competitive. The primary objective of the research study was to determine the relationship between international marketing strategies and international/export marketing performance of South African manufacturing firms, as well as the role of internal and external determinants with regard to international marketing strategy and international/export marketing performance. The research study intended to determine whether these different independent variables had a significant impact on the dependent variable, namely, international/export performance. The findings of this research study indicated that firm size, investment commitment and that management engages in careful planning as firm characteristics had a significant influence on export/international marketing performance. The finding on the relationship between export experience and export performance was insignificant. Firm characteristics can have both a direct or indirect affect on the export marketing performance of the firm. Therefore, given the secondary research objective - to determine how firm characteristics influence choice of international marketing strategies, and consequently export marketing performance - the following were the important findings of the influence of firm characteristics on international marketing strategies. There were no significant findings between firm characteristics and product adaptation, or firm characteristics and promotion adaptation. However, firm size and firm competencies had a significant relationship with distributor/subsidiary support. It can be assumed that the larger the firm, the more resources the firm have to support distributors and subsidiaries. Furthermore the finding between firm size and the degree of pricing adaptation was also significant indicating that the larger the firm, the more willing the firm is to adapt pricing. The nature and characteristics of the export market can either serve as a barrier or a driving force that facilitate internationalisation. These barriers and/or driving forces can also influence the nature of the international marketing mix strategies that are employed by firms. The barriers and/or driving forces can have both direct and indirect effects on export marketing performance. The competitive intensity of the export markets had a significant relationship with export performance. Furthermore, it had the most significant relationship with export performance compared to all the other independent variables and the relationship was also negative, meaning that the export performances of firms were negatively affected with increased competitive activity. However, given the secondary research objective - to determine how export/ international marketing characteristics influence the choice of international marketing strategies, and consequently export marketing performance - the following relationships were identified. Competitive intensity had a significant relationship with the degree of product adaptation and export market characteristics with the degree of promotion adaptation. Both competitive intensity and export market characteristics had a significant relationship with both the degree of distributor/subsidiary support and the degree of pricing adaptation. Export market characteristics equate to export market barriers, and what the above implies is that with more export market barriers, firms tend to adapt distributor/subsidiary support and pricing more. With regard to the degree of adaptation to marketing mix strategies it was found that the degree of pricing adaptation had a significant effect on export/international marketing performance. There was a significant relationship between the degree of product adaptation and export/international marketing performance. However, this relationship was negative, in that the greater the degree of product adaptation, the more negative the performance. One would have expected that the greater the degree of product adaptation, the greater the export/international marketing performance. A non-significant relationship was found between the degree of promotion adaptation and export/international marketing performance. The relationship between the degree of distributor/subsidiary and export performance was also non-significant. Although the study came up with important findings, it once again highlighted the inconsistency of findings in the export/international marketing literature. Furthermore, given the increasingly competitive nature of international markets, it is more important for firms to identify the success factors in their particular industries that could contribute to greater export/international marketing performance than to assume that all international markets and industries require similar strategies. / Thesis (Ph.D.)-University of KwaZulu-Natal, Pietermaritzburg, 2006.

Small, Micro, and Medium Enterprises (SMMEs) and their related entrepreneurship are the focus of considerable policy and research interest as they contribute to mobilization of resources, job creation , and poverty alleviation , the total effect of which is GDP growth, economic development, and other socioeconomic benefits. Emerging research in developing countries seems to further confirm that, despite the problems and limitations facing the SMME sector, it is currently the most effective job creator, when many large firms are downsizing and retrenching labour. This study takes a closer look at the impact of human capital on the performance of Tanzanian Small and Micro Manufacturing Ventures (SMMVs) over the period 1997 - 2001. It involves a random sample of 200 ventures from 18 regions , grouped into the five zones of Mainland Tanzania. Of the surveyed entrepreneurs, 20% had tertiary education, 58% were exposed to some training , 54% had some occupational experience, and 60% had high need achievement (nAch) levels. With regard to employee human capital, 67% of the ventures had employees who attended some kind of training between 1997 and 2001, 49% had employees with less than 7 mean-years of schooling and 51% had employees with more than 7 mean years of schooling. Employee experience in their current firm varied: 50.5% of ventures had mean-employee experience between 1 and 6.25 years, while 49.5% had between 6.3 and 30 years. Examining the influence of employee and entrepreneur human capital on Tanzanian SMMVs gives the following main findings: • Entrepreneur need achievement (nAch) level is positively correlated with business performance, but its impact on the number ofjobs created, sales, and profit does not seem to be significant, other things remaining equal. • Entrepreneur education appears to have a significant impact on performance in terms of the number ofjobs created and sales. • Entrepreneur training appears to impact positively on the firm's sales and profit. • Employee expenence III the current firm appears to have a significant influence on performance in terms of sales and levels of profit. • Employee education and training appear to have significant and positive impacts on sales and profit. Further, business conduct was considered in terms of recruitment practice, training of employees, keeping of business records, and access to bank financing. The findings show that: • SMMVs with educated and trained entrepreneurs are better in all the conduct attributes tested in the study, that is, recruiting an educated workforce, keeping records, access to bank financing, and owning of another business. • Ventures with trained and educated employees are likely to keep more business records, and access more finance from banks than their untrained and uneducated counterparts. • It has also been found that the capacity to generate jobs between different enterprises is not equal. Edible food processing is likely to generate more jobs than other business activities in the study. Lastly, by regressmg a Cobb-Douglas production function on the data from Tanzanian SMMVs, physical capital, human capital of entrepreneur, and of labour are found to be significant predictors of output performance. / Thesis (Ph.D.)-University of KwaZulu-Natal, Pietermaritzburg, 2005.

The Capital Asset Pricing model (CAPM) is the most widely used equity valuation model in both the United States of America (U.S.) and South Africa, thus its importance in corporate finance cannot be underestimated. The largest criticism of the CAPM lies in the difficulties with estimating its parameters and in particular the return on the market parameter. Roll (1977) believed that it is impossible to estimate the market portfolio let alone find a good proxy for it. The common trend amongst practitioners is to use a broad based stock index such as the S&P 500 or in South Africa‟s case the All Share Index (ALSI) as a proxy for the market portfolio. However these methods are questionable, as the market portfolio theoretically contains all risky assets held in proportion to their market value, and stock indices ignore large asset classes such as bonds. Furthermore, using a broad based stock index in the South African context ignores South African specific problems such as the supposed segregation of the market to the Resource and Financial and Industrial sectors. Therefore the purpose of this study was to determine whether simply using the broad based stock index, the ALSI, as a proxy for the market portfolio would suffice or whether the inclusion of debt instruments and the acknowledgement of the segregation on the JSE would enhance the proxy‟s performances. First a set of theoretical requirements that a proxy must satisfy to be considered a suitable proxy for the market portfolio were derived. Then a review of literature on the matter was undertaken, which showed that studies in both the U.S. and South Africa had had mixed results. Next, the various proxies were formed, and tested using the two-pass regression method. The two-pass regressions that were run with the model comprising solely of the ALSI as a proxy, produced a negative sloping SML. This result suggested an inverse relationship between risk and return, which is contradictory to the theory set out in chapters two and three. Thus robustness tests were performed on the model, but none solved the problem. Next the proposed multifactor models were tested to see if they would enhance the results of the first model. Although the results improved slightly, they too did not solve the problem. Thus, in conclusion it was found that incorporating a bond index into the proxy for the market portfolio did not significantly enhance the use of the CAPM in South Africa. / Thesis (M.Com.)-University of KwaZulu-Natal, Pietermaritzburg, 2011.

Embraced in this study, is the content and structural approach on how corporate mergers and acquisitions should be planned and executed to facilitate post-acquisition synergies and improvement in customer service levels. The project covers Saambou bank post-acquisition business failure after take-over by First Rand Group, in a horizontal integration process that did not diversify or restructure product or service offerings between the two banks. There being no positive impact on post-acquisition market share and competition sustainability by the two banks, it implied that, the post-acquisition strategy did not adequately address the business risk factors that ultimately impaired the expected synergies of a take-over bid. Lack of proper post-acquisition business plan resulted in corporate failures pertaining to ineffective competitive strategies, non optimization of market and service levels, compounded by poor corporate governance resulting in the bank's internal control procedures and processes failing. Furthermore, poor customer service levels and transgression of the Bank's Usury Act regulations, rendered the organization more uncompetitive. The over-reliance on few large corporate customer deposits added a huge element of financial risk that marginalized Saambou bank's going concern prospects. Hence, upon experiencing few large corporate deposit withdrawals, for instance by Investec, resulting in the bank undergoing liquidity problems that resulted in it being placed under curatorship. / Thesis (MBA)-University of KwaZulu-Natal, 2006.