Abstracts in English, Zulu and Xhosa / The information communication technology (ICT) sector has, arguably, grown in leaps and bounds over the years to assume a key role in every facet of economic activity. In the wake of the fourth industrial revolution, the major policy preoccupation of governments is how to harness ICT to spur economic growth. As such, the principal objective of this study was to examine the impact of adopting ICT on the development of African stock exchanges, determine whether ICT adoption and stock market development are co-integrated, and establish any causal links between ICT adoption and stock market development. The study examined a panel of 11 African stock exchanges for the period 2008-2017 and employed various econometric techniques to test its objectives. The dependent variable for this study was stock market development, while the independent variable was ICT adoption. The control variables employed were financial freedom and economic growth proxied by gross domestic product. In its findings, the study established that the adoption of ICT has a positive and statistically significant effect on the number of listed companies, stock market capitalisation and the total value of shares traded at the selected African stock exchanges. Hence, as an economy turns out to be progressively ICT-situated, expanded access to and utilisation of ICT advances, thus improving a nation's financial economy. Secondly, it established that ICT adoption and the stock market are cointegrated and positively related in the long run. The results further indicated a bi-directional causal relationship (complementarity) between ICT adoption and stock market development. In essence, ICT adoption and stock market development reinforce each other. This study contributes to the body of knowledge in a number of ways. This is the first study to examine the phenomenon of ICT-stock market nexus employing a panel study. Moreover, the study employed a robust methodology underpinned by using indices to proxy ICT and stock market development. Thirdly, unlike other studies on this topic, this study did not just end with the first inquiry of a deterministic relationship, but also probed for co-integration of the series tested for causality and proffers policy advice. The findings of the research imply that policymakers should be more resolute when formulating ICT policies that can drive stock market development for better economic growth and for better integration with other African stock exchanges. / Umkhakha wezethekinoloji yelwazi kanye nokuthintana (ICT) ngaphandle kokuphikiswa, ukhule wandlondlobala eminyakeni edlulileko ukobana uthome ukudlala indima eqakathekileko kiyo yoke imisebenzi yezomnotho. Ekuthomeni kwamatjhuguluko wesine wezamabubulo, into ekulu yokuthoma ngomthethomgomo karhulumende kuqala ukobana ihlelo le-ICT lingasetshenziswa bunjani ukobana lihlumise umnotho. Ngakho-ke, umnqopho omkhulu werhubhululo leli bekukuhlola umthintela wokutjhugulukela ku-ICT mayelana nokuthuthukiswa kwemaraga ye-Afrika yezokutjhentjhiselana ngamatjhezi, ukuqinisekisa ukuthi mhlambe ukutjhugulukela ku-ICT kanye nokuthuthukiswa kwemaraga yamatjhezi kungahlanganiswa na, begodu nokuhloma nginanyana ngiliphi itjhebiswano phakathi kokutjhugulukela kwi-ICT kanye nokuthuthukiswa kwemaraga yamatjhezi. . Irhubhululo belihlola iphanele yeemaraga ezili-11 zokutjhentjhiselwana mwamatjhezi esikhathini esiphakathi kuka 2008-2017 begodu lisebenzise iindlela ezahlukeneko zokumeda umnotho ukobana ihlole iminqopho yayo. Ivarebuli engakazijameli yerhubhululweli bekukuthuthukiswa kweemaraga zamatjhezi, kanti ivarebuli ezijameleko yona bekukutjhugulukela ku-ICT. Amavarebuli asetjenziswe ngeemedo kube kukhululeka ngokweemali nangokuhlumisa umnotho lokhu okukhambisana nomkhiqizo woke wangekhaya wenarha. Kilokho okutholwe lirhubhululo, irhubhululo lithole ukuthi ukutjhugulukela kwi-ICT kunomthelela omuhle khulu nokuqakatheka ngokwamanani phezu kwembalo yeenkhamphani ezitloliswe ngaphasi kwemaraga yokutjhentjhisana ngamatjhezi, phezu kokuqiniswa ngeemali kwemaraga yamatjhezi kanye nenani loke lamatjhezi athengiswa eemaraga ezikethiweko zamatjhezi ze-Afrika. Yeke-ke, njengombana ituthuko yomnotho ibonakala idzimelele phezu kwe-ICT, njengombana ukutholakala kanye nokusetjenziswa kwetuthuko ye-ICT, kanti lokho kuthuthukisa umnotho wezeemali wenarha. . Kwesibili, irhubhululo likghonile ukubona ukuthi ukutjhugulukela ku-ICT kanye neemarageni zamatjhezi kuzizinto ezihlangeneko nezihlobene ngendlela ehle esikhathini eside. Imiphumela iragele phambili nokuveza itjhebiswano elinikela indlela (complementarity) phakathi kokutjhugulukela ku-ICT kanye nekuthuthukisweni kweemaraga zamatjhezi. . Eqinisweni, ngokutjhugulukela ku-ICT neemarageni zamatjhezi kuyaziqinisa lezi zinto. Leli rhubhululo lifaka isandla kuziko lelwazi ngeendlela ezinengi. Leli kulirhubhululo lokuthoma elihlola indaba yethintano lemaraga yamatjhezi elisebenzisa irhubhululo lephaneli. Ngaphezu kwalokho, irhubhululo lisebenzisa indlela ekhutheleko esekelwa kusebenzisa amatshwayo ku-ICT esekelako kanye nokuthuthukiswa kwemaraga yamatjhezi. Kwesithathu, lokhu kuhlukile kamanye amarhubhululo amalungana nalesi sihloko, leli rhubhululo akhange aphelele nje ngokuthoma ukubuza itjhebiswano elivezako, kanti begodu leli rhubhululo belihlola ukuhlanganiswa ndawonye komlandelande ehlolwe ukudala ubujamo begodu nokunikela isiyeleliso somthethomgomo. Okutholwe lirhubhululo kutjho bona abenzi bomthethomgomo kufanele baqalisise khulu lokha nabatlama imithethomgomo ye-ICT leyo engakhozelela ituthuko yeemaraga zamatjhezi ukobana kuhlume umnotho begodu nokuhlanganiswa ncono neemaraga ze-Afrika zokutjhentjhana ngamatjhezi. / Icandelo leTheknoloji yoNxibelelwano loLwazi(i-ICT) nelinokuphikiswa, likhule kakhulu ngokukhawuleza eminyakeni egqithileyo ekudlaleni indima ephambili kwiinkalo zonke zemisebenzi yezoqoqosho. Ukuvela kwenguqu yesine yezoshishino, owona mgaqo-nkqubo uphambili koorhulumente ngowokufumana iindlela zokudibanisa ezobuchwepheshe ukukhuthaza uhlumo kwezoqoqosho. Kunjalo, injongo ephambili kolu phononongo ibikukuhlola impembelelo yokusebenzisa/ yokwamkela i-ICT kuphuhliso lotshintshiselwano lweempahla zase-Afrika, ukuhlola ukuba ukwamkelwa kwe-ICT kunye nophuhliso lweemarike zidityanisiwe, kunye nokumisa naliphi na ikhonco lonxibelelwano lonobangela phakathi kokwamkelwa kwe-ICT kunye nophuhliso lwemarike yotshintshiselwano lwempahla Uphononongo lwahlola iphaneli ezili-11 zotshintshiselwano lwempahla eAfrika kwisithuba sowama-2008 kuya ku-2017 kwaye kwasetyenziswa uthotho lweendlela zobugcisa kwezoqoqosho ukuvavanya iinjongo zalo. Into eguqukayo yoxhomekeko kolu phando yayikuphuhlisa imarike yesitokhwe, ngelixa okwakuyinto ezimeleyo yayikukwamkela i-ICT. Izinto eziguquguqukayo ezilawulwayo ezazisetyenziswa yayiyinkululeko yezemali nokukhula koqoqosho okwakucaciswa ngemveliso yasekhaya ngokubanzi. Kwiziphumo zalo zophando, lufumanise ukuba ukusetyenziswa kwe-ICT kunefuthe elilungileyo elibonakalayo ngokwamanani kwiinkampani ezidwelisiweyo, ukurhweba kwimarike yesitokhwe kunye nexabiso elipheleleyo lezabelo ezithengiswa kwiimarike zesitokhwe zotshintshiselwano ezikhethiweyo zase- Afrika.. Ngenxa yoko, njengoko uqoqosho luguquka ngokuqhubekekayo luba kwimeko ye ICT lwandise ukufikeleleka kunye nokusetyenziswa kwenkqubela phambili ye-ICT, ngaloo ndlela iphucula uqoqosho lwezimali lukazwelonke. Okwesibini, yafumanisa ukuba ukwamkelwa kwe-ICT kunye nemarike yesitokhwe kudityanisiwe kwaye ziya kusebenzisana kakuhle ekuhambeni kwexesha. Iziphumo zaye zaphinda zabonisa ubudlelwane bozalwano macala (ukuphelelisa) phakathi kokwamkelwa kwe-ICT kunye nophuhliso lwemarike yotshintshiselwano/yesitokhwe. Ngokubalulekileyo, ukwamkelwa kwe-ICT kunye nophuhliso lweemarike kwenza zomelezane. Olu phando lunegalelo kulwazi oluninzi olukhoyo ngeendlela ezininzi. Olu luphando lokuqala ukuvavanya uthotho lwamakhonco emarike yesitokwe ye-ICT-isebenzisa iiphaneli zophando. Ngaphaya koko, uphononongo lusebenzise indlela engqongqo exhaswa kukusebenzisa izalathiso (indices) zomelwano kwi-ICT kunye nophuhliso lwemarike. Okwesithathu, ngokungafaniyo nolunye uphando olwenziweyo kwesi sihloko, olu phononongo aluphelanga nje kuphando lwangaphambili olwalungobudlelwane lwezigqibo (zokuzimisela), kodwa lwaphinda lwaphandela ukuhlanganiswa kothotho oluvavanyiweyo lonobangela kunye nokuphakamisa ingcebiso yomgaqo-nkqubo. Iziphumo zophando zithetha ukuba abaqulunqi bemigaqo-nkqubo kufuneka bazimisele ngakumbi xa besenza imigaqo-nkqubo ye-ICT enokuqhubela phambili ukuphuculwa kwemakethi yesitokhwe ukwenzela ukukhulisa uqoqosho olungcono kunye nokusebenzisana kakuhle nezinye iimarike zotshintshiselwano zaseAfrika. / Business Management / D. Admin. (Business Management)

The relevance or irrelevance of dividend payments has been the topic of much discussion for the past eight decades. The primary objective of this study was to determine the relationship between dividend policy and agency problems of financial services companies listed on the (JSE). Dividend Policy and the Agency Theory underpinned the study. Secondary data of sampled listed financial companies for the period 2005-2016 was sourced from IRESS database. Data was analysed using EViews version 9. The results revealed that the presence of institutional ownership resolves the asymmetry information problems, and, reduces the need to pay dividends. The results also revealed that 54.69% of JSE listed companies under the financials’ services sector practise dividend decisions. The results further revealed that the dividend payout ratio is positively correlated with ROE and LEV, and negatively correlated INST, DIRS and FOREIGN variables. The results confirmed the existence of agency problems on listed financial services companies. / Ukubaluleka okanye ukungabaluleki kokuhlawula izahlulo bekusoloko kusisihloko sengxoxo kumashumi asibhozo eminyaka edluleyo. Injongo ephambili yesi sifundo yayikukufumanisa ulwalamano phakathi komgaqo nkqubo wezahlulelo neengxaki zobumeli (ubuarhente) beenkampani ezinikezela ngeenkonzo zemicimbi yoqoqosho nezidweliswe kwiJohannesburg Securities Exchange (JSE). Izisekelo zesi sifundo nguMgaqo Nkqubo Wezahlulo (Dividend Policy) neNgcingane Yobumeli (Agency Theory). Iqela lesibini ledatha yeenkampani ezidwelisiweyo kwiminyaka ye-2005– 2016 yafunyanwa kwiqula leedatha elaziwa ngokuba yi-IRESS database. Idatha yahlalutywa ngokusebenzisa isixhobo sohlalutyo iEViews version 9. Iziphumo zadiza ukuba ubukho babanini kwiziko loshishino buyazisombulula iingxaki zonxibelelwano olungalingani kakuhle kwaye kuyasicutha isidingo sokuhlawula izahlulo. Kwakhona, iziphumo zadiza ukuba ama-54.69% eenkampani ezidweliswe kwiJSE, phantsi kodidi lweenkampani ezinikezela ngeenkonzo zemicimbi yoqoqosho, enza izigqibo zezahlulo. Iziphumo zaphinda zadiza ukuba intlawulo yezahlulo ihambelana kakuhle neenqobo zeROE neLEV, kanti azihambelani neenqobo zeINST, ezeDIRS kunye nekuthiwa ziFOREIGN. Ezi ziphumo zangqina ukuba kukho iingxaki zobumeli/ubuarhente kwiinkampani ezinikezela ngeenkonzo zemicimbi yoqoqosho / Bonnete le go se be bonnete ga ditefelo tša letseno e bile hlogo ya ditherišano tše dintši mo mo dingwagasome tše seswai tša go feta. Nepo ya motheo ya thuto ye ke go ela kamano gare ga pholisi le mathata a dikhamphani tša ditirelo tša Matlotlo tšeo di lego lenaneong la Johannesburg Securities Exchange (JSE). Pholisi ya Ditseno le Teori ya Etšensi ke motheo wa thuto ye. Datha ya magareng ya dikhamphani tša mašeleng tšeo di lego lenaneong la paka ya 2005–2016 e be e hwetšagala go tšwa go lenaneo la datha la IRESS. Datha e sekasekilwe go šomišwa EViews version 9. Dipoelo di utullotše gore go ba gona ga bong ka gare ga sehlongwa go rarolla mathata a tshedimošo ya go se lekalekane, le go fokotša nyakego ya go lefa mašokotšo. Dipoelo le tšona di tšweleditše go re diperesente tše 54.69 tša dikhamphani tšeo di lego lenaneong la JSE ka fase ga ditirelo tša sekgao sa go phethagatša diphetho tša mašokotšo. Dipoelo di tšwetša pele go utulla go re ditekanyetšo tša ditefelo tša mašokotšo du sepelelana gabotse le ROE le LEV, le go sepelelana gannyane le INST, DIRS le FOREIGN. Dipoelo di netefatša go ba gona ga mathata a Etšensi ao a ngwadilwego lenaneong la dikhamphani tša ditirelo tša mašeleng / Abstracts in English, Zulu, Sepedi / Business Management / M. Com. (Business Management)