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International capital inflows in emerging markets: the role of institutionsNxumalo, Immaculate Simiso 08 1900 (has links)
The primary objective of this study was to examine the broader impact of institutional
quality on enhancing foreign direct investment (FDI) and foreign portfolio investment (FPI)
inflows in a sample of twelve emerging market economies for the period 2007 to 2017. We
specifically sought to answer questions related to the key drivers of FDI and FPI inflows into emerging markets, with a particular emphasis on the role played by institutional quality factors. We further sought to interrogate the long-run and causal relationships between the key variables of FDI, FPI and institutional quality, in respect of the sample of emerging markets. The study employed the Principal Components Analysis (PCA) to construct a composite index for institutional quality composed of the six Worldwide Governance Indicators. Various other econometric models were applied, including the dynamic panel data generalised method of moments (GMM) model, the panel autoregressive distributed lag (ARDL) model for dynamic heterogeneous panels, and the panel vector error correction model (VECM). The results revealed that FDI in the selected emerging markets was, in the main, attracted by economic growth and institutional quality. Institutional quality, economic rowth and capital account openness were positive determinants of FPI inflows; however, stock market development stood out as the foremost determinant factor. In addition to finding long-run, cointegrating relationships between the key variables, it emerged that there was bi-directional causality between FDI and FPI, as well as between FDI and institutional quality in the long run. Despite the latter findings, the results further suggested that the long-run relationship between the two foreign capital inflows, i.e. FDI and FPI, was more of a substitutability or trade-off nature in our sample of emerging markets. In light of these findings, we recommended that it would be in the best interests of these emerging markets if the responsible policymakers continued to liberalise these economies. Further, it was shown that in order to attract inward international capital flows, financial liberalisation should be coupled with the strengthening of the domestic institutional environment.Strengthening institutions could curtail the persistence of institutional weaknesses and insulate emerging market economies from the adverse effects of volatile capital flows, and in the long-run enhance international capital inflows. / Inhloso enkulu yalolu cwaningo kwaye kuwukuhlola umthelela obanzi kwizinga leziko
ekuqiniseni uhlelo lokutshalwa ngqo kwezimali ezweni langaphandle (foreign direct
investment; FDI) kanye nemali engena mayelana nokuthengwa kwamagugu (shares, stocks
and bonds) angenisa imali ezweni elingaphandle (foreign portfolio investment; FPI)
kwizimakethe zamazwe eziyishumi nambili esikhathini esiphakathi kuka 2007 ukufika ku
2017. Empeleni besifuna ukuphendula imibuzo emayelana nezikhwezeleli ezisemqoka
eziheha uhlelo lwe-FDI kanye ne-FPI ezimakethe ezifufusayo, ikakhulu kugxilwe kwindima
edlalwa yizinto ezihlobene nezinga leziko. Siqhubekela phambili nokuphenya izinhlobo
zobudlelwano besikhathi esinde kanye nobudlelwano obuyimbangela phakathi
kwamavarebuli asemqoka e-FDI, i-FPI kanye nezinga leziko, mayelana nesampuli
yezimakethe ezisafufusayo. Ucwaningo lusebenzise uhlelo lwe-Principal Components
Analysis (PCA) ukwakha imvange yezinkomba ukwenzela izinga leziko eliqukethe izinkomba
eziyisithupha ezibizwa phecelezi nge-Worldwide Governance Indicators. Amanye amamodeli
alinganisa ezomnotho asetshenzisiwe, kuxutshwa phakathi idatha yamaphaneli
eguquguqukayo ebizwa nge-dynamic panel data generalised method of moments (GMM)
model, uhlelo lwe-panel autoregressive distributed lag (ARDL) model ukwenzela amaphaneli
ahlukahlukene futhi aguquguqukayo, kanye nohlelo lwe-panel vector error correction model
(VECM). Imiphumela iveze ukuthi i-FDI ezimakethe ezikhethiwe ezisafufusa, esikhathini
esiningi, iye yahehwa ukuhluma komnotho kanye nezinga leziko. Izinga leziko, ukuhluma
komnotho kanye nokuvuleka kwe-akhawunti yemali bekuyizinto eziyizinkomba ezinhle
zokungena kwe-FPI; yize-kunjalo, ukuthuthukiswa kwemakethe yesitoko kuvele kwagqama
ngaphezulu njengenkomba ekhombisayo. Ukwengeza phezu kolwazi olutholakele
esikhathini esinde, ukuhlangana kobudlelwano obuphakathi kwamavarebuli asemqoka,
kuye kwavela ukuthi kwakunezimbangela ezikhomba izindlela ezimbili zokungena
kwezimali ezitshalwa ngaphandle, zona yilezi i-FDI kanye nezinga leziko esikhathini esinde.
Naphezu kolwazi olutholakele kamuva, imiphumela iqhubeka nokuphakamisa ukuthi
ubudlelwano besikhathi eside obuphakathi kwezinhlelo zokutshalwa kwezimali ezivela
emazweni angaphandle, lezo zinhlelo yilezi, i-FDI kanye ne-FPI, bezingendlela ikakhulukazi
yokushintshana/yokumisela noma yokushintshelana ngokuhweba kwisampuli yethu
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yezimakethe ezisafufusayo. Mayelana nalolu lwazi olutholakele, sincome ukuthi
kuzohambisana nokuthandwa yilezi zimakethe ezisafufusa uma ngabe abenzi bemigomo
ababandakanyekayo baqhubeke nokususa izihibe zomnotho kula mazwe asafufusa.
Ngaphezu kwalokho, kuye kwavezwa ukuthi ukuze kuhehwe izimali zamazwe angaphandle,
uhlelo lokususwa kwezihibe zomnotho lufanele luhambisane nokuqiniswa kwesizinda
esiyiziko lasekhaya. Ukuqiniswa kwamaziko kungaqeda isimo esintengayo seziko futhi
kungasusa izimakethe zamazwe asafufusayo kwisimo esingagculisi sezimali ezingenayo,
kanti esikhathini eside lokhu kungaqinisa ukutshalwa ukungena kwezimali ezivela
emzaweni angaphandle / Maikemisetso magolo a thutopatlisiso eno e ne e le go tlhatlhoba ditlamorago ka bophara tsa
boleng jwa ditheo mo go tokafatseng keleloteng ya dipeeletso tsa tlhamalalo tsa kwa
dinageng tse dingwe (FDI) le dipeeletso tsa dipotefolio tsa kwa dinageng tse dingwe (FPI)
mo sampoleng ya diikonomi tse somepedi tsa mebaraka e e tlhagelelang mo pakeng ya 2007
go fitlha 2017. Re ne re totile go araba dipotso tse di malebana le ditsamaisi tsa botlhokwa
tsa keleloteng ya FDI le FPI mo mebarakeng e e tlhagelelang, go lebeletswe thata seabe sa
dintlha tsa boleng jwa ditheo. Gape re ne re lebeletse go tlhotlhomisa go nna sebaka se se
telele le sebako sa dikamano magareng ga dipharologantsho tsa botlhokwa tsa FDI, FPI le
boleng jwa ditheo, malebana le sampole ya mebaraka e e tlhagelelang. Thutopatlisiso e
dirisitse Tokololo ya Dintlha tsa Botlhokwa (PCA) go aga tshupane ya dikarolo ya boleng jwa
ditheo e e nang le Disupi di le thataro tsa Lefatshe lotlhe tsa Bolaodi. Go dirisitswe gape dikao
tse dingwe tse di farologaneng tsa ikonometiriki, go akarediwa sekao sa dynamic panel data
generalised method of moments (GMM) sa data ya phanele e e farologaneng, sekao sa panel
autoregressive distributed lag (ARDL) sa diphanele tse di farologaneng le sekao sa panel
vector error correction (VECM). Dipholo di senotse gore FDI mo mebarakeng e e
tlhophilweng e e tlhagelelang e ne tota e ngokiwa ke kgolo ya ikonomi le boleng jwa ditheo.
Boleng jwa ditheo, kgolo ya ikonomi le go bulega ga akhaonto ya kapitale e nnile diswetsi tse
di siameng tsa keleloteng ya FPI; fela tlhabololo ya mebaraka ya setoko e tlhageletse jaaka
ntlha e e kwa pele e e swetsang. Go tlaleletsa mo go fitlheleleng botsalano jwa pakatelele le
jo bo kopanang jwa dipharologantsho tsa botlhokwa, go tlhageletse gore go na le go sebako
sa dintlhapedi magareng ga FDI le FPI gammogo le magareng ga FDI le boleng jwa ditheo mo
pakeng e e telele. Le fa go ntse go na le diphitlhelelo tse di kailweng la bofelo, dipholo gape
di tshitshinya gore botsalano jwa paka e e telele magareng ga keleloteng ya kapitale ya kwa
ntle k.g.r. FDI le FPI ke jwa mofuta wa go emisetsa se sengwe ka se sengwe mo sampoleng
ya rona ya mebaraka e e tlhagelelang. Ka ntlha ya diphitlhelelo tseno, re atlenegisa gore go
tlaa bo go le mo dikgatlhegelong tsa mebaraka eno e e tlhagelelang gore ba ba rweleng
maikarabelo a go dira dipholisi ba ka tswelela go repisa diikonomi tseno. Mo godimo ga moo,
go bonagetse gore go ngokela kelelo e e tsenang ya kapitale ya boditšhabatšhaba, go repisiwa
ga merero ya ditšhelete go tshwanetse ga tsamaisiwa le maatlafatso ya tikologo ya ditheo tsa
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selegae. Go maatlafatsa ditheo go ka fedisa go tswelela pele ga makoa a ditheo le go sireletsa
diikonomi tsa mebaraka e e tlhagelelang mo ditlamoragong tse di maswe tsa dikelelo tse di
maswe tsa kapitale, mme kwa bokhutlong, go tokafadiwe kelelo ya kapitale ya
boditšhabatšhaba / Finance, Risk Management and Banking / M. Com. (Financial Management)
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The impact of foreign direct investment on financial sector development: a case of the Mena RegionKomape, Refilwe Tryphina Maduane 06 1900 (has links)
Summaries in English, Afrikaans and Zulu / Various studies on international capital flows have established the deterministic role of local
financial markets on the attractiveness of countries to inflow of foreign direct investment.
The current study investigated the impact of FDI inflows on the financial sector development
of countries in the Middle East and North Africa region for the period 2003 to 2016. Various
panel data analysis methods were employed. These approaches included fixed effects,
random effects, pooled OLS, FMOLS and the dynamic GMM. In addition, pre-estimation
tests, diagnostic tests which included panel unit root and co-integration tests and
robustness tests were conducted. Using both financial development proxies, broad money
as a ratio of GDP (model 1) and domestic credit to the private sector (model 2), the study
found that the lag in financial development had a significant positive effect on financial
development. In model 1 under fixed effects, random effects and pooled OLS, FDI had a
significant negative effect on financial development. In contrast, model 2 showed a
significant positive relationship running from FDI to financial development under the pooled
OLS method. The interaction between FDI and economic growth was found to have a
significant negative influence on financial development in models 1 and 2 under the pooled
OLS method. This finding indicates that economic growth had a deleterious effect on the
impact of FDI on financial development in the MENA region. In the light of these results,
policy makers in the MENA region countries should be urged to avoid undue reliance on
FDI in their efforts to develop their financial sectors. Furthermore, the MENA region nations
are urged to avoid implementing economic growth enhancement policies as a way of trying
to improve financial development, directly or indirectly, as the effort has been shown to
achieve the opposite effect. / Verskeie studies wêreldwyd oor die vloei van internasionale kapitaal is dit eens dat
aantreklike plaaslike finansiële markte direkte buitelandse beleggings (DBB) na lande laat
stroom. Hierdie studie het die uitwerking van DBB in die tydperk 2003 tot 2016 op die
finansiële sektore van lande in die Midde Oosterse en Noord-Afrikaanse (MONA) streek
ondersoek. Verskeie paneeldataontledingsmetodes is gevolg, waaronder vaste en
ewekansige effekte, saamgevoegde, gewone kleinstekwadratemetode (GKK),
volgewysigde kleinstekwadratemetode (VGKK) en die dinamiese, veralgemeende metode
van momente (VMM). Afgesien hiervan is voorberamings- en diagnostiese toetse,
waaronder paneeleenheidswortel-, koïntegrasie- en robuustheidstoetse, toegepas. Op
grond van sowel volmagte vir finansiële ontwikkeling, breë geld – as ʼn verhouding van die
BBP (model 1) – as binnelandse krediet aan die privaat sektor (model 2), is bevind dat die
vertraging in finansiële ontwikkeling ʼn opmerklik positiewe effek op finansiële ontwikkeling
uitgeoefen het. In model 1, onder vaste effekte, ewekansige effekte en saamgevoegde
GKK, het DBB ʼn opmerklik negatiewe effek op finansiële ontwikkeling gehad. Model 2,
daarenteen, het onder die saamgevoegde GKK-metode op ʼn opmerklik positiewe verband
tussen DBB en finansiële ontwikkeling gedui. Daar is in model 1 en 2 onder die
saamgevoegde GKK bevind dat die wisselwerking tussen DBB en ekonomiese groei ʼn
opmerklik negatiewe effek op finansiële ontwikkeling gehad het. Hierdie bevinding is ʼn
aanduiding daarvan ekonomiese groei ʼn nadelige effek op die uitwerking van DBB op
finansiële ontwikkeling in die MENA-streek gehad het. In die lig hiervan moet die
beleidsmakers van lande in die MONA-streek teen oormatige steun op DBB om hulle
finansiële sektore te laat ontwikkel, gemaan word. Hierbenewens moet lande in die MONAstreek
teen beleide vir ekonomiese groei as ʼn manier om finansiële ontwikkeling regstreeks
of onregstreeks aan te wakker, gewaarsku word omdat dit die teenoorgestelde uitwerking
sal hê. / Izifundo zocwaningo ezahlukahlukene ekuthunyelweni kwezimali sezisungule indima
yezimpawu ezikhombisayo zokuthunyelwa kwezimali ezimakethe zasemakhaya mayelana
nekhono lamazwe lokuheha ukutshalwa kwezimali okuqondile. Ucwaningo lwamanje luye
lwaphenya umthintela wokungena kwezimali ngohlelo lokutshalwa kwezimali ngaphandle,
phecelezi FDI mayelana nokuthuthukiswa komkhakha wezezimali emazweni asesiyingini
esiseMpumalanga eMaphakathi (Middle East) kanye kanye nase-Afrika eseNyakatho
(North Africa (MENA), ukusukela onyakeni ka 2003 ukufika ku 2016. Izindlela
ezahlukahlukene zokuhlaziya ipanel data analysis ziye zasetshenziswa. Lezi zindlela ziye
zaxuba imiphumela enqunyelwe isikhathi, imiphumela enganqunyelwanga isikhathi, uhlelo
lwe pooled OLS, lwe FMOLS kanye nohlelo oluguquguqukayo lwe GMM. Ngaphezu
kwalokho, izinhlelo zokuhlolwa phecelezi, pre-estimation tests kanye ne diagnostic tests,
lokhu okuyizinhlelo ezixuba amayunidi ephaneli panel unit root kanye nohlelo lwe cointegration
tests kanye nohlelo lwe robustness tests, nazo ziye zaxutshwa phakathi.
Ngokusebenzisa zombili izinhlelo zokuthuthukiswa kwezinhlelo zezimal, imali ebanzi –
njengesilinganiso semodeli 1 yeGDP – kanye nesikweletu sasekhaya esinikezwa
imikhakha yamabhizinisi angasese asekhaya (imodeli 2), ucwaningo luthole ukuthi
ukubambezeleka kwesikhathi sokuthuthukiswa kwezinhlelo zezimali kuye kwaba
nomthelela omuhle kakhulu ekuthuthukisweni kwezimali. Kumodeli 1, ngaphansi kohlelo
lwemiphumela enqunyelwe isikhathi, kwemiphumela enganqunyelwanga iskhathi kanye
nasohlelweni lwe pooled OLS, uhlelo lwe FDI luye lwaba nomthelela omubi kakhulu
kwezokuthuthukiswa kwezimali. Okuphikisana nalokho, imodeli 2 iye yakhombisa
ubudlelwano obuhle kakhulu, ukuqala ohlelweni lokutshalwa kwezimali emazweni
angaphandle (FDI) ukufika ohlelweni lwezokuthuthukiswa kwezinhlelo zezimali, ngaphansi
kohlelo lwe pooled OLS. Ukuhlangana phakathi kohlelo lwe FDI kanye nokuhluma
komnotho kutholakele ukuthi luye lwaba nomthelela omubi kakhulu ekuthuthukisweni
kwezinhlelo zezimali, kumamodeli 1 nemodeli 2, ngaphansi kohlelo lwe pooled OLS. Lolu
lwazi olutholakele lukhombisa ukuthi ukuhluma komnotho kuye kwaba nomthelela oyingozi
kakhulu ohlelweni lwe FDI mayelana nokuthuthukiswa kwezimali esiyingini seMENA. Uma
kubhekwa le miphumela, abenzi bemigomo emazweni asesiyingini seMENA kufanele bacelwe ukuba bagweme ukwencika ngendlela engenasidingo ohlelweni lwe FDI
kwimizamo yabo yokuthuthukisa imikhakha yezimali. Ngaphezu kwalokho, amazwe
asesiyingini saseMENA ayacelwa ukuba agweme ukusetshenziswa kwemigomo eqinisa
ukuthuthukiswa komnotho njengendlela yokuzama ukuthuthukisa izinhlelo zezimali,
ngendlela eqondile nangendlela engaqondile, njengoba umzamo sewukhonjiswe ukuze
kuphunyelelwe imiphumela engaqondiwe. / Business Management / M. Com. (Business Management : Finance)
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Regulating multinational enterprises (MNEs) transactions to minimise tax avoidance through transfer pricing : case of ZimbabweMashiri, Eukeria 11 1900 (has links)
Abstract in English, Afrikaans and Zulu / In 2016, Zimbabwe introduced specific transfer pricing legislation to prevent abusive tax strategies by taxpayers. This study uses a qualitative interpretive inquiry to assess the adequacy of the new transfer pricing regime. This study contributes to the body of knowledge in that it explores transfer pricing as a tax avoidance tool, a concept that is at its nascent stage in academic taxation literature. Furthermore, it addresses a methodological gap by employing a qualitative inquiry in an area that is predominated by quantitative research. Indepth interviews and document review were used to gather data, and deductive content analysis was employed with the aid of ATLAS.ti 8™. This study confirms previous findings that tax consultants play a significant role in the compliance decisions of Multinational Enterprises (MNEs) through the examination of the exploitative strategies practiced by these MNEs. The comparison of the OECD and UN transfer pricing guidelines in search for the applicability of international guidelines to Zimbabwe’s specific needs helped uncover the contemporary dilemmas in global standards versus domestic standards. This study responds to the knowledge gap regarding the transfer pricing phenomenon in Zimbabwe through the lenses of an under-explored three-layered rationality concept; legal, implementation and exploitative rationality. The argument maintained in this study is that this rationality trichotomy is a useful lens to understand transfer pricing as a tax avoidance tool, and that international standards are not universal and so each country’s unique situation should be addressed at a domestic level. / Zimbabwe het in 2016 bepaalde oordragprysingswetgewing ingestel om onregmatige belastingstrategieë deur belastingbetalers te voorkom. Hierdie studie het ’n kwalitatief-interpretatiewe ondersoek gebruik om die toereikendheid van die nuwe oordragprysingsregime te assesseer. Die studie lewer ’n bydrae tot die kennismateriaal omdat dit oordragprysing as ’n belastingvermydingsinstrument ondersoek, ’n konsep wat in sy kinderskoene in akademiese belastingliteratuur staan. Dit verken ook ’n metodologiese gaping deur ’n kwalitatiewe ondersoek te gebruik op ’n gebied wat deur kwantitatiewe navorsing oorheers word. Omvattende onderhoude en dokumentbeoordelings is gebruik om data in te samel en deduktiewe inhoudsontleding is met behulp van ATLAS.ti 8™ gedoen. Hierdie studie bevestig vorige bevindinge dat belastingkonsultante ’n baie belangrike rol speel by die nakomingsbesluite van multinasionale ondernemings (MNO’s), gebaseer op die ondersoek van die uitbuitende strategieë wat deur hierdie MNO’s beoefen word. ’n Vergelyking van die Organisasie vir Ekonomiese Samewerking en Ontwikkeling (OESO) en die Verenigde Nasies (VN) se oordragprysingsriglyne om die toepaslikheid van internasionale riglyne ten opsigte van Zimbabwe se bepaalde behoeftes te bepaal, het gehelp om die eietydse dilemmas van globale standaarde versus huishoudelike standaarde bloot te lê. Hierdie studie stem ooreen met die kennisgaping rakende die oordragprysingsverskynsel in Zimbabwe deur deur die lens van ’n onderontgindedrielaag-rasionaliteitskonsep, naamlik wetlike, implementerings- en uitbuitende rasionaliteit, te kyk. Die studie voer aan dat hierdie rasionaliteitsdrieledigheid ’n nuttige manier is om oordragprysing as ’n belastingvermydingsinstrumente te verstaan, dat internasionale standaarde nie universeel is nie en dat elke land se unieke situasie derhalwe op ’n huishoudelike vlak aangespreek moet word. / Ngonyaka we-2016, izwe laseZimbabwe lithula imithetho ebhekene ngqo nokwedluliselwa kwezezimali zentengiselwano ukuvimbela ukusetshenziswa ngendlela esakuhlukumeza amasu ezentela ngabakhokhintela. Lolu cwaningo lusetshenziselwa uphenyo olukhombisa ukuhumusha okuphathelene nobungaki bento ukuze luhlolisise ukudluliselwa kwesikhathi sokuphatha esisha ekudlulisweni kokubekwa kwamanani emali. Ucwaningo lunomethelela olwazini olufanele ngokuthi lihlola ukubekwa kwamanani njengethuluzi eligwema ukukhokhwa kwentela, njengomqondo osesesigabeni sokuqala ukukhula ezifundweni zemibhalo yezentela. Ngaphezu kwalokho, sikhuluma ngegebe elikhombisa indlela yokwenza izinto ngokusebenzisa uphenyo olukhombisa ubungako bento endaweni egxile ocwaningweni olubheke obungako bento. Ukuthola ulwazi ngalokhu kuye kwasetshenziswa izinhlolokhono ezijulile kanye nokubuyekezwa kwemiqulu yamabhuku, kanye nokusetshenziswa kokuhlaziya okuqukethwe okuphunguliwe ngokubambisana nosizo le-ATLAS.ti 8™. Lolu cwaningo luqinisekisa okutholakale ngaphambilini okubonisa ukuthi abeluleki bezentela badlala indima ebalulekile ezinqumweni zokuthobela imithetho yezinkampani zamazwe angaphandle ngokusekelwe ekuhlolweni kokuxhashazwa kwamasu enziwa yizo izinkampani zamazwe angaphandle. Ukuqhathaniswa kwe-OECD kanye ne-UN mayelana nokudlulisela imihlahlandlela yamanani ekufuneni ukusebenza kwemihlahlandlela yeziqondiso zomhlaba wonke ngokwezidingo zaseZimbabwe kusize ekwembuleni izinkinga zesikhathi esizayo emazingeni omhlaba ngokuhambisana namazinga ezindinganiso zomhlaba jikelele ngokuhambisana namazinga asekhaya. Lesi sifundo siphendula igebe lolwazi elimayelana nokwedluliselwa kwesimo sokubekwa kwenani lemali kwezezintengiselwano eZimbabwe ngokusetshenziswa kokubhekwa komqondo onezigaba ezintathu ongaphansi kwesilanganiso sokuhlola, okungumthetho, ukwenziwa kwakhona kanye nokuxhashazwa kwemiqondo. Lolu cwaningo luphikisana nokuthi lomqondo ongunxantathu yinto ebhekwe ngamehlo abomvu futhi ebalulekile ekuqondeni ukudluliselwa kokubekwa kwesimo sezemali njengethuluzi lokugwema ukukhokhwa kwentela, okusho ukuthi amazinga omhlaba awasiyo into efanayo nokuthi izwe ngalinye linesimo salo esingafanani nelinye okwenza ukuthi isimo ngasinye sibhekwe ngokwesimo sezinga lasekhaya. / Financial Accounting / D. Phil. (Accounting Sciences)
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