In this research paper, business post-acquisition integration strategies and structures are introduced and discussed. Concepts are presented to demonstrate and support how formulation and implementation of these strategies and structures will safeguard smooth organisational change that will result in achieving synergy and value creation. Of paramount importance is that the activity of mergers and acquisitions enhances shareholder value and produce sustainable economic growth for the organisation concerned.The aim of this research is not to give an overview or an abundance of examples and data of recent mergers and acquisitions, but rather to present a case study of a dominant South African furniture and white appliance retailer’s post-acquisition integration process on assimilating two diverse acquisitions in the audio visual, electronic and office automation retail sector. The outcome is to present thoughts and insights on how the post-acquisition integration process should be organised, managed and implemented.One of the main reasons that value is not enhanced through business integration by means of mergers and acquisitions is the fact that the wrong corporate strategies and business integration strategies are formulated and selected. Another important factor is inadequate post merger management, not capable of handling the integration process and the major changes that take place in the organisation involved in the process. It has been noted in this paper that in order to increase shareholders’ value through M&A, a carefully planned and formulated strategy is critical and a proper post-merger management plan / action plan has to be drawn up, put in place, and implemented.The twelve maxims for successful mergers and acquisitions are identified. It is established that M&A should be part of a planned strategic activity and the outcomes of acquiring a company should meet clear and measurable business objectives. Finding the right approach for success is critical to the process. Taking time to fully understand the acquired business properly, making changes at the appropriate speed, acknowledging and dealing with cultural issues, communicating both vertically and horizontally, motivating and rewarding key people in both organisations, and establishing consistent managerial controls and reporting are important issues that need to be addressed and dealt with. If not properly addressed and if the wrong approaches are taken, business integration will fail and value will be destroyed. What can be concluded is that an increase in the value of the parent company through mergers and acquisitions is heavily dependent on the chosen integration strategy and on establishing proper post-merger management to guide and manage the process to its successful end. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

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This study has a twofold purpose. The primary purpose is to examine empirically the hypothesis of relative price performance. This hypothesis states that issues in the stock market which have recorded a price performance superior to the market for a period of time will tend to continue to record a superior price performance relative to the market. Conversely, those issues which have recorded an inferior price performance relative to the market will tend to maintain an inferior relative performance. The secondary purpose of the study is to develop a theoretical framework that attempts to explain how complexity in corporations is a constraint on the analysis of those corporations and is a determinant of security price behavior. The data consisted of a sample of 1214 companies which constituted those stocks included in the four major indices on the Toronto Stock Exchange as of January 1, 1965. The data tested were adjusted monthly stock prices covering the period January, 1965 to November, 1969. The methodology employed was the estimation of regression equations to determine the relationship between historical measures of relative price performance and subsequent relative price performances. The results of the empirical testing provide no support for the hypothesis. In practically every regression equation estimated the significance of the findings was almost negligible. The findings inferred that the hypothesis should be rejected. The development of a theoretical framework involving complexity in corporations and information types demonstrated that trends in security price movement are logically possible but only in certain cases. As a consequence of the two purposes of the study two conclusions were arrived at. Firstly, the hypothesis as tested here must be rejected due to an absence of any support for it. Secondly, recognition of the constraining influence of complexity on the security valuation process revealed that certain categories of companies would tend to exhibit a consistency in their securities' relative price performance. Therefore it was suggested that future research in the field of security price behavior should give consideration to disaggregating the sample into categories of complexity. / Business, Sauder School of / Graduate

The main focus of this study is the analysis of the capital budgeting practices and techniques implemented by companies listed on the Alternative Exchange (Alt X) of the Johannesburg Securities Exchange (JSE). Dayananda, Iron, Harrison, Herbohn and Rowland (2002) explain that capital budgeting is the process through which companies assess various sizeable investments, both tangible and intangible, to determine the most viable investment projects for the company. Dayananda et al. (2002) further explain that viable investment projects are ventures that correspond with the company’s objective of maximising shareholder wealth. Therefore, the capital budgeting process used by a company is very influential to its long-term sustainability. Ryan and Ryan (2002) add that an effective capital budgeting process employs appropriate measures and accurate techniques that ensure the company invests only in the most lucrative proposed projects. This study commences by presenting a general introduction into the research conducted, offering background insight that explains the need for a study of this nature. The research problem that was identified is discussed, followed by the purpose statement of the study and a definition of all the research objectives that guide the study. Furthermore, the academic value and intended contribution of the study as well as its practical benefits are disclosed. The introductory chapter also consists of the delimitations of the study and the key concepts covered in this study. In order to provide a complete analysis of the capital budgeting practices employed by the companies listed on the Alt X, a comprehensive literature review was conducted. This highlighted the importance of capital budgeting as well as the capital budgeting behaviour of large firms in South Africa and internationally. What emerged from this research was that the capital budgeting practices and techniques implemented by large companies generally tend to align with the recommendations of financial theory which advocates the use of discounted cash flow techniques and a discount rate that accounts for all sources of funds available to the company. The literature review also assesses studies conducted on the capital budgeting practices of small and medium sized enterprises (SMEs), the category under which Alt X listed companies fall. Findings from those studies reveal that SMEs traditionally employ inferior capital budgeting techniques in comparison to their - iii - larger counterparts and use no formal procedures to calculate an acceptable rate of return required from proposed investment projects. The theoretical background gained from the literature review is complimented by an empirical analysis which investigates the actual capital budgeting behaviour of the SMEs listed on the Alt X. Companies included in the study were from all seven sectors represented on the Alt X and selection was limited only to those with an active primary listing on this board. A web-based survey comprising of 28 questions was formulated using Survey Monkey Software to collect and analyse responses. The survey was divided into sections which included questions about respondent demographics, company profiles, capital budgeting practices implemented, capital rationing and the use of discount rates. The survey remained active for a period of eight weeks to allow sufficient time for all respondents invited to participate. A total of 15 responses were obtained from this process when the survey was closed to further responses. The research design, methodology and techniques that guided this study are also disclosed in this dissertation. The final part of this dissertation contains research findings obtained from analysing the primary data gathered through the survey. These findings are analysed and interpreted in isolation, by relating them to findings from comparable studies of the same population as well as to similar studies conducted both locally and internationally. Finally, this dissertation concludes by summarising all research findings derived from the literature review and the empirical study. It also presents recommendations and areas for further study that could be of academic and practical value to the field of finance. / Dissertation (LLM)--University of Pretoria, 2012. / gm2014 / Financial Management / unrestricted

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This study deals with a) Understanding familiarity with transportation network companies (TNCs) and their use frequency b) Understanding travel choices in alcohol-related situations in Virginia. Ordered logistic regression models were used to identify factors associated with the respondents perceived familiarity with transportation network companies (TNCs) and use frequency. Based on the two models, the consistent factors were using a mobile wallet, a cell phone for entertainment, an app for taxi services, or an app for hotel booking/air transport arrangements, living in Northern Virginia, normally using multiple transportation modes for a single trip, higher education levels, and higher household income which were associated with increased TNC familiarity and use frequency. Self-identifying as White/Caucasian was also associated with increased TNC use frequency. Increased age was associated with decreasing TNC familiarity and use frequency. Subsequently, travel choices in alcohol related situations were studied with the objective of understanding the role of Transportation Network Companies (TNCs) in these situations and whether they have an impact on DUIs. For this objective, this study analyzes travel-choices associated with three scenarios alcohol related situations: (a) the last time the respondent consumed alcohol, (b) when avoiding driving after drinking, and (c) when avoiding riding with a driver who had been drinking. Multinomial Logistic Regression models were developed for all the three scenarios. For model (a), significant factors included use of a personal vehicle to arrive at the location where last consuming alcohol, being comfortable with having a credit card tied to a cell phone app, age, income, travelling alone when leaving the location where last consuming alcohol, having the highest educational attainment of high school graduate (GED), consumption of alcohol at bar/tavern/club, consumption of alcohol at home of friends/acquaintance place, and transportation network company (TNC – e.g., Uber, Lyft) weekly use frequency. For (b), use of a personal vehicle to arrive at the location where last consuming alcohol, consumption of alcohol at a bar/tavern/club, consumption of alcohol at the home of friends/acquaintance place, comfort with tying of credit card to apps, age, gender, income, multi-modal travel for a regular trip, TNC weekly use frequency, and use of an app for hotel reservations and/or air transportation arrangements are significant factors. For (c), use of a personal vehicle to arrive at the location where last consuming alcohol, walking to the location where last consuming alcohol, consumption of alcohol at a bar/tavern/club, comfort with tying a credit card to apps, age, income, TNC weekly use frequency, previously riding in a car with a driver who may have drunk too much to drive safely, and being employed full time are the significant factors. / Master of Science / The study intends to improve understanding of the characteristics of early adopters of TNC services and contribute towards understanding travel choices made by individuals in alcohol-related situations. Data for this study came from a telephone survey of just over 3000 respondents across three metropolitan regions of Virginia; Northern Virginia, Hampton Roads/Tidewater and the Richmond urban area. This study deals with a) Understanding familiarity with transportation network companies (TNCs) and their use frequency b) Understanding travel choices in alcohol-related situations in Virginia. Based on the surveys, ordinal logit models were developed to predict the degree of familiarity and use frequency of TNCs. The results showed that income was significantly associated with both increased familiarity and increased use frequency of TNCs. Educational attainment was also significant and positively associated with familiarity and use frequency. Age was significantly and negatively associated with TNC familiarity and use frequency. This may be important in understanding TNC use in locations with older populations. Individuals located in Northern Virginia were associated with increased TNC familiarity and use frequency. Individuals who used multiple modes to commute had a higher likelihood of being familiar with and using TNCs more frequently. Use of an app for sourcing taxi services was associated with increased TNC familiarity and use frequency. Similarly, using an app for hotel reservations and/or air transportation arrangements was associated with increased TNC use frequency. In addition, individuals using their phone for entertainment were more likely to be familiar with and use TNCs. Use of mobile wallet was associated with increased TNC familiarity and use frequency. Employment status “student” was significantly associated with TNC familiarity which suggests that information is easily accessible for this group of people. Also, individuals self-identifying their race as white had a higher probability of using TNCs. The second part of the research analysis included multinomial logistic regression models which identified factors associated with respondents’ travel choices in alcohol-related situations: (1) the last time the respondent consumed alcohol, (2) when avoiding driving after drinking, and (3) when avoiding riding with a driver who had been drinking. From the model results, it was found v that consumption of alcohol at a bar was statistically associated with use of TNC services in all three alcohol-related situations. TNCs were more likely to be used by younger people in all three alcohol-related situations examined in this study. Older people were more likely to ride with designated drivers than to use TNCs when avoiding driving after drinking and the last instance of consuming alcohol. Familiarity with, and regular use of TNCs increased the likelihood of using TNCs in all three alcohol-related situations in this study.

Thesis (MComm)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: Much research has been done on risk coverage within the field of the traditional insurance market, but the concept of alternative risk transfer is fairly new to the world of risk management. The need for more innovative, multi-faceted approaches to meet possible losses, together with the growing resistance to the cross-subsidisation inherent in traditional insurance, has initiated the development of the captive insurance industry as an alternative risk transfer mechanism. The objective of this research was to study the application of captive insurance as a risk management mechanism for managers. The objective comprised a modelling approach for managers to handle the strategic implications of establishing and operating a captive insurer. The tasks that were required for this assignment were as follows: • The completion of a literature study of the basic theory available on captive insurance as an internal risk financing mechanism for management; • The collection of relevant empirical information on the subject by means of questionnaires, which had to be based on the literature study; • The critical analysis of the collected data; and • The development of a decision-making model based on the outcome of the available information, that could provide a practical guideline for management to decide on the establishment and operation of a captive insurer. Twenty-five questionnaires were sent out during February 2003 to cover all the registered onshore and cell captive insurance companies in South Africa. Offshore insurance companies could not be included in this study due to article 33 of the Reserve Bank's Act no. 90 of 1989 regarding confidential information. Of the 25 captive insurance companies, 21 companies completed the questionnaires, and three respondents declared that they did not perform captive insurance activities anymore. A response rate of over 95 per cent is therefore achieved. The information obtained from the questionnaires was summarised on a SPSS spreadsheet and subjected to a statistical analysis to form the bases for the empirical investigation. The results of the empirical study for onshore and cell captive insurers leads to conclusions regarding the importance of the objectives needed for establishing and operating the captive Insurer. The three most importantfactors which should determine the decision of a holding company to establish an onshore captive insurer were identified as the financial commitment of the holding company, the spreading of the risks of the holding company, and the retention capacity of the holding company. The three most importantfactors which should determine the decision of a holding company to operate an onshore captive insurer are the retention capacity of the holding company, the financial commitment of the holding company, and the management commitment of the holding company. The three most importantfactors which should determine the decision of a holding company to establish a cell captive insurer were identified as the spreading of the risks of the holding company, the retention capacity of the holding company, and the financial commitment of the holding company. The three most importantfactors which should determine the decision of a holding company to operate a cell captive insurer are the financial commitment of the holding company, the spreading of the risks of the holding company, and the management commitment of the holding company. A decision-making model for both onshore and cell captive insurers was developed as a tool for risk managers when deciding on the establishment and operation of a captive insurer as part of their risk management programme. The resulting conclusions and recommendations of this assignment are largely based on the personal viewpoints of the captive insurers active in the South African captive insurance industry. It is therefore recommended that future research also includes the role and views of the holding companies. / AFRIKAANSE OPSOMMING: Heelwat navorsing is alreeds oor die tradisionele versekeringsmark ten opsigte van risikodekking gedoen, maar die konsep van alternatiewe risiko-oordrag is nog redelik nuut in die vakgebied van die risikobestuur. Die behoefte aan meer innoverende multivlak benaderinge om moontlike verliese te beperk, tesame met die toenemende weerstand teen kruissubsidiëring inherent aan tradisionele versekering, het tot die ontwikkeling van die gebonde (gevange) versekeringsbedryf as 'n wyse van alternatiewe risiko-oordrag gelei. Die doelstelling van hierdie navorsing was om die toepaslikheid van gebonde versekeraars as 'n risikobestuursmeganisme vir bestuurders te bestudeer. Die doelstelling omsluit 'n modelboubenadering vir bestuurders om die strategiese implikasies van die stigting en bedryf van 'n gebonde versekeraar te beheer. Die voortvloeiende take van die werkstuk is soos volg: • Die voltooiing van 'n literatuurstudie van die basiese teorie wat oor gebonde versekering, as 'n wyse van interne risikofinansiering vir bestuur beskikbaar is; • Die versameling van relevante empiriese inligting oor die onderwerp deur middel van vraelyste wat op die literatuurstudie gebaseer is; • 'n Kritiese ontleding van die versamelde inligting; en • Die ontwikkeling van 'n besluitnemingsmodelop grond van die resultate van die beskikbare inligting wat as 'n praktiese gids vir bestuur kan dien met betrekking tot besluitingneming oor die stigting en bedryfvan 'n gebonde versekeraar. Vyf en twintig vraelyste is gedurende Februarie 2003 gepos om al die geregistreerde binnelandse gebonde versekeringsmaatskappye, asook gebonde versekeringsmaatskappye wat uit verskillende selle bestaan ("cell captive insurance companies"), in Suid-Afrika te bereik. Buitelandse gebonde versekeringsmaatskappye kon nie deel van hierdie studie vorm nie vanweë artikel 33 van die Reserwebank se Wet nr. 90 van 1989 insake vertroulike inligting. Van die 25 gebonde versekeringsmaatskappye het 21 maatskappye die vraelyste voltooi en drie respondente het aangedui dat hulle nie meer by die aktiwiteite van gebonde versekering betrokke was nie. 'n Reaksiekoers van meer as 95 persent is gevolglik behaal. Stellenbosch University http://scholar.sun.ac.za Die inligting vanuit die vraelyste is opgesom deur middel van 'n SPSS-sigblad en 'n aantal statistiese ontledings is gedoen, wat die basis van die empiriese studie gevorm het. Die resultate van die empiriese studie ten opsigte van binnelandse gebonde versekeraars, asook gebonde versekeraars wat uit verskillende selle bestaan, het tot gevolgtrekkings gelei met betrekking tot die belangrikheid van die verlangde doelstellings vir die stigting en bedryf van gebonde versekeraars. Die drie belangrikste faktore wat die besluitneming van 'n houermaatskappy behoort te beïnvloed om 'n binnelandse gebonde versekeraar te stig, is geïdentifiseer as die finansiële verbintenis van die houermaatskappy, die spreiding van die risiko's van die houermaatskappy en die retensiekapasiteit van die houermaatskappy. Die drie belangrikste faktore wat die besluitneming van 'n houermaatskappy behoort te beïnvloed om 'n binnelandse gebonde versekeraar te bedryf, is geïdentifiseer as die retensiekapasiteit van die houermaatskappy, die finansiële verbintenis van die houermaatskappy en die bestuursverbintenis van die houermaatskappy. Die drie belangrikste faktore wat die besluitneming van 'n houermaatskappy behoort te beïnvloed om 'n gebonde versekeraar wat uit verskillende selle bestaan, te stig, is geïdentifiseer as die spreiding van die risiko's van die houermaatskappy, die retensiekapasiteit van die houermaatskappy en die finansiële verbintenis van die houermaatskappy. Die drie belangrikste faktore wat die besluitneming van 'n houermaatskappy behoort te beïnvloed om 'n gebonde versekeraar wat uit verskillende selle bestaan, te bedryf, is geïdentifiseer as die finansiële verbintenis van die houermaatskappy, die spreiding van die risiko's van die houermaatskappy en die bestuursverbintenis van die houermaatskappy . 'n Besluitnemingsmodel is as hulpmiddel vir risikobestuurders ontwikkel, vrr beide binnelandse gebonde versekeraars asook gebonde versekeraars wat uit veskillende selle bestaan, om met besluitneming ten opsigte van die stigting en bedryf van 'n gebonde versekeraar as deel van hul risikobestuursprogram te help. Die voortvloeiende gevolgtrekkings en aanbevelings van die werkstuk was grootliks gebaseer op die persoonlike menings van die gebonde versekeraars wat aktief in die Suid-Afrikaanse gebonde versekeringsbedryf is. Dit word gevolglik aanbeveel dat toekomstige navorsing ook die rol en menings van die houermaatskappye insluit.

Thesis (doctoral)--Universiẗat Marburg, 2006. / Includes bibliographical references (p. 303-329).