Thesis (MScAgric)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: Sustainability issues and the structural over-supply of wheat in the Western Cape since the middle 1990‟s have caused the introduction of alternative crop rotation systems in the Middle Swartland, a dry-land winter cereal production area of the Western Cape. Crop rotation systems typically consist of cereals and oilseed crops and pastures. Alternative crop rotations systems are currently scientifically evaluated at the Langgewens Experimental farm. Currently more than half the cultivated area in the Swartland is still under wheat production, a third of which is wheat monoculture. An issue regarding the adoption of such a crop rotation system is the cash flow and affordability of implementing such an alternative system. The goal of this study is to determine the cash-flow implications of a shift from wheat monoculture to a crop rotation system. Typical strategies available to producers to support such a shift are investigated. The complexity of farm systems as well as the interrelationships between crops within such a crop rotation system necessitates the implementation of a systems approach. A multi-period, whole-farm budget model was constructed to capture the interrelationships of the farm system and to express the financial performance thereof in standard profitability criteria. The farm model is based on a typical farm for the Middle Swartland. The model was used to determine the expected profitability of various crop rotation systems and to evaluate alternative strategies to accommodate the shift to alternative systems. The Langgewens crop rotation trial results are used to determine expected profitability of various crop rotation systems. A wheat-monoculture system serves as basis for the shift to alternative systems with the focus on the practical implications of such as shift. The profitability calculations show that various crop rotation systems are expected to be more profitable than wheat monoculture. The most profitable system is one year canola followed by three years of wheat, followed by a wheat/medic system with Dohne Merino sheep on the medic pastures. The shift from wheat monoculture is simulated by four scenarios. The first evaluated the financial implications of a shift form monoculture to the three year wheat and one year canola system. The second simulates a shift from monoculture to a wheat/medic system within two years and using own funds. The third scenario simulate the same shift with own funding, but over a ten year period. The fourth is similar to the second, but borrowed money is used to fund the shift.Lower input costs and consistently higher yields results in higher expected gross margins for the crop rotation systems, especially with nitrogen fixing plants. The inclusion of medic and medic/clover pastures and alternative cash crops such as canola and lupins show a higher yield on investment than wheat monoculture. Insight into the factors that producers should consider was also generated by this study, concerning changes to crop rotation systems. These factors include; time period over which a shift is planned and the availability of financing options. It seems that a quicker shift, using borrowed funds, is more profitable over the longer term. / AFRIKAANSE OPSOMMING: Volhoubaarheidskwessies, en die strukturele ooraanbod van koring in die Wes-Kaap, het sedert die middel 1990‟s, gelei tot alternatiewe gewasproduksiestelsels in die Swartland, ʼn droëland wintergraanproduserende area van die Wes-Kaap. Gewasproduksiestelsels bestaan tipies uit graan- en oliesaad- en weidings gewasse. Alternatiewe gewas-wisselboustelsels word wetenskaplik gevalueer op die Langgewens proefplaas. Tans is meer as die helfte van die area in die Swartland steeds onder koring produksie, ʼn derde daarvan is koring monokultuur. ʼn Bekommernis rakende die aanneem van wisselboustelsels is die kontantvloei en bekostigbaarheid van die implementering van so ʼn alternatiewe stelsel. Die doel van hierdie studie is om te bepaal wat die kontantvloei implikasies van ʼn skuif van ʼn koringmonokultuurstelsel na ʼn wisselboustelsel is. Tipiese strategieë beskikbaar aan produsente om so skuif te finansier is ook ondersoek. Die kompleksiteit van boerderystelsels en die interverwantskap tussen gewasse in ʼn wisselboustelsel noodsaak die insluiting van ʼn stelselsbenadering. ʼn Multi-periode, geheelplaasbegrotingsmodel is ontwikkel om die interverwantskap van die boerdery te verenig en finansiële prestasie uit te druk in erkende winsgewendheid kriteria. Die boerderymodel is gebaseer op ʼn tipiese plaas vir die Middel-Swartland. Die model is gebruik om die winsgewendheid van verskillende wisselboustelsels te bepaal en om verskillende strategieë te assesseer wat die oorgang van wisselboustelsel kan akkommodeer. Die Langgewens wisselbouproefdata is gebruik om die winsgewendheid van verskillende wisselboustelsels te bepaal. „n Koringmonokultuurstelsel dien as basis vir die oorskakeling na alternatiewe wisselboustelsels, met die fokus op die praktiese implikasies van so ʼn skuif. Die winsgewendheid bepaling wys dat verskeie wisselboustelsels meer winsgewend is as koring monokultuur. Die mees belowende stelsels is een jaar canola gevolg deur drie jaar koring en ʼn koring/medic stelsel met Dohne Merino skape op die medic weidings. Die oorskakeling vanaf koring monokultuur is gesimuleer deur vier scenario‟s. Die eerste scenario evalueer die finansiële implikasie van ʼn skuif van koringmonokultuur na ʼn wisselboustelsel met een jaar canola. Die tweede scenario evalueer ʼn skuif na ʼn koring medic stelsel binne twee jaar met eie fondse. Die derde scenario simuleer dieselfde skuif maar oor ʼn tien jaar tydperk, met eie fondse. Die vierde scenario simuleer dieselfde skuif na koring/medics maar oor ʼn twee jaar periode met geleende fondse. Laer insetkoste en konstante hoër opbrengste lewer hoër brutomarges vir die wisselboustelsels, veral die met stikstofbindende weidingsgewasse. Die insluiting van medic en medic/klawer weidings en alternatiewe kontantgewasse soos canola en lupiene wys ʼn beter opbrengs op kapitaal investering in vergelyking met koringmonokultuur. Bykomende daartoe verskaf die resultate van die studie insig in die faktore wat graanprodusente behoort te oorweeg wanneer ʼn oorskakeling na alternatiewe wisselboustelsels oorweeg word. Die faktore sluit in, die tydperk waaroor die oorskakeling beoog word en die beskikbare finansieringsopsies. Dit blyk dat ʼn vinniger oorskakeling, selfs teen die koste van finansiering, oor die langtermyn meer winsgewend is.

Bakgrund: Övergången från en linjär till cirkulär ekonomi är något som har adresserats på en global nivå. SMF står för 56% av den svenska sysselsättningenoch är därmed en stor faktor i den svenska omställningen till en cirkulär ekonomi. För att kunna ställa om till en cirkulär ekonomi krävs det att de cirkuläraföretagen har tillgång till finansiering. Det finns en stor mängd forskning om olika typer av cirkulära affärsmodeller och hur de påverkar ett företags operativa verksamhet. Det finns även mycket forskning kring de finansiella förutsättningarna för SMF. Något som inte diskuteras lika mycket är hur de finansiella förutsättningarna ser ut för cirkulära affärsmodeller i SMF. Syfte: Syftet med denna uppsats är att kartlägga hur de finansiella förutsättningarna för att implementera och driva cirkulära affärsmodeller ser ut i svenska SMF. Metod: Studien är en kvalitativ tvärsnittsstudie som är utförd med en abduktiv ansats och med realism som vetenskaplig utgångspunkt. Det empiriska materialet har samlats in via semistrukturerade intervjuer med nio respondenter från olika SMF med cirkulära affärsmodeller och en respondent från ett finansieringsinstitut. Ett målstyrt urval har använts som urvalsmetod för att identifiera företag och respondentpersoner i relevanta positioner som skulle kunna bidra till studiens syfte. Slutsats: Resultatet av studien visar att SMF med cirkulära affärsmodeller skiljer sig i vissa avseenden gentemot linjära SMF när det kommer till finansiella förutsättningar. Cirkulära SMF:s finansiella implikationer kan medföra särskilda utmaningar som begränsar deras tillgång till finansiering, men det finns även implikationer som agerar som möjliggörare. De finansiella förutsättningarna skiljer sig mellan olika typer av cirkulära affärsmodeller i vissa avseenden, men förutsättningarna kan även skilja sig beroende på andra faktorer såsom ålder och storlek. / Background: The transition from a linear to a circular economy is being addressed on a global level. SMEs account for 56% of Swedish employment and are thus a major factor in the Swedish transition to a circular economy. Transitioning from a linear economy to a circular economy requires that thecircular businesses have access to financing. There is a large body of research on different types of circular business models and howthey affect a company's operational activities. There is also plenty of research on the financial preconditions of SMEs. There is however a lack of research on the financial preconditions for circular business models in SMEs. Research aim: The aim of this paper is to identify the financial preconditions for implementing and operating circular business models in Swedish SMEs. Method: The study is a qualitative cross-sectional study conducted with an abductive approach and with realism as a research paradigm. The empirical material was collected via semi-structured interviews with nine respondents from different SMEs with circular business models and one respondent from a financial institution. Targeted sampling was used as a sampling method to identify companies and respondents in relevant positions that could contribute to the aim of the study. Findings: The results of the study show that SMEs with circular business models differ in some respects from linear SMEs in terms of financial preconditions. The financial implications of circular SMEs may pose specific challenges that limit their access to financing, however there are also implications that act as enablers. Financial preconditions differ between different types of circular business models in some respects, but preconditions may also differ depending on other factors such as age and size of the enterprise. / Mistra REES

Cette thèse s’appuie sur le constat selon lequel les acteurs vivent des difficultés professionnelles concernant la mise en œuvre des outils de gestion CRM ayant un impact à la fois sur la performance organisationnelle et sur les incidences financières. C’est dans cette perspective qu’elle vise à contribuer à l’enrichissement de l’implication des acteurs dans la mise en œuvre des outils de gestion sur la performance organisationnelle dans le secteur canadien de l’automobile. Notre recherche doctorale pose les questions suivantes : « quels sont les déterminants des incidences financières et de la performance organisationnelle ? ». Existe-t-il une relation entre ces types de performance et l’implication des dirigeants et utilisateurs en matière d’outils de gestion CRM ? Pour y répondre, un design méthodologique en trois phases a été élaboré : (1) une préenquête auprès de 21 cadres (2) une étude empirique quantitative basée sur un échantillon de 306 professionnels (3) une discussion après analyse des résultats et une théorie basée sur le TAR. Les résultats montrent que pour atteindre une performance organisationnelle et ainsi avoir des incidences financières, l’organisation doit s’assurer que, (a) les dirigeants s’impliquent en matière d’outils de gestion CRM, (b) les utilisateurs s’impliquent dans les CRM, (c) la formation adéquate est offerte. D’un point de vue empirique, les résultats permettent de connaître la dimension jusqu’ici peu explorée de la pratique professionnelle, en particulier en matière d’implication des dirigeants et des utilisateurs. Enfin, d’un point de vue méthodologique, cette recherche a permis de développer et d’expérimenter un dispositif permettant d’étudier l’implication des acteurs dans la mise en œuvre des outils de gestion sur un empan long de façon cohérente avec une épistémologie holiste de l’action humaine. / This study builds on the research and implementation of management tools that have an impact on both organizational performance and financial impact. It is in this perspective that it contributes to the enrichment of the involvement of the actors in the implementation of management tools on organizational performance in the Canadian automotive sector. Our research raises the following questions: « What are the determinants of financial implications and organizational performance ? ». Are there competency links in CRM management tools ? A three-phase methodological design was developed: (1) a pre-survey of 21 executives, (2) an empirical study based on a sample of 306 professionals, (3) a discussion after analysis of the results, and A theory based on ART. The results show that to achieve organizational performance and so on, the organization must ensure that (a) managers get involved in CRM management tools, (b) users get involved in CRM, (c) adequate training is offered. From an empirical point of view, the results allow us to know the hitherto little-explored dimension of professional practice, particularly with regard to the involvement of managers and users. Finally, from a methodological point of view, this research is a development permit and a mechanism to study stakeholder involvement in the implementation of management tools over a long period in a way consistent with Epistemology Holistic of human action.

Background: Functional sales has in recent years become increasingly debated among companies, as a result of increased interest in developing more sustainable strategies. Meanwhile, companies lack knowledge of what changes functional sales causes, particularly about what incentives, barriers and financial implications that affect the development and implementation of the business model. Since companies are not fully aware of what aspects to take into consideration before implementing functional sales, many companies hesitate on taking the step towards a more sustainable future. Research aim: The research aim of this study is to investigate underlying incentives and barriers that affect the development and implementation of functional sales within retail industry, but also what financial implications it causes. Moreover, this study aims to investigate how the conditions for an implementation of functional sales can be improved, by managing the incentives and barriers identified. Method: This study has been conducted with pragmatism as a scientific starting point. Moreover, an abductive approach has been used. The research design for this study is qualitative design, where a simple case study was selected through a targeted sampling of ”a typical case”. The respondents were selected through a snowball and a targeted sampling. The method used for conducting the analysis was a thematic analysis. Findings: The incentives identified in this study were environmental sustainability, meeting customer needs, closer connection to the customer and profitability. The barriers identified were increased requirements for product design, increased costs for warehousing, service and transportation, changes in cash flows, existing accounting principles and lack of profitability. In order to strengthen versus bridge these incentives and barriers, companies should take the following aspects into consideration: a well-adapted design, environmentally friendly and efficient transportation, ensure high inventory turnover rate, an adequate pricing, a well- formulated guarantee agreement and ensure financing. / Bakgrund: Funktionsförsäljning har på senare år blivit allt mer omdebatterat bland företag, till följd av att ökat intresse av att utveckla mer hållbara strategier. Samtidigt saknas forskning om vilka processer som förändras vid funktionsförsäljning, samt vilka incitament, hinder och finansiella implikationer som påverkar utveckling och implementeringen av affärsmodellen. I och med att företag inte är fullt medvetna om vilka aspekter de behöver ta i beaktning inför en implementering, tvekar företag att ta steget mot en mer hållbar framtid. Syfte: Denna studie syftar till att undersöka vilka bakomliggande incitament och hinder som påverkar utvecklingen och implementeringen av en cirkulär affärsmodell baserad på funktionsförsäljning inom detaljhandeln, samt vilka finansiella implikationer de ger upphov till. Vidare syftar studien till att undersöka hur förutsättningarna för en implementering av funktionsförsäljning kan förbättras, genom hantering av dessa incitament och hinder. Metod: Studien har genomförts med pragmatism som vetenskaplig utgångspunkt. Vidare har ett abduktivt angreppssätt använts. Studiens forskningsdesign är kvalitativ, där ett fallföretag valts ut genom ett målstyrt urval av ”ett typiskt fall”. Respondenterna valdes ut genom både ett snöbollsurval och ett målstyrt urval. Den analysmetod som studien har använts sig av är en så kallad tematisk analys. Slutsats: De incitament som identifierats i denna studie är miljömässig hållbarhet, möta kundens behov, komma närmare kund samt lönsamhet. De hinder som identifierats är ökade krav på produktdesign, ökade kostnader vid lagerhållning, service och transport, förändrade kassaflöden, befintliga redovisningsprinciper samt utebliven lönsamhet. För att förstärka respektive överbrygga dessa bör företag ta följande aspekter i beaktning: en anpassad design, miljövänliga och effektiva transporter, säkerställa hög lageromsättningshastighet, rätt prissättning, ett välformulerat garantiavtal samt säkerställa finansiering.

The tax system in South Africa makes provision for every South African citizen to contribute to a greater or lesser extent to funding the National Health Insurance (NHI), either through VAT or PAYE. However, as a result of the high unemployment rate, a large gap exists between tax and non-tax contributors. The question can now be asked whether it is fair that just a small percentage of taxpayers are responsible for the total funding of the NHI. Furthermore, it could be asked whether the taxpayer is aware of the additional tax burden the NHI will impose on him/her. The purpose of this research was to investigate three countries, namely, Brazil, Spain and Germany, where some form of NHI is in operation, in order to find a possible appropriate funding model for South Africa's NHI and, ultimately, to make conclusions and recommendations based on the outcomes. It was subsequently found that, although the taxpayer should be more heavily taxed in order to fund the NHI, there are a few other possibilities for distributing the tax burden more evenly. However, the impact of the proposed adjustment to increase VAT could have a negative impact on the non-taxpayer and might contribute to greater poverty in South Africa. / MCom (South African and International Taxation), North-West University, Potchefstroom Campus, 2014

The tax system in South Africa makes provision for every South African citizen to contribute to a greater or lesser extent to funding the National Health Insurance (NHI), either through VAT or PAYE. However, as a result of the high unemployment rate, a large gap exists between tax and non-tax contributors. The question can now be asked whether it is fair that just a small percentage of taxpayers are responsible for the total funding of the NHI. Furthermore, it could be asked whether the taxpayer is aware of the additional tax burden the NHI will impose on him/her. The purpose of this research was to investigate three countries, namely, Brazil, Spain and Germany, where some form of NHI is in operation, in order to find a possible appropriate funding model for South Africa's NHI and, ultimately, to make conclusions and recommendations based on the outcomes. It was subsequently found that, although the taxpayer should be more heavily taxed in order to fund the NHI, there are a few other possibilities for distributing the tax burden more evenly. However, the impact of the proposed adjustment to increase VAT could have a negative impact on the non-taxpayer and might contribute to greater poverty in South Africa. / MCom (South African and International Taxation), North-West University, Potchefstroom Campus, 2014

The purpose of this study is to measure the message terror organizations hope to convey using the financial markets as a proxy of measurement to determine patterns within the marketplace and the effects on the terrorists’ ability to deliver a desired message due to the increased use of digital devices and access to instantaneous news, seen over the past decade. Using death count, geographic location, and event type, this study identified 109 attacks between 1985 and 2015 to be analyzed against 5 market indices and 5 securities. Measuring the effects within a 10-day sample window from the time of the attack (+ or - 5 days) using average abnormal returns, standard deviation, Sharpe Ratio and the initial reactions in the market place as a percentage of total attacks, the effects on average abnormal returns on the market proxies were measured on three levels; The entire sample period from 1985 to 2015; the first half of the sample period 1985-1999; and the second half of the sample period 2000-2015. Analyzing trends in abnormal returns and standard deviation, the results of the study were inconclusive.