In this study, two different system were studied to investigate the forces interacting in thin liquid films. In the former, direct force measurements were conducted with bitumen-coated mica surfaces using a Mark IV surface force analyzer. Besides long-range electrostatic repulsive forces at separation distances above approximately 70 nm, unexpectedly strong repulsive forces were measured at shorter separation distances. These non-DLVO forces may be attributed to the steric repulsion between asphaltenes extracted on the bitumen surface. The steric forces increased with pH and temperature, which may be explained by the increased solubilization of asphaltenes in water. The steric force also increased with electrolyte concentration, possibly due to a decrease in the mobility of the tails of the asphaltenes on the surface. The kinetics of coalescence of bitumen droplets was studied by measuring the induction time. There was a general agreement between the force data and the kinetic information, suggesting that bitumen suspensions are stabilized by asphaltene. The steric forces identified by the direct force measurements may have profound implications on the hot water processing of Alberta Tar Sands. In the later, a thin film balance (TFB) of Scheludko and Exerowa-type was used to determine equilibrium film thicknesses of dodecylammonium chloride and sodium dodecyl sulfate solutions. The hydrophobic force as a third component of the extended DLVO theory was represented as a power law. The results showed that at low surfactant concentrations, the hydrophobicity parameter, K232 is positive and decreases with increasing surfactant concentration. By extrapolating this data for the zero surfactant concentration, K232 was found about 10-17 J, which is approximately 270 times larger than the Hamaker constant, A232. These results suggest that air bubbles are hydrophobic and the hydrophobicity decreases with increasing surfactant concentration.. The disjoining pressure isotherm for both surfactant systems in the presence of inorganic electrolyte (NaCl) were also obtained. The results indicated that the K232 values estimated from the equilibrium film thickness measurements can be used to fit the experimentally obtained disjoining pressure isotherm. Consideration of hydrophobic force predicted a rupture thickness larger than predicted using the DLVO theory, but is substantially smaller than the experimental result. This discrepancy may be ascribed to the hydrodynamic force operating in the film thinning process. To compare the hydrophobicity of air bubbles and solid surfaces, an air bubble was simulated by using a hydrophobic solid surfaces. The equilibrium contact angle of aqueous surfactant solutions on hydrophobic surfaces was measured using a contact angle goniometer. The results indicated that the nature of both the air-water interface and the solid-water interface is altered gradually from hydrophobic to hydrophilic with increasing surfactant concentration. The results also suggested that the hydrophobicity of both systems are comparable, i.e., K232 is about 10-17 J, which is estimated using the extended DLVO theory, and K131 is in the order of 10-16 J, which is obtained by direct force measurements between the hydrophobic surfaces. It was showed that hydrophobic forces much higher than the London-van der Waals forces for both systems need to be included when the stability of foams and colloids is considered. / Ph. D.

This thesis addresses the long-standing debate about the ability of investors in public listed companies to significantly influence or even control certain aspects of board and management decision taking. Much of the recent interest in these issues has focused on increased public disclosure of boardroom practices and standards. In contrast, my research shows that informal relationships between companies and their major shareholders are playing an increasingly important role in influencing key aspects of corporate strategy, major financing and investment decisions, and board membership. The research was undertaken through: an analysis of the investment portfolios of the 50 largest fund managers investing in the shares of UK companies and the ownership of 297 of the UK's largest listed companies; in-depth interviews with 120 companies, fund managers and others concerned with the quality and regulation of company shareholder relationships and information flows; and studying the role of fund managers and other shareholders in the resignations of the CEOs of 24 case history companies. The growing importance of informal mechanisms of fund manager influence and networking means that shareholder influence no longer depends on the formation of coalitions of the size proposed by Scott, or the alignment of interests through formally constituted Shareholder Protection Committees. A model of 'extended ownership' describes how effective control may pass to the fund manager with the largest, but still sub-minority, shareholding It is also crucial to understand that investment decisions by fund managers are influenced by and related to a wide range of company and investor-specific factors. These are described and the impact of their interactions on shareholder behaviour discussed. This thesis is relevant to the current debate about the public role that should be taken by institutional fund mangers in the process of corporate governance. Models of investor behaviour which assume that fund managers are a homogenous investor type or which do not take into account the key role of informal influence mechanisms are therefore of limited value.

Research report to the SBL, Unisa, Midrand. / The research project aimed to establish whether corporate governance is important to investors from a value perspective. The implications and recommendations for further research were provided.

Research report to the SBL, Unisa, Midrand. / The research project aimed to establish whether corporate governance is important to investors from a value perspective. The implications and recommendations for further research were provided.

No abstract available. / Dissertation (MCom)--University of Pretoria, 2013. / gm2014 / Auditing / unrestricted

In this thesis it is recognised that marketing has a dual role to satisfy both customer and shareholder objectives. The issue of shareholder value creation of marketing is an important and immediate agenda for marketing executives, management and academics. To date, marketers have not been able to adequately quantify and measure shareholder value creation through marketing assets and marketing expenditure. This has led to a dilution of marketing power and influence in the boardroom with management tending to treat marketing as discretionary expenditure and not as an asset. Academics have responded with conceptual models that relate marketing assets back to shareholder value, generally through cash flow or sales models. The creation of shareholder value through marketing assets and expenditure is then conceptualised and tested empirically. The conceptual model builds on the theory of agency and incomplete markets setting to illustrate the flow effects through marketing assets to shareholder value. The conceptual model also demonstrates that marketing expenditure can have stock and/or flow impacts on shareholder value. Flow effects are indirect effects that are mediated through sales, cash flows, and earnings and can be either temporary or longer term. It is concluded that in listed markets stock prices are the general surrogate for shareholder value, and risk adjusted earnings are the appropriate surrogate in non-listed markets. The thesis then empirically illustrates and tests the relationships between marketing communications expenditure on two data sets representing firms in listed and non-listed settings. The empirical results reveal that marketing expenditure does play an important role in the creation of shareholder value and that stock and flow effects are both present. Knowledge of the various empirical impacts from marketing across firm size, industry and listed and non-listed market settings observed in this thesis should prove highly valuable for marketers and managers. Finally, a conceptual understanding by marketers of the financial metrics that are required to be influenced in order to increase shareholder equity will provide greater clout in negotiations with management and boards of directors.

Exploration, production and marketing of oil and gas by listed Nigerian oil and gas companies are fraught with lots of negative social and environmental impacts. Corporate social disclosure is a medium employed by corporations to communicate their impacts and commitments to the society and environment. Therefore, the main aim of this study is to describe and explain social and environmental disclosure practices by listed Nigerian oil and gas companies as gauged with disclosure by listed UK oil and gas companies for the period 2004-2013. The objectives are to determine the nature of disclosures by sampled companies, measure and analyse quantity and quality of the disclosures, analyse trends of the disclosures, find out differences in the disclosures and to explore the effects of corporate characteristics on the disclosures. Content analysis of annual reports and accounts and sustainability reports, scoring quality of disclosures based on Global Reporting Initiative disclosure guidelines, two samples t-tests and Panel Corrected Standard Errors (PCSE) regression analysis were employed to achieve the aim and objectives of the study. Legitimacy debate and vulnerability and exploitability analytical framework were espoused to develop a theoretical framework to underpin the study. Results indicate Nigerian companies making disclosure on fewer social and environmental aspects than UK companies. Quantity and quality of disclosure by Nigerian companies are low compared to UK companies. While quantity of disclosure by both showed increasing trends, quality of disclosure depicted decreasing trends. Sampled companies are found complying with mandatory social disclosure. Corporate size, leverage, efficiency and liquidity are found significant in explaining disclosures by sampled companies. Low quantity and quality of disclosure by listed Nigerian oil and gas companies is indicating low social accountability. This result may be useful to policy makers in the industry to dialogue with managers of the companies on the importance of their social accountability to overall national sustainable development efforts. Likewise, policy makers may put in place regulatory and enforcement mechanisms on social disclosures as mandating disclosure is found effective. Disclosure practices by listed Nigerian oil and gas companies portrayed the significance of colonial relationship between Nigeria and the UK. The use of modified words counts content analysis, and the theoretical framework that underpins the study might be of significance in this study in particular and social disclosure studies in general.

No abstract available. Copyright / Dissertation (MCom)--University of Pretoria, 2011. / Accounting / unrestricted

At present, corporate social responsibility has become an important area of modern corporateresearch theory, and the development of CSR activities all over the world is remarkable.While the relationship between corporate social responsibility and corporate financialperformance is still ambiguous.This study reviewed the development of corporate social responsibility and literatures whichfocused on related researches; used the stakeholder theory as the theoretical basis and contentanalysis as the method basis; chose the accounting indicators of 839 Chinese listed companiesin 2010 as samples; then did regression analysis to measure the relationship between Chinesecompanies’ social responsibilities and their financial performance.According to the research results, except implementing the social responsibilities toshareholders has outstanding positive impact on Chinese listed companies’ financialperformance and implementing social responsibilities to employees has relatively positiveimpact; the implementations of social responsibilities to other stakeholders have no signallyimpact on Chinese listed companies’ financial performance. These results show that the CSRsituation in China is still not optimistic. / Program: Magisterutbildning i företagsekonomi

In the context of Listed Property Trusts (LPTs), three strategic investment issues have received considerable prominence in recent years. This thesis focuses on both the quantitative and qualitative aspects of these three strategic investment issues. 1/ the role of international property in LPTs 2/ the effect of stapled-securities management structure 3/ the performance of property securities funds. The three investment issues are assessed in some detail. The findings of the research suggest that the addition of international LPTs in the Australian LPT portfolio has resulted in significant diversification gains. The findings of the mixed-asset portfolio analysis suggest adding international LPTs to the Australian mixed-asset portfolio.Portfolio performance improved considerably. Mixed-asset portfolio performance is further enhanced when direct property is included. It is evident from the study that the property research discussed has led to the development of new LPT methodologies and a fuller understanding of the investment dynamics of the LPT sector in Australia. / Doctor of Philosophy (PhD)