Orientation: The available literature has revealed a polarised picture regarding the effects of race on CEO remuneration. This division centres on whether race is a beneficial factor or not with regard to the level and sensitivity of remuneration received. Introducing South Africa’s affirmative labour policies and the growing societal calls to better explain executive remuneration creates the unique opportunity to examine the effects of race on CEO pay. Research purpose: The purpose of the research centred on two important themes. Firstly the research sought to investigate the effects of race on the sensitivity of executive pay to corporate performance. Secondly the effects of race on the level and structure of executive pay was probed. Motivation for the study: The primary motivation of the study centred on determining whether race is has an affect, if any, on the remuneration paid to CEOs in South Africa. This will assist in understanding whether the affirmative polices implemented in South Africa have made any impact in the top level of executive remuneration. Research design: The study was designed to be quantitative, descriptive and longitudinal in nature utilising valid secondary data sources. The BFA Macgregor online financial database was selected as the most appropriate source of both corporate performance information and directors’ remuneration. Nineteen black CEOs were identified along with a random sample of 45 white CEOs. Following the data been analysed for reliability and validity it was then subject to primary and secondary statistical tests to determine significance and correlation strength. Main findings/results: All components of South African CEO remuneration studied were found to strongly correlate to PAT and EBITDA and to a lesser degree ROE and HEPS. ROE and HEPS have shown correlation strength growth in recent years. This collection of measures reflects a balanced basket of accounting-­‐based and non-­‐ accounting based measures. Black and white CEO mean remuneration when compared was found to have no significant difference due to race. A notable difference found was the higher degree of pay-­‐performance sensitivity and variability seen within the black CEO sample. Practical/Managerial implications: King III compels boards and remuneration committees to ensure remuneration of directors is fair and reasonable, sensitive to performance and aligned with the strategy of the organisation. Ensuring realistic pay-­‐ performance sensitivities are not just a corporate governance requirement but also help alleviate principle-­‐agent issues while correctly incentivising the CEO. Boards looking to appoint black or minority CEOs should continue to remunerate in a equitable and fair manner and be aware of such mental biases such as the “inverse Matthew effect” and other social out-­‐group biases especially when evaluating performance. Contribution: The study showed that race doesn’t affect the level of CEO remuneration but does impact on the pay-­‐performance sensitivity and the variability. The difference in sensitivity and variability could indicate the presence of mental biases such as the “inverse Matthew effect” and other social out-­‐group biases when evaluating performance. / Dissertation (MBA)--University of Pretoria, 2014. / lmgibs2015 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Die Erstellung und Versendung von Rechnungen in Papierform ist bei vielen Rechnungsstellern ein ebenso größer Kostenfaktor wie die Verfolgung von Zahlungseingängen und die Durchführung von Mahnungen. Aber auch Rechnungsempfänger müssen diese Papierrechnungen bearbeiten und verwalten. Gerade Unternehmen (Telekommunikationsunternehmen, Internetprovider, Kabelnetz-betreiber, GEZ), die monatlich eine Vielzahl von Rechnungen erstellen und versenden, versuchen schon heute durch den Einsatz von E-Mail beim Versenden von Rechnungen Aufwand und Kosten zu reduzieren. Jedoch wird hierdurch nicht die komplette finanzielle Transaktionskette – von der Rechnungsstellung bis zur Rechnungsbegleichung – abgedeckt, so dass immer noch ein Medienbruch stattfindet. Erst durch den Einsatz eines Electronic Bill Presentment and Payment-Systems (EBPP) kann die vollständige Unterstützung der finanzielle Transaktionskette erfolgen, wobei elektronische Zahlungssysteme, die auf der Seite der Rechnungsempfänger verwendet werden, integriert werden können. Darüber hinaus können EBPP-Systeme von Rechnungsstellern zu Marketing- und Vertriebszwecken verwendet werden. In diesem Beitrag werden verschiedene Realisierungsmodelle für EBPP-Systeme beschrieben und nach der Auswahl eines Modells, die Konzeption und Realisierung des EBPP-Systems Com42Bill vorgestellt. Durch das System Com42Bill ist der Zugriff auf Rechnungen über verschiedene mobile Endgeräte (z.B. PDA, Handy) möglich, da aufbauend auf einer Client/Server-Architektur ein „Thin Client“ realisiert wurde. Rechnungsempfänger können die Dienste des Systems Com42Bill daher zeitnah und standortunabhängig nutzen.

This diploma thesis is focused on new trends in payment systems for digital content. In the introductory chapter are briefly described the current types of electronic payment systems. The next part of the thesis introduces a foreign research studies and compares their results with results of the questionnaire survey conducted within the frame of the thesis. The following chapters are devoted to Czech and foreign electronic payment systems, focusing on the sale of digital content, the general development of the Czech micropayment systems and comparison of functionalities of the payment systems in order to compose a summary of recommendations for selected individuals involved in the field of electronic commerce. Following parts of this thesis are focused on the identification of the main trends in charging for Czech and foreign media content and presentation of the results of the questionnaire survey. The core of the work is to identify the main problems of the development of electronic payment systems, the identification of new trends in the pricing of media content and the summary of recommendations for the selected entities in the area of electronic commerce according to the knowledge gained in the diploma thesis.

This diploma thesis analyses the use of Internet in business in Czech Republic. The thesis is divided into several chapters, where the author briefly discusses the development of Internet infrastructure in Czech Republic and the history of Czech e-business. Furthermore the author discusses and analyses the use of Internet and related services and tools for business in Czech Republic. The payment systems and methods of Internet advertising are discussed and individually compared in a separate section of the thesis. Chapters 3 and 4 analyze current (February 2009) statistical data on Internet use in business in general and for the Internet advertising market in detail. Finally, the author points out some common mistakes entrepreneurs make regarding the use of Internet.

This master thesis deals with e-commerce of entrance tickets. Current reservation and sale systems of entrance tickets are described, advantages and risks of those systems are described from the customer point of view and management point of view. Improvement of e-commerce of entrance tickets implemented in Brno City Theatre is suggested based on detailed analysis of internal and external factors, which are defined with usage of SLEPT, SWOT analysis and Porter model of competition.

This thesis aims to increase the quality of telephone operators work and messenger network of the Mediaservis company, which competes to Czech Post and provides customer service outsourcing. The theoretical part of thesis is aimed to work motivation, wage-payment systems and employee benefits. The theory is applied in the second part of thesis, which brings suggestions to improve actual motivation system. Solutions are based on company and employee research.

Infrastructure in the form of payment systems is a necessity to allow for payments to reach from payer to payee, but it is also subject to product differentiation between banks. In the euro countries, a domestic-integration zone termed SEPA that consolidates payment systems into a singular system has been regulated, providing market efficiencies for customers and companies. However, in Sweden, banks use unstandardized file communication that is costly for stakeholders to interface against, and is becoming increasingly difficult to oversee. With the introduction of novel payment solutions (e.g. mobile payments), there is also an increase in competitors that access the infrastructure. A rising customer demand for faster, global and integrated payments has been identified. This increased fragmentation of the market requires large investments for banks and reduces customer mobility, which motivates the need for consolidation of payment flows. The purpose of this thesis is to identify the roles of stakeholders in the clearing and settlement mechanism, and to identify the drivers and inhibitors that affect business decisions to change the systems in place. These results are categorized according to co-opetition theory. Furthermore, the thesis brings forward the global industry standard for financial messaging ISO 20022 to the business context, and discusses its implications in the Swedish market from an interoperability point of view. The study has been conducted using mixed methods with a qualitative approach. It includes: Analysis of documents and materials, non-participative observation, interviews with 9 industry experts and an in-depth case study of real-time payments in Sweden (Betalningar i Realtid). Results show that actors’ perceptions of one another are ambiguous, but cooperation is well-established and reaps many positive effects for firms. Co-opetition activities in banks are inclined to drive change, while competitive moves are likely to leave the system unchanged. Co-opetition is only possible under certain pre-agreed rules such as differentiation by implementing flexible payment solutions. The main implication for migration to an improved, standardized payment flow is connected to the governance of infrastructure. It is suggested that if agreements between stakeholders are not reached in due time then SEPA-like regulation put forward by higher instances is a likely outcome.

The emergence of stablecoins and their current implementations share many similarities to the American free banking era. This was an era with economically inefficient money and payment systems, where banks issued private money that were fully redeemable in theory but not always in practice. As of today, parts of the monetary and payment systems can also be considered inefficient, and a digital currency such as a stablecoin could provide significant improvements in areas such as cross-border payments, financial inclusion, as well as contribute to a more robust monetary system.  This thesis aims to help contribute insights into how the future payment systems may look like, with a specific focus on stablecoins and central bank digital currencies (CBDCs). The emergence of the two technologies are closely interlinked, and are currently in an early state of coexistence. This qualitative study investigates the sentiment regarding the future development of stablecoins and their possible continued coexistence with CBDCs. Semi-structured interviews were held with participants from three categories of the Swedish corporate landscape; cryptocurrency innovators and investors, state representatives, and corporate representatives. The main conclusions were was that in the short term, regulations will be a key enabler for continued stablecoin development. There is currently a lack of clarity and guidelines which is making it hard for generally accepted stablecoins to be established. Furthermore, the general consensus is that stablecoins and central bank digital currencies will co-exist in the future monetary system in the long-term, where each technology will have different use cases. / Framväxten av stablecoins och dess nuvarande implementationer delar många likheter med den amerikanska ”free-banking” eran. Detta var en tidsepok med ekonomiskt ineffektiva pengar och betalsystem, där banker emitterade pengar som skulle vara fullt inlösningsbara teorin, men inte alltid i praktiken. Även idag kan delar av penga- och betalsystemen anses vara ineffektiva, och en digital valuta såsom en stablecoin skulle kunna bidra med betydande förbättringar inom områden såsom utrikesbetalningar, finansiell inkludering, samt bistå i utvecklingen av ett mer robust pengasystem. Denna uppsats ämnar bidra med insikter om hur framtidens betalsystem kan se ut, med ett specifikt fokus på stablecoins och centralbanksvalutor (eng. central bank digital currencies, CBDCs). Framväxten av de två teknologierna är nära relaterade, och för närvarande samexisterar dessa i ett tidigt stadie. Denna kvalitativa studie undersöker sentimentet kring den framtida utvecklingen av stablecoins och dess möjliga fortsatta samexistens med centralbanksvalutor. Semi-strukturerade intervjuer hölls med deltagare från tre kategorier av svenskt näringsliv: innovatörer och investerare inom kryptovalutor, företrädare för staten, samt bolagsrepresentanter. De huvudsakliga slutsatserna var att på kort sikt kommer regleringar vara viktiga för att möjliggöra fortsatt utveckling av stablecoins. I dagsläget saknas det klarhet och riktlinjer vilket gör det svårt för en generellt accepterad stablecoin att utvecklas. Vidare så är den generella uppfattningen att stablecoins och centralbanksvalutor kommer samexistera i framtidens betalsystem, då de båda teknikerna kommer ha olika användningsområden

Thesis (MPhil)--University of Stellenbosch, 2003. / ENGLISH ABSTRACT: The historical development of the role of directors in public listed companies contains inherent tensions by reference to the fiduciary responsibility of directors and the method in which directors are remunerated. The nature of incentive based remuneration is such that it will compel directors, in certain circumstances, to weigh their interests against those towards whom they owe a duty of care and a moral responsibility to act with prudence and temperance. The modem day corporate environment is complex and calls for directors with strong ethical views. This assignment endeavours to identify some of the complexities that contribute towards directors finding it difficult to stay on the ethical "straight and narrow" and attempts to weigh the effect of those factors against the effect of incentive remuneration, both as detractors from ethical behaviour. Both the shareholder supremacy business model and the stakeholder approach are analysed to identify those factors present in each that may add to the ethical complexity that directors have to deal with. The advent of the stakeholder approach in particular, adds an enormous amount of complexity. The case studies deal with two South African financial services companies that have both ceased trading as a consequence of unethical behaviour. The incentive remuneration models of both companies have been found to have played a major contributing role in the decision making processes in the companies, and have contributed to the demise of these organisations. Lessons are taken from the case studies and applied against the backdrop of the various principles of ethical behaviour namely rights, utility, justice and the ethics of responsibility. The finding of this study is that there is a role for incentive remuneration of directors, provided that the ethical pitfalls that this causes are recognised and steps taken to address them. Some of these steps are identified. / AFRIKAANSE OPSOMMING: Die historiese ontwikkeling van die direkteursrol, en spesifiek van openbare genoteerde maatskappye bevat inherente teenstrydighede met verwysmg na direkteursvergoeding en die vertrouensverpligtinge wat op direkteure rus. Die aard van direkteursvergoeding met 'n aansporingskomponent is so dat dit 'n direkteur van tyd tot tyd in 'n posisie plaas waar hy tussen sy eie belange en die van die ander belanghebbendes in 'n maatskappy, aan wie hy dit verskuldig is om met verdrag en versigtig op te tree, moet kies. Die hedendaagse maatskappyomgewing is kompleks van aard, en vereis direkteure met sterk etiese oortuigings. Hierdie werkstuk poog om sommige van die komplekse faktore wat afbreuk doen aan 'n direkteur se vermoe om ten alle tye streng eties op te tree, te identifiseer en op te weeg teen die effek wat direkteursvergoeding speel - beide as items wat afbreuk doen aan etiese optrede. Hier word ondersoek ingestel na beide die sogenaamde "aandeelhouersmodel" asook die" belanghebbende" model waarvolgens besigheid bedryf word. Die ontsluimering van die belanghebbende model veroorsaak spesifiek 'n aansienlike hoeveelheid etiese kompleksiteit. Die gevallestudies behandel twee Suid Afrikaanse fmansiele instellings wat hul bedrywighede gestaak het as gevolg van onetiese optrede deur direkteure. Die aansporingskomponent van die vergoedingsrnodelle in daardie maatskappye blyk 'n groot bydraende faktor te wees in die onetiese besluitneming wat plaasgevind het, en wat uiteindelik tot die ondergang van die ondernemings gelei het. Laastens, word die lesse wat geleer is uit die gevallestudies, toegepas in gewysigde format, en getoets aan die hand van die verskillende beginsels wat etiese besluitneming onderhou, naamlik die beginsels van regte, regverdigheid, utiliteit en die beginsel van etiese verantwoordelikheid. Daar word tot die slotsom gekom dat daar wel ruimte vir aansporingskemas vir direkteure is, maar dat dit slegs eties regverdigbaar sal wees mits ag geslaan word op die lesse wat uit die gevallestudie voortspruit, tesame met die impementering van sekere korrektiewe maatstawwe.

Le morcellement de l'environnement des paiements de détail entre les 25 (et plus) systèmes nationaux différents des États membres, constitue un obstacle à l’achèvement du marché intérieur, porte atteinte à l’intégration monétaire européenne, et diminue l’efficacité économique de l’Union européenne (UE). Pour répondre à ces problèmes, le secteur bancaire a créé l’Espace unique de paiement en euros (SEPA). Le SEPA est un espace dans lequel tous les agents économiques peuvent effectuer et recevoir des paiements en euros, depuis le même compte, que ce soit à l’intérieur de leur pays ou bien entre deux pays différents, dans les mêmes conditions et avec les mêmes droits et obligations.Cette thèse, qui s'intéresse à la construction du SEPA, s'inscrit dans le champ de l'économie industrielle. Elle répond à trois interrogations : Pourquoi a-t-il fallu établir le SEPA ? En quoi consiste-t-il ? Quel sera son impact sur l’environnement des paiements de détail en euros ?Le premier chapitre présente l’environnement des paiements de détail en Europe suite à l’instauration de la monnaie unique. En utilisant les théories économiques sur les industries de réseaux, il expose la marche vers l’unification de cet environnement.Le second chapitre offre une vision détaillée du SEPA. Il présente ses effets à travers une analyse coûts – avantages, puis expose l'état de sa mise en place.Enfin, le troisième chapitre dévoile les effets non escomptés du SEPA. En mobilisant les apports de la littérature sur les marchés bifaces, il traite des commissions d’interchange et des possibilités de pratiques anticoncurrentielles dans l'industrie de paiement par carte. / The fragmentation of the retail payments environment between the 25 (or more) differentmember states's national systems constitutes an obstacle to completing the internal market,undermines the European monetary integration and reduces the economic efficiency of theEuropean Union. In response to these problems, the banking industry created the SEPA.SEPA is the area where all economic actors are able to make and receive payments in euros,within Europe, whether between or within national boundaries under the same basicconditions, rights and obligations, regardless of their location.This thesis, which focuses on the SEPA building, is in the field of industrial economics. Itaddresses three questions : Why was it necessary to establish the SEPA ? What does it consistof ? What will its impact on the retail payments environment in euros be ?The first chapter presents the retail payments environment in Europe after the introduction ofthe single currency. By using economic theories on network industries, it describes theunification's steps of this environment.The second chapter provides a detailed vision of the SEPA. It explains its effects through acosts-benefits analysis, then shows the state of its implementation.Finally, the third chapter reveals the unplanned effects of SEPA. By raising the contributionof the literature on two-sided markets, it treats interchange fees and the possibility ofanticompetitive behavior in the card payment industry.