Purpose of this treatise: The aim of this treatise is to identify the challenges facing emerging entrepreneurs in accessing funding for property development initiatives which results in high levels of declined loans thereby limiting participation in the property market as well as the interventions necessary to improve access to finance. Design / methodology / approach: The questionnaires were emailed to funding institutions and emerging property developers. The questionnaire investigates the respondents‟ perception of importance and evidence of questions on property development, finance and managerial skills drawn from the literature. Findings: The findings of this study are consistent with and support the findings of previous local and international literature on constraints that SME‟s have in accessing finance for various initiatives. The findings indicate that the emerging property developers in South Africa are characterised by insufficient number in representation in the property sector, high risk averse financial institutions that requires collateral to lend. The findings of the study indicate that broader and bolder initiatives aimed at improving the emerging property developer's representation in the market needs a holistic and collaborative approach from the various institutions to aide these entrepreneurs. Value of paper: The research is of importance to all stakeholders involved in the property sector, financial institutions and economic development of the SME sector. The results of the study will contribute to the understanding of the current financing limitations facing SMEs and will assist funding institutions to better understand the role and importance of effective collaboration in improving access to finance to emerging property developers.

A Thesis submitted to the Wits School of Governance in fulfilment of the requirements for the Degree of Doctor of Philosophy University of the Witwatersrand Johannesburg 2015 / The Development Finance Institutions (DFIs) in South Africa have a mandate to provide finance to private and public sector organizations for investments that facilitate development. The main aim of DFIs is to invest in areas where the market fails to invest adequately and where there are institutional failures. DFIs specialise in offering long-term advances and loans and where defaults are experienced by investors, they are able to re-structure the loans to facilitate easier repayments. However, there are allegations of maladministration and poor management within DFIs as well as a high failure rate of funded enterprises. This study set out to explore the effectiveness of the DFIs by reviewing their contribution to economic growth in KwaZulu-Natal (KZN). This study evaluated the role and effectiveness of four DFIs in the province, namely Ithala; Industrial Development Corporation (IDC); National Empowerment Fund (NEF); and Trade and Investment KwaZulu-Natal.The study attempts to answer the following questions: 1) Have the DFIs made a positive contribution to the economy in KZN based on their performance indicators? 2) How do the DFIs take funding decisions? 3) What is the success rate of the DFIs in creating sustainable businesses? 4) What support and monitoring mechanisms are in place in these DFIs to ensure that funded enterprises succeed? 5) What general performance issues face DFIs? The qualitative research approach was used in this study as the investigation was exploratory in nature. Data was collected using three different instruments: document analysis, structured questionnaires, and face-to-face interviews. The document analysis enabled the design and customization of the questionnaires used to collect data from different DFIs. Organisational effectiveness models and performance management theories were used as a reference to assess the effectiveness (performance) of the DFIs in KZN. The study found that the level of performance of the DFIs varied, as did their capacity and resources. All the DFIs made a positive contribution to the economy of the province, taking into consideration that some of the thriving small, medium and micro enterprises (SMMEs) could not have started without the funding A review of the effectiveness of Development Finance Institutions in KwaZulu-Natal from these DFIs. There is however, massive room for improvement in DFI operations and level of contribution to the economy of the province. The study identified a number of weaknesses in the operations of the DFIs, such as their financial statements, which are characterised by high annual debt write-offs, high impairment rates, and low rates of loans and advance repayments. While there is evidence of job creation by each DFI, the rate thereof may not be commensurate with the costs involved. The study revealed that in some cases, funded enterprises are not supported to ensure that they succeed in creating sustainable businesses. A number of portfolios closed down prematurely leading to the need to write off loans. The yearly performance targets set by the DFIs are mostly not achieved; in some cases, these performance targets do not measure the actual performance towards the achievement of the DFI’s strategic objectives. There are too many DFIs in South Africa, some operational in all the provinces, a number of which were established during the apartheid era and may have been relevant at that time. At a macro level, there is a need to streamline DFIs in order to give relief to the fiscus. Increasing the efficiency of the DFIs would require a culture change with respect to information sharing and reporting to stakeholders. It is recommended that DFIs adhere to the funding criteria for each fund. This capacity to evaluate funding proposals needs to be reviewed continuously to avoid fruitless expenditure emanating from funding unsustainable business ventures. Effective monitoring of funded enterprises and implementation of an early warning system are recommended. Failure to repay loans and advances should have some consequences for enterprises in order to discourage perceptions of entitlement from most SMMEs, while at the same time DFIs should develop a tolerance level (a materiality framework) for non-performance of some of the loans and advances as a cost for creating/promoting entrepreneurship in South Africa. / MB2016

Summaries in Afrikaans and English / Text in Afrikaans / Deur die navorsing word aangetoon dat openbare skakeling en skoolbemarking wat huidig nog op 'n baie lae vlak in die Suid-Afrikaanse skoolwese funksioneer, 'n al grater noodsaaklikheid in Suid-Afrika gaan word. Die veranderings wat in die Suid-Afrikaanse onderwysstelsel beoog en aangebring word, met spesifieke verwysing na die desentralisering van die voorsiening, bestuur en beheer van die onderwys, het gelei tot die ontstaan van staatsondersteunde skole; 'n behoefte aan nuwe, bykomende bronne van finansiering vir die onderwys; en 'n behoefte aan toenemende ouer- en gemeenskapsbetrokkenheid by die onderwys. Dit het gelei tot 'n dringende behoefte aan verbeterde openbare betrekkinge en skoolbemarking. Met hierdie studie het die navorser gepoog om vas te stel waarom openbare skakeling en skoolbemarking in die nuwe Suid-Afrikaanse onderwysbestel noodsaaklik is; wat die aard van openbare skakeling en skoolbemarking is; wat die rol, funksies, terrein en werkswyses van openbare skakelbeamptes en skoolbemarkers in die staatsondersteunde skoal behels; en hoe die openbare skakeltaak van 'n skool gereel kan word en wat die eienskappe van die openbare skakel- en bemarkingsbeampte behoort te wees. Dit is gedoen ten einde te bepaal wat die opleiding van openbare skakelbeamptes en skoolbemarkers in Suid-Afrika behoort te behels en om 'n model op te stel vir, en strategie vas te stel waarvolgens die huidige situasie in Suid-Afrika ten beste en op die mees ekonomiese wyse aangepak kan word. Uit die ondersoek blyk dit dat die hantering van openbare skakeling en skoolbemarking in staatsondersteunde skole in SuidAfrika in die proaktiewe opbou, skepping·en handhawing van 'n vertrouensverhouding met al die belanghebbendes le. Dit behels onder meer dat die bestuursrade en bestuurskomitees van staats- ondersteunde skole die reg en mag het om besluite aangaande geordende, doelgerigte openbare skakeling en skoolbemarking te neem en dit tot voordeel van die skool aan te wend; en om besluite oor die aanstelling van beamptes en/of daarstelling van fasiliteite vir die opleiding van openbare skakel- en bemarkingsbeamptes te neern. Voorts beskik skole oor 'n ryk bron van mensepotensiaal vir openbare skakeling en skoolbemarking wat ontwikkel kan en behoort te word. / The results of this research show that public relations and school marketing which at present play a very low-key role in the South African school system, is going to become an absolute necessity in future. The changes planned and brought about in the South African education system, with special reference to the decentralisation of the supply, management and control of education, have resulted in * the inception of state-aided schools; * a need for new and additiona! financial resources for education; and * a need for increased parent and community participation in education. These, in turn, have led to a urgent need for improved public relations and marketing in schools. The aims of this study were to ascertain why public relations and the marketing of schools have become necessary in the new dispensation of education in South Africa; what the nature of public relations and marketing in schools comprises; what the role, function, area and work method of public relations and marketing officers in schools are; and how the public relations task can be organised and executed in a school and what characteristics the public relations and marketing officer should ideally have. This was done in order to ascertain what the training of public relations and marketing officers in South Africa should encompass and also to enable the researcher to draw up a model and strategies for the best and most economic way in which to rectify the current situation in South African education. It has emerged from this research that the handling of public relations and marketing in the state-aided school in South Africa lies in the proactive creation, development and maintenance of a trusting relationship between all interested parties. It also emerged that managing councils of state-aided school have the right and power to make decisions regarding ordered, purposeful public relations and marketing to the benefit of their schools; and decide about the appointment of officers and/or ,creation of facilities for the training of public relations and marketing officers. Furthermore, schools have a rich source of people potential for public relations and school marketing which can and should be developed. / Educational Leadership and Management / D. Ed. (Education Management)

Thesis (MComm)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: For the past few decades the remuneration of directors has been in the spotlight, especially in view of the corporate scandals that occurred around the turn of the 20th century. Generally, managers need to manage firms in such a way that shareholders’ value is maximised. Unfortunately, shareholders of firms and the general public have the perception that directors are over-compensated, and that there is no relationship between the remuneration of directors and the financial performance of the firms to enhance shareholders’ value. A lack of transparency, inadequate disclosure by firms and remuneration committees’ conflict of interest are reasons cited for these perceptions. Although South Africa is ranked as a global leader in terms of its corporate governance practices, many firms still do not adhere to the King reports’ principles. This research study investigated whether a relationship exists between the remuneration of directors and the financial performance of firms. The firms selected for the study included both listed and delisted firms from the Industrial Sector of the Johannesburg Stock Exchange (JSE) for the time period 2002 until 2010. Ninety-three firms complied with the requirements to be included in the study. All these firms had effective remuneration strategies in place to promote financial performance and growth of the firms. Secondary data were collected for the nine consecutive years of the study period, representing a period prior to substantial changes in accounting and disclosure regulation that influenced the comparability of financial reporting of the firms. It is important to note that directors’ remuneration is not the only motivating factor for firm performance, but one of many. Directors’ remuneration and incentives should be optimally utilised to increase performance and growth in the firms, and it should not merely be a case of directors being overcompensated for services rendered. In order to operationalize directors’ remuneration, it was converted and subcategorised into four variables. These dependent variables for directors’ remuneration consisted of basic salary, bonuses (performance), gains on share purchases or share options and what was termed as “other” remuneration. “Other” remuneration included pension, medical, motor, and telephone allowances. To measure the financial performance of the firms, the following market and accounting measures were employed: turnover, earnings per share (EPS), total share return (TSR) and market value added (MVA). Analysing these variables’ data by means of selected descriptive statistical measures and inferential regression analysis, it appeared that the data were significantly skewed, but that financial performance of the firms was a strong determinant of the change in directors’ remuneration. Additional regression analyses were performed to investigate whether a lagged relationship existed between the dependent variable, namely directors’ remuneration, and the independent variables, as reflected by the various financial performance measures. Results from these regression analyses strengthened the findings of the study to show that a relationship existed between directors’ remuneration and the financial performance of the firms investigated. / AFRIKAANSE OPSOMMING: Direkteursvergoeding trek vir die afgelope paar dekades gereeld aandag, veral weens die korporatiewe skandale wat aan die lig gekom het rondom ongeveer die eeuwisseling. Normaalweg stel firmas direkteure aan om aandeelhouerswelvaart te verhoog. Daar bestaan ongelukkig ʼn opvatting onder talle aandeelhouers asook die algemene publiek dat direkteure oorbetaal word, en dat daar geen verwantskap bestaan tussen direkteursvergoeding en die finansiële prestasie van firmas om aandeelhouerswelvaart te verhoog nie. Redes wat aangevoer word vir hierdie sienings sluit in die tekort aan deursigtigheid, onvoldoende openbaarmaking deur firmas en vergoedingskomitees se botsende belange. Alhoewel Suid-Afrika geklassifiseer word as ’n wêreldleier op die gebied van korporatiewe bestuur, is daar steeds firmas wat nie voldoen aan die beginsels van die King-verslae nie. Hierdie navorsingstudie ondersoek die moontlike verwantskap tussen direkteursvergoeding en die finansiële prestasie van firmas. Die geselekteerde firmas vir die studie was genoteerde en voorheen-genoteerde firmas in die nywerheidsektor op die Johannesburgse Aandelebeurs (JSE), vir die periode 2002 tot en met 2010. Drie-en-negentig firmas het voldoen aan die vereistes om ingesluit te word in die steekproef van die studie. Al die geselekteerde firmas het doeltreffende vergoedingstrategieë in plek gehad om finansiële prestasie en groei in die firmas aan te spoor. Sekondêre data is vir die nege agtereenvolgende jare van die studie ingesamel. Veranderinge in regulasies voor en na die studieperiode het dit moeilik gemaak om periodes buite hierdie tydgleuf vir vergelykingsdoeleindes in te sluit. Dit is belangrik om daarop te let dat direkteursvergoeding nie die enigste faktor is wat ʼn firma se finansiële prestasie kan beïnvloed nie, maar slegs een van vele. In die lig hiervan, moet direkteursvergoeding en ander aansporingsmaatstawwe optimaal gebruik word om finansiële prestasie in firmas aan te moedig. Om ʼn duideliker skets rakende direkteursvergoeding te verkry, is vergoeding onderverdeel in vier sub-kategorieë veranderlikes. Die afhanklike veranderlikes van direkteursvergoeding is soos volg geklassifiseer: basiese salaris, bonusse (prestasie), opbrengste uit aandeelaankope en aandeleopsies en ʼn laaste kategorie wat as “ander” vergoeding geklassifiseer is. Hierdie “ander” vergoedingskomponent het grootliks bestaan uit pensioen- en mediese bydraes asook motor-, en telefoonvoordele. Ten einde die onafhanklike veranderlike, naamlik die finansiële prestasie van firmas, te meet, is die volgende mark- en rekeningkundige maatstawwe gebruik: omset, verdienste per aandeel (VPA), markwaarde toevoeging (MWT) en aandeelopbrengs. Met die ontleding van al die veranderlikes het beskrywende statistiek en inferensiële regressietoetse aangedui dat die data ʼn merkbare skewe verspreiding het, maar dat finansiële prestasie in die firmas ʼn beduidende faktor was wanneer direkteursvergoeding aangepas is. Bykomende regressietoetse is gedoen om te ondersoek of daar vertragingstydperke was tussen die afhanklike veranderlike, naamlik direkteursvergoeding, en die onafhanklike veranderlike, finansiële prestasie van firmas. Hierdie toetse het die studie se bevindinge bevestig dat daar inderdaad ʼn verwantskap bestaan tussen direkteursvergoeding en die finansiële prestasie van firmas.

Thesis (DCom)--Stellenbosch University, 1970. / ENGLISH ABSTRACT: see item for full text AFRIKAANSE OPSOMMING: sien item vir volteks.

Thesis (MA)--University of Stellenbosch, 2004. / ENGLISH ABSTRACT: This study considers Black Economic Empowerment (BEE) in South Africa, and in particular, the various funding structures of Black Economic Empowerment transactions. Whilst these structures have a variety of forms, past experience has suggested some fundamental problems with the actual funding sources and structures. Various definitions and interpretations of Black Economic Empowerment within the context of this paper are discussed. Two BEE strategies are identified, one of which namely, the creation of a broader, more sustainable group of black entrepreneurs for South Africa will be the focus of this paper. The issue of entrepreneurial empowerment will remain an ongoing theme throughout all chapters in this paper. The second BEE strategy, namely, poverty alleviation and employment creation is only briefly discussed although its importance is not underestimated. From the study it is concluded that BEE ought not be a strategy aimed at the enrichment of a select group of black elite. Lessons learnt from past failures are also highlighted. A historical analysis of the provision of funding to historically disadvantaged people (HDP)1 in South Africa is presented. The theme of inequality in providing access to finance for black entrepreneurs and small businesses is looked at in this context. The historical analysis starts with the early years in South Africa and then focuses on the period 1990 – 1999. This report also provides a critical assessment of some of the biggest shortcomings of the pyramid structures and complex financial engineering of the first attempts of Black Economic Empowerment in the narrow sense of the word. It is established that the Special Purpose Vehicle funding structures of the late 1990s were a failure. Further, this study looks at current financing options and possible solutions. Some recent examples are also provided of BEE funding structures which seem to have worked. Traditional government institutions such as the Industrial Development Corporation, in particular, have also come a long way in developing more viable funding in transactions with BEE companies. It is also noted that recent alternative financing structures by the private sector are addressing some of the key challenges of BEE such as ownership, control and the promotion of sustainable black businesses for the transformed South African economic landscape going forward. However, many obstacles remain with the potential sources of funding of BEE such as traditional banks and life assurers in South Africa who are still not more accessible to the poor. Fundamental problems have also been identified in the analysis of the Development Finance Institutions (DFIs) of government such as the National Empowerment Fund, Khula Enterprises and the Land Bank which are also anticipated to play a crucial role in the provision of financing for BEE over the coming years. This study highlights the significant cost involved with the implementation of the BEE strategies. The single biggest challenge to the economic empowerment of the previously disadvantaged is access to funding. About the need for broad-based Black Economic Empowerment in South Africa, there is no dispute. But it is important that these costs are weighed against other sustainable development objectives. The private sector often seems to see BEE as a cost rather than an opportunity. But while the shortcomings of numerous empowerment initiatives, exacerbated by the 1998 stock market crash, may have caused the financial sector to get cold feet about these transactions, the sector can come up with some creative options that go beyond old problems. Therefore, the future role of government financed institutions together with the private sector remains critical in ensuring that these objectives are met. In conclusion, the discussion on the funding of Black Economic Empowerment in South Africa must be seen within the context of the political and economic landscape of the 1900s and then in particular, the history of the past ten years. Narrowly defined black economic empowerment has gained significant momentum in recent years due to the economic restructuring of the business sector which has been propelled by recent government legislation such as the Mining Charter, the Black Economic Empowerment Commission’s recommendations, the Department of Trade and Industry’s discussion documents and other legislation currently in the pipeline. However, the economic landscape still looks bleak. Real economic growth has been inadequate since large parts of our population are still unemployed. A significant hurdle still facing our economy is the high degree of wealth inequality that exists. It is within this context that one should assess the many policy and funding initiatives that have been taken and the strategies proposed to redress historical imbalances in the country. The paper itself is comprised of six parts. This executive summary only serves to provide a brief overview of the various areas covered in this study. Chapter One analyses the various definitions of the term Black Economic Empowerment, their relevance and the development of BEE in South Africa over the years. This leads to a discussion in Chapter Two on the problem statement, being the funding of BEE. Chapter Three is divided into seven sub-sections and provides a historical analysis of the funding obstacles facing black people since the early 1900s, then looks at developments of BEE since the early 1990s with a critical assessment of the failures of empowerment and the funding structures utilized during this period. Chapter Three also identifies various similarities and lessons learnt from examples of empowerment experiences in other countries. Chapter Four looks at the estimated size of the funding requirement and current sources of financing from the private and public sector. Certain conclusions are drawn from this overview. Chapter Five looks at the major risks facing the impact of BEE and the financing thereof in the future. Chapter Five also applies the criteria for appropriate funding of BEE to a recent BEE transaction in the form of a case study. Some possible solutions are also put forward in this section of the analysis. Chapter Six summarises and concludes. 1 Note that HDP incorporates all disadvantaged groupings such as the Black, Indian, Coloured populations of South Africa. In historical terms it also includes the various tribes that existed in South Africa during the early years as well as those who were slaves. Africa during the early years as well as those who were slaves. / AFRIKAANSE OPSOMMING: Hierdie studie ondersoek Swart Ekonomiese Bemagtiging (SEB) in Suid-Afrika, en in die besonder die verskillende befondsingstrukture van Swart Ekonomiese Bemagtigingstransaksies. Hoewel hierdie strukture ’n verskeidenheid vorms mag hê, het ondervinding getoon dat daar wesentlike probleme is wat die werklike befondsingsbronne en -strukture betref. Verskillende definisies en vertolkings van Swart Ekonomiese Bemagtiging binne die konteks van hierdie verhandeling word bespreek. Twee SEB-strategieë word geïdentifiseer, waarvan een, naamlik die daarstelling van ’n meer omvattende en meer volhoubare groep swart entrepreneurs vir Suid-Afrika, die fokuspunt van hierdie verhandeling sal wees. Die vraagstuk van entrepreneuriale bemagtiging sal ’n deurlopende tema in alle hoofstukke van hierdie verhandeling bly. Die tweede SEBstrategie, naamlik armoedeverligting en werkskepping word slegs vlugtig bespreek, alhoewel die belang daarvan nie onderskat word nie. ’n Gevolgtrekking van die studie is dat SEB nie ’n strategie behoort te wees wat op die verryking van ’n uitgesoekte swart elite-groep gerig is nie. Lesse wat uit mislukkings van die verlede geleer is, word ook belig. ’n Geskiedkundige ontleding van die voorsiening van befondsing aan voorheen benadeelde mense in Suid-Afrika word gebied. Die tema van ongelykheid in die bied van toegang tot finansiering vir swart entrepreneurs en klein besighede word binne hierdie verband bekyk. Die geskiedkundige ontleding begin met die vroeë jare in Suid-Afrika en fokus vervolgens op die tydperk 1990 – 1999. Hierdie verslag bied ook ’n kritiese evaluering van sommige van die grootste tekortkomings van die piramidestrukture en ingewikkelde finansiële geniëring van die eerste pogings tot Swart Ekonomiese Bemagtiging in die eng sin van die woord. Daar word bewys dat die Gespesialiseerde Voertuig-befondsingstrukture van die laat 1990’s ’n mislukking was. Hierdie studie kyk boonop na huidige finansieringsopsies en moontlike oplossings. ’n Aantal onlangse voorbeelde van SEBbefondsingstrukture wat klaarblyklik suksesvol was, word ook gebied. Tradisionele regeringsinstansies, soos die Nywerheidsontwikkelingskorporasie in die besonder, het ook heelwat vordering getoon wat die ontwikkeling van meer lewensvatbare befondsing in transaksies met SEB-maatskappy betref. Daar word ook gelet op die feit dat onlangse alternatiewe finansieringstrukture deur die privaat sektor sommige van die sleuteluitdagings van SEB, soos eienaarskap, die beheer en bevordering van volhoubare swart besighede vir die transformerende Suid-Afrikaanse ekonomiese landskap, aanspreek. Daar is egter steeds talle struikelblokke wat die potensiële befondsingsbronne van SEB betref, soos tradisionele banke en lewensversekeraars in Suid-Afrika wat steeds nie meer toeganklik vir die armes is nie. Wesentlike probleme is ook geïdentifiseer in die ontleding van die regering se Ontwikkelingsfinansieringsinstansies, soos die Nasionale Bemagtigingsfonds, Khula Enterprises en die Landbank, wat na verwagting ook ’n beslissende rol in die voorsiening van finansiering vir SEB in die komende jare sal speel. Hierdie studie belig die aansienlike koste wat by die implementering van die SEBstrategieë betrokke is. Die grootste enkele uitdaging vir die ekonomiese bemagtiging van voorheen benadeeldes is toegang tot befondsing. Die behoefte aan omvattende Swart Ekonomiese Bemagtiging in Suid-Afrika word nie betwis nie. Maar dis belangrik dat hierdie koste opgeweeg moet word teen ander volhoubare ontwikkelingsdoelwitte. Dit wil voorkom asof die privaat sektor SEB as ’n uitgawe eerder as ’n geleentheid beskou. Maar alhoewel die tekortkominge van talle bemagtigingsinisiatiewe, wat deur die ineenstorting van die aandelemark in 1998 vererger is, daartoe kon gelei het dat die finansiële sektor bra lugtig vir hierdie transaksies is, kan die sektor tog met skeppende opsies vorendag kom om ou probleme die hoof te bied. Die toekomstige rol van staatsgefinansierde instansies in samewerking met die privaat sektor bly dus deurslaggewend om te verseker dat hierdie doelwitte bereik word. Kortom, die bespreking van die befondsing van Swart Ekonomiese Bemagtiging in Suid-Afrika moet gesien word binne die konteks van die politieke en ekonomiese landskap van die 1900’s en die geskiedenis van die afgelope tien jaar in die besonder. Eng gedefinieerde swart ekonomiese bemagtiging het in die laaste paar jaar aansienlike stukrag verkry danksy die ekonomiese herstrukturering van die sakesektor, wat verder aangedryf is deur onlangse regeringswetgewing soos die Mynbouhandves, die aanbevelings van die Swart Ekonomiese Bemagtigingskommissie, die Departement van Handel en Nywerheid se samesprekingsdokumente en ander wetgewing wat tans beplan word. Die ekonomiese landskap lyk egter steeds allesbehalwe rooskleurig. Reële ekonomiese groei is onvoldoende aangesien groot gedeeltes van ons bevolking steeds werkloos is. ’n Betekenisvolle struikelblok wat ons ekonomie steeds in die gesig staar, is die groot mate van ongelyke welvaart wat bestaan. Dit is binne hierdie verband wat die talle beleids- en befondsingsinisiatiewe geëvalueer moet word wat onderneem is en strategieë wat voorgestel is om die geskiedkundige wanbalanse in die land aan te spreek. Die verhandeling self bestaan uit ses afdelings. Hierdie inleiding dien slegs om ’n bondige oorsig te gee van die onderskeie temas wat in hierdie studie gedek word. Hoofstuk Een ontleed die verskillende definisies van die uitdrukking Swart Ekonomiese Bemagtiging, hul tersaaklikheid en die ontwikkeling van SEB in Suid- Afrika oor die jare. Dit gee aanleiding tot ’n bespreking in Hoofstuk Twee van die probleemstelling, naamlik die befondsing van SEB. Hoofstuk Drie is in sewe onderafdelings verdeel en bied ’n geskiedkundige ontleding van die befondsingstruikelblokke wat swart mense sedert die vroeë 1900’s in die gesig staar, waarna dit ontwikkelings op die gebied van SEB sedert die vroeë 1990’s ondersoek, met ’n kritiese evaluering van die mislukkings van bemagtiging en die befondsingstrukture wat in hierdie tydperk toegepas is. Hoofstuk Drie identifseer ook verskillende ooreenkomste tussen en lesse wat geleer is uit voorbeelde van bemagtigingsondervinding in ander lande. Hoofstuk Vier kyk na die geskatte omvang van die nodige befondsing, asook huidige bronne van finansiering uit die privaat en openbare sektor. Sekere gevolgtrekkings word aan die hand van hierdie oorsig gemaak. Hoofstuk Vyf belig die grootste risiko’s wat die impak van SEB in die gesig staar, asook die toekomstige finansiering daarvan. Hoofstuk Vyf pas boonop die kriteria vir genoegsame befondsing vir SEB op ’n onlangse SEB-transaksie in die vorm van ’n gevallestudie toe. ’n Aantal moontlike oplossings word ook in hierdie afdeling van die ontleding gebied. Hoofstuk Ses vat saam en kom tot ’n slotsom.

Summaries in Afrikaans and English / Text in Afrikaans / Deur die navorsing word aangetoon dat openbare skakeling en skoolbemarking wat huidig nog op 'n baie lae vlak in die Suid-Afrikaanse skoolwese funksioneer, 'n al grater noodsaaklikheid in Suid-Afrika gaan word. Die veranderings wat in die Suid-Afrikaanse onderwysstelsel beoog en aangebring word, met spesifieke verwysing na die desentralisering van die voorsiening, bestuur en beheer van die onderwys, het gelei tot die ontstaan van staatsondersteunde skole; 'n behoefte aan nuwe, bykomende bronne van finansiering vir die onderwys; en 'n behoefte aan toenemende ouer- en gemeenskapsbetrokkenheid by die onderwys. Dit het gelei tot 'n dringende behoefte aan verbeterde openbare betrekkinge en skoolbemarking. Met hierdie studie het die navorser gepoog om vas te stel waarom openbare skakeling en skoolbemarking in die nuwe Suid-Afrikaanse onderwysbestel noodsaaklik is; wat die aard van openbare skakeling en skoolbemarking is; wat die rol, funksies, terrein en werkswyses van openbare skakelbeamptes en skoolbemarkers in die staatsondersteunde skoal behels; en hoe die openbare skakeltaak van 'n skool gereel kan word en wat die eienskappe van die openbare skakel- en bemarkingsbeampte behoort te wees. Dit is gedoen ten einde te bepaal wat die opleiding van openbare skakelbeamptes en skoolbemarkers in Suid-Afrika behoort te behels en om 'n model op te stel vir, en strategie vas te stel waarvolgens die huidige situasie in Suid-Afrika ten beste en op die mees ekonomiese wyse aangepak kan word. Uit die ondersoek blyk dit dat die hantering van openbare skakeling en skoolbemarking in staatsondersteunde skole in SuidAfrika in die proaktiewe opbou, skepping·en handhawing van 'n vertrouensverhouding met al die belanghebbendes le. Dit behels onder meer dat die bestuursrade en bestuurskomitees van staats- ondersteunde skole die reg en mag het om besluite aangaande geordende, doelgerigte openbare skakeling en skoolbemarking te neem en dit tot voordeel van die skool aan te wend; en om besluite oor die aanstelling van beamptes en/of daarstelling van fasiliteite vir die opleiding van openbare skakel- en bemarkingsbeamptes te neern. Voorts beskik skole oor 'n ryk bron van mensepotensiaal vir openbare skakeling en skoolbemarking wat ontwikkel kan en behoort te word. / The results of this research show that public relations and school marketing which at present play a very low-key role in the South African school system, is going to become an absolute necessity in future. The changes planned and brought about in the South African education system, with special reference to the decentralisation of the supply, management and control of education, have resulted in * the inception of state-aided schools; * a need for new and additiona! financial resources for education; and * a need for increased parent and community participation in education. These, in turn, have led to a urgent need for improved public relations and marketing in schools. The aims of this study were to ascertain why public relations and the marketing of schools have become necessary in the new dispensation of education in South Africa; what the nature of public relations and marketing in schools comprises; what the role, function, area and work method of public relations and marketing officers in schools are; and how the public relations task can be organised and executed in a school and what characteristics the public relations and marketing officer should ideally have. This was done in order to ascertain what the training of public relations and marketing officers in South Africa should encompass and also to enable the researcher to draw up a model and strategies for the best and most economic way in which to rectify the current situation in South African education. It has emerged from this research that the handling of public relations and marketing in the state-aided school in South Africa lies in the proactive creation, development and maintenance of a trusting relationship between all interested parties. It also emerged that managing councils of state-aided school have the right and power to make decisions regarding ordered, purposeful public relations and marketing to the benefit of their schools; and decide about the appointment of officers and/or ,creation of facilities for the training of public relations and marketing officers. Furthermore, schools have a rich source of people potential for public relations and school marketing which can and should be developed. / Educational Leadership and Management / D. Ed. (Education Management)

M.Comm. / Stock Exchange as an instrument for the financing of South African industry. The Johannesburg Stock Exchange, like all stock exchanges in the world, has as main functions, firstly, the raising of capital for industry and secondly, the provision of a market for the trading of financial paper. As such, the Johannesburg Stock Exchange is of vital relevance for the national economy. It has implications for the formation and flow of capital and therefore the functioning of savings and investment industry of the country. The channelling of savings into industry, green field projects, the provision of housing, education and health care, as well as the development of the infrastructure, are all affected by the workings of the Johannesburg Stock Exchange. The Johannesburg Stock Exchange is the largest stock exchange on the African continent, having a market capitalisation of R919 803 million in 1994. This, however, does not mean that the Stock Exchange performs its function as an instrument for the financing of South African industry effectively. The Stock Exchange is known for its high level of illiquidity with only six percent of the shares listed on it being traded on an annual basis. The shares that are traded regularly are restricted to the 30 - 50 prime shares which are held mainly by the large institutional investors and the mining houses. A study of the owners of shares listed on the Stock Exchange shows a large concentration of control and ownership in the hands of only three institutions, namely, the Anglo-American group of companies and the two large insurance companies Old Mutual and Sanlam. Research has shown that as many as 65 percent of the shares on the Johannesburg Stock Exchange are owned by only 1 200 shareholders and that there are not more than 750 000 South Africans who are shareholders, representing less than four percent of the South African population. Participation in the activities of the Johannesburg Stock Exchange by the small investor has declined continuously over the last two to three decades. The decline in small investor presence in the market deprives the Development Capital Market and the Venture Capital Market of financing. New capital raised on the Stock Exchange amounts to an average of around R12 billion per year. The funds raised are mainly attributed to the selling of the paper of gilt-edged companies. The so-called second rated companies, which comprise 80 percent of the market, do not enjoy the share turnover rates that the gilt-edged companies do. The shares of the second raters comprise less than 10 percent of the turnover on the market. The shares of the second raters are not only traded in relatively small volumes but they are also traded rather sporadically. This poor performance of the Stock Exchange as a primary capital market compel the smaller companies to seek financing elsewhere. Such financing is almost always more expensive than equity financing. The high costs involved in obtaining a listing on the Stock Exchange is another factor that may encourage smaller businesses to obtain their financing from financial institutions rather then from the Stock Exchange. South Africa has now entered a new phase of socio-economic development on account of the revised political dispensation and becoming a full member of the international community once again. These changes have once again placed South Africa on the world map as a venue for investment. The Johannesburg Stock Exchange could play a very important role in this respect. It will, however, have to become a more active market. The financing of South Africa's industry cannot rely mainly on foreign investment, it must generate more domestic financial support. The Johannesburg Stock Exchange is an ideal institution to perform such a function. The Stock Exchange will, however, have to create a more liquid market by increasing turnover to a level more in line with those of stock exchanges elsewhere in the world. Such an achievement will add significantly to the pool of funds available for the financing of the South African industry.

M.Comm. / At some stage in the development of multi-national organisations, the need for a company to raise adequate finance for the group and use the group's retained earnings in the most efficient way may well arise. In order to raise adequate finance tax efficiently, careful consideration should be given to, inter alia, income tax consequences pertinent to different jurisdictions considered as a possible locus for a finance company. Since South Africa's emergence into the modern day commercial village, many foreign investors were either re-introduced or introduced to South Africa as a place of business or potential business. Also, South African businesses started to expand more rapidly across the country's borders. Assuming, as the optimist would, that what has been experienced is only the start of greater things to come, the need for the development of international tax planning techniques and/or the identification of planning opportunities in the context of group finance companies is imperative. Naturally, such techniques can only be developed subsequent to analysing the tax systems of the home jurisdiction of potential major investors (for instance the United States of America) and/or of jurisdictions which traditionally represented planning opportunities from a South African perspective (for instance the Netherlands) and/or of jurisdictions that may become relevant from a planning perspective as a result of South Africa's transition or some other reason such as differences in tax systems opening up the opportunity for tax arbitrage (for instance Mauritius or Ireland, respectively). However, since the first and second of the above categories have been explored amply up until the current point in time there is no need to take them into account in yet another study.

M.Com. (Economics) / The banks role in financing growth and development has come under the spotlight over the past year, as part of a political debate about what role the private sector should be playing to address South Africa's social and economic problems. The introduction of the proposed Community Reinvestment Bill raised the prospect that banks could be forced by government into financing low cost housing. In my opinion community reinvestment must not be pursued through the introduction of legislation by government but rather through sustainable partnerships between government and the private sector which could deal with all aspects of community reinvestment. The main purpose of the study then is to propose a framework for this partnership between government and the private sector in providing housing finance to low income housing consumers. In this way community reinvestment will be multi-faceted, reflecting the need of government to introduce concrete sanctions against racial and geographic discrimination whilst facilitating the establishment of banking capacity and foster banker willingness to support local economic development programmes. An extended literature study was undertaken which literature study serves to document current viewpoints, principles and existing research on the research objective. From the literature study, the reasons for the failure of the United States of America version of the Community Reinvestment Act is stated, the objective of the proposed Community Reinvestment Bill is considered as well as the housing finance system into which government wants to introduce this Bill. The introduction of community reinvestment is not conducive to economic growth and to illustrate this argument, the provision of housing finance by either the banks or government is considered. The attitudes, perceptions and financial behaviour of the low income housing finance consumers was also considered by documenting existing research that has already been done in this regard. A recommendation is made on a possible framework for implementation of community reinvestment in the South African environment.