An investigation into stakeholder inclusivity and the board’s ability to create competitive advantage at South Africa’s “big five” retail banks
- Authors: Wolhuter, Darren Wilfred
- Date: 2022-04-06
- Subjects: Stakeholder management South Africa , Strategic planning South Africa , Banks and banking South Africa , Corporate governance South Africa , Competition , Resource-based theory
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/284548 , vital:56073
- Description: Stakeholder theory has long put forth the concept that managerial attention must be given to all stakeholders towards the realisation of value creation opportunities. Through the process of stakeholder engagement, and through the adoption of stakeholder inclusivity principles, an organisation can position itself to reap the benefits of understanding the legitimate needs and interests of all its stakeholders by seeking to satisfy all its stakeholders in turn. This study analysed the integrated reports of five retail banks, whose main base of operations were in South Africa, to assess the board’s ability to create value for its stakeholders through adopting a stakeholder inclusive approach to corporate governance as advocated for by the King Code on Corporate Governance in South Africa – King IV™. This assessment was done through an examination of a selection of outcomes relevant to the banking industry and related to each of the six capitals that form part of the value creation process as indicated for in the Integrated Reporting Framework (IIRC, 2013): 1) Financial Capital, 2) Manufactured Capital; 3) Intellectual Capital; 4) Human Capital; 5) Social and Relationship Capital, and; 6) Natural Capital. The results obtained, over a three-year period – 2018 to 2020, revealed that while the directors had a firm understanding of who their material stakeholders were, they struggled to create value that catered to all their stakeholders collectively. In addition, the directors were also unable to create sustainable value over the assessment period. As a result of this, most banks, with the exception of one, were unable to realise the value creation opportunities that could have led to a potential source of competitive advantage. The study concludes that while no observable sustainable competitive advantage was evident over the period of assessment, the concept of stakeholder inclusivity is an important corporate governance principle that drives value creation and, as such, warrants more attention from the director’s point of view. This research is intended to contribute to the growing knowledge on the importance of stakeholder inclusivity in corporate governance execution. , Thesis (MBA) -- Faculty of Commerce, Rhodes Business School, 2022
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- Authors: Wolhuter, Darren Wilfred
- Date: 2022-04-06
- Subjects: Stakeholder management South Africa , Strategic planning South Africa , Banks and banking South Africa , Corporate governance South Africa , Competition , Resource-based theory
- Language: English
- Type: Academic theses , Master's theses , text
- Identifier: http://hdl.handle.net/10962/284548 , vital:56073
- Description: Stakeholder theory has long put forth the concept that managerial attention must be given to all stakeholders towards the realisation of value creation opportunities. Through the process of stakeholder engagement, and through the adoption of stakeholder inclusivity principles, an organisation can position itself to reap the benefits of understanding the legitimate needs and interests of all its stakeholders by seeking to satisfy all its stakeholders in turn. This study analysed the integrated reports of five retail banks, whose main base of operations were in South Africa, to assess the board’s ability to create value for its stakeholders through adopting a stakeholder inclusive approach to corporate governance as advocated for by the King Code on Corporate Governance in South Africa – King IV™. This assessment was done through an examination of a selection of outcomes relevant to the banking industry and related to each of the six capitals that form part of the value creation process as indicated for in the Integrated Reporting Framework (IIRC, 2013): 1) Financial Capital, 2) Manufactured Capital; 3) Intellectual Capital; 4) Human Capital; 5) Social and Relationship Capital, and; 6) Natural Capital. The results obtained, over a three-year period – 2018 to 2020, revealed that while the directors had a firm understanding of who their material stakeholders were, they struggled to create value that catered to all their stakeholders collectively. In addition, the directors were also unable to create sustainable value over the assessment period. As a result of this, most banks, with the exception of one, were unable to realise the value creation opportunities that could have led to a potential source of competitive advantage. The study concludes that while no observable sustainable competitive advantage was evident over the period of assessment, the concept of stakeholder inclusivity is an important corporate governance principle that drives value creation and, as such, warrants more attention from the director’s point of view. This research is intended to contribute to the growing knowledge on the importance of stakeholder inclusivity in corporate governance execution. , Thesis (MBA) -- Faculty of Commerce, Rhodes Business School, 2022
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An archetypical analysis of chief executive officers in the mining sector according to their remuneration and company performance: a resource based view
- Authors: King, Matthew Sebastian
- Date: 2020
- Subjects: Executives -- Salaries, etc. -- South Africa , Directors of corporations -- Salaries, etc. -- South Africa , Mining corporations -- Salaries, etc. -- South Africa , Mines and mineral resources -- Management
- Language: English
- Type: text , Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/168503 , vital:41589
- Description: The growth in the mining sector post 1994 saw many CEO s enjoy exorbitant levels of financial prosperity particularly in relation to th e mining workforce . The pay disparity between the remuneration of CEO s and the average worker contributed to instability and labour unrest. While there has been extensive research conducted on the relationship between CEO remuneration and company performance, questions around the justification of exorbitant CEO remuneration levels have persisted. One of the shortcomings of these studies have been understanding company performance as limited to financial indicators. For this reason, Resource - Based theory was used in this study to focus on CEOs as tangible, heterogeneous and immobile assets, who could influence company performance by creating a firm’s competitive advantage. In order to investigate this, a mixed - method research design was utilised to ascertain the relationship between CEO remune ration and company performance. The data for the quantitative study was collected using an archival method by sourcing secondary data obtained from the sampled companie s’ annual integrated reports. Statistical tests were performed to test the relationsh ip between CEO remuneration and company performance of mining companies listed on the JSE over the period of 2014 to 2018. This was followed by the qualitative thematic analysis which utilised online information published about four CEOs sampled according to their pay/performance relationships (namely high earning/high performing; high earning/low performing; low earning/high performing and low earning/low performing). The VRIO framework was utilised in conjunction with the thematic analysis to assess the extent to which each of the selected CEOs could be identified as valuable, rare, inimitable and organised. Finally, t he demographic characteristics and leadership attributes of these CEOs were collectiv ely aligned to particular l eadership archetype s. This study found that despite company performance levels experiencing negative growth and volatility, CEO remuneration remained stable and experienced positive growth throughout the period . The qualitative analysis and the application of the VRIO framework wa s conducted in order to explor e reasons why this disparity may continue to exist. The analysis of the differences in demographic characteristics and leadership attributes between these four CEOs provided a possible j ustification for the disparity in t he levels of remuneration. It was found that some CEOs high levels of remuneration could be justified by virtue of their well - developed leadership skills. In particular CEOs need softer skills (such as communication, openness, relationship - building and stakeholder engagement) and to draw on the communicator, builder and coach archetypes in order to create a sustained competitive advantage within companies.
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- Authors: King, Matthew Sebastian
- Date: 2020
- Subjects: Executives -- Salaries, etc. -- South Africa , Directors of corporations -- Salaries, etc. -- South Africa , Mining corporations -- Salaries, etc. -- South Africa , Mines and mineral resources -- Management
- Language: English
- Type: text , Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/168503 , vital:41589
- Description: The growth in the mining sector post 1994 saw many CEO s enjoy exorbitant levels of financial prosperity particularly in relation to th e mining workforce . The pay disparity between the remuneration of CEO s and the average worker contributed to instability and labour unrest. While there has been extensive research conducted on the relationship between CEO remuneration and company performance, questions around the justification of exorbitant CEO remuneration levels have persisted. One of the shortcomings of these studies have been understanding company performance as limited to financial indicators. For this reason, Resource - Based theory was used in this study to focus on CEOs as tangible, heterogeneous and immobile assets, who could influence company performance by creating a firm’s competitive advantage. In order to investigate this, a mixed - method research design was utilised to ascertain the relationship between CEO remune ration and company performance. The data for the quantitative study was collected using an archival method by sourcing secondary data obtained from the sampled companie s’ annual integrated reports. Statistical tests were performed to test the relationsh ip between CEO remuneration and company performance of mining companies listed on the JSE over the period of 2014 to 2018. This was followed by the qualitative thematic analysis which utilised online information published about four CEOs sampled according to their pay/performance relationships (namely high earning/high performing; high earning/low performing; low earning/high performing and low earning/low performing). The VRIO framework was utilised in conjunction with the thematic analysis to assess the extent to which each of the selected CEOs could be identified as valuable, rare, inimitable and organised. Finally, t he demographic characteristics and leadership attributes of these CEOs were collectiv ely aligned to particular l eadership archetype s. This study found that despite company performance levels experiencing negative growth and volatility, CEO remuneration remained stable and experienced positive growth throughout the period . The qualitative analysis and the application of the VRIO framework wa s conducted in order to explor e reasons why this disparity may continue to exist. The analysis of the differences in demographic characteristics and leadership attributes between these four CEOs provided a possible j ustification for the disparity in t he levels of remuneration. It was found that some CEOs high levels of remuneration could be justified by virtue of their well - developed leadership skills. In particular CEOs need softer skills (such as communication, openness, relationship - building and stakeholder engagement) and to draw on the communicator, builder and coach archetypes in order to create a sustained competitive advantage within companies.
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An assessment of own revenue management for financial sustainability of the Eastern Cape municipalities
- Authors: Majikijela, Vuyolwethu
- Date: 2018
- Subjects: Revenue management , Municipal government -- South Africa -- Eastern Cape , Municipal government -- South Africa -- Eastern Cape -- Finance , Municipal government -- South Africa -- Eastern Cape -- Cost effectiveness , Municipal services -- Finance
- Language: English
- Type: text , Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/61445 , vital:28027
- Description: The purpose of the research is to assess the financial viability of municipalities in the Eastern Cape. Municipalities that are not financially viable and sustainable will always struggle to deliver basic services to communities. Without sound financial management systems, municipalities will be forced to discontinue their operations. Municipalities, particularly small and rural ones, are not self-sufficient thus cost benefit theory emphasises that municipality must adopt cost recovery revenue management. The application of cost recovery revenue management requires that municipalities take into account internal and external revenue management challenges that will be factored on user charges. Cost recovery also requires governance to lead the process through capacitation, transparency and communication with all stakeholders. This research highlights that municipalities in the province have not matured to a level wherein they are able to adopt cost recovery revenue management because of prevalent external revenue management challenges caused by high unemployment rate in the province and the slow economic growth. Municipalities in the province are thus financially unsustainable. This research therefore proposes that a phase in approach to cost recovery should be adopted in line with the changes in unemployment and economic growth. Increased transparency and consultation with intergovernmental relations should also be promoted to enable financial sustainability of municipalities in the province.
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- Authors: Majikijela, Vuyolwethu
- Date: 2018
- Subjects: Revenue management , Municipal government -- South Africa -- Eastern Cape , Municipal government -- South Africa -- Eastern Cape -- Finance , Municipal government -- South Africa -- Eastern Cape -- Cost effectiveness , Municipal services -- Finance
- Language: English
- Type: text , Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/61445 , vital:28027
- Description: The purpose of the research is to assess the financial viability of municipalities in the Eastern Cape. Municipalities that are not financially viable and sustainable will always struggle to deliver basic services to communities. Without sound financial management systems, municipalities will be forced to discontinue their operations. Municipalities, particularly small and rural ones, are not self-sufficient thus cost benefit theory emphasises that municipality must adopt cost recovery revenue management. The application of cost recovery revenue management requires that municipalities take into account internal and external revenue management challenges that will be factored on user charges. Cost recovery also requires governance to lead the process through capacitation, transparency and communication with all stakeholders. This research highlights that municipalities in the province have not matured to a level wherein they are able to adopt cost recovery revenue management because of prevalent external revenue management challenges caused by high unemployment rate in the province and the slow economic growth. Municipalities in the province are thus financially unsustainable. This research therefore proposes that a phase in approach to cost recovery should be adopted in line with the changes in unemployment and economic growth. Increased transparency and consultation with intergovernmental relations should also be promoted to enable financial sustainability of municipalities in the province.
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Schooling and institution quality linked to earnings in the Eastern Cape
- Authors: Cuthbert, Carol E
- Date: 2018
- Subjects: Wages -- Effect of education on -- South Africa -- Eastern Cape Education, Higher -- Economic aspects -- South Africa -- Eastern Cape Equality -- South Africa -- Eastern Cape
- Language: English
- Type: text , Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/62166 , vital:28134
- Description: Return to investment for tertiary education is not equal for all. Human Capital Theory imposes a linear pathway between education and earnings, that fails to recognise other sources of capital, ignores social returns and does not explain why socio-economic variables influence employability and earnings. Those returns, rather than simply incrementally delivering returns for additional years of education, are however heterogeneous across students, with field of study, gender and population group influencing earnings; and schooling type and university attended filtering whether one finds a job. This study utilises data from Rhodes University and the University of Fort Hare, illustrating the extreme positions within the South African education landscape, employing a Heckman selection to predict the returns on education. The regression is found to be partially successful in predicting a graduate’s ability to find a job, in the first instance, and thereafter their returns. It is crucial to analyse the heterogeneity of socio-economic parameters to understand aspects of the economy, and develop education policies to take advantage of this understanding, especially against the backdrop of the student protests being experienced in the country and the funding models proposed. Access to tertiary education, through policy inducement, such as the recent increase of the grant limit from R122 000 to R350 000, requires disaggregated returns to education to be investigated.
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- Authors: Cuthbert, Carol E
- Date: 2018
- Subjects: Wages -- Effect of education on -- South Africa -- Eastern Cape Education, Higher -- Economic aspects -- South Africa -- Eastern Cape Equality -- South Africa -- Eastern Cape
- Language: English
- Type: text , Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/62166 , vital:28134
- Description: Return to investment for tertiary education is not equal for all. Human Capital Theory imposes a linear pathway between education and earnings, that fails to recognise other sources of capital, ignores social returns and does not explain why socio-economic variables influence employability and earnings. Those returns, rather than simply incrementally delivering returns for additional years of education, are however heterogeneous across students, with field of study, gender and population group influencing earnings; and schooling type and university attended filtering whether one finds a job. This study utilises data from Rhodes University and the University of Fort Hare, illustrating the extreme positions within the South African education landscape, employing a Heckman selection to predict the returns on education. The regression is found to be partially successful in predicting a graduate’s ability to find a job, in the first instance, and thereafter their returns. It is crucial to analyse the heterogeneity of socio-economic parameters to understand aspects of the economy, and develop education policies to take advantage of this understanding, especially against the backdrop of the student protests being experienced in the country and the funding models proposed. Access to tertiary education, through policy inducement, such as the recent increase of the grant limit from R122 000 to R350 000, requires disaggregated returns to education to be investigated.
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An analysis of the effect that integrated reporting has had on the description of the strategy and strategic planning process in the banking sector in South Africa
- Authors: Musuwo, Getrude Tafadzwa
- Date: 2017
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/40990 , vital:25045
- Description: The study was carried out in order to analyse the effect which the requirement for integrated reporting has had on the description of strategy and strategic planning processes of three South African Banks during the three-year period between 2012 and 2014. The study was conducted in three Johannesburg Stock Exchange listed Banks namely Barclays Bank, Capitec Bank and Standard Bank and focused on their integrated reports for 2012 to 2014. The objectives of the study were to analyse the change in the scope of the depth of reporting on strategy, analyse the evolution of the strategic planning process, compare and contrast the banks’ nature, scope and depth of reporting and establish how the requirement for integrated reporting has impacted on the strategic planning processes in the banks. The study was carried out as a content analysis of the integrated reports of the three banks. The sample for the study consisted for the 9 integrated reports issued by the three banks in the period from 2012 to 2014. There was an increasing trend in the prominence of reporting on strategy by the C.E.Os and chairmen of the companies in the integrated reports. All the companies exhibited an increase in the depth of their reporting on strategy in their overall integrated reports. There is a general increase in the depth of reporting on value creation in the integrated reports. From discussing their business models to some extent in 2012 and 2013, all integrated reports reported on strategy to a large extent in 2014. The study concluded that the scope and depth of reporting on strategy was growing. The study also concluded that strategic planning processes had been transformed due to the requirement for integrated reporting. It was also concluded that Standard Bank had the greatest focus on strategy. Further studies may focus beyond strategy and explore the extent to which companies are implementing non-financial measures in their integrated reporting.
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- Authors: Musuwo, Getrude Tafadzwa
- Date: 2017
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/40990 , vital:25045
- Description: The study was carried out in order to analyse the effect which the requirement for integrated reporting has had on the description of strategy and strategic planning processes of three South African Banks during the three-year period between 2012 and 2014. The study was conducted in three Johannesburg Stock Exchange listed Banks namely Barclays Bank, Capitec Bank and Standard Bank and focused on their integrated reports for 2012 to 2014. The objectives of the study were to analyse the change in the scope of the depth of reporting on strategy, analyse the evolution of the strategic planning process, compare and contrast the banks’ nature, scope and depth of reporting and establish how the requirement for integrated reporting has impacted on the strategic planning processes in the banks. The study was carried out as a content analysis of the integrated reports of the three banks. The sample for the study consisted for the 9 integrated reports issued by the three banks in the period from 2012 to 2014. There was an increasing trend in the prominence of reporting on strategy by the C.E.Os and chairmen of the companies in the integrated reports. All the companies exhibited an increase in the depth of their reporting on strategy in their overall integrated reports. There is a general increase in the depth of reporting on value creation in the integrated reports. From discussing their business models to some extent in 2012 and 2013, all integrated reports reported on strategy to a large extent in 2014. The study concluded that the scope and depth of reporting on strategy was growing. The study also concluded that strategic planning processes had been transformed due to the requirement for integrated reporting. It was also concluded that Standard Bank had the greatest focus on strategy. Further studies may focus beyond strategy and explore the extent to which companies are implementing non-financial measures in their integrated reporting.
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An investigation of the relationship between Corporate Social Responsibility (CSR) and financial performance of companies listed on the Johannesburg Stock Exchange (JSE) in South Africa
- Authors: Soko, Leon Lenny Kudzaishe
- Date: 2017
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/7078 , vital:21215
- Description: The purpose of this study is to investigate whether there is an association between CSR and financial performance in South African companies which are listed on the FTSE/JSE SRI Index. Specifically, whether there is a difference in financial performance of companies that perform CSR activities, and those that do not. If so, which direction does this association have? The selection process of companies used in this study will now be explained step-bystep. The JSE SRI Index results show that there were 80 successful constituents as of February 2015 (JSE, 2015). These 80 companies are listed alphabetically in Appendix A, while the top 100 companies as ranked by Turnover are linked in Appendix B. Of these 100 companies, 67 were constituents of the JSE SRI Index continuously in 2015 and are shown in Appendix C. This leaves 33 companies in the top 100 which are not listed on the JSE SRI Index. Companies that were listed on the JSE SRI Index were assumed to be ‘good’ companies as the listing requirements included the performance of numerous CSR activities such as Employee development, environmental sustainability practices and stakeholder engagement. The financial performance of these 67 companies was compared to the financial performance of the 33 companies that were not listed on the JSE SRI Index which were included in the population sample of one hundred companies. Financial performance was measured using the ratios: Return on Assets and Return on Equity. The data analysis process used in this study was as follows: 1. The ratios for each company were obtained from the iNET (BFA) database, and annual and integrated reports for the period 2011 - 2015 (Appendix D;E;F). 2. The ratios for Non-SRI and SRI companies were then compared for each of the three ratios using a T-Test. The purpose of the T-Test was to show whether there is a difference in the ratios between SRI and Non-SRI companies on a year to year basis. The direction of the difference was shown by whether the SRI ratio was higher than or lower than the Non-SRI ratio. The results of this study do not seem to support any of the CSR theories, as the study concluded that there is no significant difference between the financial performance of companies that perform CSR activities and those that do not. This means that investing in CSR activities does not have a significant effect on the financial performance of a company.
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- Authors: Soko, Leon Lenny Kudzaishe
- Date: 2017
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/7078 , vital:21215
- Description: The purpose of this study is to investigate whether there is an association between CSR and financial performance in South African companies which are listed on the FTSE/JSE SRI Index. Specifically, whether there is a difference in financial performance of companies that perform CSR activities, and those that do not. If so, which direction does this association have? The selection process of companies used in this study will now be explained step-bystep. The JSE SRI Index results show that there were 80 successful constituents as of February 2015 (JSE, 2015). These 80 companies are listed alphabetically in Appendix A, while the top 100 companies as ranked by Turnover are linked in Appendix B. Of these 100 companies, 67 were constituents of the JSE SRI Index continuously in 2015 and are shown in Appendix C. This leaves 33 companies in the top 100 which are not listed on the JSE SRI Index. Companies that were listed on the JSE SRI Index were assumed to be ‘good’ companies as the listing requirements included the performance of numerous CSR activities such as Employee development, environmental sustainability practices and stakeholder engagement. The financial performance of these 67 companies was compared to the financial performance of the 33 companies that were not listed on the JSE SRI Index which were included in the population sample of one hundred companies. Financial performance was measured using the ratios: Return on Assets and Return on Equity. The data analysis process used in this study was as follows: 1. The ratios for each company were obtained from the iNET (BFA) database, and annual and integrated reports for the period 2011 - 2015 (Appendix D;E;F). 2. The ratios for Non-SRI and SRI companies were then compared for each of the three ratios using a T-Test. The purpose of the T-Test was to show whether there is a difference in the ratios between SRI and Non-SRI companies on a year to year basis. The direction of the difference was shown by whether the SRI ratio was higher than or lower than the Non-SRI ratio. The results of this study do not seem to support any of the CSR theories, as the study concluded that there is no significant difference between the financial performance of companies that perform CSR activities and those that do not. This means that investing in CSR activities does not have a significant effect on the financial performance of a company.
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Drivers of sustainability disclosure in Liberty Holdings
- Authors: Chembeya, Edina Matamba
- Date: 2017
- Subjects: Liberty Holdings Limited (Firm) , Insurance companies -- South Africa -- Management , Risk management -- South Africa -- Case studies , Stakeholder management -- South Africa -- Case studies , Corporate culture -- South Africa -- Case studies , Product management -- South Africa -- Case studies
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/5579 , vital:20943
- Description: This research assesses the drivers of sustainability disclosure in Liberty Holdings. The relevance of reporting on sustainability is growing for both listed and non-listed companies in South Africa. However, many companies many companies still coming to terms with reporting process, although others are doing exceptionally well. Liberty Holdings is one of the insurance organisations that has continuously improved their sustainability reporting and disclosure of their sustainability issues, in a sector that previously perceived such concerns as low on their agenda, due to the perception that they had a low impact on the sector. The research findings reveal that the process of sustainability disclosure in Liberty Holdings is driven by several elements that are strategically linked and are aligned to the core strategy of the organisation. The findings also indicate that in order to understand and implement viable sustainability processes, the processes must be embedded in a well-informed sustainability strategy that is aligned with this core strategy.
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- Authors: Chembeya, Edina Matamba
- Date: 2017
- Subjects: Liberty Holdings Limited (Firm) , Insurance companies -- South Africa -- Management , Risk management -- South Africa -- Case studies , Stakeholder management -- South Africa -- Case studies , Corporate culture -- South Africa -- Case studies , Product management -- South Africa -- Case studies
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/5579 , vital:20943
- Description: This research assesses the drivers of sustainability disclosure in Liberty Holdings. The relevance of reporting on sustainability is growing for both listed and non-listed companies in South Africa. However, many companies many companies still coming to terms with reporting process, although others are doing exceptionally well. Liberty Holdings is one of the insurance organisations that has continuously improved their sustainability reporting and disclosure of their sustainability issues, in a sector that previously perceived such concerns as low on their agenda, due to the perception that they had a low impact on the sector. The research findings reveal that the process of sustainability disclosure in Liberty Holdings is driven by several elements that are strategically linked and are aligned to the core strategy of the organisation. The findings also indicate that in order to understand and implement viable sustainability processes, the processes must be embedded in a well-informed sustainability strategy that is aligned with this core strategy.
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Evaluating the impact of responsible investing strategies on fund performance
- Authors: Ntuli, Thulani
- Date: 2017
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/7067 , vital:21214
- Description: Several studies have been undertaken to evaluate performance of responsible investments, that is, funds that integrate ethical as well as environmental, social and governance considerations in the investment process (ESG). Particularly to address the question whether it is possible for investors to do well while doing good. Modern Portfolio Theory predicts sub-optimal performance for funds constructed on any basis other than risk-reward optimisation. These studies usually compare performance of responsible investments with conventional funds or an unrestricted benchmark portfolio. The findings have been contradictory and on the main inconclusive. Underlying this contradiction is the treatment of responsible investments funds as a homogenous group of funds and not acknowledging their heterogeneity owing to methods and strategies used to construct them. This study seeks to address this gap in the literature by investigating the impact of responsible investment strategies on fund performance. The performance of nine South African responsible investment funds constructed and manged using different responsible investing strategies are analysed over a five-year period from 01 October 2010 to 31 October 2015. Their performance is benchmarked against the JSE ALL Share Index (ALSI) and the FTES/JSE SRI index. Specifically, the average monthly returns, variability and Sharpe ratio of the constituent fund is used to compare performance. Moreover, the CAPM based Jensen alpha is used to determine any significant under or overperformance of respective funds relative to the benchmarks. The study found to be no difference in average monthly returns and risk relative to the two benchmark indices for all respective strategies. However, funds constructed using the negative screening strategy generally underperform. These funds overall deliver a statistically significant lower alpha. It is concluded that this RI investing strategy is not suitable for investors concerned about a trade-off between fund performance and ESG performance.
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- Authors: Ntuli, Thulani
- Date: 2017
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/7067 , vital:21214
- Description: Several studies have been undertaken to evaluate performance of responsible investments, that is, funds that integrate ethical as well as environmental, social and governance considerations in the investment process (ESG). Particularly to address the question whether it is possible for investors to do well while doing good. Modern Portfolio Theory predicts sub-optimal performance for funds constructed on any basis other than risk-reward optimisation. These studies usually compare performance of responsible investments with conventional funds or an unrestricted benchmark portfolio. The findings have been contradictory and on the main inconclusive. Underlying this contradiction is the treatment of responsible investments funds as a homogenous group of funds and not acknowledging their heterogeneity owing to methods and strategies used to construct them. This study seeks to address this gap in the literature by investigating the impact of responsible investment strategies on fund performance. The performance of nine South African responsible investment funds constructed and manged using different responsible investing strategies are analysed over a five-year period from 01 October 2010 to 31 October 2015. Their performance is benchmarked against the JSE ALL Share Index (ALSI) and the FTES/JSE SRI index. Specifically, the average monthly returns, variability and Sharpe ratio of the constituent fund is used to compare performance. Moreover, the CAPM based Jensen alpha is used to determine any significant under or overperformance of respective funds relative to the benchmarks. The study found to be no difference in average monthly returns and risk relative to the two benchmark indices for all respective strategies. However, funds constructed using the negative screening strategy generally underperform. These funds overall deliver a statistically significant lower alpha. It is concluded that this RI investing strategy is not suitable for investors concerned about a trade-off between fund performance and ESG performance.
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Evaluating the share performance of socially responsible investment on the Johannesburg Stock Exchange
- Authors: Cormack, Bradley Alexander
- Date: 2017
- Subjects: Investments -- Moral and ethical aspects -- South Africa , Johannesburg Stock Exchange , Social responsibility of business -- Standards , Social responsiblity of business -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/36251 , vital:24532
- Description: Socially responsible investing (SRI) integrates environmental, social and governance (ESG) issues into the investment decision-making process. Growing ESG concerns and the uncovering of corporate scandals have catalysed the substantial growth in SRI portfolios worldwide. Notwithstanding its increasing popularity, barriers to further SRI growth have been identified. Traditional investing practices suggest that theoretically, SRI may underperform conventional investment strategies. However, despite the vast amount of literature on SRI, empirical studies have yielded a mixture of results regarding fund performance. The JSE SRI Index was launched in 2004 to promote transparent business practices. It was discontinued at the end of 2015 succeeded by a new Responsible Investment Index established by the JSE in association with FTSE Russell. The aim of the research was to evaluate the share performance of the JSE SRI Index from 2004-2015. Additionally, the indices were categorised by environmental impact to further analyse disparity among share returns. The study was also divided into two sub-periods, 2004-2009 and 2010-2015, with the latter following the endorsement of integrated reporting by the King III Code as a listing requirement in 2010. A single-factor Capital Asset Pricing Model (CAPM) was used to assess differences in risk-adjusted returns. Engle-Granger and Johansen tests were employed to explore the possibility of a cointegrating relationship between the indices. No significant difference between returns was observed for 2004-2009, with the SRI Index exhibiting statistically significant inferior risk-adjusted returns for the latter half of the study. Overall, a significant difference between share returns was found, with CAPM results suggesting that the JSE SRI Index underperformed the All Share Index by -2.33% per annum throughout the time span of the study. Engle-Granger and Johansen test results indicated the existence of a cointegrating relationship over the first half of the study. However, there was no cointegration between the two indices for 2004-2015, which may be attributed to no significant relationship found for the latter years. Results support the notion that investors pay the price to invest ethically on the JSE. Inferior risk-adjusted returns associated with SRI may be a major barrier to its development in South African markets.
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- Authors: Cormack, Bradley Alexander
- Date: 2017
- Subjects: Investments -- Moral and ethical aspects -- South Africa , Johannesburg Stock Exchange , Social responsibility of business -- Standards , Social responsiblity of business -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/36251 , vital:24532
- Description: Socially responsible investing (SRI) integrates environmental, social and governance (ESG) issues into the investment decision-making process. Growing ESG concerns and the uncovering of corporate scandals have catalysed the substantial growth in SRI portfolios worldwide. Notwithstanding its increasing popularity, barriers to further SRI growth have been identified. Traditional investing practices suggest that theoretically, SRI may underperform conventional investment strategies. However, despite the vast amount of literature on SRI, empirical studies have yielded a mixture of results regarding fund performance. The JSE SRI Index was launched in 2004 to promote transparent business practices. It was discontinued at the end of 2015 succeeded by a new Responsible Investment Index established by the JSE in association with FTSE Russell. The aim of the research was to evaluate the share performance of the JSE SRI Index from 2004-2015. Additionally, the indices were categorised by environmental impact to further analyse disparity among share returns. The study was also divided into two sub-periods, 2004-2009 and 2010-2015, with the latter following the endorsement of integrated reporting by the King III Code as a listing requirement in 2010. A single-factor Capital Asset Pricing Model (CAPM) was used to assess differences in risk-adjusted returns. Engle-Granger and Johansen tests were employed to explore the possibility of a cointegrating relationship between the indices. No significant difference between returns was observed for 2004-2009, with the SRI Index exhibiting statistically significant inferior risk-adjusted returns for the latter half of the study. Overall, a significant difference between share returns was found, with CAPM results suggesting that the JSE SRI Index underperformed the All Share Index by -2.33% per annum throughout the time span of the study. Engle-Granger and Johansen test results indicated the existence of a cointegrating relationship over the first half of the study. However, there was no cointegration between the two indices for 2004-2015, which may be attributed to no significant relationship found for the latter years. Results support the notion that investors pay the price to invest ethically on the JSE. Inferior risk-adjusted returns associated with SRI may be a major barrier to its development in South African markets.
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Strategic thinking during a period of turbulence : a case study of the BancABC Zimbabwe
- Authors: Mberi, Mary-Jane
- Date: 2015
- Subjects: BancABC (Zimbabwe) , Strategic planning -- Case studies , Strategic planning -- Zimbabwe , Inflation (Finance) -- Zimbabwe , Problem solving -- Zimbabwe , Crisis management -- Zimbabwe , Decision making -- Zimbabwe , Critical incident technique
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:861 , http://hdl.handle.net/10962/d1020603
- Description: A review of strategic thinking literature indicates that research has tended to focus on experiences contributing to strategic thinking, the strategic thinking perspectives that executives are likely to follow based on the environments in which they have developed their strategic competencies, and examining executives’ cognitive maps within the context of strategic management (O’ Shannassy 2003; Kutschera, and Ryan, 2009; Meyer, 2007). As an expansion of these principles and foundations of strategic thinking, this research was a study of the extent to which strategic thinking perspectives are utilised during macro environmental turbulence. According to Cravens et al. (2009: 31) volatility, reinvention, and fundamental changes in markets present unprecedented challenges to researchers and executives. “Unfortunately, too often traditional conceptual models and theories fail to provide adequate insight for coping with this new and rapidly changing business environment. Traditional market perspectives and conceptual logic may even blind researchers and strategic decision makers to the real threats present in the changing competitive landscape and new market space, and to opportunities for added value which can be uncovered and exploited” Cravens et al. (2009: 31). Hyperinflation in Zimbabwe was a major problem from 2003 to April 2009, when the country suspended its own currency and for the next five years the country continued to struggle with various macro environmental challenges. It is this backdrop that makes this research intriguing, where the soundness of any organisation is said to be crucially linked to the soundness of the macro environment, including macroeconomic policies as well as internal governance, market discipline; regulation and supervision (Louw and Venter, 2010). The research was a case study of BancABC Zimbabwe and focused on the period 2009 to 2013. BancABC Zimbabwe is a subsidiary of ABC Holdings Limited which is listed on the Botswana and Zimbabwe stock exchanges (BancABC, 2012). The aim of the study as the first key activity was to explore and describe how the BancABC executives responded to the critical macro environmental incidents identified, at a management or executive team perspective, and secondly, whether the rational reasoning or generative reasoning perspective was dominant during the period of turbulence. The goal is to gain insights of the strategic thinking process followed by executives during a period of macro-environmental turbulence. Literature defines strategic thinking concept as the cognitive process undertaken by executives in relation to problem solving in the business context. Two main perspectives are discussed: Strategic thinking as a science (rational thinking) is the prescriptive, structured nature of strategic thinking; arguments are that it is a less complex perspective for executives to adopt. Strategic thinking as an art (generative thinking) is the perspective that allows the strategist to think outside the box and be more creative about solving strategic problems. The discussion presents how the two perspectives can be used to complement each other and provide a more robust strategic thinking framework. The multi-perspective approach to strategic thinking recommends the right balance between analysis, intuition and creativity can be used to create new frameworks and innovative solutions. The ability to balance these strategic thinking perspectives enables executives to solve strategic problems (Linkov, 1999). The research findings highlighted the effect of time and availability of information on the strategic thinking perspective adopted by executives during times of uncertainty. It was noted that when time and information were available, executives appeared to use the rational strategic thinking perspective, while if there was limited time and information to solve problems the generative thinking perspective was dominantly used. Further the importance of integrative strategic thinking which facilitates the use of both intuition and analysis when solving strategic problems in a turbulent macro environment was also highlighted. The research thesis adopted the structure of a case study, relying on the critical incident technique to create the context of the study; and can be used to explore and discuss strategic thinking for teaching purposes. The results of the study can be recognised as a contribution towards the development of strategic thinking particularly in times of turbulence. It can also form the basis for future studies in the context of strategic thinking.
- Full Text:
- Authors: Mberi, Mary-Jane
- Date: 2015
- Subjects: BancABC (Zimbabwe) , Strategic planning -- Case studies , Strategic planning -- Zimbabwe , Inflation (Finance) -- Zimbabwe , Problem solving -- Zimbabwe , Crisis management -- Zimbabwe , Decision making -- Zimbabwe , Critical incident technique
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:861 , http://hdl.handle.net/10962/d1020603
- Description: A review of strategic thinking literature indicates that research has tended to focus on experiences contributing to strategic thinking, the strategic thinking perspectives that executives are likely to follow based on the environments in which they have developed their strategic competencies, and examining executives’ cognitive maps within the context of strategic management (O’ Shannassy 2003; Kutschera, and Ryan, 2009; Meyer, 2007). As an expansion of these principles and foundations of strategic thinking, this research was a study of the extent to which strategic thinking perspectives are utilised during macro environmental turbulence. According to Cravens et al. (2009: 31) volatility, reinvention, and fundamental changes in markets present unprecedented challenges to researchers and executives. “Unfortunately, too often traditional conceptual models and theories fail to provide adequate insight for coping with this new and rapidly changing business environment. Traditional market perspectives and conceptual logic may even blind researchers and strategic decision makers to the real threats present in the changing competitive landscape and new market space, and to opportunities for added value which can be uncovered and exploited” Cravens et al. (2009: 31). Hyperinflation in Zimbabwe was a major problem from 2003 to April 2009, when the country suspended its own currency and for the next five years the country continued to struggle with various macro environmental challenges. It is this backdrop that makes this research intriguing, where the soundness of any organisation is said to be crucially linked to the soundness of the macro environment, including macroeconomic policies as well as internal governance, market discipline; regulation and supervision (Louw and Venter, 2010). The research was a case study of BancABC Zimbabwe and focused on the period 2009 to 2013. BancABC Zimbabwe is a subsidiary of ABC Holdings Limited which is listed on the Botswana and Zimbabwe stock exchanges (BancABC, 2012). The aim of the study as the first key activity was to explore and describe how the BancABC executives responded to the critical macro environmental incidents identified, at a management or executive team perspective, and secondly, whether the rational reasoning or generative reasoning perspective was dominant during the period of turbulence. The goal is to gain insights of the strategic thinking process followed by executives during a period of macro-environmental turbulence. Literature defines strategic thinking concept as the cognitive process undertaken by executives in relation to problem solving in the business context. Two main perspectives are discussed: Strategic thinking as a science (rational thinking) is the prescriptive, structured nature of strategic thinking; arguments are that it is a less complex perspective for executives to adopt. Strategic thinking as an art (generative thinking) is the perspective that allows the strategist to think outside the box and be more creative about solving strategic problems. The discussion presents how the two perspectives can be used to complement each other and provide a more robust strategic thinking framework. The multi-perspective approach to strategic thinking recommends the right balance between analysis, intuition and creativity can be used to create new frameworks and innovative solutions. The ability to balance these strategic thinking perspectives enables executives to solve strategic problems (Linkov, 1999). The research findings highlighted the effect of time and availability of information on the strategic thinking perspective adopted by executives during times of uncertainty. It was noted that when time and information were available, executives appeared to use the rational strategic thinking perspective, while if there was limited time and information to solve problems the generative thinking perspective was dominantly used. Further the importance of integrative strategic thinking which facilitates the use of both intuition and analysis when solving strategic problems in a turbulent macro environment was also highlighted. The research thesis adopted the structure of a case study, relying on the critical incident technique to create the context of the study; and can be used to explore and discuss strategic thinking for teaching purposes. The results of the study can be recognised as a contribution towards the development of strategic thinking particularly in times of turbulence. It can also form the basis for future studies in the context of strategic thinking.
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Evaluating social media participation for successful marketing and communication by selected private game reserves, Eastern Cape, South Africa
- Authors: Booth, Tara
- Date: 2013
- Subjects: Social media -- Economic aspects , Online social networks -- Economic aspects , Game reserves -- South Africa -- Eastern Cape -- Marketing , Internet marketing -- Economic aspects , Social media -- Marketing , Tourism -- Marketing , Communication in management
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:843 , http://hdl.handle.net/10962/d1015692
- Description: Social media has become one of the defining features of the technological advances known as Web 2.0. As social media has increased in popularity, so businesses are expected to participate. Social media platforms enable businesses to widely broadcast a message as well as interact directly with individual customers. Customers are also able to interact directly with one another and share information and reviews about products and services offered. This suits the tourism industry particularly well. Internationally, research has shown that individuals use social media and other online tools to research potential holiday destinations. In addition social media is used during travel to share snapshots and commentary as well as after travel, through reviews and recommendations on platforms such as TripAdvisor. However, few studies have investigated how tourism destinations use social media to attract new clients and retain existing clients. Very little research has been done on tourism and social media in South Africa despite the importance of this industry to Gross Domestic Product (GDP). This study focused on four-star establishments within the photographic wildlife tourism industry in the Eastern Cape of South Africa. An initial survey of social media participation was carried out within the framework set out by Chan and Guillet (2011); this was then followed up with interviews with selected managers. Results showed that, in general, Private Game Reserves (PGRs) had embraced social media as a communication and marketing platform; despite concerns raised about the lack of control over content as well as poor understanding of the influence social media might have on the bottom line. TripAdvisor, Facebook and Twitter were the most commonly used platforms due to management familiarity with the platform and their ease of use. Few lodges utilised blogs or content sites such as YouTube and management cited time commitments associated with this type of platform as a reason for non-participation. However, although most PGRs or lodges had a profile on social media, this did not always mean active participation. Frequently, lodges began updating but gradually stopped after a few months. It was noted however that only one of the lodges interviewed retained an individual whose sole responsibility was social media; generally lodges did not feel that a dedicated person was necessary. This may result in a lack of time available on the part of the individual responsible or simply be a case of not understanding the platform or how to use it effectively. However, none of the PGRs with poor social media participation responded to interview requests and therefore it was not possible to determine the reasons for their poor participation. Among those lodges that actively participated, most succeed in retaining fans and followers through consistent posting of relevant and interesting content as well as customised responses that encouraged fans or followers’ interaction. However, there did not appear to be any evidence of using social media to learn about fans and followers in order to better customise the lodge offerings. This may not be necessary in this type of industry as PGRs sell a specific product and have a limited ability to customise offerings. In addition, there may be other sources of market information which lodges prefer to use. Special offers, competitions and promotions had limited success on social media. Generally, lodges used social media to promote links to a dedicated competition or promotions page. In conclusion, the managers interviewed felt strongly that social media had made a measureable impact on the tourism industry and was a channel that was here to stay. Further research around the best practice and most effective use will enable PGRs to develop and maintain effective strategies for social media participation.
- Full Text:
- Authors: Booth, Tara
- Date: 2013
- Subjects: Social media -- Economic aspects , Online social networks -- Economic aspects , Game reserves -- South Africa -- Eastern Cape -- Marketing , Internet marketing -- Economic aspects , Social media -- Marketing , Tourism -- Marketing , Communication in management
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:843 , http://hdl.handle.net/10962/d1015692
- Description: Social media has become one of the defining features of the technological advances known as Web 2.0. As social media has increased in popularity, so businesses are expected to participate. Social media platforms enable businesses to widely broadcast a message as well as interact directly with individual customers. Customers are also able to interact directly with one another and share information and reviews about products and services offered. This suits the tourism industry particularly well. Internationally, research has shown that individuals use social media and other online tools to research potential holiday destinations. In addition social media is used during travel to share snapshots and commentary as well as after travel, through reviews and recommendations on platforms such as TripAdvisor. However, few studies have investigated how tourism destinations use social media to attract new clients and retain existing clients. Very little research has been done on tourism and social media in South Africa despite the importance of this industry to Gross Domestic Product (GDP). This study focused on four-star establishments within the photographic wildlife tourism industry in the Eastern Cape of South Africa. An initial survey of social media participation was carried out within the framework set out by Chan and Guillet (2011); this was then followed up with interviews with selected managers. Results showed that, in general, Private Game Reserves (PGRs) had embraced social media as a communication and marketing platform; despite concerns raised about the lack of control over content as well as poor understanding of the influence social media might have on the bottom line. TripAdvisor, Facebook and Twitter were the most commonly used platforms due to management familiarity with the platform and their ease of use. Few lodges utilised blogs or content sites such as YouTube and management cited time commitments associated with this type of platform as a reason for non-participation. However, although most PGRs or lodges had a profile on social media, this did not always mean active participation. Frequently, lodges began updating but gradually stopped after a few months. It was noted however that only one of the lodges interviewed retained an individual whose sole responsibility was social media; generally lodges did not feel that a dedicated person was necessary. This may result in a lack of time available on the part of the individual responsible or simply be a case of not understanding the platform or how to use it effectively. However, none of the PGRs with poor social media participation responded to interview requests and therefore it was not possible to determine the reasons for their poor participation. Among those lodges that actively participated, most succeed in retaining fans and followers through consistent posting of relevant and interesting content as well as customised responses that encouraged fans or followers’ interaction. However, there did not appear to be any evidence of using social media to learn about fans and followers in order to better customise the lodge offerings. This may not be necessary in this type of industry as PGRs sell a specific product and have a limited ability to customise offerings. In addition, there may be other sources of market information which lodges prefer to use. Special offers, competitions and promotions had limited success on social media. Generally, lodges used social media to promote links to a dedicated competition or promotions page. In conclusion, the managers interviewed felt strongly that social media had made a measureable impact on the tourism industry and was a channel that was here to stay. Further research around the best practice and most effective use will enable PGRs to develop and maintain effective strategies for social media participation.
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Evaluation of the applicability of Lewin's force field analysis in the implementation of the Financial Sector Charter at Standard Bank
- Authors: Skepe, Siphelo
- Date: 2013
- Subjects: Standard Bank of South Africa Limited (1962- ) Banks and banking -- South Africa Financial services industry -- Law and legislation -- South Africa Black people -- South Africa -- Economic conditions Business enterprises, Black -- South Africa Organizational change -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:804 , http://hdl.handle.net/10962/d1006775
- Description: According to the Financial Sector (FS) Charter, in August 2002, at the NEDLAC Financial Sector Summit, "the financial sector committed itself to the development of a Black Economic Empowerment (BEE) charter. It made this commitment, noting that: "Despite significant progress since the establishment of a democratic government in 1994, South African society remains characterised by racially based income and social services inequalities. This is not only unjust, but inhibits the country's ability to achieve its full economic potential. BEE is a mechanism aimed at addressing inequalities and mobilising the energies of all South Africans. It will contribute towards sustained economic growth, development and social transformation in South Africa. Inequalities also manifest themselves in the country's financial sector. A positive and proactive response from the sector through the implementation of BEE will further unlock the sector's potential, promote its global competitiveness, and enhance its world class status". Parties of the Financial Sector Charter agreed on the seven pillars below: 1) Human resource management - provide resources to develop skills of black people with the aim of increasing black participation in all levels of management in the sector. 2) Procurement policies - implement a targeted procurement strategy to enhance BEE. 3) Enterprise development - improve the level of support provided to BEE companies in all sectors of the economy. This would be achieved through skills transfer, administration and technical support. 4) Access to financial services - provide affordable financial services to the previously disadvantaged groups and making sure financial services are accessible to these groups. 5) Empowerment financing - work closely with government and government financial institutions to increase resources for empowerment financing. 6) Ownership in the financial sector - 25% of shares in each party of the FS Charter should be owned by black people by 2010. 7) Corporate social investrnent (CSI) - Each financial institution will have to spend 0.5% of their after-tax profit on corporate social investment projects. The projects should be targeted at black groups with a strong focus on transformation. The research evaluates the applicability of Lewin's Force Field Analysis (a change management model) in the implementation of the Financial Sector Charter at Standard Bank of South Africa. It attempts to achieve this by looking at how the Financial Sector Charter is being implemented at Standard Bank. The research looks at three main areas: 1) The "context" of the research problem, by seeking to understand Standard Bank's understanding of the FS Charter, the importance of implementing the FS Charter by the bank, the progress made thus far in the FS Charter implementation and comparison to the BEE scorecards of the other three main bank. 2) The "process", i.e. how the FS Charter is implemented in the bank, the driving and restraining forces of successful implementation of the FS Charter and the lessons learnt. 3) The "outcome" , i.e. benefits of implementing the FS Charter and what could be done to ensure that change management processes are successfully implemented. Personal interviews were used to discover other valuable information which was not available on the bank's published documents, and other related sources such as the Financial Sector Charter document. The sample size for the study was ten Standard Bank employees from different areas of the bank who are either senior managers or directors, in the bank. Internal publications available on the Standard Bank intranet such as the bank's employment equity plans, and the bank's sustainability reports from 2004 to 2011 (Standard Bank, 2004-2011) were analysed for the purpose of the study. The researcher also analysed public documents such as the bank's annual financial reports, bank's equity reports and internal publications on related topics of the research question. Lewin's Forces Field Analysis (FFA) points out that in any environment where change is required; there are both driving and restraining forces that influence the implementation of a change programme. The FFA is a valuable change management tool at trying to transform the behaviour of an individual, and this will lead to transformation of groups and, ultimately the organisation. It also helps to establish the balance between the driving and restraining forces of the change programme. Lewin's (1951) theory put forward the idea that change occurs in three stages: the first stage of change is unfreezing; the second stage is moving and lastly, the third stage is refreezing. In the unfreezing stage, the bank's change management initiatives would need to be directed at giving the individuals a desire and motivation to be ready and open about a planned change initiative. This could be achieved by clearly communicating why change is important, benefits of change and the compelling reasons for change. In moving, the bank would need to give support and confidence to the people affected by change in order to start accepting and buying-in to new perspectives, which enable them to realise that change will improve the current situation. In the refreezing stage, the bank would need to ensure that new patterns of behaviour are reinforced. This will ensure that the changes are applied in everyday business, and this helps create a sense of stability, where those affected by change feel comfortable and confident with the new approach of doing things. The research concludes that managers should recognise the sensitivity around transformation, and should always try to ensure that change management initiatives directed at transformation are unifying, fair and transparent. This should be done to avoid a situation where an employee (or prospective employees) and other stakeholders feel under-appreciated or overlooked because of their gender or race. This demands a carefully crafted and implemented change management programme, whose results will not only unify the bank's employees, but also create a competitive edge for the bank. Lewin's Force Field Analysis (FFA) model is a change management tool that could be used to produce such results.
- Full Text:
- Authors: Skepe, Siphelo
- Date: 2013
- Subjects: Standard Bank of South Africa Limited (1962- ) Banks and banking -- South Africa Financial services industry -- Law and legislation -- South Africa Black people -- South Africa -- Economic conditions Business enterprises, Black -- South Africa Organizational change -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:804 , http://hdl.handle.net/10962/d1006775
- Description: According to the Financial Sector (FS) Charter, in August 2002, at the NEDLAC Financial Sector Summit, "the financial sector committed itself to the development of a Black Economic Empowerment (BEE) charter. It made this commitment, noting that: "Despite significant progress since the establishment of a democratic government in 1994, South African society remains characterised by racially based income and social services inequalities. This is not only unjust, but inhibits the country's ability to achieve its full economic potential. BEE is a mechanism aimed at addressing inequalities and mobilising the energies of all South Africans. It will contribute towards sustained economic growth, development and social transformation in South Africa. Inequalities also manifest themselves in the country's financial sector. A positive and proactive response from the sector through the implementation of BEE will further unlock the sector's potential, promote its global competitiveness, and enhance its world class status". Parties of the Financial Sector Charter agreed on the seven pillars below: 1) Human resource management - provide resources to develop skills of black people with the aim of increasing black participation in all levels of management in the sector. 2) Procurement policies - implement a targeted procurement strategy to enhance BEE. 3) Enterprise development - improve the level of support provided to BEE companies in all sectors of the economy. This would be achieved through skills transfer, administration and technical support. 4) Access to financial services - provide affordable financial services to the previously disadvantaged groups and making sure financial services are accessible to these groups. 5) Empowerment financing - work closely with government and government financial institutions to increase resources for empowerment financing. 6) Ownership in the financial sector - 25% of shares in each party of the FS Charter should be owned by black people by 2010. 7) Corporate social investrnent (CSI) - Each financial institution will have to spend 0.5% of their after-tax profit on corporate social investment projects. The projects should be targeted at black groups with a strong focus on transformation. The research evaluates the applicability of Lewin's Force Field Analysis (a change management model) in the implementation of the Financial Sector Charter at Standard Bank of South Africa. It attempts to achieve this by looking at how the Financial Sector Charter is being implemented at Standard Bank. The research looks at three main areas: 1) The "context" of the research problem, by seeking to understand Standard Bank's understanding of the FS Charter, the importance of implementing the FS Charter by the bank, the progress made thus far in the FS Charter implementation and comparison to the BEE scorecards of the other three main bank. 2) The "process", i.e. how the FS Charter is implemented in the bank, the driving and restraining forces of successful implementation of the FS Charter and the lessons learnt. 3) The "outcome" , i.e. benefits of implementing the FS Charter and what could be done to ensure that change management processes are successfully implemented. Personal interviews were used to discover other valuable information which was not available on the bank's published documents, and other related sources such as the Financial Sector Charter document. The sample size for the study was ten Standard Bank employees from different areas of the bank who are either senior managers or directors, in the bank. Internal publications available on the Standard Bank intranet such as the bank's employment equity plans, and the bank's sustainability reports from 2004 to 2011 (Standard Bank, 2004-2011) were analysed for the purpose of the study. The researcher also analysed public documents such as the bank's annual financial reports, bank's equity reports and internal publications on related topics of the research question. Lewin's Forces Field Analysis (FFA) points out that in any environment where change is required; there are both driving and restraining forces that influence the implementation of a change programme. The FFA is a valuable change management tool at trying to transform the behaviour of an individual, and this will lead to transformation of groups and, ultimately the organisation. It also helps to establish the balance between the driving and restraining forces of the change programme. Lewin's (1951) theory put forward the idea that change occurs in three stages: the first stage of change is unfreezing; the second stage is moving and lastly, the third stage is refreezing. In the unfreezing stage, the bank's change management initiatives would need to be directed at giving the individuals a desire and motivation to be ready and open about a planned change initiative. This could be achieved by clearly communicating why change is important, benefits of change and the compelling reasons for change. In moving, the bank would need to give support and confidence to the people affected by change in order to start accepting and buying-in to new perspectives, which enable them to realise that change will improve the current situation. In the refreezing stage, the bank would need to ensure that new patterns of behaviour are reinforced. This will ensure that the changes are applied in everyday business, and this helps create a sense of stability, where those affected by change feel comfortable and confident with the new approach of doing things. The research concludes that managers should recognise the sensitivity around transformation, and should always try to ensure that change management initiatives directed at transformation are unifying, fair and transparent. This should be done to avoid a situation where an employee (or prospective employees) and other stakeholders feel under-appreciated or overlooked because of their gender or race. This demands a carefully crafted and implemented change management programme, whose results will not only unify the bank's employees, but also create a competitive edge for the bank. Lewin's Force Field Analysis (FFA) model is a change management tool that could be used to produce such results.
- Full Text:
An investigation into constraints impacting on small micro and medium enterprises (SMMEs) access to finance in Buffalo City Metropolitan Municipality
- Authors: Dlova, Mzwanele Roadwell
- Date: 2012
- Subjects: Small business -- South Africa -- East London Small business -- Finance -- South Africa -- East London
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:783 , http://hdl.handle.net/10962/d1003904
- Description: Internationally, in both developed and developing countries, it has been accepted that SMMEs are the backbone and the driving force of economic growth and job creation. In South Africa, SMMEs account for approximately 60 per cent of all employment in the economy and more than 35 per cent of South Africa's Gross Domestic Product (GDP) (Ntsika, 1999:38; Gumede, 2000:67 and Berry et ai, 2002 in Kongolo, 2010:235). SMMEs are often the vehicle by which the lowest income people in our society gain access to economic opportunities. The sector represents 97.5 per cent of the total number of business firms in South Africa and that it contributes 42 per cent of total remuneration. SMMEs account for some 3.5 million jobs and have between 500 000 and 700 000 businesses (Abor and Quartey, 2010:2337). Due to the above-mentioned contribution, the South African government initiated a number of SMME support programmes aimed at promoting, growing and developing the SMME sector. As a result, a number of national government agencies such as the National Youth Development Agency (NYDA), Khula Finance Limited, the National Development Agency (NDA), the Small Enterprise Development Agency (SEDA) and many other national , provincial and local government organizations were established post 1994. However, despite the concerted efforts by government to develop the sector, SMMEs are, after 17 years of democracy, still faced with enormous challenges such as access to markets, information, appropriate technology, finance, to mention but a few. Of the above-mentioned challenges, access to finance is on top of the list of these. This study, therefore, is aimed at investigating external, institutional and internal constraints impacting on SMME access to finance in the Buffalo City Metropolitan Municipal area. The study is also aimed at ascertaining which of the abovementioned constraints have the greatest influence to SMME access to finance. In developing the framework of the study, recent empirical research conducted around the country and internationally on constraints influencing SMME access to finance (Bbenkele, 2007:18; Ganbold, 2008:45; Mahadea and Pillay, 2008:99; Chenesai, 2009:135; Zindiye, 2009:78; Fatoki and Garwe, 2010:2765; Pandula, 2011 :257) was drawn upon. In order to meet the objectives of the study, a simple random sample survey of 50 SMMEs in the Buffalo City Metropolitan Municipality (BCMM) jurisdiction was conducted. The profile of the SMMEs was very similar to that of other studies that focused on constraints to SMME access to finance. A structured questionnaire was used to collect data from SMME owner-managers and a response rate of 60 percent was achieved . The results of the study indicated that the high cost of credit and interest rates and Value Added Tax (VAT) registration were the key external factors that impacted on SMME access to finance. Generally, SMMEs are viewed by lending institutions as high risk category. Therefore, even though interest rates have come down significantly, the cost of credit and interest rates still remain a constraint. The study also found that even though the South African Revenue Services (SARS) has increased the VAT threshold to R1 million (South African Revenue Service, 2007: 29), SMMEs still struggled to register for VAT. With regards to the institutional factors, the study revealed that ineffective support services provided by private and public SMME support agencies, the lack of communication of these services (access to information) and the lack of the subsequent follow-up services were the key constraints to SMME access to finance. The results of the study indicate that those firms with good track record, high annual turnover, sophistication and diverse skills, good credit record, good cash flow, proper financial records, bankable and viable business plans, collateral and registered for VAT were more likely to have access to finance than their counterparts. The main conclusion of the study is that the internal factors turned to have the greatest influence to SMME access to finance. However, there is more to be done by private and public SMME support agencies and lending institutions to address the above-mentioned institutional constraints which have a negative influence to SMME access to finance. It is recommended that more in-depth empirical research be conducted on the support services provided by private and public SMME support agencies in terms of the services that they offer the effectiveness of the services and how these are communicated to potential customers. It is also recommended that training workshops aimed at addressing the intemal constraints identified be conducted. Also recommended is the development and implementation of sector-specific mentoring programmes for the owner-managers. Strategies to improve the awareness of support services provided by SMME support agencies need to be developed. This would ensure the effective use of these services by SMMEs. It is also recommended that SMME support agencies and lending institutions staff be trained in order to better understand and be more responsive to the owner managers' needs. Linkages with tertiary institutions in planning and conducting the training needs to be made.
- Full Text:
- Authors: Dlova, Mzwanele Roadwell
- Date: 2012
- Subjects: Small business -- South Africa -- East London Small business -- Finance -- South Africa -- East London
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:783 , http://hdl.handle.net/10962/d1003904
- Description: Internationally, in both developed and developing countries, it has been accepted that SMMEs are the backbone and the driving force of economic growth and job creation. In South Africa, SMMEs account for approximately 60 per cent of all employment in the economy and more than 35 per cent of South Africa's Gross Domestic Product (GDP) (Ntsika, 1999:38; Gumede, 2000:67 and Berry et ai, 2002 in Kongolo, 2010:235). SMMEs are often the vehicle by which the lowest income people in our society gain access to economic opportunities. The sector represents 97.5 per cent of the total number of business firms in South Africa and that it contributes 42 per cent of total remuneration. SMMEs account for some 3.5 million jobs and have between 500 000 and 700 000 businesses (Abor and Quartey, 2010:2337). Due to the above-mentioned contribution, the South African government initiated a number of SMME support programmes aimed at promoting, growing and developing the SMME sector. As a result, a number of national government agencies such as the National Youth Development Agency (NYDA), Khula Finance Limited, the National Development Agency (NDA), the Small Enterprise Development Agency (SEDA) and many other national , provincial and local government organizations were established post 1994. However, despite the concerted efforts by government to develop the sector, SMMEs are, after 17 years of democracy, still faced with enormous challenges such as access to markets, information, appropriate technology, finance, to mention but a few. Of the above-mentioned challenges, access to finance is on top of the list of these. This study, therefore, is aimed at investigating external, institutional and internal constraints impacting on SMME access to finance in the Buffalo City Metropolitan Municipal area. The study is also aimed at ascertaining which of the abovementioned constraints have the greatest influence to SMME access to finance. In developing the framework of the study, recent empirical research conducted around the country and internationally on constraints influencing SMME access to finance (Bbenkele, 2007:18; Ganbold, 2008:45; Mahadea and Pillay, 2008:99; Chenesai, 2009:135; Zindiye, 2009:78; Fatoki and Garwe, 2010:2765; Pandula, 2011 :257) was drawn upon. In order to meet the objectives of the study, a simple random sample survey of 50 SMMEs in the Buffalo City Metropolitan Municipality (BCMM) jurisdiction was conducted. The profile of the SMMEs was very similar to that of other studies that focused on constraints to SMME access to finance. A structured questionnaire was used to collect data from SMME owner-managers and a response rate of 60 percent was achieved . The results of the study indicated that the high cost of credit and interest rates and Value Added Tax (VAT) registration were the key external factors that impacted on SMME access to finance. Generally, SMMEs are viewed by lending institutions as high risk category. Therefore, even though interest rates have come down significantly, the cost of credit and interest rates still remain a constraint. The study also found that even though the South African Revenue Services (SARS) has increased the VAT threshold to R1 million (South African Revenue Service, 2007: 29), SMMEs still struggled to register for VAT. With regards to the institutional factors, the study revealed that ineffective support services provided by private and public SMME support agencies, the lack of communication of these services (access to information) and the lack of the subsequent follow-up services were the key constraints to SMME access to finance. The results of the study indicate that those firms with good track record, high annual turnover, sophistication and diverse skills, good credit record, good cash flow, proper financial records, bankable and viable business plans, collateral and registered for VAT were more likely to have access to finance than their counterparts. The main conclusion of the study is that the internal factors turned to have the greatest influence to SMME access to finance. However, there is more to be done by private and public SMME support agencies and lending institutions to address the above-mentioned institutional constraints which have a negative influence to SMME access to finance. It is recommended that more in-depth empirical research be conducted on the support services provided by private and public SMME support agencies in terms of the services that they offer the effectiveness of the services and how these are communicated to potential customers. It is also recommended that training workshops aimed at addressing the intemal constraints identified be conducted. Also recommended is the development and implementation of sector-specific mentoring programmes for the owner-managers. Strategies to improve the awareness of support services provided by SMME support agencies need to be developed. This would ensure the effective use of these services by SMMEs. It is also recommended that SMME support agencies and lending institutions staff be trained in order to better understand and be more responsive to the owner managers' needs. Linkages with tertiary institutions in planning and conducting the training needs to be made.
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Constraints to the implementation of a market development approach to the delivery of business Development Services within the Makana municipal area
- Authors: Van Heerden, Garth William
- Date: 2012
- Subjects: Makana Municipality Local government -- South Africa -- Eastern Cape Small business -- South Africa -- Eastern Cape Small business -- South Africa -- Eastern Cape -- Growth Small business -- South Africa -- Eastern Cape -- Public opinion Small business marketing -- South Africa -- Eastern Cape Economic development -- South Africa -- Eastern Cape Unemployment -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:814 , http://hdl.handle.net/10962/d1007746
- Description: South Africa's biggest challenge remains the high rate of unemployment especially among the country's youth. Small, medium and micro enterprises (SMMEs) have been shown to be instrumental in many third world economies as a sustainable means not only to address unemployment but also to contribute significantly to economic growth. Despite government's good intentions and support, the South African SMME sector is not growing as expected and this is impacting negatively on unemployment creation in the country. Good business development services (BDS) is necessary to support SMMEs and specifically the Market Development Approach to the provision of BDS, where subsidies are replaced by private payment for services. Makana municipal area provided scope for analysing the constraints to the implementation of such business development services. Analysing the scope and magnitude of the constraints in this setting would contribute to understanding the constraints also in other parts of the country and help officials in local economic development make better informed decisions regarding support to SMMEs. Authors like Rogerson (2011), UNDP (2004), Miehlbradt and McVay, (2003), the Committee of Donor Agencies for SME Development (Blue book) (2001) and Bear et al., (2001) Gibson (2001), propose that the key to sustainable BDS is the implementation of the Market Development approach which focusses on for-profit activities in the provision of BDS to SMMEs. The aim of this study was to examine perceptions of key stakeholders towards SMME support and development, to identify the constraints to the implementation of a Market Development approach to the provision of business development services to SMMEs in the Makana area and to make recommendations to the Makana LED office of possible intervention strategies to address identified constraints. Purposive sampling was used to identify key stakeholders in SMME support in the Makana area in the categories of, big institutional buyers, public and private BDS providers as well the municipal LED office. Semi-structured interviews were conducted with each stakeholder using questions shown in appendixes A to D. Perceptions of all key stakeholders were very positive with good intentions to support SMMEs. However, this was not consistent with procurement practice at the big institutional buyers. Constraints are summarized in the following five themes: Theme 1. Inconsistent practice in dealing with SMMEs across the organisation. Theme 2. Absence of a cooperative body or Chamber of Commerce. Theme 3. Fragmented Business Development Services. Theme 4. A lack of a culture of cost recovery. Theme 5. Limited awareness of BDS in the Makana area. A number of recommendations were suggested. Big institutional buyers like Rhodes University and Makana municipality need to take a longer term view and move the focus from employment creation to enterprise support which is a more sustainable and empowering source of employment (ILO, 2009). The Grahamstown Chamber of Commerce should become more representative and big institutional buyers also need to be convinced of the value of private BDS. Stakeholders should work together to combine resources to offer a comprehensive one-stop BDS for the Makana area (Chetty, 2009) and this comprehensive BDS should be provided according to the Market Development approach focusing on those services that lend themselves better to this approach whilst using subsidies only for those services with a low potential for cost recovery (UNDP, 2004).
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- Authors: Van Heerden, Garth William
- Date: 2012
- Subjects: Makana Municipality Local government -- South Africa -- Eastern Cape Small business -- South Africa -- Eastern Cape Small business -- South Africa -- Eastern Cape -- Growth Small business -- South Africa -- Eastern Cape -- Public opinion Small business marketing -- South Africa -- Eastern Cape Economic development -- South Africa -- Eastern Cape Unemployment -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:814 , http://hdl.handle.net/10962/d1007746
- Description: South Africa's biggest challenge remains the high rate of unemployment especially among the country's youth. Small, medium and micro enterprises (SMMEs) have been shown to be instrumental in many third world economies as a sustainable means not only to address unemployment but also to contribute significantly to economic growth. Despite government's good intentions and support, the South African SMME sector is not growing as expected and this is impacting negatively on unemployment creation in the country. Good business development services (BDS) is necessary to support SMMEs and specifically the Market Development Approach to the provision of BDS, where subsidies are replaced by private payment for services. Makana municipal area provided scope for analysing the constraints to the implementation of such business development services. Analysing the scope and magnitude of the constraints in this setting would contribute to understanding the constraints also in other parts of the country and help officials in local economic development make better informed decisions regarding support to SMMEs. Authors like Rogerson (2011), UNDP (2004), Miehlbradt and McVay, (2003), the Committee of Donor Agencies for SME Development (Blue book) (2001) and Bear et al., (2001) Gibson (2001), propose that the key to sustainable BDS is the implementation of the Market Development approach which focusses on for-profit activities in the provision of BDS to SMMEs. The aim of this study was to examine perceptions of key stakeholders towards SMME support and development, to identify the constraints to the implementation of a Market Development approach to the provision of business development services to SMMEs in the Makana area and to make recommendations to the Makana LED office of possible intervention strategies to address identified constraints. Purposive sampling was used to identify key stakeholders in SMME support in the Makana area in the categories of, big institutional buyers, public and private BDS providers as well the municipal LED office. Semi-structured interviews were conducted with each stakeholder using questions shown in appendixes A to D. Perceptions of all key stakeholders were very positive with good intentions to support SMMEs. However, this was not consistent with procurement practice at the big institutional buyers. Constraints are summarized in the following five themes: Theme 1. Inconsistent practice in dealing with SMMEs across the organisation. Theme 2. Absence of a cooperative body or Chamber of Commerce. Theme 3. Fragmented Business Development Services. Theme 4. A lack of a culture of cost recovery. Theme 5. Limited awareness of BDS in the Makana area. A number of recommendations were suggested. Big institutional buyers like Rhodes University and Makana municipality need to take a longer term view and move the focus from employment creation to enterprise support which is a more sustainable and empowering source of employment (ILO, 2009). The Grahamstown Chamber of Commerce should become more representative and big institutional buyers also need to be convinced of the value of private BDS. Stakeholders should work together to combine resources to offer a comprehensive one-stop BDS for the Makana area (Chetty, 2009) and this comprehensive BDS should be provided according to the Market Development approach focusing on those services that lend themselves better to this approach whilst using subsidies only for those services with a low potential for cost recovery (UNDP, 2004).
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The praxis of responsible investment in South Africa: a holistic case study of Evolution One Fund
- Zaulochnaya Ya-Brouwer, Irina
- Authors: Zaulochnaya Ya-Brouwer, Irina
- Date: 2012
- Subjects: Social responsibility of business -- South Africa Investments -- Moral and ethical aspects -- South Africa Institutional investments -- Moral and ethical aspects -- South Africa Private equity funds -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:778 , http://hdl.handle.net/10962/d1003899
- Description: At the beginning of the 21st century the public interest in environmental and social sustainability, and corporate governance grew exponentially fuelled by recurring ecological and financial crises. The market demand for cleaner production and corporate transparency created opportunities for sustainability entrepreneurs in a variety of industries, including financial markets and investment management. An increasing number of financial institutions across the world now offer ethical or socially responsible products to meet the environmental, social and governance (ESG) aspirations of their clients. In the US, according to the Social Investment Forum (SIF), responsible investment (RI) assets reached US$ 2,29 trillion in 2007 (Mitchell, 2008). The European Sustainable Investment Forum (EuroSIF) estimated that total European SRI assets reached EUR 5 trillion in 2009 (Wheelan, 2010). In June 2011 the International Finance Corporation (IFC) reported that at the end of 2010 professional sustainable investment under management in South Africa approximately equalled US$ 122,6 billion (IFC, 2011:44). The statistics describing the rapid growth in the ESG-type investments are, however, complicated by the variety of names and definitions used to describe this emerging type of investment and a general market uncertainty about what constitutes the practice of RI. The purpose of this case study is to better understand responsible investment principles and practice as seen through the eyes of a South African private equity fund, which specializes in clean technology.
- Full Text:
- Authors: Zaulochnaya Ya-Brouwer, Irina
- Date: 2012
- Subjects: Social responsibility of business -- South Africa Investments -- Moral and ethical aspects -- South Africa Institutional investments -- Moral and ethical aspects -- South Africa Private equity funds -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:778 , http://hdl.handle.net/10962/d1003899
- Description: At the beginning of the 21st century the public interest in environmental and social sustainability, and corporate governance grew exponentially fuelled by recurring ecological and financial crises. The market demand for cleaner production and corporate transparency created opportunities for sustainability entrepreneurs in a variety of industries, including financial markets and investment management. An increasing number of financial institutions across the world now offer ethical or socially responsible products to meet the environmental, social and governance (ESG) aspirations of their clients. In the US, according to the Social Investment Forum (SIF), responsible investment (RI) assets reached US$ 2,29 trillion in 2007 (Mitchell, 2008). The European Sustainable Investment Forum (EuroSIF) estimated that total European SRI assets reached EUR 5 trillion in 2009 (Wheelan, 2010). In June 2011 the International Finance Corporation (IFC) reported that at the end of 2010 professional sustainable investment under management in South Africa approximately equalled US$ 122,6 billion (IFC, 2011:44). The statistics describing the rapid growth in the ESG-type investments are, however, complicated by the variety of names and definitions used to describe this emerging type of investment and a general market uncertainty about what constitutes the practice of RI. The purpose of this case study is to better understand responsible investment principles and practice as seen through the eyes of a South African private equity fund, which specializes in clean technology.
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