E-commerce: the challenge of virtual permanent establishments
- Adlkofer, Michelle Leigh, Venter, Michelle
- Authors: Adlkofer, Michelle Leigh , Venter, Michelle
- Date: 2015
- Subjects: Organisation for Economic Co-operation and Development , Electronic commerce , Electronic commerce -- Taxation , Double taxation -- Treaties , Globalization
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:921 , http://hdl.handle.net/10962/d1020057
- Description: The continued growth of world commerce has led to the advance of the permanent establishment principles. These principles are, however, constantly challenged by the developments of e-commerce. This thesis considers the taxing of a permanent establishment and the influence of e-commerce on the concept of a permanent establishment. In 2000, the Organisation for Economic Co-operation and Development (“OECD”) developed and introduced guidelines on how to deal with e-commerce in the context of a permanent establishment. Since the OECD guidelines on e-commerce were issued, the permanent establishment principles have come under further scrutiny. The latest development came about in 2013 with the release of the Base Erosion and Profit Shifting (“BEPS”) Action Plan. This Action Plan addresses the intention of the OECD to deal with the taxing of the digital economy. With the development of e-commerce and the result of e-commerce creating intangible boundaries between countries, the concept of a virtual permanent establishment has emerged. This has resulted in the need to tax a presence of an enterprise in a jurisdiction where no actual physical connection can be established. Various authors have made suggestions on how to ensure that an economy in which business is being carried on is correctly compensated for in the form of taxes. The source of income is the driving force for the imposition of taxation today. The main goal of this thesis was to explore the alignment of the concepts of a permanent establishment and e-commerce in the digital economy. This study therefore examined the concepts of both permanent establishments and e-commerce, and explored authors’ views and suggestions on how to deal with the inter-related effects of these two concepts. The relevant Action Points in the OECD Action Plan were also considered. , Maiden name: Venter, Michelle
- Full Text:
- Date Issued: 2015
- Authors: Adlkofer, Michelle Leigh , Venter, Michelle
- Date: 2015
- Subjects: Organisation for Economic Co-operation and Development , Electronic commerce , Electronic commerce -- Taxation , Double taxation -- Treaties , Globalization
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:921 , http://hdl.handle.net/10962/d1020057
- Description: The continued growth of world commerce has led to the advance of the permanent establishment principles. These principles are, however, constantly challenged by the developments of e-commerce. This thesis considers the taxing of a permanent establishment and the influence of e-commerce on the concept of a permanent establishment. In 2000, the Organisation for Economic Co-operation and Development (“OECD”) developed and introduced guidelines on how to deal with e-commerce in the context of a permanent establishment. Since the OECD guidelines on e-commerce were issued, the permanent establishment principles have come under further scrutiny. The latest development came about in 2013 with the release of the Base Erosion and Profit Shifting (“BEPS”) Action Plan. This Action Plan addresses the intention of the OECD to deal with the taxing of the digital economy. With the development of e-commerce and the result of e-commerce creating intangible boundaries between countries, the concept of a virtual permanent establishment has emerged. This has resulted in the need to tax a presence of an enterprise in a jurisdiction where no actual physical connection can be established. Various authors have made suggestions on how to ensure that an economy in which business is being carried on is correctly compensated for in the form of taxes. The source of income is the driving force for the imposition of taxation today. The main goal of this thesis was to explore the alignment of the concepts of a permanent establishment and e-commerce in the digital economy. This study therefore examined the concepts of both permanent establishments and e-commerce, and explored authors’ views and suggestions on how to deal with the inter-related effects of these two concepts. The relevant Action Points in the OECD Action Plan were also considered. , Maiden name: Venter, Michelle
- Full Text:
- Date Issued: 2015
Factors influencing consumer decision-making process in the private health institutions
- Authors: Akponah, Voke Blessing
- Date: 2015
- Subjects: Consumer behavior Decision making , Public-private sector cooperation
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/50033 , vital:41993
- Description: The development that has taken place in the health care sector includes all factors that have brought changes in the consumer decision-making process regarding the private health institutions. In Nigeria, the development is evident in the delivery of the health care services. This indicates that the private health institutions deliver quality health care service by using efficient and quality medical equipment. However, there is a growing awareness among clients to perform an extensive search before the purchase of health care service and the increased expectation from health care quality by clients and their family. The change in consumer behaviour has caused a shift in the consumer decision-making process due to the availability of several sources of information and various health institutions they can choose from. The purpose of this study is to investigate the factors that influence the consumer decision-making process that can enhance customer satisfaction and reduce cognitive dissonance. In this study the behaviour of consumers is related to how they make decisions along several stages before they make a purchase and in a health care setting the decision-making process refers to the process that clients pass through in making choices on alternative health institutions. The quantitative research method was adopted in this study in describing, analysing and interpreting data. A structured questionnaire was employed to collect primary data from 450 respondents in Lagos state, Nigeria. The primary data was statistically analysed using five stages, namely, exploratory factor analysis, Cronbach‟s alpha reliability testing, descriptive statistics, multiple regression analysis, and Pearson correlation analysis. The empirical results of this study indicates that service encounter experience, personal income and support sources are significantly related to the decision-making process. The decision-making process also has significant positive relationship with both customer satisfaction and cognitive dissonance. This indicates that influential factors that have been identified through the empirical results enlighten researchers and the private health institutions on issues that influence the clients‟ decisions to utilise private health institutions. The well-being and satisfaction of clients will be enhanced if the private health institutions can craft effective strategies that will enable clients to gain easy access and utilise health care services. This study emphasised that access to and utilisation of health care services in the private health institutions can be granted to clients through personal income and support sources from family members and private health institutions. Futhermore, health insurance coverage is an effective way that will help clients overcome the financial constraints and restricted access to and utilisation of private health institutions. The study further reveals that the well-being and satisfaction of clients will be enhanced if private health institutions improve access to quality health care. Failure to improve the overall quality and performances of the health care services in the private health institutions can lead to clients‟ cognitive dissonance. Both private and public health institutions should play a major role in providing the necessary facilities that can assist the clients in their decision-making process regarding their health care needs. This will enable the health care institutions‟ staff to understand what clients value and need and, therefore, how well to satisfy them and reduce cognitive dissonance. Easy access and utilisation of the private health institutions as well as satisfaction in quality health care delivery will create better health outcomes for the workforce and citizens of a country and this will improve economic development.
- Full Text:
- Date Issued: 2015
- Authors: Akponah, Voke Blessing
- Date: 2015
- Subjects: Consumer behavior Decision making , Public-private sector cooperation
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/50033 , vital:41993
- Description: The development that has taken place in the health care sector includes all factors that have brought changes in the consumer decision-making process regarding the private health institutions. In Nigeria, the development is evident in the delivery of the health care services. This indicates that the private health institutions deliver quality health care service by using efficient and quality medical equipment. However, there is a growing awareness among clients to perform an extensive search before the purchase of health care service and the increased expectation from health care quality by clients and their family. The change in consumer behaviour has caused a shift in the consumer decision-making process due to the availability of several sources of information and various health institutions they can choose from. The purpose of this study is to investigate the factors that influence the consumer decision-making process that can enhance customer satisfaction and reduce cognitive dissonance. In this study the behaviour of consumers is related to how they make decisions along several stages before they make a purchase and in a health care setting the decision-making process refers to the process that clients pass through in making choices on alternative health institutions. The quantitative research method was adopted in this study in describing, analysing and interpreting data. A structured questionnaire was employed to collect primary data from 450 respondents in Lagos state, Nigeria. The primary data was statistically analysed using five stages, namely, exploratory factor analysis, Cronbach‟s alpha reliability testing, descriptive statistics, multiple regression analysis, and Pearson correlation analysis. The empirical results of this study indicates that service encounter experience, personal income and support sources are significantly related to the decision-making process. The decision-making process also has significant positive relationship with both customer satisfaction and cognitive dissonance. This indicates that influential factors that have been identified through the empirical results enlighten researchers and the private health institutions on issues that influence the clients‟ decisions to utilise private health institutions. The well-being and satisfaction of clients will be enhanced if the private health institutions can craft effective strategies that will enable clients to gain easy access and utilise health care services. This study emphasised that access to and utilisation of health care services in the private health institutions can be granted to clients through personal income and support sources from family members and private health institutions. Futhermore, health insurance coverage is an effective way that will help clients overcome the financial constraints and restricted access to and utilisation of private health institutions. The study further reveals that the well-being and satisfaction of clients will be enhanced if private health institutions improve access to quality health care. Failure to improve the overall quality and performances of the health care services in the private health institutions can lead to clients‟ cognitive dissonance. Both private and public health institutions should play a major role in providing the necessary facilities that can assist the clients in their decision-making process regarding their health care needs. This will enable the health care institutions‟ staff to understand what clients value and need and, therefore, how well to satisfy them and reduce cognitive dissonance. Easy access and utilisation of the private health institutions as well as satisfaction in quality health care delivery will create better health outcomes for the workforce and citizens of a country and this will improve economic development.
- Full Text:
- Date Issued: 2015
Analysis of calendar effects and market anomalies on the Johannesburg Stock Exchange
- Atsin, Achiapo Jessica Lisette
- Authors: Atsin, Achiapo Jessica Lisette
- Date: 2015
- Subjects: Stock exchanges -- South Africa -- Johannesburg , Stocks -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9028 , http://hdl.handle.net/10948/d1020372
- Description: This study sought to empirically investigate the existence of calendar effects and market anomalies on the JSE using monthly and daily closing prices of the ALSI, Top 40, Mid Cap and Small Cap index; as well as, daily closing prices on the Value, Growth and Dividend Plus index during the sample period 2002 – 2013. The anomalies analysed are the January effect, the weekend effect, the size effect, the value effect, and the dividend yield effect. The empirical analysis uses a number of MSAR with a different number of regimes and lag orders. The results from the investigation of the January effect show the non-existence of the January effect and the value effect on the JSE during the periods 2002 – 2013 and 2004 – 2013, respectively. However, the weekend effect was found significant in the Mid Cap and the Small Cap index, and the size effect was also found significant during the same period 2002 - 2013. Finally the results from a Granger causality test concluded that there is a relationship between the returns on the Dividend Plus index and the ALSI, effectively proving the existence of the dividend yield effect on the JSE between 2006 and 2013. Additionally, the anomalies found imply the opportunity for investors to make returns above buy-and-hold.
- Full Text:
- Date Issued: 2015
- Authors: Atsin, Achiapo Jessica Lisette
- Date: 2015
- Subjects: Stock exchanges -- South Africa -- Johannesburg , Stocks -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9028 , http://hdl.handle.net/10948/d1020372
- Description: This study sought to empirically investigate the existence of calendar effects and market anomalies on the JSE using monthly and daily closing prices of the ALSI, Top 40, Mid Cap and Small Cap index; as well as, daily closing prices on the Value, Growth and Dividend Plus index during the sample period 2002 – 2013. The anomalies analysed are the January effect, the weekend effect, the size effect, the value effect, and the dividend yield effect. The empirical analysis uses a number of MSAR with a different number of regimes and lag orders. The results from the investigation of the January effect show the non-existence of the January effect and the value effect on the JSE during the periods 2002 – 2013 and 2004 – 2013, respectively. However, the weekend effect was found significant in the Mid Cap and the Small Cap index, and the size effect was also found significant during the same period 2002 - 2013. Finally the results from a Granger causality test concluded that there is a relationship between the returns on the Dividend Plus index and the ALSI, effectively proving the existence of the dividend yield effect on the JSE between 2006 and 2013. Additionally, the anomalies found imply the opportunity for investors to make returns above buy-and-hold.
- Full Text:
- Date Issued: 2015
The interrelationships between foreign direct investment and economic growth in Africa
- Authors: Bolani, Lindelwa Mandisa
- Date: 2015
- Subjects: Investments, Foreign -- Africa , Economic development -- Africa , Africa -- Economic conditions -- 1960- , Africa -- Foreign economic relations , Gross domestic product -- Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1123 , http://hdl.handle.net/10962/d1019885
- Description: There has been a long search for the keys to development and economic growth in Africa. This study investigates the relationship between FDI and economic growth over the period 2000-2012 using data from 48 African countries. On the aggregate regional level FDI and economic growth were found to be positively correlated during this period. Using panel data econometric techniques and the Panel Granger Causality test, results revealed that a bi-directional causality relationship existed between FDI and GDP. Thus, the results suggest that GDP is a requirement for increased investment, and at the same time is the result of increased foreign investment. Thus, the conclusion is that African policy makers are justified in increasing their attempts to create an attractive business environment for foreign investors, as it is beneficial for economic growth.
- Full Text:
- Date Issued: 2015
- Authors: Bolani, Lindelwa Mandisa
- Date: 2015
- Subjects: Investments, Foreign -- Africa , Economic development -- Africa , Africa -- Economic conditions -- 1960- , Africa -- Foreign economic relations , Gross domestic product -- Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1123 , http://hdl.handle.net/10962/d1019885
- Description: There has been a long search for the keys to development and economic growth in Africa. This study investigates the relationship between FDI and economic growth over the period 2000-2012 using data from 48 African countries. On the aggregate regional level FDI and economic growth were found to be positively correlated during this period. Using panel data econometric techniques and the Panel Granger Causality test, results revealed that a bi-directional causality relationship existed between FDI and GDP. Thus, the results suggest that GDP is a requirement for increased investment, and at the same time is the result of increased foreign investment. Thus, the conclusion is that African policy makers are justified in increasing their attempts to create an attractive business environment for foreign investors, as it is beneficial for economic growth.
- Full Text:
- Date Issued: 2015
Sport consumption patterns in the Eastern Cape: cricket spectators as sporting univores or omnivores
- Authors: Brock, Kelcey
- Date: 2015
- Subjects: Cricket -- South Africa -- Eastern Cape , Cricket -- Social aspects , Consumption (Economics) , Consumer behavior
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1115 , http://hdl.handle.net/10962/d1017534
- Description: Since its inception, consumption behaviour theory has developed to account for the important social aspect that underpins or at least to some extent can be used to explain consumption behaviour. Modern consumption behaviour theory is anthropocentric in nature, with people and societal influence at the forefront of the theory. To date, empirical studies on consumption behaviour of cultural activities (for example, music and arts), entertainment and sport have used Bourdieu’s (1984) omnivore/univore theory to suggest that consumption of leisure activities is bound up in social ties. To date, no such investigation has been conducted in the context of sport in South Africa. The aim of the study therefore is to investigate whether South African cricket spectators are sporting omnivores or univores, thus, essentially investigating whether sports consumption behaviour in South Africa is bound up in social ties. A number of positive economic and social ramifications could result from gaining a holistic understanding of sports consumption behaviour in South Africa. Given these ramifications, the secondary goal of the research is to identify motives for consumers making specific sport consumption decisions, and determining whether certain characteristics can be attributed to these consumption decisions. Recommendations based on the findings of the research could help various stakeholders understand sports consumption patterns in South Africa, which could in turn lead to the realization of positive economic and social benefits. The study made use of a questionnaire, administered at four different limited overs cricket matches in the 2012/13 cricket season, to obtain a range of responses reflecting specific types of consumption behaviour as well as motives for consumption decisions of cricket spectators in the Eastern Cape. Using individual binary probit models and post estimation F-tests, the results indicate that consumption behaviour of sport within South Africa predominantly differs on the grounds of education and race. This suggests that there are aspects of social connotations underpinning sports consumption behaviour within South Africa
- Full Text:
- Date Issued: 2015
Sport consumption patterns in the Eastern Cape: cricket spectators as sporting univores or omnivores
- Authors: Brock, Kelcey
- Date: 2015
- Subjects: Cricket -- South Africa -- Eastern Cape , Cricket -- Social aspects , Consumption (Economics) , Consumer behavior
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1115 , http://hdl.handle.net/10962/d1017534
- Description: Since its inception, consumption behaviour theory has developed to account for the important social aspect that underpins or at least to some extent can be used to explain consumption behaviour. Modern consumption behaviour theory is anthropocentric in nature, with people and societal influence at the forefront of the theory. To date, empirical studies on consumption behaviour of cultural activities (for example, music and arts), entertainment and sport have used Bourdieu’s (1984) omnivore/univore theory to suggest that consumption of leisure activities is bound up in social ties. To date, no such investigation has been conducted in the context of sport in South Africa. The aim of the study therefore is to investigate whether South African cricket spectators are sporting omnivores or univores, thus, essentially investigating whether sports consumption behaviour in South Africa is bound up in social ties. A number of positive economic and social ramifications could result from gaining a holistic understanding of sports consumption behaviour in South Africa. Given these ramifications, the secondary goal of the research is to identify motives for consumers making specific sport consumption decisions, and determining whether certain characteristics can be attributed to these consumption decisions. Recommendations based on the findings of the research could help various stakeholders understand sports consumption patterns in South Africa, which could in turn lead to the realization of positive economic and social benefits. The study made use of a questionnaire, administered at four different limited overs cricket matches in the 2012/13 cricket season, to obtain a range of responses reflecting specific types of consumption behaviour as well as motives for consumption decisions of cricket spectators in the Eastern Cape. Using individual binary probit models and post estimation F-tests, the results indicate that consumption behaviour of sport within South Africa predominantly differs on the grounds of education and race. This suggests that there are aspects of social connotations underpinning sports consumption behaviour within South Africa
- Full Text:
- Date Issued: 2015
Perceived undersupply of local labour in the presence of unemployment: a case of selected Sundays River Valley citrus farms, 2013
- Authors: Chirara, Malon Tinotenda
- Date: 2015
- Subjects: Unemployment -- South Africa -- Sundays River (Eastern Cape) , Citrus fruit industry -- South Africa -- Sundays River (Eastern Cape) , Labor market -- South Africa -- Sundays River (Eastern Cape) , Work environment -- South Africa -- Sundays River (Eastern Cape) , Agricultural wages -- South Africa -- Sundays River (Eastern Cape) , Agricultural laborers -- South Africa -- Sundays River (Eastern Cape) , Seasonal labor -- South Africa -- Sundays River (Eastern Cape) , Migrant agricultural laborers -- South Africa -- Sundays River (Eastern Cape) , Personnel management -- South Africa -- Sundays River (Eastern Cape)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1125 , http://hdl.handle.net/10962/d1020367
- Description: While skilled labour shortages are common in many countries, including South Africa, mainly due to a skills mismatch, the undersupply of unskilled labour was less expected, especially in developing countries with high unemployment. The thesis utilises data on perceived worker undersupply on selected citrus farms in the Sundays River Valley (SRV), located in the Eastern Cape Province of South Africa, collected in 2013, to analyse why unemployed residents, surprisingly, do not fill up vacancies on farms. In contrast to other labour markets, farm employment is not restricted by educational levels and as workers reported, with little training the various job tasks and skills required are easy and quick to grasp. At a time the government is trying to find ways of reducing unemployment, and the SRV Municipality (2012:29) reported approximately 42% unemployment, the question arises as to why the relatively low educated residents do not take advantage of the employment opportunities on farms. According to local workers and unemployed residents, the farm job was unattractive largely because of a combination of two factors: perceived relatively low salaries partly caused by the availability of migrant seasonal workers accepting lower remuneration and poor non-wage working conditions. The survey also found that farmers preferred migrant workers because they were more productive compared to their local counterparts who were, reportedly, characterised by high absenteeism and laziness, caused mainly by a reliance on social grants and alcohol abuse. Other reasons given for the unattractiveness of the farm job included the seasonal nature of farm employment, which left workers with no source of income in the offseason, the redundancy associated with farm tasks, perceived poor treatment of workers and lack of information on UIF and Provident funds to farm workers. To address problems associated with the dislike of farm work, seasonality of on-farm employment and the reportedly relatively low income, farm managers, the local municipality and the Labour Department could possibly be involved in creating more communal agricultural projects and help provide local community members to venture into supporting alternative careers within the Hospitality, Ecotourism and Conservation Industries through training programmes. Farm managers may need to consider improving their working relationship with workers in communication and when assigning tasks. Farmers and the local municipality could also consider investing in training programmes for the unemployed residents to equip them with technical skills that can improve their chances of finding jobs.
- Full Text:
- Date Issued: 2015
- Authors: Chirara, Malon Tinotenda
- Date: 2015
- Subjects: Unemployment -- South Africa -- Sundays River (Eastern Cape) , Citrus fruit industry -- South Africa -- Sundays River (Eastern Cape) , Labor market -- South Africa -- Sundays River (Eastern Cape) , Work environment -- South Africa -- Sundays River (Eastern Cape) , Agricultural wages -- South Africa -- Sundays River (Eastern Cape) , Agricultural laborers -- South Africa -- Sundays River (Eastern Cape) , Seasonal labor -- South Africa -- Sundays River (Eastern Cape) , Migrant agricultural laborers -- South Africa -- Sundays River (Eastern Cape) , Personnel management -- South Africa -- Sundays River (Eastern Cape)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1125 , http://hdl.handle.net/10962/d1020367
- Description: While skilled labour shortages are common in many countries, including South Africa, mainly due to a skills mismatch, the undersupply of unskilled labour was less expected, especially in developing countries with high unemployment. The thesis utilises data on perceived worker undersupply on selected citrus farms in the Sundays River Valley (SRV), located in the Eastern Cape Province of South Africa, collected in 2013, to analyse why unemployed residents, surprisingly, do not fill up vacancies on farms. In contrast to other labour markets, farm employment is not restricted by educational levels and as workers reported, with little training the various job tasks and skills required are easy and quick to grasp. At a time the government is trying to find ways of reducing unemployment, and the SRV Municipality (2012:29) reported approximately 42% unemployment, the question arises as to why the relatively low educated residents do not take advantage of the employment opportunities on farms. According to local workers and unemployed residents, the farm job was unattractive largely because of a combination of two factors: perceived relatively low salaries partly caused by the availability of migrant seasonal workers accepting lower remuneration and poor non-wage working conditions. The survey also found that farmers preferred migrant workers because they were more productive compared to their local counterparts who were, reportedly, characterised by high absenteeism and laziness, caused mainly by a reliance on social grants and alcohol abuse. Other reasons given for the unattractiveness of the farm job included the seasonal nature of farm employment, which left workers with no source of income in the offseason, the redundancy associated with farm tasks, perceived poor treatment of workers and lack of information on UIF and Provident funds to farm workers. To address problems associated with the dislike of farm work, seasonality of on-farm employment and the reportedly relatively low income, farm managers, the local municipality and the Labour Department could possibly be involved in creating more communal agricultural projects and help provide local community members to venture into supporting alternative careers within the Hospitality, Ecotourism and Conservation Industries through training programmes. Farm managers may need to consider improving their working relationship with workers in communication and when assigning tasks. Farmers and the local municipality could also consider investing in training programmes for the unemployed residents to equip them with technical skills that can improve their chances of finding jobs.
- Full Text:
- Date Issued: 2015
The South African economy and internationally fuelled business cycles: an econometric analysis
- Authors: Conradie, Tiaan
- Date: 2015
- Subjects: Business cycles -- Econometric models , Econometrics
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/4354 , vital:20588
- Description: The objective of this study is to understand the dynamics of international monetary policy and the relationship that exists between larger more developed economies and smaller less developed economies within a policy context. The 2008 financial crisis has caused intense revival of Austrian economics due to the monetary nature of the recession caused as a subsequent effect of the stock/housing market collapse that occurred in 2007. One factor of the 2008 financial crisis that created intense concern was the extent to which the slowdown in economic activity was able to be transmitted across international borders. The South African economy was not isolated from the financial crisis by any means and experienced a significant slowdown in economic growth. By making use of data collected from the Federal Reserve Bank of St. Louis and the appropriate econometric techniques, a model is developed to study the dynamics between United States monetary policy and the South African economy. The Austrian School provides a sound theoretical framework that allows for the specification of testable propositions to verify the validity of an “Austrian” internationally transmitted business cycle. Using United States money supply, South African private consumption, South African gross fixed capital formation and the South African current account, a vector autoregressive model is specified to analyse the dynamics behind the United States and South African economy. The results of the empirical test all confirm the theoretical prescriptions developed in the literature review that monetary growth in the United States raise consumption, investment and improve the current account balance in the South African economy. This is a novel result for this study as it confirms that a large central economy has the ability to trigger economic expansions in a peripheral economy. This study further points out the inefficiencies associated with Keynesian style policy making and propagates for a movement towards a more prudent Austrian approach. Keynesian policy making through demand oriented policies have historically been more concerned with “curing” economic instability rather than preventing it. In light of this, the need for economic reform specifically within the manner in which monetary policy is conducted is evident. Aggressive monetary policy in the wake of economic slowdown is no longer effective at creating a sustainable and stable economic environment. A movement away from the monopolization of money and central economic decision making is necessary if the global economy wishes to reach economic permanence.
- Full Text:
- Date Issued: 2015
- Authors: Conradie, Tiaan
- Date: 2015
- Subjects: Business cycles -- Econometric models , Econometrics
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/4354 , vital:20588
- Description: The objective of this study is to understand the dynamics of international monetary policy and the relationship that exists between larger more developed economies and smaller less developed economies within a policy context. The 2008 financial crisis has caused intense revival of Austrian economics due to the monetary nature of the recession caused as a subsequent effect of the stock/housing market collapse that occurred in 2007. One factor of the 2008 financial crisis that created intense concern was the extent to which the slowdown in economic activity was able to be transmitted across international borders. The South African economy was not isolated from the financial crisis by any means and experienced a significant slowdown in economic growth. By making use of data collected from the Federal Reserve Bank of St. Louis and the appropriate econometric techniques, a model is developed to study the dynamics between United States monetary policy and the South African economy. The Austrian School provides a sound theoretical framework that allows for the specification of testable propositions to verify the validity of an “Austrian” internationally transmitted business cycle. Using United States money supply, South African private consumption, South African gross fixed capital formation and the South African current account, a vector autoregressive model is specified to analyse the dynamics behind the United States and South African economy. The results of the empirical test all confirm the theoretical prescriptions developed in the literature review that monetary growth in the United States raise consumption, investment and improve the current account balance in the South African economy. This is a novel result for this study as it confirms that a large central economy has the ability to trigger economic expansions in a peripheral economy. This study further points out the inefficiencies associated with Keynesian style policy making and propagates for a movement towards a more prudent Austrian approach. Keynesian policy making through demand oriented policies have historically been more concerned with “curing” economic instability rather than preventing it. In light of this, the need for economic reform specifically within the manner in which monetary policy is conducted is evident. Aggressive monetary policy in the wake of economic slowdown is no longer effective at creating a sustainable and stable economic environment. A movement away from the monopolization of money and central economic decision making is necessary if the global economy wishes to reach economic permanence.
- Full Text:
- Date Issued: 2015
Perceptions on the use of social media in the banking industry
- Authors: Cupp, Nicole Leshaan
- Date: 2015
- Subjects: Banks and banking -- Customer services , Banks and banking -- Social aspects , Internet marketing -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5489 , vital:20870
- Description: As banks operate in a competitive environment, it is important for managers and marketers to identify how customer satisfaction and customer retention levels can be can be improved through social media aspects. Although models of customer satisfaction and customer retention have been well researched for client products/services, the literature available on social media as a marketing tool is limited in quantity compared to other more established areas of marketing. This research study reviews existing literature on the banking industry in terms of its characteristics and challenges. Literature on customer satisfaction and customer retention as relevant to the banking industry is reviewed, as well as how social media aspects can improve customer satisfaction and customer retention. Thus the primary objective of this study is to identify the social media aspects (benefits, clients’ trust and content) that influence the intervening variable (customer satisfaction) and dependent variable (customer retention) in the banking industry. An empirical investigation was undertaken to establish whether the independent variables; namely benefits, clients’ trust and content as related to social media can possibly influence customer satisfaction and ultimately customer retention in the banking industry. A positivistic research paradigm was followed for this study. Quantitative data was gathered by distributing questionnaires to a sample of bank clients and managers. The sample size consisted of 150 bank clients and 30 bank managers in the Nelson Mandela Metropolitan area in South Africa. The questionnaires were statistically analysed using the computer programmes Microsoft Excel and Statistica Version 12.0. The validity of the study was measured by utilising Exploratory Factor analysis. Cronbach’s Alpha correlation coefficients were calculated to measure the reliability and internal consistency of the measurement instrument of this study. Data was analysed in four phases. Descriptive statistics concerning the respondents and variables were calculated for this study. The validity of the measuring instrument was tested by performing EFA to consider construct validity. Thereafter, the internal reliability of the data was assessed using Cronbach’s Alpha correlation coefficients. Pearson’s product-moment correlation coefficients and multiple regression analyses were calculated. Through multiple regression calculations, the relationships predicted by the four hypotheses were analysed. Finally, t-tests and analysis of variance (ANOVA) tests were conducted. The empirical investigation revealed that significant positive relationships exist between the independent variables benefits, trustworthy content and the intervening variable customer satisfaction, as well as between these two independent variables and the dependent variable customer retention. From the empirical results it was concluded that if banks offer benefits and trustworthy content to their clients through social media channels, clients are likely to be satisfied with and retained by their bank. This study established and confirmed the significant positive relationship that exists between customer satisfaction and customer retention in the banking industry. All bank managers and marketers will benefit from the empirical results as well as the recommendations of this study on how to improve customer satisfaction and customer retention through social media channels which will ultimately improve the performance of banks.
- Full Text:
- Date Issued: 2015
- Authors: Cupp, Nicole Leshaan
- Date: 2015
- Subjects: Banks and banking -- Customer services , Banks and banking -- Social aspects , Internet marketing -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/5489 , vital:20870
- Description: As banks operate in a competitive environment, it is important for managers and marketers to identify how customer satisfaction and customer retention levels can be can be improved through social media aspects. Although models of customer satisfaction and customer retention have been well researched for client products/services, the literature available on social media as a marketing tool is limited in quantity compared to other more established areas of marketing. This research study reviews existing literature on the banking industry in terms of its characteristics and challenges. Literature on customer satisfaction and customer retention as relevant to the banking industry is reviewed, as well as how social media aspects can improve customer satisfaction and customer retention. Thus the primary objective of this study is to identify the social media aspects (benefits, clients’ trust and content) that influence the intervening variable (customer satisfaction) and dependent variable (customer retention) in the banking industry. An empirical investigation was undertaken to establish whether the independent variables; namely benefits, clients’ trust and content as related to social media can possibly influence customer satisfaction and ultimately customer retention in the banking industry. A positivistic research paradigm was followed for this study. Quantitative data was gathered by distributing questionnaires to a sample of bank clients and managers. The sample size consisted of 150 bank clients and 30 bank managers in the Nelson Mandela Metropolitan area in South Africa. The questionnaires were statistically analysed using the computer programmes Microsoft Excel and Statistica Version 12.0. The validity of the study was measured by utilising Exploratory Factor analysis. Cronbach’s Alpha correlation coefficients were calculated to measure the reliability and internal consistency of the measurement instrument of this study. Data was analysed in four phases. Descriptive statistics concerning the respondents and variables were calculated for this study. The validity of the measuring instrument was tested by performing EFA to consider construct validity. Thereafter, the internal reliability of the data was assessed using Cronbach’s Alpha correlation coefficients. Pearson’s product-moment correlation coefficients and multiple regression analyses were calculated. Through multiple regression calculations, the relationships predicted by the four hypotheses were analysed. Finally, t-tests and analysis of variance (ANOVA) tests were conducted. The empirical investigation revealed that significant positive relationships exist between the independent variables benefits, trustworthy content and the intervening variable customer satisfaction, as well as between these two independent variables and the dependent variable customer retention. From the empirical results it was concluded that if banks offer benefits and trustworthy content to their clients through social media channels, clients are likely to be satisfied with and retained by their bank. This study established and confirmed the significant positive relationship that exists between customer satisfaction and customer retention in the banking industry. All bank managers and marketers will benefit from the empirical results as well as the recommendations of this study on how to improve customer satisfaction and customer retention through social media channels which will ultimately improve the performance of banks.
- Full Text:
- Date Issued: 2015
Text data analysis for a smart city project in a developing nation
- Authors: Currin, Aubrey Jason
- Date: 2015
- Subjects: Natural language processing (Computer science) Human computation Human-computer interaction
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10353/2227 , vital:27709
- Description: Increased urbanisation against the backdrop of limited resources is complicating city planning and management of functions including public safety. The smart city concept can help, but most previous smart city systems have focused on utilising automated sensors and analysing quantitative data. In developing nations, using the ubiquitous mobile phone as an enabler for crowdsourcing of qualitative public safety reports, from the public, is a more viable option due to limited resources and infrastructure limitations. However, there is no specific best method for the analysis of qualitative text reports for a smart city in a developing nation. The aim of this study, therefore, is the development of a model for enabling the analysis of unstructured natural language text for use in a public safety smart city project. Following the guidelines of the design science paradigm, the resulting model was developed through the inductive review of related literature, assessed and refined by observations of a crowdsourcing prototype and conversational analysis with industry experts and academics. The content analysis technique was applied to the public safety reports obtained from the prototype via computer assisted qualitative data analysis software. This has resulted in the development of a hierarchical ontology which forms an additional output of this research project. Thus, this study has shown how municipalities or local government can use CAQDAS and content analysis techniques to prepare large quantities of text data for use in a smart city.
- Full Text:
- Date Issued: 2015
- Authors: Currin, Aubrey Jason
- Date: 2015
- Subjects: Natural language processing (Computer science) Human computation Human-computer interaction
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10353/2227 , vital:27709
- Description: Increased urbanisation against the backdrop of limited resources is complicating city planning and management of functions including public safety. The smart city concept can help, but most previous smart city systems have focused on utilising automated sensors and analysing quantitative data. In developing nations, using the ubiquitous mobile phone as an enabler for crowdsourcing of qualitative public safety reports, from the public, is a more viable option due to limited resources and infrastructure limitations. However, there is no specific best method for the analysis of qualitative text reports for a smart city in a developing nation. The aim of this study, therefore, is the development of a model for enabling the analysis of unstructured natural language text for use in a public safety smart city project. Following the guidelines of the design science paradigm, the resulting model was developed through the inductive review of related literature, assessed and refined by observations of a crowdsourcing prototype and conversational analysis with industry experts and academics. The content analysis technique was applied to the public safety reports obtained from the prototype via computer assisted qualitative data analysis software. This has resulted in the development of a hierarchical ontology which forms an additional output of this research project. Thus, this study has shown how municipalities or local government can use CAQDAS and content analysis techniques to prepare large quantities of text data for use in a smart city.
- Full Text:
- Date Issued: 2015
Women's perceptions regarding financial planning with specific reference to investment
- Authors: Dao, Thi Anh Thu
- Date: 2015
- Subjects: Women -- South Africa -- Nelson Mandela Bay Municipality -- Finance, Personal , Investments -- South Africa -- Nelson Mandela Bay Municipality , Financial planning industry -- South Africa -- Nelson Mandela Bay Municipality
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9332 , http://hdl.handle.net/10948/d1021185
- Description: Investment planning (as one of the key components of financial planning) is seen as an important solution to investment problems and challenges. Previous research however indicated that compare to men, women are not as confident and knowledgeable about financial and investment matters. As a result, women do not conduct investment planning until it is often too late and when they are confronted with a financial crisis or a life predicament such as a divorce or death. Given the lack of research attention focusing on women's perceptions of financial and investment planning in South Africa, and in particular the Eastern Cape, the objective of this research is to investigate the factors that influence women‟s Perceived successful investment planning in the Nelson Mandela Bay area. After conducting a comprehensive literature study, seven factors (independent variables) namely Values, Attitudes, Time horizon, Personal life cycle, Risks and Returns, Investment Knowledge, were identified as influencing the Perceived successful investment planning (dependent variable) of women. Various hypotheses were formulated to be tested in the empirical investigation. The validity and reliability of the measuring instrument were tested among 207 respondents. The Exploratory Factor Analysis, as well as the Cronbach‟s alpha coeffient analysis, revelead that Investment knowledge, Personal life cycle and Values are important factors that influence the women‟s Perceived successful investment planning. As a result of these analyses, the hypotheses had to be reformulated. In order to establish whether correlations existed between the various factors investigated in this study, Pearson Product Moment Correlation Coefficients were calculated. Positive correlations were found between all the variables, except between Values and Personal life cycle and between Values and Perceived successful investment planning. To analyse the association in which the effects of the independent variables (Investment knowledge, Personal life cycle and Values) have on the dependent variable (Perceived successful investment planning) of this study, multiple regression analysis was conducted. Only one independent variable emerged as having a significant influence on Perceived successful investment planning of women, namely Investment knowledge. In order to investigate the influence of the various demographic variables on the dependent variable, an Analysis of Variance was performed. No significant differences were found between the selected demographic variables, namely Age, Ethnic group, Marital status, Education and Investment experience and the independent variables or dependent variable of this study. By investigating the influence of women‟s Perceived successful investment planning, this study has added to the body of knowledge of both financial and investment planning. Based on the empirical results of this study, several recommendations have been made in an attempt to assist women to make better investment decisions and manage their investment planning more effectively.
- Full Text:
- Date Issued: 2015
- Authors: Dao, Thi Anh Thu
- Date: 2015
- Subjects: Women -- South Africa -- Nelson Mandela Bay Municipality -- Finance, Personal , Investments -- South Africa -- Nelson Mandela Bay Municipality , Financial planning industry -- South Africa -- Nelson Mandela Bay Municipality
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9332 , http://hdl.handle.net/10948/d1021185
- Description: Investment planning (as one of the key components of financial planning) is seen as an important solution to investment problems and challenges. Previous research however indicated that compare to men, women are not as confident and knowledgeable about financial and investment matters. As a result, women do not conduct investment planning until it is often too late and when they are confronted with a financial crisis or a life predicament such as a divorce or death. Given the lack of research attention focusing on women's perceptions of financial and investment planning in South Africa, and in particular the Eastern Cape, the objective of this research is to investigate the factors that influence women‟s Perceived successful investment planning in the Nelson Mandela Bay area. After conducting a comprehensive literature study, seven factors (independent variables) namely Values, Attitudes, Time horizon, Personal life cycle, Risks and Returns, Investment Knowledge, were identified as influencing the Perceived successful investment planning (dependent variable) of women. Various hypotheses were formulated to be tested in the empirical investigation. The validity and reliability of the measuring instrument were tested among 207 respondents. The Exploratory Factor Analysis, as well as the Cronbach‟s alpha coeffient analysis, revelead that Investment knowledge, Personal life cycle and Values are important factors that influence the women‟s Perceived successful investment planning. As a result of these analyses, the hypotheses had to be reformulated. In order to establish whether correlations existed between the various factors investigated in this study, Pearson Product Moment Correlation Coefficients were calculated. Positive correlations were found between all the variables, except between Values and Personal life cycle and between Values and Perceived successful investment planning. To analyse the association in which the effects of the independent variables (Investment knowledge, Personal life cycle and Values) have on the dependent variable (Perceived successful investment planning) of this study, multiple regression analysis was conducted. Only one independent variable emerged as having a significant influence on Perceived successful investment planning of women, namely Investment knowledge. In order to investigate the influence of the various demographic variables on the dependent variable, an Analysis of Variance was performed. No significant differences were found between the selected demographic variables, namely Age, Ethnic group, Marital status, Education and Investment experience and the independent variables or dependent variable of this study. By investigating the influence of women‟s Perceived successful investment planning, this study has added to the body of knowledge of both financial and investment planning. Based on the empirical results of this study, several recommendations have been made in an attempt to assist women to make better investment decisions and manage their investment planning more effectively.
- Full Text:
- Date Issued: 2015
Influence of leadership styles on the business performance of family businesses in the Eastern Cape
- Authors: De Witt, Andrea
- Date: 2015
- Subjects: Family-owned business enterprises -- South Africa -- Eastern Cape , Leadership -- South Africa -- Eastern Cape , Performance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9306 , http://hdl.handle.net/10948/d1018510
- Description: Given the importance of family businesses with regard to the economic growth of South Africa, and the fact that their high failure rates have a negative influence on the country’s economy, this study focused on ineffective leadership among family businesses and the influence thereof on business performance. People’s perceptions of leadership are changing, and an ethical, people-centred, character-orientated approach to leadership may be what businesses require. In addition, innovation and employee well-being are being given high priority, and leadership that is ethical and caring is of great importance. The primary objective of this study was twofold, firstly to establish the levels of Ethical, Authentic, Participative and Servant leadership displayed by family business owners and employees in the Eastern Cape, and secondly to establish the influence on the Perceived business performance of the family business of displaying these styles. Poor leadership was identified as a major challenge that family businesses are faced with, and a challenge that contributes to their high failure rate. The literature dealt with the nature and importance of leadership, and both traditional and contemporary leadership styles were elaborated on. The traditional leadership styles identified were autocratic, laissez-faire, transactional, transformational and participative leadership, while the contemporary styles identified and discussed were ethical, authentic and servant leadership. From the literature it was evident that a more ethical, people-centred, character-orientated approach to leadership may be what businesses require to be successful today. The literature highlighted Ethical, Authentic, Participative, and Servant leadership as the more character-orientated leadership styles that positively influence the performance of any business, including family businesses. These leadership styles formed the main focus of this study. In this study a quantitative research design was adopted and a descriptive study of a cross-sectional nature was undertaken. A convenience sampling technique was used owing to the inaccessibility of a family business database. The sample size in this study consisted of 250 small family businesses. A survey was undertaken and a structured, self-administered questionnaire was used to gather the necessary data. The measuring instrument was developed by sourcing items from several existing studies. Family business owners and employees working in the family business were approached by fieldworkers and asked to participate in the study. In total, 266 questionnaires were usable, 133 from family business owners and 133 from family business employees. An effective response rate of 53.20 percent was achieved. The validity and reliability of the measuring instrument were confirmed by means of an exploratory factor analysis (EFA) and by the calculation of Cronbach’s alpha coefficients. Descriptive statistics were calculated in order to summarise the sample data, while t-tests were used to determine whether the differences in mean scores returned by the family business owner and employee sample groups for the leadership styles under investigation, were significantly different from each other. Pearson’s product moment correlations were used to assess the associations between the variables under investigation. A multiple regression analysis (MRA) was used to assess the relationships between the independent variables and the dependent variable Perceived business performance. Lastly, the relationships between selected demographic variables and leadership styles displayed by family business owners were tested by means of an Analysis of Variance (ANOVA). Five factors were extracted from the EFA, four of which were considered for further analysis. The four usable factors extracted could be identified as the theoretical dimensions of Ethical leadership, Participative leadership, Perceived business performance and Servant leadership. The items measuring Ethical and Authentic leadership did not load as expected, as several items measuring the two factors loaded onto one factor. The Cronbach’s alpha coefficients returned for the four usable factors extracted from the EFA were greater than 0.7, and thus the scales measuring the independent and dependent variables provided satisfactory evidence of validity and reliability. The findings of this study show that for both the family business owner and employee sample group, Ethical leadership returned the highest mean score, followed by Servant and Participative leadership. The great majority of the family business owners therefore agreed that they adopted these leadership styles. In addition the majority of family business employees agreed that the family business owner, for whom they worked, adopted these leadership styles. T-tests were conducted to assess whether the differences in mean scores returned by the two sample groups were statistically significant. Significant differences were found between the means scores returned by both sample groups with regard to the level of Ethical and Servant leadership displayed by the family business owner. No significant difference was found between the mean scores returned by both sample groups for Participative leadership. This finding was not surprising, given that socially desirable bias occurs when individuals describe or rate themselves in a manner that is untruthful or in a way that they feel may be viewed favourably by others. From the MRA, no relationships were reported between the independent variables (Ethical, Participative and Servant leadership) and the dependent variable Perceived business performance. The results of ANOVA revealed that there was no relationship between the Gender, Age, Ethnicity, Tenure, Generation, Number of employees and the Nature of the family business and the Ethical, Participative, and Servant leadership styles. However, the results show that family business owners with a tertiary qualification are more likely to adopt a Participative leadership style. Despite no significant relationship found in this study, it is well supported in the literature that the leadership styles investigated have a positive influence on business performance. Family business owners should take cognisance of this, and measures should be taken to ensure that the leadership style implemented in their businesses is ethical, participative and servant-orientated. This study has attempted to enlarge the body of knowledge available on leadership, especially concerning the servant, ethical, people-centred and character-orientated leadership styles. The results of the study differ somewhat from existing literature, and therefore add to the body of knowledge on leadership. Furthermore, this study has addressed a gap in the current literature regarding the influence of leadership on business performance among family businesses in a developing economy such as South Africa.
- Full Text:
- Date Issued: 2015
- Authors: De Witt, Andrea
- Date: 2015
- Subjects: Family-owned business enterprises -- South Africa -- Eastern Cape , Leadership -- South Africa -- Eastern Cape , Performance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9306 , http://hdl.handle.net/10948/d1018510
- Description: Given the importance of family businesses with regard to the economic growth of South Africa, and the fact that their high failure rates have a negative influence on the country’s economy, this study focused on ineffective leadership among family businesses and the influence thereof on business performance. People’s perceptions of leadership are changing, and an ethical, people-centred, character-orientated approach to leadership may be what businesses require. In addition, innovation and employee well-being are being given high priority, and leadership that is ethical and caring is of great importance. The primary objective of this study was twofold, firstly to establish the levels of Ethical, Authentic, Participative and Servant leadership displayed by family business owners and employees in the Eastern Cape, and secondly to establish the influence on the Perceived business performance of the family business of displaying these styles. Poor leadership was identified as a major challenge that family businesses are faced with, and a challenge that contributes to their high failure rate. The literature dealt with the nature and importance of leadership, and both traditional and contemporary leadership styles were elaborated on. The traditional leadership styles identified were autocratic, laissez-faire, transactional, transformational and participative leadership, while the contemporary styles identified and discussed were ethical, authentic and servant leadership. From the literature it was evident that a more ethical, people-centred, character-orientated approach to leadership may be what businesses require to be successful today. The literature highlighted Ethical, Authentic, Participative, and Servant leadership as the more character-orientated leadership styles that positively influence the performance of any business, including family businesses. These leadership styles formed the main focus of this study. In this study a quantitative research design was adopted and a descriptive study of a cross-sectional nature was undertaken. A convenience sampling technique was used owing to the inaccessibility of a family business database. The sample size in this study consisted of 250 small family businesses. A survey was undertaken and a structured, self-administered questionnaire was used to gather the necessary data. The measuring instrument was developed by sourcing items from several existing studies. Family business owners and employees working in the family business were approached by fieldworkers and asked to participate in the study. In total, 266 questionnaires were usable, 133 from family business owners and 133 from family business employees. An effective response rate of 53.20 percent was achieved. The validity and reliability of the measuring instrument were confirmed by means of an exploratory factor analysis (EFA) and by the calculation of Cronbach’s alpha coefficients. Descriptive statistics were calculated in order to summarise the sample data, while t-tests were used to determine whether the differences in mean scores returned by the family business owner and employee sample groups for the leadership styles under investigation, were significantly different from each other. Pearson’s product moment correlations were used to assess the associations between the variables under investigation. A multiple regression analysis (MRA) was used to assess the relationships between the independent variables and the dependent variable Perceived business performance. Lastly, the relationships between selected demographic variables and leadership styles displayed by family business owners were tested by means of an Analysis of Variance (ANOVA). Five factors were extracted from the EFA, four of which were considered for further analysis. The four usable factors extracted could be identified as the theoretical dimensions of Ethical leadership, Participative leadership, Perceived business performance and Servant leadership. The items measuring Ethical and Authentic leadership did not load as expected, as several items measuring the two factors loaded onto one factor. The Cronbach’s alpha coefficients returned for the four usable factors extracted from the EFA were greater than 0.7, and thus the scales measuring the independent and dependent variables provided satisfactory evidence of validity and reliability. The findings of this study show that for both the family business owner and employee sample group, Ethical leadership returned the highest mean score, followed by Servant and Participative leadership. The great majority of the family business owners therefore agreed that they adopted these leadership styles. In addition the majority of family business employees agreed that the family business owner, for whom they worked, adopted these leadership styles. T-tests were conducted to assess whether the differences in mean scores returned by the two sample groups were statistically significant. Significant differences were found between the means scores returned by both sample groups with regard to the level of Ethical and Servant leadership displayed by the family business owner. No significant difference was found between the mean scores returned by both sample groups for Participative leadership. This finding was not surprising, given that socially desirable bias occurs when individuals describe or rate themselves in a manner that is untruthful or in a way that they feel may be viewed favourably by others. From the MRA, no relationships were reported between the independent variables (Ethical, Participative and Servant leadership) and the dependent variable Perceived business performance. The results of ANOVA revealed that there was no relationship between the Gender, Age, Ethnicity, Tenure, Generation, Number of employees and the Nature of the family business and the Ethical, Participative, and Servant leadership styles. However, the results show that family business owners with a tertiary qualification are more likely to adopt a Participative leadership style. Despite no significant relationship found in this study, it is well supported in the literature that the leadership styles investigated have a positive influence on business performance. Family business owners should take cognisance of this, and measures should be taken to ensure that the leadership style implemented in their businesses is ethical, participative and servant-orientated. This study has attempted to enlarge the body of knowledge available on leadership, especially concerning the servant, ethical, people-centred and character-orientated leadership styles. The results of the study differ somewhat from existing literature, and therefore add to the body of knowledge on leadership. Furthermore, this study has addressed a gap in the current literature regarding the influence of leadership on business performance among family businesses in a developing economy such as South Africa.
- Full Text:
- Date Issued: 2015
Push - and pull forces within outbound destination choice
- Authors: Ferreira, Daniel Petrus
- Date: 2015
- Subjects: Tourism -- Marketing Tourism -- South Africa -- Marketing Place marketing , Heritage tourism -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/11091 , vital:26884
- Description: Push- and pull forces are considered the most important motivational factors in driving tourism demand. Push forces are motivational forces that arise due to the individual’s need to travel, while pull forces are destination attributes which pull the traveller to the specific destination and in doing so they satisfy the need of the traveller. Understanding why people travel, how they go about selecting their holiday destination and why one country is preferred to the other, is vital to the continued success of the tourism industry. The needs and wants of travellers are constantly changing, therefore, it is imperative that tourism businesses excel at developing new products and services which are better suited to the needs of consumers. The primary objective of this study was to determine the push- and pull forces that influence outbound destination choice in Nelson Mandela Bay Metropole. The study investigated and analysed how the independent variables (push- and pull factors) influence destination choice (dependent variable). From a comprehensive literature review, a hypothetical model was developed to test the relationships between push-and pull forces and destination choice. Twelve hypotheses were formulated to test the relationship between four push forces, eight pull forces and destination choice. The study sought the perceptions of Nelson Mandela Bay Metropole residents and utitised the quantitative research paradigm. A survey was conducted with the aid of a structured self-administered questionnaire, distributed via e-mail and as a hard copy. A combination of convenience- and snowball sampling was utilised. The final sample comprised 302 respondents. The validity of the measuring instrument was ascertained by using exploratory factor analysis. The Cronbach’s alpha values for reliability were calculated for each of the factors identified during the exploratory factor analysis. The top ten destinations visited and intended to be visited were indicated. United Kingdom was the most visited international destination for both leisure and business purposes, while The United States of America was the most popular international destination to visit next for both leisure and business purposes. Pearson product-moment correlation and multiple regression analysis were used to test the correlation and significance of the relationships hypothesised between the various independent and dependent variables. Three statistically significant relationships were found between the push forces (physical and stature motivators and destination accessibility) and destination choice. Four statistically significant relationships were found between the pull forces (events, natural attractions, political issues and general infrastructure) and destination choice. The empirical findings further confirmed that an inter-relationship between push- and pull forces within destination choice does exist. However, pull forces influence push forces to a larger extent. Analysis of variance calculations were used to identify if significant relationships exist between the twelve demographic variables and nine reliable and valid independent variables. Furthermore, post-hoc Scheffè tests identified where the significant differences occurred between the different categories. Cohen’s d-values were calculated in order to assess the practical significance of the mean scores. A total of sixteen practical significant relationships were identified. Travel companies should compile travel packages and tours that serve the needs of both leisure- and business travellers. They can use social media as a communication- and promotion tool to entice travellers to specific destinations. The business travel packages should be all inclusive and include transportation, accommodation and even entries to events. The visual aids, utilised within the marketing material, should entice travellers to want to visit these destinations, and outline the favourable general infrastructure available. When marketing outbound destinations, travel service providers must pay attention to demographical variables such as gender, age, ethnical affiliation, income and marital status to compile travel packages that satisfy the needs of specific groups.
- Full Text:
- Date Issued: 2015
- Authors: Ferreira, Daniel Petrus
- Date: 2015
- Subjects: Tourism -- Marketing Tourism -- South Africa -- Marketing Place marketing , Heritage tourism -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/11091 , vital:26884
- Description: Push- and pull forces are considered the most important motivational factors in driving tourism demand. Push forces are motivational forces that arise due to the individual’s need to travel, while pull forces are destination attributes which pull the traveller to the specific destination and in doing so they satisfy the need of the traveller. Understanding why people travel, how they go about selecting their holiday destination and why one country is preferred to the other, is vital to the continued success of the tourism industry. The needs and wants of travellers are constantly changing, therefore, it is imperative that tourism businesses excel at developing new products and services which are better suited to the needs of consumers. The primary objective of this study was to determine the push- and pull forces that influence outbound destination choice in Nelson Mandela Bay Metropole. The study investigated and analysed how the independent variables (push- and pull factors) influence destination choice (dependent variable). From a comprehensive literature review, a hypothetical model was developed to test the relationships between push-and pull forces and destination choice. Twelve hypotheses were formulated to test the relationship between four push forces, eight pull forces and destination choice. The study sought the perceptions of Nelson Mandela Bay Metropole residents and utitised the quantitative research paradigm. A survey was conducted with the aid of a structured self-administered questionnaire, distributed via e-mail and as a hard copy. A combination of convenience- and snowball sampling was utilised. The final sample comprised 302 respondents. The validity of the measuring instrument was ascertained by using exploratory factor analysis. The Cronbach’s alpha values for reliability were calculated for each of the factors identified during the exploratory factor analysis. The top ten destinations visited and intended to be visited were indicated. United Kingdom was the most visited international destination for both leisure and business purposes, while The United States of America was the most popular international destination to visit next for both leisure and business purposes. Pearson product-moment correlation and multiple regression analysis were used to test the correlation and significance of the relationships hypothesised between the various independent and dependent variables. Three statistically significant relationships were found between the push forces (physical and stature motivators and destination accessibility) and destination choice. Four statistically significant relationships were found between the pull forces (events, natural attractions, political issues and general infrastructure) and destination choice. The empirical findings further confirmed that an inter-relationship between push- and pull forces within destination choice does exist. However, pull forces influence push forces to a larger extent. Analysis of variance calculations were used to identify if significant relationships exist between the twelve demographic variables and nine reliable and valid independent variables. Furthermore, post-hoc Scheffè tests identified where the significant differences occurred between the different categories. Cohen’s d-values were calculated in order to assess the practical significance of the mean scores. A total of sixteen practical significant relationships were identified. Travel companies should compile travel packages and tours that serve the needs of both leisure- and business travellers. They can use social media as a communication- and promotion tool to entice travellers to specific destinations. The business travel packages should be all inclusive and include transportation, accommodation and even entries to events. The visual aids, utilised within the marketing material, should entice travellers to want to visit these destinations, and outline the favourable general infrastructure available. When marketing outbound destinations, travel service providers must pay attention to demographical variables such as gender, age, ethnical affiliation, income and marital status to compile travel packages that satisfy the needs of specific groups.
- Full Text:
- Date Issued: 2015
An analysis of the risk adjusted returns of active versus passive South African general equity unit trusts during varying economic periods: an individual investor's perspective
- Authors: Ferreira, James Stuart
- Date: 2015
- Subjects: Mutual funds , Global Financial Crisis, 2008-2009 , Risk assessment , Financial crises -- South Africa , Portfolio management , Financial planners
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1207 , http://hdl.handle.net/10962/d1019753
- Description: This thesis used the events of the 2007 financial crisis as a means of being able to add to the research already done on South African unit trusts. The objective was to study the risk-adjusted performance of South African general equity unit trusts against the market during the period between 2005 and 2014. This period took into account the bull market preceding the financial crisis, the market crash of 2007 and the subsequent market recovery that followed. Data was obtained online through the I-Net BFA data base and included 161 general equity unit trusts that contained a full data set. In addition to the general equity unit trusts, the Satrix40 was studied to compare a passive unit trust against those that are actively managed. The 10 year Government bond was also used as a risk-free rate to add to the comparisons of performance results. The Sharpe, Treynor and Jensen measures were applied to the data with the results adding more support to the opinions that markets are fairly efficient and active investment strategies are being challenged by consistently well performing passive investments. Throughout the duration of the study, taking into account the varying economic cycles, the Satrix40 passive investment showed the best average overall return on simple return calculations as well as during the risk-adjusted measurements. In support of active investment management, unit trusts showed their best relative performance figures during the period of the financial crisis. This suggested that active financial managers were able to make the active calls necessary to weather the storm of the financial crisis. While the study did have its limitations, the results it produced are intended to offer investors further knowledge in enabling them to make more educated investment decisions in the future.
- Full Text:
- Date Issued: 2015
- Authors: Ferreira, James Stuart
- Date: 2015
- Subjects: Mutual funds , Global Financial Crisis, 2008-2009 , Risk assessment , Financial crises -- South Africa , Portfolio management , Financial planners
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1207 , http://hdl.handle.net/10962/d1019753
- Description: This thesis used the events of the 2007 financial crisis as a means of being able to add to the research already done on South African unit trusts. The objective was to study the risk-adjusted performance of South African general equity unit trusts against the market during the period between 2005 and 2014. This period took into account the bull market preceding the financial crisis, the market crash of 2007 and the subsequent market recovery that followed. Data was obtained online through the I-Net BFA data base and included 161 general equity unit trusts that contained a full data set. In addition to the general equity unit trusts, the Satrix40 was studied to compare a passive unit trust against those that are actively managed. The 10 year Government bond was also used as a risk-free rate to add to the comparisons of performance results. The Sharpe, Treynor and Jensen measures were applied to the data with the results adding more support to the opinions that markets are fairly efficient and active investment strategies are being challenged by consistently well performing passive investments. Throughout the duration of the study, taking into account the varying economic cycles, the Satrix40 passive investment showed the best average overall return on simple return calculations as well as during the risk-adjusted measurements. In support of active investment management, unit trusts showed their best relative performance figures during the period of the financial crisis. This suggested that active financial managers were able to make the active calls necessary to weather the storm of the financial crisis. While the study did have its limitations, the results it produced are intended to offer investors further knowledge in enabling them to make more educated investment decisions in the future.
- Full Text:
- Date Issued: 2015
Factors affecting the usage of banking products and services by low income and under-banked consumers
- Authors: Giwe, Mbunwe Belter
- Date: 2015
- Subjects: Banks and banking , Bank facilities , Bank customers
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9334
- Description: A fundamental idea of this study was that the formal financial institutions have an essential role to play in the process of assisting financial inclusion of South Africa's low income and under-banked consumers. Financial inclusion is important for consumers to have access to affordable basic financial products and services. An increase in the number of financially included consumers is important for growth of home ownership, positive savings habits among low income consumers and mitigating risks with insurance products. Consumers have access to financial products and services but are not equipped with the basic knowledge to fully benefit from the use of these financial products and services. As a result, the construct of financial inclusion and the measures being taken by South African financial institutions to optimise financial inclusion was investigated in this study. There is a broad consensus that under-banked consumers face a myriad of factors that may prevent them from having effective access and usage of banking products and services. The effective usage of banking products and services not only promotes an inclusive society but also consumers' ability to take full advantage of the benefits of having access to suitable financial products and services. The influence of these factors on the usage of banking products and services by low income and under-banked consumers was under investigation in this research study. The influence of these factors on the usage of banking products and services by low income and under-banked consumers was under investigation in this research study. To achieve this, the researcher identified a number of factors that have a relationship with usage. These include Financial Awareness, Trust, Fees, Simplicity and Appropriateness of banking products and services. Consumers' usage of banking products and services were tested using primary data collected from low income and under-banked consumers in the NMB. This study only focused on five influencing factors. The investigation of other possible factors contributing to the usage of banking products and services is necessary. Making use of a larger sample and an improved model with other pertinent influencing factors might bring to light the significant factors involved in the decisions made by consumers in the usage of banking products and services. The significant factors presented in this study reveals that of the five proposed relationships, only two were found to be significant (Financial Awareness and Appropriateness). The findings of the study show that the usage of banking products and services can be increased through increased Financial Awareness about various available banking products and services, changing the unrealised need of the consumers into a realised need for banking and providing affordable products and services for various sections of the population. Appropriateness also reported a positive significant influence on Usage. This means that consumers are likely to access their bank account at different locations. With banking institutions offering products and services that meet their needs, consumers can achieve their financial goals and improve lifestyles by doing all transactions via the bank account and having more control over their personal financial affairs. Recommendations where suggested based on the empirical results to help improve the banking institutions ways of attracting and retaining consumers to effectively use their products and services. It was recommended that banking institutions should tailor their marketing campaigns towards low income and under-banked consumers in order to improve the level of financial awareness of consumers about banking products and services they consume. Seek to improve their communications strategies by adopting techniques that effectively transmits their ideas between the banking institutions and low income and under-banked consumers. And also focus should be on the creation of innovative design systems to ensure that banking products and services will effectively address the needs of low income and under-banked consumers.
- Full Text:
- Date Issued: 2015
- Authors: Giwe, Mbunwe Belter
- Date: 2015
- Subjects: Banks and banking , Bank facilities , Bank customers
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9334
- Description: A fundamental idea of this study was that the formal financial institutions have an essential role to play in the process of assisting financial inclusion of South Africa's low income and under-banked consumers. Financial inclusion is important for consumers to have access to affordable basic financial products and services. An increase in the number of financially included consumers is important for growth of home ownership, positive savings habits among low income consumers and mitigating risks with insurance products. Consumers have access to financial products and services but are not equipped with the basic knowledge to fully benefit from the use of these financial products and services. As a result, the construct of financial inclusion and the measures being taken by South African financial institutions to optimise financial inclusion was investigated in this study. There is a broad consensus that under-banked consumers face a myriad of factors that may prevent them from having effective access and usage of banking products and services. The effective usage of banking products and services not only promotes an inclusive society but also consumers' ability to take full advantage of the benefits of having access to suitable financial products and services. The influence of these factors on the usage of banking products and services by low income and under-banked consumers was under investigation in this research study. The influence of these factors on the usage of banking products and services by low income and under-banked consumers was under investigation in this research study. To achieve this, the researcher identified a number of factors that have a relationship with usage. These include Financial Awareness, Trust, Fees, Simplicity and Appropriateness of banking products and services. Consumers' usage of banking products and services were tested using primary data collected from low income and under-banked consumers in the NMB. This study only focused on five influencing factors. The investigation of other possible factors contributing to the usage of banking products and services is necessary. Making use of a larger sample and an improved model with other pertinent influencing factors might bring to light the significant factors involved in the decisions made by consumers in the usage of banking products and services. The significant factors presented in this study reveals that of the five proposed relationships, only two were found to be significant (Financial Awareness and Appropriateness). The findings of the study show that the usage of banking products and services can be increased through increased Financial Awareness about various available banking products and services, changing the unrealised need of the consumers into a realised need for banking and providing affordable products and services for various sections of the population. Appropriateness also reported a positive significant influence on Usage. This means that consumers are likely to access their bank account at different locations. With banking institutions offering products and services that meet their needs, consumers can achieve their financial goals and improve lifestyles by doing all transactions via the bank account and having more control over their personal financial affairs. Recommendations where suggested based on the empirical results to help improve the banking institutions ways of attracting and retaining consumers to effectively use their products and services. It was recommended that banking institutions should tailor their marketing campaigns towards low income and under-banked consumers in order to improve the level of financial awareness of consumers about banking products and services they consume. Seek to improve their communications strategies by adopting techniques that effectively transmits their ideas between the banking institutions and low income and under-banked consumers. And also focus should be on the creation of innovative design systems to ensure that banking products and services will effectively address the needs of low income and under-banked consumers.
- Full Text:
- Date Issued: 2015
The effect of strike action on the value and volatility of the South African Rand
- Authors: Gordon, Ross Patrick
- Date: 2015
- Subjects: Foreign exchange rates -- South Africa , Strikes and lockouts -- South Africa -- Economic aspects , South Africa -- Foreign economic relations , South Africa -- Economic conditions -- 1991- , Rand, South African , Dollar, American
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1124 , http://hdl.handle.net/10962/d1020018
- Description: This study analyses whether the advent of strike action has an effect on the value and volatility of the South African Rand compared with the US Dollar. The literature suggests that strike action can have a significant effect on the exchange rate in terms of either value or volatility, and consequences can result that cause inefficiencies in the economy; inhibiting employment and economic growth. Strike action has become common place in South Africa, with 2012 alone recording 99 strikes, 45 of which were “wildcat” or unprotected strikes. This study uses GARCH and Intervention Analyses to determine what the resulting effects of the strikes might be on the exchange rate. The analysis used ZAR/USD exchange rate data for the period January 2000 to October 2013, and covered 72 of the most significant strikes in terms of lost man-days. The results are mixed, suggesting that the effects of strikes do not always conform to expectations (increased volatility and a depreciation in the Rand), and that outside factors affecting the global economy may have a more significant effect on the exchange rate than strikes on their own.
- Full Text:
- Date Issued: 2015
- Authors: Gordon, Ross Patrick
- Date: 2015
- Subjects: Foreign exchange rates -- South Africa , Strikes and lockouts -- South Africa -- Economic aspects , South Africa -- Foreign economic relations , South Africa -- Economic conditions -- 1991- , Rand, South African , Dollar, American
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1124 , http://hdl.handle.net/10962/d1020018
- Description: This study analyses whether the advent of strike action has an effect on the value and volatility of the South African Rand compared with the US Dollar. The literature suggests that strike action can have a significant effect on the exchange rate in terms of either value or volatility, and consequences can result that cause inefficiencies in the economy; inhibiting employment and economic growth. Strike action has become common place in South Africa, with 2012 alone recording 99 strikes, 45 of which were “wildcat” or unprotected strikes. This study uses GARCH and Intervention Analyses to determine what the resulting effects of the strikes might be on the exchange rate. The analysis used ZAR/USD exchange rate data for the period January 2000 to October 2013, and covered 72 of the most significant strikes in terms of lost man-days. The results are mixed, suggesting that the effects of strikes do not always conform to expectations (increased volatility and a depreciation in the Rand), and that outside factors affecting the global economy may have a more significant effect on the exchange rate than strikes on their own.
- Full Text:
- Date Issued: 2015
Revenue, welfare and trade effects of EU FTA on South Africa
- Authors: Guei, Kore Marc Antoine
- Date: 2015
- Subjects: Commercial treaties , Free trade -- European Union countries , Free trade -- South Africa , European Union countries -- Commercial policy
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/6137 , vital:21042
- Description: The study used the partial equilibrium WITS-SMART Simulation Model to assess the impact of liberalization under the Trade Development and Cooperation Agreement (TDCA) of a free trade area between the EU and South Africa. The findings of the study reveal that total trade effects in South Africa are likely to surge by US$ 1.036 billion with a total welfare valued at US$ 134 million. Dismantling tariffs on all EU goods would be beneficial to consumers through net trade creation. Total trade creation would be US$ 782 million. However, South African producers are likely to contribute a trade diversion of US$ 254 million which has a negative impact on consumer welfare. The country might also experience a revenue loss amounting to US$ 562 million due to the removal of tariffs. On trade, the country’s export and import to the EU is expected to increase by US$ 12.419 million and US$ 1.266 million respectively. To mitigate revenue loss, the country should try to diversify its current tax base.
- Full Text:
- Date Issued: 2015
- Authors: Guei, Kore Marc Antoine
- Date: 2015
- Subjects: Commercial treaties , Free trade -- European Union countries , Free trade -- South Africa , European Union countries -- Commercial policy
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/6137 , vital:21042
- Description: The study used the partial equilibrium WITS-SMART Simulation Model to assess the impact of liberalization under the Trade Development and Cooperation Agreement (TDCA) of a free trade area between the EU and South Africa. The findings of the study reveal that total trade effects in South Africa are likely to surge by US$ 1.036 billion with a total welfare valued at US$ 134 million. Dismantling tariffs on all EU goods would be beneficial to consumers through net trade creation. Total trade creation would be US$ 782 million. However, South African producers are likely to contribute a trade diversion of US$ 254 million which has a negative impact on consumer welfare. The country might also experience a revenue loss amounting to US$ 562 million due to the removal of tariffs. On trade, the country’s export and import to the EU is expected to increase by US$ 12.419 million and US$ 1.266 million respectively. To mitigate revenue loss, the country should try to diversify its current tax base.
- Full Text:
- Date Issued: 2015
Recent developments in banking supervision and the soundness of the financial system : a comparative study of South Africa, Brazil and China
- Authors: Gutu, Taurai Fortune
- Date: 2015
- Subjects: Basel III (2010) , Bank management -- South Africa , Bank management -- Brazil , Bank management -- China , Global Financial Crisis, 2008-2009 , Ratio analysis , Liquidity (Economics)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1130 , http://hdl.handle.net/10962/d1020892
- Description: While the 2008 financial crisis has come and gone, its effects on the global financial sector still show. Globalisation has since changed the way that banks do business, and increased competitiveness and with it the level of risk within the international banking community. Therefore, because of these prolonged effects of the financial crisis and the rise in the level of risk in banking, regulators deemed it fit to make the global financial sector safer and sounder. As a result, the BASEL III Capital Accord was introduced with tighter capital adequacy and liquidity ratio requirements; as well as also introducing the leverage ratio. In this paper, through the study of the rules and regulations on banks in South Africa, Brazil and China, it was discovered that all three countries have since begun the implementation of the new Accord as from January 2013. While preparatory measures may be different, there is a general sense of regulatory alignment among the three countries. By analysing the capital adequacy, liquidity and leverage ratios of the three countries, it was also established that these ratios are interconnected, with the capital adequacy ratio being the most important one. The study concludes that, with proper implementation of these ratios and effective management, countries implementing the BASEL III regulations would be in a stronger position to achieve soundness in their banking systems. , Gutu, Taurai Fortunate
- Full Text:
- Date Issued: 2015
- Authors: Gutu, Taurai Fortune
- Date: 2015
- Subjects: Basel III (2010) , Bank management -- South Africa , Bank management -- Brazil , Bank management -- China , Global Financial Crisis, 2008-2009 , Ratio analysis , Liquidity (Economics)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1130 , http://hdl.handle.net/10962/d1020892
- Description: While the 2008 financial crisis has come and gone, its effects on the global financial sector still show. Globalisation has since changed the way that banks do business, and increased competitiveness and with it the level of risk within the international banking community. Therefore, because of these prolonged effects of the financial crisis and the rise in the level of risk in banking, regulators deemed it fit to make the global financial sector safer and sounder. As a result, the BASEL III Capital Accord was introduced with tighter capital adequacy and liquidity ratio requirements; as well as also introducing the leverage ratio. In this paper, through the study of the rules and regulations on banks in South Africa, Brazil and China, it was discovered that all three countries have since begun the implementation of the new Accord as from January 2013. While preparatory measures may be different, there is a general sense of regulatory alignment among the three countries. By analysing the capital adequacy, liquidity and leverage ratios of the three countries, it was also established that these ratios are interconnected, with the capital adequacy ratio being the most important one. The study concludes that, with proper implementation of these ratios and effective management, countries implementing the BASEL III regulations would be in a stronger position to achieve soundness in their banking systems. , Gutu, Taurai Fortunate
- Full Text:
- Date Issued: 2015
Encouraging individual retirement savings in South Africa
- Authors: Hirschbeck, Lisa
- Date: 2015
- Subjects: Retirement income -- Planning-- South Africa , Retirement income -- Government policy -- South Africa , Pension trusts -- South Africa -- Management , Pension trusts -- Termination -- Law and legislation -- South Africa , Income tax deductions for retirement contributions -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:913 , http://hdl.handle.net/10962/d1017535
- Description: Many South Africans may not have adequate retirement savings when they retire and this has the effect of a low income replacement ratio on retirement that may lead to a decrease in the standard of living of the retiree and in extreme cases the retiree becoming dependent on their family and the government. Owing to this trend of no or inadequate retirement savings, South Africa embarked on a retirement reform journey in 2004. The goal of this research is to determine whether the retirement reform mechanisms outlined by National Treasury would encourage individual retirement savings that should assist South Africans to achieve stability of income in their retirement. This research analysed the current retirement savings options and vehicles available for South Africans, the current tax incentives and disincentives and reviewed the proposed changes to tax incentives and disincentives during the accumulation phase of retirement savings and explained how these proposed tax incentives are harmonised for the accumulation phase of retirement. The research explained how National Treasury aims to limit pre-retirement withdrawals and how it intends to encourage the annuitisation of post-retirement benefits. The penultimate chapter of this research measured the effect (by making certain assumptions) of the changes proposed by National Treasury on the income replacement ratio of the retiree. Throughout the research comparisons were made between The OECD Roadmap for the good design of defined contribution pension plans and National Treasury’s proposals. This research did not directly address the effect of increased life expectancies on retirement savings or increases in youth unemployment and the effect that this may have on retirement savings. The effect of financial charges levied on retirement savings on the income replacement ratio of a retiree was also not explored. Furthermore, not all pension funds are regulated by the Pension Funds Act and how these pension funds can be brought within the purview of the Pension Funds Act was not investigated. Automatic enrolment of retirement savings for all employees in South Africa in retirement vehicles is a further research area that could be addressed.
- Full Text:
- Date Issued: 2015
- Authors: Hirschbeck, Lisa
- Date: 2015
- Subjects: Retirement income -- Planning-- South Africa , Retirement income -- Government policy -- South Africa , Pension trusts -- South Africa -- Management , Pension trusts -- Termination -- Law and legislation -- South Africa , Income tax deductions for retirement contributions -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:913 , http://hdl.handle.net/10962/d1017535
- Description: Many South Africans may not have adequate retirement savings when they retire and this has the effect of a low income replacement ratio on retirement that may lead to a decrease in the standard of living of the retiree and in extreme cases the retiree becoming dependent on their family and the government. Owing to this trend of no or inadequate retirement savings, South Africa embarked on a retirement reform journey in 2004. The goal of this research is to determine whether the retirement reform mechanisms outlined by National Treasury would encourage individual retirement savings that should assist South Africans to achieve stability of income in their retirement. This research analysed the current retirement savings options and vehicles available for South Africans, the current tax incentives and disincentives and reviewed the proposed changes to tax incentives and disincentives during the accumulation phase of retirement savings and explained how these proposed tax incentives are harmonised for the accumulation phase of retirement. The research explained how National Treasury aims to limit pre-retirement withdrawals and how it intends to encourage the annuitisation of post-retirement benefits. The penultimate chapter of this research measured the effect (by making certain assumptions) of the changes proposed by National Treasury on the income replacement ratio of the retiree. Throughout the research comparisons were made between The OECD Roadmap for the good design of defined contribution pension plans and National Treasury’s proposals. This research did not directly address the effect of increased life expectancies on retirement savings or increases in youth unemployment and the effect that this may have on retirement savings. The effect of financial charges levied on retirement savings on the income replacement ratio of a retiree was also not explored. Furthermore, not all pension funds are regulated by the Pension Funds Act and how these pension funds can be brought within the purview of the Pension Funds Act was not investigated. Automatic enrolment of retirement savings for all employees in South Africa in retirement vehicles is a further research area that could be addressed.
- Full Text:
- Date Issued: 2015
An analysis of the income tax consequences resulting from implementing the Income Tax Bill (2012) in Zimbabwe
- Authors: Kanyenze, Rumbidzai
- Date: 2015
- Subjects: Income tax deductions -- Zimbabwe , Income tax -- Law and legislation -- Zimbabwe
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:914 , http://hdl.handle.net/10962/d1017536
- Description: The Income Tax Bill (2012) proposes certain changes to the existing Income Tax Act that will impact on the method used to determine the taxable income of a taxpayer in Zimbabwe. Therefore, it is important to understand the tax consequences the Income Tax Bill creates for the taxpayer. The research aimed to elaborate on and explain the tax consequences that will arise as a result of applying the Income Tax Bill in Zimbabwe. The research was based on a qualitative method which involved the analysis and the interpretation of extracts from legislation and articles written on the proposed changes. The current “gross income” of a taxpayer consists of amounts earned from a source within or deemed to be from within Zimbabwe The proposed changes to the Act will change the tax system to a residence-based system, where resident taxpayers are taxed on amounts earned from all sources. Therefore, the driving factor which determines the taxability of an amount will become the taxpayer’s residency. Clause 2 of the proposed Act provides that income earned by a taxpayer should be separated into employment income, business income, property income and other specified income. This will make it unnecessary to determine the nature of an amount because capital amounts will be subject to income tax. The current Act provides for the deduction of expenditure incurred for the purpose of trade or in the production of income. Section 31(1)(a) of the proposed Act will restrict permissible deductions to expenditure incurred in the production of income. Consequently, expenditure not incurred for the purpose of earning income will no longer be deductible when the Income Tax Bill is implemented. The proposed Income Tax Act will increase the taxable income of a taxpayer as it makes amounts that are not currently subject to tax taxable, whilst restricting the deductions claimable.
- Full Text:
- Date Issued: 2015
- Authors: Kanyenze, Rumbidzai
- Date: 2015
- Subjects: Income tax deductions -- Zimbabwe , Income tax -- Law and legislation -- Zimbabwe
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:914 , http://hdl.handle.net/10962/d1017536
- Description: The Income Tax Bill (2012) proposes certain changes to the existing Income Tax Act that will impact on the method used to determine the taxable income of a taxpayer in Zimbabwe. Therefore, it is important to understand the tax consequences the Income Tax Bill creates for the taxpayer. The research aimed to elaborate on and explain the tax consequences that will arise as a result of applying the Income Tax Bill in Zimbabwe. The research was based on a qualitative method which involved the analysis and the interpretation of extracts from legislation and articles written on the proposed changes. The current “gross income” of a taxpayer consists of amounts earned from a source within or deemed to be from within Zimbabwe The proposed changes to the Act will change the tax system to a residence-based system, where resident taxpayers are taxed on amounts earned from all sources. Therefore, the driving factor which determines the taxability of an amount will become the taxpayer’s residency. Clause 2 of the proposed Act provides that income earned by a taxpayer should be separated into employment income, business income, property income and other specified income. This will make it unnecessary to determine the nature of an amount because capital amounts will be subject to income tax. The current Act provides for the deduction of expenditure incurred for the purpose of trade or in the production of income. Section 31(1)(a) of the proposed Act will restrict permissible deductions to expenditure incurred in the production of income. Consequently, expenditure not incurred for the purpose of earning income will no longer be deductible when the Income Tax Bill is implemented. The proposed Income Tax Act will increase the taxable income of a taxpayer as it makes amounts that are not currently subject to tax taxable, whilst restricting the deductions claimable.
- Full Text:
- Date Issued: 2015
Forecasting volatility on the rand foreign exchange market
- Authors: Klaas, Sinoxolo
- Date: 2015
- Subjects: Foreign exchange rates -- South Africa , Foreign exchange administration , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/7892 , vital:24319
- Description: Exchange rates are one of the most essential determinants of a country's economic performance in terms of level of trade. Since the exchange rate is one of the best indicators of competitiveness, this study sought to examine the behaviour of the rand against other emerging countries in the South African exchange market. The study explored the trends and estimated the forecasting accuracy of six currency markets using ARCH-family and Random walk models over the period 1994 to 2013.The six currency markets examined were the Rand/Dollar, Rand/Pound, Rand/Euro, Rand/Yen and Rand/Pula. The Rand exchange rates did exhibit the characteristics of volatility clustering and asymmetric effects suggesting volatility of the Rand. Exchange rates tend to rise when there is more bad news in the financial market than good news and positive shocks imply a higher next period conditional variance than negative shocks of the same sign.
- Full Text:
- Date Issued: 2015
- Authors: Klaas, Sinoxolo
- Date: 2015
- Subjects: Foreign exchange rates -- South Africa , Foreign exchange administration , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/7892 , vital:24319
- Description: Exchange rates are one of the most essential determinants of a country's economic performance in terms of level of trade. Since the exchange rate is one of the best indicators of competitiveness, this study sought to examine the behaviour of the rand against other emerging countries in the South African exchange market. The study explored the trends and estimated the forecasting accuracy of six currency markets using ARCH-family and Random walk models over the period 1994 to 2013.The six currency markets examined were the Rand/Dollar, Rand/Pound, Rand/Euro, Rand/Yen and Rand/Pula. The Rand exchange rates did exhibit the characteristics of volatility clustering and asymmetric effects suggesting volatility of the Rand. Exchange rates tend to rise when there is more bad news in the financial market than good news and positive shocks imply a higher next period conditional variance than negative shocks of the same sign.
- Full Text:
- Date Issued: 2015