A comparative analysis of derivative regulation following the global financial crisis : an emerging markets perspective
- Authors: Mpala, Nqobile Natasha
- Date: 2015
- Subjects: Derivative securities , Global Financial Crisis, 2008-2009 , Capital market -- Developing countries , Derivative securities -- Developing countries , International economic relations
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1121 , http://hdl.handle.net/10962/d1018660
- Description: The international financial environment has become riskier due to the recent developments in product offerings and failure of regulation to keep abreast with these changes. The Global Financial Crisis exposed inadequacies of regulation, thus consensus on the need for comprehensive and uniform regulation was made by G-20 member states. Imposing exchange trading, clearing, reporting and capital requirements on the derivatives market are some of the ways of dealing with the problems caused by lax regulatory oversight. In this study, through the comparative analysis of derivatives regulation in South Africa, Brazil, India and Turkey, it was established that emerging countries are taking active steps to implement the G-20 agreement. Uniformity in the core rules was noted, with differences in the supportive legislation. Country specific rules which support the macroeconomic factors that are faced by these countries and the infrastructure available for regulatory execution are used amongst countries. The study concluded that current regulation in emerging countries is accommodative and regulatory differences are in line with economic factors in each country.
- Full Text:
- Authors: Mpala, Nqobile Natasha
- Date: 2015
- Subjects: Derivative securities , Global Financial Crisis, 2008-2009 , Capital market -- Developing countries , Derivative securities -- Developing countries , International economic relations
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1121 , http://hdl.handle.net/10962/d1018660
- Description: The international financial environment has become riskier due to the recent developments in product offerings and failure of regulation to keep abreast with these changes. The Global Financial Crisis exposed inadequacies of regulation, thus consensus on the need for comprehensive and uniform regulation was made by G-20 member states. Imposing exchange trading, clearing, reporting and capital requirements on the derivatives market are some of the ways of dealing with the problems caused by lax regulatory oversight. In this study, through the comparative analysis of derivatives regulation in South Africa, Brazil, India and Turkey, it was established that emerging countries are taking active steps to implement the G-20 agreement. Uniformity in the core rules was noted, with differences in the supportive legislation. Country specific rules which support the macroeconomic factors that are faced by these countries and the infrastructure available for regulatory execution are used amongst countries. The study concluded that current regulation in emerging countries is accommodative and regulatory differences are in line with economic factors in each country.
- Full Text:
An analysis of public equity offerings listed on the Johannesburg Stock Exchange (JSE)
- Authors: Van Heerden, Gillian
- Date: 2015
- Subjects: Stock exchanges -- South Africa -- Johannesburg
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1119 , http://hdl.handle.net/10962/d1017546
- Description: The underpricing of initial public offerings (IPOs) and their subsequent low long-run performance represents one of the anomalies observed in primary markets worldwide. However, the depth and breadth of it varies from country to country, and sector to sector. Literature has documented that the phenomenon surrounding the long-run post issue performance of IPOs is not unique and that quite similar patterns can be found regarding firms making seasoned equity offerings (SEOs). This study is an empirical analysis of public equity offerings listed on the Johannesburg Stock Exchange (JSE). Using data for 141 South African IPOs that were listed on the JSE Mainboard from 2001 to 2010, significant short-run underpricing is found. A sector wise analysis of three broad sectors indicated that the ‘other’ sector had the largest IPO underpricing after the first few days of trading. The year-wise analysis is also documented. In the long-run this study showed that IPOs in South Africa underperformed two out of three benchmarks in 36 full months post listing. In contrast, using data for 50 South African SEOs during 2003 to 2010, superior SEO performance is found over a 36-month period when assessed using a size and industry adjusted benchmark. Various cross-sectional and time-series patterns in the aftermarket performance of IPO and SEO firms are also documented
- Full Text:
- Authors: Van Heerden, Gillian
- Date: 2015
- Subjects: Stock exchanges -- South Africa -- Johannesburg
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1119 , http://hdl.handle.net/10962/d1017546
- Description: The underpricing of initial public offerings (IPOs) and their subsequent low long-run performance represents one of the anomalies observed in primary markets worldwide. However, the depth and breadth of it varies from country to country, and sector to sector. Literature has documented that the phenomenon surrounding the long-run post issue performance of IPOs is not unique and that quite similar patterns can be found regarding firms making seasoned equity offerings (SEOs). This study is an empirical analysis of public equity offerings listed on the Johannesburg Stock Exchange (JSE). Using data for 141 South African IPOs that were listed on the JSE Mainboard from 2001 to 2010, significant short-run underpricing is found. A sector wise analysis of three broad sectors indicated that the ‘other’ sector had the largest IPO underpricing after the first few days of trading. The year-wise analysis is also documented. In the long-run this study showed that IPOs in South Africa underperformed two out of three benchmarks in 36 full months post listing. In contrast, using data for 50 South African SEOs during 2003 to 2010, superior SEO performance is found over a 36-month period when assessed using a size and industry adjusted benchmark. Various cross-sectional and time-series patterns in the aftermarket performance of IPO and SEO firms are also documented
- Full Text:
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:
- 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:
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:
- 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:
An analysis of the tax consequences of the double tax agreement between South Africa and the Democratic Republic of Congo
- Authors: Mkabile, Nwabisa
- Date: 2015
- Subjects: Double taxation -- South Africa , Double taxation -- Congo (Democratic Republic) , Income tax -- South Africa -- Foreign income , Income tax -- Congo (Democratic Republic) -- Foreign income
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:916 , http://hdl.handle.net/10962/d1017539
- Description: As a result of the different tax systems adopted by countries, foreign-sourced income earned by taxpayers may be subject to double taxation. This may therefore impede cross-border trade and investment. Double taxation relief is provided unilaterally, in terms of a country’s domestic laws or bilaterally in terms of Double Taxation Agreements. South African residents earning income from the Democratic Republic of Congo may be subject to tax in both countries. To eliminate such double taxation the South African Income Tax Act, No 58 of 1962, provides for unilateral relief from double taxation in the form of exemptions, rebates and deductions. The double tax agreement between South Africa and the Democratic Republic of the Congo came into effect recently and double taxation relief for South African residents is now also available in terms of tax treaty law. The objective of the research was to determine whether the combination of the unilateral measures and the double tax agreement provide relief in respect of all types of income earned by South African residents in the Democratic Republic of the Congo. It was concluded that the double tax agreement, together with the unilateral relief provided for in the Income Tax Act will grant relief for all types of income earned by South African residents in the Democratic Republic of the Congo.
- Full Text:
- Authors: Mkabile, Nwabisa
- Date: 2015
- Subjects: Double taxation -- South Africa , Double taxation -- Congo (Democratic Republic) , Income tax -- South Africa -- Foreign income , Income tax -- Congo (Democratic Republic) -- Foreign income
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:916 , http://hdl.handle.net/10962/d1017539
- Description: As a result of the different tax systems adopted by countries, foreign-sourced income earned by taxpayers may be subject to double taxation. This may therefore impede cross-border trade and investment. Double taxation relief is provided unilaterally, in terms of a country’s domestic laws or bilaterally in terms of Double Taxation Agreements. South African residents earning income from the Democratic Republic of Congo may be subject to tax in both countries. To eliminate such double taxation the South African Income Tax Act, No 58 of 1962, provides for unilateral relief from double taxation in the form of exemptions, rebates and deductions. The double tax agreement between South Africa and the Democratic Republic of the Congo came into effect recently and double taxation relief for South African residents is now also available in terms of tax treaty law. The objective of the research was to determine whether the combination of the unilateral measures and the double tax agreement provide relief in respect of all types of income earned by South African residents in the Democratic Republic of the Congo. It was concluded that the double tax agreement, together with the unilateral relief provided for in the Income Tax Act will grant relief for all types of income earned by South African residents in the Democratic Republic of the Congo.
- Full Text:
An assessment of e-tolling as a method of financing Gauteng roads
- Authors: Ponter, Lloyd Anthony
- Date: 2015
- Subjects: Toll roads -- Taxation -- South Africa -- Gauteng , Electronic Road Pricing System -- South Africa -- Gauteng , Toll roads -- South Africa -- Gauteng -- Cost effectiveness
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:912 , http://hdl.handle.net/10962/d1017185
- Description: E-tolling was recently implemented on roads in Gauteng, South Africa. This gave rise to a great deal of protest by road users and a court battle between the South African National Roads Agency (SANRAL) and the Opposition to Urban Tolling Alliance, a body representing road users. The e-tolling system was criticised at various levels and on numerous grounds, some financial and others appearing to be emotional. This thesis attempted to analyse the various grounds for objection against the system, the main goal of the research being to analyse e-tolling in Gauteng to ascertain whether or not the introduction of e-tolling was justified or whether an alternative method of taxation to pay for the upgrading of Gauteng roads would have been more cost-effective. Secondary data in the form of documents from multiple sources was used in the analysis, including an Economic Impact Assessment that was one of the key inputs into the decision to introduce e-tolling. It was found that there are multiple problems plaguing the e-toll system and e-tolling is not the most cost-effective taxation method of paying for Gauteng roads. Using a fuel levy or general tax revenue available to the National Treasury were both found to be more cost-effective methods as they would have achieved the same result (repairing and upgrading specific Gauteng roads), at a cost of R20,0913 billion less than e-tolling. It was suggested that the best taxation method/s to pay for the roads would have been using a fuel levy and general tax revenue as the primary funding methods, with vehicle licensing fees and long distance toll roads as secondary methods to aid the primary methods.
- Full Text:
- Authors: Ponter, Lloyd Anthony
- Date: 2015
- Subjects: Toll roads -- Taxation -- South Africa -- Gauteng , Electronic Road Pricing System -- South Africa -- Gauteng , Toll roads -- South Africa -- Gauteng -- Cost effectiveness
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:912 , http://hdl.handle.net/10962/d1017185
- Description: E-tolling was recently implemented on roads in Gauteng, South Africa. This gave rise to a great deal of protest by road users and a court battle between the South African National Roads Agency (SANRAL) and the Opposition to Urban Tolling Alliance, a body representing road users. The e-tolling system was criticised at various levels and on numerous grounds, some financial and others appearing to be emotional. This thesis attempted to analyse the various grounds for objection against the system, the main goal of the research being to analyse e-tolling in Gauteng to ascertain whether or not the introduction of e-tolling was justified or whether an alternative method of taxation to pay for the upgrading of Gauteng roads would have been more cost-effective. Secondary data in the form of documents from multiple sources was used in the analysis, including an Economic Impact Assessment that was one of the key inputs into the decision to introduce e-tolling. It was found that there are multiple problems plaguing the e-toll system and e-tolling is not the most cost-effective taxation method of paying for Gauteng roads. Using a fuel levy or general tax revenue available to the National Treasury were both found to be more cost-effective methods as they would have achieved the same result (repairing and upgrading specific Gauteng roads), at a cost of R20,0913 billion less than e-tolling. It was suggested that the best taxation method/s to pay for the roads would have been using a fuel levy and general tax revenue as the primary funding methods, with vehicle licensing fees and long distance toll roads as secondary methods to aid the primary methods.
- Full Text:
An investigation into the use of social media channels within the South African retail banking environment in support of creating and maintaining brand loyalty
- Authors: Purohit, Ashish
- Date: 2015
- Subjects: Social media -- Economic aspects , Banks and banking -- Internet marketing -- South Africa , Bank marketing -- South Africa , Brand loyalty -- South Africa , Branding (Marketing) -- South Africa , Structural equation modeling
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1157 , http://hdl.handle.net/10962/d1018920
- Description: The use of social media in the retail banking environment has changed the way the banking industry communicates with customers, creates sales and performs marketing and operational tasks. Social media strategies need to be aligned to business goals and effectively used to integrate social media as part of the overall marketing strategy. Only by understanding brand loyalty, multi-channel systems and social media channels can marketers effectively implement social media. In measuring brand loyalty, factors that influence customer buying behaviour and components that influence online interaction are essential in engaging different groups of customers in social media. This research study aimed to examine the use of social media within the South African retail banking environment with a focus on creating and maintaining brand loyalty. An exploratory, mixed method research design was employed. Data collection instruments used in the study includes online surveys, structured interviews, and focus groups. Participants consisted of marketing personnel and customers. Three lead/head social media marketing personnel participated in the interview process, 14 marketing personnel took the online survey and 4 participated in a focus group. Participants for the online survey also consisted of 40 customers who were connected through the internet and performed various online banking activities. Data was analysed both quantitatively and qualitatively. Data from the online surveys completed by customers was analysed quantitatively using descriptive analysis, structural equation modelling (SEM) and factor analysis which was performed on the brand loyalty variables and the brand loyalty measures. Content analysis was used to qualitatively analyse data from the structured interviews. Data from the online surveys completed by marketing personnel was analysed quantitatively and qualitatively. Findings indicated that social media forms an integral part of the marketing strategy that needs be aligned with the core business goals. Banks therefore need to focus on creating campaigns that are fun, exciting and appealing to the target market. A culture of innovation and new ideas is essential to grow the product/service. Building brand trust and creating customer satisfaction forms the core of creating brand loyalty on social media. Banks need to be aware of factors that influence customer brand loyalty and components that influence loyalty on social media in order to measure things that matter through analytical tools so that an actionable strategy can be put in place and implemented.
- Full Text:
- Authors: Purohit, Ashish
- Date: 2015
- Subjects: Social media -- Economic aspects , Banks and banking -- Internet marketing -- South Africa , Bank marketing -- South Africa , Brand loyalty -- South Africa , Branding (Marketing) -- South Africa , Structural equation modeling
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1157 , http://hdl.handle.net/10962/d1018920
- Description: The use of social media in the retail banking environment has changed the way the banking industry communicates with customers, creates sales and performs marketing and operational tasks. Social media strategies need to be aligned to business goals and effectively used to integrate social media as part of the overall marketing strategy. Only by understanding brand loyalty, multi-channel systems and social media channels can marketers effectively implement social media. In measuring brand loyalty, factors that influence customer buying behaviour and components that influence online interaction are essential in engaging different groups of customers in social media. This research study aimed to examine the use of social media within the South African retail banking environment with a focus on creating and maintaining brand loyalty. An exploratory, mixed method research design was employed. Data collection instruments used in the study includes online surveys, structured interviews, and focus groups. Participants consisted of marketing personnel and customers. Three lead/head social media marketing personnel participated in the interview process, 14 marketing personnel took the online survey and 4 participated in a focus group. Participants for the online survey also consisted of 40 customers who were connected through the internet and performed various online banking activities. Data was analysed both quantitatively and qualitatively. Data from the online surveys completed by customers was analysed quantitatively using descriptive analysis, structural equation modelling (SEM) and factor analysis which was performed on the brand loyalty variables and the brand loyalty measures. Content analysis was used to qualitatively analyse data from the structured interviews. Data from the online surveys completed by marketing personnel was analysed quantitatively and qualitatively. Findings indicated that social media forms an integral part of the marketing strategy that needs be aligned with the core business goals. Banks therefore need to focus on creating campaigns that are fun, exciting and appealing to the target market. A culture of innovation and new ideas is essential to grow the product/service. Building brand trust and creating customer satisfaction forms the core of creating brand loyalty on social media. Banks need to be aware of factors that influence customer brand loyalty and components that influence loyalty on social media in order to measure things that matter through analytical tools so that an actionable strategy can be put in place and implemented.
- Full Text:
Base erosion and profit shifting by multinational corporations and weaknesses revealed in South African income tax legislation
- Authors: Peerbhai, Aneesa
- Date: 2015
- Subjects: International business enterprises -- Law and legislation -- South Africa , Corporations -- Taxation -- Law and legislation -- South Africa , Tax planning -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:917 , http://hdl.handle.net/10962/d1017540
- Description: This research examined the concept of base erosion and profit shifting in the context of tax schemes employed by multinational corporations. The objective of this thesis was to identify weaknesses within South Africa’s income tax legislation, based on these schemes, and further to propose recommendations to counter the occurrence of base erosion and profit shifting by multinational companies. The research also comprised of a limited review of current global and South African initiatives to address the problem of base erosion and profit shifting. It was concluded that there are a number of weaknesses in the definitions and provisions of the South African income tax legislation that need to be addressed in order to reduce base erosion and profit shifting. Brief recommendations were proposed in relation to each of the weaknesses, in order to address them.
- Full Text:
- Authors: Peerbhai, Aneesa
- Date: 2015
- Subjects: International business enterprises -- Law and legislation -- South Africa , Corporations -- Taxation -- Law and legislation -- South Africa , Tax planning -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:917 , http://hdl.handle.net/10962/d1017540
- Description: This research examined the concept of base erosion and profit shifting in the context of tax schemes employed by multinational corporations. The objective of this thesis was to identify weaknesses within South Africa’s income tax legislation, based on these schemes, and further to propose recommendations to counter the occurrence of base erosion and profit shifting by multinational companies. The research also comprised of a limited review of current global and South African initiatives to address the problem of base erosion and profit shifting. It was concluded that there are a number of weaknesses in the definitions and provisions of the South African income tax legislation that need to be addressed in order to reduce base erosion and profit shifting. Brief recommendations were proposed in relation to each of the weaknesses, in order to address them.
- Full Text:
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:
- 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:
Earnings quality and equity returns : evidence of the accrual anomaly from the South African equity market
- Authors: Lutchmun, Thashveen
- Date: 2015
- Subjects: Earnings management -- South Africa , Accounting -- Standards
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:915 , http://hdl.handle.net/10962/d1017537
- Description: A key incentive for accounting research is to provide evidence on the usefulness of earnings in making economic decisions. Of particular interest over the last two decades is the issue of the quality of financial reporting, specifically the quality of earnings, given the number of global financial scandals reported during that period. The quality of earnings is driven by the choices, estimates and judgments that the accounting standards make available to managers in order to portray the firm’s economic position and performance in a timely and credible manner. However, this leeway in financial reporting also creates opportunities for earnings management. The objective of this thesis is firstly to establish whether earnings manipulation has had the ability to predict cross-sectional returns in South Africa during the 2007-2014 period. In other words, the purpose of this thesis is to find evidence whether the market reacts to earnings management practices, as measured by accruals, and rewards high earnings quality companies with higher equity returns (a process known as the accrual anomaly). The timeframe selected for the research encompasses the global financial crisis, a period in which accounting manipulation incentives are likely to be strong. Secondly, this study attempts to establish the presence of the accrual anomaly amongst growth and value firms. The motivations for earnings management of the former are expected to be strong. Securities are allocated to portfolios according to accruals and the subsequent equity returns are analysed cross-sectionally to establish the existence of the accrual anomaly and hence assessing the usefulness of earnings manipulation in predicting equity returns. To provide evidence for the presence of the accrual anomaly amongst growth and value shares, securities are independently allocated to portfolios according to their book-to-market ratio and accruals and a cross-sectional analysis is performed on their subsequent equity returns. In order to increase the robustness of the tests, two measures of accruals are used: a balance sheet approach and a cash flow measure. Evidence is provided for the presence of the accrual anomaly among South African listed companies for the balance sheet measure of accruals but not the cash flow approach. Whilst the accrual anomaly is significantly present in a growth-neutral-value construct, statistical significance is not established when growth and value shares are considered individually.
- Full Text:
- Authors: Lutchmun, Thashveen
- Date: 2015
- Subjects: Earnings management -- South Africa , Accounting -- Standards
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:915 , http://hdl.handle.net/10962/d1017537
- Description: A key incentive for accounting research is to provide evidence on the usefulness of earnings in making economic decisions. Of particular interest over the last two decades is the issue of the quality of financial reporting, specifically the quality of earnings, given the number of global financial scandals reported during that period. The quality of earnings is driven by the choices, estimates and judgments that the accounting standards make available to managers in order to portray the firm’s economic position and performance in a timely and credible manner. However, this leeway in financial reporting also creates opportunities for earnings management. The objective of this thesis is firstly to establish whether earnings manipulation has had the ability to predict cross-sectional returns in South Africa during the 2007-2014 period. In other words, the purpose of this thesis is to find evidence whether the market reacts to earnings management practices, as measured by accruals, and rewards high earnings quality companies with higher equity returns (a process known as the accrual anomaly). The timeframe selected for the research encompasses the global financial crisis, a period in which accounting manipulation incentives are likely to be strong. Secondly, this study attempts to establish the presence of the accrual anomaly amongst growth and value firms. The motivations for earnings management of the former are expected to be strong. Securities are allocated to portfolios according to accruals and the subsequent equity returns are analysed cross-sectionally to establish the existence of the accrual anomaly and hence assessing the usefulness of earnings manipulation in predicting equity returns. To provide evidence for the presence of the accrual anomaly amongst growth and value shares, securities are independently allocated to portfolios according to their book-to-market ratio and accruals and a cross-sectional analysis is performed on their subsequent equity returns. In order to increase the robustness of the tests, two measures of accruals are used: a balance sheet approach and a cash flow measure. Evidence is provided for the presence of the accrual anomaly among South African listed companies for the balance sheet measure of accruals but not the cash flow approach. Whilst the accrual anomaly is significantly present in a growth-neutral-value construct, statistical significance is not established when growth and value shares are considered individually.
- Full Text:
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:
- 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:
Formulating an IT governance framework
- Authors: Roos, Pieter
- Date: 2015
- Subjects: Corporate governance -- Information technology -- South Africa , Information technology -- Management
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1156 , http://hdl.handle.net/10962/d1017541
- Description: Modern organisations make substantial investments in Information Technology (IT). Corporate governance practices can no longer ignore the importance of effectively governing IT. Consequently, the third King Report on Corporate Governance (King III) makes specific provision for IT governance, which is implemented through the establishment of an IT governance framework. The purpose of this research is to develop a generic IT governance framework, suitable to any large South African organisation in the public or private sector. The literature considered for this research confirmed the extent of standards and practices available in support of IT governance, together with the roles and structures required to implement them. These included well-known publications such as COBIT, Prince2, ITIL and ISO/IEC27000. Based on the literature review, a theoretical Processes, Enablers and Structures (PES) IT Governance Framework was formulated. The framework was further explored by means of a survey of and structured interview with ten Chief Information Officers (CIOs) of South African organisations with a turnover in excess of R1bn per annum. The final PES IT Governance Framework comprises three dimensions, each of which contains a set of constituent components: • Processes: Strategic Alignment, Value Delivery, Resource Management, Risk Management and Performance Measurement. • Enablers: IT Sub Processes, Supporting Documentation, IT Control Framework, Technology Architecture, Desirable Practice, IT Portfolio Management and Regulation. • Structures: The Board, Office of the CIO, IT Steering Committee, Technology Architecture Forum, IT Programme Management Office and Information Security Organisation. As the number of regulatory requirements and associated compliance pressures grow, the importance of an effective IT governance framework also becomes more prominent. The PES IT Governance Framework offers a uniquely practical approach to addressing IT governance principles that are often regarded as abstract. The final PES IT Governance Framework provides clear guidance on how organisations could implement an IT governance framework, which addresses the strategic alignment of IT to business, value delivery by IT investments, IT risk management, IT resource management and IT performance measurement.
- Full Text:
- Authors: Roos, Pieter
- Date: 2015
- Subjects: Corporate governance -- Information technology -- South Africa , Information technology -- Management
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1156 , http://hdl.handle.net/10962/d1017541
- Description: Modern organisations make substantial investments in Information Technology (IT). Corporate governance practices can no longer ignore the importance of effectively governing IT. Consequently, the third King Report on Corporate Governance (King III) makes specific provision for IT governance, which is implemented through the establishment of an IT governance framework. The purpose of this research is to develop a generic IT governance framework, suitable to any large South African organisation in the public or private sector. The literature considered for this research confirmed the extent of standards and practices available in support of IT governance, together with the roles and structures required to implement them. These included well-known publications such as COBIT, Prince2, ITIL and ISO/IEC27000. Based on the literature review, a theoretical Processes, Enablers and Structures (PES) IT Governance Framework was formulated. The framework was further explored by means of a survey of and structured interview with ten Chief Information Officers (CIOs) of South African organisations with a turnover in excess of R1bn per annum. The final PES IT Governance Framework comprises three dimensions, each of which contains a set of constituent components: • Processes: Strategic Alignment, Value Delivery, Resource Management, Risk Management and Performance Measurement. • Enablers: IT Sub Processes, Supporting Documentation, IT Control Framework, Technology Architecture, Desirable Practice, IT Portfolio Management and Regulation. • Structures: The Board, Office of the CIO, IT Steering Committee, Technology Architecture Forum, IT Programme Management Office and Information Security Organisation. As the number of regulatory requirements and associated compliance pressures grow, the importance of an effective IT governance framework also becomes more prominent. The PES IT Governance Framework offers a uniquely practical approach to addressing IT governance principles that are often regarded as abstract. The final PES IT Governance Framework provides clear guidance on how organisations could implement an IT governance framework, which addresses the strategic alignment of IT to business, value delivery by IT investments, IT risk management, IT resource management and IT performance measurement.
- Full Text:
Impact of the global financial crisis on economic growth: implications for South Africa and other developing economies
- Authors: Savy, Neil Edward
- Date: 2015
- Subjects: Global Financial Crisis, 2008-2009 , Gross domestic product -- Developing countries , Gross domestic product -- South Africa , Economic forecasting -- South Africa , Economic forecasting -- Developing countries , Economic development -- South Africa , Economic development -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1117 , http://hdl.handle.net/10962/d1017542
- Description: This paper examines the impact of the recent global financial crisis on economic growth in developing economies and South Africa in particular. It explores whether the events experienced by developing countries conform to what would be anticipated from economic theory. This is done by firstly comparing country growth forecasts for 2012 captured in 2008 at the beginning of the crisis to actual 2012 GDP growth data. Secondly, panel data analysis is used to investigate three important transmission channels, namely those of Trade, Capital Flows and Exchange Rates for 25 developing economies. The results suggest that economic forecasters in 2008 on average overestimated GDP growth for 2012 by -21.6 percent (excluding Venezuela). The only important transmission channel identified using Trend analysis to explain this negative impact on growth was capital flows. However when using Panel regression analysis all three channels were found to explain the economic impact of the crisis on GDP growth for developing countries, conforming to economic theory. It was discovered that, contrary to what was initially expected, portfolio inflows actually increased for most developing countries during the crisis. This possibly can be explained by the impact of quantitative easing in the USA. South Africa was found to have been negatively impacted by the global financial crisis, but to a lesser extent when compared to most other developing countries. The findings are important for global investors looking for new investment opportunities. The extent to which individual economies are “decoupled” from developed economies’ performance provides possible opportunities for diversifying risk through a geographic spread of investor portfolios.
- Full Text:
- Authors: Savy, Neil Edward
- Date: 2015
- Subjects: Global Financial Crisis, 2008-2009 , Gross domestic product -- Developing countries , Gross domestic product -- South Africa , Economic forecasting -- South Africa , Economic forecasting -- Developing countries , Economic development -- South Africa , Economic development -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1117 , http://hdl.handle.net/10962/d1017542
- Description: This paper examines the impact of the recent global financial crisis on economic growth in developing economies and South Africa in particular. It explores whether the events experienced by developing countries conform to what would be anticipated from economic theory. This is done by firstly comparing country growth forecasts for 2012 captured in 2008 at the beginning of the crisis to actual 2012 GDP growth data. Secondly, panel data analysis is used to investigate three important transmission channels, namely those of Trade, Capital Flows and Exchange Rates for 25 developing economies. The results suggest that economic forecasters in 2008 on average overestimated GDP growth for 2012 by -21.6 percent (excluding Venezuela). The only important transmission channel identified using Trend analysis to explain this negative impact on growth was capital flows. However when using Panel regression analysis all three channels were found to explain the economic impact of the crisis on GDP growth for developing countries, conforming to economic theory. It was discovered that, contrary to what was initially expected, portfolio inflows actually increased for most developing countries during the crisis. This possibly can be explained by the impact of quantitative easing in the USA. South Africa was found to have been negatively impacted by the global financial crisis, but to a lesser extent when compared to most other developing countries. The findings are important for global investors looking for new investment opportunities. The extent to which individual economies are “decoupled” from developed economies’ performance provides possible opportunities for diversifying risk through a geographic spread of investor portfolios.
- Full Text:
Livelihoods and climate change in Hamburg: issues for food security
- Authors: Martens, Brendon
- Date: 2015
- Subjects: Climatic changes -- South Africa -- Eastern Cape. , Climatic changes -- Risk management -- South Africa -- Eastern Cape , Climatic changes -- Effect of human beings on , Climatic changes -- Agriculture
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1116 , http://hdl.handle.net/10962/d1017538
- Description: Climate change continues to present a major challenge to food security around the world. The potential impact of climate change of rural livelihoods is especially significant as rural communities often rely heavily on natural resources to sustain their livelihoods and, hence, food security. This is applicable to the rural town of Hamburg, on the Eastern Cape coast of South Africa. The Sustainable Rural Livelihoods framework analyses livelihoods in terms of the context, available capitals and institutional framework that determines the livelihood strategies and outcomes for rural households. In terms of livelihood outcomes for Hamburg, it was found that the households have a heavy reliance on state grants in their livelihood portfolios. Natural resources, in the form of agriculture and harvesting of marine organisms, played only a supplementary role in livelihood strategies. Thus, given that climate change would impact negatively on the estuarine resources and the impact on agriculture is unknown as the climate becomes wetter and hotter, the impact on livelihoods and food security would not be significant. However, the sustainability of current livelihood strategies is questionable as grants, by their very nature, or unsustainable and therefore can result in vulnerability and food insecurity in the long-run for households. It is recommended that grants should be issued within the community, instead of in the distant town of Peddie, to help develop the local economy and reduce leakages. This would allow for diversification of livelihood strategies in Hamburg. In addition, government support through extension officers should be extended to Hamburg to assist in developing the local agriculture sector
- Full Text:
- Authors: Martens, Brendon
- Date: 2015
- Subjects: Climatic changes -- South Africa -- Eastern Cape. , Climatic changes -- Risk management -- South Africa -- Eastern Cape , Climatic changes -- Effect of human beings on , Climatic changes -- Agriculture
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1116 , http://hdl.handle.net/10962/d1017538
- Description: Climate change continues to present a major challenge to food security around the world. The potential impact of climate change of rural livelihoods is especially significant as rural communities often rely heavily on natural resources to sustain their livelihoods and, hence, food security. This is applicable to the rural town of Hamburg, on the Eastern Cape coast of South Africa. The Sustainable Rural Livelihoods framework analyses livelihoods in terms of the context, available capitals and institutional framework that determines the livelihood strategies and outcomes for rural households. In terms of livelihood outcomes for Hamburg, it was found that the households have a heavy reliance on state grants in their livelihood portfolios. Natural resources, in the form of agriculture and harvesting of marine organisms, played only a supplementary role in livelihood strategies. Thus, given that climate change would impact negatively on the estuarine resources and the impact on agriculture is unknown as the climate becomes wetter and hotter, the impact on livelihoods and food security would not be significant. However, the sustainability of current livelihood strategies is questionable as grants, by their very nature, or unsustainable and therefore can result in vulnerability and food insecurity in the long-run for households. It is recommended that grants should be issued within the community, instead of in the distant town of Peddie, to help develop the local economy and reduce leakages. This would allow for diversification of livelihood strategies in Hamburg. In addition, government support through extension officers should be extended to Hamburg to assist in developing the local agriculture sector
- Full Text:
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:
- 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:
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:
- 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:
Sources of change in the money stock
- Smith, Robert Ayreton Bailey
- Authors: Smith, Robert Ayreton Bailey
- Date: 2015
- Subjects: Money supply -- South Africa , Money -- South Africa , Banks and banking, Central -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1118 , http://hdl.handle.net/10962/d1017543
- Description: This research provides an historical, theoretical and practical appraisal of exogenous and endogenous money and money creation, with South Africa as the focus of the practical investigation. Monetary theory of recent decades can be categorised as belonging to one of two distinct paradigms: mainstream (neoclassical) or post Keynesian. The mainstream (orthodox) view presents a Euclidian or Cartesian, ergodic, deductive, and axiomatic theoretical interpretation of the world. This is perpetuated through the continued, and inaccurate, depiction in academia of exogenous money creation, the money multiplier concept, asset transformation by banks, imposed alterations to the money stock by central banks and long-run closed system equilibrium models (and associated homogeneity, and long term behavioural assumptions). In the real world, economic agents, structures, institutions and their interrelations are perpetually evolving. The post Keynesian paradigm provides the theoretical framework within which to understand such a world. Unfortunately the necessity for a multiplicity of methods and methodology makes it a paradigm that is currently prohibitively complex, preventing simple exposition. Money creation should, both historically, and according to the analysis conducted, be defined according to the actual source of change in the money stock, that is, credit extension. In a nonergodic world, changes in the stock of money take on a causal role with regard the initiation of productive processes, and thus influence future economic conditions. The simple, although powerful, technique of balance sheet analysis conducted herein provides a detailed method of identification of causal changes in money stock. Within the context of the institutional and structural environment, it clearly demonstrates the residual nature of money m modern economies. This research serves to emphasise the importance of monetary matters for economic management, as well as the important difference between the money creation process and the residual deposit securities. It serves also to discourage the perpetuation of fallacies of money creation, and capabilities of monetary authorities. In South Africa, as in most countries, the central bank can influence the conditions under which borrowers and banks mutually create money, but do not themselves create or distribute money beyond the facilitation of credit extension by banks
- Full Text:
- Authors: Smith, Robert Ayreton Bailey
- Date: 2015
- Subjects: Money supply -- South Africa , Money -- South Africa , Banks and banking, Central -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1118 , http://hdl.handle.net/10962/d1017543
- Description: This research provides an historical, theoretical and practical appraisal of exogenous and endogenous money and money creation, with South Africa as the focus of the practical investigation. Monetary theory of recent decades can be categorised as belonging to one of two distinct paradigms: mainstream (neoclassical) or post Keynesian. The mainstream (orthodox) view presents a Euclidian or Cartesian, ergodic, deductive, and axiomatic theoretical interpretation of the world. This is perpetuated through the continued, and inaccurate, depiction in academia of exogenous money creation, the money multiplier concept, asset transformation by banks, imposed alterations to the money stock by central banks and long-run closed system equilibrium models (and associated homogeneity, and long term behavioural assumptions). In the real world, economic agents, structures, institutions and their interrelations are perpetually evolving. The post Keynesian paradigm provides the theoretical framework within which to understand such a world. Unfortunately the necessity for a multiplicity of methods and methodology makes it a paradigm that is currently prohibitively complex, preventing simple exposition. Money creation should, both historically, and according to the analysis conducted, be defined according to the actual source of change in the money stock, that is, credit extension. In a nonergodic world, changes in the stock of money take on a causal role with regard the initiation of productive processes, and thus influence future economic conditions. The simple, although powerful, technique of balance sheet analysis conducted herein provides a detailed method of identification of causal changes in money stock. Within the context of the institutional and structural environment, it clearly demonstrates the residual nature of money m modern economies. This research serves to emphasise the importance of monetary matters for economic management, as well as the important difference between the money creation process and the residual deposit securities. It serves also to discourage the perpetuation of fallacies of money creation, and capabilities of monetary authorities. In South Africa, as in most countries, the central bank can influence the conditions under which borrowers and banks mutually create money, but do not themselves create or distribute money beyond the facilitation of credit extension by banks
- Full Text:
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:
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:
Taxing the Minerals Sector in South Africa: a comparative analysis of the proposed tax model for South Africa and the models adopted in selected African countries
- Authors: Van den Berg, Jana
- Date: 2015
- Subjects: Industrial minerals -- Taxation -- South Africa , Industrial minerals -- Taxation -- Developing countries , Industrial minerals -- Law and legislation -- South Africa , Industrial minerals -- Law and legislation -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:919 , http://hdl.handle.net/10962/d1017545
- Description: The State Intervention in the Minerals Sector Report emerged as a resolution during the 3rd National General Council Resolution on Economic Transformation held in 2012, during which the Council stated that: “The ANC’s approach to economic transformation of the South African economy should always be holistic and comprehensive, covering all sectors of the economy. In this regard, the ANC should ensure greater state involvement and control of strategic sectors of the economy, such as mining, energy, the financial sector and others.” It was for this reason that the National General Council mandated the National Executive Committee to ensure that further work be done on ways in which the African National Congress can implement economic transformation in sectors such as the mining industry. It was suggested that methods including research, study tours and discussions be conducted to gather the required information. As a result of the research, The State Intervention in the Minerals Sector Report emerged. In The State Intervention in the Minerals Sector Report, the mineral sectors of developed as well as developing countries are compared with each other. The developing countries compared included Botswana, Zambia, Ghana, Liberia and Sierra Leone, and these countries have also been selected for the purpose of comparison in the present research. The goal of this study is to analyse the recommendations made in The State Intervention in the Minerals Sector Report regarding State involvement in the minerals sector. To determine whether the economic situation in South Africa is comparable to the five other African countries, an analysis based on demographic indicators, the history of the minerals sector in the various countries, its contribution to the fiscal regime of that country, its economic contribution, as well as the extent of involvement from Government and the model implemented for its involvement, is conducted. According to a work paper published by the World Bank on the world development indicators for 2014, control over metal supply to the economy has been considered vital for political and economic reasons in most societies. It further states that most State-owned mining companies have over the years and, in particular, in developing countries, not been able to operate successfully, leading to privatisation. Poor performance is, however, not necessarily the reason for State ownership. Areas not addressed by this thesis include the Gold Mining industry in South Africa and the Diamond mining industry in Botswana.
- Full Text:
- Authors: Van den Berg, Jana
- Date: 2015
- Subjects: Industrial minerals -- Taxation -- South Africa , Industrial minerals -- Taxation -- Developing countries , Industrial minerals -- Law and legislation -- South Africa , Industrial minerals -- Law and legislation -- Developing countries
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:919 , http://hdl.handle.net/10962/d1017545
- Description: The State Intervention in the Minerals Sector Report emerged as a resolution during the 3rd National General Council Resolution on Economic Transformation held in 2012, during which the Council stated that: “The ANC’s approach to economic transformation of the South African economy should always be holistic and comprehensive, covering all sectors of the economy. In this regard, the ANC should ensure greater state involvement and control of strategic sectors of the economy, such as mining, energy, the financial sector and others.” It was for this reason that the National General Council mandated the National Executive Committee to ensure that further work be done on ways in which the African National Congress can implement economic transformation in sectors such as the mining industry. It was suggested that methods including research, study tours and discussions be conducted to gather the required information. As a result of the research, The State Intervention in the Minerals Sector Report emerged. In The State Intervention in the Minerals Sector Report, the mineral sectors of developed as well as developing countries are compared with each other. The developing countries compared included Botswana, Zambia, Ghana, Liberia and Sierra Leone, and these countries have also been selected for the purpose of comparison in the present research. The goal of this study is to analyse the recommendations made in The State Intervention in the Minerals Sector Report regarding State involvement in the minerals sector. To determine whether the economic situation in South Africa is comparable to the five other African countries, an analysis based on demographic indicators, the history of the minerals sector in the various countries, its contribution to the fiscal regime of that country, its economic contribution, as well as the extent of involvement from Government and the model implemented for its involvement, is conducted. According to a work paper published by the World Bank on the world development indicators for 2014, control over metal supply to the economy has been considered vital for political and economic reasons in most societies. It further states that most State-owned mining companies have over the years and, in particular, in developing countries, not been able to operate successfully, leading to privatisation. Poor performance is, however, not necessarily the reason for State ownership. Areas not addressed by this thesis include the Gold Mining industry in South Africa and the Diamond mining industry in Botswana.
- Full Text:
Teacher perceptions regarding training and their subsequent ability to integrate ICTs into marginalised rural schools : The ICT4RED Case Study
- Authors: Nkula, Kanya Zonke
- Date: 2015
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:20978 , http://hdl.handle.net/10962/5798
- Description: It is well documented that Information and Communication Technologies (ICTs) play an important role in education and that their use is associated with improving student learning and adding value to the curriculum. However, despite the opportunities that ICTs offer, numerous schools in South Africa face various barriers that result in the limited use of ICTs in the classroom. Literature has highlighted the lack of integration as one of these barriers. Teachers focus on teaching about ICTs where the focus is on developing computer literacy or technical knowledge rather than allowing students to learn through or with ICTs. This thesis aims to explore the concept of ICT integration in rural schools, where ICTs form an integral part of teaching and learning practices. It presents a number of theoretical considerations for ICT integration with a particular focus on teacher pedagogical beliefs and barriers to integration. Using interpretivism as the underlying philosophy and thematic analysis as the analysis tool, the author reflects on ICT integration in the ICT4RED project at Arthur Mfebe Senior Secondary School in the Eastern Cape Province. Furthermore, this thesis offers an in-depth understanding of integration barriers in rural marginalised schools. These barriers are presented in Thematic Maps as well as a framework which incorporates both theoretical considerations and themes that emerged from fieldwork.
- Full Text:
- Authors: Nkula, Kanya Zonke
- Date: 2015
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:20978 , http://hdl.handle.net/10962/5798
- Description: It is well documented that Information and Communication Technologies (ICTs) play an important role in education and that their use is associated with improving student learning and adding value to the curriculum. However, despite the opportunities that ICTs offer, numerous schools in South Africa face various barriers that result in the limited use of ICTs in the classroom. Literature has highlighted the lack of integration as one of these barriers. Teachers focus on teaching about ICTs where the focus is on developing computer literacy or technical knowledge rather than allowing students to learn through or with ICTs. This thesis aims to explore the concept of ICT integration in rural schools, where ICTs form an integral part of teaching and learning practices. It presents a number of theoretical considerations for ICT integration with a particular focus on teacher pedagogical beliefs and barriers to integration. Using interpretivism as the underlying philosophy and thematic analysis as the analysis tool, the author reflects on ICT integration in the ICT4RED project at Arthur Mfebe Senior Secondary School in the Eastern Cape Province. Furthermore, this thesis offers an in-depth understanding of integration barriers in rural marginalised schools. These barriers are presented in Thematic Maps as well as a framework which incorporates both theoretical considerations and themes that emerged from fieldwork.
- Full Text: