The impact of internal behavioural decision-making biases on South African collective investment scheme performance
- Authors: Muller, Stacey Leigh
- Date: 2015
- Subjects: Decision making , Investment analysis , Efficient market theory , Consumer behavior , Behavioral assessment , Mutual funds
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1209 , http://hdl.handle.net/10962/d1020308
- Description: Market efficiency, based on people acting rationally, has been the dominating finance theory for most of the 20th and 21st Century’s. This classical finance theory is based on assumptions that people are rational, they absorb all available information and maximise utility. This view is outdated; it has been shown that people are in fact irrational and that this could be the cause of anomalies in the market. Behavioural finance takes into account people, and their natural biases. Behavioural finance has integrated classical financial theories and psychological theories to illustrate the way in which irrational people can impact market efficiency. This research looks at the way collective investment scheme manager decision-making can impact market efficiency. Specifically the behavioural biases: overconfidence, over optimism, loss aversion and frame dependence and whether or not collective investment scheme performance is affected by these. This research was carried out using a questionnaire distributed directly to CIS managers and risk-adjusted returns were used in order to allow for comparative results. The results from the questionnaire show evidence that actively managing South African CIS managers do indeed suffer from overconfidence and loss aversion and they do not appear to suffer from frame dependence or over optimism in this research context. There was also evidence showing that managers who suffer from these biases also demonstrated lower investment returns. “The investor’s chief problem, and even his worst enemy, is likely to be himself.” - Benjamin Graham
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- Authors: Muller, Stacey Leigh
- Date: 2015
- Subjects: Decision making , Investment analysis , Efficient market theory , Consumer behavior , Behavioral assessment , Mutual funds
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1209 , http://hdl.handle.net/10962/d1020308
- Description: Market efficiency, based on people acting rationally, has been the dominating finance theory for most of the 20th and 21st Century’s. This classical finance theory is based on assumptions that people are rational, they absorb all available information and maximise utility. This view is outdated; it has been shown that people are in fact irrational and that this could be the cause of anomalies in the market. Behavioural finance takes into account people, and their natural biases. Behavioural finance has integrated classical financial theories and psychological theories to illustrate the way in which irrational people can impact market efficiency. This research looks at the way collective investment scheme manager decision-making can impact market efficiency. Specifically the behavioural biases: overconfidence, over optimism, loss aversion and frame dependence and whether or not collective investment scheme performance is affected by these. This research was carried out using a questionnaire distributed directly to CIS managers and risk-adjusted returns were used in order to allow for comparative results. The results from the questionnaire show evidence that actively managing South African CIS managers do indeed suffer from overconfidence and loss aversion and they do not appear to suffer from frame dependence or over optimism in this research context. There was also evidence showing that managers who suffer from these biases also demonstrated lower investment returns. “The investor’s chief problem, and even his worst enemy, is likely to be himself.” - Benjamin Graham
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The role of leadership style and organisational structure in organisational effectiveness: a case study
- Authors: Messaris, Annette
- Date: 2015
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/54452 , vital:26566
- Description: This research explores the role leadership style and organisational structure play in organisational effectiveness. Organisational effectiveness is one of the more complex terms to define although essential to understand in order for an organisation to grow and develop. A small to medium wine sales and distribution organisation, its leadership style and organisational structure were chosen as a focus of this case study. Organisational effectiveness in this study is understood by the terms growth and development using the Greiner Theory of Evolution and Revolution (1983). The literature explores the role of leadership style in organisational effectiveness by exploring various theories and focusing on The Full Range Leadership Model by Bass and Avolio (1994). In order to analyse the role of organisational structure in organisational effectiveness, the different forms of organisational structure and the role they have on the organisation’s ability to grow and develop are explored. The primary purpose of this study is to investigate the role leadership style and organisational structure play in organisational effectiveness. A qualitative content analysis paradigm was used with a Case Study method. The data was gathered using structured interviews conducted on all 39 permanent staff members, day to day observation and the Multifactor Leadership Questionnaire (MLQ). The MLQ is used as a supporting tool to verify the leadership findings in the interviews. The data was analysed using NVivo10 and STATISTICA to gain insight into the leadership style and organisational structure of the organisation. The findings reflected that certain themes were repeatedly mentioned in the interviews and the definition of organisational effectiveness: structured leadership, more active leadership, lack of communication, staff motivation, staff training and development and organisational culture. As regards organisational structure, the following themes arose: The need for regular meetings, increased team work and more structured job descriptions. Through the analysis of all the components, leadership style and organisational structure were identified as having a significant role in organisational effectiveness which will be further analysed in this study.
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- Authors: Messaris, Annette
- Date: 2015
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/54452 , vital:26566
- Description: This research explores the role leadership style and organisational structure play in organisational effectiveness. Organisational effectiveness is one of the more complex terms to define although essential to understand in order for an organisation to grow and develop. A small to medium wine sales and distribution organisation, its leadership style and organisational structure were chosen as a focus of this case study. Organisational effectiveness in this study is understood by the terms growth and development using the Greiner Theory of Evolution and Revolution (1983). The literature explores the role of leadership style in organisational effectiveness by exploring various theories and focusing on The Full Range Leadership Model by Bass and Avolio (1994). In order to analyse the role of organisational structure in organisational effectiveness, the different forms of organisational structure and the role they have on the organisation’s ability to grow and develop are explored. The primary purpose of this study is to investigate the role leadership style and organisational structure play in organisational effectiveness. A qualitative content analysis paradigm was used with a Case Study method. The data was gathered using structured interviews conducted on all 39 permanent staff members, day to day observation and the Multifactor Leadership Questionnaire (MLQ). The MLQ is used as a supporting tool to verify the leadership findings in the interviews. The data was analysed using NVivo10 and STATISTICA to gain insight into the leadership style and organisational structure of the organisation. The findings reflected that certain themes were repeatedly mentioned in the interviews and the definition of organisational effectiveness: structured leadership, more active leadership, lack of communication, staff motivation, staff training and development and organisational culture. As regards organisational structure, the following themes arose: The need for regular meetings, increased team work and more structured job descriptions. Through the analysis of all the components, leadership style and organisational structure were identified as having a significant role in organisational effectiveness which will be further analysed in this study.
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The leadership competencies subordinates value : an exploratory study across gender and national culture
- Authors: Gondongwe, Sharon
- Date: 2014
- Subjects: Leadership , Organizational behavior , Organizational behavior -- Cross-cultural studies , Organizational behavior -- Sex differences
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1203 , http://hdl.handle.net/10962/d1015673
- Description: The effectiveness of leadership is largely dependent on whether the leadership competencies exhibited by leaders are congruent with the value system endorsed by subordinates. One of the ways in which leaders can influence subordinates is by understanding the leadership competencies valued by subordinates. Gender and national culture are two of the many factors that have an influence on the leadership competencies valued by subordinates. A large amount of research has been conducted to determine if, indeed, gender and national culture influence the leadership competencies subordinates' value. However, most of this research has been conducted in Europe and North America, places in which national cultures differ significantly from those prevailing in African countries. This study, from a South African and Zimbabwean perspective, attempted to ascertain if gender and national culture influence the leadership competencies they value in their leaders. Existing studies have indicated that gender and national culture do not influence the leadership competencies valued in a leader. The findings of this study are in accordance with previous research and agree that gender and national culture do not influence the leadership competencies valued in a leader. The results of this study indicated that male and female subordinates value similar leadership competencies. With respect to national culture, both South African and Zimbabwean subordinates value similar leadership competencies. Based on the findings of this study, regardless of gender and national culture, all subordinates value a leader who is loyal, visionary, openly embodies integrity, and is a leader who empowers subordinates.
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- Authors: Gondongwe, Sharon
- Date: 2014
- Subjects: Leadership , Organizational behavior , Organizational behavior -- Cross-cultural studies , Organizational behavior -- Sex differences
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1203 , http://hdl.handle.net/10962/d1015673
- Description: The effectiveness of leadership is largely dependent on whether the leadership competencies exhibited by leaders are congruent with the value system endorsed by subordinates. One of the ways in which leaders can influence subordinates is by understanding the leadership competencies valued by subordinates. Gender and national culture are two of the many factors that have an influence on the leadership competencies valued by subordinates. A large amount of research has been conducted to determine if, indeed, gender and national culture influence the leadership competencies subordinates' value. However, most of this research has been conducted in Europe and North America, places in which national cultures differ significantly from those prevailing in African countries. This study, from a South African and Zimbabwean perspective, attempted to ascertain if gender and national culture influence the leadership competencies they value in their leaders. Existing studies have indicated that gender and national culture do not influence the leadership competencies valued in a leader. The findings of this study are in accordance with previous research and agree that gender and national culture do not influence the leadership competencies valued in a leader. The results of this study indicated that male and female subordinates value similar leadership competencies. With respect to national culture, both South African and Zimbabwean subordinates value similar leadership competencies. Based on the findings of this study, regardless of gender and national culture, all subordinates value a leader who is loyal, visionary, openly embodies integrity, and is a leader who empowers subordinates.
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What future graduates will value in their leaders: a study across gender and culture
- Authors: Cox, Andrea
- Date: 2013
- Subjects: Leadership -- South Africa Leadership -- Evaluation -- South Africa Culture -- South Africa Social values -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1195 , http://hdl.handle.net/10962/d1008197
- Description: Effective leadership has been found to be a key determinant of organisational success. Effective leadership does not only involve the ability to influence and inspire others, it is the ability to lead subordinates according to the competencies that they value. The focus of this study is on determining what in fact the future South African graduate workforce will value in a leader. Effective leadership and the competencies that subordinate's value is especially relevant today as leadership is forced to contend with an increasingly diverse workforce. This diversity necessitates the need for a leadership style to be congruent with what subordinates of diverse genders and cultures will value, so to be effective. Existing studies have indicated that gender and culture influence what subordinate's value in a leader, however it is evident from the results of this study, that this is not entirely the case. Regarding gender, the female and male respondents in this study value similar competencies in their leader, indicating that there is no distinct set of competencies that will be valued by male and female graduates. With respect to culture, the respondents value a mixture of competencies that combine both African and Western leadership practices, values and philosophies, indicating that there is no distinct set of competencies that will be valued by African, Coloured, Indian and White graduates. On the basis of this research, the recommendation is that for leaders to be effective in the 21 st century, a leader must be loyal and inspirational, have vision and integrity and lastly must be open and honest with their subordinates
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- Authors: Cox, Andrea
- Date: 2013
- Subjects: Leadership -- South Africa Leadership -- Evaluation -- South Africa Culture -- South Africa Social values -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1195 , http://hdl.handle.net/10962/d1008197
- Description: Effective leadership has been found to be a key determinant of organisational success. Effective leadership does not only involve the ability to influence and inspire others, it is the ability to lead subordinates according to the competencies that they value. The focus of this study is on determining what in fact the future South African graduate workforce will value in a leader. Effective leadership and the competencies that subordinate's value is especially relevant today as leadership is forced to contend with an increasingly diverse workforce. This diversity necessitates the need for a leadership style to be congruent with what subordinates of diverse genders and cultures will value, so to be effective. Existing studies have indicated that gender and culture influence what subordinate's value in a leader, however it is evident from the results of this study, that this is not entirely the case. Regarding gender, the female and male respondents in this study value similar competencies in their leader, indicating that there is no distinct set of competencies that will be valued by male and female graduates. With respect to culture, the respondents value a mixture of competencies that combine both African and Western leadership practices, values and philosophies, indicating that there is no distinct set of competencies that will be valued by African, Coloured, Indian and White graduates. On the basis of this research, the recommendation is that for leaders to be effective in the 21 st century, a leader must be loyal and inspirational, have vision and integrity and lastly must be open and honest with their subordinates
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An evaluation of the postgraduate diploma in Enterprise Management at Rhodes University
- Authors: Earle, Nicola Lynne
- Date: 2012
- Subjects: Rhodes University -- Curricula Education, Higher -- Curricula -- South Africa -- Evaluation Business education -- Curricula -- South Africa -- Evaluation Business education -- Study and teaching -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1180 , http://hdl.handle.net/10962/d1002797
- Description: This research is concerned with the development of entrepreneurship at higher education institutions (HEI). Entrepreneurship is very important in every country as there is a direct correlation between entrepreneurship development and economic growth (Hegarty, 2006). Entrepreneurship education is essential as it assists students who want to start up their own businesses by giving them the relevant skills and knowledge to have a successful business. The purpose of this research is to evaluate the Postgraduate Diploma in Enterprise Management (PDEM) within the Management Department at Rhodes University, Grahamstown. A qualitative approach was implemented which used an adapted version of the Context, Input, Process and Product Model (Stuffelbean, Mckee and Mckee, 2003). Data was collected in the form of interviews and focus group interviews. There were six lecturer interviews, one course coordinator interview and five past student interviews. There were two focus group interviews that took place; this was done so to gather data from seven current PDEM students. The data collected was then analysed through the use of qualitative data analysis techniques. These were sensing themes, constant comparison, recursiveness, inductive and deductive thinking and interpretation to generate meaning (Ruona 2005, cited in Swanson and Holton, 2005). The Management Department aims to equip students to think realistically in terms of starting their own business and to enhance the students’ knowledge and skills so that they are better able to find employment in the corporate and government sectors. The PDEM aims to be an action-learning course and to create an entrepreneurial environment which will encourage students to start up their own businesses. The role of the lecturers and the course coordinator is important as they need to ensure that there is a continuous transfer of knowledge to the students. Students are not expected to be specialists within each subject; however they need to have a basic grounding in order to run a business. Students felt that the Alpha Project was important and useful as it improved their confidence about starting a new business. An issue that was raised about the Alpha Project was that the separation of students into the Alpha Project groups was not executed well. The course was perceived to be disorganised however the students tended to enjoy it and felt that the Management Department was supportive of their businesses.
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- Authors: Earle, Nicola Lynne
- Date: 2012
- Subjects: Rhodes University -- Curricula Education, Higher -- Curricula -- South Africa -- Evaluation Business education -- Curricula -- South Africa -- Evaluation Business education -- Study and teaching -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1180 , http://hdl.handle.net/10962/d1002797
- Description: This research is concerned with the development of entrepreneurship at higher education institutions (HEI). Entrepreneurship is very important in every country as there is a direct correlation between entrepreneurship development and economic growth (Hegarty, 2006). Entrepreneurship education is essential as it assists students who want to start up their own businesses by giving them the relevant skills and knowledge to have a successful business. The purpose of this research is to evaluate the Postgraduate Diploma in Enterprise Management (PDEM) within the Management Department at Rhodes University, Grahamstown. A qualitative approach was implemented which used an adapted version of the Context, Input, Process and Product Model (Stuffelbean, Mckee and Mckee, 2003). Data was collected in the form of interviews and focus group interviews. There were six lecturer interviews, one course coordinator interview and five past student interviews. There were two focus group interviews that took place; this was done so to gather data from seven current PDEM students. The data collected was then analysed through the use of qualitative data analysis techniques. These were sensing themes, constant comparison, recursiveness, inductive and deductive thinking and interpretation to generate meaning (Ruona 2005, cited in Swanson and Holton, 2005). The Management Department aims to equip students to think realistically in terms of starting their own business and to enhance the students’ knowledge and skills so that they are better able to find employment in the corporate and government sectors. The PDEM aims to be an action-learning course and to create an entrepreneurial environment which will encourage students to start up their own businesses. The role of the lecturers and the course coordinator is important as they need to ensure that there is a continuous transfer of knowledge to the students. Students are not expected to be specialists within each subject; however they need to have a basic grounding in order to run a business. Students felt that the Alpha Project was important and useful as it improved their confidence about starting a new business. An issue that was raised about the Alpha Project was that the separation of students into the Alpha Project groups was not executed well. The course was perceived to be disorganised however the students tended to enjoy it and felt that the Management Department was supportive of their businesses.
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Transformational leadership and organisational effectiveness in the administration of cricket in South Africa
- Authors: Ristow, Adrian
- Date: 1998
- Subjects: Cricket--South Africa , Cricket -- South Africa -- Management , Sports administration -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1182 , http://hdl.handle.net/10962/d1002799 , Cricket--South Africa , Cricket -- South Africa -- Management , Sports administration -- South Africa
- Description: After years of isolation from the international sporting arena, South African sports teams have recently achieved much success. This study is concerned specifically with managing for organisational effectiveness in South African cricket. According to the theory of transformational leadership, there should be a positive relationship between this style of leadership and organisational effectiveness. The Multifactor Leadership Questionnaire was used to collect information about leadership while data for organisational effectiveness, the dependent variable, was collected using the Effectiveness Survey for Cricket Administration. Most of the results regarding the relationship of the transformational leadership factors and organisational effectiveness were significant. On the other hand, most of the results regarding the relationship of the transactional leadership factors and organisational effectiveness were not significant. The overall results provide general support of the relevance of the transformational leadership theory in the context of cricket administration in South Africa. The results also support Bass's (1990b) argument of the universal application of the transformational leadership theory.
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- Authors: Ristow, Adrian
- Date: 1998
- Subjects: Cricket--South Africa , Cricket -- South Africa -- Management , Sports administration -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1182 , http://hdl.handle.net/10962/d1002799 , Cricket--South Africa , Cricket -- South Africa -- Management , Sports administration -- South Africa
- Description: After years of isolation from the international sporting arena, South African sports teams have recently achieved much success. This study is concerned specifically with managing for organisational effectiveness in South African cricket. According to the theory of transformational leadership, there should be a positive relationship between this style of leadership and organisational effectiveness. The Multifactor Leadership Questionnaire was used to collect information about leadership while data for organisational effectiveness, the dependent variable, was collected using the Effectiveness Survey for Cricket Administration. Most of the results regarding the relationship of the transformational leadership factors and organisational effectiveness were significant. On the other hand, most of the results regarding the relationship of the transactional leadership factors and organisational effectiveness were not significant. The overall results provide general support of the relevance of the transformational leadership theory in the context of cricket administration in South Africa. The results also support Bass's (1990b) argument of the universal application of the transformational leadership theory.
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