The current role of modern portfolio theory in asset management practice in South Africa
- Authors: Garaba, Masimba
- Date: 2005
- Subjects: Portfolio management -- South Africa , Investments -- South Africa , Bank investments -- Mathematical models , Capital assets pricing model , Asset -- Liability management , Money market -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:965 , http://hdl.handle.net/10962/d1002699 , Portfolio management -- South Africa , Investments -- South Africa , Bank investments -- Mathematical models , Capital assets pricing model , Asset -- Liability management , Money market -- South Africa
- Description: This research examines the role that modern portfolio theory (MPT) plays in current South Africa asset management practice in comparison to other portfolio management techniques and security evaluation methods. The purpose of asset management is to pool complementary financial market expertise, in order to generate returns in excess of the market return on the investments of the owners of financial resources that are entrusted to the firm, since the owners of financial resources might not be able to make superior investment decisions on their own. The research presents and discusses the literature pertaining to modern portfolio theory, traditional portfolio theory (fundamental and technical analyses), and behavioural finance theory. The implication of the efficient market hypothesis in relation to all the portfolio management theories is also presented and discussed. In line with a positivist paradigm, the survey research methodology, which combines both qualitative and quantitative aspects, was adopted. The instrument used for data collection was a questionnaire, which was found to be reliable and valid for this research. The questionnaire encompassed the Lickert scale to measure the data. The results of the analysis were interpreted using descriptive statistics. The results of this research suggest that modern portfolio theory does not play a significant role in the management of portfolios and security evaluation in South Africa. South African asset managers regard fundamental analysis as the most significant method of security evaluation in the management of portfolios. Technical analysis and econometric models are regarded as playing a moderate role and complement fundamental analysis whilst behavioural finance models play the least role. This research recommends an integrated portfolio management strategy that incorporates MPT, traditional portfolio theory and behavioural finance models to enhance investor value and protection.
- Full Text:
- Authors: Garaba, Masimba
- Date: 2005
- Subjects: Portfolio management -- South Africa , Investments -- South Africa , Bank investments -- Mathematical models , Capital assets pricing model , Asset -- Liability management , Money market -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:965 , http://hdl.handle.net/10962/d1002699 , Portfolio management -- South Africa , Investments -- South Africa , Bank investments -- Mathematical models , Capital assets pricing model , Asset -- Liability management , Money market -- South Africa
- Description: This research examines the role that modern portfolio theory (MPT) plays in current South Africa asset management practice in comparison to other portfolio management techniques and security evaluation methods. The purpose of asset management is to pool complementary financial market expertise, in order to generate returns in excess of the market return on the investments of the owners of financial resources that are entrusted to the firm, since the owners of financial resources might not be able to make superior investment decisions on their own. The research presents and discusses the literature pertaining to modern portfolio theory, traditional portfolio theory (fundamental and technical analyses), and behavioural finance theory. The implication of the efficient market hypothesis in relation to all the portfolio management theories is also presented and discussed. In line with a positivist paradigm, the survey research methodology, which combines both qualitative and quantitative aspects, was adopted. The instrument used for data collection was a questionnaire, which was found to be reliable and valid for this research. The questionnaire encompassed the Lickert scale to measure the data. The results of the analysis were interpreted using descriptive statistics. The results of this research suggest that modern portfolio theory does not play a significant role in the management of portfolios and security evaluation in South Africa. South African asset managers regard fundamental analysis as the most significant method of security evaluation in the management of portfolios. Technical analysis and econometric models are regarded as playing a moderate role and complement fundamental analysis whilst behavioural finance models play the least role. This research recommends an integrated portfolio management strategy that incorporates MPT, traditional portfolio theory and behavioural finance models to enhance investor value and protection.
- Full Text:
The Grameen Bank model of microcredit and its relevance for South Africa
- Authors: Akpan, Iniobong Wilson
- Date: 2005
- Subjects: Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:980 , http://hdl.handle.net/10962/d1002714 , Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Description: Among the reasons for financial exclusion is the fact that the poor, being largely illiterate and unemployed, are traditionally perceived as ‘bad credit risks’. This is the dominant perception of the poor in the formal credit markets – a perception that also exists in the microcredit sector. In other words, while information asymmetry is a recognized problem in lender-borrower relationships, lenders consider the problem particularly severe when they contemplate doing business with the poor. A contrasting paradigm, such as the one adopted by Grameen Bank of Bangladesh, views the poor as possessing economic potentials that have not been tapped – that is, as ‘good credit risks’. Grameen Bank’s microcredit features appear to have successfully mitigated the problems of information asymmetry and, to a large extent, made it possible for the poor to access microenterprise credit. Using the Grameen Bank model as a benchmark, this study examined the lending features of private sector microlenders in South Africa and those of KhulaStart (credit) scheme. The aim was to identify how the lending features affect microenterprise credit access. Primary data were obtained through interviews, while relevant secondary data were also used in the study. A key finding of the study was that while the Khulastart scheme was, like Grameencredit, targeted at the poor, the method of its delivery appeared diluted or unduly influenced by the conventional (private sector) paradigm that pre-classifies people as ‘good’ or ‘bad’ credit risks. As a result, the scheme was not robust enough to support microenterprise credit access. This has consequences for job-creation and poverty reduction. Based on the findings, the study maintains that a realistic broadening of microenterprise credit access will not occur unless there is a fundamental paradigm shift in microcredit practices, and unless measures designed to mitigate information asymmetries are sensitive to the historical, economic and sociocultural realities of the South African poor.
- Full Text:
- Authors: Akpan, Iniobong Wilson
- Date: 2005
- Subjects: Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:980 , http://hdl.handle.net/10962/d1002714 , Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Description: Among the reasons for financial exclusion is the fact that the poor, being largely illiterate and unemployed, are traditionally perceived as ‘bad credit risks’. This is the dominant perception of the poor in the formal credit markets – a perception that also exists in the microcredit sector. In other words, while information asymmetry is a recognized problem in lender-borrower relationships, lenders consider the problem particularly severe when they contemplate doing business with the poor. A contrasting paradigm, such as the one adopted by Grameen Bank of Bangladesh, views the poor as possessing economic potentials that have not been tapped – that is, as ‘good credit risks’. Grameen Bank’s microcredit features appear to have successfully mitigated the problems of information asymmetry and, to a large extent, made it possible for the poor to access microenterprise credit. Using the Grameen Bank model as a benchmark, this study examined the lending features of private sector microlenders in South Africa and those of KhulaStart (credit) scheme. The aim was to identify how the lending features affect microenterprise credit access. Primary data were obtained through interviews, while relevant secondary data were also used in the study. A key finding of the study was that while the Khulastart scheme was, like Grameencredit, targeted at the poor, the method of its delivery appeared diluted or unduly influenced by the conventional (private sector) paradigm that pre-classifies people as ‘good’ or ‘bad’ credit risks. As a result, the scheme was not robust enough to support microenterprise credit access. This has consequences for job-creation and poverty reduction. Based on the findings, the study maintains that a realistic broadening of microenterprise credit access will not occur unless there is a fundamental paradigm shift in microcredit practices, and unless measures designed to mitigate information asymmetries are sensitive to the historical, economic and sociocultural realities of the South African poor.
- Full Text:
A case study of the strategic nature of DaimlerChrysler South Africa's corporate social investment programmes in the local communities of the Border-Kei region in the Eastern Cape Province
- Authors: Mak'ochieng, Alice Atieno
- Date: 2004
- Subjects: DaimlerChrysler , Automobile industry and trade -- South Africa , Economic development -- South Africa -- Eastern Cape , Community development -- South Africa -- Eastern Cape , Economic development projects -- South Africa -- Eastern Cape , Industries -- Social aspects -- South Africa -- Eastern Cape , Social responsibility of business -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1165 , http://hdl.handle.net/10962/d1002781 , DaimlerChrysler , Automobile industry and trade -- South Africa , Economic development -- South Africa -- Eastern Cape , Community development -- South Africa -- Eastern Cape , Economic development projects -- South Africa -- Eastern Cape , Industries -- Social aspects -- South Africa -- Eastern Cape , Social responsibility of business -- South Africa -- Eastern Cape
- Description: Corporate social responsibility has become the business issue of the 21st century. Heightened expectations of the business sector, globalisation and increased media attention on the role of business in society are casting an intense spotlight on this issue. As a result, pressure has built on business to play a larger role in bringing about socio-economic development to many local communities where they operate. While for a long time companies have been involved in the community on a philanthropy basis, many companies today are reassessing the manner in which they conduct their corporate social responsibility programmes. Many companies are including corporate social responsibility issues into their strategic planning process and overall corporate strategy. Emphasis is given to certain strategic indicators that must be present in order for a company to be said to have taken a strategic approach to corporate social responsibility. This study adopted a critical-realist approach using a case study method to evaluate DaimlerChrysler South Africa’s corporate social investment programmes in the local community of the Border-Kei region against these strategic indicators. This new form of engagement is even challenging for a multinational corporation, which may feel that it is only obliged to assist the local community where its corporate headquarters is located. But as companies derive an everlarger share of revenue and profits from international operations, multinational companies are being called upon to redefine “community”, by looking beyond local, domestic and geographical communities to include those in regions where they have factories or factories operated by key suppliers. This study found that DCSA was strategically involved and had a good relationship with its local community. However, the company needs to be more connected with the rural communities to make local projects more successful especially after handover.
- Full Text:
- Authors: Mak'ochieng, Alice Atieno
- Date: 2004
- Subjects: DaimlerChrysler , Automobile industry and trade -- South Africa , Economic development -- South Africa -- Eastern Cape , Community development -- South Africa -- Eastern Cape , Economic development projects -- South Africa -- Eastern Cape , Industries -- Social aspects -- South Africa -- Eastern Cape , Social responsibility of business -- South Africa -- Eastern Cape
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1165 , http://hdl.handle.net/10962/d1002781 , DaimlerChrysler , Automobile industry and trade -- South Africa , Economic development -- South Africa -- Eastern Cape , Community development -- South Africa -- Eastern Cape , Economic development projects -- South Africa -- Eastern Cape , Industries -- Social aspects -- South Africa -- Eastern Cape , Social responsibility of business -- South Africa -- Eastern Cape
- Description: Corporate social responsibility has become the business issue of the 21st century. Heightened expectations of the business sector, globalisation and increased media attention on the role of business in society are casting an intense spotlight on this issue. As a result, pressure has built on business to play a larger role in bringing about socio-economic development to many local communities where they operate. While for a long time companies have been involved in the community on a philanthropy basis, many companies today are reassessing the manner in which they conduct their corporate social responsibility programmes. Many companies are including corporate social responsibility issues into their strategic planning process and overall corporate strategy. Emphasis is given to certain strategic indicators that must be present in order for a company to be said to have taken a strategic approach to corporate social responsibility. This study adopted a critical-realist approach using a case study method to evaluate DaimlerChrysler South Africa’s corporate social investment programmes in the local community of the Border-Kei region against these strategic indicators. This new form of engagement is even challenging for a multinational corporation, which may feel that it is only obliged to assist the local community where its corporate headquarters is located. But as companies derive an everlarger share of revenue and profits from international operations, multinational companies are being called upon to redefine “community”, by looking beyond local, domestic and geographical communities to include those in regions where they have factories or factories operated by key suppliers. This study found that DCSA was strategically involved and had a good relationship with its local community. However, the company needs to be more connected with the rural communities to make local projects more successful especially after handover.
- Full Text:
A comparison of the effectiveness of the judicial doctrine of "substance over form" with legislated measures in combatting tax avoidance
- Authors: Weston, Tracey Lee
- Date: 2004
- Subjects: Income tax -- South Africa Income tax -- Law and legislation -- South Africa Income tax -- Law and legislation -- Great Britain Tax evasion -- Great Britain Tax evasion -- South Africa Tax administration and procedure -- South Africa Tax administration and procedure -- Great Britain Tax planning -- South Africa Tax planning -- Great Britain Taxation -- Law and legislation -- South Africa Taxation -- Law and legislation -- Great Britain
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:892 , http://hdl.handle.net/10962/100
- Description: Taxation statutes often provide opportunities for tax avoidance by taxpayers who exploit the provisions of the taxing statute to reduce the tax that they are legally required to pay. It is, however, important to distinguish between the concepts of tax avoidance and tax evasion. The central issue, especially where the contract has no business purpose, is whether it is possible for the substance and legal form of the transaction to differ to such an extent that a court of law will favour the substance rather than the legal format. The debate is whether the courts should be encouraged to continue with their "judge-made" law or whether the tax jurisdictions should be supporting a legislative route as opposed to a judicial one, in their efforts not only to combat tax avoidance but also to preserve taxpayer certainty. The question is whether the Doctrine of "Substance over Form" as applied by the judiciary is effective in combating tax avoidance, or whether a legislated general anti-avoidance provision is required. An intensive literature survey examines the changes which have occurred in the application of judicial tests from the 1930's to date and investigates the different approaches tax jurisdictions follow in order to combat tax avoidance. The effect of the introduction of anti-avoidance provisions in combating tax avoidance is evaluated by making a comparison between the United Kingdom and South Africa. [n the United Kingdom, the courts are relied on to create anti-tax avoidance rules, one of which is the Doctrine of "Substance over Form". The doctrine is very broad and identifies various applications of the doctrine, which have been developed by the courts. In South Africa, the Doctrine of "Substance over Form" has been applied in certain tax cases; however the South African Income Tax Act does include anti-tax avoidance sections aimed at specific tax avoidance schemes, as well as a general anti-tax avoidance measure enacted as section 103. The judicial tests have progressed and changed over time and the introduction of anti-avoidance legislation in the Income Tax Act has had an effect on tax planning opportunities. A distinction needs to be made between fraudulent and bona fide transactions while recognising the taxpayer's right to arrange his or her affairs in a manner which is beneficial to him or her from a tax perspective. Judicial activism and judicial legislation in the United Kingdom has created much uncertainty amongst taxpayers and as a result strongly supports the retention of a general anti-avoidance section within an Income Tax Act. A general anti-avoidance provision, following a legislative route, appears to be more consistent and effective in combating tax avoidance.
- Full Text:
- Authors: Weston, Tracey Lee
- Date: 2004
- Subjects: Income tax -- South Africa Income tax -- Law and legislation -- South Africa Income tax -- Law and legislation -- Great Britain Tax evasion -- Great Britain Tax evasion -- South Africa Tax administration and procedure -- South Africa Tax administration and procedure -- Great Britain Tax planning -- South Africa Tax planning -- Great Britain Taxation -- Law and legislation -- South Africa Taxation -- Law and legislation -- Great Britain
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:892 , http://hdl.handle.net/10962/100
- Description: Taxation statutes often provide opportunities for tax avoidance by taxpayers who exploit the provisions of the taxing statute to reduce the tax that they are legally required to pay. It is, however, important to distinguish between the concepts of tax avoidance and tax evasion. The central issue, especially where the contract has no business purpose, is whether it is possible for the substance and legal form of the transaction to differ to such an extent that a court of law will favour the substance rather than the legal format. The debate is whether the courts should be encouraged to continue with their "judge-made" law or whether the tax jurisdictions should be supporting a legislative route as opposed to a judicial one, in their efforts not only to combat tax avoidance but also to preserve taxpayer certainty. The question is whether the Doctrine of "Substance over Form" as applied by the judiciary is effective in combating tax avoidance, or whether a legislated general anti-avoidance provision is required. An intensive literature survey examines the changes which have occurred in the application of judicial tests from the 1930's to date and investigates the different approaches tax jurisdictions follow in order to combat tax avoidance. The effect of the introduction of anti-avoidance provisions in combating tax avoidance is evaluated by making a comparison between the United Kingdom and South Africa. [n the United Kingdom, the courts are relied on to create anti-tax avoidance rules, one of which is the Doctrine of "Substance over Form". The doctrine is very broad and identifies various applications of the doctrine, which have been developed by the courts. In South Africa, the Doctrine of "Substance over Form" has been applied in certain tax cases; however the South African Income Tax Act does include anti-tax avoidance sections aimed at specific tax avoidance schemes, as well as a general anti-tax avoidance measure enacted as section 103. The judicial tests have progressed and changed over time and the introduction of anti-avoidance legislation in the Income Tax Act has had an effect on tax planning opportunities. A distinction needs to be made between fraudulent and bona fide transactions while recognising the taxpayer's right to arrange his or her affairs in a manner which is beneficial to him or her from a tax perspective. Judicial activism and judicial legislation in the United Kingdom has created much uncertainty amongst taxpayers and as a result strongly supports the retention of a general anti-avoidance section within an Income Tax Act. A general anti-avoidance provision, following a legislative route, appears to be more consistent and effective in combating tax avoidance.
- Full Text:
Protecting depositors and promoting financial stability in South Africa : is there a case for the introduction of deposit insurance?
- Authors: Ngaujake, Uahatjiri
- Date: 2004
- Subjects: Banks and banking -- South Africa , Bank deposits -- South Africa , Bank failures , Banks and banking -- State supervision , Deposit insurance , Consumer protection -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1025 , http://hdl.handle.net/10962/d1002760 , Banks and banking -- South Africa , Bank deposits -- South Africa , Bank failures , Banks and banking -- State supervision , Deposit insurance , Consumer protection -- South Africa
- Description: Banks play a pivotal role in economic growth and development of all countries and therefore the stability of the banking system is a vital goal of bank supervisors. Banks act as delegated monitors of depositors’ funds and this relationship, like all principal-agent relationships, presents agency problems. In the case of banks agency problems arise because depositors cannot accurately assess the financial health of banks due to the asymmetry of information existing between banks and depositors. Because banks possess private information on their borrowers, which depositors cannot access, it exposes depositors to risk of loss of deposits in cases of bank failures originating from nonrepayment of such loans. This asymmetry of information also exposes banks to runs by depositors and these runs can lead to bank failures with devastating effects for the financial system and the economy at large. It is for this reason that banks are regulated and supervised more than other institutions. Bank failures are a worldwide phenomenon and South Africa is no exception as evidenced by historical and recent bank failures in South Africa. This thesis investigates the desirability of introducing an explicit deposit insurance scheme in South Africa as a means of protecting small, unsophisticated depositors who are almost always the losers when banks fail, and promoting financial stability. The study finds that bank failures in South Africa are mainly attributable to mismanagement of banks, liquidity problems and fraud. Bank failures as a result of the aforementioned reasons have led to depositors losing their deposits in South Africa. The absence of a clearly defined depositor protection scheme in South Africa, the inadequacy of the hitherto implicit guarantee system to protect depositors, and the poor record of the South African Reserve Bank in bank failure resolution, form the basis of the conclusion of the study, i.e., there is a case for the introduction of deposit insurance in South Africa. In order to assist South African policymakers in designing an effective deposit insurance scheme for the country, the thesis further provides a guide on how the most important design features of deposit insurance should be handled. This is in an attempt to ensure that the moral hazard problem inherent in deposit insurance is overcome.
- Full Text:
- Authors: Ngaujake, Uahatjiri
- Date: 2004
- Subjects: Banks and banking -- South Africa , Bank deposits -- South Africa , Bank failures , Banks and banking -- State supervision , Deposit insurance , Consumer protection -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1025 , http://hdl.handle.net/10962/d1002760 , Banks and banking -- South Africa , Bank deposits -- South Africa , Bank failures , Banks and banking -- State supervision , Deposit insurance , Consumer protection -- South Africa
- Description: Banks play a pivotal role in economic growth and development of all countries and therefore the stability of the banking system is a vital goal of bank supervisors. Banks act as delegated monitors of depositors’ funds and this relationship, like all principal-agent relationships, presents agency problems. In the case of banks agency problems arise because depositors cannot accurately assess the financial health of banks due to the asymmetry of information existing between banks and depositors. Because banks possess private information on their borrowers, which depositors cannot access, it exposes depositors to risk of loss of deposits in cases of bank failures originating from nonrepayment of such loans. This asymmetry of information also exposes banks to runs by depositors and these runs can lead to bank failures with devastating effects for the financial system and the economy at large. It is for this reason that banks are regulated and supervised more than other institutions. Bank failures are a worldwide phenomenon and South Africa is no exception as evidenced by historical and recent bank failures in South Africa. This thesis investigates the desirability of introducing an explicit deposit insurance scheme in South Africa as a means of protecting small, unsophisticated depositors who are almost always the losers when banks fail, and promoting financial stability. The study finds that bank failures in South Africa are mainly attributable to mismanagement of banks, liquidity problems and fraud. Bank failures as a result of the aforementioned reasons have led to depositors losing their deposits in South Africa. The absence of a clearly defined depositor protection scheme in South Africa, the inadequacy of the hitherto implicit guarantee system to protect depositors, and the poor record of the South African Reserve Bank in bank failure resolution, form the basis of the conclusion of the study, i.e., there is a case for the introduction of deposit insurance in South Africa. In order to assist South African policymakers in designing an effective deposit insurance scheme for the country, the thesis further provides a guide on how the most important design features of deposit insurance should be handled. This is in an attempt to ensure that the moral hazard problem inherent in deposit insurance is overcome.
- Full Text:
The market efficiency hypothesis and the behaviour of stock returns on the JSE securities exchange
- Authors: Mabhunu, Mind
- Date: 2004
- Subjects: Johannesburg Stock Exchange , Stocks -- Prices -- South Africa , Stock exchanges -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1027 , http://hdl.handle.net/10962/d1002762 , Johannesburg Stock Exchange , Stocks -- Prices -- South Africa , Stock exchanges -- South Africa
- Description: While the Efficient Market Hypothesis (EHM) has been widely accepted as robust by many researchers in the field of capital markets, the hypothesis’ robustness has been under increased scrutiny and question lately. In the light of the concerns over the robustness of the EMH, the weak form efficiency of the JSE is tested. Stock returns used in the analysis were controlled for thin trading and it was discovered that once returns are controlled for thin trading, they are independent of each other across time. Some of the previous studies found the JSE to be inefficient in the weak form but this research found that the JSE is efficient in the weak form. A comparison is also made between the JSE and four other African stock markets and the JSE is found to be more efficient than the other markets. The developments on the JSE, which have improved information dissemination as well as the efficiency of trading, contributed to the improvement of the JSE’s efficiency. The improvement in operational efficiency and turnover from the late 1990s has also made a major contribution to the improvement in the weak form efficiency of the JSE. Theory proposes that if markets are efficient then professional investment management is of little value if any; hence the position of professional investment managers in efficient markets is investigated. Although the JSE is found to be efficient, at least in the weak form, it is argued that achieving efficiency does not necessarily make the investment manager’s role obsolete. Investment managers are needed even when the market can be proved to be efficient.
- Full Text:
- Authors: Mabhunu, Mind
- Date: 2004
- Subjects: Johannesburg Stock Exchange , Stocks -- Prices -- South Africa , Stock exchanges -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1027 , http://hdl.handle.net/10962/d1002762 , Johannesburg Stock Exchange , Stocks -- Prices -- South Africa , Stock exchanges -- South Africa
- Description: While the Efficient Market Hypothesis (EHM) has been widely accepted as robust by many researchers in the field of capital markets, the hypothesis’ robustness has been under increased scrutiny and question lately. In the light of the concerns over the robustness of the EMH, the weak form efficiency of the JSE is tested. Stock returns used in the analysis were controlled for thin trading and it was discovered that once returns are controlled for thin trading, they are independent of each other across time. Some of the previous studies found the JSE to be inefficient in the weak form but this research found that the JSE is efficient in the weak form. A comparison is also made between the JSE and four other African stock markets and the JSE is found to be more efficient than the other markets. The developments on the JSE, which have improved information dissemination as well as the efficiency of trading, contributed to the improvement of the JSE’s efficiency. The improvement in operational efficiency and turnover from the late 1990s has also made a major contribution to the improvement in the weak form efficiency of the JSE. Theory proposes that if markets are efficient then professional investment management is of little value if any; hence the position of professional investment managers in efficient markets is investigated. Although the JSE is found to be efficient, at least in the weak form, it is argued that achieving efficiency does not necessarily make the investment manager’s role obsolete. Investment managers are needed even when the market can be proved to be efficient.
- Full Text:
An entrepreneurial framework for deciding on the implementation of large format digital printing internationally
- Adendorff, Christian Michael
- Authors: Adendorff, Christian Michael
- Date: 2003
- Subjects: Entrepreneurship , Success in business , Business -- Technological innovations , Digital printing
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1169 , http://hdl.handle.net/10962/d1002785 , Entrepreneurship , Success in business , Business -- Technological innovations , Digital printing
- Description: This study focuses on entrepreneurs within the SME sector using large format digital printing (LFDP) because of the changes in technology that influences the decisionmaking processes of the entrepreneur in the purchasing of a new LFDP. These fast changes are likely to continue and can cause technologies to become obsolete overnight. The entrepreneurs within the LFDP industry find themselves in the midst of these fast changes and are faced with a dilemma. On the one hand, they need to make sure that the technology used produces consistent and quality products. On the other hand, the entrepreneur needs to ensure an optimal return on investments. From the literature and the findings of the study, the researcher recommends a change to an existing model on a consultant involvement purchase of high technology products, which is then adapted to integrate resource-forecasting areas together with timing and type of information required as well as external environment scanning. The existing model’s focus is on the individual’s ability to make decisions based on their own knowledge. However, by integrating technology forecasting components, and scanning the business environment and resource forecasting needed the decision-maker will be better equipped to make decisions that also takes into account the external environment. This will also allow them to plan and manage growth in a systematic way. Therefore the proposed model takes into account individual capabilities and technology forecasting components that can facilitate the decision-making process. The adapted model on decision-making clearly delineates that the combination of entrepreneurial qualities and technology forecasting techniques in the LFDP industry will ultimately assist the entrepreneur on various levels in deciding on a new LFDP.
- Full Text:
- Authors: Adendorff, Christian Michael
- Date: 2003
- Subjects: Entrepreneurship , Success in business , Business -- Technological innovations , Digital printing
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1169 , http://hdl.handle.net/10962/d1002785 , Entrepreneurship , Success in business , Business -- Technological innovations , Digital printing
- Description: This study focuses on entrepreneurs within the SME sector using large format digital printing (LFDP) because of the changes in technology that influences the decisionmaking processes of the entrepreneur in the purchasing of a new LFDP. These fast changes are likely to continue and can cause technologies to become obsolete overnight. The entrepreneurs within the LFDP industry find themselves in the midst of these fast changes and are faced with a dilemma. On the one hand, they need to make sure that the technology used produces consistent and quality products. On the other hand, the entrepreneur needs to ensure an optimal return on investments. From the literature and the findings of the study, the researcher recommends a change to an existing model on a consultant involvement purchase of high technology products, which is then adapted to integrate resource-forecasting areas together with timing and type of information required as well as external environment scanning. The existing model’s focus is on the individual’s ability to make decisions based on their own knowledge. However, by integrating technology forecasting components, and scanning the business environment and resource forecasting needed the decision-maker will be better equipped to make decisions that also takes into account the external environment. This will also allow them to plan and manage growth in a systematic way. Therefore the proposed model takes into account individual capabilities and technology forecasting components that can facilitate the decision-making process. The adapted model on decision-making clearly delineates that the combination of entrepreneurial qualities and technology forecasting techniques in the LFDP industry will ultimately assist the entrepreneur on various levels in deciding on a new LFDP.
- Full Text:
The role of bank finance in small firm growth : a case study
- Authors: Musengi, Sandra
- Date: 2003
- Subjects: Banks and banking -- South Africa , Finance -- South Africa , Small business -- South Africa -- Finance , Small business -- South Africa -- Growth -- Case studies , Entrepreneurship -- South Africa , New business enterprises -- South Africa , Bank loans -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1176 , http://hdl.handle.net/10962/d1002793 , Banks and banking -- South Africa , Finance -- South Africa , Small business -- South Africa -- Finance , Small business -- South Africa -- Growth -- Case studies , Entrepreneurship -- South Africa , New business enterprises -- South Africa , Bank loans -- South Africa
- Description: The debate concerning small firm access to finance continues. The proliferation of research of the issue underlines the importance attached in promoting a strong entrepreneurial culture within a country. Small firms are significant to economic growth if they are growing. Central to this significance is ascertaining the role of finance and in particular bank finance in accelerating small growth potential. The case study, through its ontological, epistemological and methodological position, draws on a document review and interview material from small firm owners and key informants to explore the role of bank finance in small firm growth. Case study evidence reveals that small firm owners do not intend to finance firm growth with bank finance but prefer to finance growth with internally generated funds. The owners indicate that non-financial and behavioural factors, such as, maintaining decision-making control, experience accessing bank finance, the perception of the banking relationship and growth aspirations of owners may be more important in dertermining the finance structure for firm growth. From the bank's perspective, findings suggest that risk assessment, financial viability of the enterprise and provision of collateral are more important in the lending decisions; findings supported by an analysis of selected documents. The small sample of small firm owners, bank representatives, experts and documents makes it difficult to generalize the findings. However, the findings are significant because exploring the issue from different perspectives presents invaluable insights, which can be investigated further to assist small firm owners, to develop finance products geared for small firm operations, and in the development of the knowledge base on finance-related issues in the South African context.
- Full Text:
- Authors: Musengi, Sandra
- Date: 2003
- Subjects: Banks and banking -- South Africa , Finance -- South Africa , Small business -- South Africa -- Finance , Small business -- South Africa -- Growth -- Case studies , Entrepreneurship -- South Africa , New business enterprises -- South Africa , Bank loans -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1176 , http://hdl.handle.net/10962/d1002793 , Banks and banking -- South Africa , Finance -- South Africa , Small business -- South Africa -- Finance , Small business -- South Africa -- Growth -- Case studies , Entrepreneurship -- South Africa , New business enterprises -- South Africa , Bank loans -- South Africa
- Description: The debate concerning small firm access to finance continues. The proliferation of research of the issue underlines the importance attached in promoting a strong entrepreneurial culture within a country. Small firms are significant to economic growth if they are growing. Central to this significance is ascertaining the role of finance and in particular bank finance in accelerating small growth potential. The case study, through its ontological, epistemological and methodological position, draws on a document review and interview material from small firm owners and key informants to explore the role of bank finance in small firm growth. Case study evidence reveals that small firm owners do not intend to finance firm growth with bank finance but prefer to finance growth with internally generated funds. The owners indicate that non-financial and behavioural factors, such as, maintaining decision-making control, experience accessing bank finance, the perception of the banking relationship and growth aspirations of owners may be more important in dertermining the finance structure for firm growth. From the bank's perspective, findings suggest that risk assessment, financial viability of the enterprise and provision of collateral are more important in the lending decisions; findings supported by an analysis of selected documents. The small sample of small firm owners, bank representatives, experts and documents makes it difficult to generalize the findings. However, the findings are significant because exploring the issue from different perspectives presents invaluable insights, which can be investigated further to assist small firm owners, to develop finance products geared for small firm operations, and in the development of the knowledge base on finance-related issues in the South African context.
- Full Text:
An exploration of functional and numerical flexibility in South African organisations: a qualitative study in two textile factories in Cape Town
- Authors: Sela, Ronit
- Date: 2002
- Subjects: Business enterprises -- South Africa -- Case studies , Industrial management -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:3347 , http://hdl.handle.net/10962/d1006149 , Business enterprises -- South Africa -- Case studies , Industrial management -- South Africa
- Description: During this research, an attempt was made to gain an understanding of management and their employees' perceptions regarding functional and numerical flexibility practices within South African organisations. To achieve this, twenty-six people, comprising of a variability of positions within the organisation, were interviewed in the region of the Western Cape. It was found that, although extensive research on the two forms of flexibility have been globally conducted, South African literature, particularly on the part of numerical flexibility, is limited. It is thus believed that this study will present a valuable basis to pursue in further research. Literature that was consulted was found to be supportive of the theoretical notion that South African organisations, in order to be globally competitive, have had to restructure and redefine themselves by ensuring that they make the most efficient and effective use of their human resources. The study found that whilst functional flexibility practices benefit employees in that they experienced increased job satisfaction and job mobility, it was the area of numerical flexibility which raised many dissatisfactions, including those of immense job insecurity and remuneration, both financial and otherwise. The study findings suggest a need for a more comprehensive and employee integrated approach by combining organisational with individual oriented initiatives, and ensuring the trade union's involvement in all facets of functional and numerical flexibility initiatives. The thesis ends with recommendations of various strategies for addressing the concerns of management, employees and the trade union in order to ensure full and proper utilisation of human resources so that the end product, namely job satisfaction, leads to organisational success.
- Full Text:
- Authors: Sela, Ronit
- Date: 2002
- Subjects: Business enterprises -- South Africa -- Case studies , Industrial management -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:3347 , http://hdl.handle.net/10962/d1006149 , Business enterprises -- South Africa -- Case studies , Industrial management -- South Africa
- Description: During this research, an attempt was made to gain an understanding of management and their employees' perceptions regarding functional and numerical flexibility practices within South African organisations. To achieve this, twenty-six people, comprising of a variability of positions within the organisation, were interviewed in the region of the Western Cape. It was found that, although extensive research on the two forms of flexibility have been globally conducted, South African literature, particularly on the part of numerical flexibility, is limited. It is thus believed that this study will present a valuable basis to pursue in further research. Literature that was consulted was found to be supportive of the theoretical notion that South African organisations, in order to be globally competitive, have had to restructure and redefine themselves by ensuring that they make the most efficient and effective use of their human resources. The study found that whilst functional flexibility practices benefit employees in that they experienced increased job satisfaction and job mobility, it was the area of numerical flexibility which raised many dissatisfactions, including those of immense job insecurity and remuneration, both financial and otherwise. The study findings suggest a need for a more comprehensive and employee integrated approach by combining organisational with individual oriented initiatives, and ensuring the trade union's involvement in all facets of functional and numerical flexibility initiatives. The thesis ends with recommendations of various strategies for addressing the concerns of management, employees and the trade union in order to ensure full and proper utilisation of human resources so that the end product, namely job satisfaction, leads to organisational success.
- Full Text:
The relationship between the leadership, internal quality, and customer satisfaction levels of dealerships in a South African motor vehicle organisation
- Authors: Botha, Jennifer
- Date: 2002
- Subjects: Consumer satisfaction , Automobile dealers -- South Africa , Industrial productivity , Customer services
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1185 , http://hdl.handle.net/10962/d1002802 , Consumer satisfaction , Automobile dealers -- South Africa , Industrial productivity , Customer services
- Description: This research investigates the relationship between the leadership, internal quality, and customer satisfaction levels in the dealerships of a South African motor vehicle organisation. The Service Profit Chain provides the background theory to this relationship, by suggesting that various factors within the service delivery system of an organisation affect the level of customer satisfaction. From the Service Profit Chain, it is established that two of the prevalent factors affecting customer satisfaction, are leadership and internal quality. The Full Range Leadership Development Theory provides the backdrop for analysing the leadership style of each dealership by using the Multifactor Leadership Questionnaire. The Competence Process forms the theoretical construct against which the internal quality of these dealerships is assessed using the Organisation Competence Analysis Questionnaire. Information was gathered, using these two instruments, from a sample of 85 motor vehicle dealerships within South Africa. The customer satisfaction levels at each of these dealerships, is measured by the motor vehicle organisation’s own instrument, known as the Customer Satisfaction Index. Data obtained from each instrument, for the respective dealerships, was then statistically analysed. However, due to the low reliability of the instruments used in this research, the results of this study indicate that there is no relationship between the leadership, internal quality, and customer satisfaction levels within a South African motor vehicle organisation. Therefore we can conclude that the null hypotheses can not be rejected.
- Full Text:
- Authors: Botha, Jennifer
- Date: 2002
- Subjects: Consumer satisfaction , Automobile dealers -- South Africa , Industrial productivity , Customer services
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1185 , http://hdl.handle.net/10962/d1002802 , Consumer satisfaction , Automobile dealers -- South Africa , Industrial productivity , Customer services
- Description: This research investigates the relationship between the leadership, internal quality, and customer satisfaction levels in the dealerships of a South African motor vehicle organisation. The Service Profit Chain provides the background theory to this relationship, by suggesting that various factors within the service delivery system of an organisation affect the level of customer satisfaction. From the Service Profit Chain, it is established that two of the prevalent factors affecting customer satisfaction, are leadership and internal quality. The Full Range Leadership Development Theory provides the backdrop for analysing the leadership style of each dealership by using the Multifactor Leadership Questionnaire. The Competence Process forms the theoretical construct against which the internal quality of these dealerships is assessed using the Organisation Competence Analysis Questionnaire. Information was gathered, using these two instruments, from a sample of 85 motor vehicle dealerships within South Africa. The customer satisfaction levels at each of these dealerships, is measured by the motor vehicle organisation’s own instrument, known as the Customer Satisfaction Index. Data obtained from each instrument, for the respective dealerships, was then statistically analysed. However, due to the low reliability of the instruments used in this research, the results of this study indicate that there is no relationship between the leadership, internal quality, and customer satisfaction levels within a South African motor vehicle organisation. Therefore we can conclude that the null hypotheses can not be rejected.
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Valuation of intellectual capital in South African companies: a comparative study of three valuation methods
- Authors: Maree, Kevin W
- Date: 2002
- Subjects: Accounting
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:877 , http://hdl.handle.net/10962/d1001631
- Description: This study discusses three valuation methods for intellectual capital and considers two of these (Tobin’s “q” and CIV) as suitable valuation methods.
- Full Text:
- Authors: Maree, Kevin W
- Date: 2002
- Subjects: Accounting
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:877 , http://hdl.handle.net/10962/d1001631
- Description: This study discusses three valuation methods for intellectual capital and considers two of these (Tobin’s “q” and CIV) as suitable valuation methods.
- Full Text:
Clustering as a strategy for manufacturing performance in the Eastern Cape Automotive industry
- Makuwaza, Gwynneth Chandakaita
- Authors: Makuwaza, Gwynneth Chandakaita
- Date: 2001
- Subjects: Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:937 , http://hdl.handle.net/10962/d1002670 , Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Description: South Africa's current industrial policy focuses on the economy at two levels: a sectoral and spatial level. The former relates to the manner in which industrial policy is concentrating on particular sectors i.e. industrial clusters. This shift in industrial policy from targeting individual industries to an emphasis on industrial clusters, has complemented the change in focus to export promotion under trade policy. Furthermore, there has been increasing recognition of the need to improve industry performance and competitiveness in order to successfully implement export growth. Industry clusters are considered as having the potential to increase manufacturing performance and can provide the basis for sustainable competitive advantage for nations. Consequently the concept of industry clusters was introduced in South Africa in 1997. Because industry clusters are relatively new in South Africa, most of the cluster initiatives in various sectors of the economy are in their early stages of development. Nevertheless, some are already showing signs of potential success in increasing competitiveness in particular sectors. This thesis uses Porter's "diamond" framework apprdach to investigate whether clustering has improved the manufacturing performance of the motor industry in the Eastern Cape. International experience from both developed and developing countries will illustrate the potential of clustering as a powerful strategy in increasing manufacturing performance and consequently competitiveness. Ultimately this should lead to long-term economic development, especially if government adopts clusterbased economic development policies. Information from a survey conducted on both the motor vehicle assemblers and component suppliers is used in this study. The findings reveal that it is mainly the motor vehicle assemblers who have experienced some improvements in manufacturing performance. The components sector on the other hand has not experienced any such improvements. This thesis concludes with the recommendation that it is important to develop cluster policy as a broader and dynamic view of competition. The main emphasis under such policy would be a move from targeting particular industries and providing subsidies towards focusing attention to all clusters in the economy. To effectively apply such a policy requires the repositioning of national, local and provincial government in order to become more involved in regional development issues. Moreover, the various levels of government need to incorporate cluster policy into their competitive strategies.
- Full Text:
- Authors: Makuwaza, Gwynneth Chandakaita
- Date: 2001
- Subjects: Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:937 , http://hdl.handle.net/10962/d1002670 , Automobile industry and trade , Automobile industry and trade -- South Africa -- Eastern Cape , Automobile industry and trade -- South Africa -- Eastern Cape -- Performance
- Description: South Africa's current industrial policy focuses on the economy at two levels: a sectoral and spatial level. The former relates to the manner in which industrial policy is concentrating on particular sectors i.e. industrial clusters. This shift in industrial policy from targeting individual industries to an emphasis on industrial clusters, has complemented the change in focus to export promotion under trade policy. Furthermore, there has been increasing recognition of the need to improve industry performance and competitiveness in order to successfully implement export growth. Industry clusters are considered as having the potential to increase manufacturing performance and can provide the basis for sustainable competitive advantage for nations. Consequently the concept of industry clusters was introduced in South Africa in 1997. Because industry clusters are relatively new in South Africa, most of the cluster initiatives in various sectors of the economy are in their early stages of development. Nevertheless, some are already showing signs of potential success in increasing competitiveness in particular sectors. This thesis uses Porter's "diamond" framework apprdach to investigate whether clustering has improved the manufacturing performance of the motor industry in the Eastern Cape. International experience from both developed and developing countries will illustrate the potential of clustering as a powerful strategy in increasing manufacturing performance and consequently competitiveness. Ultimately this should lead to long-term economic development, especially if government adopts clusterbased economic development policies. Information from a survey conducted on both the motor vehicle assemblers and component suppliers is used in this study. The findings reveal that it is mainly the motor vehicle assemblers who have experienced some improvements in manufacturing performance. The components sector on the other hand has not experienced any such improvements. This thesis concludes with the recommendation that it is important to develop cluster policy as a broader and dynamic view of competition. The main emphasis under such policy would be a move from targeting particular industries and providing subsidies towards focusing attention to all clusters in the economy. To effectively apply such a policy requires the repositioning of national, local and provincial government in order to become more involved in regional development issues. Moreover, the various levels of government need to incorporate cluster policy into their competitive strategies.
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Geographically distributed requirements elicitation
- Authors: Vat, Nicholas
- Date: 2000
- Subjects: Management information systems -- Management , Information resources management , System design , System analysis
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1136 , http://hdl.handle.net/10962/d1002764 , Management information systems -- Management , Information resources management , System design , System analysis
- Description: The technology revolution has transformed the way in which many organisations do their business. The resultant information systems have increased the decision making powers of executives, leading to increased effectiveness and ultimately to improved product delivery. The process of information systems development is, however, complex. Furthermore, it has a poor track record in terms of on-time and within-budget delivery, but more significantly in terms of low user acceptance frequently attributable to poor user requirements specification. Consequently, much attention has been given to the process of requirements elicitation, with both researchers and businessmen seeking new, innovative and effective methods. These methods usually involve large numbers of participants who are drawn from within the client and developer organisations. This is a financially costly characteristic of the requirements elicitation process. Besides information systems, the technology revolution has also brought sophisticated communication technologies into the marketplace. These communication technologies allow people to communicate with one another in a variety of different time and space scenarios. An important spin-off of this is the ability for people located in significantly different geographical locations to work collaboratively on a project. It is claimed that this approach to work has significant cost and productivity advantages. This study draws the requirements elicitation process into the realm of collaborative work. Important project management, communication, and collaborative working principles are examined in detail, and a model is developed which represents these issues as they pertain to the requirements elicitation process. An empirical study (conducted in South Africa) is performed in order to examine the principles of the model and the relationships between its constituent elements. A model of geographically distributed requirements elicitation (GDRE) is developed on the basis of the findings of this investigation. The model of GDRE is presented as a 3-phased approach to requirements elicitation, namely planning, implementation, and termination. Significantly, the model suggests the use of interviews, structured workshops, and prototyping as the chief requirements elicitation methods to be adopted in appropriate conditions. Although a detailed study of communications technology was not performed, this thesis suggests that each individual GDRE implementation requires a different mix of communication technologies to support its implementation.
- Full Text:
- Authors: Vat, Nicholas
- Date: 2000
- Subjects: Management information systems -- Management , Information resources management , System design , System analysis
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1136 , http://hdl.handle.net/10962/d1002764 , Management information systems -- Management , Information resources management , System design , System analysis
- Description: The technology revolution has transformed the way in which many organisations do their business. The resultant information systems have increased the decision making powers of executives, leading to increased effectiveness and ultimately to improved product delivery. The process of information systems development is, however, complex. Furthermore, it has a poor track record in terms of on-time and within-budget delivery, but more significantly in terms of low user acceptance frequently attributable to poor user requirements specification. Consequently, much attention has been given to the process of requirements elicitation, with both researchers and businessmen seeking new, innovative and effective methods. These methods usually involve large numbers of participants who are drawn from within the client and developer organisations. This is a financially costly characteristic of the requirements elicitation process. Besides information systems, the technology revolution has also brought sophisticated communication technologies into the marketplace. These communication technologies allow people to communicate with one another in a variety of different time and space scenarios. An important spin-off of this is the ability for people located in significantly different geographical locations to work collaboratively on a project. It is claimed that this approach to work has significant cost and productivity advantages. This study draws the requirements elicitation process into the realm of collaborative work. Important project management, communication, and collaborative working principles are examined in detail, and a model is developed which represents these issues as they pertain to the requirements elicitation process. An empirical study (conducted in South Africa) is performed in order to examine the principles of the model and the relationships between its constituent elements. A model of geographically distributed requirements elicitation (GDRE) is developed on the basis of the findings of this investigation. The model of GDRE is presented as a 3-phased approach to requirements elicitation, namely planning, implementation, and termination. Significantly, the model suggests the use of interviews, structured workshops, and prototyping as the chief requirements elicitation methods to be adopted in appropriate conditions. Although a detailed study of communications technology was not performed, this thesis suggests that each individual GDRE implementation requires a different mix of communication technologies to support its implementation.
- Full Text:
Organisational leaders' perceptions of the challenges and constraints of the leadership development of Blacks in South African private organisations
- Authors: Nyamuda, Paul Andrew
- Date: 2000
- Subjects: Leadership , Black people -- South Africa , Black people -- Employment -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:3033 , http://hdl.handle.net/10962/d1002542 , Leadership , Black people -- South Africa , Black people -- Employment -- South Africa
- Description: In recent years, it has become clear that a lot of corporate collapse can be traced down to poor leadership. As more and more black executives are climbing the corporate ladder, it is becoming all the more necessary to explore how their effective leadership development can occur with private organisations in South Africa. There are many challenges and constraints associated with the leadership development of these executives. This can be expected as they are entering an environment which has been largely white-dominated. As a result they find themselves facing the challenges of succeeding amidst negative perceptions they have experienced from their superiors and subtle pressures from subordinates. Therefore, it can only be expected that if organisations are to maintain a competitive advantage they need to understand how to effectively develop this new breed of leaders. Hence, the researcher has used a qualitative approach to investigate the complexities of the experiences of black executives in private organisations. In terms of the theoretical framework, the research focuses on some of the new approaches to leadership. It was discovered that leadership development is essentially a process that goes beyond mere training sessions, and largely involves the relationships one has within the organisation. This involves relationships with superiors, peers, and subordinates. The research indicates that if these relationships are managed effectively, leadership development is enhanced. Whilst the role of formal training programs appeared somewhat downplayed, it was clear that these programs had a strong role in terms of their psychological impact on participants. They certainly affected their perception of the organisation and their own self-efficacy. The research, therefore illustrates how there are a variety of individual and organisational attributes that form a basis for effective leadership development of blacks in private organisations. The researcher argues that if these are implemented, organisational well-being is enhanced.
- Full Text:
- Authors: Nyamuda, Paul Andrew
- Date: 2000
- Subjects: Leadership , Black people -- South Africa , Black people -- Employment -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:3033 , http://hdl.handle.net/10962/d1002542 , Leadership , Black people -- South Africa , Black people -- Employment -- South Africa
- Description: In recent years, it has become clear that a lot of corporate collapse can be traced down to poor leadership. As more and more black executives are climbing the corporate ladder, it is becoming all the more necessary to explore how their effective leadership development can occur with private organisations in South Africa. There are many challenges and constraints associated with the leadership development of these executives. This can be expected as they are entering an environment which has been largely white-dominated. As a result they find themselves facing the challenges of succeeding amidst negative perceptions they have experienced from their superiors and subtle pressures from subordinates. Therefore, it can only be expected that if organisations are to maintain a competitive advantage they need to understand how to effectively develop this new breed of leaders. Hence, the researcher has used a qualitative approach to investigate the complexities of the experiences of black executives in private organisations. In terms of the theoretical framework, the research focuses on some of the new approaches to leadership. It was discovered that leadership development is essentially a process that goes beyond mere training sessions, and largely involves the relationships one has within the organisation. This involves relationships with superiors, peers, and subordinates. The research indicates that if these relationships are managed effectively, leadership development is enhanced. Whilst the role of formal training programs appeared somewhat downplayed, it was clear that these programs had a strong role in terms of their psychological impact on participants. They certainly affected their perception of the organisation and their own self-efficacy. The research, therefore illustrates how there are a variety of individual and organisational attributes that form a basis for effective leadership development of blacks in private organisations. The researcher argues that if these are implemented, organisational well-being is enhanced.
- Full Text:
The experience of multi-cultural communication within a South African organization
- Authors: Lesch, Anthea M
- Date: 2000
- Subjects: Intercultural communication -- South Africa , Communication in management -- South Africa , Communication in personnel management -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:3008 , http://hdl.handle.net/10962/d1002517 , Intercultural communication -- South Africa , Communication in management -- South Africa , Communication in personnel management -- South Africa
- Description: This research study was conducted in an attempt to explore the experience of multicultural communication within a South African organization. To this end employees, representing both Black and White culture, within a South African organization in the throes of transformation, were accessed. A model of managing diversity, focussing on the personal, interpersonal and organizational levels, was utilized in an attempt to uncover the nature of the experience of multi-cultural communication within Company X. A qualitative research design, and more specifically the case study method was employed in this study. Consistent with the case study approach a number of data sources were accessed. The primary data source consisted of a 3-stage interview process. Other data sources included documentary sources and company publications. By accessing multiple data sources, the researcher attempted to gain a holistic understanding of the experience of multi-cultural communication. It was found that the societal context of our post-Apartheid society exercises a profound influence on multi-cultural communication. Under Apartheid cultural separation was promoted. Diverse peoples thus have little common basis for interaction and view each other with skepticism and distrust. This exercises an effect on the personal and organizational levels of the managing diversity model. Influences at the personal level relate to the cultural paradigms of the individuals which provide the rules governing interactions and affect judgements of acceptable and unacceptable behaviours. Issues at the organizational level relate to its structures and policies which are still based on the “white is right ideology”. These issues, in turn, affect the interpersonal level of managing diversity, i.e., where the interactions occur, causing “communication short circuits” within the process of multi-cultural communication. In order to deal with failed multi-cultural communication, the individuals have developed a number of coping strategies. The results of the study indicate that both the organization and its employees share a responsibility for creating an environment that will facilitate effective multi-cultural communication.
- Full Text:
- Authors: Lesch, Anthea M
- Date: 2000
- Subjects: Intercultural communication -- South Africa , Communication in management -- South Africa , Communication in personnel management -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:3008 , http://hdl.handle.net/10962/d1002517 , Intercultural communication -- South Africa , Communication in management -- South Africa , Communication in personnel management -- South Africa
- Description: This research study was conducted in an attempt to explore the experience of multicultural communication within a South African organization. To this end employees, representing both Black and White culture, within a South African organization in the throes of transformation, were accessed. A model of managing diversity, focussing on the personal, interpersonal and organizational levels, was utilized in an attempt to uncover the nature of the experience of multi-cultural communication within Company X. A qualitative research design, and more specifically the case study method was employed in this study. Consistent with the case study approach a number of data sources were accessed. The primary data source consisted of a 3-stage interview process. Other data sources included documentary sources and company publications. By accessing multiple data sources, the researcher attempted to gain a holistic understanding of the experience of multi-cultural communication. It was found that the societal context of our post-Apartheid society exercises a profound influence on multi-cultural communication. Under Apartheid cultural separation was promoted. Diverse peoples thus have little common basis for interaction and view each other with skepticism and distrust. This exercises an effect on the personal and organizational levels of the managing diversity model. Influences at the personal level relate to the cultural paradigms of the individuals which provide the rules governing interactions and affect judgements of acceptable and unacceptable behaviours. Issues at the organizational level relate to its structures and policies which are still based on the “white is right ideology”. These issues, in turn, affect the interpersonal level of managing diversity, i.e., where the interactions occur, causing “communication short circuits” within the process of multi-cultural communication. In order to deal with failed multi-cultural communication, the individuals have developed a number of coping strategies. The results of the study indicate that both the organization and its employees share a responsibility for creating an environment that will facilitate effective multi-cultural communication.
- Full Text:
An economic analysis of eradicating alien vegetation as an alternative to conventional water supply schemes: a case study of the Krom and Kouga
- Authors: Carpenter, Robert Charles
- Date: 1999
- Subjects: Alien plants -- South Africa , Water-supply -- South Africa , Kouga River (South Africa)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1000 , http://hdl.handle.net/10962/d1002735 , Alien plants -- South Africa , Water-supply -- South Africa , Kouga River (South Africa)
- Description: South Africa is classified as an arid to semi-arid region and water scarcity in South Africa has been identified as a key factor limiting socioeconomic development in the next century. In the Algoa region, the total urban plus agricultural water demand is expected to exceed the supply by the year 2005. The Kouga Working for Water Project aims to increase the base flow to the existing dams which supply the Port Elizabeth metropolitan area through the eradication of invasive alien trees in the riparian areas of the Krom and Kouga catchments. This thesis analyses the economic efficiency of optimal catchment management as a water supply scheme. A cost-benefit analysis is conducted for the Kouga eradication programme, and its desirability is evaluated in terms of the net present value (NPV) and the internal rate of return (IRR) criteria. In order to compare the cost-e~i.ciency of the eradication programme to alternative water supply augmentation schemes the Unit Reference Value (URV) is calculated for the project. The NPV for the project is calculated using a discount rate of 7% and amounts to nearly R24 million. This positive NPV indicates that the project is economically desirable in that it results in the improvement of human welfare. The IRR decision rule supports this finding. The URV of the eradication scheme is found to be competitive to that generated by more conventional schemes. Considered in the evaluation of the project are a host of environmental benefits that accompany the eradication of alien vegetation. This is in contrast to alternative schemes which result in several detrimental impacts to the environment. The economic analysis concludes that the eradication of alien vegetation is an efficient and desirable alternative water supply augmentation scheme. The conclusions drawn from the analysis of the eradication programme in this catchment area can be extended to other catchment areas, with the aim of promoting the most efficient supply of water.
- Full Text:
- Authors: Carpenter, Robert Charles
- Date: 1999
- Subjects: Alien plants -- South Africa , Water-supply -- South Africa , Kouga River (South Africa)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1000 , http://hdl.handle.net/10962/d1002735 , Alien plants -- South Africa , Water-supply -- South Africa , Kouga River (South Africa)
- Description: South Africa is classified as an arid to semi-arid region and water scarcity in South Africa has been identified as a key factor limiting socioeconomic development in the next century. In the Algoa region, the total urban plus agricultural water demand is expected to exceed the supply by the year 2005. The Kouga Working for Water Project aims to increase the base flow to the existing dams which supply the Port Elizabeth metropolitan area through the eradication of invasive alien trees in the riparian areas of the Krom and Kouga catchments. This thesis analyses the economic efficiency of optimal catchment management as a water supply scheme. A cost-benefit analysis is conducted for the Kouga eradication programme, and its desirability is evaluated in terms of the net present value (NPV) and the internal rate of return (IRR) criteria. In order to compare the cost-e~i.ciency of the eradication programme to alternative water supply augmentation schemes the Unit Reference Value (URV) is calculated for the project. The NPV for the project is calculated using a discount rate of 7% and amounts to nearly R24 million. This positive NPV indicates that the project is economically desirable in that it results in the improvement of human welfare. The IRR decision rule supports this finding. The URV of the eradication scheme is found to be competitive to that generated by more conventional schemes. Considered in the evaluation of the project are a host of environmental benefits that accompany the eradication of alien vegetation. This is in contrast to alternative schemes which result in several detrimental impacts to the environment. The economic analysis concludes that the eradication of alien vegetation is an efficient and desirable alternative water supply augmentation scheme. The conclusions drawn from the analysis of the eradication programme in this catchment area can be extended to other catchment areas, with the aim of promoting the most efficient supply of water.
- Full Text:
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.
- Full Text:
- 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.
- Full Text:
Corporate taxes and the taxation of dividends
- Authors: Williams, John Mark
- Date: 1997
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:890 , http://hdl.handle.net/10962/d1001644
- Description: The classical system of taxation, whereby companies are taxed without a deduction for dividends paid and shareholders are taxed on their dividend receipts, results in double taxation of dividends. Split rate and imputation systems have been developed in an attempt to mitigate the effects of double taxation of dividends. Double taxation of dividends and differences between corporate and maximum individual marginal tax rates result in corporate tax systems lacking neutrality. Distortions arise between organisational forms, between debt and equity financing and between the retention and distribution of profits. Various methods of integrating corporate and individual taxes have been advocated to overcome the lack of neutrality caused by corporate taxes. Following the introduction of the South African Income Tax Act in 1914, a number of taxes relating to dividends have existed. These have included a Dividend Tax, Non-resident Shareholder's Tax, Undistributed Profits Tax and Secondary Tax on Companies, hereafter referred to as STC. STC is a tax on net dividends declared and results in distributed income being taxed at higher rates than retained income. Despite the implementation of group relief provisions, STC results in an inhibition on the reinvestment of profits within the context of a group of companies. It is also a major cause of the lack of neutrality of the South African corporate tax system. As a result of the lack of neutrality and inhibition of group reinvestment caused by STC, a full imputation system is suggested as an alternative to replace STC.
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- Authors: Williams, John Mark
- Date: 1997
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:890 , http://hdl.handle.net/10962/d1001644
- Description: The classical system of taxation, whereby companies are taxed without a deduction for dividends paid and shareholders are taxed on their dividend receipts, results in double taxation of dividends. Split rate and imputation systems have been developed in an attempt to mitigate the effects of double taxation of dividends. Double taxation of dividends and differences between corporate and maximum individual marginal tax rates result in corporate tax systems lacking neutrality. Distortions arise between organisational forms, between debt and equity financing and between the retention and distribution of profits. Various methods of integrating corporate and individual taxes have been advocated to overcome the lack of neutrality caused by corporate taxes. Following the introduction of the South African Income Tax Act in 1914, a number of taxes relating to dividends have existed. These have included a Dividend Tax, Non-resident Shareholder's Tax, Undistributed Profits Tax and Secondary Tax on Companies, hereafter referred to as STC. STC is a tax on net dividends declared and results in distributed income being taxed at higher rates than retained income. Despite the implementation of group relief provisions, STC results in an inhibition on the reinvestment of profits within the context of a group of companies. It is also a major cause of the lack of neutrality of the South African corporate tax system. As a result of the lack of neutrality and inhibition of group reinvestment caused by STC, a full imputation system is suggested as an alternative to replace STC.
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Prosocial behaviour in South African students a qualitative enquiry
- Authors: Cholerton, Steven M
- Date: 1995
- Subjects: Helping behavior , Interpersonal relations , Altruism , Social ethics , College students -- South Africa -- Attitudes
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:2948 , http://hdl.handle.net/10962/d1002457 , Helping behavior , Interpersonal relations , Altruism , Social ethics , College students -- South Africa -- Attitudes
- Description: The central aim of this study was to conduct a qualitative exploration of the prosocial inclinations possessed by young South African students. The literature review argues that traditional approaches to moral responding separate the individual from the social. An alternative approach that reinstates language and ideology is delineated. It is argued that such a paradigm is most appropriate to a study of prosocial responding during a period of social change. Hypothetical moral dilemmas were administered to twenty-nine students. Six students were selected and each was interviewed on two separate occasions. In this way six case studies were developed. The methodological traditions of phenomenology and hermeneutics were employed to analyze the protocols and subsequent interviews. Seven themes descriptive of a moral response were identified. These consisted of moral reasoning, empathy, mood, guilt, alienation, a sense of group-identity, and ambiguity regarding the relative interests of self versus other. These themes are fully discussed in terms of the literature. It is concluded that moral reasoning may be insufficient to motivate prosocial behaviour. Conventional moral narratives may be appropriated in order to make sense of conflicting emotions. Empathy was identified as a necessary but not sufficient condition for a prosocial response. Empathy might translate into either sympathy or personal distress. Mood was found to largely dictate attentional focus. Alienation was found to be a defensive formulation that inhibits the emergence of sympathy. Guilt might precipitate an alienated posture. It was found that guilt might be attributed to group-identity and thereby denied. Tension between a self- and other-oriented response, or between blame and sympathy, was common. It is suggested that this ambiguity reflects ideological contradictions that have been internalized. It is postulated that during periods of social change such contradictions are accentuated.
- Full Text:
- Authors: Cholerton, Steven M
- Date: 1995
- Subjects: Helping behavior , Interpersonal relations , Altruism , Social ethics , College students -- South Africa -- Attitudes
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:2948 , http://hdl.handle.net/10962/d1002457 , Helping behavior , Interpersonal relations , Altruism , Social ethics , College students -- South Africa -- Attitudes
- Description: The central aim of this study was to conduct a qualitative exploration of the prosocial inclinations possessed by young South African students. The literature review argues that traditional approaches to moral responding separate the individual from the social. An alternative approach that reinstates language and ideology is delineated. It is argued that such a paradigm is most appropriate to a study of prosocial responding during a period of social change. Hypothetical moral dilemmas were administered to twenty-nine students. Six students were selected and each was interviewed on two separate occasions. In this way six case studies were developed. The methodological traditions of phenomenology and hermeneutics were employed to analyze the protocols and subsequent interviews. Seven themes descriptive of a moral response were identified. These consisted of moral reasoning, empathy, mood, guilt, alienation, a sense of group-identity, and ambiguity regarding the relative interests of self versus other. These themes are fully discussed in terms of the literature. It is concluded that moral reasoning may be insufficient to motivate prosocial behaviour. Conventional moral narratives may be appropriated in order to make sense of conflicting emotions. Empathy was identified as a necessary but not sufficient condition for a prosocial response. Empathy might translate into either sympathy or personal distress. Mood was found to largely dictate attentional focus. Alienation was found to be a defensive formulation that inhibits the emergence of sympathy. Guilt might precipitate an alienated posture. It was found that guilt might be attributed to group-identity and thereby denied. Tension between a self- and other-oriented response, or between blame and sympathy, was common. It is suggested that this ambiguity reflects ideological contradictions that have been internalized. It is postulated that during periods of social change such contradictions are accentuated.
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The small business entrepreneur : a psychological profile
- Authors: Street, David Michael
- Date: 1995
- Subjects: Businessmen -- Psychology , Businesswomen -- Psychology , Self-employed -- Psychology , Entrepreneurship -- Psychological aspects , Small business -- Psychological aspects , Businessmen , Businesswomen , Businesspeople
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:3065 , http://hdl.handle.net/10962/d1002574 , Businessmen -- Psychology , Businesswomen -- Psychology , Self-employed -- Psychology , Entrepreneurship -- Psychological aspects , Small business -- Psychological aspects , Businessmen , Businesswomen , Businesspeople
- Description: With the growing importance being placed on the small business environment as having a positive influence on economic growth and vitality (Erwee, 1987: Burns & Dewhurst, 1989), there has been a corresponding increase in attention being paid to entrepreneurship and the characteristics of the entrepreneur. This increased attention is due to the fact that entrepreneurs have long been linked to small business creation and recognised as an important factor in the small business development process (Boyd & Gumpert, 1983). Despite the quantity of research on entrepreneurship, there appears to be an ongoing controversy oyer what characterises an entrepreneurial business. and the specific characteristics of the small business entrepreneur. It has been argued that although there is an overlap between entrepreneurial and non-entrepreneurial businesses. they are in fact different entities (Carland, Hoy, Boulton & Carland, 1984: Drucker, 1985), and that not every individual who starts a business is an entrepreneur (Drucker. 1985). Small business entrepreneurship has been found to be specifically related to the psychological characteristics of the owner-manager who controls the business (Miller. 1983). The purpose of this research was to identify and describe psychological characteristics displayed by a group of South African small business entrepreneurs, thereby compiling a psychological profile of the small business entrepreneur. Given the nature of entrepreneurial activities and processes, Hofer and Bygrave (1992) recommend that accurate, precise qualitative data that is rich in its descriptive characterisation of the situation and the phenomenon involved be collected. As a result the researcher used qualitative rather than quantitative methods of investigation. Innovative behaviour has long been linked to entrepreneurship (Schumpeter. 1934) and entrepreneurial businesses were distinguished from other small businesses by their use of innovative strategic practices. Two sample groups consisting of entrepreneurial and non-entrepreneurial businesses, were created and the data collected were analysed independently. The results, based on personal interviews with 32 small business owner-managers and the administration and interpretation of tihe Structured Objective Rorschach Test (SORT), indicate that small business entrepreneurship should not be used as a term synonymous with small business ownership and/or management. Despite similarities between small business entrepreneurs and other small business owner-managers. the results suggest that a distinction between the two groups is necessary for accurate future research on entrepreneurs. The entrepreneurs differed from other small business owner-managers in terms of their psychological characteristics including their motives, their perception and attitude towards the external environment, and various sociological factors. The entrepreneurial businesses were also different in that they were more innovative and growth oriented than the non-entrepreneurial businesses. The research contributes towards a clarification of the concept of small business entrepreneurship and indicates a need for more precise sampling techniques to be used in entrepreneurial research.
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- Authors: Street, David Michael
- Date: 1995
- Subjects: Businessmen -- Psychology , Businesswomen -- Psychology , Self-employed -- Psychology , Entrepreneurship -- Psychological aspects , Small business -- Psychological aspects , Businessmen , Businesswomen , Businesspeople
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:3065 , http://hdl.handle.net/10962/d1002574 , Businessmen -- Psychology , Businesswomen -- Psychology , Self-employed -- Psychology , Entrepreneurship -- Psychological aspects , Small business -- Psychological aspects , Businessmen , Businesswomen , Businesspeople
- Description: With the growing importance being placed on the small business environment as having a positive influence on economic growth and vitality (Erwee, 1987: Burns & Dewhurst, 1989), there has been a corresponding increase in attention being paid to entrepreneurship and the characteristics of the entrepreneur. This increased attention is due to the fact that entrepreneurs have long been linked to small business creation and recognised as an important factor in the small business development process (Boyd & Gumpert, 1983). Despite the quantity of research on entrepreneurship, there appears to be an ongoing controversy oyer what characterises an entrepreneurial business. and the specific characteristics of the small business entrepreneur. It has been argued that although there is an overlap between entrepreneurial and non-entrepreneurial businesses. they are in fact different entities (Carland, Hoy, Boulton & Carland, 1984: Drucker, 1985), and that not every individual who starts a business is an entrepreneur (Drucker. 1985). Small business entrepreneurship has been found to be specifically related to the psychological characteristics of the owner-manager who controls the business (Miller. 1983). The purpose of this research was to identify and describe psychological characteristics displayed by a group of South African small business entrepreneurs, thereby compiling a psychological profile of the small business entrepreneur. Given the nature of entrepreneurial activities and processes, Hofer and Bygrave (1992) recommend that accurate, precise qualitative data that is rich in its descriptive characterisation of the situation and the phenomenon involved be collected. As a result the researcher used qualitative rather than quantitative methods of investigation. Innovative behaviour has long been linked to entrepreneurship (Schumpeter. 1934) and entrepreneurial businesses were distinguished from other small businesses by their use of innovative strategic practices. Two sample groups consisting of entrepreneurial and non-entrepreneurial businesses, were created and the data collected were analysed independently. The results, based on personal interviews with 32 small business owner-managers and the administration and interpretation of tihe Structured Objective Rorschach Test (SORT), indicate that small business entrepreneurship should not be used as a term synonymous with small business ownership and/or management. Despite similarities between small business entrepreneurs and other small business owner-managers. the results suggest that a distinction between the two groups is necessary for accurate future research on entrepreneurs. The entrepreneurs differed from other small business owner-managers in terms of their psychological characteristics including their motives, their perception and attitude towards the external environment, and various sociological factors. The entrepreneurial businesses were also different in that they were more innovative and growth oriented than the non-entrepreneurial businesses. The research contributes towards a clarification of the concept of small business entrepreneurship and indicates a need for more precise sampling techniques to be used in entrepreneurial research.
- Full Text: