An investigation into the validity of life tables used for the calculation of personal injury damages
- Authors: Forshaw, Timothy James
- Date: 2006
- Subjects: Torts -- South Africa , Damages -- South Africa , Damages -- South Africa -- Accounting , Mortality -- Tables , Personal injuries -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1077 , http://hdl.handle.net/10962/d1008371 , Torts -- South Africa , Damages -- South Africa , Damages -- South Africa -- Accounting , Mortality -- Tables , Personal injuries -- South Africa
- Description: Currently in South Africa when an individual is injured due to the acts of another they may claim damages for the losses which they may incur. These can be claimed from a variety of institutions, such as the Road Accident Fund, Workmen's compensation or an individual's private insurance. In all the afore-mentioned cases the calculation of damages are along the same lines, whereby the damages are quantified first, and thereafter reduced to reflect future possibilities that may occur. Traditionally future losses are reduced to reflect the possibility that the claimant may die at an age prior to the loss being incurred. To account for this risk awards for future losses are reduced using standard South African mortality tables. The set of tables currently being used were calculated from the 1985 South African census, and as such encapsulate the mortality of the population at that period. When the tables were calculated no reliable statistics were available for the Black population the result is that the tables currently being used do not contain a sample of the majority of the population. The thesis first examines, in detail, the calculation methods used to arrive at the value for damages to be awarded using the current set of life tables. Thereafter an analysis is conducted looking at differences between racial groups in the country and geographic locations, in order to uncover the mortality differences between groups to confirm or disprove the proposition that the exclusion of the Black population results in lower levels of mortality being reflected in the South African 1984-1986 life tables. This is accompanied by a review of mortality trenps in South African since 1986. Following from the findings of the expected increase in mortality since 1986, alternative life tables shall be used to show what impact these would have on the calculation of damages. Due to the fact that none of the alternatives return satisfactory results, structured settlements shall be reviewed to illustrate how the shortcomings of the lump sum approach can be circumvented, and altogether avoid the problems of out dated life tables being used as a basis for damage calculations. , KMBT_363 , Adobe Acrobat 9.54 Paper Capture Plug-in
- Full Text:
- Authors: Forshaw, Timothy James
- Date: 2006
- Subjects: Torts -- South Africa , Damages -- South Africa , Damages -- South Africa -- Accounting , Mortality -- Tables , Personal injuries -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1077 , http://hdl.handle.net/10962/d1008371 , Torts -- South Africa , Damages -- South Africa , Damages -- South Africa -- Accounting , Mortality -- Tables , Personal injuries -- South Africa
- Description: Currently in South Africa when an individual is injured due to the acts of another they may claim damages for the losses which they may incur. These can be claimed from a variety of institutions, such as the Road Accident Fund, Workmen's compensation or an individual's private insurance. In all the afore-mentioned cases the calculation of damages are along the same lines, whereby the damages are quantified first, and thereafter reduced to reflect future possibilities that may occur. Traditionally future losses are reduced to reflect the possibility that the claimant may die at an age prior to the loss being incurred. To account for this risk awards for future losses are reduced using standard South African mortality tables. The set of tables currently being used were calculated from the 1985 South African census, and as such encapsulate the mortality of the population at that period. When the tables were calculated no reliable statistics were available for the Black population the result is that the tables currently being used do not contain a sample of the majority of the population. The thesis first examines, in detail, the calculation methods used to arrive at the value for damages to be awarded using the current set of life tables. Thereafter an analysis is conducted looking at differences between racial groups in the country and geographic locations, in order to uncover the mortality differences between groups to confirm or disprove the proposition that the exclusion of the Black population results in lower levels of mortality being reflected in the South African 1984-1986 life tables. This is accompanied by a review of mortality trenps in South African since 1986. Following from the findings of the expected increase in mortality since 1986, alternative life tables shall be used to show what impact these would have on the calculation of damages. Due to the fact that none of the alternatives return satisfactory results, structured settlements shall be reviewed to illustrate how the shortcomings of the lump sum approach can be circumvented, and altogether avoid the problems of out dated life tables being used as a basis for damage calculations. , KMBT_363 , Adobe Acrobat 9.54 Paper Capture Plug-in
- Full Text:
A comparison between the South African "source rules" in relation to income tax and the "permanent establishment rules" as contained in double taxation agreements
- Authors: Fourie, Leonie
- Date: 2008
- Subjects: Income tax -- South Africa , Income tax -- Law and legislation -- South Africa , Double taxation -- South Africa , Business enterprises -- Taxation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:905 , http://hdl.handle.net/10962/d1008203
- Description: South Africa's right to tax the income of a non-resident is determined in terms of the South African "source rules" established by court decisions in relation to the imposition of tax in terms of the Income Tax Act. Unless a non-resident's income is captured by the South African "source rules" (on the basis that hi slits income is derived from a South African source), South Africa would have no right to tax such income, even if such non-resident creates a permanent establishment in South Africa by performing business activities within South Africa which could be considered essential (but not dominant) in nature. In such scenario the activities performed by the non-resident in South Africa may utilise the natural resources and the infrastructure of South Africa, but the South African fiscus would be deprived of the right to any tax revenues attributable to the income produced partly by such activities within South Africa. The South African "source rules" refer only to the main or dominant activities giving rise to the income for the purpose of determining the source of such income (and accordingly the right to tax such income). On the other hand, the "permanent establishment rules" as set out under the Organisation for Economic Cooperation and Development Model Tax Convention on Income and on Capital refer to all the taxpayer's essential business activities for the purpose of determining whether or not such activities create a pennanent establishment. The result of the narrow nature of the South African "source rules" is that, under certain circumstances, the South African fiscus would not necessarily be granted the right to tax all income produced partly within South Africa. The research demonstrated that incorporating the principles underlying the "pennanent establishment rules" into South African legislation would be a reasonable and logical solution to the problem of detennining the source of income. In so doing, the South African "source rules" would determine the source of income, and consequently South Africa's taxing rights, with reference to the essential business activities giving rise to such income. In such case South Africa would be afforded the right to tax the income of a non-resident in the event that it performs any of its essential business activities within South Africa, albeit not the dominant or main activities giving rise to the income.
- Full Text:
- Authors: Fourie, Leonie
- Date: 2008
- Subjects: Income tax -- South Africa , Income tax -- Law and legislation -- South Africa , Double taxation -- South Africa , Business enterprises -- Taxation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:905 , http://hdl.handle.net/10962/d1008203
- Description: South Africa's right to tax the income of a non-resident is determined in terms of the South African "source rules" established by court decisions in relation to the imposition of tax in terms of the Income Tax Act. Unless a non-resident's income is captured by the South African "source rules" (on the basis that hi slits income is derived from a South African source), South Africa would have no right to tax such income, even if such non-resident creates a permanent establishment in South Africa by performing business activities within South Africa which could be considered essential (but not dominant) in nature. In such scenario the activities performed by the non-resident in South Africa may utilise the natural resources and the infrastructure of South Africa, but the South African fiscus would be deprived of the right to any tax revenues attributable to the income produced partly by such activities within South Africa. The South African "source rules" refer only to the main or dominant activities giving rise to the income for the purpose of determining the source of such income (and accordingly the right to tax such income). On the other hand, the "permanent establishment rules" as set out under the Organisation for Economic Cooperation and Development Model Tax Convention on Income and on Capital refer to all the taxpayer's essential business activities for the purpose of determining whether or not such activities create a pennanent establishment. The result of the narrow nature of the South African "source rules" is that, under certain circumstances, the South African fiscus would not necessarily be granted the right to tax all income produced partly within South Africa. The research demonstrated that incorporating the principles underlying the "pennanent establishment rules" into South African legislation would be a reasonable and logical solution to the problem of detennining the source of income. In so doing, the South African "source rules" would determine the source of income, and consequently South Africa's taxing rights, with reference to the essential business activities giving rise to such income. In such case South Africa would be afforded the right to tax the income of a non-resident in the event that it performs any of its essential business activities within South Africa, albeit not the dominant or main activities giving rise to the income.
- Full Text:
A price analysis of vegetables on the East London municipal market
- Authors: Fraser, Gavin Cecil Gilbert
- Date: 1983
- Subjects: Agricultural prices -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1055 , http://hdl.handle.net/10962/d1006970 , Agricultural prices -- South Africa
- Description: [Introduction] Much of the information available on the prices of vegetables marketed through the fresh produce markets is of limited use to producers. This information contains the actual prices for individual years. This can obviously be taken as a guide to future prices but it does not necessarily mean that those prices are a true reflection of the general pattern. In this study an attempt will be made, firstly, to establish whether a general pattern exists in the prices of selected vegetables on the East London municipal market. This will be attempted by studying the prices obtained over the 1964-1979 period. Information of this nature can be used as a basis for the planning of future crops. Secondly, to determine the months which obtain the "best" prices for the selected vegetables taking into account the quantities supplied to the market.
- Full Text:
- Authors: Fraser, Gavin Cecil Gilbert
- Date: 1983
- Subjects: Agricultural prices -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1055 , http://hdl.handle.net/10962/d1006970 , Agricultural prices -- South Africa
- Description: [Introduction] Much of the information available on the prices of vegetables marketed through the fresh produce markets is of limited use to producers. This information contains the actual prices for individual years. This can obviously be taken as a guide to future prices but it does not necessarily mean that those prices are a true reflection of the general pattern. In this study an attempt will be made, firstly, to establish whether a general pattern exists in the prices of selected vegetables on the East London municipal market. This will be attempted by studying the prices obtained over the 1964-1979 period. Information of this nature can be used as a basis for the planning of future crops. Secondly, to determine the months which obtain the "best" prices for the selected vegetables taking into account the quantities supplied to the market.
- Full Text:
Why has South Africa been relatively unsuccessful at attracting inward foreign direct investment since 1994?
- Authors: Fulton, Mark Hugh John
- Date: 2014
- Subjects: Investments, Foreign -- South Africa , Investments, Foreign -- Africa, Southern , Investments, Foreign -- Chile , Investments, Foreign -- Botswana , Economic development -- South Africa , Economic development -- Developing countries , Political corruption -- Economic aspects -- South Africa , South Africa -- Economic policy -- 1994-
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1097 , http://hdl.handle.net/10962/d1013056
- Description: Foreign Direct Investment (FDI) flows into South Africa have been very low for several decades, and this research examines the reason(s) why this has been the case since 1994. There is a common belief amongst economists that there is a positive relationship between the amount of FDI received and economic growth, thus the desire to attract greater FDI inflows. A literature review was conducted to establish the determinants of FDI globally and then data were collected and assessed to test which causes are most important. The performance of developing nations in attracting FDI was first compared with that of the developed nations. Thereafter, a regional breakdown of FDI flows was presented, with a particular focus on the Southern African region. FDI inflows to South Africa since 1994 were compared against the identified determinants of FDI, as well as with FDI inflows into two other major mining economies, Chile and Botswana. The friendliness of the government towards business was identified as a significant determinant of FDI inflows and the importance of this factor in explaining FDI inflows into environment in South Africa was looked at in more depth. It was found that many investors perceive the South African government as hostile towards business and as corrupt and/or inefficient. The empirical results show that this negative perception helps explain the FDI inflows attracted by South Africa since 1994. Therefore, increased friendliness to business by the government should increase future inward FDI flows into South Africa.
- Full Text:
- Authors: Fulton, Mark Hugh John
- Date: 2014
- Subjects: Investments, Foreign -- South Africa , Investments, Foreign -- Africa, Southern , Investments, Foreign -- Chile , Investments, Foreign -- Botswana , Economic development -- South Africa , Economic development -- Developing countries , Political corruption -- Economic aspects -- South Africa , South Africa -- Economic policy -- 1994-
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1097 , http://hdl.handle.net/10962/d1013056
- Description: Foreign Direct Investment (FDI) flows into South Africa have been very low for several decades, and this research examines the reason(s) why this has been the case since 1994. There is a common belief amongst economists that there is a positive relationship between the amount of FDI received and economic growth, thus the desire to attract greater FDI inflows. A literature review was conducted to establish the determinants of FDI globally and then data were collected and assessed to test which causes are most important. The performance of developing nations in attracting FDI was first compared with that of the developed nations. Thereafter, a regional breakdown of FDI flows was presented, with a particular focus on the Southern African region. FDI inflows to South Africa since 1994 were compared against the identified determinants of FDI, as well as with FDI inflows into two other major mining economies, Chile and Botswana. The friendliness of the government towards business was identified as a significant determinant of FDI inflows and the importance of this factor in explaining FDI inflows into environment in South Africa was looked at in more depth. It was found that many investors perceive the South African government as hostile towards business and as corrupt and/or inefficient. The empirical results show that this negative perception helps explain the FDI inflows attracted by South Africa since 1994. Therefore, increased friendliness to business by the government should increase future inward FDI flows into South Africa.
- Full Text:
Industrial policy, institutions and industrial financing in South Africa: the role of the IDC and DBSA, and lessons from Brazil’s BNDES
- Authors: Fumbata, Nandipha
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1132 , http://hdl.handle.net/10962/d1021278
- Description: Institutions, particularly development finance institutions (DFIs) have been instrumental in economic development and the implementation of industrial policy throughout history. In 2007, the South African government identified the country’s DFIs as key to the implementation of its new industrial policy framework with the main objective of job creation. This thesis examines the impact that South Africa’s DFIs, particularly the IDC and the DBSA, have had on employment creation from 2010 to 2014. A comparative institutional approach is adopted in a case study analysis examining the role of the state in industrial financing. The financing activities of Brazil’s BNDES are explored by comparison to determine if there are possible lessons for South Africa. An analysis of the DFIs’ financial and annual reports and government policy documents is conducted. The political settlements framework is used as a basis for understanding the balance of power within the country and the impact this has had on the country’s industrial policy and industrial finance. The thesis finds that the financing activities of South Africa’s DFIs, particularly the IDC, have been directed at large scale capital intensive projects, with a large portion of disbursements channelled towards mining and mineral beneficiation. These sectors have also facilitated the most number of jobs. Even though the activities of the country’s DFIs are consistent with South Africa’s industrial policy and have facilitated job creation, it is evident that these efforts have not been on a scale that is large enough to reduce unemployment. Despite the DFIs’ efforts, there has been an increase in the number of unemployed South Africans between 2010 and 2014.
- Full Text:
- Authors: Fumbata, Nandipha
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1132 , http://hdl.handle.net/10962/d1021278
- Description: Institutions, particularly development finance institutions (DFIs) have been instrumental in economic development and the implementation of industrial policy throughout history. In 2007, the South African government identified the country’s DFIs as key to the implementation of its new industrial policy framework with the main objective of job creation. This thesis examines the impact that South Africa’s DFIs, particularly the IDC and the DBSA, have had on employment creation from 2010 to 2014. A comparative institutional approach is adopted in a case study analysis examining the role of the state in industrial financing. The financing activities of Brazil’s BNDES are explored by comparison to determine if there are possible lessons for South Africa. An analysis of the DFIs’ financial and annual reports and government policy documents is conducted. The political settlements framework is used as a basis for understanding the balance of power within the country and the impact this has had on the country’s industrial policy and industrial finance. The thesis finds that the financing activities of South Africa’s DFIs, particularly the IDC, have been directed at large scale capital intensive projects, with a large portion of disbursements channelled towards mining and mineral beneficiation. These sectors have also facilitated the most number of jobs. Even though the activities of the country’s DFIs are consistent with South Africa’s industrial policy and have facilitated job creation, it is evident that these efforts have not been on a scale that is large enough to reduce unemployment. Despite the DFIs’ efforts, there has been an increase in the number of unemployed South Africans between 2010 and 2014.
- Full Text:
An analysis of the relationship between the sources of conflict and the stages in the conflict process within the marketing channel comprising retail pharmacy managers and medical doctors
- Authors: Futter, William Thomas
- Date: 1988
- Subjects: Medicine -- Formulae, receipts, prescriptions -- Marketing , Marketing channels , Marketing research , Drugs -- Marketing
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1161 , http://hdl.handle.net/10962/d1001628
- Description: Marketing channels have traditionally been examined as commercial conduits the sale objective of which was to facilitate the flow of goods from producer to consumer. This approach emphasized functional and structural aspects of the channel and was primarily concerned with the efficiency of the distribution system. During the last two decades, marketing channels have increasingly been viewed as social systems affected by the behavioural dimensions of power, conflict, roles and communication. The rapid growth of vertical marketing systems with greater authority and interdependence between channel members, have stimulated interest in this field. Nevertheless, research has been limited and characterized by methodological problems and conceptual differences about the definitions of behavioural variables and their relationships. Some attempts have been made to develop an integrated framework within which to conduct research into channel relationships, but the validity and relaibility of these models has not been tested. This research project examined the relationship between the sources of conflict and stages in the conflict process. The sources of conflict were subdivided into attitudinal and structural categories, the latter being concerned with goal differences, the desire for autonomy in the face of interdependence and competition for scarce resources. The conflict process model adopted by the author assumes the existence of stages of latency, feeling, perception, manifestation and aftermath in each conflict episode. The first four were treated as separate behavioural states for which different levels of conflict intensity were measured. In order to provide greater explanatory power to the results of the analysis, the perceptions of two respondent groups were identified, namely the leader group, consisting of channel members responsible for the overall strategic interests of the channel, and the affected group, consisting of channel members who had been adversly affected by the activities of their partners in the channel dyad. In addition, respondents were asked to identify separately, their perceptions of the macro and micro levels of conflict in the four conflict states. The marketing channel for prescription medicines was selected for the study. The focal dyad consisted of retail pharmacy managers and doctors with single respondent perceptual measures being obtained from the retail pharmacy managers. A mail survey of all the retail pharmacy managers in South Africa, South West Africa/Namibia, and the independent homelands conducted in July 1987 resulted in a 40% response rate (1031 returns). Tests indicated statistically significant differences between the perceptual measures representing the sources and stages of conflict, the macro and micro levels of the stages of conflict and between the leader and the non-leader groups and the affected and non-affected groups. A sequential hierarchy in the level of conflict measured in the behavioural states was indicated, with decreasing levels of conflict being identified in states of latency, perception, feeling and manifestations, respectively. An analysis of the results revealed that attitudinal sources of conflict were more important that structural sources in measures of perceptions, feelings and manifestations of conflict behaviour. In the latent conflict state, structural sources assumed greater importance than attitudinal sources. In most of the measures, the sources of conflict were more correlated with perceptions of conflict at the macro level than the micro level. The exception was manifest conflict for which micro conflict levels were more important. The major sources of conflict were differences in perceptions, differences in goals and the lack of autonomy. The leader group indicated a particular concern for attitudinal factors, particularly communication difficulties. The affected group, whilst identifying attitudinal factors as being the most important, was especially concerned with their lack of autonomy from the doctor, rather than the competition for scarce resources which could have been expected. An overall assessment of the level of conflict between retail pharmacy managers and doctors indicated that the channel dyad was relatively free from conflict. Relationships were characterized by a degree of satisfaction, some degree of harmony and little evidence of conflict behaviour.
- Full Text:
- Authors: Futter, William Thomas
- Date: 1988
- Subjects: Medicine -- Formulae, receipts, prescriptions -- Marketing , Marketing channels , Marketing research , Drugs -- Marketing
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1161 , http://hdl.handle.net/10962/d1001628
- Description: Marketing channels have traditionally been examined as commercial conduits the sale objective of which was to facilitate the flow of goods from producer to consumer. This approach emphasized functional and structural aspects of the channel and was primarily concerned with the efficiency of the distribution system. During the last two decades, marketing channels have increasingly been viewed as social systems affected by the behavioural dimensions of power, conflict, roles and communication. The rapid growth of vertical marketing systems with greater authority and interdependence between channel members, have stimulated interest in this field. Nevertheless, research has been limited and characterized by methodological problems and conceptual differences about the definitions of behavioural variables and their relationships. Some attempts have been made to develop an integrated framework within which to conduct research into channel relationships, but the validity and relaibility of these models has not been tested. This research project examined the relationship between the sources of conflict and stages in the conflict process. The sources of conflict were subdivided into attitudinal and structural categories, the latter being concerned with goal differences, the desire for autonomy in the face of interdependence and competition for scarce resources. The conflict process model adopted by the author assumes the existence of stages of latency, feeling, perception, manifestation and aftermath in each conflict episode. The first four were treated as separate behavioural states for which different levels of conflict intensity were measured. In order to provide greater explanatory power to the results of the analysis, the perceptions of two respondent groups were identified, namely the leader group, consisting of channel members responsible for the overall strategic interests of the channel, and the affected group, consisting of channel members who had been adversly affected by the activities of their partners in the channel dyad. In addition, respondents were asked to identify separately, their perceptions of the macro and micro levels of conflict in the four conflict states. The marketing channel for prescription medicines was selected for the study. The focal dyad consisted of retail pharmacy managers and doctors with single respondent perceptual measures being obtained from the retail pharmacy managers. A mail survey of all the retail pharmacy managers in South Africa, South West Africa/Namibia, and the independent homelands conducted in July 1987 resulted in a 40% response rate (1031 returns). Tests indicated statistically significant differences between the perceptual measures representing the sources and stages of conflict, the macro and micro levels of the stages of conflict and between the leader and the non-leader groups and the affected and non-affected groups. A sequential hierarchy in the level of conflict measured in the behavioural states was indicated, with decreasing levels of conflict being identified in states of latency, perception, feeling and manifestations, respectively. An analysis of the results revealed that attitudinal sources of conflict were more important that structural sources in measures of perceptions, feelings and manifestations of conflict behaviour. In the latent conflict state, structural sources assumed greater importance than attitudinal sources. In most of the measures, the sources of conflict were more correlated with perceptions of conflict at the macro level than the micro level. The exception was manifest conflict for which micro conflict levels were more important. The major sources of conflict were differences in perceptions, differences in goals and the lack of autonomy. The leader group indicated a particular concern for attitudinal factors, particularly communication difficulties. The affected group, whilst identifying attitudinal factors as being the most important, was especially concerned with their lack of autonomy from the doctor, rather than the competition for scarce resources which could have been expected. An overall assessment of the level of conflict between retail pharmacy managers and doctors indicated that the channel dyad was relatively free from conflict. Relationships were characterized by a degree of satisfaction, some degree of harmony and little evidence of conflict behaviour.
- Full Text:
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 fourth industrial revolution and human capital development
- Authors: Goldschmidt, Kyle
- Date: 2018
- Subjects: Technological innovations -- Economic aspects , Human capital , Intellectual capital , Economic development , Economic development -- Effect of education on , Fourth industrial revolution
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/62483 , vital:28197
- Description: The focus of the Fourth Industrial Revolution has been on its implications on Human Capital and its need to develop “21st-Century Skills" through education to ensure future labour and capital complementarity. Human Capital combined with 21st-Century Skills, it is claimed, can together generate economic growth, jobs and propel an economy into the next Industrial Revolution. However, Schwab’s (2016) concept of the Fourth Industrial Revolution, make no distinction between the Average Worker and the Knowledge Elite and their relationship to each other and successful economic growth. The different nature of these skills is absent in the literature to date. A critical analysis of literature will be used to examine Schwab’s (2016) claim of a Fourth Industrial Revolution and assess how the Average Worker and the Knowledge Elite relate to the Fourth Industrial Revolution and 21st-Century Skills. The evidence is provided on how both the Average Worker and the Knowledge Elite are key contributors to economic growth and will be important in the Fourth Industrial Revolution.
- Full Text:
- Authors: Goldschmidt, Kyle
- Date: 2018
- Subjects: Technological innovations -- Economic aspects , Human capital , Intellectual capital , Economic development , Economic development -- Effect of education on , Fourth industrial revolution
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/62483 , vital:28197
- Description: The focus of the Fourth Industrial Revolution has been on its implications on Human Capital and its need to develop “21st-Century Skills" through education to ensure future labour and capital complementarity. Human Capital combined with 21st-Century Skills, it is claimed, can together generate economic growth, jobs and propel an economy into the next Industrial Revolution. However, Schwab’s (2016) concept of the Fourth Industrial Revolution, make no distinction between the Average Worker and the Knowledge Elite and their relationship to each other and successful economic growth. The different nature of these skills is absent in the literature to date. A critical analysis of literature will be used to examine Schwab’s (2016) claim of a Fourth Industrial Revolution and assess how the Average Worker and the Knowledge Elite relate to the Fourth Industrial Revolution and 21st-Century Skills. The evidence is provided on how both the Average Worker and the Knowledge Elite are key contributors to economic growth and will be important in the Fourth Industrial Revolution.
- Full Text:
The leadership competencies subordinates value : an exploratory study across gender and national culture
- Authors: Gondongwe, Sharon
- Date: 2014
- Subjects: Leadership , Organizational behavior , Organizational behavior -- Cross-cultural studies , Organizational behavior -- Sex differences
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1203 , http://hdl.handle.net/10962/d1015673
- Description: The effectiveness of leadership is largely dependent on whether the leadership competencies exhibited by leaders are congruent with the value system endorsed by subordinates. One of the ways in which leaders can influence subordinates is by understanding the leadership competencies valued by subordinates. Gender and national culture are two of the many factors that have an influence on the leadership competencies valued by subordinates. A large amount of research has been conducted to determine if, indeed, gender and national culture influence the leadership competencies subordinates' value. However, most of this research has been conducted in Europe and North America, places in which national cultures differ significantly from those prevailing in African countries. This study, from a South African and Zimbabwean perspective, attempted to ascertain if gender and national culture influence the leadership competencies they value in their leaders. Existing studies have indicated that gender and national culture do not influence the leadership competencies valued in a leader. The findings of this study are in accordance with previous research and agree that gender and national culture do not influence the leadership competencies valued in a leader. The results of this study indicated that male and female subordinates value similar leadership competencies. With respect to national culture, both South African and Zimbabwean subordinates value similar leadership competencies. Based on the findings of this study, regardless of gender and national culture, all subordinates value a leader who is loyal, visionary, openly embodies integrity, and is a leader who empowers subordinates.
- Full Text:
- Authors: Gondongwe, Sharon
- Date: 2014
- Subjects: Leadership , Organizational behavior , Organizational behavior -- Cross-cultural studies , Organizational behavior -- Sex differences
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1203 , http://hdl.handle.net/10962/d1015673
- Description: The effectiveness of leadership is largely dependent on whether the leadership competencies exhibited by leaders are congruent with the value system endorsed by subordinates. One of the ways in which leaders can influence subordinates is by understanding the leadership competencies valued by subordinates. Gender and national culture are two of the many factors that have an influence on the leadership competencies valued by subordinates. A large amount of research has been conducted to determine if, indeed, gender and national culture influence the leadership competencies subordinates' value. However, most of this research has been conducted in Europe and North America, places in which national cultures differ significantly from those prevailing in African countries. This study, from a South African and Zimbabwean perspective, attempted to ascertain if gender and national culture influence the leadership competencies they value in their leaders. Existing studies have indicated that gender and national culture do not influence the leadership competencies valued in a leader. The findings of this study are in accordance with previous research and agree that gender and national culture do not influence the leadership competencies valued in a leader. The results of this study indicated that male and female subordinates value similar leadership competencies. With respect to national culture, both South African and Zimbabwean subordinates value similar leadership competencies. Based on the findings of this study, regardless of gender and national culture, all subordinates value a leader who is loyal, visionary, openly embodies integrity, and is a leader who empowers subordinates.
- Full Text:
The effect of strike action on the value and volatility of the South African Rand
- Authors: Gordon, Ross Patrick
- Date: 2015
- Subjects: Foreign exchange rates -- South Africa , Strikes and lockouts -- South Africa -- Economic aspects , South Africa -- Foreign economic relations , South Africa -- Economic conditions -- 1991- , Rand, South African , Dollar, American
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1124 , http://hdl.handle.net/10962/d1020018
- Description: This study analyses whether the advent of strike action has an effect on the value and volatility of the South African Rand compared with the US Dollar. The literature suggests that strike action can have a significant effect on the exchange rate in terms of either value or volatility, and consequences can result that cause inefficiencies in the economy; inhibiting employment and economic growth. Strike action has become common place in South Africa, with 2012 alone recording 99 strikes, 45 of which were “wildcat” or unprotected strikes. This study uses GARCH and Intervention Analyses to determine what the resulting effects of the strikes might be on the exchange rate. The analysis used ZAR/USD exchange rate data for the period January 2000 to October 2013, and covered 72 of the most significant strikes in terms of lost man-days. The results are mixed, suggesting that the effects of strikes do not always conform to expectations (increased volatility and a depreciation in the Rand), and that outside factors affecting the global economy may have a more significant effect on the exchange rate than strikes on their own.
- Full Text:
- Authors: Gordon, Ross Patrick
- Date: 2015
- Subjects: Foreign exchange rates -- South Africa , Strikes and lockouts -- South Africa -- Economic aspects , South Africa -- Foreign economic relations , South Africa -- Economic conditions -- 1991- , Rand, South African , Dollar, American
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1124 , http://hdl.handle.net/10962/d1020018
- Description: This study analyses whether the advent of strike action has an effect on the value and volatility of the South African Rand compared with the US Dollar. The literature suggests that strike action can have a significant effect on the exchange rate in terms of either value or volatility, and consequences can result that cause inefficiencies in the economy; inhibiting employment and economic growth. Strike action has become common place in South Africa, with 2012 alone recording 99 strikes, 45 of which were “wildcat” or unprotected strikes. This study uses GARCH and Intervention Analyses to determine what the resulting effects of the strikes might be on the exchange rate. The analysis used ZAR/USD exchange rate data for the period January 2000 to October 2013, and covered 72 of the most significant strikes in terms of lost man-days. The results are mixed, suggesting that the effects of strikes do not always conform to expectations (increased volatility and a depreciation in the Rand), and that outside factors affecting the global economy may have a more significant effect on the exchange rate than strikes on their own.
- Full Text:
An empirical analysis of financial stress within South Africa and its apparent co-movement with financial stress emanating from advanced and emerging economies
- Authors: Graham, Brydone
- Date: 2013
- Subjects: Financial crises -- South Africa Financial crises -- Developing countries Globalization -- Economic aspects -- South Africa International economic relations South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1053 , http://hdl.handle.net/10962/d1006795
- Description: The identification of financial stress, and an understanding of financial contagion on a global scale, is of critical importance to a South African economy that is becoming increasingly integrated into the global economy. The last decade has been characterised by periods of high economic growth, but also periods of significant financial instability culminating in global economic crises. This study examines the extent to which the South African financial system is exposed to distress abroad by identifying and measuring the co-movement of financial stress originating from within and outside South Africa. The study can be separated into two sections: the identification of financial stress and the measurement of financial contagion. Using monthly data for the period 2000 to 2012, three indices were constructed for the emerging markets, advanced economies and South Africa using varianceequal weighting. The indices were tested for contagion using the Johansen and Jesulius (1990) multivariate cointegration approach supplemented with basic OLS architecture and Impulse Response analysis. The results indicate the three constructed indices were highly accurate at identifying the intensity and timing of financial stress over the three regions respectively. It was found that the South African financial sector is highly susceptible to financial stress originating from advanced economies. The results obtained for financial stress emanating from emerging markets were not as conclusive and found to be insignificant. Overall, it is clear that the methods employed to identify financial stress are highly accurate and that South Africa is highly susceptible to financial stress originating from abroad. It is clear that advanced economies have a greater ability to affect financial stress in South Africa via contagion. It must be noted that this does not conclude that South Africa is not affected by emerging market crises, but that these crises tend to affect South Africa through advanced economy channels as defined within this thesis.
- Full Text:
- Authors: Graham, Brydone
- Date: 2013
- Subjects: Financial crises -- South Africa Financial crises -- Developing countries Globalization -- Economic aspects -- South Africa International economic relations South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1053 , http://hdl.handle.net/10962/d1006795
- Description: The identification of financial stress, and an understanding of financial contagion on a global scale, is of critical importance to a South African economy that is becoming increasingly integrated into the global economy. The last decade has been characterised by periods of high economic growth, but also periods of significant financial instability culminating in global economic crises. This study examines the extent to which the South African financial system is exposed to distress abroad by identifying and measuring the co-movement of financial stress originating from within and outside South Africa. The study can be separated into two sections: the identification of financial stress and the measurement of financial contagion. Using monthly data for the period 2000 to 2012, three indices were constructed for the emerging markets, advanced economies and South Africa using varianceequal weighting. The indices were tested for contagion using the Johansen and Jesulius (1990) multivariate cointegration approach supplemented with basic OLS architecture and Impulse Response analysis. The results indicate the three constructed indices were highly accurate at identifying the intensity and timing of financial stress over the three regions respectively. It was found that the South African financial sector is highly susceptible to financial stress originating from advanced economies. The results obtained for financial stress emanating from emerging markets were not as conclusive and found to be insignificant. Overall, it is clear that the methods employed to identify financial stress are highly accurate and that South Africa is highly susceptible to financial stress originating from abroad. It is clear that advanced economies have a greater ability to affect financial stress in South Africa via contagion. It must be noted that this does not conclude that South Africa is not affected by emerging market crises, but that these crises tend to affect South Africa through advanced economy channels as defined within this thesis.
- Full Text:
A critical analysis of the practical man principle in Commissioner for Inland Revenue v Lever Brothers and Unilever Ltd
- Authors: Grenville, David Paul
- Date: 2014
- Subjects: Unilever (Firm) , South African Revenue Service , Taxation -- Law and legislation -- South Africa , Income tax -- Law and legislation -- South Africa -- Cases , Income tax -- South Africa -- Cases , Business enterprises -- Taxation -- South Africa , Law -- South Africa -- Philosophy
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:909 , http://hdl.handle.net/10962/d1013238
- Description: This research studies the practical person principle as it was introduced in the case of Commissioner for Inland Revenue v Lever Brothers and Unilever Ltd 1946 AD 441. In its time the Lever Brothers case was a seminal judgment in South Africa’s tax jurisprudence and the practical person principle was a decisive criterion for the determination of source of income. The primary goal of this research was a critical analysis the practical man principle. This involved an analysis of the extent to which this principle requires judges to adopt a criterion that is too flexible for legitimate judicial decision-making. The extent to which the practical person principle creates a clash between a philosophical approach to law and an approach that is based on common sense or practicality was also debated. Finally, it was considered whether adopting a philosophical approach to determining the source of income could overcome the problems associated with the practical approach. A doctrinal methodology was applied to the documentary data consisting of the South African and Australian Income Tax Acts, South African and other case law, historical records and the writings of scholars. From the critical analysis of the practical person principle it was concluded that the anthropomorphised form of the principle gives rise to several problems that may be overcome by looking to the underlying operation of the principle. Further analysis of this operation, however, revealed deeper problems in that the principle undermines the doctrine of judicial precedent, legal certainty and the rule of law. Accordingly a practical approach to determining the source of income is undesirable and unconstitutional. Further research was conducted into the relative merits of a philosophical approach to determining source of income and it was argued that such an approach could provide a more desirable solution to determining source of income as well as approaching legal problems more generally.
- Full Text:
- Authors: Grenville, David Paul
- Date: 2014
- Subjects: Unilever (Firm) , South African Revenue Service , Taxation -- Law and legislation -- South Africa , Income tax -- Law and legislation -- South Africa -- Cases , Income tax -- South Africa -- Cases , Business enterprises -- Taxation -- South Africa , Law -- South Africa -- Philosophy
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:909 , http://hdl.handle.net/10962/d1013238
- Description: This research studies the practical person principle as it was introduced in the case of Commissioner for Inland Revenue v Lever Brothers and Unilever Ltd 1946 AD 441. In its time the Lever Brothers case was a seminal judgment in South Africa’s tax jurisprudence and the practical person principle was a decisive criterion for the determination of source of income. The primary goal of this research was a critical analysis the practical man principle. This involved an analysis of the extent to which this principle requires judges to adopt a criterion that is too flexible for legitimate judicial decision-making. The extent to which the practical person principle creates a clash between a philosophical approach to law and an approach that is based on common sense or practicality was also debated. Finally, it was considered whether adopting a philosophical approach to determining the source of income could overcome the problems associated with the practical approach. A doctrinal methodology was applied to the documentary data consisting of the South African and Australian Income Tax Acts, South African and other case law, historical records and the writings of scholars. From the critical analysis of the practical person principle it was concluded that the anthropomorphised form of the principle gives rise to several problems that may be overcome by looking to the underlying operation of the principle. Further analysis of this operation, however, revealed deeper problems in that the principle undermines the doctrine of judicial precedent, legal certainty and the rule of law. Accordingly a practical approach to determining the source of income is undesirable and unconstitutional. Further research was conducted into the relative merits of a philosophical approach to determining source of income and it was argued that such an approach could provide a more desirable solution to determining source of income as well as approaching legal problems more generally.
- Full Text:
The taxation of the “sharing economy” in South Africa
- Authors: Gumbo, Wadzanai Charisma
- Date: 2019
- Subjects: Corporations -- Taxation Taxation -- South Africa Value-added tax -- Law and legislation -- South Africa Double taxation -- South Africa Tax evasion -- South Africa Income tax -- Law and legislation -- South Africa Tax administration and procedure -- South Africa
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/64045 , vital:28525
- Description: The research examined whether the services provided by the “sharing economy” platforms are adequately dealt with by the current South African tax systems. In addressing this main goal, the research analysed how the South African tax systems deal with the income and expenses of Uber, Airbnb and their respective service providers. The research also investigated how South Africa could classify “sharing economy” workers and how this would affect the deductibility of the worker’s expenses. A brief analysis was made of the taxation of the “sharing economy” businesses in Australia and the United States of America. These countries have implemented measures to effectively deal with regulating the “sharing economy” businesses. An interpretative research approach was used to provide clarity on the matter. Documentary data used for the research consists of tax legislation, case law, textbooks, commentaries, journal articles and theses. The research concluded that the current taxation systems have loopholes that are allowing participants in the “sharing economy” to avoid paying tax in South Africa. The thesis recommends that the legislature could adopt certain measures applied in Australia and the United States of America to more effectively regulate “sharing economy” in South African and remedy the leakages the current tax systems suffer, causing SARS to lose potential revenue.
- Full Text:
- Authors: Gumbo, Wadzanai Charisma
- Date: 2019
- Subjects: Corporations -- Taxation Taxation -- South Africa Value-added tax -- Law and legislation -- South Africa Double taxation -- South Africa Tax evasion -- South Africa Income tax -- Law and legislation -- South Africa Tax administration and procedure -- South Africa
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/64045 , vital:28525
- Description: The research examined whether the services provided by the “sharing economy” platforms are adequately dealt with by the current South African tax systems. In addressing this main goal, the research analysed how the South African tax systems deal with the income and expenses of Uber, Airbnb and their respective service providers. The research also investigated how South Africa could classify “sharing economy” workers and how this would affect the deductibility of the worker’s expenses. A brief analysis was made of the taxation of the “sharing economy” businesses in Australia and the United States of America. These countries have implemented measures to effectively deal with regulating the “sharing economy” businesses. An interpretative research approach was used to provide clarity on the matter. Documentary data used for the research consists of tax legislation, case law, textbooks, commentaries, journal articles and theses. The research concluded that the current taxation systems have loopholes that are allowing participants in the “sharing economy” to avoid paying tax in South Africa. The thesis recommends that the legislature could adopt certain measures applied in Australia and the United States of America to more effectively regulate “sharing economy” in South African and remedy the leakages the current tax systems suffer, causing SARS to lose potential revenue.
- Full Text:
The bank lending and balance sheet channels of monetary policy: a theoretical analysis
- Authors: Gumede, Nomdumiso Beryl
- Date: 2013
- Subjects: Monetary policy Money Bank loans Financial sheets
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:933 , http://hdl.handle.net/10962/d1001864
- Description: The credit channel and its significance in the monetary policy transmission mechanism has been a point of contention among policy makers and economists for many years. In the early stages of this debate the monetarist view shaped thinking on the topic and cultivated the belief that the money supply is exogenously determined and that commercial banks playa minor role in the monetary transmission process. However, over the years, the credit view presented by Bernanke and Blinder (1988) has gained momentum. In contrast to the monetarist view, the credit view abandons the assumption of perfect substitutability and argues that due to their credit provision activities, financial institutions playa significant role in the transmission of monetary policy. The credit channel consists of two sub channels, the bank lending and balance sheet channels. In both, deposits drive loans and changes in monetary policy are effected through interest rates and their impact on borrowers' balance sheets, bank reserves, bank deposits and ultimately the quantity of bank loans supplied. Disyatat (2010) re-examines the conventional view and presents an argument against the foundation upon which the theories are based. Using this as a basis, and motivated by the vast amount of empirical literature that already exists on this topic, both in South Africa and abroad, this research provides a theoretical analysis of the credit channel and its relative importance in the monetary policy transmission mechanism. The exogenous/endogenous nature of money supply is considered and its implications for the existence and operation of the credit channel set out. It is found that, in order for a credit channel to operate efficiently in an economy, money supply should be endogenously determined. Moreover, a theoretical argument supporting Disyatat's (2010) revised credit channel is presented; it is concluded that, with a slight variation to Disyatat's proposed model, a single, unified channel exists.
- Full Text:
- Authors: Gumede, Nomdumiso Beryl
- Date: 2013
- Subjects: Monetary policy Money Bank loans Financial sheets
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:933 , http://hdl.handle.net/10962/d1001864
- Description: The credit channel and its significance in the monetary policy transmission mechanism has been a point of contention among policy makers and economists for many years. In the early stages of this debate the monetarist view shaped thinking on the topic and cultivated the belief that the money supply is exogenously determined and that commercial banks playa minor role in the monetary transmission process. However, over the years, the credit view presented by Bernanke and Blinder (1988) has gained momentum. In contrast to the monetarist view, the credit view abandons the assumption of perfect substitutability and argues that due to their credit provision activities, financial institutions playa significant role in the transmission of monetary policy. The credit channel consists of two sub channels, the bank lending and balance sheet channels. In both, deposits drive loans and changes in monetary policy are effected through interest rates and their impact on borrowers' balance sheets, bank reserves, bank deposits and ultimately the quantity of bank loans supplied. Disyatat (2010) re-examines the conventional view and presents an argument against the foundation upon which the theories are based. Using this as a basis, and motivated by the vast amount of empirical literature that already exists on this topic, both in South Africa and abroad, this research provides a theoretical analysis of the credit channel and its relative importance in the monetary policy transmission mechanism. The exogenous/endogenous nature of money supply is considered and its implications for the existence and operation of the credit channel set out. It is found that, in order for a credit channel to operate efficiently in an economy, money supply should be endogenously determined. Moreover, a theoretical argument supporting Disyatat's (2010) revised credit channel is presented; it is concluded that, with a slight variation to Disyatat's proposed model, a single, unified channel exists.
- Full Text:
Recent developments in banking supervision and the soundness of the financial system : a comparative study of South Africa, Brazil and China
- Authors: Gutu, Taurai Fortune
- Date: 2015
- Subjects: Basel III (2010) , Bank management -- South Africa , Bank management -- Brazil , Bank management -- China , Global Financial Crisis, 2008-2009 , Ratio analysis , Liquidity (Economics)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1130 , http://hdl.handle.net/10962/d1020892
- Description: While the 2008 financial crisis has come and gone, its effects on the global financial sector still show. Globalisation has since changed the way that banks do business, and increased competitiveness and with it the level of risk within the international banking community. Therefore, because of these prolonged effects of the financial crisis and the rise in the level of risk in banking, regulators deemed it fit to make the global financial sector safer and sounder. As a result, the BASEL III Capital Accord was introduced with tighter capital adequacy and liquidity ratio requirements; as well as also introducing the leverage ratio. In this paper, through the study of the rules and regulations on banks in South Africa, Brazil and China, it was discovered that all three countries have since begun the implementation of the new Accord as from January 2013. While preparatory measures may be different, there is a general sense of regulatory alignment among the three countries. By analysing the capital adequacy, liquidity and leverage ratios of the three countries, it was also established that these ratios are interconnected, with the capital adequacy ratio being the most important one. The study concludes that, with proper implementation of these ratios and effective management, countries implementing the BASEL III regulations would be in a stronger position to achieve soundness in their banking systems. , Gutu, Taurai Fortunate
- Full Text:
- Authors: Gutu, Taurai Fortune
- Date: 2015
- Subjects: Basel III (2010) , Bank management -- South Africa , Bank management -- Brazil , Bank management -- China , Global Financial Crisis, 2008-2009 , Ratio analysis , Liquidity (Economics)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1130 , http://hdl.handle.net/10962/d1020892
- Description: While the 2008 financial crisis has come and gone, its effects on the global financial sector still show. Globalisation has since changed the way that banks do business, and increased competitiveness and with it the level of risk within the international banking community. Therefore, because of these prolonged effects of the financial crisis and the rise in the level of risk in banking, regulators deemed it fit to make the global financial sector safer and sounder. As a result, the BASEL III Capital Accord was introduced with tighter capital adequacy and liquidity ratio requirements; as well as also introducing the leverage ratio. In this paper, through the study of the rules and regulations on banks in South Africa, Brazil and China, it was discovered that all three countries have since begun the implementation of the new Accord as from January 2013. While preparatory measures may be different, there is a general sense of regulatory alignment among the three countries. By analysing the capital adequacy, liquidity and leverage ratios of the three countries, it was also established that these ratios are interconnected, with the capital adequacy ratio being the most important one. The study concludes that, with proper implementation of these ratios and effective management, countries implementing the BASEL III regulations would be in a stronger position to achieve soundness in their banking systems. , Gutu, Taurai Fortunate
- Full Text:
The developmental state, social policy and social compacts: a comparative policy analysis of the South African case
- Authors: Gwaindepi, Abel
- Date: 2014
- Subjects: Economic development -- Political aspects -- South Africa , Income distribution -- South Africa , Democracy -- South Africa , Industrial policy -- Developing countries , South Africa -- Economic conditions , South Africa -- Social conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1101 , http://hdl.handle.net/10962/d1013278
- Description: The history of economic thought is ‘flooded’ with neo-classical accounts despite the fact that neoclassical economics did not occupy history alone. This has caused the discourses on ‘lost alternatives’ to be relegated as the deterministic ‘straight line’ neo-classical historical discourses are elevated. Globally hegemonic neo-classical discourse aided this phenomenon as it served to subordinate any counterhegemonic local discursive processes towards alternatives. This study is premised on the theme of non-neoclassical ‘lost alternatives’ using the post-apartheid South Africa as a case study. Emerging from the apartheid regime, the impetus towards non-neoclassical redistributive policies was strong in South Africa but this did not gain traction as the ANC’s ‘growth through redistribution’ was replaced by globally hegemonic discourse which favoured ‘redistribution through growth’. This thesis postulates the idea of two waves of ‘internal’ discursive formations; capturing the transition to democracy up to 1996 as the first wave and the period from 2005 to about 2009 as the second wave. The developmental state paradigm (DSP) emerged as the central heterodox paradigm with ideas such as industrial policy, welfare, and social dialogue/compacts being main elements. The DSP was expressly chosen in the early 1990s, the first period of strong internal discursive formation, but faded as neo-classical policies, epitomised through GEAR, dominated the policy space. The DSP discourse gained vitality in the second wave of internal discursive formation (2005-2009) and it was associated with the subsequent Zuma’s administration. The study illustrates that the DSP has failed to be fully developed into a practical framework but remained only at rhetorical level with the phrase ‘developmental state’ inserted into government policy documents and documents of ANC as a ruling party. The thesis further illustrates that the DSP fared well ideologically because of its inclination to the ideology of ‘developmentalism’ tended to trump any socialist inclined policies such as a generous welfare regime. The thesis rebuts the notion of the DSP in South Africa which has only been amorphously developed with the phrase ‘developmental state’ becoming a mere buzzword. The thesis argues that the DSP in the 21st century is much more complex and the growing ‘tertiarisation’ of the economy makes the Social Democratic Paradigm SDP’s capability centric approach much more relevant for South Africa. The study goes further to argue that a (SDP) is much more suitable alternative for addressing South African colonial/apartheid legacies and consolidation of democracy.
- Full Text:
- Authors: Gwaindepi, Abel
- Date: 2014
- Subjects: Economic development -- Political aspects -- South Africa , Income distribution -- South Africa , Democracy -- South Africa , Industrial policy -- Developing countries , South Africa -- Economic conditions , South Africa -- Social conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1101 , http://hdl.handle.net/10962/d1013278
- Description: The history of economic thought is ‘flooded’ with neo-classical accounts despite the fact that neoclassical economics did not occupy history alone. This has caused the discourses on ‘lost alternatives’ to be relegated as the deterministic ‘straight line’ neo-classical historical discourses are elevated. Globally hegemonic neo-classical discourse aided this phenomenon as it served to subordinate any counterhegemonic local discursive processes towards alternatives. This study is premised on the theme of non-neoclassical ‘lost alternatives’ using the post-apartheid South Africa as a case study. Emerging from the apartheid regime, the impetus towards non-neoclassical redistributive policies was strong in South Africa but this did not gain traction as the ANC’s ‘growth through redistribution’ was replaced by globally hegemonic discourse which favoured ‘redistribution through growth’. This thesis postulates the idea of two waves of ‘internal’ discursive formations; capturing the transition to democracy up to 1996 as the first wave and the period from 2005 to about 2009 as the second wave. The developmental state paradigm (DSP) emerged as the central heterodox paradigm with ideas such as industrial policy, welfare, and social dialogue/compacts being main elements. The DSP was expressly chosen in the early 1990s, the first period of strong internal discursive formation, but faded as neo-classical policies, epitomised through GEAR, dominated the policy space. The DSP discourse gained vitality in the second wave of internal discursive formation (2005-2009) and it was associated with the subsequent Zuma’s administration. The study illustrates that the DSP has failed to be fully developed into a practical framework but remained only at rhetorical level with the phrase ‘developmental state’ inserted into government policy documents and documents of ANC as a ruling party. The thesis further illustrates that the DSP fared well ideologically because of its inclination to the ideology of ‘developmentalism’ tended to trump any socialist inclined policies such as a generous welfare regime. The thesis rebuts the notion of the DSP in South Africa which has only been amorphously developed with the phrase ‘developmental state’ becoming a mere buzzword. The thesis argues that the DSP in the 21st century is much more complex and the growing ‘tertiarisation’ of the economy makes the Social Democratic Paradigm SDP’s capability centric approach much more relevant for South Africa. The study goes further to argue that a (SDP) is much more suitable alternative for addressing South African colonial/apartheid legacies and consolidation of democracy.
- Full Text:
A Veblenian Dichotomy re-examination of labour brokerage and South African labour market functionality
- Authors: Haaketa, Bernadatte Tina
- Date: 2020
- Subjects: Veblen, Thorstein, 1857-1929 , Contracting out -- South Africa , Temporary employment -- South Africa , Industrial relations -- South Africa , Labor supply -- South Africa , Labor supply -- Effect of technological innovations on -- South Africa , Manpower policy -- South Africa , Labor market -- South Africa
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/168446 , vital:41583
- Description: Labour markets ar ound the world have witnessed a great change in labour relations. The introduction of globa lisation, increased competition and technological advancements has caused business organisations to change their employment methods. While trying to survive and remain profitable, employers have adopted a new form of triangular employment relationship. Thi s form of employment relationship known as labour broking and which forms part of the Temporary Employment Services (TES) involves a relationship between the worker, labour agent (broker) and a client c ompany. Although it may seem like a good strategy for business organisations, the change in employment relationships has had negative effects and contributed to labour market dysfunctionalities . This has resulted in critics of labour broking calling or an end in labour broking and supporters of labour broking asking for better regulation of the industry. Labour markets are me When it comes to analysing labour broking and its impact on labour market functionality in South Africa. Scholars and analysts such as Budlender ( 2013 ) and Bhorat, Lil enstein, Oosthuizen , and Thornton ( 2016 ) have used the Neoclassical , New Institutional Economics and Marxist approach es. The current views on labour broking and the current schools of thought fail to look at the underlying behavioural aspect of labour brokers and the client c ompanies. Hence making it easy for labour brokers and their client companies to continue with their unscrupulous activities. However, this t hesis adapted the Veblenian Dichotomy framework which focuses on understanding the role of the evolutionary proce ss and the role of institutions in shaping economic behaviour. The Veblenian dichotomy shows that power plays an important role in how labour markets are run. Similarly, behaviour also influences the manner in which labour brokers and client companies trea t workers. And lastly the Veblenian dichotomy shows that in order for the industry to be run better there has to be change in the behaviour and cultu re of the labour brokers and client companies . This view allows for deeper analysis of the reasons for the flour ishing nature of labour broking and the rationale behind the behaviour of economic players and attempts to provide solutions on how labour brok ing can be correctly administered in South Africa. The Veblenian Dichotomy categorises institutions into t wo sets, namely the ceremonial institutions and instrumental institutions. Where Ceremonial institutions are said to be institutions that foster the interests of business such as profitability and earning of free income, even if there is no corresponding i ncrease in production. While Instrumental institutions, usually working through the influence of technology, address the interests of the common pers on and the labourer as well as business (Waller, 1982; Foster, 1981; Veblen, 1919). These two systems of va lues and institutions are antagonistic and the relative strength of one to the other determines economic outcomes and in whose interests the outcomes would be (Waller, 1982; Foster, 1981; Veblen, 1919). The Veblenian Dichotomy further looks at ceremonial encapsulation which occurs when ceremonial systems prevail over instrumental systems. Ceremonial encapsulation presents the hypothesis that the insti tutional structure will absorb new technology only to the extent that it can do so without disrupting the e xisting value structure (Waller, 1987; Bush, 1979.) The thesis use d various sources , such as working papers, public hearings, court cases, trade union submissions, integrated reports from companies, employee submissions and media publications on the debate about labour broking whether labour broking and applied the Interpretative Phenomenological Analysi s (IPA) research approach, in the process of data collection and analysis . The thesis further applied thematic analysis to derive themes that would be used to analyse the impact of labour broking on labour market functionality in South Africa. The emergent themes and subthemes were Exploitative lab our relations subthemes; job Insecurity, increased financial burden and no skills development. The second theme was; Competitive advantage and the subthemes were; i ncreased profits and organisational efficiency. The third theme was l abour market efficiency and the subthemes were. E mployment creation and labour market flexibility. And, the last theme was a mbiguous l abour regulation s with subthemes; n o freedom of association and a tool for circumventing labour regulations . Lastly, Tool’s (1994) criteria of j udgement for institutional adjustments was used to evaluate the emergent themes and to evaluate the impact of l abour broking on the overall welfare of individuals, which includes determining whether employees in the TES sector gain skills and improved stan dards of living. The findings of the research the TES sector is characterised by ceremonial values. Ceremonial values (as mentioned in section 3.3) are those values that are warranted by the ways of life that prescribe status and hierarchies and unpleasant distinctions to apply value and status on other people (Bush, 1987, 1988; Ayres, 1967). Thus changing the way in which labour brokers conduct themselves or handle labour broking activities would prove to be difficult . T he power that is mostly used in TES employment sectors is condign power. Condign power is explained as the form of power that is predominantly used in ceremonially encapsulated markets. And it involves making use of punishment or fear in order to get people to do something. This is because w orkers in the TES sector are forced to submit to conditions that they would not normally have submitted to if t hey did not have a fear of losing their jobs. This supports existing literature which shows that in the TES sector, TES employers use force and p ower in order to get the workers to do something, and this results in a master - servant relationship between the employer and the employee. Furthermore, the protests that erupt in the TES sector agree with Marxist theory which notes that the frustrations in the way workers are treated would result in a revolution of the working class against the employers. However, now, workers have not been able to overcome the employers and take over the industry. In addition to what current literature says, the research found that some managers make use of labour broking as a way of manifesting their exploitative characteristics on the labour market, thus creating information asymmetries in order to advance their own personal needs. Situations such as these reve al characteristics of opportunistic behaviour, which is perpetuated by the imperfect flow of information. This means th at the market is imperfect, and imperfect markets are characteristics of dysfunctional labour markets. The research also found that it i s the South African Constitution that protects labour brokers and client companies from accounting for the unfair treatm ent of workers. Labour brokers and client companies rely on the South African Constitution to defend them when it comes to banning labou r broking. This is because section 22 of the Constitution talks about the right of every individual to trade freely in S outh Africa (Kutumela, 2015). When institutional adjustments do not meet the requirements of the progressive criteria, it means they are regressive. Based on the data that was collected and the responses and remarks of the workers, trade unions, and trade union federations, it can be said that TES employment and labour broking hinders labour market functionality. Hence, it can be concluded that, due to the characteristics mentioned, labour broking does indeed have a regressive element which hinders labour m arket functionality. An area for further research for TES employment would be to look at the impact of the amendments to the Labour Rela tions Act. Specifically focusing on the Constitutional Court ruling, which forces labour brokers to treat employees who have been employed for longer than three months as permanent employees.
- Full Text:
- Authors: Haaketa, Bernadatte Tina
- Date: 2020
- Subjects: Veblen, Thorstein, 1857-1929 , Contracting out -- South Africa , Temporary employment -- South Africa , Industrial relations -- South Africa , Labor supply -- South Africa , Labor supply -- Effect of technological innovations on -- South Africa , Manpower policy -- South Africa , Labor market -- South Africa
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/168446 , vital:41583
- Description: Labour markets ar ound the world have witnessed a great change in labour relations. The introduction of globa lisation, increased competition and technological advancements has caused business organisations to change their employment methods. While trying to survive and remain profitable, employers have adopted a new form of triangular employment relationship. Thi s form of employment relationship known as labour broking and which forms part of the Temporary Employment Services (TES) involves a relationship between the worker, labour agent (broker) and a client c ompany. Although it may seem like a good strategy for business organisations, the change in employment relationships has had negative effects and contributed to labour market dysfunctionalities . This has resulted in critics of labour broking calling or an end in labour broking and supporters of labour broking asking for better regulation of the industry. Labour markets are me When it comes to analysing labour broking and its impact on labour market functionality in South Africa. Scholars and analysts such as Budlender ( 2013 ) and Bhorat, Lil enstein, Oosthuizen , and Thornton ( 2016 ) have used the Neoclassical , New Institutional Economics and Marxist approach es. The current views on labour broking and the current schools of thought fail to look at the underlying behavioural aspect of labour brokers and the client c ompanies. Hence making it easy for labour brokers and their client companies to continue with their unscrupulous activities. However, this t hesis adapted the Veblenian Dichotomy framework which focuses on understanding the role of the evolutionary proce ss and the role of institutions in shaping economic behaviour. The Veblenian dichotomy shows that power plays an important role in how labour markets are run. Similarly, behaviour also influences the manner in which labour brokers and client companies trea t workers. And lastly the Veblenian dichotomy shows that in order for the industry to be run better there has to be change in the behaviour and cultu re of the labour brokers and client companies . This view allows for deeper analysis of the reasons for the flour ishing nature of labour broking and the rationale behind the behaviour of economic players and attempts to provide solutions on how labour brok ing can be correctly administered in South Africa. The Veblenian Dichotomy categorises institutions into t wo sets, namely the ceremonial institutions and instrumental institutions. Where Ceremonial institutions are said to be institutions that foster the interests of business such as profitability and earning of free income, even if there is no corresponding i ncrease in production. While Instrumental institutions, usually working through the influence of technology, address the interests of the common pers on and the labourer as well as business (Waller, 1982; Foster, 1981; Veblen, 1919). These two systems of va lues and institutions are antagonistic and the relative strength of one to the other determines economic outcomes and in whose interests the outcomes would be (Waller, 1982; Foster, 1981; Veblen, 1919). The Veblenian Dichotomy further looks at ceremonial encapsulation which occurs when ceremonial systems prevail over instrumental systems. Ceremonial encapsulation presents the hypothesis that the insti tutional structure will absorb new technology only to the extent that it can do so without disrupting the e xisting value structure (Waller, 1987; Bush, 1979.) The thesis use d various sources , such as working papers, public hearings, court cases, trade union submissions, integrated reports from companies, employee submissions and media publications on the debate about labour broking whether labour broking and applied the Interpretative Phenomenological Analysi s (IPA) research approach, in the process of data collection and analysis . The thesis further applied thematic analysis to derive themes that would be used to analyse the impact of labour broking on labour market functionality in South Africa. The emergent themes and subthemes were Exploitative lab our relations subthemes; job Insecurity, increased financial burden and no skills development. The second theme was; Competitive advantage and the subthemes were; i ncreased profits and organisational efficiency. The third theme was l abour market efficiency and the subthemes were. E mployment creation and labour market flexibility. And, the last theme was a mbiguous l abour regulation s with subthemes; n o freedom of association and a tool for circumventing labour regulations . Lastly, Tool’s (1994) criteria of j udgement for institutional adjustments was used to evaluate the emergent themes and to evaluate the impact of l abour broking on the overall welfare of individuals, which includes determining whether employees in the TES sector gain skills and improved stan dards of living. The findings of the research the TES sector is characterised by ceremonial values. Ceremonial values (as mentioned in section 3.3) are those values that are warranted by the ways of life that prescribe status and hierarchies and unpleasant distinctions to apply value and status on other people (Bush, 1987, 1988; Ayres, 1967). Thus changing the way in which labour brokers conduct themselves or handle labour broking activities would prove to be difficult . T he power that is mostly used in TES employment sectors is condign power. Condign power is explained as the form of power that is predominantly used in ceremonially encapsulated markets. And it involves making use of punishment or fear in order to get people to do something. This is because w orkers in the TES sector are forced to submit to conditions that they would not normally have submitted to if t hey did not have a fear of losing their jobs. This supports existing literature which shows that in the TES sector, TES employers use force and p ower in order to get the workers to do something, and this results in a master - servant relationship between the employer and the employee. Furthermore, the protests that erupt in the TES sector agree with Marxist theory which notes that the frustrations in the way workers are treated would result in a revolution of the working class against the employers. However, now, workers have not been able to overcome the employers and take over the industry. In addition to what current literature says, the research found that some managers make use of labour broking as a way of manifesting their exploitative characteristics on the labour market, thus creating information asymmetries in order to advance their own personal needs. Situations such as these reve al characteristics of opportunistic behaviour, which is perpetuated by the imperfect flow of information. This means th at the market is imperfect, and imperfect markets are characteristics of dysfunctional labour markets. The research also found that it i s the South African Constitution that protects labour brokers and client companies from accounting for the unfair treatm ent of workers. Labour brokers and client companies rely on the South African Constitution to defend them when it comes to banning labou r broking. This is because section 22 of the Constitution talks about the right of every individual to trade freely in S outh Africa (Kutumela, 2015). When institutional adjustments do not meet the requirements of the progressive criteria, it means they are regressive. Based on the data that was collected and the responses and remarks of the workers, trade unions, and trade union federations, it can be said that TES employment and labour broking hinders labour market functionality. Hence, it can be concluded that, due to the characteristics mentioned, labour broking does indeed have a regressive element which hinders labour m arket functionality. An area for further research for TES employment would be to look at the impact of the amendments to the Labour Rela tions Act. Specifically focusing on the Constitutional Court ruling, which forces labour brokers to treat employees who have been employed for longer than three months as permanent employees.
- Full Text:
An analysis of the influence of domestic macroeconomic variables on the performance of the South African stock market sectoral indices
- Authors: Hancocks, Ryan Lee
- Date: 2011
- Subjects: Johannesburg Stock Exchange , Stock price indexes -- South Africa , Interest rates -- South Africa , Macroeconomics -- Econometric models
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: vital:954
- Description: An econometric study was undertaken to determine the extent to which selected macroeconomic variables influenced stock market prices on the All-Share, Financial, Mining and Retail Indices of the Johannesburg Stock Exchange in South Africa from 1996:7 to 2008:12. The Johansen cointegration method was used to determine whether cointegrating relationships existed between the macroeconomic variables and the stock market indices. A Vector Error Correction model was estimated and found significant results that money supply, inflation, long and short- run interest rates, and the exchange rate all had an influence on stock market prices. Further, the VECM results for each sector indicated that certain macroeconomic variables had differing influences on each sector of the stock market. Impulse Response tests indicated that the selected macroeconomic variables caused shock to the sectoral indices in the short-run but that the effect was lagged. The Variance Decomposition tests conducted supported earlier evidence that the macroeconomic variables had a strong level of sectoral index determinacy in the long run. The results found that the All-Share and Financial Indices were negatively influenced by inflation and short term interest rates in the long run, while the Financial Index also had a negative relationship with long-run interest rates. Money supply was found to have a positive effect on all the indices. A weakening of the exchange rate was found to have a positive influence on both the Retail and Mining Indices, while it negatively affected the All-Share and Financial Indices. The long-run interest rate had a positive influence on both the Retail and Mining Indices. Overall the study finds that macroeconomic variables are important determinants of stock market prices in South Africa and that it is important to examine each sector of the stock market separately to capture what are different effects. The limitations of the study are that a different measure for exchange rates from the nominal rand/dollar exchange rate used here may yield more decisive results and provide insight into the link between exchange rate behaviour and performance of especially the retail sector.
- Full Text:
- Authors: Hancocks, Ryan Lee
- Date: 2011
- Subjects: Johannesburg Stock Exchange , Stock price indexes -- South Africa , Interest rates -- South Africa , Macroeconomics -- Econometric models
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: vital:954
- Description: An econometric study was undertaken to determine the extent to which selected macroeconomic variables influenced stock market prices on the All-Share, Financial, Mining and Retail Indices of the Johannesburg Stock Exchange in South Africa from 1996:7 to 2008:12. The Johansen cointegration method was used to determine whether cointegrating relationships existed between the macroeconomic variables and the stock market indices. A Vector Error Correction model was estimated and found significant results that money supply, inflation, long and short- run interest rates, and the exchange rate all had an influence on stock market prices. Further, the VECM results for each sector indicated that certain macroeconomic variables had differing influences on each sector of the stock market. Impulse Response tests indicated that the selected macroeconomic variables caused shock to the sectoral indices in the short-run but that the effect was lagged. The Variance Decomposition tests conducted supported earlier evidence that the macroeconomic variables had a strong level of sectoral index determinacy in the long run. The results found that the All-Share and Financial Indices were negatively influenced by inflation and short term interest rates in the long run, while the Financial Index also had a negative relationship with long-run interest rates. Money supply was found to have a positive effect on all the indices. A weakening of the exchange rate was found to have a positive influence on both the Retail and Mining Indices, while it negatively affected the All-Share and Financial Indices. The long-run interest rate had a positive influence on both the Retail and Mining Indices. Overall the study finds that macroeconomic variables are important determinants of stock market prices in South Africa and that it is important to examine each sector of the stock market separately to capture what are different effects. The limitations of the study are that a different measure for exchange rates from the nominal rand/dollar exchange rate used here may yield more decisive results and provide insight into the link between exchange rate behaviour and performance of especially the retail sector.
- Full Text:
Exploring the relationship between leadership styles and quality of work life: a case study of a Chinese- South African joint venture
- Authors: Handley, Rayne Cyla
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4058 , vital:20597
- Description: This thesis employs a phenomenological qualitative research methodology to explore its research aims and objectives. It focuses on describing the various leadership styles and quality of work life (QWL) levels with reference to the Chinese-South African intercultural context. By doing so, it answers a primary exploratory research question; how does a particular leadership style influence QWL. By answering this question, this study will contribute to the understanding of the dynamics of Chinese organisations in South Africa. Furthermore, it will assist in creating greater intercultural synergy within the respective organisation. In order to explore the research question related to leadership and QWL, the thesis will begin by defining and describing the two concepts indigenously. In light of the research gap pertaining to African intercultural managerial contexts, as well as the rising Chinese and South Africa intercultural business environments, this case study demonstrates how leadership style is an important determining factor in QWL levels, both of the leaders as well as leader-raters within an intercultural context. China is South Africa’s largest trading partner and the signing of new agreements in 2015 will lead to enhanced China-Africa engagement at the macro and organisational level. China’s increasing engagement in both Africa and South Africa has been widely covered, but non-pejorative empirical research is needed to shed light on the organisational manifestations of China’s engagement. The study was conducted within the mining sector which is a key component of Chinese investment in, and trade with, South Africa. Through an in-depth content analysis which draws on coding and thematic concerns, quantification and description, this study finds that leaders directly influence QWL through relationships with their followers. Moreover, leaders indirectly have a bearing on QWL through the influence they have on organisational and work environment factors. Another finding is that leaders are inclined to describing higher levels of QWL and more transformational leadership styles. In addition, it is shown that executives (irrespective of leader or leader-rater status) were more likely to describe a high level of QWL and transformational leadership behaviours when compared to skilled level participants while the semi-skilled participants where least likely of all. Finally, it was found that the nature of the relationship between a leader and a follower is influenced by whether the said leader is a direct supervisor or if there is a large organisational level ‘gap’ between a leader and a leader- rater. It can also be said that leaders at higher organisational levels are expected to exhibit different leadership behaviours and meet different needs. Overall this study suggests that leaders need to be aware of the way in which the intercultural context can influence perceptions of subjective phenomena such as leadership effectiveness and QWL. The study concludes that leaders directly and indirectly play a key role in determining need satisfaction and QWL levels. To that extent, they ought to strategically adopt leadership practices that enhance need satisfaction and wellbeing in the workplace. Wellbeing and employee satisfaction are increasingly gaining importance within theory and literature related to QWL and has, importantly, also been shown to influence workplace attitudes and behaviours.
- Full Text:
- Authors: Handley, Rayne Cyla
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4058 , vital:20597
- Description: This thesis employs a phenomenological qualitative research methodology to explore its research aims and objectives. It focuses on describing the various leadership styles and quality of work life (QWL) levels with reference to the Chinese-South African intercultural context. By doing so, it answers a primary exploratory research question; how does a particular leadership style influence QWL. By answering this question, this study will contribute to the understanding of the dynamics of Chinese organisations in South Africa. Furthermore, it will assist in creating greater intercultural synergy within the respective organisation. In order to explore the research question related to leadership and QWL, the thesis will begin by defining and describing the two concepts indigenously. In light of the research gap pertaining to African intercultural managerial contexts, as well as the rising Chinese and South Africa intercultural business environments, this case study demonstrates how leadership style is an important determining factor in QWL levels, both of the leaders as well as leader-raters within an intercultural context. China is South Africa’s largest trading partner and the signing of new agreements in 2015 will lead to enhanced China-Africa engagement at the macro and organisational level. China’s increasing engagement in both Africa and South Africa has been widely covered, but non-pejorative empirical research is needed to shed light on the organisational manifestations of China’s engagement. The study was conducted within the mining sector which is a key component of Chinese investment in, and trade with, South Africa. Through an in-depth content analysis which draws on coding and thematic concerns, quantification and description, this study finds that leaders directly influence QWL through relationships with their followers. Moreover, leaders indirectly have a bearing on QWL through the influence they have on organisational and work environment factors. Another finding is that leaders are inclined to describing higher levels of QWL and more transformational leadership styles. In addition, it is shown that executives (irrespective of leader or leader-rater status) were more likely to describe a high level of QWL and transformational leadership behaviours when compared to skilled level participants while the semi-skilled participants where least likely of all. Finally, it was found that the nature of the relationship between a leader and a follower is influenced by whether the said leader is a direct supervisor or if there is a large organisational level ‘gap’ between a leader and a leader- rater. It can also be said that leaders at higher organisational levels are expected to exhibit different leadership behaviours and meet different needs. Overall this study suggests that leaders need to be aware of the way in which the intercultural context can influence perceptions of subjective phenomena such as leadership effectiveness and QWL. The study concludes that leaders directly and indirectly play a key role in determining need satisfaction and QWL levels. To that extent, they ought to strategically adopt leadership practices that enhance need satisfaction and wellbeing in the workplace. Wellbeing and employee satisfaction are increasingly gaining importance within theory and literature related to QWL and has, importantly, also been shown to influence workplace attitudes and behaviours.
- Full Text:
A South African perspective on the tax implications of virtual asset accumulation and transactions stemming from persistent virtual worlds
- Authors: Haupt, Alexander
- Date: 2012
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:884 , http://hdl.handle.net/10962/d1001638
- Description: Massively multiplayer online role-playing games are growing in popularity with millions of people participating in these persistent online environments on a daily basis. Accompanying the ever-increasing subscription numbers is an increase in real money trade transactions stemming from these game worlds. The research question to be addressed in this thesis is whether transactions stemming from virtual worlds have real-world taxation consequences. The goal of this research is to determine the taxability of virtual assets obtained in structured as well as unstructured virtual environments and to attempt to establish the differences between capital and revenue receipts in these virtual realms, taking into account the nature of a receipt. The general deduction formula is applied to establish the deductibility of expenditure incurred whilst participating in these virtual environments. Sundry matters such as Value-Added Tax, donations tax, the withholding tax on gambling gains and tax avoidance will also be addressed. The methodology adopted for the research could best be described as interpretative, aimed at analysing and interpreting the relationship between real world taxes and persistent virtual worlds and the transactions that stem from participation therein. The research is based purely on documentary evidence. After applying relevant tax legislation to virtual economies it became evident that merely because virtual assets only exist in virtual reality does not necessarily preclude them real world tax consequences. It was concluded, however, that it is not practical for the South African Revenue Service to monitor all virtual world transactions or for participant taxpayers to calculate the real world value of each and every asset acquired in-world. As a result, it was concluded that real world tax consequences should only be applied in situations where participants actually convert their virtual assets into real world currency.
- Full Text:
- Authors: Haupt, Alexander
- Date: 2012
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:884 , http://hdl.handle.net/10962/d1001638
- Description: Massively multiplayer online role-playing games are growing in popularity with millions of people participating in these persistent online environments on a daily basis. Accompanying the ever-increasing subscription numbers is an increase in real money trade transactions stemming from these game worlds. The research question to be addressed in this thesis is whether transactions stemming from virtual worlds have real-world taxation consequences. The goal of this research is to determine the taxability of virtual assets obtained in structured as well as unstructured virtual environments and to attempt to establish the differences between capital and revenue receipts in these virtual realms, taking into account the nature of a receipt. The general deduction formula is applied to establish the deductibility of expenditure incurred whilst participating in these virtual environments. Sundry matters such as Value-Added Tax, donations tax, the withholding tax on gambling gains and tax avoidance will also be addressed. The methodology adopted for the research could best be described as interpretative, aimed at analysing and interpreting the relationship between real world taxes and persistent virtual worlds and the transactions that stem from participation therein. The research is based purely on documentary evidence. After applying relevant tax legislation to virtual economies it became evident that merely because virtual assets only exist in virtual reality does not necessarily preclude them real world tax consequences. It was concluded, however, that it is not practical for the South African Revenue Service to monitor all virtual world transactions or for participant taxpayers to calculate the real world value of each and every asset acquired in-world. As a result, it was concluded that real world tax consequences should only be applied in situations where participants actually convert their virtual assets into real world currency.
- Full Text: