Building cultural capital through value-driven leadership: a case study in an international finance company
- Authors: Ackerman, Mariana
- Date: 2006
- Subjects: Financial institutions, International -- Namibia Case studies , Leadership -- Namibia Case studies , Corporate culture -- Namibia Case studies , Organizational change -- Namibia Case studies , Organizational effectiveness -- Namibia Case studies
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:2919 , http://hdl.handle.net/10962/d1002428 , Financial institutions, International -- Namibia Case studies , Leadership -- Namibia Case studies , Corporate culture -- Namibia Case studies , Organizational change -- Namibia Case studies , Organizational effectiveness -- Namibia Case studies
- Description: Today, organizations are placed under extreme pressure to adapt to the ever-increasing changes in their environments in order to survive. Research proves that corporate culture has the ability to either blunt or aid change. Past research conducted in Z-Nam, a subsidiary of an international finance company situated in Namibia, indicated that a divided culture resulted in limitations in their functioning, including their adaptability. Pressure was placed on Z-Nam by its majority shareholder to internalise a set of core values into its daily functioning in order to build a strong adaptable culture. This objective called for values-driven leadership. The four core values identified by Head Office were integrity, respect, accountability and pushing beyond boundaries. In becoming more values-driven, values theory posits that Z-Nam will build its cultural capital and so reap the benefits of higher performance, talent retention and adaptability. In this way Z-Nam will be able to combat the weaknesses in its current culture. Leadership adaptability and the capacity to lead change were seen to distinguish cultural changes that succeed from those that do not. Principles inherent in the field of OD were also considered, as they are seen to assist in the effective management of change. The methodology involved a purposive sample being drawn that included the top leadership team and internal OD consultant. Semi-structured interviews were conducted and thematic analysis employed in analysing the resultant data with three main aims in mind. Firstly, to assess Z-Nam's top management's perception of the current set of values being lived in the organization, to establish their level of support for the desired set of values proposed by Head Office and lastly to establish whether the leadership team is ready to promote the adoption of a new set of core values. Through comparing the themes that emerged from the data with literature on OD, values, culture and change, the researcher was able to make inferences as to the leadership's readiness and capacity to successfully lead cultural change. These findings were substantiated with secondary data from previous research activities. It was found that Z-Nam was not utilising its culture as an asset and that several barriers existed to adopting and implementing the desired values. It was concluded that Z-Nam will not be able to successfully embark on cultural change until its leadership recognises the importance of culture and their personal responsibility in bringing about the desired change, adequately assimilates information from past research and comes to a consensus as to the necessary accommodations that need to be made.
- Full Text:
- Date Issued: 2006
- Authors: Ackerman, Mariana
- Date: 2006
- Subjects: Financial institutions, International -- Namibia Case studies , Leadership -- Namibia Case studies , Corporate culture -- Namibia Case studies , Organizational change -- Namibia Case studies , Organizational effectiveness -- Namibia Case studies
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:2919 , http://hdl.handle.net/10962/d1002428 , Financial institutions, International -- Namibia Case studies , Leadership -- Namibia Case studies , Corporate culture -- Namibia Case studies , Organizational change -- Namibia Case studies , Organizational effectiveness -- Namibia Case studies
- Description: Today, organizations are placed under extreme pressure to adapt to the ever-increasing changes in their environments in order to survive. Research proves that corporate culture has the ability to either blunt or aid change. Past research conducted in Z-Nam, a subsidiary of an international finance company situated in Namibia, indicated that a divided culture resulted in limitations in their functioning, including their adaptability. Pressure was placed on Z-Nam by its majority shareholder to internalise a set of core values into its daily functioning in order to build a strong adaptable culture. This objective called for values-driven leadership. The four core values identified by Head Office were integrity, respect, accountability and pushing beyond boundaries. In becoming more values-driven, values theory posits that Z-Nam will build its cultural capital and so reap the benefits of higher performance, talent retention and adaptability. In this way Z-Nam will be able to combat the weaknesses in its current culture. Leadership adaptability and the capacity to lead change were seen to distinguish cultural changes that succeed from those that do not. Principles inherent in the field of OD were also considered, as they are seen to assist in the effective management of change. The methodology involved a purposive sample being drawn that included the top leadership team and internal OD consultant. Semi-structured interviews were conducted and thematic analysis employed in analysing the resultant data with three main aims in mind. Firstly, to assess Z-Nam's top management's perception of the current set of values being lived in the organization, to establish their level of support for the desired set of values proposed by Head Office and lastly to establish whether the leadership team is ready to promote the adoption of a new set of core values. Through comparing the themes that emerged from the data with literature on OD, values, culture and change, the researcher was able to make inferences as to the leadership's readiness and capacity to successfully lead cultural change. These findings were substantiated with secondary data from previous research activities. It was found that Z-Nam was not utilising its culture as an asset and that several barriers existed to adopting and implementing the desired values. It was concluded that Z-Nam will not be able to successfully embark on cultural change until its leadership recognises the importance of culture and their personal responsibility in bringing about the desired change, adequately assimilates information from past research and comes to a consensus as to the necessary accommodations that need to be made.
- Full Text:
- Date Issued: 2006
An entrepreneurial framework for deciding on the implementation of large format digital printing internationally
- Adendorff, Christian Michael
- Authors: Adendorff, Christian Michael
- Date: 2003
- Subjects: Entrepreneurship , Success in business , Business -- Technological innovations , Digital printing
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1169 , http://hdl.handle.net/10962/d1002785 , Entrepreneurship , Success in business , Business -- Technological innovations , Digital printing
- Description: This study focuses on entrepreneurs within the SME sector using large format digital printing (LFDP) because of the changes in technology that influences the decisionmaking processes of the entrepreneur in the purchasing of a new LFDP. These fast changes are likely to continue and can cause technologies to become obsolete overnight. The entrepreneurs within the LFDP industry find themselves in the midst of these fast changes and are faced with a dilemma. On the one hand, they need to make sure that the technology used produces consistent and quality products. On the other hand, the entrepreneur needs to ensure an optimal return on investments. From the literature and the findings of the study, the researcher recommends a change to an existing model on a consultant involvement purchase of high technology products, which is then adapted to integrate resource-forecasting areas together with timing and type of information required as well as external environment scanning. The existing model’s focus is on the individual’s ability to make decisions based on their own knowledge. However, by integrating technology forecasting components, and scanning the business environment and resource forecasting needed the decision-maker will be better equipped to make decisions that also takes into account the external environment. This will also allow them to plan and manage growth in a systematic way. Therefore the proposed model takes into account individual capabilities and technology forecasting components that can facilitate the decision-making process. The adapted model on decision-making clearly delineates that the combination of entrepreneurial qualities and technology forecasting techniques in the LFDP industry will ultimately assist the entrepreneur on various levels in deciding on a new LFDP.
- Full Text:
- Date Issued: 2003
- Authors: Adendorff, Christian Michael
- Date: 2003
- Subjects: Entrepreneurship , Success in business , Business -- Technological innovations , Digital printing
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1169 , http://hdl.handle.net/10962/d1002785 , Entrepreneurship , Success in business , Business -- Technological innovations , Digital printing
- Description: This study focuses on entrepreneurs within the SME sector using large format digital printing (LFDP) because of the changes in technology that influences the decisionmaking processes of the entrepreneur in the purchasing of a new LFDP. These fast changes are likely to continue and can cause technologies to become obsolete overnight. The entrepreneurs within the LFDP industry find themselves in the midst of these fast changes and are faced with a dilemma. On the one hand, they need to make sure that the technology used produces consistent and quality products. On the other hand, the entrepreneur needs to ensure an optimal return on investments. From the literature and the findings of the study, the researcher recommends a change to an existing model on a consultant involvement purchase of high technology products, which is then adapted to integrate resource-forecasting areas together with timing and type of information required as well as external environment scanning. The existing model’s focus is on the individual’s ability to make decisions based on their own knowledge. However, by integrating technology forecasting components, and scanning the business environment and resource forecasting needed the decision-maker will be better equipped to make decisions that also takes into account the external environment. This will also allow them to plan and manage growth in a systematic way. Therefore the proposed model takes into account individual capabilities and technology forecasting components that can facilitate the decision-making process. The adapted model on decision-making clearly delineates that the combination of entrepreneurial qualities and technology forecasting techniques in the LFDP industry will ultimately assist the entrepreneur on various levels in deciding on a new LFDP.
- Full Text:
- Date Issued: 2003
E-commerce: the challenge of virtual permanent establishments
- Adlkofer, Michelle Leigh, Venter, Michelle
- Authors: Adlkofer, Michelle Leigh , Venter, Michelle
- Date: 2015
- Subjects: Organisation for Economic Co-operation and Development , Electronic commerce , Electronic commerce -- Taxation , Double taxation -- Treaties , Globalization
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:921 , http://hdl.handle.net/10962/d1020057
- Description: The continued growth of world commerce has led to the advance of the permanent establishment principles. These principles are, however, constantly challenged by the developments of e-commerce. This thesis considers the taxing of a permanent establishment and the influence of e-commerce on the concept of a permanent establishment. In 2000, the Organisation for Economic Co-operation and Development (“OECD”) developed and introduced guidelines on how to deal with e-commerce in the context of a permanent establishment. Since the OECD guidelines on e-commerce were issued, the permanent establishment principles have come under further scrutiny. The latest development came about in 2013 with the release of the Base Erosion and Profit Shifting (“BEPS”) Action Plan. This Action Plan addresses the intention of the OECD to deal with the taxing of the digital economy. With the development of e-commerce and the result of e-commerce creating intangible boundaries between countries, the concept of a virtual permanent establishment has emerged. This has resulted in the need to tax a presence of an enterprise in a jurisdiction where no actual physical connection can be established. Various authors have made suggestions on how to ensure that an economy in which business is being carried on is correctly compensated for in the form of taxes. The source of income is the driving force for the imposition of taxation today. The main goal of this thesis was to explore the alignment of the concepts of a permanent establishment and e-commerce in the digital economy. This study therefore examined the concepts of both permanent establishments and e-commerce, and explored authors’ views and suggestions on how to deal with the inter-related effects of these two concepts. The relevant Action Points in the OECD Action Plan were also considered. , Maiden name: Venter, Michelle
- Full Text:
- Date Issued: 2015
- Authors: Adlkofer, Michelle Leigh , Venter, Michelle
- Date: 2015
- Subjects: Organisation for Economic Co-operation and Development , Electronic commerce , Electronic commerce -- Taxation , Double taxation -- Treaties , Globalization
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:921 , http://hdl.handle.net/10962/d1020057
- Description: The continued growth of world commerce has led to the advance of the permanent establishment principles. These principles are, however, constantly challenged by the developments of e-commerce. This thesis considers the taxing of a permanent establishment and the influence of e-commerce on the concept of a permanent establishment. In 2000, the Organisation for Economic Co-operation and Development (“OECD”) developed and introduced guidelines on how to deal with e-commerce in the context of a permanent establishment. Since the OECD guidelines on e-commerce were issued, the permanent establishment principles have come under further scrutiny. The latest development came about in 2013 with the release of the Base Erosion and Profit Shifting (“BEPS”) Action Plan. This Action Plan addresses the intention of the OECD to deal with the taxing of the digital economy. With the development of e-commerce and the result of e-commerce creating intangible boundaries between countries, the concept of a virtual permanent establishment has emerged. This has resulted in the need to tax a presence of an enterprise in a jurisdiction where no actual physical connection can be established. Various authors have made suggestions on how to ensure that an economy in which business is being carried on is correctly compensated for in the form of taxes. The source of income is the driving force for the imposition of taxation today. The main goal of this thesis was to explore the alignment of the concepts of a permanent establishment and e-commerce in the digital economy. This study therefore examined the concepts of both permanent establishments and e-commerce, and explored authors’ views and suggestions on how to deal with the inter-related effects of these two concepts. The relevant Action Points in the OECD Action Plan were also considered. , Maiden name: Venter, Michelle
- Full Text:
- Date Issued: 2015
An analysis of the long run comovements between financial system development and mining production in South Africa
- Authors: Ajagbe, Stephen Mayowa
- Date: 2011
- Subjects: Economic development -- South Africa , Econometric models , Mineral industries -- Economic aspects -- South Africa , South Africa -- Economic conditions , South Africa -- Economic policy , Principal components analysis , Cointegration , Stock exchanges -- South Africa , Banks and banking -- South Africa , Foreign exchange rates
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:955 , http://hdl.handle.net/10962/d1002689 , Economic development -- South Africa , Econometric models , Mineral industries -- Economic aspects -- South Africa , South Africa -- Economic conditions , South Africa -- Economic policy , Principal components analysis , Cointegration , Stock exchanges -- South Africa , Banks and banking -- South Africa , Foreign exchange rates
- Description: This study examines the nature of the relationship which exists between mining sector production and development of the financial systems in South Africa. This is particularly important in that the mining sector is considered to be one of the major contributors to the country’s overall economic growth. South Africa is also considered to have a very well developed financial system, to the point where the dominance of one over the other is difficult to identify. Therefore offering insight into the nature of this relationship will assist policy makers in identifying the most effective policies in order to ensure that the developments within the financial systems impact appropriately on the mining sector, and ultimately on the economy. In addition to using the conventional proxies of financial system development, this study utilises the principal component analysis (PCA) to construct an index for the entire financial system. The multivariate cointegration approach as proposed by Johansen (1988) and Johansen and Juselius (1990) was then used to estimate the relationship between the development of the financial systems and the mining sector production for the period 1988-2008. The study reveals mixed results for different measures of financial system development. Those involving the banking system show that a negative relationship exists between total mining production and total credit extended to the private sector, while liquid liabilities has a positive relationship. Similarly, with the stock market system, mixed results are also obtained which reveal a negative relationship between total mining production and stock market capitalisation, while a positive relationship is found with secondary market turnover. Of all the financial system variables, only that of stock market capitalisation was found to be significant. The result with the financial development index reveals that a significant negative relationship exists between financial system development and total mining sector production. Results on the other variables controlled in the estimation show that positive and significant relationships exist between total mining production and both nominal exchange rate and political stability respectively. Increased mining production therefore takes place in periods of appreciating exchange rates, and similarly in the post-apartheid era. On the other hand, negative relationships were found for both trade openness and inflation control variables. The impulse response and variance decomposition analyses showed that total mining production explains the largest amount of shocks within itself. Overall, the study reveals that the mining sector might not have benefited much from the development in the South African financial system.
- Full Text:
- Date Issued: 2011
- Authors: Ajagbe, Stephen Mayowa
- Date: 2011
- Subjects: Economic development -- South Africa , Econometric models , Mineral industries -- Economic aspects -- South Africa , South Africa -- Economic conditions , South Africa -- Economic policy , Principal components analysis , Cointegration , Stock exchanges -- South Africa , Banks and banking -- South Africa , Foreign exchange rates
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:955 , http://hdl.handle.net/10962/d1002689 , Economic development -- South Africa , Econometric models , Mineral industries -- Economic aspects -- South Africa , South Africa -- Economic conditions , South Africa -- Economic policy , Principal components analysis , Cointegration , Stock exchanges -- South Africa , Banks and banking -- South Africa , Foreign exchange rates
- Description: This study examines the nature of the relationship which exists between mining sector production and development of the financial systems in South Africa. This is particularly important in that the mining sector is considered to be one of the major contributors to the country’s overall economic growth. South Africa is also considered to have a very well developed financial system, to the point where the dominance of one over the other is difficult to identify. Therefore offering insight into the nature of this relationship will assist policy makers in identifying the most effective policies in order to ensure that the developments within the financial systems impact appropriately on the mining sector, and ultimately on the economy. In addition to using the conventional proxies of financial system development, this study utilises the principal component analysis (PCA) to construct an index for the entire financial system. The multivariate cointegration approach as proposed by Johansen (1988) and Johansen and Juselius (1990) was then used to estimate the relationship between the development of the financial systems and the mining sector production for the period 1988-2008. The study reveals mixed results for different measures of financial system development. Those involving the banking system show that a negative relationship exists between total mining production and total credit extended to the private sector, while liquid liabilities has a positive relationship. Similarly, with the stock market system, mixed results are also obtained which reveal a negative relationship between total mining production and stock market capitalisation, while a positive relationship is found with secondary market turnover. Of all the financial system variables, only that of stock market capitalisation was found to be significant. The result with the financial development index reveals that a significant negative relationship exists between financial system development and total mining sector production. Results on the other variables controlled in the estimation show that positive and significant relationships exist between total mining production and both nominal exchange rate and political stability respectively. Increased mining production therefore takes place in periods of appreciating exchange rates, and similarly in the post-apartheid era. On the other hand, negative relationships were found for both trade openness and inflation control variables. The impulse response and variance decomposition analyses showed that total mining production explains the largest amount of shocks within itself. Overall, the study reveals that the mining sector might not have benefited much from the development in the South African financial system.
- Full Text:
- Date Issued: 2011
The Grameen Bank model of microcredit and its relevance for South Africa
- Authors: Akpan, Iniobong Wilson
- Date: 2005
- Subjects: Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:980 , http://hdl.handle.net/10962/d1002714 , Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Description: Among the reasons for financial exclusion is the fact that the poor, being largely illiterate and unemployed, are traditionally perceived as ‘bad credit risks’. This is the dominant perception of the poor in the formal credit markets – a perception that also exists in the microcredit sector. In other words, while information asymmetry is a recognized problem in lender-borrower relationships, lenders consider the problem particularly severe when they contemplate doing business with the poor. A contrasting paradigm, such as the one adopted by Grameen Bank of Bangladesh, views the poor as possessing economic potentials that have not been tapped – that is, as ‘good credit risks’. Grameen Bank’s microcredit features appear to have successfully mitigated the problems of information asymmetry and, to a large extent, made it possible for the poor to access microenterprise credit. Using the Grameen Bank model as a benchmark, this study examined the lending features of private sector microlenders in South Africa and those of KhulaStart (credit) scheme. The aim was to identify how the lending features affect microenterprise credit access. Primary data were obtained through interviews, while relevant secondary data were also used in the study. A key finding of the study was that while the Khulastart scheme was, like Grameencredit, targeted at the poor, the method of its delivery appeared diluted or unduly influenced by the conventional (private sector) paradigm that pre-classifies people as ‘good’ or ‘bad’ credit risks. As a result, the scheme was not robust enough to support microenterprise credit access. This has consequences for job-creation and poverty reduction. Based on the findings, the study maintains that a realistic broadening of microenterprise credit access will not occur unless there is a fundamental paradigm shift in microcredit practices, and unless measures designed to mitigate information asymmetries are sensitive to the historical, economic and sociocultural realities of the South African poor.
- Full Text:
- Date Issued: 2005
- Authors: Akpan, Iniobong Wilson
- Date: 2005
- Subjects: Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:980 , http://hdl.handle.net/10962/d1002714 , Grameen Bank , Microfinance -- South Africa , Microfinance -- Bangladesh , Credit -- Management , Risk management , Poor -- Finance, Personal , South Africa -- Economic conditions , Bangladesh -- Economic conditions
- Description: Among the reasons for financial exclusion is the fact that the poor, being largely illiterate and unemployed, are traditionally perceived as ‘bad credit risks’. This is the dominant perception of the poor in the formal credit markets – a perception that also exists in the microcredit sector. In other words, while information asymmetry is a recognized problem in lender-borrower relationships, lenders consider the problem particularly severe when they contemplate doing business with the poor. A contrasting paradigm, such as the one adopted by Grameen Bank of Bangladesh, views the poor as possessing economic potentials that have not been tapped – that is, as ‘good credit risks’. Grameen Bank’s microcredit features appear to have successfully mitigated the problems of information asymmetry and, to a large extent, made it possible for the poor to access microenterprise credit. Using the Grameen Bank model as a benchmark, this study examined the lending features of private sector microlenders in South Africa and those of KhulaStart (credit) scheme. The aim was to identify how the lending features affect microenterprise credit access. Primary data were obtained through interviews, while relevant secondary data were also used in the study. A key finding of the study was that while the Khulastart scheme was, like Grameencredit, targeted at the poor, the method of its delivery appeared diluted or unduly influenced by the conventional (private sector) paradigm that pre-classifies people as ‘good’ or ‘bad’ credit risks. As a result, the scheme was not robust enough to support microenterprise credit access. This has consequences for job-creation and poverty reduction. Based on the findings, the study maintains that a realistic broadening of microenterprise credit access will not occur unless there is a fundamental paradigm shift in microcredit practices, and unless measures designed to mitigate information asymmetries are sensitive to the historical, economic and sociocultural realities of the South African poor.
- Full Text:
- Date Issued: 2005
Does primary resource-based industrialisation offer an escape from underdevelopment?
- Authors: Ali, Fatimah
- Date: 2006
- Subjects: Comparative advantage (International trade) , Exports -- Africa, West , Exports -- Mauritius , Exports -- South Africa , Foreign trade promotion -- Mauritius , International trade , Primary commodities -- Africa , Human capital -- Economic aspects -- Africa , Natural resources -- Africa , Africa -- Commerce
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1018 , http://hdl.handle.net/10962/d1002753 , Comparative advantage (International trade) , Exports -- Africa, West , Exports -- Mauritius , Exports -- South Africa , Foreign trade promotion -- Mauritius , International trade , Primary commodities -- Africa , Human capital -- Economic aspects -- Africa , Natural resources -- Africa , Africa -- Commerce
- Description: It is commonly believed about sub-Saharan Africa (SSA) that the region has a comparative advantage in primary resources as reflected by its high share of primary exports to total exports. In acknowledging the region's comparative advantage, the study tries to put the determinants from the Wood and Mayer (1998, (999) (W-M) Heckscher-Ohlin based model in the context of two relatively diversified countries (South Africa and Mauritius) and two commodity-export-dependent countries of sub-Saharan Africa (Nigeria and Cô̌̌te d'Ivoire). The study finds that the skill and land resource measures used in the W -M (1998, 1999) thesis do not explain why Nigeria, having a similar level of skill per worker ratio to South Africa, has not diversified. Further, Mauritius having relatively the highest skill per land ratio specialises in low-skill textiles and clothing, while South Africa specialises in the more human capital-intensive "other manufactures" group. The other measure, a low land per worker ratio that explains Mauritius' relatively higher share of manufacturing exports, also fails to apply to Nigeria. The thesis thus concludes that the W-M land and skill measures could only be rough proxies in determining comparative advantage in manufacturing exports. However, employing the Dutch disease hypothesis recognises the potential of land abundance as a natural resource, namely minerals in South Africa, oil in Nigeria, and cocoa in Cǒ̌te d'Ivoire. The Dutch disease is a dynamic process of structural economic and political development that will permit an understanding of why natural resource abundant countries do not have a comparative advantage in manufacturing, at least in the short to medium term. The study therefore investigates commodity dependence and the Dutch disease effects to examine whether primary resource- based industrialisation offers an escape from underdevelopment. It establishes that South Africa, a mineral resource rich country, diversified based on a broad mineral-energy-complex (MEC) reinforcing the notion that land abundant countries will first invest in capital- intensive primary resource processing. However, the thesis concludes that in Nigeria and Cǒ̌te d'Ivoire where external shocks are more predominant probably because of single commodity export reliance, the manufacturing sector lags behind more due to resource and spending effects that a natural resource boom generates in these economies.
- Full Text:
- Date Issued: 2006
- Authors: Ali, Fatimah
- Date: 2006
- Subjects: Comparative advantage (International trade) , Exports -- Africa, West , Exports -- Mauritius , Exports -- South Africa , Foreign trade promotion -- Mauritius , International trade , Primary commodities -- Africa , Human capital -- Economic aspects -- Africa , Natural resources -- Africa , Africa -- Commerce
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1018 , http://hdl.handle.net/10962/d1002753 , Comparative advantage (International trade) , Exports -- Africa, West , Exports -- Mauritius , Exports -- South Africa , Foreign trade promotion -- Mauritius , International trade , Primary commodities -- Africa , Human capital -- Economic aspects -- Africa , Natural resources -- Africa , Africa -- Commerce
- Description: It is commonly believed about sub-Saharan Africa (SSA) that the region has a comparative advantage in primary resources as reflected by its high share of primary exports to total exports. In acknowledging the region's comparative advantage, the study tries to put the determinants from the Wood and Mayer (1998, (999) (W-M) Heckscher-Ohlin based model in the context of two relatively diversified countries (South Africa and Mauritius) and two commodity-export-dependent countries of sub-Saharan Africa (Nigeria and Cô̌̌te d'Ivoire). The study finds that the skill and land resource measures used in the W -M (1998, 1999) thesis do not explain why Nigeria, having a similar level of skill per worker ratio to South Africa, has not diversified. Further, Mauritius having relatively the highest skill per land ratio specialises in low-skill textiles and clothing, while South Africa specialises in the more human capital-intensive "other manufactures" group. The other measure, a low land per worker ratio that explains Mauritius' relatively higher share of manufacturing exports, also fails to apply to Nigeria. The thesis thus concludes that the W-M land and skill measures could only be rough proxies in determining comparative advantage in manufacturing exports. However, employing the Dutch disease hypothesis recognises the potential of land abundance as a natural resource, namely minerals in South Africa, oil in Nigeria, and cocoa in Cǒ̌te d'Ivoire. The Dutch disease is a dynamic process of structural economic and political development that will permit an understanding of why natural resource abundant countries do not have a comparative advantage in manufacturing, at least in the short to medium term. The study therefore investigates commodity dependence and the Dutch disease effects to examine whether primary resource- based industrialisation offers an escape from underdevelopment. It establishes that South Africa, a mineral resource rich country, diversified based on a broad mineral-energy-complex (MEC) reinforcing the notion that land abundant countries will first invest in capital- intensive primary resource processing. However, the thesis concludes that in Nigeria and Cǒ̌te d'Ivoire where external shocks are more predominant probably because of single commodity export reliance, the manufacturing sector lags behind more due to resource and spending effects that a natural resource boom generates in these economies.
- Full Text:
- Date Issued: 2006
Toward a culture of engagement: leveraging the enterprise social network
- Authors: Alistoun, Garth
- Date: 2014
- Subjects: Communication in organizations -- South Africa Business communication -- South Africa Social media -- South Africa -- Case studies Leadership -- South Africa -- Case studies Human capital -- Management Personnel management Organizational effectiveness
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1154 , http://hdl.handle.net/10962/d1010869
- Description: This research aims to provide a theory of enterprise social networking that generates and/or sustains a culture of employee engagement within a chosen South African private sector company. Based on an extensive review of interesting literature and the application of a grounded theory process in a chosen case, this research work provides a theory of enterprise social networking sustaining and growing employee engagement together with an explanatory theoretical framework that makes the theory more practical. Employee engagement is defined as “the harnessing of organisation member’s selves to their work roles; in engagement people employ and express themselves physically, cognitively, and emotionally during role performances.” This research regards employee engagement as a three part concept composed of a trait (personality/cognitive) aspect, a state (emotional) aspect, and a behavioural aspect. Research has shown that employee engagement has an unequivocal positive impact on business outcomes, such as profitability, business performance, employee retention and productivity. Employee engagement can be regarded as a culture if it is abundant within the organization’s employee population. Gatenby et al. (2009) propose that employee engagement is fostered by creating the desire and opportunity for employees to connect with colleagues, managers and the wider organisation. This standpoint is supported by Kular et al. (2008) who state that the “key drivers of employee engagement identified include communication, opportunities for employees to feed their views upward and thinking that their managers are committed to the organisation.” Further indicators of employee engagement include strong leadership (particularly in the form of servant leadership), accountability, a positive and open organisational culture, autonomy, and opportunities for development. One of the key facets of employee engagement is connection. A complementary definition of social media, an umbrella under which enterprise social networks fall, is that “(it) is more of a relationship channel, a connection channel. Each and every tweet, update, video, post, is a connection point to another human being. And it’s the other human being who will determine your worth to them.” Social media provides participants with access to a larger pool of resources and relationships than they would normally have access to. This enlarged relationship/resource pool is a result of expanding human and social capital enabled through social media tools. In order to produce a theory of enterprise social networking sustaining and growing a culture of employee engagement a rigorous grounded theory methodology coupled with a case study methodology was applied. The case study methodology was used to identify a suitable research site and interesting participants within the site while the grounded theory process was used to produce both qualitative and quantitative data sets in a suitability rigorous fashion. The corroborative data was then used to discover and define the emergent theory.
- Full Text:
- Date Issued: 2014
- Authors: Alistoun, Garth
- Date: 2014
- Subjects: Communication in organizations -- South Africa Business communication -- South Africa Social media -- South Africa -- Case studies Leadership -- South Africa -- Case studies Human capital -- Management Personnel management Organizational effectiveness
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1154 , http://hdl.handle.net/10962/d1010869
- Description: This research aims to provide a theory of enterprise social networking that generates and/or sustains a culture of employee engagement within a chosen South African private sector company. Based on an extensive review of interesting literature and the application of a grounded theory process in a chosen case, this research work provides a theory of enterprise social networking sustaining and growing employee engagement together with an explanatory theoretical framework that makes the theory more practical. Employee engagement is defined as “the harnessing of organisation member’s selves to their work roles; in engagement people employ and express themselves physically, cognitively, and emotionally during role performances.” This research regards employee engagement as a three part concept composed of a trait (personality/cognitive) aspect, a state (emotional) aspect, and a behavioural aspect. Research has shown that employee engagement has an unequivocal positive impact on business outcomes, such as profitability, business performance, employee retention and productivity. Employee engagement can be regarded as a culture if it is abundant within the organization’s employee population. Gatenby et al. (2009) propose that employee engagement is fostered by creating the desire and opportunity for employees to connect with colleagues, managers and the wider organisation. This standpoint is supported by Kular et al. (2008) who state that the “key drivers of employee engagement identified include communication, opportunities for employees to feed their views upward and thinking that their managers are committed to the organisation.” Further indicators of employee engagement include strong leadership (particularly in the form of servant leadership), accountability, a positive and open organisational culture, autonomy, and opportunities for development. One of the key facets of employee engagement is connection. A complementary definition of social media, an umbrella under which enterprise social networks fall, is that “(it) is more of a relationship channel, a connection channel. Each and every tweet, update, video, post, is a connection point to another human being. And it’s the other human being who will determine your worth to them.” Social media provides participants with access to a larger pool of resources and relationships than they would normally have access to. This enlarged relationship/resource pool is a result of expanding human and social capital enabled through social media tools. In order to produce a theory of enterprise social networking sustaining and growing a culture of employee engagement a rigorous grounded theory methodology coupled with a case study methodology was applied. The case study methodology was used to identify a suitable research site and interesting participants within the site while the grounded theory process was used to produce both qualitative and quantitative data sets in a suitability rigorous fashion. The corroborative data was then used to discover and define the emergent theory.
- Full Text:
- Date Issued: 2014
Macro-locational determinants and motive of Chinese foreign direct investment in Cameroon
- Authors: Andangnui, Quintabella
- Date: 2020
- Subjects: Investments, Foreign -- Cameroon , Investments, Chinese -- Cameroon , Corporations, Foreign -- Cameroon , Industrial location -- Cameroon
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/163157 , vital:41014
- Description: This research falls under the general themes of macro-locational determinants and motives of Foreign Direct Investment (FDI) and the challenges faced by FDIs. Specifically, the research focuses on macro-locational determinants of FDI and the motives of Chinese FDI in Cameroon, and the challenges faced by Chinese FDI in Cameroon. This research is motivated by China’s interest in African countries as well as the reciprocal interest in Chinese FDI by African countries, especially Cameroon. While various FDI theories and previous empirical studies indicate that macro-locational determinants of FDI constitute a country’s principal comparative advantage to attract FDI, there is still no universally acceptable set of macro-locational determinants of FDI. Furthermore, some empirical studies assert that Chinese FDI does not follow conventional FDI theories or western approaches to FDI, especially when investing in African countries. It is suggested that some widely accepted macro-locational determinants of FDI are frequently ignored by Chinese FDI. While FDI theories identify four motives for FDI (resource-, market-, efficiency-, and strategic asset-seeking) as the main motives for investing in a foreign country, the motives for Chinese FDI, especially in Africa, have been questioned by some scholars, the media and politicians, due to the significant but seemingly counterintuitive investments made by Chinese state-owned FDI in politically unstable resource-rich African countries. Furthermore, differences in the motives of Chinese privately owned and state-owned firms identified in previous empirical studies have raised concerns, particularly regarding the motives of state-owned Chinese firms in Africa which suggest a stance of neo-colonialism by Chinese state-owned FDI. The research aims to identify the significant macro-locational determinants of Chinese FDI in Cameroon, to provide clarity on the motives of Chinese FDI and to identify the challenges faced by Chinese FDI in Cameroon. To achieve the aim of this research, hypothetical relationships based on FDI theory and previous empirical research were formulated between Chinese FDI and the proposed macro-locational determinants of FDI and the four identified motives of FDI. In this research, a positivist research paradigm using quantitative methods was followed. Accordingly, the research design and methodology was underpinned by the positivist paradigm. A descriptive and analytical survey methodology was utilised, using both primary and secondary data sources. Secondary data was collected from reliable and credible databases for the period 2004 to 2018 to generate a time series to test the hypothetical relationships pertaining to the macro-locational determinants of Chinese FDI in Cameroon. To test the hypothetical relationships pertaining to the motives of Chinese FDI and to identify the challenges of Chinese FDI in Cameroon, primary data was collected by means of a questionnaire using convenience and snowball sampling techniques. The validity of the findings on the macro-locational determinants of FDI was confirmed through unit root and cointegration tests. Confirmatory Factor Analysis (CFA) and Cronbach’s alpha coefficients were used to ensure the validity and reliability of the findings on the motives of FDI. To assess the hypothetical relationships on the motives for Chinese FDI, the hypothetical relationship on the macro-locational determinants of FDI was determined using Ordinary Least Square (OLS) regression, t-tests, one-way ANOVA, descriptive statistics and logistic regression. In addition, descriptive statistics were used to analyse the data on the challenges of Chinese FDI. The findings indicated that the main macro-locational determinants of Chinese FDI in Cameroon included market size, political risk, limited trade openness, real effective exchange rate, interest rate and human capital. The findings also indicated that market-seeking constitutes the main motive of privately owned Chinese FDI in Cameroon. The findings also indicated that the top four challenges faced by Chinese FDI in Cameroon include corruption, the ambiguity of the legal system of Cameroon, the difficulty to negotiate with government and privatisation officials and high levels of taxes. The findings of this research serve as a test of theory, given that they determine whether the macro-locational determinants identified from FDI theories are also significant macro-locational determinants of Chinese FDI. Furthermore, the findings have the potential to assist in policy formulation aimed at encouraging Chinese FDI into Cameroon. The findings could also assist the Cameroonian government to allocate national resources efficiently by prioritising identified macro-locational determinants. The findings provide clarity on the motives of Chinese FDI in Cameroon and could assist the government to negotiate better deals that may enable Cameroon to benefit optimally from Chinese FDI.
- Full Text:
- Date Issued: 2020
- Authors: Andangnui, Quintabella
- Date: 2020
- Subjects: Investments, Foreign -- Cameroon , Investments, Chinese -- Cameroon , Corporations, Foreign -- Cameroon , Industrial location -- Cameroon
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/163157 , vital:41014
- Description: This research falls under the general themes of macro-locational determinants and motives of Foreign Direct Investment (FDI) and the challenges faced by FDIs. Specifically, the research focuses on macro-locational determinants of FDI and the motives of Chinese FDI in Cameroon, and the challenges faced by Chinese FDI in Cameroon. This research is motivated by China’s interest in African countries as well as the reciprocal interest in Chinese FDI by African countries, especially Cameroon. While various FDI theories and previous empirical studies indicate that macro-locational determinants of FDI constitute a country’s principal comparative advantage to attract FDI, there is still no universally acceptable set of macro-locational determinants of FDI. Furthermore, some empirical studies assert that Chinese FDI does not follow conventional FDI theories or western approaches to FDI, especially when investing in African countries. It is suggested that some widely accepted macro-locational determinants of FDI are frequently ignored by Chinese FDI. While FDI theories identify four motives for FDI (resource-, market-, efficiency-, and strategic asset-seeking) as the main motives for investing in a foreign country, the motives for Chinese FDI, especially in Africa, have been questioned by some scholars, the media and politicians, due to the significant but seemingly counterintuitive investments made by Chinese state-owned FDI in politically unstable resource-rich African countries. Furthermore, differences in the motives of Chinese privately owned and state-owned firms identified in previous empirical studies have raised concerns, particularly regarding the motives of state-owned Chinese firms in Africa which suggest a stance of neo-colonialism by Chinese state-owned FDI. The research aims to identify the significant macro-locational determinants of Chinese FDI in Cameroon, to provide clarity on the motives of Chinese FDI and to identify the challenges faced by Chinese FDI in Cameroon. To achieve the aim of this research, hypothetical relationships based on FDI theory and previous empirical research were formulated between Chinese FDI and the proposed macro-locational determinants of FDI and the four identified motives of FDI. In this research, a positivist research paradigm using quantitative methods was followed. Accordingly, the research design and methodology was underpinned by the positivist paradigm. A descriptive and analytical survey methodology was utilised, using both primary and secondary data sources. Secondary data was collected from reliable and credible databases for the period 2004 to 2018 to generate a time series to test the hypothetical relationships pertaining to the macro-locational determinants of Chinese FDI in Cameroon. To test the hypothetical relationships pertaining to the motives of Chinese FDI and to identify the challenges of Chinese FDI in Cameroon, primary data was collected by means of a questionnaire using convenience and snowball sampling techniques. The validity of the findings on the macro-locational determinants of FDI was confirmed through unit root and cointegration tests. Confirmatory Factor Analysis (CFA) and Cronbach’s alpha coefficients were used to ensure the validity and reliability of the findings on the motives of FDI. To assess the hypothetical relationships on the motives for Chinese FDI, the hypothetical relationship on the macro-locational determinants of FDI was determined using Ordinary Least Square (OLS) regression, t-tests, one-way ANOVA, descriptive statistics and logistic regression. In addition, descriptive statistics were used to analyse the data on the challenges of Chinese FDI. The findings indicated that the main macro-locational determinants of Chinese FDI in Cameroon included market size, political risk, limited trade openness, real effective exchange rate, interest rate and human capital. The findings also indicated that market-seeking constitutes the main motive of privately owned Chinese FDI in Cameroon. The findings also indicated that the top four challenges faced by Chinese FDI in Cameroon include corruption, the ambiguity of the legal system of Cameroon, the difficulty to negotiate with government and privatisation officials and high levels of taxes. The findings of this research serve as a test of theory, given that they determine whether the macro-locational determinants identified from FDI theories are also significant macro-locational determinants of Chinese FDI. Furthermore, the findings have the potential to assist in policy formulation aimed at encouraging Chinese FDI into Cameroon. The findings could also assist the Cameroonian government to allocate national resources efficiently by prioritising identified macro-locational determinants. The findings provide clarity on the motives of Chinese FDI in Cameroon and could assist the government to negotiate better deals that may enable Cameroon to benefit optimally from Chinese FDI.
- Full Text:
- Date Issued: 2020
Normative indications for Xhosa-speaking unskilled workers on the trail making test and the stroop test
- Authors: Andrews, Karen Anne Hope
- Date: 2008
- Subjects: Neuropsychology , Neuropsychological tests -- Sex differences , Educational tests and measurements -- Sex differences , Xhosa (African people) -- Education
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:2926 , http://hdl.handle.net/10962/d1002435 , Neuropsychology , Neuropsychological tests -- Sex differences , Educational tests and measurements -- Sex differences , Xhosa (African people) -- Education
- Description: The aim of the study was to produce preliminary normative indications for the Trail Making Test and the Stroop Test, administered in English, on a non-clinical sample of black, Xhosa-speaking, unskilled individuals (N = 33), with an educational level of 11 – 12 years, in two age categories (18 –29 and 30 – 40 years). The sample was equally distributed for gender and level of education. Participants, who were required to have a basic proficiency in English, were from traditionally black township schools with relatively disadvantaged quality of education. Within-sample age and gender effects were investigated. There were no significant age effects on the Trail Making Test, whereas there was one significant difference between age groups on the Stroop Test with respect to the Color-Word task, and a result that strongly approached significance on the Word task, with the younger group performing better than the older group. There were no significant gender effects on the Trail Making Test, whereas there was one significant difference between genders on the Stroop Test with respect to the Word task, and a result that approached significance on the Color task, with females performing better than males. Normative indications for both measures were compared to available normative data on western populations with higher levels and more advantaged quality of education. This comparison revealed consistently poorer performances for both the Trail Making Test and the Stroop Test, confirming the need for localised normative datasets to facilitate accurate neuropsychological diagnoses on culturally disadvantaged individuals.
- Full Text:
- Date Issued: 2008
- Authors: Andrews, Karen Anne Hope
- Date: 2008
- Subjects: Neuropsychology , Neuropsychological tests -- Sex differences , Educational tests and measurements -- Sex differences , Xhosa (African people) -- Education
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:2926 , http://hdl.handle.net/10962/d1002435 , Neuropsychology , Neuropsychological tests -- Sex differences , Educational tests and measurements -- Sex differences , Xhosa (African people) -- Education
- Description: The aim of the study was to produce preliminary normative indications for the Trail Making Test and the Stroop Test, administered in English, on a non-clinical sample of black, Xhosa-speaking, unskilled individuals (N = 33), with an educational level of 11 – 12 years, in two age categories (18 –29 and 30 – 40 years). The sample was equally distributed for gender and level of education. Participants, who were required to have a basic proficiency in English, were from traditionally black township schools with relatively disadvantaged quality of education. Within-sample age and gender effects were investigated. There were no significant age effects on the Trail Making Test, whereas there was one significant difference between age groups on the Stroop Test with respect to the Color-Word task, and a result that strongly approached significance on the Word task, with the younger group performing better than the older group. There were no significant gender effects on the Trail Making Test, whereas there was one significant difference between genders on the Stroop Test with respect to the Word task, and a result that approached significance on the Color task, with females performing better than males. Normative indications for both measures were compared to available normative data on western populations with higher levels and more advantaged quality of education. This comparison revealed consistently poorer performances for both the Trail Making Test and the Stroop Test, confirming the need for localised normative datasets to facilitate accurate neuropsychological diagnoses on culturally disadvantaged individuals.
- Full Text:
- Date Issued: 2008
The effects of changing western worldviews on morals and ethics in economics: a protestant perspective
- Authors: Appalraju, Nerusha
- Date: 2017
- Subjects: Economics -- Moral and ethical aspects , Neoclassical school of economics , Capitalism -- Religious aspects -- Protestant churches , Feminist economics , Economics -- Religious aspects , Environmental economics -- Moral and ethical aspects , Smith, Adam, 1723-1790 , Weber, Max, 1864-1920
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/32480 , vital:24050
- Description: The World Economics Association held an online conference in 2012 where they published many papers on ethics in economics. The topic of ethics in economics became more serious and popular following the 2008 financial crisis. However the case for a professional code of ethics in economics is difficult to introduce and implement due to the multidisciplinary approach of the discipline. Therefore authors such as Dow (2012), De Martino (2012), Freeman (2012) and Earl (2012) urged economists to start thinking about ethics in economics from a pluralistic view. This thesis studied the effects of changing Western worldviews on morals and ethics in economics from a Protestant perspective. Numerous authoritative sources were considered and used to create a discussion and analysis of how diverse Western worldviews impact on the type of economics which is prescribed and practiced. It was found that different Western worldviews create various standards of understanding and evaluation, which result in varying opinions on what constitutes as morally or ethically acceptable within the discipline of economics.
- Full Text:
- Date Issued: 2017
- Authors: Appalraju, Nerusha
- Date: 2017
- Subjects: Economics -- Moral and ethical aspects , Neoclassical school of economics , Capitalism -- Religious aspects -- Protestant churches , Feminist economics , Economics -- Religious aspects , Environmental economics -- Moral and ethical aspects , Smith, Adam, 1723-1790 , Weber, Max, 1864-1920
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/32480 , vital:24050
- Description: The World Economics Association held an online conference in 2012 where they published many papers on ethics in economics. The topic of ethics in economics became more serious and popular following the 2008 financial crisis. However the case for a professional code of ethics in economics is difficult to introduce and implement due to the multidisciplinary approach of the discipline. Therefore authors such as Dow (2012), De Martino (2012), Freeman (2012) and Earl (2012) urged economists to start thinking about ethics in economics from a pluralistic view. This thesis studied the effects of changing Western worldviews on morals and ethics in economics from a Protestant perspective. Numerous authoritative sources were considered and used to create a discussion and analysis of how diverse Western worldviews impact on the type of economics which is prescribed and practiced. It was found that different Western worldviews create various standards of understanding and evaluation, which result in varying opinions on what constitutes as morally or ethically acceptable within the discipline of economics.
- Full Text:
- Date Issued: 2017
Performance of defensive shares on the JSE during financial crisis: evidence from analysis of returns and volatility
- Authors: Arguile, Wayne Peter
- Date: 2012
- Subjects: Industries -- South Africa -- Finance Industries -- South Africa -- Statistics Johannesburg Stock Exchange Rational expectations (Economic theory)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1001 , http://hdl.handle.net/10962/d1002736
- Description: This study analyses whether historically defensive sectors on the JSE have – with respect to the market – proven to be defensive during the recent global financial crisis. By withstanding the shocks of market volatility, defensive industries (such as pharmaceuticals and consumer staples) are renowned for their consistent performance throughout the business cycle. Using daily data for the period 2000–2009, the study compares the descriptive statistics of sector returns before and during the crisis. The volatility of each sector relative to the market index is calculated using the CAPM beta and a simplified volatility ratio. The same comparison is extended to the conditional volatilities of each of the sectors, which is estimated using the GARCH model and two of its extensions: the EGARCH and GJR GARCH models. While no sector experienced a positive mean return during the financial crisis, Healthcare, Consumer Goods, Consumer Services and Industrials all proved less volatile than the market. Surprisingly, Telecommunications proved more volatile than the market and experienced leverage effects during the financial crisis. Since the timing of a recession is difficult to predict, defensive securities were found to be a useful investment tool for protection against adverse movements in the stock market.
- Full Text:
- Date Issued: 2012
- Authors: Arguile, Wayne Peter
- Date: 2012
- Subjects: Industries -- South Africa -- Finance Industries -- South Africa -- Statistics Johannesburg Stock Exchange Rational expectations (Economic theory)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1001 , http://hdl.handle.net/10962/d1002736
- Description: This study analyses whether historically defensive sectors on the JSE have – with respect to the market – proven to be defensive during the recent global financial crisis. By withstanding the shocks of market volatility, defensive industries (such as pharmaceuticals and consumer staples) are renowned for their consistent performance throughout the business cycle. Using daily data for the period 2000–2009, the study compares the descriptive statistics of sector returns before and during the crisis. The volatility of each sector relative to the market index is calculated using the CAPM beta and a simplified volatility ratio. The same comparison is extended to the conditional volatilities of each of the sectors, which is estimated using the GARCH model and two of its extensions: the EGARCH and GJR GARCH models. While no sector experienced a positive mean return during the financial crisis, Healthcare, Consumer Goods, Consumer Services and Industrials all proved less volatile than the market. Surprisingly, Telecommunications proved more volatile than the market and experienced leverage effects during the financial crisis. Since the timing of a recession is difficult to predict, defensive securities were found to be a useful investment tool for protection against adverse movements in the stock market.
- Full Text:
- Date Issued: 2012
The power of investor sentiment: an analysis of the impact of investor confidence on South African financial markets
- Authors: Argyros, Robert
- Date: 2013
- Subjects: Johannesburg Stock Exchange Stockholders Stocks -- Prices -- South Africa Stock Exchanges Investments
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1032 , http://hdl.handle.net/10962/d1004169
- Description: Whether investor sentiment has any authority over financial markets has long been a topic of discussion in the field of finance. This study investigates the relationship between investor sentiment and share returns in South Africa. Determining this relationship will add to the existing work which has documented important determinants of share returns on the stock exchange in South Africa, as well adding to the inconclusive link between sentiment and the South African financial markets. Does sentiment influence share returns or do share returns influence sentiment? Using quarterly data for the period 1996-2010, the study makes use of the FNB/BER Consumer Confidence Index as a proxy for investor sentiment, and the FTSE/JSE All Share Index to represent the South African financial markets. A regression analysis was conducted along with granger-causality tests, impulse response functions and variance decompositions in order to determine the nature of this relationship. The results showed that investor sentiment has a statistically significant relationship with share returns in South Africa. However, sentiment is only able to account for a very small portion of the variation in returns, with returns able to account for a larger portion of the variation in sentiment. Therefore investor sentiment is not a suitable predictor of share returns in South Africa. In addition, granger-causality tests indicate that returns are actually the leading indicator, suggesting that changes in South African investors’ confidence levels occur following changes in the state of the JSE. The limitations of the study include the infrequent nature of the sentiment measure used, thereby failing to capture important changes in sentiment and their immediate impact on financial markets. In addition, the sentiment of foreign investors must be taken into account due to the large foreign investment in the JSE.
- Full Text:
- Date Issued: 2013
- Authors: Argyros, Robert
- Date: 2013
- Subjects: Johannesburg Stock Exchange Stockholders Stocks -- Prices -- South Africa Stock Exchanges Investments
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1032 , http://hdl.handle.net/10962/d1004169
- Description: Whether investor sentiment has any authority over financial markets has long been a topic of discussion in the field of finance. This study investigates the relationship between investor sentiment and share returns in South Africa. Determining this relationship will add to the existing work which has documented important determinants of share returns on the stock exchange in South Africa, as well adding to the inconclusive link between sentiment and the South African financial markets. Does sentiment influence share returns or do share returns influence sentiment? Using quarterly data for the period 1996-2010, the study makes use of the FNB/BER Consumer Confidence Index as a proxy for investor sentiment, and the FTSE/JSE All Share Index to represent the South African financial markets. A regression analysis was conducted along with granger-causality tests, impulse response functions and variance decompositions in order to determine the nature of this relationship. The results showed that investor sentiment has a statistically significant relationship with share returns in South Africa. However, sentiment is only able to account for a very small portion of the variation in returns, with returns able to account for a larger portion of the variation in sentiment. Therefore investor sentiment is not a suitable predictor of share returns in South Africa. In addition, granger-causality tests indicate that returns are actually the leading indicator, suggesting that changes in South African investors’ confidence levels occur following changes in the state of the JSE. The limitations of the study include the infrequent nature of the sentiment measure used, thereby failing to capture important changes in sentiment and their immediate impact on financial markets. In addition, the sentiment of foreign investors must be taken into account due to the large foreign investment in the JSE.
- Full Text:
- Date Issued: 2013
A needs-ICTD strategy alignment framework foundation for the measurement of ICTD impact
- Authors: Baduza, Gugulethu Qhawekazi
- Date: 2014
- Subjects: Siyakhula Living Lab SAP Research Needs assessment -- Information technology -- Social aspects -- South Africa -- Case studies Information technology -- South Africa -- Management -- Case studies Information technology -- Social aspects -- South Africa Rural development -- Economic aspects -- South Africa Rural development -- South Africa -- Sociological aspects Rural development projects -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1155 , http://hdl.handle.net/10962/d1011116
- Description: Many Information and Communication Technologies for Development (ICTD) projects are established with the overall aim of positively developing the communities they are implemented in. However, the solutions that are provided are often commonly developed without the needs of these communities being sufficiently investigated beforehand. As a result the ICTD strategy of the project ends up not well aligned with the aims and targets of the needs of the community. As a result of this, an appropriate programme theory for the project and relevant impact indicators fail to be adequately developed. Consequently, when an impact assessment is conducted it is often found that the intended effects are not directly linked to the needs of the community or what the community had hoped to gain from the ICTD initiative. The purpose of this research serves to develop a needs-ICTD strategy alignment foundation that supports the identification and formulation of impact assessment indicators. Through this research, a framework is developed to support the alignment of ICTD strategy, the development and the promotion of contextual needs of rural communities and other frequently marginalized areas. The Needs-ICTD strategy alignment framework is composed of eight main components that describe the process that can be used to align ICTD strategy with community needs. These components include: collaboration between the internal and external stakeholders, the development of the community, conducting baseline studies, the needs assessment, the ICTD strategy, linking of the needs-ICTD strategy, and lastly the identification of impact indicators. An interpretive research approach is used to explore and inform the framework through a multi-case study investigation of the Siyakhula Living Lab and two projects in the Systems Application Products (SAP) Living Lab. Two main case study questions drive the exploration of the framework, that being: 1) How are the needs of the community elicited and how is the ICTD strategy aligned to the needs of the community? 2) And, why were the selected approaches chosen for aligning the needs of the community and ICTD strategy? Data for this research was collected qualitatively through interviews, document analysis and participant observation. Key findings indicate that the involvement of internal (local) stakeholders in the development and alignment of ICTD strategy to the needs of the community is still lacking. As a consequence, many community members end up not fully understanding the project objectives and how these objectives aims are to be achieved. The research also finds that ‘solution specific’ projects also fail communities as they focus specifically on one target group and repeatedly fail to assist the community holistically in supporting their information and their community development needs.
- Full Text:
- Date Issued: 2014
- Authors: Baduza, Gugulethu Qhawekazi
- Date: 2014
- Subjects: Siyakhula Living Lab SAP Research Needs assessment -- Information technology -- Social aspects -- South Africa -- Case studies Information technology -- South Africa -- Management -- Case studies Information technology -- Social aspects -- South Africa Rural development -- Economic aspects -- South Africa Rural development -- South Africa -- Sociological aspects Rural development projects -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1155 , http://hdl.handle.net/10962/d1011116
- Description: Many Information and Communication Technologies for Development (ICTD) projects are established with the overall aim of positively developing the communities they are implemented in. However, the solutions that are provided are often commonly developed without the needs of these communities being sufficiently investigated beforehand. As a result the ICTD strategy of the project ends up not well aligned with the aims and targets of the needs of the community. As a result of this, an appropriate programme theory for the project and relevant impact indicators fail to be adequately developed. Consequently, when an impact assessment is conducted it is often found that the intended effects are not directly linked to the needs of the community or what the community had hoped to gain from the ICTD initiative. The purpose of this research serves to develop a needs-ICTD strategy alignment foundation that supports the identification and formulation of impact assessment indicators. Through this research, a framework is developed to support the alignment of ICTD strategy, the development and the promotion of contextual needs of rural communities and other frequently marginalized areas. The Needs-ICTD strategy alignment framework is composed of eight main components that describe the process that can be used to align ICTD strategy with community needs. These components include: collaboration between the internal and external stakeholders, the development of the community, conducting baseline studies, the needs assessment, the ICTD strategy, linking of the needs-ICTD strategy, and lastly the identification of impact indicators. An interpretive research approach is used to explore and inform the framework through a multi-case study investigation of the Siyakhula Living Lab and two projects in the Systems Application Products (SAP) Living Lab. Two main case study questions drive the exploration of the framework, that being: 1) How are the needs of the community elicited and how is the ICTD strategy aligned to the needs of the community? 2) And, why were the selected approaches chosen for aligning the needs of the community and ICTD strategy? Data for this research was collected qualitatively through interviews, document analysis and participant observation. Key findings indicate that the involvement of internal (local) stakeholders in the development and alignment of ICTD strategy to the needs of the community is still lacking. As a consequence, many community members end up not fully understanding the project objectives and how these objectives aims are to be achieved. The research also finds that ‘solution specific’ projects also fail communities as they focus specifically on one target group and repeatedly fail to assist the community holistically in supporting their information and their community development needs.
- Full Text:
- Date Issued: 2014
The tax benefits available to investors in immovable property in South Africa
- Authors: Baines, Daniel
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4026 , vital:20589
- Description: The object of this thesis is to provide guidelines relating to the tax benefits that are available to investors in immovable property in South Africa. This was done by analysing the various sections of the Income Tax Act, as well as case law and South African Revenue Service guidelines that interpret these sections, which provide for expenditure which may be deducted by taxpayers from their income when conducting the trade of letting immovable property in order to reduce their overall tax liability. The thesis also includes a chapter dealing with the four different types of vehicles that taxpayers may use when investing in property. It was found that there are significant tax benefits available to investors in immovable property through the general deductions provided in terms of section 11(a) of the Act, as well as the specific deductions that the legislature has promulgated for investors in immovable property. It was also found that each of the four vehicles has its own advantages and that a taxpayer’s personal circumstances will dictate which of the vehicles will best suit his or her needs.
- Full Text:
- Date Issued: 2016
- Authors: Baines, Daniel
- Date: 2016
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/4026 , vital:20589
- Description: The object of this thesis is to provide guidelines relating to the tax benefits that are available to investors in immovable property in South Africa. This was done by analysing the various sections of the Income Tax Act, as well as case law and South African Revenue Service guidelines that interpret these sections, which provide for expenditure which may be deducted by taxpayers from their income when conducting the trade of letting immovable property in order to reduce their overall tax liability. The thesis also includes a chapter dealing with the four different types of vehicles that taxpayers may use when investing in property. It was found that there are significant tax benefits available to investors in immovable property through the general deductions provided in terms of section 11(a) of the Act, as well as the specific deductions that the legislature has promulgated for investors in immovable property. It was also found that each of the four vehicles has its own advantages and that a taxpayer’s personal circumstances will dictate which of the vehicles will best suit his or her needs.
- Full Text:
- Date Issued: 2016
A study of production and consumption of certain foodstuffs in South Africa during the period 1929-49, in relation to the increase in population and national income
- Authors: Baker, G C
- Date: 1936
- Subjects: Food consumption -- South Africa , Food supply -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1109 , http://hdl.handle.net/10962/d1013445
- Description: From Introduction: South Africa has experienced an almost revolutionary change in her food position in the last 10 years, what was previously a "farm problem" of assisting the primary producer has now become a "food problem" and this is a study of the development of those factors leading up to such a change. It is an empirical study attempting to measure the production and consumption of certain selected foodstuffs and to compare them with changes observed in the population and the National Income.
- Full Text:
- Date Issued: 1936
- Authors: Baker, G C
- Date: 1936
- Subjects: Food consumption -- South Africa , Food supply -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1109 , http://hdl.handle.net/10962/d1013445
- Description: From Introduction: South Africa has experienced an almost revolutionary change in her food position in the last 10 years, what was previously a "farm problem" of assisting the primary producer has now become a "food problem" and this is a study of the development of those factors leading up to such a change. It is an empirical study attempting to measure the production and consumption of certain selected foodstuffs and to compare them with changes observed in the population and the National Income.
- Full Text:
- Date Issued: 1936
Interest rate behaviour in a more transparent South African monetary policy environment
- Authors: Ballim, Goolam Hoosen
- Date: 2005
- Subjects: South African Reserve Bank , Monetary policy -- South Africa , Banks and banking -- South Africa , Interest rates -- South Africa , South Africa -- Economic policy , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1034 , http://hdl.handle.net/10962/d1004462 , South African Reserve Bank , Monetary policy -- South Africa , Banks and banking -- South Africa , Interest rates -- South Africa , South Africa -- Economic policy , South Africa -- Economic conditions
- Description: South Africa introduced inflation targeting as a monetary policy framework in 2000. This marked a sizable shift in monetary policy management from the previous "eclectic" approach and the explicit focus on M3 money supply before that. The study appraises the effectiveness of monetary policy under this new dispensation. However, the analysis does not centre on inflation outcomes, which can be a measure of effectiveness because they are the overriding objective of the South African Reserve Bank in effect, it is possible to have a target-friendly inflation rate for a length of time despite monetary policy that is ambiguous and encourages unpredictability in market interest rates. However, persistent policy opaqueness can, over time, damage a favourable inflation scenario. For instance, if the public is unsure about the Reserve Bank's desired inflation target, price setting in the wage and goods markets may eventually produce an inflation outcome that is higher than the Bank may have intended. Rather, this study adjudicates the effectiveness of monetary policy within the context of policy transparency, which is an intrinsic part of the inflation targeting framework. The study looks at the extent to which monetary policy transparency has enhanced both the anticipatory nature of the market's response to policy actions and the force that policy has on all interest rates in the financial system, particularly long-term rates. These concepts are important because through the transmission mechanism of monetary policy, the more deft market participants are at anticipating future Reserve Bank policy the greater the Bank's ability to steady the economy before the actual policy event. With the aid of regression models to estimate the response of market rates to policy changes, the results show that there is significant movement in market rates in anticipation of policy action, rather than on the day of the event or the day after. Indeed, the estimates for market rates movement on the day of and even the day after the policy action are generally minute. For instance, the R157 long-term government bond yield changes by a significant 41 basis points in response to a one percentage point change in the Reserve Bank's benchmark repo rate in the period between the last policy action and the day preceding the current action. In contrast, the R157 bond yield changes by an insignificant 2 basis points on the day of the current repo rate change and about 1 basis point the day after the current change. The results point to a robust relationship between policy transparency and the market's ability to foresee rate action. If this were not the case, it is likely that there would be persistent market surprise and, hence, noticeable movement in interest rates on the day of the rate action and perhaps even the day after. Another important observation is that monetary policy impacts significantly on both short- and long-term market rates. Again, certifying the robustness of monetary policy under the inflation targeting regime
- Full Text:
- Date Issued: 2005
- Authors: Ballim, Goolam Hoosen
- Date: 2005
- Subjects: South African Reserve Bank , Monetary policy -- South Africa , Banks and banking -- South Africa , Interest rates -- South Africa , South Africa -- Economic policy , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1034 , http://hdl.handle.net/10962/d1004462 , South African Reserve Bank , Monetary policy -- South Africa , Banks and banking -- South Africa , Interest rates -- South Africa , South Africa -- Economic policy , South Africa -- Economic conditions
- Description: South Africa introduced inflation targeting as a monetary policy framework in 2000. This marked a sizable shift in monetary policy management from the previous "eclectic" approach and the explicit focus on M3 money supply before that. The study appraises the effectiveness of monetary policy under this new dispensation. However, the analysis does not centre on inflation outcomes, which can be a measure of effectiveness because they are the overriding objective of the South African Reserve Bank in effect, it is possible to have a target-friendly inflation rate for a length of time despite monetary policy that is ambiguous and encourages unpredictability in market interest rates. However, persistent policy opaqueness can, over time, damage a favourable inflation scenario. For instance, if the public is unsure about the Reserve Bank's desired inflation target, price setting in the wage and goods markets may eventually produce an inflation outcome that is higher than the Bank may have intended. Rather, this study adjudicates the effectiveness of monetary policy within the context of policy transparency, which is an intrinsic part of the inflation targeting framework. The study looks at the extent to which monetary policy transparency has enhanced both the anticipatory nature of the market's response to policy actions and the force that policy has on all interest rates in the financial system, particularly long-term rates. These concepts are important because through the transmission mechanism of monetary policy, the more deft market participants are at anticipating future Reserve Bank policy the greater the Bank's ability to steady the economy before the actual policy event. With the aid of regression models to estimate the response of market rates to policy changes, the results show that there is significant movement in market rates in anticipation of policy action, rather than on the day of the event or the day after. Indeed, the estimates for market rates movement on the day of and even the day after the policy action are generally minute. For instance, the R157 long-term government bond yield changes by a significant 41 basis points in response to a one percentage point change in the Reserve Bank's benchmark repo rate in the period between the last policy action and the day preceding the current action. In contrast, the R157 bond yield changes by an insignificant 2 basis points on the day of the current repo rate change and about 1 basis point the day after the current change. The results point to a robust relationship between policy transparency and the market's ability to foresee rate action. If this were not the case, it is likely that there would be persistent market surprise and, hence, noticeable movement in interest rates on the day of the rate action and perhaps even the day after. Another important observation is that monetary policy impacts significantly on both short- and long-term market rates. Again, certifying the robustness of monetary policy under the inflation targeting regime
- Full Text:
- Date Issued: 2005
The Cape Midlands: its demography (1911-1960) and regional income (1954/55-1959/60)
- Authors: Banach, John A
- Date: 1970 , 2013-12-09
- Subjects: Demography , Eastern Cape (South Africa) -- Population , Cape of Good Hope (South Africa) -- Economic conditions , Cape of Good Hope (South Africa) -- Population
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1062 , http://hdl.handle.net/10962/d1007585 , Demography , Eastern Cape (South Africa) -- Population , Cape of Good Hope (South Africa) -- Economic conditions , Cape of Good Hope (South Africa) -- Population
- Description: The area covered in this survey of the Cape Midlands is roughly that portion of the Eastern Cape Province which looks to Port Elizabeth as its principal industrial and market centre where the density of the population is the closest. It lies generally within the geographical region described by Professor J.V.L. Rennie as the Eastern Province Midlands Area. "The Midlands area appears to include all that part of the Eastern Province lying west of the Great Fish and Tark rivers and at least as far inland as the Great Escarpment. The term (Cape Midlands) is commonly applied to local organisations in the larger inland centres of Graaff-Reinet and Port Elizabeth interests. Intro. p.1-2
- Full Text:
- Date Issued: 1970
- Authors: Banach, John A
- Date: 1970 , 2013-12-09
- Subjects: Demography , Eastern Cape (South Africa) -- Population , Cape of Good Hope (South Africa) -- Economic conditions , Cape of Good Hope (South Africa) -- Population
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1062 , http://hdl.handle.net/10962/d1007585 , Demography , Eastern Cape (South Africa) -- Population , Cape of Good Hope (South Africa) -- Economic conditions , Cape of Good Hope (South Africa) -- Population
- Description: The area covered in this survey of the Cape Midlands is roughly that portion of the Eastern Cape Province which looks to Port Elizabeth as its principal industrial and market centre where the density of the population is the closest. It lies generally within the geographical region described by Professor J.V.L. Rennie as the Eastern Province Midlands Area. "The Midlands area appears to include all that part of the Eastern Province lying west of the Great Fish and Tark rivers and at least as far inland as the Great Escarpment. The term (Cape Midlands) is commonly applied to local organisations in the larger inland centres of Graaff-Reinet and Port Elizabeth interests. Intro. p.1-2
- Full Text:
- Date Issued: 1970
The strategic management of intellectual capital : a case study in the banking and financial services sector in Zambia
- Authors: Banda, Japhet Mathias
- Date: 2011
- Subjects: Intellectual capital -- Management , Intellectual capital -- Zambia , Banks and banking -- Zambia , Financial services industry -- Management -- Zambia
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1178 , http://hdl.handle.net/10962/d1002795 , Intellectual capital -- Management , Intellectual capital -- Zambia , Banks and banking -- Zambia , Financial services industry -- Management -- Zambia
- Description: Fundamental changes in the global economy are changing the basis of organisational competitive advantage. The challenge in attaining a competitive advantage is characterised by factors such as increased competition, market volatility, geographically dispersed operations, customer awareness, raising workforce diversity and stringent regulatory regimes. These factors have driven, and in turn have been driven by, an increasing complexity of products, services and the processes that create value, resulting in changes in the structural and functional dimensions of the organisation. Business executives and academics recognise the shift in value creating assets from the traditional land, labour and capital to intangible assets such as knowledge and information becoming the most important resources an organisation can muster.The combination and integration of intangible assets such as human resources, structural and relational resources has been grouped under the umbrella of intellectual capital. This study comprises of a single descriptive case study analysis to ascertain how intellectual capital is managed strategically to gain a competitive advantage in an organisation in the banking and financial services sector in Zambia. Based on document review and semi-structured interviews, this thesis investigated the extent to which an organisation in the banking and financial services sector in Zambia leveraged intellectual capital to gain competitive advantage. In this study it was found that there is a low level appreciation of the intellectual capital phenomenon as a strategic management tool in the participating organisation. However, the organisation has adopted aspects of intellectual capital and has implemented them successfully accounting for the organisation‘s competitive edge in the market.
- Full Text:
- Date Issued: 2011
- Authors: Banda, Japhet Mathias
- Date: 2011
- Subjects: Intellectual capital -- Management , Intellectual capital -- Zambia , Banks and banking -- Zambia , Financial services industry -- Management -- Zambia
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1178 , http://hdl.handle.net/10962/d1002795 , Intellectual capital -- Management , Intellectual capital -- Zambia , Banks and banking -- Zambia , Financial services industry -- Management -- Zambia
- Description: Fundamental changes in the global economy are changing the basis of organisational competitive advantage. The challenge in attaining a competitive advantage is characterised by factors such as increased competition, market volatility, geographically dispersed operations, customer awareness, raising workforce diversity and stringent regulatory regimes. These factors have driven, and in turn have been driven by, an increasing complexity of products, services and the processes that create value, resulting in changes in the structural and functional dimensions of the organisation. Business executives and academics recognise the shift in value creating assets from the traditional land, labour and capital to intangible assets such as knowledge and information becoming the most important resources an organisation can muster.The combination and integration of intangible assets such as human resources, structural and relational resources has been grouped under the umbrella of intellectual capital. This study comprises of a single descriptive case study analysis to ascertain how intellectual capital is managed strategically to gain a competitive advantage in an organisation in the banking and financial services sector in Zambia. Based on document review and semi-structured interviews, this thesis investigated the extent to which an organisation in the banking and financial services sector in Zambia leveraged intellectual capital to gain competitive advantage. In this study it was found that there is a low level appreciation of the intellectual capital phenomenon as a strategic management tool in the participating organisation. However, the organisation has adopted aspects of intellectual capital and has implemented them successfully accounting for the organisation‘s competitive edge in the market.
- Full Text:
- Date Issued: 2011
Adjustment of commercial banks' interest rates and the effectiveness of monetary policy: evidence from Anglophone West Africa
- Authors: Bangura, Lamin
- Date: 2011
- Subjects: Monetary policy -- Africa, West , Banks and banking -- Africa, West , Interest rates -- Africa, West
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:951 , http://hdl.handle.net/10962/d1002685 , Monetary policy -- Africa, West , Banks and banking -- Africa, West , Interest rates -- Africa, West
- Description: Most central banks use short-term interest rates as their main instrument of monetary policy. It is assumed that a change in policy rate will influence interest rates set by commercial banks, but this is not usually the case. Commercial banks adjust their interest rates in response to changes in policy rate with lags, which make their interest rates sticky. Stickiness in commercial banks interest rates have been seen as an obstacle to the smooth transmission of monetary policy decisions. Despite the importance of the transmission process, little attention has been given to a systematic measurement of the degree of response of commercial banks‟ interest rates to changes in monetary policy stance in the Anglophone West African countries, specifically within the West African Monetary Zone (WAMZ) economies. Against this backdrop, this study explores the interest rate adjustment dynamics using monthly interest rate series on discount rate, treasury bill rate, commercial banks‟ deposit and lending rates from 1989 to 2009 (for Gambia, Nigeria and Sierra Leone) and from 2000 to 2009 (for Ghana). Specifically, the study set out to examine how lending and deposit rates respond to changes in the official rates and to see whether there is a convergence among the rates over time. Also, to examine the relative adjustment of commercial bank lending rates to changes in the official rate when there is disequilibrium. The analyses were twofold: a full sample period and a rolling window analysis. Following Cottarelli and Kourelis (1994), the study employed cointegration technique and an asymmetric error correction model to obtain the short-run and long-run parameters from which the error correction coefficients, mean adjustment lags and asymmetric mean adjustment lags were estimated. The results for the entire sample period revealed that the long-run pass-through in Nigeria was 81% and 67% for lending rates and deposit rates respectively. In Ghana, it was 66% and 69% for lending and deposit rates respectively. While in Sierra Leone, long-run pass-through was 62% and 72% for lending and deposit rates respectively. In Gambia, it was 50% and 40% for lending and deposit rates respectively. On the other hand, the short-run pass-through was found to be lower compared to the long-run pass-through: in Nigeria it was 66% and 47%; in Gambia, 26% and 29%; in Sierra Leone, 30% and 13%; and in Ghana, -6% and 35% for lending and deposit rates respectively in each country. The pass-through estimates for the rolling windows were mixed for short-run and long-run pass-through. The mean adjustment lags suggest that the speed of adjustment of Lending rates for full sample period were two, two, seven and twelve months in Nigeria, Ghana, Sierra Leone and Gambia respectively. While for deposit rates they were five, six, seven and eighteen for Ghana, Nigeria, Gambia and Sierra Leone respectively. The average speeds of adjustment for the rolling windows were four and five months for lending and deposit rates respectively. Weak evidence of convergence was found in lending and deposit rates in the short-run and long-run pass-through among the countries. However, the results suggest that the magnitude and speed of the pass-through amongst the countries on average were high compared to emerging Asian countries. Significant asymmetric adjustments were found in the lending rates for Gambia and Sierra Leone, while in Gambia and Nigeria there were asymmetries in deposit rates. Based on the evidence provided, interest rate pass-through is high in Nigeria and Ghana compared to Gambia and Sierra Leone and this calls for the harmonization of financial policies on the part of the financial authorities in the WAMZ. Viewed solely from an interest rate pass-through, the lack of convergence among the countries suggests that WAMZ is far from ready for a monetary union. The relatively low pass-through in some of the countries suggests rigidity in the banking system which may be due to underdevelopment of the system. Thus efforts geared toward strengthening the banking system and the financial system as whole would further enhance the prospect of a monetary union among them.
- Full Text:
- Date Issued: 2011
- Authors: Bangura, Lamin
- Date: 2011
- Subjects: Monetary policy -- Africa, West , Banks and banking -- Africa, West , Interest rates -- Africa, West
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:951 , http://hdl.handle.net/10962/d1002685 , Monetary policy -- Africa, West , Banks and banking -- Africa, West , Interest rates -- Africa, West
- Description: Most central banks use short-term interest rates as their main instrument of monetary policy. It is assumed that a change in policy rate will influence interest rates set by commercial banks, but this is not usually the case. Commercial banks adjust their interest rates in response to changes in policy rate with lags, which make their interest rates sticky. Stickiness in commercial banks interest rates have been seen as an obstacle to the smooth transmission of monetary policy decisions. Despite the importance of the transmission process, little attention has been given to a systematic measurement of the degree of response of commercial banks‟ interest rates to changes in monetary policy stance in the Anglophone West African countries, specifically within the West African Monetary Zone (WAMZ) economies. Against this backdrop, this study explores the interest rate adjustment dynamics using monthly interest rate series on discount rate, treasury bill rate, commercial banks‟ deposit and lending rates from 1989 to 2009 (for Gambia, Nigeria and Sierra Leone) and from 2000 to 2009 (for Ghana). Specifically, the study set out to examine how lending and deposit rates respond to changes in the official rates and to see whether there is a convergence among the rates over time. Also, to examine the relative adjustment of commercial bank lending rates to changes in the official rate when there is disequilibrium. The analyses were twofold: a full sample period and a rolling window analysis. Following Cottarelli and Kourelis (1994), the study employed cointegration technique and an asymmetric error correction model to obtain the short-run and long-run parameters from which the error correction coefficients, mean adjustment lags and asymmetric mean adjustment lags were estimated. The results for the entire sample period revealed that the long-run pass-through in Nigeria was 81% and 67% for lending rates and deposit rates respectively. In Ghana, it was 66% and 69% for lending and deposit rates respectively. While in Sierra Leone, long-run pass-through was 62% and 72% for lending and deposit rates respectively. In Gambia, it was 50% and 40% for lending and deposit rates respectively. On the other hand, the short-run pass-through was found to be lower compared to the long-run pass-through: in Nigeria it was 66% and 47%; in Gambia, 26% and 29%; in Sierra Leone, 30% and 13%; and in Ghana, -6% and 35% for lending and deposit rates respectively in each country. The pass-through estimates for the rolling windows were mixed for short-run and long-run pass-through. The mean adjustment lags suggest that the speed of adjustment of Lending rates for full sample period were two, two, seven and twelve months in Nigeria, Ghana, Sierra Leone and Gambia respectively. While for deposit rates they were five, six, seven and eighteen for Ghana, Nigeria, Gambia and Sierra Leone respectively. The average speeds of adjustment for the rolling windows were four and five months for lending and deposit rates respectively. Weak evidence of convergence was found in lending and deposit rates in the short-run and long-run pass-through among the countries. However, the results suggest that the magnitude and speed of the pass-through amongst the countries on average were high compared to emerging Asian countries. Significant asymmetric adjustments were found in the lending rates for Gambia and Sierra Leone, while in Gambia and Nigeria there were asymmetries in deposit rates. Based on the evidence provided, interest rate pass-through is high in Nigeria and Ghana compared to Gambia and Sierra Leone and this calls for the harmonization of financial policies on the part of the financial authorities in the WAMZ. Viewed solely from an interest rate pass-through, the lack of convergence among the countries suggests that WAMZ is far from ready for a monetary union. The relatively low pass-through in some of the countries suggests rigidity in the banking system which may be due to underdevelopment of the system. Thus efforts geared toward strengthening the banking system and the financial system as whole would further enhance the prospect of a monetary union among them.
- Full Text:
- Date Issued: 2011
Value and size investment strategies: evidence from the cross-section of returns in the South African equity market
- Authors: Barnard, Kevin John
- Date: 2013
- Subjects: Financial risk -- South Africa , Saving and investment -- South Africa , Stock exchanges -- South Africa , Investments -- Psychological aspects , Investments -- Decision making , Value premium , Size effect , Rational finance , Behavioural finance , South African equity markets
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:874 , http://hdl.handle.net/10962/d1001606 , Financial risk -- South Africa , Saving and investment -- South Africa , Stock exchanges -- South Africa , Investments -- Psychological aspects , Investments -- Decision making
- Description: Value and size related equity investment strategies are supported by a large body of empirical research that shows a persistent premium, both longitudinally and crosssectionally. However, the competing rational and behavioural finance explanations for the success of these strategies are a subject of debate. The rational explanation is that the premium earned on value shares or shares of small companies can be attributed to higher risk. Behaviouralists argue that such shares are not riskier and attribute the premium to cognitive errors and biases in human decision making. The purpose of this study is to determine, firstly, whether the value and size premium exist in South Africa during the period July 2006 to June 2012, which includes one of the worst equity market crises in history. Secondly, this study sets out to determine whether the premium earned on value and size strategies are adequately explained by the principles of rational finance theory. To provide evidence regarding the existence of the value premium and size effect, returns are analysed, cross-sectionally, on portfolios of shares sorted by value and size. For evidence of a rational explanation, returns are regressed on value and size variables, and the relative riskiness of value and small companies is analysed. The results show evidence of a value premium in portfolios of small companies, but not big companies. The size effect is found not to be statistically significant. While regressions do show significant relationships between value and size variables and returns, these variables are found not to be associated with higher levels of risk. The conclusion is that the evidence does not support a rational, risk based explanation of the returns
- Full Text:
- Date Issued: 2013
- Authors: Barnard, Kevin John
- Date: 2013
- Subjects: Financial risk -- South Africa , Saving and investment -- South Africa , Stock exchanges -- South Africa , Investments -- Psychological aspects , Investments -- Decision making , Value premium , Size effect , Rational finance , Behavioural finance , South African equity markets
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:874 , http://hdl.handle.net/10962/d1001606 , Financial risk -- South Africa , Saving and investment -- South Africa , Stock exchanges -- South Africa , Investments -- Psychological aspects , Investments -- Decision making
- Description: Value and size related equity investment strategies are supported by a large body of empirical research that shows a persistent premium, both longitudinally and crosssectionally. However, the competing rational and behavioural finance explanations for the success of these strategies are a subject of debate. The rational explanation is that the premium earned on value shares or shares of small companies can be attributed to higher risk. Behaviouralists argue that such shares are not riskier and attribute the premium to cognitive errors and biases in human decision making. The purpose of this study is to determine, firstly, whether the value and size premium exist in South Africa during the period July 2006 to June 2012, which includes one of the worst equity market crises in history. Secondly, this study sets out to determine whether the premium earned on value and size strategies are adequately explained by the principles of rational finance theory. To provide evidence regarding the existence of the value premium and size effect, returns are analysed, cross-sectionally, on portfolios of shares sorted by value and size. For evidence of a rational explanation, returns are regressed on value and size variables, and the relative riskiness of value and small companies is analysed. The results show evidence of a value premium in portfolios of small companies, but not big companies. The size effect is found not to be statistically significant. While regressions do show significant relationships between value and size variables and returns, these variables are found not to be associated with higher levels of risk. The conclusion is that the evidence does not support a rational, risk based explanation of the returns
- Full Text:
- Date Issued: 2013