The relationship between financial development and manufacturing sector growth: evidence from Southern African Customs Union countries
- Authors: Moshabesha, Mosili
- Date: 2011
- Subjects: Economic development -- Case studies -- Africa, Southern Entrepreneurship -- Case studies -- Africa, Southern Southern African Customs Union
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:990 , http://hdl.handle.net/10962/d1002725
- Description: Extensive research has been done on the relationship between financial development (FD) and growth (with the main focus on economic growth). Theoretical models and most of the conclusions reached stipulate that the development of a financial system is one of the essential ingredients for economic growth. A developed financial system is able to provide financial services efficiently to the real sector. This study examines the relationship between FD and manufacturing sector growth of the SACU countries. The study first reviews the theoretical and empirical literature of FD and growth (economic and manufacturing sector). This gives a full understanding of the topic before attempting to empirically study it. It also helps in the selection process of the model and variables to be employed in the study. A balanced panel for four SACU countries, namely Botswana, Lesotho, RSA and Swaziland, for the period 1976 to 2008 was estimated using Zellner‟s Seemingly Unrelated Regression Estimation (SURE) method. Namibia was omitted because of limited data. The SURE model was selected because it performs better than ordinary least squares (OLS) estimation of individual equations in cases where the countries studied can be affected by similar external shocks because they are in the same economic region and also have country specific structural differences which could affect their economic growth. Two measures of FD were used: credit to the private sector provided by commercial banks (FIC) and the ratio of liquid liabilities of commercial banks to GDP (LL). Manufacturing sector growth was measured by manufacturing value added to GDP. The results of the relationship between manufacturing growth and FD were very weak across the countries. The model that used FIC performed better, there was a negative significant relationship found in RSA and Swaziland, while with the model that used LL, all the countries gave an insignificant relationship. The results for Swaziland were very consistent with the past findings of the relationship between FD and economic growth in the country (for example Aziakpono (2005a)). This may be because of the high share of the manufacturing sector in GDP. Theory suggests that a well-developed financial system will have a positive impact on growth, but this was not the case in RSA and Botswana, where in some cases FD had a negative impact on the growth of the sector. The analysis of the countries‟ manufacturing sector development shows that the sector plays an important role in the economies of the SACU countries, especially in terms of employment and exports. The coefficients of trade openness are generally positive, though not significant in some cases. The other control variables gave mixed results across the counties and across the models. Based on the findings, the countries have to develop strategies that will improve entrepreneurial skills. Also the financial development in the small SACU countries is essential in order for all the sectors in the economy to benefit from the financial sector and in turn increase economic growth.
- Full Text:
- Date Issued: 2011
- Authors: Moshabesha, Mosili
- Date: 2011
- Subjects: Economic development -- Case studies -- Africa, Southern Entrepreneurship -- Case studies -- Africa, Southern Southern African Customs Union
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:990 , http://hdl.handle.net/10962/d1002725
- Description: Extensive research has been done on the relationship between financial development (FD) and growth (with the main focus on economic growth). Theoretical models and most of the conclusions reached stipulate that the development of a financial system is one of the essential ingredients for economic growth. A developed financial system is able to provide financial services efficiently to the real sector. This study examines the relationship between FD and manufacturing sector growth of the SACU countries. The study first reviews the theoretical and empirical literature of FD and growth (economic and manufacturing sector). This gives a full understanding of the topic before attempting to empirically study it. It also helps in the selection process of the model and variables to be employed in the study. A balanced panel for four SACU countries, namely Botswana, Lesotho, RSA and Swaziland, for the period 1976 to 2008 was estimated using Zellner‟s Seemingly Unrelated Regression Estimation (SURE) method. Namibia was omitted because of limited data. The SURE model was selected because it performs better than ordinary least squares (OLS) estimation of individual equations in cases where the countries studied can be affected by similar external shocks because they are in the same economic region and also have country specific structural differences which could affect their economic growth. Two measures of FD were used: credit to the private sector provided by commercial banks (FIC) and the ratio of liquid liabilities of commercial banks to GDP (LL). Manufacturing sector growth was measured by manufacturing value added to GDP. The results of the relationship between manufacturing growth and FD were very weak across the countries. The model that used FIC performed better, there was a negative significant relationship found in RSA and Swaziland, while with the model that used LL, all the countries gave an insignificant relationship. The results for Swaziland were very consistent with the past findings of the relationship between FD and economic growth in the country (for example Aziakpono (2005a)). This may be because of the high share of the manufacturing sector in GDP. Theory suggests that a well-developed financial system will have a positive impact on growth, but this was not the case in RSA and Botswana, where in some cases FD had a negative impact on the growth of the sector. The analysis of the countries‟ manufacturing sector development shows that the sector plays an important role in the economies of the SACU countries, especially in terms of employment and exports. The coefficients of trade openness are generally positive, though not significant in some cases. The other control variables gave mixed results across the counties and across the models. Based on the findings, the countries have to develop strategies that will improve entrepreneurial skills. Also the financial development in the small SACU countries is essential in order for all the sectors in the economy to benefit from the financial sector and in turn increase economic growth.
- Full Text:
- Date Issued: 2011
The predictive ability of the yield spread in timing the stock exchange: a South African case
- Authors: Cook, Jenna
- Date: 2020
- Subjects: Stocks -- Mathematical models , Probits , Johannesburg Stock Exchange
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/147025 , vital:38586
- Description: The use of the yield curve in forecasting economic recessions is well established in the literature. A new avenue of use for the yield curve has emerged in the form of using it to forecast bull and bear stock markets. This has the potential to change how investors manage portfolios. A dynamic market-timing strategy would allow investors to shift out of or in to stock markets based on the probability of bear stock market in the future. The relationship between the yield curve and the stock market is tested using an adapted probit model. This has proven positive with encouraging results for the US, India and Spain. This is tested for South Africa using the adapted probit model and the SA yield spread. Bear stock markets are identified on the JSE and forms part of the probit modelling process. Bear markets are identified using a six- and four-month criteria. As South Africa is a small, open and developing economy, the probit is also modelled using the US yield spread. The three probit models do not appear to track bear markets well. This is substantiated through the Henriksson-Merton parametric model test which tests for market timing ability. The results for the SA yield spread using both bear market criteria do not show market timing ability, however, the SA and US yield spread model does show potential market timing ability.
- Full Text:
- Date Issued: 2020
- Authors: Cook, Jenna
- Date: 2020
- Subjects: Stocks -- Mathematical models , Probits , Johannesburg Stock Exchange
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/147025 , vital:38586
- Description: The use of the yield curve in forecasting economic recessions is well established in the literature. A new avenue of use for the yield curve has emerged in the form of using it to forecast bull and bear stock markets. This has the potential to change how investors manage portfolios. A dynamic market-timing strategy would allow investors to shift out of or in to stock markets based on the probability of bear stock market in the future. The relationship between the yield curve and the stock market is tested using an adapted probit model. This has proven positive with encouraging results for the US, India and Spain. This is tested for South Africa using the adapted probit model and the SA yield spread. Bear stock markets are identified on the JSE and forms part of the probit modelling process. Bear markets are identified using a six- and four-month criteria. As South Africa is a small, open and developing economy, the probit is also modelled using the US yield spread. The three probit models do not appear to track bear markets well. This is substantiated through the Henriksson-Merton parametric model test which tests for market timing ability. The results for the SA yield spread using both bear market criteria do not show market timing ability, however, the SA and US yield spread model does show potential market timing ability.
- Full Text:
- Date Issued: 2020
Modelling stock return volatility dynamics in selected African markets
- Authors: King, Daniel Jonathan
- Date: 2013
- Subjects: Rate of return -- Africa Stocks -- Prices -- Africa Finance -- Developing countries -- Econometric models
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1051 , http://hdl.handle.net/10962/d1006452
- Description: Stock return volatility has been shown to occasionally exhibit discrete structural shifts. These shifts are particularly evident in the transition from ‘normal’ to crisis periods, and tend to be more pronounced in developing markets. This study aims to establish whether accounting for structural changes in the conditional variance process, through the use of Markov-switching models, improves estimates and forecasts of stock return volatility over those of the more conventional single-state (G)ARCH models, within and across selected African markets for the period 2002-2012. In the univariate portion of the study, the performances of various Markov-switching models are tested against a single-state benchmark model through the use of in-sample goodness-of-fit and predictive ability measures. In the multivariate context, the single-state and Markov-switching models are comparatively assessed according to their usefulness in constructing optimal stock portfolios. It is found that, even after accounting for structural breaks in the conditional variance process, conventional GARCH effects remain important to capturing the heteroscedasticity evident in the data. However, those univariate models which include a GARCH term are shown to perform comparatively poorly when used for forecasting purposes. Additionally, in the multivariate study, the use of Markov-switching variance-covariance estimates improves risk-adjusted portfolio returns when compared to portfolios that are constructed using the more conventional single-state models. While there is evidence that the use of some Markov-switching models can result in better forecasts and higher risk-adjusted returns than those models which include GARCH effects, the inability of the simpler Markov-switching models to fully capture the heteroscedasticity in the data remains problematic.
- Full Text:
- Date Issued: 2013
- Authors: King, Daniel Jonathan
- Date: 2013
- Subjects: Rate of return -- Africa Stocks -- Prices -- Africa Finance -- Developing countries -- Econometric models
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1051 , http://hdl.handle.net/10962/d1006452
- Description: Stock return volatility has been shown to occasionally exhibit discrete structural shifts. These shifts are particularly evident in the transition from ‘normal’ to crisis periods, and tend to be more pronounced in developing markets. This study aims to establish whether accounting for structural changes in the conditional variance process, through the use of Markov-switching models, improves estimates and forecasts of stock return volatility over those of the more conventional single-state (G)ARCH models, within and across selected African markets for the period 2002-2012. In the univariate portion of the study, the performances of various Markov-switching models are tested against a single-state benchmark model through the use of in-sample goodness-of-fit and predictive ability measures. In the multivariate context, the single-state and Markov-switching models are comparatively assessed according to their usefulness in constructing optimal stock portfolios. It is found that, even after accounting for structural breaks in the conditional variance process, conventional GARCH effects remain important to capturing the heteroscedasticity evident in the data. However, those univariate models which include a GARCH term are shown to perform comparatively poorly when used for forecasting purposes. Additionally, in the multivariate study, the use of Markov-switching variance-covariance estimates improves risk-adjusted portfolio returns when compared to portfolios that are constructed using the more conventional single-state models. While there is evidence that the use of some Markov-switching models can result in better forecasts and higher risk-adjusted returns than those models which include GARCH effects, the inability of the simpler Markov-switching models to fully capture the heteroscedasticity in the data remains problematic.
- Full Text:
- Date Issued: 2013
The impact of good news and bad news on South Africa’s sectoral stock return volatility: an asymmetric GARCH analysis
- Authors: Muzinda, Edmond Toreva
- Date: 2017
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/6425 , vital:21108
- Description: This study explores the impact of good news and bad news on South Africa’s sectoral stock return volatility using an asymmetric GARCH analysis. Understanding the different impact of news on stock return volatility in different economic sectors has important implications for investors’ risk management practices, portfolio allocation strategies and asset pricing. The study employs data of daily closing prices for nine sectors and three benchmark indices for the period 2nd January 1997 - 17th August 2016. The data was split into sub-samples of pre-, during and post-global financial crisis, as well as the overall sample period. The incorporation of sub-samples was to help explain the outcomes of the overall sample period. To capture the different impact of good news and bad news on stock return volatility for each sector, asymmetric GARCH models namely, TGARCH and EGARCH were employed. The findings from this study revealed that volatility asymmetry was present in all sectors and benchmark indices of South African equity market. Bad news had more impact on stock return volatility for all sectors except the Oil and Gas sector, than good news of the same magnitude. In the Oil and Gas sector, good news was found to have an amplified effect on return volatility compared with bad news of the same magnitude. High volatility persistence was also found to be present in the Consumer goods, Financials, Industrials, All-share index and Mid-cap index. High differential impact of good and bad news were found in the Industrials, Financials, Basic materials, Consumer goods and the All-share index. Since the main objective of this study was to provide explanations of volatility asymmetry found in the South African sectors, the following were proposed as possible explanations of the findings. Within sectors, volatility asymmetry was explained by financial leverage, the role of the media, loss-averse investors and the behaviour of traders (overconfidence and extrapolation bias). Volatility asymmetry across sectors was explained by information flow, the uneven distribution of information by the media, investor sentiments, investor expectations and trading volumes. Overall, the results indicate that the stock return volatility of individual sectors of the South African equity market is driven mainly by bad news (except for Oil and Gas) and that leverage effects exist in all the sectors and in the benchmark indices.
- Full Text:
- Date Issued: 2017
- Authors: Muzinda, Edmond Toreva
- Date: 2017
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/6425 , vital:21108
- Description: This study explores the impact of good news and bad news on South Africa’s sectoral stock return volatility using an asymmetric GARCH analysis. Understanding the different impact of news on stock return volatility in different economic sectors has important implications for investors’ risk management practices, portfolio allocation strategies and asset pricing. The study employs data of daily closing prices for nine sectors and three benchmark indices for the period 2nd January 1997 - 17th August 2016. The data was split into sub-samples of pre-, during and post-global financial crisis, as well as the overall sample period. The incorporation of sub-samples was to help explain the outcomes of the overall sample period. To capture the different impact of good news and bad news on stock return volatility for each sector, asymmetric GARCH models namely, TGARCH and EGARCH were employed. The findings from this study revealed that volatility asymmetry was present in all sectors and benchmark indices of South African equity market. Bad news had more impact on stock return volatility for all sectors except the Oil and Gas sector, than good news of the same magnitude. In the Oil and Gas sector, good news was found to have an amplified effect on return volatility compared with bad news of the same magnitude. High volatility persistence was also found to be present in the Consumer goods, Financials, Industrials, All-share index and Mid-cap index. High differential impact of good and bad news were found in the Industrials, Financials, Basic materials, Consumer goods and the All-share index. Since the main objective of this study was to provide explanations of volatility asymmetry found in the South African sectors, the following were proposed as possible explanations of the findings. Within sectors, volatility asymmetry was explained by financial leverage, the role of the media, loss-averse investors and the behaviour of traders (overconfidence and extrapolation bias). Volatility asymmetry across sectors was explained by information flow, the uneven distribution of information by the media, investor sentiments, investor expectations and trading volumes. Overall, the results indicate that the stock return volatility of individual sectors of the South African equity market is driven mainly by bad news (except for Oil and Gas) and that leverage effects exist in all the sectors and in the benchmark indices.
- Full Text:
- Date Issued: 2017
The use of tax incentive measure in conjunction with carbon taxes to reduce greenhouse gas emissions and achieve economic growth: a comparative study with lessons for South Africa
- Authors: Poole, Richard
- Date: 2013
- Subjects: Elasticity (Economics) , Substitution (Economics) , Carbon taxes , Carbon taxes -- South Africa , Greenhouse gas mitigation , Greenhouse gas mitigation--South Africa , United Nations Framework Convention on Climate Change -- (1992). Protocols, etc. -- 1997 Dec. 11 , Kyoto Protocol , Substitution elasticity
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:875 , http://hdl.handle.net/10962/d1001607 , Elasticity (Economics) , Substitution (Economics) , Carbon taxes , Carbon taxes -- South Africa , Greenhouse gas mitigation , Greenhouse gas mitigation--South Africa , United Nations Framework Convention on Climate Change -- (1992). Protocols, etc. -- 1997 Dec. 11
- Description: In 1997 industrialized nations, the Third Conference of the Parties to the United Nations Framework Convention on Climate Change, met in Kyoto, Japan to sign a treaty (the “Kyoto Protocol”) in terms of which industrialized nations would be required to reduce their greenhouse gas emission by at least five percent below 1990 levels by the end of the “first commitment period” 2008-2012. South Africa is not regarded as an industrialized nation, but nonetheless acceded to the Kyoto Protocol in 2002. The literature reviewed in the present research reveals that, although idealistic, the Kyoto Protocol has been problematic. Fourteen meetings of the Conference of Parties to the Kyoto Protocol between 1997 and 2011 have achieved little more than to repeatedly defer and redefine Kyoto obligations. This research was undertaken to document the existing environmental taxation policies employed in selected international jurisdictions with a view to providing a framework for environmental tax policy formation in South Africa to assist this country in meeting its “greenhouse gas” emission targets, while at the same time promoting economic growth. A doctrinal research methodology was adopted in this study as it mainly analysed and interpreted legislation and policy documents and therefore the approach was qualitative in nature. An extensive literature survey was performed to document the various environmental policies that have been legislated in the selected jurisdictions. Comparisons were drawn with proposed tax policy measures for South Africa. The literature indicates that in the selected international jurisdictions carbon taxes achieved less-than-optimal results, largely due to political and industry-competitive agendas. With South Africa planning to introduce a carbon tax, it is submitted that the implementation of a carbon tax regime in isolation will be counter-productive, given South Africa’s economic profile. On the basis of the literature reviewed, it was concluded that South Africa should consider “recycling” carbon tax revenues within the economy to fund a broad-based tax incentive regime that will stimulate the change to non-carbon energy whilst promoting growth through sustainable development
- Full Text:
- Date Issued: 2013
- Authors: Poole, Richard
- Date: 2013
- Subjects: Elasticity (Economics) , Substitution (Economics) , Carbon taxes , Carbon taxes -- South Africa , Greenhouse gas mitigation , Greenhouse gas mitigation--South Africa , United Nations Framework Convention on Climate Change -- (1992). Protocols, etc. -- 1997 Dec. 11 , Kyoto Protocol , Substitution elasticity
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:875 , http://hdl.handle.net/10962/d1001607 , Elasticity (Economics) , Substitution (Economics) , Carbon taxes , Carbon taxes -- South Africa , Greenhouse gas mitigation , Greenhouse gas mitigation--South Africa , United Nations Framework Convention on Climate Change -- (1992). Protocols, etc. -- 1997 Dec. 11
- Description: In 1997 industrialized nations, the Third Conference of the Parties to the United Nations Framework Convention on Climate Change, met in Kyoto, Japan to sign a treaty (the “Kyoto Protocol”) in terms of which industrialized nations would be required to reduce their greenhouse gas emission by at least five percent below 1990 levels by the end of the “first commitment period” 2008-2012. South Africa is not regarded as an industrialized nation, but nonetheless acceded to the Kyoto Protocol in 2002. The literature reviewed in the present research reveals that, although idealistic, the Kyoto Protocol has been problematic. Fourteen meetings of the Conference of Parties to the Kyoto Protocol between 1997 and 2011 have achieved little more than to repeatedly defer and redefine Kyoto obligations. This research was undertaken to document the existing environmental taxation policies employed in selected international jurisdictions with a view to providing a framework for environmental tax policy formation in South Africa to assist this country in meeting its “greenhouse gas” emission targets, while at the same time promoting economic growth. A doctrinal research methodology was adopted in this study as it mainly analysed and interpreted legislation and policy documents and therefore the approach was qualitative in nature. An extensive literature survey was performed to document the various environmental policies that have been legislated in the selected jurisdictions. Comparisons were drawn with proposed tax policy measures for South Africa. The literature indicates that in the selected international jurisdictions carbon taxes achieved less-than-optimal results, largely due to political and industry-competitive agendas. With South Africa planning to introduce a carbon tax, it is submitted that the implementation of a carbon tax regime in isolation will be counter-productive, given South Africa’s economic profile. On the basis of the literature reviewed, it was concluded that South Africa should consider “recycling” carbon tax revenues within the economy to fund a broad-based tax incentive regime that will stimulate the change to non-carbon energy whilst promoting growth through sustainable development
- Full Text:
- Date Issued: 2013
Inflation threshold and nonlinearity: implications for inflation targeting in South Africa
- Authors: Morar, Derwina
- Date: 2011
- Subjects: Inflation targeting -- South Africa Interest rates -- Effect of inflation on -- South Africa Monetary policy -- South Africa Economic development -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:984 , http://hdl.handle.net/10962/d1002718
- Description: Following many other central banks around the world, the South African Reserve Bank has adopted inflation targeting as its monetary policy framework. The aim of this is to achieve low levels of inflation in order to attain price stability thereby promoting growth. In South Africa, the chosen band to target is 3%–6%. This has been criticised by many trade unions who are calling for the abandonment of inflation targeting. Despite targeting 3%–6%, it is not known whether this is the optimal inflation range for South Africa. Therefore, the aim of this study is to determine the inflation threshold level for South Africa using quarterly data for the period 1983 to 2010. The first section determines whether or not there is a long-run relationship between inflation and growth using the Johansen cointegration method. Exogeneity tests determine the causality between these variables. Vector error correction models are estimated if cointegration is found. The second part determines the threshold level of inflation using the method of conditional least squares. The inflation level that maximises the R-squared value and minimises the residual sum of squares gives an indication of the threshold level. The third part of the study determines whether or not inflation volatility has a significant impact on growth. The first part established that there is long-run comovement between inflation and growth.The causality is bidirectional with both variables being endogenous.Findings regarding the threshold level show that the current inflation targeting band of 3%–6% may be extended up to 9.5%. In addition, the range of inflation from 5.5% to 6.5% promotes economic growth in South Africa. Finally, the evidence suggests that inflation volatility does not have a significant impact on economic growth and the focus of policy should be directed towards the level of inflation as has been the case.
- Full Text:
- Date Issued: 2011
- Authors: Morar, Derwina
- Date: 2011
- Subjects: Inflation targeting -- South Africa Interest rates -- Effect of inflation on -- South Africa Monetary policy -- South Africa Economic development -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:984 , http://hdl.handle.net/10962/d1002718
- Description: Following many other central banks around the world, the South African Reserve Bank has adopted inflation targeting as its monetary policy framework. The aim of this is to achieve low levels of inflation in order to attain price stability thereby promoting growth. In South Africa, the chosen band to target is 3%–6%. This has been criticised by many trade unions who are calling for the abandonment of inflation targeting. Despite targeting 3%–6%, it is not known whether this is the optimal inflation range for South Africa. Therefore, the aim of this study is to determine the inflation threshold level for South Africa using quarterly data for the period 1983 to 2010. The first section determines whether or not there is a long-run relationship between inflation and growth using the Johansen cointegration method. Exogeneity tests determine the causality between these variables. Vector error correction models are estimated if cointegration is found. The second part determines the threshold level of inflation using the method of conditional least squares. The inflation level that maximises the R-squared value and minimises the residual sum of squares gives an indication of the threshold level. The third part of the study determines whether or not inflation volatility has a significant impact on growth. The first part established that there is long-run comovement between inflation and growth.The causality is bidirectional with both variables being endogenous.Findings regarding the threshold level show that the current inflation targeting band of 3%–6% may be extended up to 9.5%. In addition, the range of inflation from 5.5% to 6.5% promotes economic growth in South Africa. Finally, the evidence suggests that inflation volatility does not have a significant impact on economic growth and the focus of policy should be directed towards the level of inflation as has been the case.
- Full Text:
- Date Issued: 2011
Incentive effects: assessing effort and heterogeneity in professional tennis
- Authors: Chadwick, Byron James Rhett
- Date: 2019
- Subjects: Professional sports -- Economic aspects , Tennis players -- Wages , Tennis -- Tournaments , Achievement motivation , Incentive awards
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/69467 , vital:29541
- Description: This study explores the impact incentive effects have on the level of effort exerted by professional men and women tennis players. Understanding what impact incentives have on tennis players can allow for greater understanding of the impact incentives have in the workplace and how employees react to different incentive schemes. The study makes use of data from both the ATP and WTA tour of every tournament played during the 2016 season. This includes player statistics, tournament statistics and in-game statistics from the quarter-finals, semi-finals and finals of each tournament in an attempt to account for initial seeding effects. This provides a total of 440 ATP matches and 389 WTA matches for an overall sample size of 829 professional tennis matches. The findings from this study illustrate in the last three rounds of all the tournaments played, for both male and females, money is not considered to be a key motivator for players. The ATP and WTA results suggest that competitors do not alter their effort levels depending on the level of the tournament. This illustrates that players exert similar effort levels regardless of the amount of money or ranking points available. The outcome of the findings supports that of the capability effect of heterogeneity on players’ performance. This means that the outcome of a match is linked more to the abilities of the competitors involved as opposed to the incentives available. Thus, players will adjust their effort levels according to their opponent and not because there are more money or ranking points available. This suggests that both the ATP and WTA should aim to reduce the differences in abilities amongst the players in an attempt to raise the attractiveness of the sport. Overall, the findings from this study illustrate that the capability effect outweighs that of the incentive effect.
- Full Text:
- Date Issued: 2019
- Authors: Chadwick, Byron James Rhett
- Date: 2019
- Subjects: Professional sports -- Economic aspects , Tennis players -- Wages , Tennis -- Tournaments , Achievement motivation , Incentive awards
- Language: English
- Type: text , Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/69467 , vital:29541
- Description: This study explores the impact incentive effects have on the level of effort exerted by professional men and women tennis players. Understanding what impact incentives have on tennis players can allow for greater understanding of the impact incentives have in the workplace and how employees react to different incentive schemes. The study makes use of data from both the ATP and WTA tour of every tournament played during the 2016 season. This includes player statistics, tournament statistics and in-game statistics from the quarter-finals, semi-finals and finals of each tournament in an attempt to account for initial seeding effects. This provides a total of 440 ATP matches and 389 WTA matches for an overall sample size of 829 professional tennis matches. The findings from this study illustrate in the last three rounds of all the tournaments played, for both male and females, money is not considered to be a key motivator for players. The ATP and WTA results suggest that competitors do not alter their effort levels depending on the level of the tournament. This illustrates that players exert similar effort levels regardless of the amount of money or ranking points available. The outcome of the findings supports that of the capability effect of heterogeneity on players’ performance. This means that the outcome of a match is linked more to the abilities of the competitors involved as opposed to the incentives available. Thus, players will adjust their effort levels according to their opponent and not because there are more money or ranking points available. This suggests that both the ATP and WTA should aim to reduce the differences in abilities amongst the players in an attempt to raise the attractiveness of the sport. Overall, the findings from this study illustrate that the capability effect outweighs that of the incentive effect.
- Full Text:
- Date Issued: 2019
The distinction between tax evasion, tax avoidance and tax planning
- Authors: Tarrant, Greg
- Date: 2008
- Subjects: South African Revenue Service , Tax evasion -- South Africa , Tax planning -- South Africa , Income tax -- South Africa , Income tax -- Law and legislation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:897 , http://hdl.handle.net/10962/d1004549
- Description: Tax avoidance has been the subject of intense scrutiny lately by both the South African Revenue Service ("the SARS") and the media. This attention stems largely from the recent withdrawal of section 103(1) together with the introduction of section 80A to 80L of the South African Income Tax Act. However, this attention is not limited to South Africa. Revenue authorities worldwide have focused on the task of challenging tax avoidance. The approach of the SARS to tackling tax avoidance has been multi-faceted. In the Discussion Paper on Tax Avoidance and Section 103 (1) of the South African Income Tax Act they begin with a review of the distinction between tax evasion, tax avoidance and tax planning. Following a call for comment the SARS issued an Interim Response followed by the Revised Proposals which culminated in the withdrawal of the longstanding general anti-avoidance rules housed in section 103(1) and the introduction of new and more comprehensive anti-avoidance rules. In addition, the SARS has adopted an ongoing media campaign stressing the importance of paying tax in a country with a large development agenda like that of South Africa, the need for taxpayers to adopt a responsible attitude to the management of tax and the inclusion of responsible tax management as the greatest measure of a taxpayer's corporate and social investment. In tandem with this message the SARS have sought to vilify those taxpayers who engage in tax avoidance. The message is clear: tax avoidance carries reputational risks; those who engage in tax avoidance are unpatriotic or immoral and their actions simply result in an unfair shifting of the tax burden. The SARS is not alone in the above approach. Around the world tax authorities have been echoing the same message. The message appears to be working. Accounting firms speak of a "creeping conservatism" that has pervaded company boardrooms. What is not clear, however, is whether taxpayers, in becoming more conservative, are simply more fully aware of tax risks and are making informed decisions or whether they are simply responding to external events, such as the worldwide focus by revenue authorities and the media on tax avoidance. Whatever the reason, it is now critical, particularly in the case of corporate taxpayers, that their policies for tax and its attendant risks need to be as sophisticated, coherent and transparent as its policies in all other areas involving multiple stakeholders, such as suppliers, customers, staff and investors. How does a company begin to set its tax philosophy and strategic direction or to determine its appetite for risk? A starting point, it is submitted would be a review of the distinction between tax evasion, avoidance and planning with a heightened sensitivity to the unfamiliar ethical, moral and social risks. The goal of this thesis was to clearly define the distinction between tax evasion, tax avoidance and tax planning from a legal interpretive, ethical and historical perspective in order to develop a rudimentary framework for the responsible management of strategic tax decisions, in the light of the new South African general anti-avoidance legislation. The research methodology entails a qualitative research orientation consisting of a critical conceptual analysis of tax evasion and tax avoidance, with a view to establishing a basic framework to be used by taxpayers to make informed decisions on tax matters. The analysis of the distinction in this work culminated in a diagrammatic representation of the distinction between tax evasion, tax avoidance and tax planning emphasising the different types of tax avoidance from least aggressive to the most abusive and from the least objectionable to most objectionable. It is anticipated that a visual representation of the distinction, however flawed, would result in a far more pragmatic tool to taxpayers than a lengthy document. From a glance taxpayers can determine the following: That tax avoidance is legal; that different forms of tax avoidance exist, some forms being more aggressive than others; that aggressive forms of tax avoidance carry reputational risks; and that in certain circumstances aggressive tax avoidance schemes may border on tax evasion. This, it is envisaged, may prompt taxpayers to ask the right questions when faced with an external or in-house tax avoidance arrangement rather than simply blindly accepting or rejecting the arrangement.
- Full Text:
- Date Issued: 2008
- Authors: Tarrant, Greg
- Date: 2008
- Subjects: South African Revenue Service , Tax evasion -- South Africa , Tax planning -- South Africa , Income tax -- South Africa , Income tax -- Law and legislation -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:897 , http://hdl.handle.net/10962/d1004549
- Description: Tax avoidance has been the subject of intense scrutiny lately by both the South African Revenue Service ("the SARS") and the media. This attention stems largely from the recent withdrawal of section 103(1) together with the introduction of section 80A to 80L of the South African Income Tax Act. However, this attention is not limited to South Africa. Revenue authorities worldwide have focused on the task of challenging tax avoidance. The approach of the SARS to tackling tax avoidance has been multi-faceted. In the Discussion Paper on Tax Avoidance and Section 103 (1) of the South African Income Tax Act they begin with a review of the distinction between tax evasion, tax avoidance and tax planning. Following a call for comment the SARS issued an Interim Response followed by the Revised Proposals which culminated in the withdrawal of the longstanding general anti-avoidance rules housed in section 103(1) and the introduction of new and more comprehensive anti-avoidance rules. In addition, the SARS has adopted an ongoing media campaign stressing the importance of paying tax in a country with a large development agenda like that of South Africa, the need for taxpayers to adopt a responsible attitude to the management of tax and the inclusion of responsible tax management as the greatest measure of a taxpayer's corporate and social investment. In tandem with this message the SARS have sought to vilify those taxpayers who engage in tax avoidance. The message is clear: tax avoidance carries reputational risks; those who engage in tax avoidance are unpatriotic or immoral and their actions simply result in an unfair shifting of the tax burden. The SARS is not alone in the above approach. Around the world tax authorities have been echoing the same message. The message appears to be working. Accounting firms speak of a "creeping conservatism" that has pervaded company boardrooms. What is not clear, however, is whether taxpayers, in becoming more conservative, are simply more fully aware of tax risks and are making informed decisions or whether they are simply responding to external events, such as the worldwide focus by revenue authorities and the media on tax avoidance. Whatever the reason, it is now critical, particularly in the case of corporate taxpayers, that their policies for tax and its attendant risks need to be as sophisticated, coherent and transparent as its policies in all other areas involving multiple stakeholders, such as suppliers, customers, staff and investors. How does a company begin to set its tax philosophy and strategic direction or to determine its appetite for risk? A starting point, it is submitted would be a review of the distinction between tax evasion, avoidance and planning with a heightened sensitivity to the unfamiliar ethical, moral and social risks. The goal of this thesis was to clearly define the distinction between tax evasion, tax avoidance and tax planning from a legal interpretive, ethical and historical perspective in order to develop a rudimentary framework for the responsible management of strategic tax decisions, in the light of the new South African general anti-avoidance legislation. The research methodology entails a qualitative research orientation consisting of a critical conceptual analysis of tax evasion and tax avoidance, with a view to establishing a basic framework to be used by taxpayers to make informed decisions on tax matters. The analysis of the distinction in this work culminated in a diagrammatic representation of the distinction between tax evasion, tax avoidance and tax planning emphasising the different types of tax avoidance from least aggressive to the most abusive and from the least objectionable to most objectionable. It is anticipated that a visual representation of the distinction, however flawed, would result in a far more pragmatic tool to taxpayers than a lengthy document. From a glance taxpayers can determine the following: That tax avoidance is legal; that different forms of tax avoidance exist, some forms being more aggressive than others; that aggressive forms of tax avoidance carry reputational risks; and that in certain circumstances aggressive tax avoidance schemes may border on tax evasion. This, it is envisaged, may prompt taxpayers to ask the right questions when faced with an external or in-house tax avoidance arrangement rather than simply blindly accepting or rejecting the arrangement.
- Full Text:
- Date Issued: 2008
Effective management of an information technology professional's career
- Authors: Tedder, Derek
- Date: 2005
- Subjects: Information technology -- Vocational guidance , Information technology -- Management , Knowledge management , Career development , Computer Science -- Vocational guidance , System analysis -- Vocational guidance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1148 , http://hdl.handle.net/10962/d1004543 , Information technology -- Vocational guidance , Information technology -- Management , Knowledge management , Career development , Computer Science -- Vocational guidance , System analysis -- Vocational guidance
- Description: The human resource is constantly cited as an organisation's greatest asset. In a rapidly changing technological environment this is most applicable to the Information Technology (IT) function. Organisations are experiencing IT human resource problems such as low satisfaction, early plateauing, high turnover, burnout, limited advancement potential, nominal corporate commitment, supervisory aversion, poor organisational culture, and exceptional compensation. These problems are directly related to the IT professional's career. There is a lack of information and awareness surrounding IT careers to deal effectively with these problems. The research aims to create increased awareness of IT careers and the inherent problems through the development of a career management model. The research aims to identify the factors that influence IT careers, provide career management with a means to measure compatibility of the factors, and suggest solutions to incompatibility. The solving of this problem will be of mutual benefit to both organisations and individuals as they seek to better manage IT careers. After reviewing research literature relating to career anchors, IT job types, IT skills portfolios, and career dynamics a model for Effective IT Career Management (EITCM) has been constructed. The model represents the dynamic interactions between individual, organisational, and dependent factors. The model examines the compatibility of these interacting factors by measuring the levels of relevant career variables. The model suggests appropriate career management techniques to increase the compatibility of the interacting factors. An empirical study was designed and launched online to provide data that would confirm the seven Critical Success Factors (CSF) relating to the proposed model. The responses from the members of the Computer Society of South Africa (CSSA) allowed the seven hypotheses derived from the CSFs to be tested. The results of the empirical study were positive but required modification to five of the CSFs before they could be confirmed. The EITCM model was modified to reflect the improved CSFs. An awareness of career influencing factors combined with active career management is advantageous to both IT professionals and their organisations.
- Full Text:
- Date Issued: 2005
- Authors: Tedder, Derek
- Date: 2005
- Subjects: Information technology -- Vocational guidance , Information technology -- Management , Knowledge management , Career development , Computer Science -- Vocational guidance , System analysis -- Vocational guidance
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1148 , http://hdl.handle.net/10962/d1004543 , Information technology -- Vocational guidance , Information technology -- Management , Knowledge management , Career development , Computer Science -- Vocational guidance , System analysis -- Vocational guidance
- Description: The human resource is constantly cited as an organisation's greatest asset. In a rapidly changing technological environment this is most applicable to the Information Technology (IT) function. Organisations are experiencing IT human resource problems such as low satisfaction, early plateauing, high turnover, burnout, limited advancement potential, nominal corporate commitment, supervisory aversion, poor organisational culture, and exceptional compensation. These problems are directly related to the IT professional's career. There is a lack of information and awareness surrounding IT careers to deal effectively with these problems. The research aims to create increased awareness of IT careers and the inherent problems through the development of a career management model. The research aims to identify the factors that influence IT careers, provide career management with a means to measure compatibility of the factors, and suggest solutions to incompatibility. The solving of this problem will be of mutual benefit to both organisations and individuals as they seek to better manage IT careers. After reviewing research literature relating to career anchors, IT job types, IT skills portfolios, and career dynamics a model for Effective IT Career Management (EITCM) has been constructed. The model represents the dynamic interactions between individual, organisational, and dependent factors. The model examines the compatibility of these interacting factors by measuring the levels of relevant career variables. The model suggests appropriate career management techniques to increase the compatibility of the interacting factors. An empirical study was designed and launched online to provide data that would confirm the seven Critical Success Factors (CSF) relating to the proposed model. The responses from the members of the Computer Society of South Africa (CSSA) allowed the seven hypotheses derived from the CSFs to be tested. The results of the empirical study were positive but required modification to five of the CSFs before they could be confirmed. The EITCM model was modified to reflect the improved CSFs. An awareness of career influencing factors combined with active career management is advantageous to both IT professionals and their organisations.
- Full Text:
- Date Issued: 2005
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
An historical perspective of income tax legislation in South Africa, 1910 to 1925
- Authors: Surtees, Peter Geoffrey
- Date: 1986
- Subjects: Income tax -- South Africa , Income tax -- Law and legislation -- South Africa , Income tax -- South Africa -- History
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:898 , http://hdl.handle.net/10962/d1004578 , Income tax -- South Africa , Income tax -- Law and legislation -- South Africa , Income tax -- South Africa -- History
- Description: From Introduction: This work considers the period from Union, 31 May 1910 until promulgation of the Income Tax Act No. 40 of 1925.(1) It will describe the means, both financial and otherwise, by which the fledgling Government of the Union of South Africa contrived to balance its budget, and will consider the various sources of revenue available up to 1914, when the Government of Gen. Louis Botha first decided that a tax on income was necessary in order to maintain the solvency of the new State. Similarly the political pressures which shaped the nature of the Income Tax Acts up to 1925 will be discussed, and the political principles (or expediencies, depending on the degree of cynicism of the reader) which led the parties in power from time to time to make the decisions they did regarding the provisions of the various Acts. The effect of external political situations such as the Great War of 1914 - 1918 will be examined, as will the consequences of the rebellion of 1914 and the strikes of 1913 and 1922. The legislation predictably spawned a considerable body of litigation as taxpayers hastened to find and exploit loopholes in it; the resultant Income Tax Cases, in the Income Tax Special Court, Supreme Court and Appeal Court, formed the embryo of a body of judicial precedent which today encompasses some two thousand case reports. A few of the cases decided in the period up to 1925 are still quoted today; for example, CIR v Lunnon 1924 AD 1 SATC 7. The relevant cases from the period will enjoy consideration, with descriptions of how their verdicts affected either subsequent income tax principles or later legislation. Also considered will be the inception during this period of the way in which income tax legislation largely develops: the legislature promulgates an Act, the taxpayers discover legitimate ways to reduce their tax burden and the Minister of Finance consequently causes the Act to be changed in order to protect the tax base. Thereupon the resolute taxpayers seek loopholes anew. The effect of economic conditions on income tax legislation will engage attention; several such conditions cast their shadows into the House of Assembly during that 15 year period, notably the post-war recession and the drought of 1919. The selection of this period is apposite for several reasons: it covers the period during which income tax legislation came into being; - it includes several notable political occurrences. thus making possible a consideration of their effect on income tax legislation; it includes a natural cataclysm. namely a major drought. which also had an effect on subsequent Income Tax Acts; - a sufficient number of income tax cases was heard during the period to afford a fair indication both of how the body of case law would develop and how it would perpetually interplay with the legislation; it clearly illustrates the differences between the two great political parties of the time, differences largely caused by the vested interests of each; the dominant South African Party, with its need to retain the support of the commercial and particularly the mining sectors, and the smaller but even then growing National Party with its face set firmly towards the rural constituencies and the embattled farmers; - the period culminates in the Income Tax Act of 1925, a significant change from its predecessors, and the second Income Tax Act of the Pact Government. The imposition of taxes by the respective provinces does not form part of this work, as the scope of the discussion is limited to the various Income Tax Acts, and their development has been overseen by the central government.
- Full Text:
- Date Issued: 1986
- Authors: Surtees, Peter Geoffrey
- Date: 1986
- Subjects: Income tax -- South Africa , Income tax -- Law and legislation -- South Africa , Income tax -- South Africa -- History
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:898 , http://hdl.handle.net/10962/d1004578 , Income tax -- South Africa , Income tax -- Law and legislation -- South Africa , Income tax -- South Africa -- History
- Description: From Introduction: This work considers the period from Union, 31 May 1910 until promulgation of the Income Tax Act No. 40 of 1925.(1) It will describe the means, both financial and otherwise, by which the fledgling Government of the Union of South Africa contrived to balance its budget, and will consider the various sources of revenue available up to 1914, when the Government of Gen. Louis Botha first decided that a tax on income was necessary in order to maintain the solvency of the new State. Similarly the political pressures which shaped the nature of the Income Tax Acts up to 1925 will be discussed, and the political principles (or expediencies, depending on the degree of cynicism of the reader) which led the parties in power from time to time to make the decisions they did regarding the provisions of the various Acts. The effect of external political situations such as the Great War of 1914 - 1918 will be examined, as will the consequences of the rebellion of 1914 and the strikes of 1913 and 1922. The legislation predictably spawned a considerable body of litigation as taxpayers hastened to find and exploit loopholes in it; the resultant Income Tax Cases, in the Income Tax Special Court, Supreme Court and Appeal Court, formed the embryo of a body of judicial precedent which today encompasses some two thousand case reports. A few of the cases decided in the period up to 1925 are still quoted today; for example, CIR v Lunnon 1924 AD 1 SATC 7. The relevant cases from the period will enjoy consideration, with descriptions of how their verdicts affected either subsequent income tax principles or later legislation. Also considered will be the inception during this period of the way in which income tax legislation largely develops: the legislature promulgates an Act, the taxpayers discover legitimate ways to reduce their tax burden and the Minister of Finance consequently causes the Act to be changed in order to protect the tax base. Thereupon the resolute taxpayers seek loopholes anew. The effect of economic conditions on income tax legislation will engage attention; several such conditions cast their shadows into the House of Assembly during that 15 year period, notably the post-war recession and the drought of 1919. The selection of this period is apposite for several reasons: it covers the period during which income tax legislation came into being; - it includes several notable political occurrences. thus making possible a consideration of their effect on income tax legislation; it includes a natural cataclysm. namely a major drought. which also had an effect on subsequent Income Tax Acts; - a sufficient number of income tax cases was heard during the period to afford a fair indication both of how the body of case law would develop and how it would perpetually interplay with the legislation; it clearly illustrates the differences between the two great political parties of the time, differences largely caused by the vested interests of each; the dominant South African Party, with its need to retain the support of the commercial and particularly the mining sectors, and the smaller but even then growing National Party with its face set firmly towards the rural constituencies and the embattled farmers; - the period culminates in the Income Tax Act of 1925, a significant change from its predecessors, and the second Income Tax Act of the Pact Government. The imposition of taxes by the respective provinces does not form part of this work, as the scope of the discussion is limited to the various Income Tax Acts, and their development has been overseen by the central government.
- Full Text:
- Date Issued: 1986
Financial integration in East Africa: evidence from interest rate pass-through analysis
- Authors: Bholla, Zohaib Salim
- Date: 2011
- Subjects: East African Community -- Economic integration East African Community -- Economic conditions -- 21st century Interest rates -- Africa, East Interest rates -- Econometric models -- Africa, East Interest rates -- Effect of inflation on -- Africa, East Banks and banking -- Africa, East
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1044 , http://hdl.handle.net/10962/d1006131
- Description: The successful launch of the European Monetary Union (EMU) raised an already ever growing interest in the economics of monetary integration and the formation of monetary unions around the world. Following the EMU experience, countries have considered forming a monetary union amongst themselves. The East African Community (EAC), comprising the three original member countries Kenya, Tanzania and Uganda and now including Burundi and Rwanda, is an example of such a group of countries that seek to form a monetary union. This study aims to identify the current level of financial integration amongst the East African countries. In order to do so the study examines whether the pass-through of monetary policy in the five countries has become similar over time. This is to provide an indication of the extent to which the nominal convergence criteria amongst the member countries have been met. The results of the study provide an indication of whether the formation of a monetary union in East Africa is possible. The empirical analysis used in this study included stationarity tests, four tests of co integration and an asymmetric error correction model to investigate whether the pass-through of monetary policy transmission in the five countries has become more similar over the ten year sample period from 1999 to 2008. The analysis uses three interest rates and 6-year rolling windows to identify the extent of macroeconomic convergence that prevails within the EAC, and consequently whether the formation of a monetary union is possible. The results suggest that the magnitude of the convergence amongst the countries remain low and there are significant rigidities in the deposit and lending rates over time, however the passthrough has improved with respect to the lending rate but not the deposit rate. The overall conclusion of the study suggests that an EAC wide monetary union is currently not possible based on the evidence provided from the pass-through analysis.
- Full Text:
- Date Issued: 2011
- Authors: Bholla, Zohaib Salim
- Date: 2011
- Subjects: East African Community -- Economic integration East African Community -- Economic conditions -- 21st century Interest rates -- Africa, East Interest rates -- Econometric models -- Africa, East Interest rates -- Effect of inflation on -- Africa, East Banks and banking -- Africa, East
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1044 , http://hdl.handle.net/10962/d1006131
- Description: The successful launch of the European Monetary Union (EMU) raised an already ever growing interest in the economics of monetary integration and the formation of monetary unions around the world. Following the EMU experience, countries have considered forming a monetary union amongst themselves. The East African Community (EAC), comprising the three original member countries Kenya, Tanzania and Uganda and now including Burundi and Rwanda, is an example of such a group of countries that seek to form a monetary union. This study aims to identify the current level of financial integration amongst the East African countries. In order to do so the study examines whether the pass-through of monetary policy in the five countries has become similar over time. This is to provide an indication of the extent to which the nominal convergence criteria amongst the member countries have been met. The results of the study provide an indication of whether the formation of a monetary union in East Africa is possible. The empirical analysis used in this study included stationarity tests, four tests of co integration and an asymmetric error correction model to investigate whether the pass-through of monetary policy transmission in the five countries has become more similar over the ten year sample period from 1999 to 2008. The analysis uses three interest rates and 6-year rolling windows to identify the extent of macroeconomic convergence that prevails within the EAC, and consequently whether the formation of a monetary union is possible. The results suggest that the magnitude of the convergence amongst the countries remain low and there are significant rigidities in the deposit and lending rates over time, however the passthrough has improved with respect to the lending rate but not the deposit rate. The overall conclusion of the study suggests that an EAC wide monetary union is currently not possible based on the evidence provided from the pass-through analysis.
- Full Text:
- Date Issued: 2011
Optimistic science: the effectiveness of economic methodology in achieving objectivity
- Authors: Holl, Ryan
- Date: 2012
- Subjects: Economics -- Methodology , Social epistemology , Knowledge, Theory of -- Science , Objectivity -- Science , Science -- Methodology , Optimism
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1105 , http://hdl.handle.net/10962/d1013393
- Description: This thesis examines the extent to which optimism has a bearing on objectivity in scientific inquiry. It is not, however, a psychological level examination into objectivity. Rather, the discussion focuses on collective attitudes, whether in the form of science or a more general public opinion. In essence, sources of optimism at the fundamental level of scientific inquiry are articulated with a careful attempt to differentiate between attitudes about the subject (methodology) and the object of study. The antithetical thread of optimism versus pessimism is teased out with the use of a joint case study of liberalism and Stalinism. The idea of antithesis, however, is contrasted by the fact that, although mirror image ideologies, these collective attitudes share a common faith in progress (albeit through different social mechanisms). This faith in progress provides the basis for the crux of the thesis as it moves to discuss scientific methodology. There is general agreement on what good science should look like and the possibility of progressive science can be articulated. However, it is also possible to highlight the conditions for degenerative science and to further link this to a degenerative social totality in which democracy and social progress are undermined. Economics is used as a case study and it is argued that dogmatic notions on progress have proved to be a major stumbling block to objectivity in the discipline. Furthermore, the implications on the real world are serious.
- Full Text:
- Date Issued: 2012
- Authors: Holl, Ryan
- Date: 2012
- Subjects: Economics -- Methodology , Social epistemology , Knowledge, Theory of -- Science , Objectivity -- Science , Science -- Methodology , Optimism
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1105 , http://hdl.handle.net/10962/d1013393
- Description: This thesis examines the extent to which optimism has a bearing on objectivity in scientific inquiry. It is not, however, a psychological level examination into objectivity. Rather, the discussion focuses on collective attitudes, whether in the form of science or a more general public opinion. In essence, sources of optimism at the fundamental level of scientific inquiry are articulated with a careful attempt to differentiate between attitudes about the subject (methodology) and the object of study. The antithetical thread of optimism versus pessimism is teased out with the use of a joint case study of liberalism and Stalinism. The idea of antithesis, however, is contrasted by the fact that, although mirror image ideologies, these collective attitudes share a common faith in progress (albeit through different social mechanisms). This faith in progress provides the basis for the crux of the thesis as it moves to discuss scientific methodology. There is general agreement on what good science should look like and the possibility of progressive science can be articulated. However, it is also possible to highlight the conditions for degenerative science and to further link this to a degenerative social totality in which democracy and social progress are undermined. Economics is used as a case study and it is argued that dogmatic notions on progress have proved to be a major stumbling block to objectivity in the discipline. Furthermore, the implications on the real world are serious.
- Full Text:
- Date Issued: 2012
The impact of macroeconomic and financial factors on the performance of the housing property market in South Africa
- Authors: Kwangware, Debra
- Date: 2009
- Subjects: Microeconomics , Housing -- South Africa , Housing -- Prices -- South Africa , Real property -- South Africa , Interest rates -- South Africa , Foreign exchange rates -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1042 , http://hdl.handle.net/10962/d1005641 , Microeconomics , Housing -- South Africa , Housing -- Prices -- South Africa , Real property -- South Africa , Interest rates -- South Africa , Foreign exchange rates -- South Africa
- Description: This study exammes the impact of macroeconomic and financial variables on the performance of the housing property market in South Africa using monthly data for the period January 1996 to June 2008. Orthogonalised and non-orthogonalised house price returns and real estate returns are utilised as proxies for the housing property market in separate models. Three main issues were empirically analysed in relation to the linkage between selected variables and the housing property market. The first aspect examined the relationship between selected macroeconomic and financial factors and property returns. Secondly, the study examined the influence that a unit shock to each variable has on property returns over a period of time. The third aspect focused on determining the proportion of property returns variation that results from changes in the macroeconomic and financial variables. VAR modelling was thus adopted to empirically analyse these three aspects. The results reveal that house price returns are influenced by most of the macroeconomic and financial variables used in this study. Specifically, the real effective exchange rate, interest rate spread and manufacturing production positively impact on house price returns while the domestic interest rate, the dividend yield and expected inflation have a negative effect. Furthermore, manufacturing production has a lagged effect on house price returns while the real effective exchange rate and domestic interest rate have a contemporaneous effect. Real estate returns are not influenced by most of the variables except for the domestic interest rate and dividend yield which have a negative effect.
- Full Text:
- Date Issued: 2009
- Authors: Kwangware, Debra
- Date: 2009
- Subjects: Microeconomics , Housing -- South Africa , Housing -- Prices -- South Africa , Real property -- South Africa , Interest rates -- South Africa , Foreign exchange rates -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1042 , http://hdl.handle.net/10962/d1005641 , Microeconomics , Housing -- South Africa , Housing -- Prices -- South Africa , Real property -- South Africa , Interest rates -- South Africa , Foreign exchange rates -- South Africa
- Description: This study exammes the impact of macroeconomic and financial variables on the performance of the housing property market in South Africa using monthly data for the period January 1996 to June 2008. Orthogonalised and non-orthogonalised house price returns and real estate returns are utilised as proxies for the housing property market in separate models. Three main issues were empirically analysed in relation to the linkage between selected variables and the housing property market. The first aspect examined the relationship between selected macroeconomic and financial factors and property returns. Secondly, the study examined the influence that a unit shock to each variable has on property returns over a period of time. The third aspect focused on determining the proportion of property returns variation that results from changes in the macroeconomic and financial variables. VAR modelling was thus adopted to empirically analyse these three aspects. The results reveal that house price returns are influenced by most of the macroeconomic and financial variables used in this study. Specifically, the real effective exchange rate, interest rate spread and manufacturing production positively impact on house price returns while the domestic interest rate, the dividend yield and expected inflation have a negative effect. Furthermore, manufacturing production has a lagged effect on house price returns while the real effective exchange rate and domestic interest rate have a contemporaneous effect. Real estate returns are not influenced by most of the variables except for the domestic interest rate and dividend yield which have a negative effect.
- Full Text:
- Date Issued: 2009
Gains derived from illegal activities :an analysis of the taxation consequences
- Mtshawulana, Lungiswa Bukeka
- Authors: Mtshawulana, Lungiswa Bukeka
- Date: 2009
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:886 , http://hdl.handle.net/10962/d1001640
- Description: Income Tax in South Africa is levied in terms of the Income Tax Act 58 of 1962 on taxable income, which, by definition, is arrived at by deducting from "gross income" receipts and accruals that are exempt from tax as well as deductions and allowances provided for in the Act. The Income Tax Act provides no guidance with regard to the taxation of illegal activities, except to prohibit the deduction of expenditure incurred in paying fines or in relation to corrupt activities, as defined. An analysis of the taxation of income derived from theft, fraud and prostitution and the deductibility of expenses relating to that income, is the question addressed in this thesis. In this thesis, an analysis was made of relevant case law in relation to the provisions of the Income Tax Act in an attempt to provide clarity. A brief comparison was also macie of American, United Kingdom and South African tax law. Similarities were found between the American, United Kingdom and South African tax regimes in relation to the taxation of income, but there appeared to be more certainty in America and the United Kingdom in relation to the deduction of expenses. The thesis concludes that recent case decisions have provided certainty in relation to income from illegal activities, but the tax status of the deduction of expenses remains uncertain.
- Full Text:
- Date Issued: 2009
- Authors: Mtshawulana, Lungiswa Bukeka
- Date: 2009
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:886 , http://hdl.handle.net/10962/d1001640
- Description: Income Tax in South Africa is levied in terms of the Income Tax Act 58 of 1962 on taxable income, which, by definition, is arrived at by deducting from "gross income" receipts and accruals that are exempt from tax as well as deductions and allowances provided for in the Act. The Income Tax Act provides no guidance with regard to the taxation of illegal activities, except to prohibit the deduction of expenditure incurred in paying fines or in relation to corrupt activities, as defined. An analysis of the taxation of income derived from theft, fraud and prostitution and the deductibility of expenses relating to that income, is the question addressed in this thesis. In this thesis, an analysis was made of relevant case law in relation to the provisions of the Income Tax Act in an attempt to provide clarity. A brief comparison was also macie of American, United Kingdom and South African tax law. Similarities were found between the American, United Kingdom and South African tax regimes in relation to the taxation of income, but there appeared to be more certainty in America and the United Kingdom in relation to the deduction of expenses. The thesis concludes that recent case decisions have provided certainty in relation to income from illegal activities, but the tax status of the deduction of expenses remains uncertain.
- Full Text:
- Date Issued: 2009
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 relationship between the sources of conflict and the stages in the conflict process within the marketing channel comprising retail pharmacy managers and medical doctors
- Authors: Futter, William Thomas
- Date: 1988
- Subjects: Medicine -- Formulae, receipts, prescriptions -- Marketing , Marketing channels , Marketing research , Drugs -- Marketing
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1161 , http://hdl.handle.net/10962/d1001628
- Description: Marketing channels have traditionally been examined as commercial conduits the sale objective of which was to facilitate the flow of goods from producer to consumer. This approach emphasized functional and structural aspects of the channel and was primarily concerned with the efficiency of the distribution system. During the last two decades, marketing channels have increasingly been viewed as social systems affected by the behavioural dimensions of power, conflict, roles and communication. The rapid growth of vertical marketing systems with greater authority and interdependence between channel members, have stimulated interest in this field. Nevertheless, research has been limited and characterized by methodological problems and conceptual differences about the definitions of behavioural variables and their relationships. Some attempts have been made to develop an integrated framework within which to conduct research into channel relationships, but the validity and relaibility of these models has not been tested. This research project examined the relationship between the sources of conflict and stages in the conflict process. The sources of conflict were subdivided into attitudinal and structural categories, the latter being concerned with goal differences, the desire for autonomy in the face of interdependence and competition for scarce resources. The conflict process model adopted by the author assumes the existence of stages of latency, feeling, perception, manifestation and aftermath in each conflict episode. The first four were treated as separate behavioural states for which different levels of conflict intensity were measured. In order to provide greater explanatory power to the results of the analysis, the perceptions of two respondent groups were identified, namely the leader group, consisting of channel members responsible for the overall strategic interests of the channel, and the affected group, consisting of channel members who had been adversly affected by the activities of their partners in the channel dyad. In addition, respondents were asked to identify separately, their perceptions of the macro and micro levels of conflict in the four conflict states. The marketing channel for prescription medicines was selected for the study. The focal dyad consisted of retail pharmacy managers and doctors with single respondent perceptual measures being obtained from the retail pharmacy managers. A mail survey of all the retail pharmacy managers in South Africa, South West Africa/Namibia, and the independent homelands conducted in July 1987 resulted in a 40% response rate (1031 returns). Tests indicated statistically significant differences between the perceptual measures representing the sources and stages of conflict, the macro and micro levels of the stages of conflict and between the leader and the non-leader groups and the affected and non-affected groups. A sequential hierarchy in the level of conflict measured in the behavioural states was indicated, with decreasing levels of conflict being identified in states of latency, perception, feeling and manifestations, respectively. An analysis of the results revealed that attitudinal sources of conflict were more important that structural sources in measures of perceptions, feelings and manifestations of conflict behaviour. In the latent conflict state, structural sources assumed greater importance than attitudinal sources. In most of the measures, the sources of conflict were more correlated with perceptions of conflict at the macro level than the micro level. The exception was manifest conflict for which micro conflict levels were more important. The major sources of conflict were differences in perceptions, differences in goals and the lack of autonomy. The leader group indicated a particular concern for attitudinal factors, particularly communication difficulties. The affected group, whilst identifying attitudinal factors as being the most important, was especially concerned with their lack of autonomy from the doctor, rather than the competition for scarce resources which could have been expected. An overall assessment of the level of conflict between retail pharmacy managers and doctors indicated that the channel dyad was relatively free from conflict. Relationships were characterized by a degree of satisfaction, some degree of harmony and little evidence of conflict behaviour.
- Full Text:
- Date Issued: 1988
- Authors: Futter, William Thomas
- Date: 1988
- Subjects: Medicine -- Formulae, receipts, prescriptions -- Marketing , Marketing channels , Marketing research , Drugs -- Marketing
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1161 , http://hdl.handle.net/10962/d1001628
- Description: Marketing channels have traditionally been examined as commercial conduits the sale objective of which was to facilitate the flow of goods from producer to consumer. This approach emphasized functional and structural aspects of the channel and was primarily concerned with the efficiency of the distribution system. During the last two decades, marketing channels have increasingly been viewed as social systems affected by the behavioural dimensions of power, conflict, roles and communication. The rapid growth of vertical marketing systems with greater authority and interdependence between channel members, have stimulated interest in this field. Nevertheless, research has been limited and characterized by methodological problems and conceptual differences about the definitions of behavioural variables and their relationships. Some attempts have been made to develop an integrated framework within which to conduct research into channel relationships, but the validity and relaibility of these models has not been tested. This research project examined the relationship between the sources of conflict and stages in the conflict process. The sources of conflict were subdivided into attitudinal and structural categories, the latter being concerned with goal differences, the desire for autonomy in the face of interdependence and competition for scarce resources. The conflict process model adopted by the author assumes the existence of stages of latency, feeling, perception, manifestation and aftermath in each conflict episode. The first four were treated as separate behavioural states for which different levels of conflict intensity were measured. In order to provide greater explanatory power to the results of the analysis, the perceptions of two respondent groups were identified, namely the leader group, consisting of channel members responsible for the overall strategic interests of the channel, and the affected group, consisting of channel members who had been adversly affected by the activities of their partners in the channel dyad. In addition, respondents were asked to identify separately, their perceptions of the macro and micro levels of conflict in the four conflict states. The marketing channel for prescription medicines was selected for the study. The focal dyad consisted of retail pharmacy managers and doctors with single respondent perceptual measures being obtained from the retail pharmacy managers. A mail survey of all the retail pharmacy managers in South Africa, South West Africa/Namibia, and the independent homelands conducted in July 1987 resulted in a 40% response rate (1031 returns). Tests indicated statistically significant differences between the perceptual measures representing the sources and stages of conflict, the macro and micro levels of the stages of conflict and between the leader and the non-leader groups and the affected and non-affected groups. A sequential hierarchy in the level of conflict measured in the behavioural states was indicated, with decreasing levels of conflict being identified in states of latency, perception, feeling and manifestations, respectively. An analysis of the results revealed that attitudinal sources of conflict were more important that structural sources in measures of perceptions, feelings and manifestations of conflict behaviour. In the latent conflict state, structural sources assumed greater importance than attitudinal sources. In most of the measures, the sources of conflict were more correlated with perceptions of conflict at the macro level than the micro level. The exception was manifest conflict for which micro conflict levels were more important. The major sources of conflict were differences in perceptions, differences in goals and the lack of autonomy. The leader group indicated a particular concern for attitudinal factors, particularly communication difficulties. The affected group, whilst identifying attitudinal factors as being the most important, was especially concerned with their lack of autonomy from the doctor, rather than the competition for scarce resources which could have been expected. An overall assessment of the level of conflict between retail pharmacy managers and doctors indicated that the channel dyad was relatively free from conflict. Relationships were characterized by a degree of satisfaction, some degree of harmony and little evidence of conflict behaviour.
- Full Text:
- Date Issued: 1988
Investigating the impact of brand reputation on brand architecture strategies : a study on a South African automotive company
- Authors: Waddington, Andrew John
- Date: 2012
- Subjects: Branding (Marketing) -- Case studies Automobile industry and trade -- South Africa -- Case studies Toyota Jidōsha Kōgyō Kabushiki Kaisha -- Case studies Automobiles -- Marketing -- Case studies Product management -- Case studies Branding (Marketing) -- Management -- Case studies Corporate image -- Management -- Case studies Brand name products -- South Africa -- Case studies
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1179 , http://hdl.handle.net/10962/d1002796
- Description: The brand architecture of an organisation has become increasingly important to global management and marketing professionals, as it deals with structures and designs of brands which are constantly influenced by a changing environment. The market realities and changes brands face continuously impact the reputation of the brand, which is critical to sustain competitive advantage. The primary purpose of the study was to investigate the impact brand reputation has on brand architecture strategies, and an automotive company was chosen as the focus of the research. This research aims to help managers, marketers and brand owners make informative decisions regarding the brand architecture of a company. A quantitative content analysis methodology was used along with a webpage keyword counting application (WebWords). The application was used based on the principles outlined by Corporate Brand and Reputation Analysis (COBRA), which uses a four step progressive filtering process in filtering traditional and consumer generated media. The results from WebWords were then aligned to the brand architecture strategies from the brand relationship spectrum (BRS) to gain insight as to which of the strategies from the BRS were most vulnerable to reputational damage. The study found that the branded house and sub-brand strategies were most vulnerable to reputational damage based on the number reputational hits received. The connection between the master brand and the sub-brands could cause both brands to be affected should any reputational issues arise.
- Full Text:
- Date Issued: 2012
- Authors: Waddington, Andrew John
- Date: 2012
- Subjects: Branding (Marketing) -- Case studies Automobile industry and trade -- South Africa -- Case studies Toyota Jidōsha Kōgyō Kabushiki Kaisha -- Case studies Automobiles -- Marketing -- Case studies Product management -- Case studies Branding (Marketing) -- Management -- Case studies Corporate image -- Management -- Case studies Brand name products -- South Africa -- Case studies
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1179 , http://hdl.handle.net/10962/d1002796
- Description: The brand architecture of an organisation has become increasingly important to global management and marketing professionals, as it deals with structures and designs of brands which are constantly influenced by a changing environment. The market realities and changes brands face continuously impact the reputation of the brand, which is critical to sustain competitive advantage. The primary purpose of the study was to investigate the impact brand reputation has on brand architecture strategies, and an automotive company was chosen as the focus of the research. This research aims to help managers, marketers and brand owners make informative decisions regarding the brand architecture of a company. A quantitative content analysis methodology was used along with a webpage keyword counting application (WebWords). The application was used based on the principles outlined by Corporate Brand and Reputation Analysis (COBRA), which uses a four step progressive filtering process in filtering traditional and consumer generated media. The results from WebWords were then aligned to the brand architecture strategies from the brand relationship spectrum (BRS) to gain insight as to which of the strategies from the BRS were most vulnerable to reputational damage. The study found that the branded house and sub-brand strategies were most vulnerable to reputational damage based on the number reputational hits received. The connection between the master brand and the sub-brands could cause both brands to be affected should any reputational issues arise.
- Full Text:
- Date Issued: 2012
The relationship between accounting choices and share prices : a study of South African listed companies
- Authors: Bunting, Mark
- Date: 2009
- Subjects: Financial statements -- South Africa , Accounting -- South Africa , Managerial accounting -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:989 , http://hdl.handle.net/10962/d1002724 , Financial statements -- South Africa , Accounting -- South Africa , Managerial accounting -- South Africa
- Description: It is widely assumed that the managers of companies behave in a self-interested and opportunistic manner when making the discretionary accounting choices that are applied in the preparation of published financial reports. Empirical research has found evidence for this in the United States, Britain, Spain, France and Australia, amongst other countries. There has, however, been no prior work of a similar nature in a South African context. The purpose of this study is to extend this body of work by examining the relationship between a number of potentially opportunistic (profit-increasing, income-smoothing and solvencyimproving) accounting choices made by the managers of South African listed companies, and growth rates in the share prices of those companies. Data in respect of thirty-nine medium-sized South African listed companies are analysed for evidence of the expected positive relationship between opportunistic accounting choices and share price growth. No evidence is found for this relationship. This may be due to limitations in the research design, inadequacies in the interpretation of the agency theory from which the hypotheses are developed, or a combination of both. Refinements in the research design or a re-interpretation of the theory may be successful in addressing these matters as part of future research efforts.
- Full Text:
- Date Issued: 2009
- Authors: Bunting, Mark
- Date: 2009
- Subjects: Financial statements -- South Africa , Accounting -- South Africa , Managerial accounting -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:989 , http://hdl.handle.net/10962/d1002724 , Financial statements -- South Africa , Accounting -- South Africa , Managerial accounting -- South Africa
- Description: It is widely assumed that the managers of companies behave in a self-interested and opportunistic manner when making the discretionary accounting choices that are applied in the preparation of published financial reports. Empirical research has found evidence for this in the United States, Britain, Spain, France and Australia, amongst other countries. There has, however, been no prior work of a similar nature in a South African context. The purpose of this study is to extend this body of work by examining the relationship between a number of potentially opportunistic (profit-increasing, income-smoothing and solvencyimproving) accounting choices made by the managers of South African listed companies, and growth rates in the share prices of those companies. Data in respect of thirty-nine medium-sized South African listed companies are analysed for evidence of the expected positive relationship between opportunistic accounting choices and share price growth. No evidence is found for this relationship. This may be due to limitations in the research design, inadequacies in the interpretation of the agency theory from which the hypotheses are developed, or a combination of both. Refinements in the research design or a re-interpretation of the theory may be successful in addressing these matters as part of future research efforts.
- Full Text:
- Date Issued: 2009
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