Impact of social media on the brand image of a higher education institution
- Authors: Visser, Ilze
- Date: 2012
- Subjects: Branding (Marketing) , Social media
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9292 , http://hdl.handle.net/10948/d1011274 , Branding (Marketing) , Social media
- Description: Social media is an unexplored and new area, for both businesses and academia. Many institutions are not confident on how to improve their business through the use of social media, neither for internal or external purposes. Social media is nevertheless immense among private persons (Wikström & Wigmo 2010:1) and to ignore this would be a critical mistake by marketing communicators, regardless of the economic sector in which they operate. Therefore, this study intended to expand on the current limited knowledge and information available relating to the use of social media by Higher Education Institutions (HEIs) to improve their brand image. The primary objective of this research was to evaluate and empirically test the impact of selected Brand identity variables (Brand reputation, Brand relevance, Brand personality, Brand performance and Brand relationship) on the Brand image of a HEI, through the use of social media. The focus was on the impact of social media (Facebook) on the brand image of a Higher Education Institution (HEI), namely the Nelson Mandela Metropolitan University (NMMU), which was used as the sample for this study.
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- Date Issued: 2012
Interest rate pass-through in Cameroon and Nigeria: a comparative analysis
- Authors: Tita, Anthanasius Fomum
- Date: 2012
- Subjects: Interest rates -- Cameroon Interest rates -- Nigeria Interest rates -- Effect of inflation on -- Cameroon Interest rates -- Effect of inflation on -- Nigeria Interest rates -- Econometric models Cointegration Monetary policy -- Cameroon Monetary policy -- Nigeria Banque des états de l'Afrique centrale Banks and banking -- Cameroon Banks and banking -- Nigeria
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1005 , http://hdl.handle.net/10962/d1002740
- Description: One of the most important aspects of monetary policy is an understanding of the transmission process: the mechanism through which the monetary policy actions of the Central Bank impact on aggregate demand and prices by influencing the investment and consumption decisions of households and firms. Thus, commercial banks are regarded as conveyers of monetary policy shocks and are expected to adjust retail interest rates in response to policy shocks one-to-one. In practice, commercial banks adjust their retail rates in response to changes in monetary policy with a lag of several months and this delay is often viewed as an impediment on the ability of the Central Bank to steer the economy. Several reasons, such as credit rationing and adverse selection, switching costs, risk sharing, consumer irrationality, structure of the financial system, menu costs and asymmetric information are some of the causes advanced for commercial banks retail rates being sticky. In spite of the important role of pass-through analysis in the monetary policy transmission process, it has received very little attention in Sub-Saharan Africa, especially in Cameroon and Nigeria, which have implemented a series of reforms. To this end, this study gives a comparative analysis of interest rate pass-through in Nigeria and Cameroon using retail rates (lending and deposit) and a discount rate (policy rate) from January 1990 to December 2010 for Nigeria and from January 1990 to June 2008 for Cameroon. The study examines the magnitude and speed of retail rate adjustments to changes in the Central Bank policy rate as well as examining the possibility of symmetric and asymmetric pass-through in both countries. In addition, the study also investigates whether there is pass-through of monetary policy from one country to the other. The empirical analysis employs four different types of co-integration techniques to test the presence of a long run co-integrating relationship between retail and the policy rates in order to ensure that the relationship detected is robust. Three sets of analyses are carried out in the study. Following Cottarelli and Kourelis (1994), the study employed a co-integration technique, firstly, to analyse pass-through for the entire sample, secondly, to analyse symmetric and asymmetric pass-through using a ten year rolling window analysis in an error correction framework. Finally, the policy rates were swapped around to investigate if there are transmissions of impulses from one country to the other. Overall, evidence from the entire sample and rolling window analysis suggests that monetary policy in Cameroon is less effective. This is perhaps one of the reasons why the Banque Des Etats De L’Afrique Centrale (BEAC) is unable to sterilise the excess liquidity of the banking sector in Cameroon. The long run pass-through of 0.72 and 0.71 for the entire sample, and the average long run pass-through for the rolling window of 0.78 and 0.76 for the lending and deposit rates, suggest that monetary policy is highly effective in Nigeria compared to Cameroon. The empirical evidence confirmed asymmetric adjustment in six rolling windows in the lending rate in Nigeria. Three rolling windows indicated that the direction of rigidity is downward, supporting Scholnick’s (1996) collusive pricing arrangement between banks, and the other three suggested that the lending rate is rigid in the upward direction, corroborating Scholnick’s (1996) customer reaction hypothesis. The deposit rate in Cameroon was also found to adjust asymmetrically and the direction of rigidity is downward, supporting Hannan and Berger’s (1991) customer reaction hypothesis. The investigation of impulse transmission between the two countries revealed that only the policy rate in Nigeria exerts some influence on the deposit rate in Cameroon. Policy recommendations are also discussed.
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- Date Issued: 2012
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.
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- Date Issued: 2012
Macroeconomic determinants of stock market behaviour in South Africa
- Authors: Junkin, Kyle
- Date: 2012
- Subjects: Stocks -- Prices -- South Africa Macroeconomics Risk management -- South Africa Stock exchanges -- South Africa Interest rates -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1016 , http://hdl.handle.net/10962/d1002751
- Description: This study investigates whether stock prices in South Africa are influenced by macroeconomic variables, and furthermore, the effects of financial crises on stock prices. The relationship between stock prices and the macroeconomy is a particularly important issue for investors, since a thorough understanding of such a relationship is likely to yield profitable or risk mitigating opportunities. Using monthly data for the period 1995 to 2010 the study focused at a macro level using the FTSE/JSE All Share Index, and at a micro level using sector indices. These included the construction and materials, financial, food producers’, general retailers, industrial, mining and pharmaceuticals indices. The Johansen and Juselius (1990) multivariate cointegration approach was employed, along with impulse response and variance decomposition tests to address the issue. The results showed that macroeconomic variables do have a significant influence on stock prices in South Africa. Also, the influences of these variables were found to have an inconsistent effect across the sectors under investigation. For example, inflation was found to negatively influence the All Share Index, but impacted the industrial index positively. These inconsistent influences on the various sectors were seen to have important diversification implications for investors. The impact of past financial crises proved to be significant on certain indices, however, indices such as that of the pharmaceuticals sector was found to be largely unaffected by such crises. The findings of the study were discussed through an investor’s perspective, and recommendations on investment decisions were given. The limitations of the study were such that certain results may have been influenced by a mis-specification of variables, particularly the Treasury bill rate.
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- Date Issued: 2012
Modeling economic behaviour in South Africa's informal urban retail trade sector: the case of Port Elizabeth
- Authors: Qabhobho, Thobekile
- Date: 2012
- Subjects: Retail trade -- South Africa -- Port Elizabeth , Business enterprises -- South Africa -- Port Elizabeth
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9008 , http://hdl.handle.net/10948/d1012855
- Description: Even though South Africa‟s historical inequalities are addressed, serious economic disparities are still evident. The informal economy is not flourishing as it should be, especially when compared to other fledgling democracies on the continent and this poses a policy question since most of the participants of this sector are from the previously disadvantaged section of the population. One policy dilemma that comes to the fore is about how to ensure that there is increased productivity in the sector so that the sector‟s contribution to the national economy can be enhanced. While the actual share of the economy contributed by the informal economy is difficult to ascertain there is evidence that this constitutes less than one fifth of South Africa‟s GDP. Within the informal economy trading appears to be the dominant economic activity. Despite the importance of the informal trade the sector has not attracted the needed attention in the literature either locally or internationally. The area that has received much attention by researchers has been the informal financial sector. Drawing on a standard revenue model for the informal trade sector this study examines the factors that explain differences in the performance of the retail trade businesses; given that these can be identified an effort should then be made to explore the policy measures that can improve the performance of these firms. The study is based on a sample of 300 informal retail traders in the Port Elizabeth environ. The regression analysis presented in this study suggests that residential area, capital, labour, inventory and age of a business are important determinants of an informal retail trade firm‟s revenue. Very few informal retailers indicated that they had businesses training. The survey results show that having a supplier close to the business assists in reducing transport costs, hence the increase in profit margins. Shelters and storages were found to be very useful in the operation of informal businesses.
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- Date Issued: 2012
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.
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- Date Issued: 2012
Performance of defensive shares on the JSE during financial crisis: evidence from analysis of returns and volatility
- Authors: Arguile, Wayne Peter
- Date: 2012
- Subjects: Industries -- South Africa -- Finance Industries -- South Africa -- Statistics Johannesburg Stock Exchange Rational expectations (Economic theory)
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1001 , http://hdl.handle.net/10962/d1002736
- Description: This study analyses whether historically defensive sectors on the JSE have – with respect to the market – proven to be defensive during the recent global financial crisis. By withstanding the shocks of market volatility, defensive industries (such as pharmaceuticals and consumer staples) are renowned for their consistent performance throughout the business cycle. Using daily data for the period 2000–2009, the study compares the descriptive statistics of sector returns before and during the crisis. The volatility of each sector relative to the market index is calculated using the CAPM beta and a simplified volatility ratio. The same comparison is extended to the conditional volatilities of each of the sectors, which is estimated using the GARCH model and two of its extensions: the EGARCH and GJR GARCH models. While no sector experienced a positive mean return during the financial crisis, Healthcare, Consumer Goods, Consumer Services and Industrials all proved less volatile than the market. Surprisingly, Telecommunications proved more volatile than the market and experienced leverage effects during the financial crisis. Since the timing of a recession is difficult to predict, defensive securities were found to be a useful investment tool for protection against adverse movements in the stock market.
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- Date Issued: 2012
Persepectives on market processes followed in setting South African water services tariffs
- Authors: Norden, Ryan Henri
- Date: 2012
- Subjects: Water-supply -- South Africa -- Costs , Water utilities -- Rates -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9019 , http://hdl.handle.net/10948/d1018929
- Description: South Africa’s private sector and the practice of using market processes are often dismissed by the government as service providing options, because they increase costs and fail the poor population. There is some substance to the government’s position, given that there is a natural monopoly advantage in water service provision. Under these circumstances it could be expected that a single firm would emerge as dominant in the provision of these services to urban customers. Were this firm a private one, and unregulated, it could be expected to practice exploitative pricing, make excess profits, and undersupply waste water management service. A private firm would also not provide services to the poor unless their service was subsidised. However most of these deficiencies can be regulated (as shown in Chapter Four), and also occur under public sector provision (as shown in Chapter Five) Are the private sector failures sufficient reason to abandon the market and private sector as mechanisms to deliver water service in South Africa? This dissertation finds little use is made of market processes and the private sector in water service provision (Chapter One), despite there being legal provision for such involvement (Chapter Two). It also finds that public water service providers are not subject to competition policy and consumer protection provisions, whereas private sector providers would be (Chapter Three). The administration of questionnaires to municipalities and the Department of Water Affairs (DWA) show that the various water service providers often operate under unique circumstances, making it difficult to extrapolate management insights from one municipality to another (Chapter Six). A case study on Nelson Mandela Bay Municipal tariff setting reveals a mismatch between economic principle and policy practice, and suggests that economic principle plays a lesser role in the design of tariff structures than other factors (Chapter Seven). Given the problems that are occurring in public sector water service provision, the dissertation concludes the case for dismissing private sector or public utility models for water service delivery may be weaker than is believed by the South African government.
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- Date Issued: 2012
Savings behaviour in selected poor townships of the Kouga municipal district
- Authors: Baxter, Chad
- Date: 2012
- Subjects: Saving and investment -- South Africa , South Africa -- Economic policy
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9009 , http://hdl.handle.net/10948/d1014540
- Description: This study considers the nature of savings behaviour amongst low income earners residing in the township areas of Kouga Municipal District. It reflects on the popularity and persistence of informal savings and credit associations, also known as stokvels, in these communities in the face of an increase in the availability of formal savings products. This study argues that despite financial deepening taking place within the South African economy, the popularity and widespread usage of stokvels can largely be attributed to the lack of appropraite formal products available for low income earners. This study does not conclude that the usage of informal savings products results in increased savings behaviours amongst this group, but it does conclude that they provide a suitable mechanism in which savings can take place.
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- Date Issued: 2012
The "realisation company" concept in South African income tax law
- Authors: Grobler, Daniel Jacques
- Date: 2012
- Subjects: Income tax -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:8951 , http://hdl.handle.net/10948/2118 , Income tax -- South Africa
- Description: The Supreme Court of Appeal has revisited the issue that has attracted the most litigation in South African tax law: whether gains from the disposal of an asset are of a capital or of a revenue nature. In CSARS V Founders Hill (509/10) [2011] ZASCA 66, 73 SATC 183 the court held that „intention‟ is not conclusive in the enquiry and cannot be the litmus test in determining the nature of proceeds from the sale of an asset. This judgement relegates intention to only one of the factors to be considered as it was held that it should be considered objectively whether the taxpayer is actually trading or not. The court also indicated that a „realisation company‟ would only act on capital account if it is formed for the purpose of facilitating the realisation of property which could not otherwise be dealt with satisfactorily. This treatise was primarily aimed at an analysis of the court cases which dealt with the „realisation company‟ concept in South African income tax law. In analysing the „realisation company‟ concept through case law culminating in Founders Hill, it was found that in every instance where „realisation company‟ x had won the argument, there had been compelling reasons why the owners of the assets had found it necessary to realise the asset through an interposed company established for that purpose. These reasons include: to facilitate the sale of property previously held by different people and to consolidate and conveniently administer the interests of beneficiaries under different wills. Furthermore, this treatise criticised „intention‟ as the primary test in determining the nature of proceeds from the sale of a capital asset and examined the objective approach to the inquiry as advocated in CSARS v Founders Hill. A discussion on the advantages of this approach indicated that it will certainly obviate a number of difficulties that arise from invoking „intention‟ as the litmus test.
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- Date Issued: 2012
The distinction between types of commercial and residential property for value-added tax purposes in South Africa
- Authors: Ferreira, Melanie
- Date: 2012
- Subjects: Property tax -- South Africa , Value-added tax -- South Africa , Tax assessment -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:8955 , http://hdl.handle.net/10948/d1008710 , Property tax -- South Africa , Value-added tax -- South Africa , Tax assessment -- South Africa
- Description: It is important to distinguish between types of commercial and residential property for value-added tax (VAT) purposes. The reason for this is because the supply of residential property may be exempt from VAT in certain cases, whereas the supply of commercial property is a taxable supply. One of the aims of this treatise was to generate some characteristics that can assist vendors to distinguish between types of commercial and residential property for VAT purposes. SARS proposed numerous changes to the VAT Act with regards to fixed property in 2011. This treatise explains the reason for the changes made and also comments on them. Firstly, property developers previously had to account for an output tax adjustment when they changed the use of their property i.e. from a taxable use (selling the completed units) to a non-taxable use (renting the completed units as a residential dwelling). This „output tax adjustment‟ sometimes places developers in a financial dilemma, especially in times of an economic depression. SARS therefore provided „developers‟ as defined with a short term solution. This short term solution provides property developers with a 36 month temporarily relief period, before they have to account for the „output tax adjustment‟. Therefore, the new section 18B was proposed to assist property developers in times of an economic recession. Secondly, in the past a vendor who acquired a property from a non-vendor to make taxable supplies was allowed a notional input tax deduction, limited to the transfer duty paid. SARS has however "delinked VAT from transfer duty‟, which means that the notional input tax deduction will no longer be limited to the transfer duty paid. This change may benefit vendors as they may now be allowed a bigger input tax deduction. Furthermore, the treatise also compares the VAT treatment of the above issues to that of the goods and services tax treatment in New Zealand. The treatise concludes with a summary of all distinguishing characteristics identified and other findings noted.
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- Date Issued: 2012
The effects of real exchange rate misalignment on economic growth: a case study of Kenya
- Authors: Ndavi, Theresa Watwii
- Date: 2012
- Subjects: Foreign exchange rate , Foreign exchange market , Economic development
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:8985 , http://hdl.handle.net/10948/d1008109 , Foreign exchange rate , Foreign exchange market , Economic development
- Description: This paper investigates the effects of real exchange rate misalignment (REM) on economic growth in Kenya over the period 1964-2009. The real exchange rate misalignment is defined as the difference between the equilibrium exchange rate and the actual real exchange rate (RER). The equilibrium real exchange rate was obtained by using the purchasing power parity (PPP) approach. To this effect, the study examined the existence or absence of the cointegration between the REM and economic growth, using the autoregressive distributed lag (ARDL) bounds testing approach. The ARDL approach is employed to determine both the long-run and short-run dynamics of the model. The results suggest that no long-run relationship exists between economic growth and the REM in Kenya. The short-run model is then estimated, using the OLS (ordinary least squares) method. From this model, it is determined that trade openness has a positive impact on economic growth, while foreign aid has a negative impact on economic growth; and both are considered empirically significant. The inflation rate and REM both negatively impact economic growth, but are empirically insignificant. All variables corroborate the a priori expectations.
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- Date Issued: 2012
The implications of rural-urban migration on employment and household income with particular reference to Lesotho
- Authors: Damane, Moeti
- Date: 2012
- Subjects: Rural-urban migration -- Employment -- Lesotho Informal sector (Economics) -- Lesotho Lesotho -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1002 , http://hdl.handle.net/10962/d1002737
- Description: The research investigates the impact of internal rural - urban migration III Lesotho on household income and employment. Using data gathered from the 2002/03 household survey, the 2006 nationwide census and a questionnaire on rural - urban migration in Lesotho administered to 500 respondents in Maseru and Leribe, we estimate a logit model of the probability of employment in Lesotho in 2008 given a set of independent variables. The independent variables are respondent's work experience; years of education completed; employment status in 2004; employment status in 2008; gender; job skill level; place of residence in 2004 and a categorical variable that measures whether or not the respondent is a rural - urban migrant. The results suggest that migration and work experience have no significant impact on an individual's likelihood of being employed in the country's formal sector. Also, it was found that the higher the level of education an individual has, the less likely are their chances of employment in the country's formal sector because of the lack of formal jobs in the urban areas. Over 50% of Lesotho's workforce employed in the urban areas was discovered to work in the informal sector. The study concludes that there is a lack of jobs in Lesotho's urban formal sector that results in a thriving informal sector. The advantages of informal sector jobs to the rural - urban migrant include an increase in their standard of living as well as that of their family members left behind in the rural areas but the disadvantages include low levels of investor confidence that lead to a decrease in overall economic development and growth in the country.
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- Date Issued: 2012
The meaning of place of 'effective management' in the context of South African domestic tax law
- Authors: Daniels, Paul
- Date: 2012
- Subjects: Double taxation -- Treaties , Management
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:8960 , http://hdl.handle.net/10948/d1018822
- Description: South Africa has a residence based system of taxation in which South African tax residents are taxed on their worldwide income. A company or other artificial person is regarded as a South African resident for tax purposes if it is incorporated, established or formed in South Africa or if its ‗effective management‘ is located in South Africa. Where a tax treaty determines in terms of its tie breaker rule that an artificial person is not resident in South Africa for treaty purposes, the company will also not be regarded as a tax resident in terms of South African domestic law. Treaties to which South Africa is party will often use the effective management‘ as the tie-breaker where a person other than an individual is resident in both Contracting states in terms of the respective states‘ domestic laws. The tests of ‗incorporation, established and formed‘ provide simplicity and certainty to governments but are easily open to manipulation by taxpayers. Therefore, the legislature found it necessary to incorporate effective management‘ as a test for residency into the Act. Effective management‘ is a substance over form concept which be described as a function which embodies the periodic, most senior executive management functions, which are required for the management of the affairs of the entity as whole. The test of effective management‘ by its very nature is concerned with where the crucial decisions are made in order to make a business function. To identify the location of effective management‘ it is necessary to enquire who calls the shots‘ in the context of the management of the company as opposed to who controls the company notwithstanding that there may in certain instances be overlap between the two functions. It is submitted that any person who, on the face of it seems unconnected to a company, could effectively manage‘ a company if that person is, in substance, responsible for the most senior executive management functions of the company. The discussion paper issued by SARS recognises the principal difficulties experienced with its current interpretation of the concept and makes valuable points, concessions and recommendations. It also recognised that the 'calling of shots' by the most senior executive is a critical marker of effective management‘ and that control of a company is irrelevant in determining effective management‘. To determine who effectively manages‘ a company each situation would have to be analysed on its own as it is not possible to create a definitive rule on the concept. In many cases the nature of the entity and its modus operandi would have to be taken into account to determine effective management.
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- Date Issued: 2012
The relevance and fairness of the JSE ALTX PRE-IPO share pricing methodologies
- Authors: Magliolo, Jacques
- Date: 2012
- Subjects: Johannesburg Stock Exchange , Stocks -- Prices -- South Africa , Capital market -- South Africa , Stocks -- Prices -- South Africa -- Econometric models
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9018 , http://hdl.handle.net/10948/d1018652
- Description: This three year indepth study was prompted after a decade of working as a corporate advisor for numerous stockbroking firms' corporate advisory and listing divisions. An overwhelming lack of discernible pricing methodology for IPOs on the JSE's Main Board and failed Venture Capital and Development Capital Markets was transferred to the new Alternative Exchange (AltX). This prompted lengthly discussions with former head of JSE's AltX Noah Greenhill. Such discussions are set out in this dissertation and relate to pricing methodologies and the lack of guidance or legislation as set out in the JSE's schedule 21 of Listing requirements. The focus of this dissertation is thus centred on whether the current adopted methodologies to establish a fair and reasonable pre-IPO share price is effective. To achieve this, global pricing methodologies were assessed within the framework of various valuation techniques used by South African Designated Advisors.
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- Date Issued: 2012
The relevance of relationship marketing on the sustainability of Zimbabwe banks
- Authors: Mwanyisa, Tafadzwa
- Date: 2012
- Subjects: Relationship marketing -- Zimbabwe , Customer relations -- Zimbabwe , Information technology -- Zimbabwe , Banks and banking -- Zimbabwe
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9355 , http://hdl.handle.net/10948/1610 , Relationship marketing -- Zimbabwe , Customer relations -- Zimbabwe , Information technology -- Zimbabwe , Banks and banking -- Zimbabwe
- Description: Mass marketing also referred to as traditional marketing, has been criticised for trying to appeal to everyone, without necessarily providing for customers’ needs and wants. Therefore, the traditional marketing mix has been deemed ineffectual in a highly competitive and ever-changing business world, especially in the banking sector. Changes in the marketing environment have led to the development of new concepts such as relationship marketing. The fundamental concept of relationship marketing involves maximising the longterm benefits for the bank and the customer, resulting in a series of transactions, which allow a long-term relationship to be established and maintained. In short, it is a marketing concept that revolves around building and maintaining a long-term link or bond with one’s customers. The Zimbabwean banking sector has been affected by the country`s political and economic turmoil over the past decade. The collapse of the economy has affected the banking sector and its relationship with clients. During the economic crisis, Zimbabwean banks were unable to meet the basic international requirements of the Basel Accord, and as such, no profits were made. Borrowers had problems repaying existing loans; and banks also became reluctant to lend more, as a liquidity problem in the financial system was prominent. In 2009, a new government was formed which introduced the multi-currency system and the economy went on a recovery path. Given the nature of the economy of Zimbabwe, relationship marketing becomes an indispensible marketing tool that banks can use. The main purpose of the research was to investigate the relevance of relationship marketing on the sustainability of Zimbabwean banks. Five independent variables (customer relations, product attributes, promotion and service delivery and information technology) were identified and were tested against one dependent variable (sustainability of banks). A positivist research paradigm approach was used to conduct the research. The approach uses the quantitative method of research to establish causal relationships. Null (Ho) and alternative hypotheses (Ha) were formulated in x order to test the relationship between variables. A five point Likert scale questionnaire was developed and administered in five major commercial banks in Harare, Zimbabwe namey; Banc ABC, Barclays bank, Commercial Banks of Zimbabwe, Stanbic Bank and Standard Chartered Bank. The five major banks were selected in terms of market capitalisation as well as total deposit share among other things. The empirical results revealed that five of the independent variables positively correlated with the dependent variable implying that they all have an impact on bank sustainability. However, the current situation (2011) in Zimbabwe shows that only two independent variables (product variables and service delivery) have any impact on bank sustainability. In other words, there was a relationship between product attributes and sustainability of banks. Additionally, there was a relationship between service delivery and sustainability of Zimbabwean banks. Conclusions sited that product attributes and service delivery, as variables of relationship marketing, if implemented desirably could salvage the lost confidence and contribute to bank sustainability in Zimbabwe. Therefore, recommendations given by the researcher extensively focused on the two variables that have a relationship with Zimbabwean banks’ sustainability; briefly on the three variables (customer relations, promotion and information technology) that had no relationship.
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- Date Issued: 2012
The valuation of amounts for the purpose of inclusion in gross income
- Authors: Spearman, Tarryn Leigh
- Date: 2012
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:887 , http://hdl.handle.net/10962/d1001641
- Description: The present research investigates the valuation of amounts for the purpose of inclusion in gross income. Because the gross income definition in section 1 of the Income Tax Act includes "amounts in cash or otherwise", valuations are often required in order to establish a value in money terms for amounts received or accrued in a form otherwise than in cash. The basis on which these valuations are made can vary and the courts have frequently been called upon to decide on the correct method of valuation. There has been an ongoing debate in the courts as to whether a strict objective approach or a more flexible subjective approach should be adopted when valuing an amount in a form other than cash, which was finally settled in the decision by the Supreme Court of Appeal in CIR v Brummeria Renaissance (Pty) Ltd, which held that an objective approach must be followed. The present research will demonstrate how the strict rule of interpretation tends to result in purely objective valuations as it requires that the ordinary grammatical meaning of words be applied and does not allow the court to consider the purpose of the legislation or introduce any subjectivity based on the circumstances of each individual taxpayer and the facts of each particular case, which a purposive interpretation approach does. The purposive approach to interpretation is therefore more closely aligned with the subjective approach to valuation. Both the objective and subjective approaches to valuation have advantages and disadvantages, which are addressed in the research. The need for certainty in taxation was articulated as early as 1776 by Adam Smith in his Wealth of Nations. The objective approach appears to create a level of consistency as all income received by a taxpayer is effectively taxed as if received by a third party in an arm’s length transaction. The approach has led to unfair decisions at odds with economic reality and generally accepted accounting principles, which could be challenged on the basis of a lack of equity and fairness as required by the Constitution of the Republic of South Africa. The research demonstrates that an objective method of valuation is neither fully objective nor appropriate in certain circumstances, while a subjective approach may be more appropriate as it ensures that each taxpayer’s individual rights are protected. Although the subjective approach successfully addresses the issue of fairness, it threatens to introduce an unacceptable level of inconsistency and is, in reality, not always administratively feasible. The present research concludes that a trade-off between fairness and consistency is often necessary.
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- Date Issued: 2012
Trends and volatility in residential property prices in South Africa
- Authors: Anyikwa, Izunna Chima
- Date: 2012
- Subjects: Housing -- Prices -- South Africa
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9012 , http://hdl.handle.net/10948/d1018221
- Description: This study sought to empirically investigate trends and volatility in residential property prices in South Africa using quarterly data over the period 1980Q1 to 2011Q4. The empirical analysis uses a range of unit root and stationarity tests as well as a number of ARCH-family of models. The results from the trend analysis suggest that the behaviour of house prices in South Africa follows a random walk process. The randomness in the behaviour of house prices could be attributed to permanent effect of shock. Investigation into the dynamic behaviour of the house prices supports the existence of conditional volatility that is time-varying and highly persistent. Moreover, volatility is found to be asymmetric in news suggesting evidence of anti-leverage effects. These findings have important portfolio implications especially, considering the fact that large-scale losses are possible if house prices exhibit the type of persistent in behaviour as captured in this study. Also, the existence of asymmetric effects in volatility suggests that more caution needs to be placed on news arrival as they may have significant impacts on the house price behaviour. Accordingly, this study suggests the need for residential property market to be treated like other asset markets with regards to risk.
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- Date Issued: 2012