bluuebunny/crossref_metadata_2025 huggingface dataset:
Propriété étrangère des banques jordaniennes : conséquences sur la performance, le risque et la stabilité
Authors: Kouzez Marc , Séjourné Bruno
Published: August 2019

En ouvrant son marché bancaire à l’international au milieu des années 1990, la Jordanie a autorisé une remise en cause du modèle existant et la montée d’un actionnariat étranger. Cette étude a pour objectif d’analyser l’impact de l’origine de la propriété des banques cotées durant la période 2005-2015 sur leur performance, leur exposition au risque de crédit et la constitution de fonds propres. Nous montrons qu’un actionnariat étranger dominant est fortement discriminant sur ces trois critères : ratios de solvabilité élevés, qualité supérieure du portefeuille de crédit, meilleure performance que les banques domestiques. Une analyse plus détaillée relative à la taille des banques étrangères permet d’observer que les plus petites d’entre elles se distinguent par une surabondance de fonds propres et par une faible efficience. Nous mettons ainsi en exergue l’intérêt de la prise en compte de cette dimension dans l’analyse de la propriété des banques. Classification JEL  : G21, G32, G38.
Le chômage de longue durée des travailleurs d’origine étrangère affecte-t-il leur propension à nouer des liens sociaux hors de leur groupe d’origine ?
Authors: Valat Emmanuel
Published: August 2019

La sociabilité hors du groupe d’origine est un vecteur important d’intégration à la société d’accueil pour les populations d’origine étrangère. À partir des données de l’enquête française TeO, nous évaluons dans quelle mesure être durablement éloigné de l’emploi influence la sociabilité hors du groupe d’origine pour les travailleurs d’origine étrangère. Notre stratégie économétrique est basée sur l’utilisation, comme instrument, des informations sur les motifs du chômage. La durée du chômage varie selon le motif et certains sont exogènes. Les résultats indiquent qu’être au chômage depuis au moins un an augmente la probabilité d’avoir au moins la moitié de ses amis de la même origine de plus de 40 %. Classification JEL  : A13, J15, J60, Z13.
Are Affirmative Action Policies so Impossible?
Authors: Combe Julien
Published: August 2019

Les politiques de discriminations positives sont un outil utilisé par nombre de décideurs politiques. Un de leurs objectifs est d’améliorer le bien-être d’un groupe ciblé d’étudiants lors d’une procédure d’admission au sein des écoles. Cependant, il est bien connu au sein de la littérature sur les problèmes d’affectation que ces politiques peuvent avoir des effets pervers : les étudiants ciblés peuvent être heurtés par cette dernière. Dans cet article, nous prenons une perspective de bien être interim et montrons que, dans l’environnement particulier de préférences alignées et d’écoles indifférentes, le fameux algorithme à Acceptation Différée ne nuit jamais au bien être des étudiants minoritaires une fois qu’une politique de discrimination positive est mise en place. Nous soulignons les effets sur le bien-être que peuvent avoir l’ordre dans lequel les places au sein des écoles sont affectées au cours de l’algorithme, appelé precedence order . Notre preuve principale montre deux effets d’un renforcement d’une politique de discrimination positive. Un effet direct où la politique augmente la probabilité qu’un étudiant minoritaire a d’être affecté au sein des écoles dans lesquelles la politiques est renforcée. Et un effet indirect : la politique diminue la compétition entre étudiants minoritaires au sein des écoles qui donnent priorité aux minoritaires mais qui n’ont pas vu leur politique être renforcée ; cela augmente l’espérance d’utilité conditionnelle d’un étudiant minoritaire une fois qu’il a été rejeté par les écoles qui ont vu leur politique renforcée. Nous fournissons également des contres exemples montrant que l’environnement que nous considérons est un domaine maximal pour obtenir des effets positifs des politiques de discrimination positives. Enfin, nous réalisons des simulations pour étudier les effets sur le bien-être interim des politiques de discrimination positives quand nous quittons l’environnement i) des préférences alignées et ii) d’écoles indifférentes. Les résultats soulignent que le plus les préférences des étudiants sont corrélées, meilleures sont les performances de ces politiques et le moins les écoles sont indifférentes, pire sont les performances. Elles soulignent également que la règle utilisée pour casser les indifférences des priorités au sein des écoles peuvent avoir des effets différents : la règle de Casse Multiple d’Indifférences tend à heurter moins d’étudiants minoritaires qu’une règle Casse Unique d’Indifférences .
Évaluation du consentement à payer des riverains pour la restauration du lac Tchad
Authors: Ombiono Kitoto Patrick Arnold
Published: August 2019

La disparition de 90 % de la superficie du lac Tchad a conduit les États riverains à élaborer un projet de restauration de cet actif naturel. Nous proposons ici de mesurer le consentement à payer des bénéficiaires de ce projet. La démarche méthodologique a fait recourt aux données d’une enquête d’évaluation contingente menée en 2011 dans la partie camerounaise du lac Tchad et aux procédures statistiques et économétriques adéquates. Tout d’abord, nous révélons que 70 % au moins des enquêtés sont favorables à la réalisation du projet. Ensuite, nous estimons le consentement à payer à 55 240 FCFA par ménage, soit un bénéfice social de 3 606 572 049 FCFA. Ces résultats sont ainsi la preuve que, du point de vue de la population riveraine, il y a un bénéfice réel à préserver le lac Tchad.
Prélèvement à la source de l’impôt sur le revenu et année de transition
Authors: Le Garrec Gilles , Touzé Vincent
Published: August 2019

Le passage au prélèvement à la source de l’impôt sur le revenu prévu en France pour l’année 2019 introduit deux modifications fiscales. D’abord, puisque les impôts prélevés en 2018 le seront sur la base des revenus 2017 et ceux de l’année 2019 sur ceux de l’année 2019, les revenus 2018 ne seront pas fiscalisés, laissant ainsi place à une « année blanche ». Ensuite, les contribuables perdront l’avantage du paiement de l’impôt avec une année de décalage, caractérisant ainsi une hausse implicite d’impôt. Dans cet article, nous évaluons l’impact respectif de ces deux effets. Nous montrons que l’année blanche seule se traduit par une baisse annuelle des recettes fiscales proportionnelle à la différence entre le taux d’intérêt nominal et le taux de croissance des recettes fiscales. Ensuite, lorsqu’on tient compte de la hausse fiscale implicite, nous montrons comment l’État voit ses rentrées fiscales totales augmenter relativement au taux de croissance nominal de l’économie. Pour ce qui est des contribuables, nous montrons que le prélèvement à la source aboutit à un impact inégalitaire, toujours en faveur des générations les plus âgées au détriment des plus jeunes et potentiellement des futurs contribuables.
Quality circles: A managerial response to the productivity problem
Authors: Smalley L. J. , Bocker H. J.
Published: August 2019

The purpose of this article is to outline the development of the quality circle (QC) philosophy, its benefits and problem areas in which it can be applied, with reference to both theory and practical application. The QC organizational structure and special functions of the groups, individuals and committees involved in the process are also discussed. The groups comprise the members, leaders, staff for technical support, facilitators (or coordinators), middle and top management, steering and advisory committees and union officials. A process flow diagram is used to represent a model of the QC flow for one complete operating cycle. It shows the various interdependencies of all the groups involved and how this system actually functions.
Die metodiek en aanwendingsmoontlikhede van 'n markprysbepalingsmetode by onduursame verbruikersgoedere
Authors: Lerm Chris P.
Published: August 2019

The methodology and applicability of a method to determine the market price of non-durable consumer products Proper pricing should be done in three phases. Firstly, the determination of the market price, namely that price which the consumers are prepared to pay for the amount of need-satisfaction they perceive from using the product. Secondly, the determination of the target price, namely that price which will give a satisfactory rate of return on investment for the firm. Thirdly, the determination of the final price, by achieving a match between the market price and the target price. The present methods to determine the market price were analysed and with this information a new method to determine the market price of non-durable consumer products was developed. The objectives of this article are to report on an empirical investigation undertaken to test the feasibility of this method and the seven steps to follow in using the method; and to outline the results obtained and conclusions which may be reached; the implications and use of the empirical data; and the method to determine the market price.
The human resources crisis in South Africa: Challenges and opportunities for business
Authors: Schutte F. Grant
Published: August 2019

In view of the importance of the human asset to the South African economy, the major crises facing South African managers in the human resources area are discussed, together with possible solutions to these problems. The six major components of the human resources crisis, as perceived by the author, are related in a matrix to 11 major challenges or opportunities for management, in the handling of these problems. The crisis components discussed are: actual and potential large-scale black unemployment; a shortage of skilled and semi-skilled labour; a shortage of supervisory and middle management; socio-political wage pressure; strikes; and problems relating to cultural differences. The challenges facing business include: the promotion of entrepreneurship; developing greater understanding of cultural differences; development and retraining; skills training; selling the free enterprise system; the creation of jobs; effective delegation, communication, control and feedback; improved union negotiation; improved industrial relations; increased productivity; and the development of strategies and plans to prevent a greater crisis.
An empirical investigation of the goals of listed firms on the Johannesburg Stock Exchange
Authors: Bosch Johan K. , Du Plessis Alwyn P.
Published: August 2019

In economics and finance it is often assumed that firms merely seek the maximization of shareholder wealth. In order to test this hypothesis an empirical investigation on the goal structure of firms listed on the Johannesburg Stock Exchange was performed with special reference to the relative importance of the concept of shareholder wealth maximization and social responsibility of the firm.The responses indicated that the wealth maximization hypothesis tested in this survey appears to be applicable for the firms which participated, albeit not always in terms of all the possible parameters of the wealth maximization hypothesis.
Experience curves as a planning tool. Part 2. Pyrrhic victories and practical problems
Authors: Robinson Cedric G.
Published: August 2019

Strategies based on the experience curve effect require that predatory price cutting leads to enhanced market share and an increasingly competitive cost structure vis-à-vis the competition. The company that rides the experience curve to the bank has cost advantages, pricing discretion and reaps handsome profits. Corporate graveyards are littered with the corpses of companies who have adopted too naive an approach to, and too simplistic an acceptance of, the concepts first pioneered by the Boston Consulting Group. This, the second of two articles on the experience curve, highlights pyrrhic victories in the quest for market share and asks six key questions that need to be answered before adopting an experience-driven strategy. Likewise 12 problem areas in the application of this approach are identified.
Bestuursoriëntasie in 'n dualistiese ekonomie
Authors: Human C. J.F.
Published: August 2019

No abstract available.
How successful are motivation theories in practice?
Authors: Marx F. W.
Published: August 2019

In this study, 503 South African companies are used to ascertain the utilization of various important theories of motivation. Furthermore, utilizing the questionnaire method, the perceived success of the various theories and practices with the main South African population groups was assessed. The findings are of great importance: motivation theories are not applied extensively; but perhaps of greater importance is the finding that companies report less than 50% success rate in the application of these theories.
Defining project success
Authors: Kerzner H. , Ghyoot V.
Published: August 2019

The authors explain why an understanding of the meaning of success is crucial to the achievement of project success; examine the definitions of project success found in the literature and make some suggestions regarding the meaning of project success.
Retailing strategy: The need for revision of the traditional orientation
Authors: Leibold M.
Published: August 2019

The central theme of this article is that the traditional orientation to retailing strategy seems inadequate to cope with changing environmental realities of especially the past decade. The traditional concept of retailing strategy is analysed, and the general marketing strategy nature thereof is indicated. The difference between enterprise and marketing strategy is highlighted, and the nature and importance of a broadened enterprise strategy emphasis are stressed. The latter approach incorporates three hierarchial levels of strategy orientation, which lead to appropriate decisions regarding the character, scope and mission of a retail enterprise's activities.
MIS problems in a batch processing environment
Authors: Bruwer P. J.S. , Pretorius C. E. , Steyn H. S.
Published: August 2019

Performance measures like profits are an important criterion for evaluating the success of computer-based management information systems. However, the study of performance of a computer-based information system is difficult because of measurement problems and a large number of variables which affect performance. Many technically well-designed systems have failed to achieve their objectives or to work at all, because important factors which can contribute substantially to the success of an MIS were ignored. Based on a research project carried out in a large organization where the computer-based systems operate on a batch data processing system, this paper discusses some of the major problems which can lead to the total failure of an MIS.
Financial implications of a change to LIFO inventory valuation
Authors: Firer C. , Mowszowski N.
Published: August 2019

A number of South African companies have, in recent years, changed their method of inventory valuation to the last in, first out (LIFO) technique. The implications of such a change go far beyond merely reducing reported earnings and inventory levels. This article examines the effect of LIFO on some key financial variables of companies. It also considers the extent to which listed companies in South Africa have communicated with the market in order to ensure that the perceptions of such interested parties as shareholders, lenders and analysts are not distorted by the differing methods of accounting.
The relevance of various subject areas taught in business strategy. The use of multidimensional scaling to map managers' perceptions
Authors: Miller P. A. , Money A. H.
Published: August 2019

The research outlined had as primary objective the testing of managers' perceptions of those areas taught in the business policy programmes. A significant finding is the cognitive linking of strategy and structure without prior exposure to the literature or concepts. Among top managers this linking was related to resource orientation, a conclusion previously held by Bower (1970). The perceptual positioning of a political orientation suggests that the emphasis given to intra-organizational political strategies is of little relevance to managers who prefer organizations without a political atmosphere. Finally the 'fire-fighting' aspect which often makes the case-study method pedagogically exciting is questioned, because the aspect is closely related to the functional duties of executives rather than the strategic nature of the executive function. 'Fire-fighting' problems are per se short-term and are radically different to strategic problems which require a broader long-term view.
The horse racing industry and the efficient markets hypothesis
Authors: Affleck-Graves J. F. , Money A. H. , Miedema K.
Published: August 2019

Betting on the racetrack and investing in the stockmarket have many characteristics in common. These similarities are discussed in this paper and the applicability of efficient markets theory to the market for horse racing bets in South Africa is examined. Both the weak form and the strong form of the efficient market hypothesis are empirically tested. The results indicate support for both forms although some small deviations from the theory do exist. Most notable of these is that on average long-odds horses win less frequently than suggested by their quoted odds whilst short-odds horses win more frequently than implied by their odds. However, these weak form deviations are not sufficient to enable consistent profits to be made. The performances of ten experts with potential access to inside information are examined and the results indicate that on average they are not able to earn superior investment returns. In fact, all ten had negative returns over the period examined and only three of them did better than the naive strategy of backing the favourite.
Reply to a letter on 'Gold Shares versus krugerrands'
Authors: Barr G. D.I.
Published: August 2019

No abstract available.
Toegevoegde waarde in jaarverslae van Suid-Afrikaanse maatskappye: 'n Kort oorsig van die praktyk
Authors: Du Plessis A. P.
Published: August 2019

South African listed companies (Johannesburg Stock Exchange, Industrial) have been following the example of British Companies since 1977 in the inclusion of a value-added statement in the annual report. An analysis of the statement of value added in the annual reports of 47 South African companies has shown that in respect of items like the title of the statement, the format, non-trading debits and credits, payroll costs, interest and dividends, taxation and retentions, a variety of practices are followed. The mere fact that information made available in the statement of value added is not standardized, complicates the task of interest groups such as shareholders, creditors, employees, financial analysts and others. This matter should receive the urgent attention of the Accounting Practices Board of the South African Institute of Chartered Accountants.
The strategic orientation of marketing planning by franchised motor dealers: A pilot study
Authors: Boshoff C. , Du Plessis P. J. , Heath E. T.
Published: August 2019

A number of authors have emphasized the necessity for a strategic orientation towards organizational planning and marketing planning, particularly if firms operating under dynamic and ever-changing market conditions want to survive and prosper. Changing market conditions can offer both opportunities and threats to business firms. To achieve its goals a firm thus has to ensure that its 'strategic fit' with its environment is at an optimum to enable it to exploit opportunities and successfully overcome threats. Against this background a pilot study was undertaken to evaluate the strategic orientation of marketing planning by franchised motor dealers. The findings of this study seem to indicate that marketing planning by franchised dealers in the motor industry is not conducted in the manner suggested in the marketing literature. More specifically the findings of this study are that, with a few exceptions, respondents do not strategically plan their marketing effort, do not conduct their marketing planning in a formal, structured manner as suggested in the literature, and depend to a large extent on their manufacturers with regard to important aspects of their marketing planning. It furthermore appears as if the marketing efforts of manufacturers and respondents are not sufficiently co-ordinated and integrated.
Kapitaalvorming by landboukoöperasies
Authors: Hamman W. D. , Lambrechts I. J. , Mostert F. J.
Published: August 2019

This article covers an analysis of capital formation of 31 representative agricultural cooperatives and follows on a previous article which covered their financial situation for the period 1975 - 1985. Concerning the capital formation, it appears that share capital did not play a major part as a source of permanent capital. Although reserves increased, it could not keep pace with the increase of the total assets. The main sources of capital formation were deferred bonuses and members' levy funds which increased more rapidly than the total assets. The total interest credited and paid on the deferred bonuses and members' levy funds were respectively 7% and 9% of the opening balances. The planned rotation of both kinds of funds was relatively small in comparison with the opening balances, while the unplanned payment of the members' levy funds was larger than the planned rotation. Although rotation did not take place to a large extent, it can be a matter of concern when the funds will have to be repaid in the foreseeable future.
A holistic organizational behaviour model for organization renewal
Authors: Watkins M. L. , Barnard A. L.
Published: August 2019

There is a need to identify the dependent and independent variables that play a role in organizational renewal. The scientific basis of previous attempts to identify these variables are questionable as they represent the haphazard inclusion of some contextual variables. A holistic view of approaches to organization theory, and its integration with contemporary organization models, makes it possible to scientifically develop and describe a holistic model of organizational behaviour. The model indicates that organizations are composed of human, strategic, technological, control-and-motivation and boundary subsystems. The interaction between these subsystems manifests itself in complex organizational processes which create a climate and culture of shared norms and values. The model identifies those dependent and independent variables which should be considered during renewal attempts. An empirical investigation of the practical value of the model shows that, by using the model as a frame of reference for renewal, positive change can be facilitated in various subsystems and processes. The model can therefore successfully be applied in the practice of organization renewal.
Some critical factors in personal financial planning
Authors: De Wit P. W.C.
Published: August 2019

The use of effective financial planning is often neglected by private individuals. In the inflationary environment of today the lack of financial planning can lead to financial disaster, especially when a person reaches his or her retirement age. This article reports the results of a study regarding financial planning by private individuals. It highlights the different levels of wealth obtained and some of the methods used in obtaining those levels of wealth. An effort is made to give advice to the individual in order to curb the statement so often heard: 'If I were a rich man'.
The gearing adjustment of AC 201: Comparison with SSAP 16 and Philips 1981
Authors: Van Hoepen M. A. , Lambrechts I. J. , Mostert F. J.
Published: August 2019

The objective with this article is to analyse and compare the method of calculating the gearing adjustment as applied in the United Kingdom (SSAP 16), the Netherlands (Philips 1981 version) and South Africa (Guideline AC 201). It could be read together with Van Hoepen, Lambrechts and Mostert (1989). The gearing adjustment is an important step in inflation accounting because it recognizes the fact that a certain portion of assets could be financed in such a way that the detrimental effect of inflation is decreased. Important differences in gearing adjustment methods could result in different conclusions drawn from the analysis of financial statements and could consequently influence the financial investment decision, especially in a period of galloping inflation. The main conclusion from the comparison of the three systems is that they result in the same total adjustments over a period of time but that there are important differences over the medium and short term as well as in the present values of these adjustments. The three systems result in full capital maintenance of equity capital over time, in the case of both net monetary liabilities and assets.
lndustrialisasie van gevorderde tegnologieprodukte met lae volume
Authors: Uys Rene , Pieters Eric
Published: August 2019

Industrialisation or advanced technology products with low volume. A noticeable revolution has occurred in the manner in which products are produced. Mainly due to an increase in productivity in order to achieve prosperity and progress, a rapid change in technology due to an increase in research and development, and the growing complexity of both the product and the technique to produce it. This requires that more emphasis is placed on the thorough industrialisation of high technology products. Problems are experienced with regard to communication, involvement during the different project life-cycle phases, cultural differences between development and production, documentation management, component manufacturing, instruments, manpower and low volumes during the transfer phase by high-technology companies. In this article the focus is on the project management approach as a possible mechanism to deal with the mentioned problems and to manage the production of high-technology products with a low volume.'n Merkbare revolusie het in die wyse waarop produkte geproduseer word, plaasgevind - hoofsaaklik weens verhoogde produktiwiteit wat nodig is vir groeiende welvaart en vooruitgang, die snelle verandering in tegnologie weens toenemende navorsing en ontwikkeling en die groeiende kompleksiteit van beide die produk en die tegniek om die produk te produseer. Dit bring mee dat meer klem op die deeglike industrialisasie van gevorderde tegnologieprodukte gele moet word. Probleme word egter tans tydens die oordragfase ten opsigte van kommunikasie, betrokkenheid tydens die verskillende projeklewensiklusfases, kultuurverskille tussen ontwikkeling en produksie, dokumentasiebestuur, komponentvervaardiging, gereedskap, mannekrag en lae volumes deur tegnologie-organisasies ondervind. In die artikel word op die projekbestuursbenadering gefokus as 'n moontlike meganisme om genoemde probleme aan te spreek in die bestuur van die vervaardiging van gevorderde tegnologieprodukte met 'n lae volume.
'n Model vir fasette van strategiese beplanning vir inligtingstelsels in organisasies
Authors: Bruwer P. J.S.
Published: August 2019

The key to success for the information-system function in an organisation is an efficient planning system. According to Head (1967, 23) managers are classified in levels of strategic planning, management control and operational control. Managers on these levels are respectively responsible for long, medium and short term planning. The information-system function is compatable with other organizational functions. Like other organizational functions it also consists of managerial levels which has to plan for the effective and efficient utilization of scarce resources. In this research project data has been collected from top and middle managers of two large financial institutions in South Africa. Models were developed to assist management in their task of strategic long and medium term planning of the information-system function.
Business ethics: Should the punishment fit the crime?
Authors: Pitt Leyland F. , Watson Richard T. , Nel Deon
Published: August 2019

In this paper an empirical investigation is reported of the attitudes of purchasing managers to the degree of wrongness of a range of ethically problematical issues and what the corresponding punishment should be for these actions. The study found a significant difference between what purchasing managers believe is wrong and how willing they are to punish transgressors. It is suggested that the largest difference between a wrongful action and its punishment occurs when the action is clearly wrong, but the financial impact upon the employer is minor. The paper concludes by suggesting areas for future research that could explore why there is a difference between a crime and its associated punishment.
The relationship between excess returns, firm size and earnings on the Johannesburg Stock Exchange
Authors: Page Michael J. , Palmer Francis
Published: August 2019

While considerable empirical work has been conducted in the United States concerning excess returns and the relationship of these returns to firm size and E/P ratio, thus far, there have been few similar empirical studies conducted using Johannesburg Stock Exchange (JSE) data. Evidence of firm size or E/P ratio effects has been ascribed by various authors to either model misspecification or market inefficiencies. In this article the evidence is examined for the South African market using 1370 company years of data over the period 1978 to 1988, and a significant earnings effect is found, but no size effect. In the analysis the problem of data bias is considered with particular emphasis on thin trading issues, and a methodology for future empirical work is described. Finally, it is suggested that the evidence can be better explained by market inefficiencies than model misspecification.
South African consumer sentiment towards marketing
Authors: Boshoff Christo , Du Plessis Alwyn P.
Published: August 2019

Generally the marketing literature suggests that the key to a firm's survival and growth is its satisfaction of consumer needs. This philosophy is embodied in the so-called marketing concept. In order to determine to what extend South African firms succeed in achieving consumer satisfaction, this study investigated empirically, the way in which consumers perceive marketing and marketing related practices. The results of a survey involving 3000 respondents suggest that consumers are fairly dissatisfied with the marketing fraternity and its activities. The 'Index of Consumer Sentiment Towards Marketing' is -16,262 with a theoretical maximum and minimum of +280 and -280, respectively. The only positive index for an individual marketing mix element is that for retailing and the lowest index is that for pricing. The results show that marketers are not perceived as being successful in satisfying market requirements.
Organisasiestrukture van landbou-ontwikkelingsinstellings
Authors: Kroon J. , Steyn H. J.P.
Published: August 2019

Organization structures of agricultural development Institutions. Agriculture plays an important role in the economic activities of the developing regions of Southern Africa. The public sector has an important role to play in promoting agricultural development. This role can be fulfilled by government departments. These inititutions are, however, often restricted in this function. As a result of this, all the independent states and self-governing territories in Southern Africa have created independent institutions to undertake agricultural development. In this article, attention is firstly given to a short description of agricultural development institutions and following that, the approach in organizational design is given. An analysis of the environment in which agricultural development institutions operate is given to serve as basis for proposing a development strategy for these institutions. Based on this proposed strategy, the functions to be performed by agricultural development institutions are formulated, and an organizational structure for agricultural development institutions, is proposed.Landbou speel 'n belangrike rol in die ontwikkelende gebiede van Suider Afrika. Die openbare sektor het 'n groot verantwoordelikheid ten opsigte van die bevordering van landbou-ontwikkeling. Hierdie rol kan deur staatsdepartemente vervul word. Weens verskeie organisatoriese beperkings van sulke instellings het al die onafhanklike state en selfregerende gebiede in Suider Afrika onafhanklike korporatiewe instellings vir landbou-ontwikkeling geskep. In hierdie artikel word landbou-ontwikkelingsinstellings beskryf. Daarna volg 'n bespreking van 'n benadering tot organisasie-ontwerp. 'n Ontleding van die omgewing waarin sodanige instellings funksioneer, dien as basis vir die formulering van 'n toepaslike ontwikkelingstrategie. Met die strategie as basis word die funksies van landbou-ontwikkelingsinstellings bepaal, en 'n organisasiestruktuur voorgestel.
Ethics and financial reporting
Authors: Nossel B. , Firer Colin , Ford J.
Published: August 2019

In order to establish the way in which Chartered Accountants in South Africa regard the ethics involved in the presentation and management of reported results, the opinions of a random sample of Chartered Accountants were surveyed. It was found that South African Chartered Accountants appear to be more conservative than their American counterparts and have a different ethical perspective towards financial reporting. In general, auditors were found to be slightly more ethical than Chartered Accountants in industry and commerce. Two thirds of the respondents also indicated that they had encountered a significant amount of unethical practice in the preparation of financial statements.
Seasonal patterns in the South African share index futures market
Authors: Watson G. , Smit E. V.D.M.
Published: August 2019

In this article three near futures contracts are examined, namely the All Share Near Future, the All Industrial Near Future and the All Gold Near Future, to determine whether daily futures returns exhibit well-documented seasonal patterns. The detection of seasonal patterns in the daily returns for the three underlying indices, namely the All Share Index, the All Industrial Index and the All Gold Index, is also included. Results are compared to the findings of Hattingh Smit. It is shown that seasonal similarities exist between the futures market and the spot market. Seasonal phenomena in the underlying indices further tend to remain stable over the different sample periods considered.
The balance of power between food manufacturers and retailers
Authors: Spence Jacqueline L. , Fourie A. W.F.
Published: August 2019

There is an ongoing debate as to who in the South African food sector holds the most power - the manufacturer or the retailer. This debate becomes particularly heated at times when the price of food is seen to be rising disproportionately to the overall inflation rate, as evidenced in 1991. This research contributes to the debate surrounding the balance of power. The overall balance of power is seen to be made up of three components: power - the ability of member A to alter the decisions of member B; non-coercive sources of power - the ability to give assistances/rewards; and coercive sources of power - the ability to apply punishments. It was found that manufacturers are strongest on the power dimension, retailers have the greatest strength in the coercive sources of power dimension, and neither retailers nor manufacturers have the upper hand in respect of non-coercive sources of power. The overall balance of power is, however, perceived to be dynamic in nature and likely to change in future due to issues such as changing consumer profiles and the installation and commissioning of sophisticated information systems by retailers.
Do South African managers focus on the creation of shareholder value?
Authors: Fasol Ronald , Firer Colin
Published: August 2019

Self-administered questionnaires were sent to executive level managers of randomly chosen Johannesburg Stock Exchange (JSE) listed companies. Respondents were tested for their understanding and implementation of shareholder value practices. The majority of respondents were at a senior management level. It was found that shareholder value management is still regarded as a financial management tool and not understood to be a framework for the integration of financial and strategic planning using the economic model of the firm. The majority of respondents allocate resources on a project by project basis and use the top-down approach in the setting of financial targets resulting in a concentration of value around a few business units in the company's portfolio. Strategic plans are not generally evaluated according to shareholder value potential. A shortcoming is the use of accrual accounting measures in financial planning and for the setting of performance targets. A limited number of respondents had full financial and operational autonomy in their business units and performance targets were mostly short term (less than three years) in nature.
Black customers' perceptions of service quality in the life assurance industry
Authors: Sandler Merle , Bendixen Mike , Elfassy Riri
Published: August 2019

With this research we sought to evaluate black customers' perceptions of service quality in the life assurance industry. Personal interviews were conducted nationwide with 165 policy holders of a company. Altogether 18 of the company's managers from various regions filled in the questionnaire for comparison purposes. The difficulties experienced in doing research in disadvantaged communities were highlighted. This could be a challenging area for future research as the specific needs of consumers in this important market are still largely unknown to marketers and service providers. The pilot study revealed that it was necessary to simplify the scales that are usually used, to phrase the questions in the terminology used by the consumer and to rescale the responses. It was established that the criteria used by black customers in the life assurance industry to assess service quality were different from those of Parasuraman, Zeithaml Berry but the generally held view that expectations of service quality are higher than perceptions was upheld. Cluster analysis and ANOVA revealed that perceptions of service quality varied among customers with different socio-economic backgrounds.
Corporate sponsorship of the Rugby World Cup 1995: An analysis of sponsors and spectators
Authors: Spence Jacqui , Abratt Russell , Mattheus Douglas
Published: August 2019

This study analyses the participation of sponsors and their success in a major world sports event, the Rugby World Cup 1995. Both the sponsors as well as a sample of spectators are interviewed. Sponsors are asked why they sponsored this event, their objectives, communications programme and their evaluation of the sponsorship. Spectators are asked if they can recall the sponsors of this event and whether their buying behaviour has changed as a result. The results indicate that most sponsors reached their objectives, but from the spectator point of view, there were some mixed results. A literature review of sponsorship in sport is undertaken, as well as some guidelines proposed for those organizations considering sponsoring a major sports event.
On international fund construction in South Africa
Authors: Bradfield D. J. , Ardington C. S.
Published: August 2019

This article focusses on portfolio construction in markets where legislation restricts investors from investing in international markets. An extended market model is implemented to additionally estimate a component of foreign market risk. In the first part of the article the decomposition of the risk of securities on the Johannesburg Stock Exchange (JSE) is empirically demonstrated. In the second part an automated portfolio construction methodology based on the resulting foreign risk estimates of the model is empirically tested on the JSE. The results confirm there is potential for improving the performance of existing 'international' funds on the JSE using more rigorous quantitative approaches such as the one proposed here.
Sales force compensation and incentive schemes: Practices in the South African pharmaceutical industry
Authors: Abratt Russell , Klein Manfred
Published: August 2019

Compensation plans that incorporate incentive schemes act as a sales force motivator. This study deals with sales force compensation plans from a management perspective, in the South African pharmaceutical industry. A literature review of incentive schemes is provided. Results are reported about the compensation plans and incentive schemes of 38 organisations. The design, implementation, and evaluation of sales force compensation and incentive schemes are discussed. Guidelines for the development of sales force incentive schemes are provided.
The effect of the ISO 9002 system standard on South African food manufacturing
Authors: Steenkamp Rigard
Published: August 2019

The objective of this investigation was to establish the effect of the International Organisation for Standarization (ISO) on food manufacturing. The in-depth investigation took the form of an exploratory and a descriptive study of SABS certification (with the focus on SABS ISO 9002) in the food manufacturing industry. A qualitative and quantitative approach was followed. The research strategy necessitated a personal survey in which all SABS certified food manufacturers were visited. The in-depth study required three measuring instruments to increase internal validity. The empirical study showed that, regardless of hard work, much documentation, fear of change, cost implications and culture problems, food manufacturers are very positive, loyal and committed to the system according to SABS ISO 9002. By integrating the results of the exploratory and descriptive studies, the primary positive outcomes were that culture in terms of participation, discipline and uniformity is a dimension that benefited very much; conformance to specifications showed an average improvement of up to 77%; customer complaints decreased by 57%, customer satisfaction improved and process efficiency improved by 10.4%.
Do share prices fully reflect the information about future earnings in accruals and cash flow?
Authors: Heyns P. J. , Hamman W. D. , Smit E. V.D.M.
Published: August 2019

This article follows the methodology employed by Sloan to evaluate whether share prices fully reflect the information about future earnings contained in the cash flow and accruals components of current earnings. The first hypothesis predicted that the persistence of earnings attributable to the cash flow component of earnings is greater than the persistence of earnings attributable to the accrual component of earnings. The results indicate that this is indeed the case. The second hypothesis predicted that share prices would react as if investors fixate on earnings, and fail to distinguish between the different properties of the cash flow and the accrual components of earnings. In all cases investigated, the null hypothesis of market efficiency was rejected. However, investors did appear to distinguish between the different properties of cash flow and accruals. Market efficiency was rejected as the influence of both components of earnings was underestimated. Thus, although investors were not successful in unscrambling the earnings data, they did not appear to display an earnings fixation.
The development of shared values: Impact on employee behaviour and on customer perception of service
Authors: Thomas Adèle , Doak Robyn
Published: August 2019

Diversity of employees in the workforce is increasingly becoming a feature of South African business. Current debate in South Africa has concerned the marginalisation of groups of employees who, historically, have never been part of establishing existing corporate cultures, and accordingly, it has been argued that tensions exist in the workplace with a related negative impact upon company performance. The main aim of this exploratory study was to investigate whether the negotiated values system operating at a South African marketing and communications company impacts on decision making, cultural interaction and behaviour towards fellow employees and customers. A second aim of the study was to investigate whether the list of negotiated values at the company could be clustered into values categories for possible consideration by other organisations. The findings of the study appear to indicate that the negotiated values system positively impacts upon decision making in the company and upon employee behaviour both towards fellow employees and towards customers. The system also facilitates interaction and understanding amongst culturally diverse employees. It is also possible to cluster the values into four values categories that govern behaviour in different areas namely behavioural. interpersonal, developmental and team building values. It is concluded that the negotiated values system might be indicated as an effective tool for managing employee diversity in South African companies, both for the internal working together of employees and for the promotion of effective customer service.
The relationship between a market orientation and financial performance in South African organisations
Authors: Loubser S. S.
Published: August 2019

Organisations are in constant flux and with powerful universal trends such as globalisation, technological discontinuity, deregulation and new competencies within a continuously changing environment, both business leaders and academics are searching for new insights into organisational dynamics. In recent years more and more academics have suggested that a market orientation should be considered as a business philosophy and/or business behaviour that will lead to better business performance. However, not much research has been done on this organisational phenomenon and it is not well understood. Market orientation has been defined in this study as the business culture that is focused on creating mutually rewarding relationships between customers and the organisation based on a foundation where (I) the interests of all stakeholders are actively pursued: (2) competitive advantage is based on the organisation's ability to learn from the market itself, and to mobilise core competencies in response: (3) a set of beliefs exists that puts the customer's interests first: and (4) processes exist that support this belief. This study differs from previous empirical research on market orientation in that it takes a systemic view of market orientation, rather than a cause-effect view. It considered 449 unlisted and 51 listed organisations, and found that a market orientation leads to better financial results. Also, market orientation is a necessary, but maybe not sufficient, condition for business excellence, and further research needs to be done in this regard.
The interaction between training and change in South African organisations
Authors: Struwig Miemie , Smith Elroy , Venter Danie
Published: August 2019

This article outlines the results of a study which investigates the interaction between training and change in South African organisations. A literature study provides a theoretical foundation which explains the nature of the interaction between training an change in the organisation. An empirical survey was conducted, using a self-administered questionnaire which was sent to 365 training practitioners to test six null-hypotheses. To prove the stated hypotheses, specific statistical methods, such as analysis of variance and correlation coefficients, are used. The results showed highly significant relationships between training and organisational change variables (one of the null-hypotheses was rejected). The results indicated that management should use training to facilitate change in the organisation. This, however, requires a shift in emphasis regarding the traditional role of training in the organisation. Training should be placed at the centre of human resources practices and the strategic plans of the organisation.