bluuebunny/crossref_metadata_2025 huggingface dataset:
Vertical mergers – the European guidelines on non-horizontal mergers and their relevance for South Africa
Authors: Saggers Grant
Published: April 2017

There has been a long and heated debate in the world of antitrust about the likely effects of vertical integration on competition and welfare. The publication of the European Commission’s Guidelines on the assessment of Non-horizontal mergers in November 2007 has again brought this debate into the spotlight. Competition authorities find themselves faced with the complex task of balancing the potential pro-competitive efficiencies of these mergers against the concerns that, in some circumstances, vertically-integrated firms could use their presence at multiple levels of the production chain to strategically soften competition. This paper outlines the current thinking on vertical mergers as presented in the Guidelines and examines, through an evaluation of a past Competition Tribunal decision, how the South African competition authorities have handled the complexities presented by vertical transactions.
Boundary management of employees’ non-work lives: effects on South African workers’ commitment
Authors: Lee Gregory John , Steele Clare Louise
Published: April 2017

Employees’ lives are holistic, and are comprised of many roles, resulting in complex interactions between their work and non-work lives. Broadly speaking, organisational responses to this could include ignoring employees’ non-work lives (separation), active involvement (integration), or creating flexibility and tolerance, thereby enabling employees to manage conflict (respect). This study investigates whether such response types impact differently on employee commitment. The findings suggest that a separation response decreases affective commitment, moderated by greater non-work involvement or role conflict. A respect response increases affective commitment, moderated by high non-work involvement, role conflict, ‘hindrance’ coping or lower career commitment. Continuance and normative commitment were not affected. These findings suggest that managers might take a role in employees’ non-work lives by creating flexibility and tolerance at work. However, managers should probably avoid implementing paternalistic approaches that attempt active involvement.
Using an inflation-augmented price-earnings ratio to guide tactical asset allocation
Authors: Saville Adrian
Published: April 2017

Asset allocation plays a central role in determining investment outcomes, and available evidence shows that portfolio results can be enhanced through tactical asset allocation if managers use the simple price-earnings ratio as a predictor of equity returns. Recently, some international evidence has emerged which shows that, by augmenting the price-earnings metric with information about consumer price inflation, further enhancements can be achieved in tactical asset allocation.  This study reviews these arguments  as they apply to South Africa, and finds that an inflation-augmented price-earnings ratio is more successful in forecasting equity returns than is the simple price-earnings ratio.  Moreover, the metric is found to be significant in explaining relative asset class returns. On a risk-adjusted basis, however, the tool fails to improve the portfolio results when compared to a buy-and-hold strategy.
Considering the Harmonic Sequence “Paradox”
Authors: Vivian Robert
Published: April 2017

Blavatskyy (2006) formulated a game of chance based on the harmonic series which, he suggests, leads to a St Petersburg type of paradox.   In view of the importance of the St Petersburg game in decision theory, any game which leads to a St Petersburg game type paradox is of interest.  Blavatskyy’s game is re-examined in this article to conclude that it does not lead to a St Petersburg type paradox.
Econometric estimation of Armington elasticities for selected agricultural products in South Africa
Authors: Ogundeji Abiodun , Jooste Andre , Uchezuba D
Published: April 2017

Price transmission behaviour is used to model the impacts of different trade regimes; if this behaviour is not modelled correctly, the trade impacts can be either under- or overestimated.  Due to the lack of elasticities of substitution pertaining to selected imported and domestically produced agricultural products in South Africa, ‘Armington’ elasticities, using quarterly data from 1995-2006 and three different models, based on the time series properties of the data, are estimated in this paper.  Considering the long-run elasticity results, soyabeans (whether broken or not) and meat of bovine animals (frozen) are the most sensitive import products, followed by maize, meat of bovine animals (fresh or chilled), sunflower seeds, and wheat and meslin. Regarding the short-run elasticity, soyabeans are the most sensitive import product, followed by meat of bovine animals (fresh or chilled); meat of swine (fresh, chilled or frozen) is the least sensitive import product.
Factors threatening the survival of independent financial advisers in their organisational life cycle: an exploratory study
Authors: Van Tonder Estelle , Ehlers Lené
Published: April 2017

This study investigates various threats to the survival of independent financial advisers in their organisational life cycle.  Telephone interviews were conducted to gain more insight into the demographic data of the respondents and to attempt to group them into life cycle stages.  Personal interviews were conducted to investigate the respondents' problems.  The contribution of this study is twofold:  First, general life cycle stages applicable to the businesses of independent financial advisers were determined.  Secondly, the study identified the important problems as well as those that ought to be consideration in the advisers' businesses.  The findings could be of assistance to independent financial advisers in analysing both their current business position and their planning for future requirements as the business develops from one stage to the next.
Analysing the trade effects of the EU-SA & SADC trading agreements: a panel data approach
Authors: Jordaan Andre Cillie , Kanda Patrick
Published: April 2017

This study investigates the trade effects of the EU-SA and SADC preferential trade agreements of which South Africa is a member. Using a panel data estimation of the gravity model of bilateral trade and based on data from 1994 to 2008, the study finds the EU-SA preferential trade agreement to have a significant trade expansion effect. The study further reveals that an informative conclusion on trade effects of the SADC preferential trade agreement can only be reached once the agreement has been fully operational. The study also recommends that trade policy in South Africa should increasingly be geared towards broad-based multilateral liberalisation. In addition, South Africa should promote regional economic stability and development through supporting regional trade agreements initiatives. Keywords: Trade creation, trade diversion, preferential trade agreement, panel data estimation, gravity model of bilateral trade
Economic capital for credit risk in the trading book
Authors: Smit Wynand , Van Vuuren Gary , Styger Paul
Published: April 2017

The Basel II accord sets out detailed formulations (in its Internal Ratings Based approaches) for determining credit risk capital in the banking book, but until recently, credit risk in the trading book was largely ignored. The financial crisis in 2007/08 exposed this oversight: woefully inadequate trading book capital led to considerable losses which resulted in, inter alia, the imposition of severe capital requirements on credit riskprone securities in the trading book.  Using empirical loss data, this article investigates whether these requirements are appropriate for the trading book and proposes a possible alternative which banks may use to determine economic capital.
The macroeconomic determinants of technological progress in Nigeria
Authors: Akanbi Olusegun Ayodele
Published: April 2017

This study empirically examines the macroeconomic determinants of technological progress (total factor productivity) in Nigeria that is consistent with the endogenous growth theory. The estimations are carried out with time-series data from 1970 to 2006 using the Johansen estimation techniques. The study is distinct from most of the existing literature since it made an attempt in generating a time-varying technological progress. It employs the Kalman filter technique to determine the evolution of the Solow residual estimated from a Cobb-Douglas production function. The results conform to the existing literature that macroeconomic instability, the level of financial development, and the level of human development are highly significant determinants of technological progress in Nigeria.
Consumer awareness and usage of islamic banking products in South Africa
Authors: Saini Yvonne , Bick Geoff , Abdulla Loonat
Published: April 2017

This paper investigates the level of consumer awareness and use of Islamic banking products in South Africa. A non-probability sampling method was used whereby a questionnaire was administered to 250 respondents and statistically analysed to determine the factors that are important in the choice between Islamic or conventional banks. It was found that Muslims are aware of Islamic banks, but their rate of use is low, as Muslim customers regard efficiency, lower bank charges, the availability of automatic teller machines and an extensive branch network as important factors when it comes to choosing a bank, rather than religious motivations for compliance with Islamic conventions. It was concluded that, if Islamic banks wanted to attract and retain customers and remain relevant in the South African context, they would have to develop relevant strategies designed to meet customers’ needs. Religion as the sole motivation for  choosing Islamic banks is inadequate.
The Effects of the Global Recession on the Work Restructuring Levels Of Managers in the South African Automotive Industry
Authors: Paddey Michelle , Rousseau Gideon Gabriel
Published: April 2017

The aim of this investigation was to examine the work restructuring levels of managers in the South African automotive industry and how these levels are affected by the global economic recession. Work restructuring was investigated from the perspective of the managers’ work and family involvement levels. Data was gathered using a questionnaire that was e-mailed to automotive industry managers throughout South Africa. Results showed that no significant gender differences occur for work involvement, family involvement or work restructuring. A practically significant, positive relationship exists between family involvement and work restructuring. Furthermore, family involvement levels were shown not to have decreased due to the economic recession. Recommendations for organisations include implementing a gender-neutral work-family policy to assist managers in restructuring their work to accommodate family responsibilities.
Social capital configurations for necessity-driven versus opportunity-driven entrepreneurs
Authors: Urban Boris
Published: April 2017

There is growing literature suggesting the importance of networking and even arguing that social capital may be the most significant source of knowledge for entrepreneurs. This article uses the classification of necessity-driven versus opportunity-driven entrepreneurs, which has been found to differ systematically in terms of venture growth and job creation, and also reflects the schism between the informal and formal sectors. Having unpacked the construct of networking as embedded in the theory of social capital, hypotheses are formulated which allow for statistical testing. The results add to the ongoing debate on this dualistic typology of entrepreneurs, where in several instances significant differences are detected across networking variables.
Financial liberalisation and the dynamics of firm leverage in a transitional economy: evidence from South Africa
Authors: Chipeta Chimwemwe , Wolmarans Hendrik , Vermaak Frans
Published: April 2017

This paper examines the dynamics of corporate capital structures for listed non-financial firms in South Africa. The dynamic models of capital structure have been utilised to document several findings of empirical significance. First, transaction costs reduce dramatically in the post liberalisation regime, and the associated speed of adjustment is more pronounced, and statistically significant for the post liberalisation epoch. Second, financial liberalisation has a significant impact on the capital structure speed of adjustment. Third, the results confirm most of the theoretical predictions of capital structure theories; however, the relationship is more significant in the post liberalised regime. Finally, new evidence has been revealed on what determines the debt maturity structure of firms in a transitional economy.
Expanding the suite of measures of gender-based discrimination: gender differences in ablution facilities in South Africa
Authors: Steyn Renier
Published: April 2017

International treaties, national legislation and local by-laws all advocate the equal treatment of men and women, but claims of gender-based discrimination continue. Indicators of discrimination against women, including employment ratios and differences in income, show that there have been considerable gains in the recent past. These measures are, however, often biased. In this study a different, specific and concrete method of describing and detecting discrimination is presented, namely the difference in the number of ablution facilities provided for each gender group in public spaces. Ablution facilities at airports, train stations and shopping centres in four major South African cities (N=128) were inspected. Medium to large differences in the respective number of facilities were found (eta2 .05 to .13), with women receiving fewer service facilities than men. These results suggest that, despite progressive legislation and vigorous affirmative action in South Africa, local women are still being discriminated against on a very concrete, visible level. The effectiveness of the measurement tool is also discussed.
Macroeconomic impact of Eskom’s six-year capital investment programme
Authors: Seymore Reyno , Akanbi Olusegun , Abedian Iraj
Published: April 2017

This study analyses the impact of an increase in Eskom’s capital expenditure on the overall macro and sectoral economy using both a Time-Series Macro-Econometric (TSME) model and a Computable General Equilibrium (CGE) model. The simulation results from the TSME model reveal that in the long run, major macro variables (i.e. household consumption, GDP, and employment) will be positively affected by the increased investment. A weak transmission mechanism of the shock on the macro and sectoral economy is detected both in the short run and long run due to the relatively small share of electricity investment in total investment in the economy. On the other hand, the simulation results from the CGE reveal similar but more robust positive impacts on the macro economy. Most of the short-run macroeconomic impacts are reinforced in the long run.
Exploring coping strategies of business leaders during an economic downturn
Authors: Van Zyl Marlise , Du Plessis Yvonne
Published: April 2017

As a large part of South Africa’s economy is based on the mining industry, this research focused on exploring the coping strategies of business leaders in the mining industry during an economic downturn. Using qualitative research within a constructivist-interpretive paradigm, the researchers sought a deeper understanding of how mining leaders cope during an economic downturn. A purposive sample of seven executive mining leaders of different mining houses was interviewed and data was analysed using Atlas.ti. A conceptual framework for understanding coping strategies at the individual, group and organisational levels for business leaders during an economic downturn was developed and is discussed here. This study contributed to theory and practice by focusing on coping responses to specific situations within a specific context instead of on general coping strategies.
Intellectual capital: Measurement, recognition and reporting
Authors: Cronje Christo Johannes , Moolman Sindiswa
Published: April 2017

In the past few decades, the economy has moved from an industrial to a knowledge economy. Consequently, basic factors of production now no longer comprise only natural resources, capital and labour, but also intellectual capital. Despite the shift from an industrial to a knowledge economy, the accounting framework and financial reporting have not changed sufficiently to include intellectual capital. The research problem attempts to explore whether the theory of accounting should be modified for a standardised and comparable approach when accounting and reporting on intellectual capital. To solve the research problem, a literature review and content analysis on corporate annual reports were used. The results of this study indicate that the theory of accounting should be modified to ensure a standardised and comparable approach when accounting and reporting on intellectual capital in corporate annual reports.
A marketing perspective on the impact of financial and non-financial measures on shareholder value
Authors: Gerber Charlene , Erasmus Pierre D , Terblanche Nic S , Schmidt Delia
Published: April 2017

The pressure for financial accountability contributed to widespread concern about the function of marketing within the company. Consequently, marketers have become preoccupied with measuring the performance of marketing activity. Diverse financial and non-financial methods have been developed to provide evidence of how marketing activity impacts on the bottom line. This article proposes an approach whereby financial and non-financial performance measures are combined to measure the contribution of marketing to sales. Secondary data from two retail brands within the same industry were analysed whereby actual accounting data were adjusted to examine the link between marketing expenditures, specifically with regard to the 4Ps (typical non-financial measures), and sales. The results of the time series regression showed that the nature of the relationship between marketing expenditures and sales is dependent largely on the product characteristics. The link between marketing and sales depicted serves as a starting point from which to build a more robust measurement tool incorporating financial and non-financial marketing performance measures that will serve to justify investment in the marketing of a brand.
Supply chain challenges in the South African automotive sector: do location, size and age matter?
Authors: Naude Micheline Juliana
Published: April 2017

The South African automotive industry makes an important contribution to the South African economy. However, there are deficiencies within the local automotive component manufacturers’ (ACMs) supplier base and therefore automotive assemblers, or original equipment manufacturers (OEMs), have to import many of their parts requirements. These deficiencies are caused by ACMs’ lack of technology, global supply capability, cost competitiveness and their geographic location (ACMs are scattered across the country). A study was conducted to explore the supply chain challenges South African ACMs face and whether the location, size and age of participating ACMs have a bearing on whether they face the same challenges. The results revealed that the most significant supply chain challenges in South Africa were in the customer relationship category. From the hypotheses testing, the conclusion could be drawn that, in general, participating ACMs face common supply chain challenges, irrespective of their location, age and size.This article contributes to the published research on the topic and the findings reveal that business opportunities in the automotive industry exist for entrepreneurs aspiring to enter into the automotive component industry.
Content analysis of published articles in the South African Journal of Economic and Management Sciences
Authors: Jordaan Yolanda , Wiese Melanie , Amade Karim , De Clercq Ermi
Published: April 2017

The publication of academic research is important for its contribution to the body of knowledge. A periodic analysis of journal content leads to the identification of research practices; while it also identifies the challenges that researchers face. The South African Journal of Economic and Management Sciences (SAJEMS) is considered to be one of the leading publications in the field of economic and managerial research in South Africa. The SAJEMS was selected as the unit of analysis; and a content analysis was conducted on 257 articles published during the seven-year period 2004 - 2010. The main purpose of this study was to investigate the input and output factors relating to published articles, including questions on authors and article content, such as the various methodological approaches. The findings revealed that there has been a decrease in co-authored articles during the period 2005-2008. Although the contribution by practitioners increased significantly in 2005 and 2008, the majority of the articles are still authored predominantly by academics. It is promising to see that international authors were involved in nearly 20 per cent of the articles contributed. When it came to the methodological approaches, the articles employed largely non-probability sampling designs. Furthermore, almost two-thirds of the articles published in SAJEMS were based on quantitative research designs. This content analysis reveals the current research practices published in the SAJEMS. It provides food for thought for academics.
Multinational corporations as channels for international technology transfer: Evidence from the South African innovation survey
Authors: Mustapha Nazeem , Mendi Pedro
Published: April 2017

In this article, we investigate the importance of South African subsidiaries of foreign multinationals as channels to introduce foreign innovations in the South African market. We use firm-level data from the 2008 wave of the South African Innovation Survey, which covers the period 2005-07. We find that subsidiaries of foreign multinationals are significantly more likely to introduce product and process innovations, as well as foreign new products and processes than domestic firms. However, we also find that they are not more likely to introduce foreign innovations developed in collaboration with or mostly by another firm outside their own multinational, or innovations that are new to the South African market.
The perceived treatment of employees from designated groups in the workplace
Authors: Coetzee Mariette
Published: April 2017

This article reports on employees’ perceptions of the treatment of employees from designated groups in the workplace. The objective of the study was to identify the components of workplace treatment that indicate the perceived treatment of employees from designated groups.  The study further investigated the influence of  demographic factors on these perceptions. A quantitative approach was followed, and a questionnaire was developed to collect data pertaining to employees’ biographical details and their perceptions of the treatment of employees from designated groups in the workplace.  The population consisted of 29 688 employees at a leading South African bank and a sample of 1720 was used. A disproportionate, stratified sampling method was adopted and a sample of 349 employees participated. Factor analysis, correlations, T-tests and analysis of variance statistics were computed to achieve the objectives. The factor analysis identified four factors relating to the treatment of employees from designated groups: task autonomy, respect, responsibility and realistic expectations. The results of the T-tests revealed that race, years of service and staff category do influence employees’ perceptions of the treatment of workers from designated groups in terms of task autonomy and respect.   Black respondents, unlike white respondents, believe that employees from designated groups are not treated with respect, nor are they accorded task autonomy. This study represents a vital step towards a better understanding of the dimensionality of perceptions of fair and just treatment and should ultimately contribute to more effective treatment of all employees in the workplace.
How does the human resource department’s client relationship management impact on organizational performance in China? Mediate effect of human capital
Authors: Wang Xiaoling
Published: April 2017

HR department’s client relationship management (HRDCRM) is an area of growing research interest in the field of strategic human resource management practices.The human resource (HR) department’s client relationship management (HRDCRM) is an area of growing research interest in the field of strategic human resource management practices. By introducing human capital as a mediating variable, with one questionnaire sent per enterprise to chief executive officers (CEOs), middle and line managers, and line staff in 260 Chinese enterprises, empirical research on the effects of HRDCRM on organisational performance was conducted. Empirical results indicate that controlling by enterprise ownership and life cycle stage, human capital either completely or partially mediates the effects of HRDCRM’s factors on the two parts of organisational performance (new-product performance and business financial performance). The findings show that the combination of HRDCRM as optimal HR management practices and human capital as organisational strategic assets will further improve organisational performance.
Board diversity and financial performance: A graphical time-series approach
Authors: Taljaard Cobus CH , Ward Michael JD , Muller Chris J
Published: April 2017

Directors need to guide and govern companies on behalf of and for the benefit of shareholders and stakeholders. However questions remain as to whether boards with higher levels of diversity amongst directors are better equipped to fulfil their fiduciary duty than boards with lower levels of diversity. This research examines whether increased levels of diversity within boards are associated with improved financial performance to shareholders. From the literature, several theoretical frameworks that could explain why increased diversity might or might not lead to improved board performance were noted. Share returns and directors’ demographic data were collected for a sample of the largest 40 companies listed on the JSE from 2000 to 2013. This data was analysed using Muller and Ward’s (2013) investment style engine by forming portfolios of companies based on board-diversity constructs. Time-series graphs of cumulative portfolio market returns were analysed to determine if the diversity dimensions tested were associated with improved share performance. The results show that racial diversity within boards is not associated with financial performance. However, increased gender diversity and younger average board age are shown to have strong associations with improved share price performance. These findings are mainly attributed to agency-, resource dependency, human capital and signalling theories. Increased diversity is seen to bolster independence and lessen agency problems. Rising diversity levels also enlarge boards’ external networks, allowing diverse stakeholders’ needs to be accommodated and limiting dependence on strategic resources. Finally, as human capital is increased, the collection of different skills and experiences are associated with better performance. The results, based on a more robust methodology and improved data set, provide additional support to previous studies.
Value-at-risk for the USD/ZAR exchange rate: The Variance-Gamma model
Authors: Kemda Lionel Establet , Huang Chun-Kai , Chinhamu Knowledge
Published: April 2017

A country’s level of exchange risk is closely linked to its financial stability, on a macro-economic scale. South African exchange rates, in particular, have a significant impact on imports, inflation, consumer prices and monetary policies. Consequently, it is imperative for economists and investors to assess accurately the associated exchange risks. Exchange rates, like most financial time series, are leptokurtic and contradict the classical Gaussian assumption. We therefore introduce subclasses of the generalised hyperbolic distribution as alternative models and contrast these with the normal distribution. We conclude that the variance-gamma model is the most robust for describing the log-returns of daily USD/ZAR exchange rates and their related Value-at-Risk (VaR) estimates. The model selection methodologies utilised in our analyses include the robust Kolmogorov-Smirnov test and the Akaike information criterion. Backtesting on the adequacy of VaR estimates is also performed using the Kupiec likelihood ratio test.
Cost efficiency of African insurance companies using a finite mixture model
Authors: Barros Carlos , Wanke Peter
Published: April 2017

This paper evaluates the operational practices by African insurance companies from Angola and Mozambique, using a finite mixture model that allows controlling for unobserved heterogeneity. More precisely, a stochastic frontier latent class model is adopted in this research to estimate the cost frontiers for each of the different technologies embedded in this heterogeneity. This model not only enables the identification of different groups of African insurance companies from Angola and Mozambique, but it also permits the analysis of their cost efficiency. The results indicate the existence of three different technology groups in the sample, suggesting the need for different business strategies. The policy implications are also derived.
Private shareholding: An analysis of an eclectic group of central banks
Authors: Rossouw Jannie
Published: April 2017

Although the title seems to be a contradictio in terminis, this paper identifies a small, eclectic number of central banks with private shareholders about which little has been published. It is shown that only the central banks of Belgium, Greece, Italy, Japan, South Africa, Switzerland, Turkey and the United States (US) Federal Reserve allow shareholding other than by the government of the respective countries, although not in all instances by the general public. This paper considers private shareholding in this eclectic group of central banks, despite the trend of nationalising central banks that commenced in 1935. Private shareholding is defined as shareholding in a central bank by any party other than the respective government or governments (e.g. the European Central Bank) where the central bank is located.Large differences in the classes of shareholders of these eclectic central banks and differences in their approaches to dividend payments are highlighted in the paper. The conclusions reached are, firstly, that investment only in the shares of the central banks of Belgium and Greece (albeit only for residents in the latter instance) can be regarded as growth investments. Secondly, shareholding in the Italian central bank has been used to recapitalise ailing commercial banks. Thirdly, shareholders play no role in the formulation and implementation of monetary policy. Lastly, the shareholding structure of these banks contributes to improved governance in the case of the central banks of Belgium, Greece, Italy, South Africa, Switzerland and Turkey, but no evidence can be found that central banks with shareholders in any way outperform central banks without shareholders.
Users’ corporate environmental information needs
Authors: Kamala Peter Nasiema , Wingard Christa , Cronje Christo
Published: April 2017

Most listed South African companies appear to have embarked on environmental reporting without enquiring what the users’ needs are. If users’ needs are not determined prior to reporting, it is unlikely that the resulting reports will meet those needs. Using a questionnaire, this study investigated the environmental information needs of South African users of environmental reports. The study was deemed necessary to unveil users’ preferences which, if incorporated in reports, could enhance their perceived decisionusefulness, thus increasing readership. The results of the survey revealed that users need balanced environmental information that identifies and describes key, relevant issues and that is both specific and accurate. In addition, users need future-oriented information that identifies and addresses key stakeholders’ concerns, and which demonstrates the integration of environmental issues into core business processes. Furthermore the information should be summarised in an integrated annual report and posted on a company’s website. Based on its findings, this study recommends that standard setters and regulators should recognise that both financial and non-financial users need decision-useful environmental reports. Disclosure standards and regulations should therefore be amended to accommodate this reality.
Inducing entrepreneurial creativity, innovation and opportunity-finding skills
Authors: Antonites AJ , Van Vuuren JJ
Published: April 2017

A generally accepted definition of an entrepreneur is an individual with the ability to realise a specific vision from virtually anything, a definite human creative action. A differentiating factor defining the true entrepreneur is represented by the entrepreneurial skills creativity and innovation. The fundamental skill to "create", therefore generating an idea and transforming it into a viable growth-oriented business, forms an unconditional and integrated necessity in entrepreneurship training programmes. Many researchers in this field emphasise the need for and the lack of training models regarding this intervention.Courses offered by training institutions focus on training the traditional manager and not the entrepreneur. A lack of skills training for growth-oriented business is also evident. A critical deficiency in models directly addressing the Creativity, Innovation and Opportunity-finding issues, as part of entrepreneurship training, creates a situation of minuscule differentiation between a business idea and an opportunity in a training context. It is furthermore apparent that a lack of tools, textbooks and approaches to cultivate creativity exists in the field. The latter generates stifling pedagogical paradigms in teaching business and entrepreneurship.This study demonstrates a new action-learning approach and model, developed to increase creative and innovative behaviour and actions of the entrepreneurship learner. Three purposive samples were used, on the basis of an experimental design. Ratio data were obtained by means of a reliable measuring instrument (Chronbach's alpha on an acceptable levell). ANOVA as well as a discriminant  analysis indicated statistically significant differences between the various groups.This study illustrates that the proposed training methodology that was used enhances the level of creativity and innovation skills of the entrepreneurship learner on this programme. Recommendations regarding future research in this exciting field of study are addressed.
An exploratory qualitative study of brand associations as a means for brand extensions : Part 1
Authors: Kasper H , Strepp Y , Terblanche NS
Published: April 2017

Brand extension has been regarded as a means to achieve growth by capitalising on the reputation of an established brand. However, the extent to which brand extensions can benefit from or even detract from the original brand, is determined by various factors. This study focuses on brand associations as means to extend the original brand. A qualitative study was used to elicit an unbiased picture of consumers’ associations of a brand. The qualitative study, in contrast with the quantitative nature of most previous studies, enables further probing on the comments made by respondents. The study examined consumers’ reactions to a variety of fictitious extensions for four different popular brands (Coca-Cola, Benetton, Yamaha, and Kellogg’s). The main purpose of this study was to explore in what ways the associations consumers have with a brand name influence the way in which they evaluate brand extensions. Six propositions were investigated. Because of the considerable extent of the findings, the research is reported in two parts. The findings on three propositions are described in this first part of the reported research.
The influence of family-related factors on the succession process in small and medium-sized family businesses
Authors: Venter E , Boshoff C
Published: April 2017

In this study family-related factors that can influence the succession process in small and medium-sized family businesses are empirically investigated.  The dependent variable in this study is measured by two underlying dimensions, namely satisfaction with the process and continued profitability of the business.  The empirical results indicate that the family-related factors that influence both the aforementioned dimensions are the mutual acceptance of roles, the relationship between the owner-manager and successor, and family harmony.  The continued profitability of the business is also influenced by the agreement to continue the business. The existence of family harmony in itself influences the relationship between the owner-manager and successor, the agreement to continue the business, as well as the mutual acceptance of roles.  The managerial implications of these empirical findings are discussed and recommendations offered.
Managerial competencies among first-line newsroom managers at small to medium-sized mainstream media enterprises in South Africa
Authors: Steyn Elanie , Steyn TFJ
Published: April 2017

Changes in the South African media and management environment have had distinct influences on especially small to medium-sized mainstream media enterprises (media SMEs) which often have to compete with bigger media organisations for the same news stories. Moreover, these media organisations are commonly faced with unique challenges related to human and other resources. This situation adds to the importance of effective and efficient management practices at these media sites. The management practices of first-line news managers in media SMEs are qualitatively and quantitatively evaluated in this paper by considering six managerial competencies found in general management theory. These competencies relate to communication, planning and administration, teamwork; strategic action, global awareness and self-management.
Using Benford’s Law to detect data error and fraud: An examination of companies listed on the Johannesburg Stock Exchange
Authors: Saville A
Published: April 2017

Accounting numbers generally obey a mathematical law called Benford’s Law, and this outcome is so unexpected that manipulators of information generally fail to observe the law. Armed with this knowledge, it becomes possible to detect the occurrence of accounting data that are presented fraudulently. However, the law also allows for the possibility of detecting instances where data are presented containing errors. Given this backdrop, this paper uses data drawn from companies listed on the Johannesburg Stock Exchange to test the hypothesis that Benford’s Law can be used to identify false or fraudulent reporting of accounting data. The results support the argument that Benford’s Law can be used effectively to detect accounting error and fraud. Accordingly, the findings are of particular relevance to auditors, shareholders, financial analysts, investment managers, private investors and other users of publicly reported accounting data, such as the revenue services
Job characteristics and coping strategies associated with negative and positive work-home interference in a nursing environment
Authors: Mostert K , Oosthuizen B
Published: April 2017

The aim of this study is to determine which job characteristics and coping strategies predict negative and positive work-home interference (WHI) in the nursing environment. Random samples (n=300) were taken of registered nurses in the Johannesburg, Klerksdorp, Krugersdorp, Potchefstroom and Pretoria regions. A self-constructed questionnaire was used to measure job characteristics. The Coping Strategy Indicator (CSI) was used to measure coping strategies, and the Survey Work-Home Interaction-Nijmegen (SWING) to measure WHI. The results show that time demands, pressure, role clarity and colleague support are the main job characteristics that predict negative WHI. Problem-solving coping predicts less negative WHI and avoidance coping predicts more negative WHI. Time demands, autonomy and role clarity are the main variables that predict positive WHI. Problem-solving coping is the only coping strategy that predicts positive WHI.
Book review: Unholy trinity: The IMF, World Bank and WTO Richard Peet
Authors: Breitenbach M
Published: April 2017

In this timely book Richard Peet and his team lay the foundation with an excellent analysis of the process of globalisation and the resultant emergence of the global economy. The authors are especially critical of the increasing influence of institutions like the International Monetary Fund (IMF), World Bank and World Trade Organisation (WTO) on the economy and the consequences experienced by peoples, cultures and the environment. The single ideology of neo-liberalism is blamed for the undesirable outcomes. This book considers concepts of power, political interest, hegemony, discourse, responsibility and the power of practicality, in critically examining the IMF, World Bank and WTO. The conclusion is reached that “all three institutions play roles greatly different from those originally agreed to under the charters that set them up”.
Trends in nutrient intakes, nutritional status, and correlates of undernutrition among rural children below 5 years of age
Authors: Meshram II , Kodavanti MR , Rachkulla HK , Nagalla B , Kakani SR
Published: April 2017

Background:

In spite of several national nutrition intervention programs that have been in operation since the past four decades, undernutrition continues to be an important public health problem in India.

Aim:

The aim of the present study was to assess the trends in food and nutrient intakes and nutritional status of children in India below 5 years of age.

Setting and Design:

A community-based, cross-sectional study was carried out in ten National Nutrition Monitoring Bureau states by adopting a multistage random sampling procedure.

Methods:

Data were collected on the household (HH) socioeconomic and demographic particulars, and anthropometric measurements of the children, such as their length/height and weight, were noted. A 24-h dietary recall method was used for assessing dietary intake.

Results:

Intake of all the foodstuffs except pulses, vegetables, and fats and oils declined over a period of time (1975–1979 to 2011–2012) while the intake of all the micronutrients except Vitamins A and C declined during the same period. The prevalence of undernutrition, i.e. underweight, stunting, and wasting has declined from 76%, 82%, and 27%, respectively in 1975–1979 to 42%, 44%, and 19%, respectively, in 2011–2012 among 1-5 year children. The severe form of undernutrition has also declined during the same period. The prevalence of undernutrition was significantly (P < 0.01) higher among children of illiterate mothers, those belonging to lower socioeconomic status, and those living in nuclear families.

Conclusions:

The prevalence of undernutrition declined over the period despite the decrease in food and nutrient intake. However, the pace of decline was slower and it was attributed to improved health-care services coupled with control of communicable diseases and increase in the HHs income. Further efforts are needed to improve the literacy of parents, environmental and personal hygiene, along with the food security of HHs through a public distribution system.
Linear groups with Borel's property
Authors: Bou-Rabee Khalil , Larsen Michael
Published: April 2017

When does Borel’s theorem on free subgroups of semisimple groups generalize to other groups? We initiate a systematic study of this question and find positive and negative answers for it. In particular, we fully classify fundamental groups of surfaces and von Dyck groups that satisfy Borel’s theorem. Further, as a byproduct of this theory, we make headway on a question of Breuillard, Green, Guralnick, and Tao concerning double word maps.
Beyond expansion II: low-lying fundamental geodesics
Authors: Bourgain Jean , Kontorovich Alex
Published: April 2017

A closed geodesic on the modular surface is "low-lying" if it does not travel"high" into the cusp. It is "undamental" if it corresponds to an element in the class group of a real quadratic field. We prove the existence of infinitely many low-lying fundamental geodesics, answering a question of Einsiedler–Lindenstrauss–Michel–Venkatesh.
On concavity of solutions of the Dirichlet problem for the equation $(-\Delta)^{1/2} \varphi = 1$ in convex planar regions
Authors: Kulczycki Tadeusz
Published: April 2017

For a sufficiently regular open bounded set

D \subset \mathbb R^2

let us consider the equation

(-\Delta)^{1/2} \varphi(x) = 1

for

x \in D

with the Dirichlet exterior condition

\varphi(x) = 0

for

x \in D^c

. Its solution

\varphi(x)

is the expected value of the first exit time from

D

of the Cauchy process in

\mathbb R^2

. We prove that if

D \subset \mathbb R^2

is a convex bounded domain then

\varphi

is concave on

D

. To do so we study the Hessian matrix of the harmonic extension of

\varphi

. The key idea of the proof is based on a deep result of Hans Lewy concerning the determinants of Hessian matrices of harmonic functions.
The effective cone of the moduli space of sheaves on the plane
Authors: Coskun Izzet , Huizenga Jack , Woolf Matthew
Published: April 2017

Let

\xi

be the Chern character of a stable coherent sheaf on

\mathbb P^2

. We compute the cone of effective divisors on the moduli space

M (\xi)

of semistable sheaves on

\mathbb P^2

with Chern character

\xi

. The computation hinges on finding a good resolution of the general sheaf in

M (\xi)

. This resolution is determined by Bridgeland stability and arises from a well-chosen Beilinson spectral sequence. The existence of a good choice of spectral sequence depends on remarkable number-theoretic properties of the slopes of exceptional bundles.
Besicovitch covering property for homogeneous distances on the Heisenberg groups
Authors: Le Donne Enrico , Rigot Séverine
Published: April 2017

We prove that the Besicovitch Covering Property (BCP) holds for homogeneous distances on the Heisenberg groups whose unit ball centered at the origin coincides with a Euclidean ball. We thus provide the first examples of homogeneous distances that satisfy BCP on these groups. Indeed, commonly used homogeneous distances, such as (Cygan–)Korányi and Carnot–Carathéodory distances, are known not to satisfy BCP. We also generalize those previous results by giving two geometric criteria that imply the non-validity of BCP and showing that in some sense our examples are sharp. To put our result in another perspective, inspired by an observation of D. Preiss, we prove that in a general metric space with an accumulation point, one can always construct bi-Lipschitz equivalent distances that do not satisfy BCP.