bluuebunny/crossref_metadata_2025 huggingface dataset:
Perceptions of free enterprise and business: An examination of the status quo in South Africa
Authors: Nasser M. E.
Published: August 2019

Management has always contended that corporate employees have a very limited knowledge regarding the free enterprise and hence business system. The consequences of such a lack of understanding have always been apparent - worker dissatisfactions, labour unrest, conflict, and decreased productivity. This study is the first attempt to quantify the exact extent of this non-understanding among corporate employees in South Africa. This study has examined scientifically, via very extensive field work in 78 medium to large organizations situated in the PWV, western- and eastern Cape, and Natal regions, the perceptions of some 3 723 employees regarding business in South Africa. The analysis which covers six major categories of business comprehension, separated by education, position in the hierarchy, years of service, income level, sector, and race, provides very worrying evidence of the depth of the problem. The concomitant impacts accompanying the problem are also sketched so that management might better understand the nature and extent of the problems facing business in South Africa.
Modern financial statements too complicated to managers and laymen: A critical survey
Authors: Language J. M.
Published: August 2019

This article is an attempt at scrutinizing accounting practice in South Africa. Firstly, the author demonstrates that the Company Law in South Africa is fairly vague regarding the format and formulation of financial statements. Questions regarding the general use of terms, and more specifically 'generally accepted practice', are raised. Finally, the author discusses some unacceptable aspects of recent presentation of accounting statements.
Effective safety propaganda: A study in South African industry
Authors: Fisher J. , Parry R.
Published: August 2019

In this study a safety propaganda programme was designed, introduced, monitored, and analysed in the context of ongoing industrial activity. Pre-experimental investigations revealed areas of unsafe activity which were then subjected to the experimental safety propaganda material. Results showed that in a number of workshops studied the propaganda had a positive effect in terms of a reduction in the number of unsafe incidents. Ancillary findings showed wide differences in the formal and informal attitudes expressed by both managerial and supervisory grades towards simple safety situations. It is suggested that such inconsistency is unlikely to be conducive to a stable behavioural commitment to safety procedures.
Dynamics on the Boston Consulting Group's planning matrices
Authors: Robinson C. G.
Published: August 2019

Strategies based on the growth share matrix as a resource allocation tool require that broad categories of businesses are either funded, milked, or divested depending on their strategic positioning on the portfolio chart. Dynamics on the chart are important and this article explores the implications of changing positions of the businesses concerned using the growth gain matrix. The little-used technique of frontier curves, which relates growth rate to cash usage, is elucidated. Because management cannot act in a vacuum and competitive action is inevitable, a checklist for competitive profiling is provided. Competitive dynamics on the growth share matrix are explored least the unwary fall into the trap of conventional strategic thinking.
Applied research in management
Authors: Orpen C.
Published: August 2019

The dominant model for research in management is the scientific one developed in the natural sciences. This ideal model is shown to differ in important ways from that followed by most applied researchers working on real-life management problems. It is argued that the dominant or ideal model has serious deficiencies when used to research many of the problems investigated by applied researchers. For improved understanding of management issues, it is suggested that the model followed by applied researchers be adopted more often than is currently the case.
An empirical evaluation of the effectiveness of South African investment analysts
Authors: Knight R. F. , Affleck-Graves J. F.
Published: August 2019

Investment and financial analysts are paid by society to seek information relevant to the valuation of listed companies. If they are performing their function correctly then, in a competitive environment, their actions will result in correctly and fairly priced securities. In this article evidence is presented that shows that South African analysts are not fulfilling this important task. In particular, evidence is presented that indicates that South African analysts are not equally adept at anticipating superior earnings performance and poor earnings performance. In general, they appear to be unduly pessimistic with regard to poorly performing companies. The result is that these companies, on average, show a marked decline in abnormal returns during the year followed by an upward reaction during the week of their preliminary announcement. As far as companies with superior earnings performance are concerned, analysts demonstrate no anticipatory ability whatsoever with the result that the only reaction observed is in the week of announcement. These results are contrasted with similar results from the NYSE clearly demonstrating that South African analysts are less perceptive than their American counterparts.
The recommendations of the De Kock Commission of Inquiry and its implications for foreign security investments by South African residents
Authors: Bhana N.
Published: August 2019

South African investors have been precluded from investing in foreign securities by the Exchange Control Regulations of 1961. Furthermore, the monetary policy pursued by the authorities has resulted in an inefficient financial market. Investments on the capital market have not earned satisfactory real rates of return, and prices on the JSE appear to have been driven to artificial heights. The De Kock Commission of Inquiry has proposed several recommendations which will have far-reaching consequences for investors in South Africa. The proposal of market-related interest rates and the abolition of prescribed investments by institutional investors is likely to result in long-term securities earning substantially higher real rates of return. The relaxation of exchange control for both direct and portfolio investment is likely to stem the flow of funds into the JSE. Investment funds can be expected to flow between the JSE and the various foreign equity markets depending on the economic prospects in the different countries. The high foreign exchange cost and poor liquidity of the local exchange market has been an obstacle to investors in foreign securities. The creation of a larger and more efficient foreign exchange market is likely to facilitate international portfolio diversification in South Africa.
The state of the art of strategic planning in selected South African companies
Authors: McIntosh J. H. , Archer A. A.
Published: August 2019

Numerous overseas studies have concluded that formal planning of company operations was uncommon and strategic planning even rarer. Those companies professing formal planning systems were found to use little more than extended budgeting. However, some of these studies did find a trend towards more systematic planning practices. The aim of this study was to determine whether a similar trend exists among selected South African companies. The survey results indicate that although all respondents have progressed beyond the informal planning stage, some still only practise basic financial planning and extended budgeting. The majority of respondents practise forecast-based planning and only a few have reached the externally orientated planning stage. Findings indicate that none of the respondents practise strategic management. These conclusions, as well as respondents' reasons for planning failure, have implications for chief executives and planners, and indicate areas of future research.
Teaching economics in a changing South African environment
Authors: Thomas W. H. , Links Elti
Published: August 2019

This short, exploratory paper hopes to trigger further debate, research and other relevant action with regard to teaching economics in a changing South African environment. It is argued that the challenges confronting university teachers of under-graduate economics and the teaching of economics in secondary schools are many and diverse. Not least is the need to add to the teaching of general principles, the teaching of the actual functioning of the South African economy. The authors also consider curriculum development, teaching material, the training of teachers, university-technikon links and adult and non-formal education.
Historic income versus inflation-adjusted income in the dividend decision
Authors: Du Plessis D. P. , Archer A. A. , Affleck-Graves J. F.
Published: August 2019

An attempt is made to determine to what extent companies take into account the effects of inflation in formulating their dividend decisions. The research design incorporates a two-stage regression approach which permits a determination of the incremental explanatory power of collinear variables. The research findings suggest that dividend decisions are best explained in terms of historic earnings. It therefore appears as if management does not take the effects of inflation into account in formulating dividend policy. This could have serious implications for the survival of a company because it could result in a real dividend cover of less than one.
'n Ondersoek na die aanwending van mikrorekenaarstelsels in klein sakeondernemings in Suid-Afrika
Authors: Bruwer P. J.S. , Pretorius C. E.
Published: August 2019

An investigation into the use of microcomputer systems in small businesses in South Africa The relatively low cost and great advantages, i.e. accuracy, time and cost savings, better decision making, more professional service to clients, etc. make a microcomputer system an attractive aid for any business and particularly for the small business. This is why microcomputers will, today and in future, play an ever-increasing role in the business world. The implementation of a microcomputer system, however, implies major changes for the business and these changes may create major problems for the management of the small business. The objectives of this research project are to determine the extent to which microcomputer systems are used in small businesses in South Africa, what problems they experience with these systems, and to suggest possible solutions to these problems. Furthermore, the major contributing factors to the successful application of microcomputer systems in small businesses are identified by using regression techniques.
The incremental information content of half-yearly earnings data releases by South African companies
Authors: Knight R. F. , Affleck-Graves J. F.
Published: August 2019

In this article the information content of half-yearly earnings announcements is examined. Both annual and interim announcements are examined using the Abnormal Performance Index (API) methodology and it is shown that both sets of announcements provide incremental information. The results obtained indicate that, on average, the second-half announcements prove more informative than the second-half reports. Nevertheless, the first-half reports are still shown to provide significant incremental information. In addition, the results obtained are consistent with previous results in the sense that the API plots indicate asymmetrical behaviour with respect to 'good news' and 'bad news' announcements. Finally, it is shown that an investment strategy based on a foreknowledge of half-yearly earnings forecast errors provides higher returns than a similar strategy based on annual earnings forecast errors. This clear indication of the information content of half-yearly announcements leads the authors to speculate on whether quarterly reporting might not be in the interests of shareholders on the Johannesburg Stock Exchange.
International share portfolio diversification: Possible benefits for South African investors
Authors: Bhana N.
Published: August 2019

The De Kock Commission has recommended that exchange control regulations be relaxed so that South African investors may acquire foreign securities. The possible gains accruing to South African investors from international share portfolios representing 18 different countries for the period 1969-1983 were investigated. The inclusion of foreign securities results in superior portfolio returns when compared with returns derived from exclusive investment in South African securities. Furthermore, the South African investor accomplishes significant risk reduction when several foreign countries are included in international portfolios. The returns on South African goldmining shares are negatively correlated with most foreign shares. Therefore, goldmining shares feature prominently in optimal portfolios available to South African investors. By contrast local industrial shares are not included in any of the efficient frontiers. Although the currency factor is important, it was not a major element in the performance and risk components of international portfolios during the study period. The currency factor also constitutes a small percentage of the total risk of an unweighted portfolio representing the 18 selected countries. The importance of the currency factor is minimized due to low and possibly even negative correlations between share prices and exchange rate movements in the different countries.
Salary survey methods: Comparability problems
Authors: Snelgar R. J.
Published: August 2019

Most organizations regard the accurate determination of prevailing labour market rates as being of primary importance to decisions regarding the setting of competitive wage and salary levels. The techniques involved in establishing these rates are fraught with problems, mainly revolving around efforts at obtaining comparability. Justification has been provided for organizations using tailor-made survey approaches in preference to professional or 'commercial' surveys, as this allows reduction to a minimum of such comparability problems as those associated with job description responsibilities, and compensation mix. This study reveals the extent to which a single pay structure received differing adjustments as a result of analysis of data obtained from a tailor-made survey approach as opposed to that obtained from a 'commercial' survey. Results indicate significant differences in adjustments over a three-year survey period, attributable essentially to the wide range of comparability difficulties associated with use of 'commercial' survey data.
Three permanent objectives of information systems planning
Authors: Mende J.
Published: August 2019

Since the top-down/bottom-up clash of the early 1970s, IS planning has been a subject of persistent controversy. The lack of consensus is symptomatic of weaknesses which demand evaluation aid reconstruction of available theory. To provide a stable foundation for such efforts, the basic purposes of the planning process are re-examined. The analysis Is based on an open model of the organizational information system - the set of all manual and computer-based systems that produce information in a firm. This model suggests that overall viability depends upon the relationships between system outputs and their users; system inputs and their sources; and systemic processes and their input/outputs. The three concepts effectiveness, economic efficiency, and technical efficiency are defined as success criteria of these relationships, and their impact on overall system viability has been expressed in a simple algebraic formula. In a dynamic environment, the formula predicts that overall viability will continually decline unless there are compensating increases in effectiveness, economic and technical efficiency. Thus these three success criteria constitute permanent objectives of information systems planning.
Silver spoons and black mobility: The white South African economic elite and its implications for the upward mobility of blacks
Authors: Human P. , Human Linda
Published: August 2019

Implicit in any discussion of the concentration of economic power is the assumption that the South African economy is dominated by a coherent and cohesive white economic elite. Two separate but complementary perspectives can be used to explain this phenomenon. The classical social mobility perspective argues that elites in the western world have tended to reproduce themselves. By a process of 'social closure' which involves the use of two main exclusionary devices - property and credentials - groups attempt to optimize their own rewards by restricting access to resources and opportunities to 'insiders'. The related economic argument suggests that higher profit is achieved through a hegemonic kind of social organization which is sufficiently stable to facilitate the exchange of information and expertise between corporations, thus decreasing risk. The sociological and economic perspectives are analysed using data pertaining to South Africa's business elite. It is found that the sociological perspective is valid but that the economic perspective does not hold ground. The implications of exclusionary closure by the white business elite for both black mobility and the transfer of capital to black people are discussed.
Letter: Gold shares versus krugerrands
Authors: Pouris A.
Published: August 2019

No abstract available.
Marginality and competitive advantage: The implications of the opening of the CBDs for Chinese businesses
Authors: Human Linda , Fok K. Y. , Chom N.
Published: August 2019

The opening of the CBDs (central business districts) as free trading areas has important implications for the areas of business management, sociology and politics inasmuch as this move represents a significant deviation from past government policies. Before the Johannesburg CBD was declared open for free trading, the Chinese operating within the CBD were afforded the same protection as whites by the barriers imposed upon other 'non-white' traders. At the same time, and unlike whites, the Chinese could also move into 'non-white' trading zones without difficulty. The Chinese thus appeared to be operating from a position of strategic advantage, a position which could be attributed to their marginal status in South African society. This article examines the extent to which their marginal position has provided a competitive advantage for the Chinese traders in the Johannesburg CBD as well as the attitudes of these businessmen to the opening of the CBD to all race groups.
Cross cultural and racial comparisons of job satisfaction in a South African hospital setting: Some empirical findings
Authors: Beaty D. T. , De Vries B.
Published: August 2019

In this study the authors compare the job satisfaction levels of white and coloured nurses employed at job parity and under similar working conditions. Perceptions of both groups concerning evidence of 25 job characteristics were also obtained. The findings reveal that although coloured nurses identify more job characteristics than their white counterparts, they are not significantly satisfied on intrinsic, extrinsic and overall satisfaction measures. Implications for the advancement of coloured workers into job parity with whites are discussed. Moderating variables that might have influenced these results are also addressed.
Merger announcements and share price return: The role of the relationship between acquiring and target firms
Authors: Van Den Honert R. C. , Barr G. D.I. , Affleck-Graves J. F. , Smale G.
Published: August 2019

The authors examine, in a cumulative average abnormal return (CAAR) framework, the effect of four easily identifiable features of merger activity on acquirer/target shareholder wealth. The features considered are the relatedness of the acquiring and target firms involved in the merger, the relative sizes of the acquirer and target, the prior control position, and the medium of exchange. The results indicate that the relatedness of the acquirer and target firm and the prior control position are strong factors in determining the distribution of any wealth effects between the shareholders of the target and acquiring firms. The size and the medium of exchange are shown to be weaker factors in determining the distribution of wealth. In all cases it is seen that the shareholders of acquiring firms do not tend to benefit in the short term from the merger while those of the target firms show significant gains.
Developing and implementing communications strategies: A descriptive model
Authors: Hill Loma A. , Archer A. A.
Published: August 2019

The world-wide environment, but particularly the South African environment today has created a growing need for businesses to communicate effectively with their stakeholders. The number of stakeholders interacting with companies has burgeoned, their demands have become greater and the need for change is critical. As these pressures increase, the need for companies to communicate effectively will grow. In South Africa the possibility for misunderstanding is compounded by communication barriers such as the socio-political system, diversity of cultures and languages, as well as the many different levels of education. In an environment such as this the need for effective communication is so great that a company can clearly no longer rely on ad hoc, reactive communications to facilitate the achievement of corporate goals. In order to ensure effective communication a company needs to have an overall communications strategy which has its roots in corporate goals and strategies. Developing and implementing communications strategies involves many complex considerations such as the identification and analysis of stakeholders and their power bases, issues management, corporate image and culture, crisis communications planning, media planning and dealing with communication barriers. This article provides a suggested framework for integrating these and other considerations into the development and implementation of communications strategies.
'n Vergelyking van die persepsies van die relatiewe belang van evalueringskriteria tussen verbruikers en verkoopskonsultante by die aankoop van 'n passasiersmotorvoertuig
Authors: Du Plessis P. J. , Boshoff C.
Published: August 2019

The acceptance of the marketing concept and the implementation of the principles on which it is based presupposes a thorough knowledge of market needs. If the marketing concept is applied at retail level in the South African motor industry, one should be able to assume that there is a high degree of agreement regarding the perceptions of consumers and sales personnel of what is important to a purchaser when buying a motor vehicle. The validity of this statement was tested by means of the following null-hypothesis: There is no difference with regard to the relative importance attached to different evaluation criteria between consumers and sales personnel, with the purchase of a passenger vehicle. Information provided by 902 consumers and 200 sales personnel revealed that significant differences (p 0,01) exist between the two groups with regard to 35 evaluation criteria and a further four criteria on the 0,05 level. The null-hypothesis is thus rejected with regard to 39 evaluation criteria in favour of the alternate hypothesis.
The premium on acquisition in South African mergers: An empirical evaluation
Authors: Affleck-Graves J. F. , Burt G. H. , Cleasby S. J.M.
Published: August 2019

In this paper both the premium paid on acquisition during a merger as well as the method by which the target companies stockholders are paid for their holding are examined. The results indicate that in the South African (S.A.) context the average premium paid on acquisition is of the order of 30-40% which is approximately the same as that paid on other major exchanges. Efforts to determine those accounting and market-related variables which were highly correlated with the premium on acquisition were relatively unsuccessful with only the price/ earnings ratio (and, to a lesser extent relative size) being significantly correlated with the premium. In both cases, the correlations were positive, indicating that a higher P/E ratio in the target company and/or a target company which is large relative to the acquirer will result in a higher premium on acquisition. Finally, the results indicate that a cash payment remains the most popular method of payment in South African mergers, followed by an equity swap. These results appear to be time independent.
Simultaneous representations of explanatory characteristics of mergers
Authors: Van Den Honert R. C. , Barr G. D.I.
Published: August 2019

In this paper we consider the effect of various explanatory characteristics on target and acquiring firm shareholder's wealth using a specialized graphical technique. Whereas previous analyses have considered each of the characteristics in isolation we analyse all the characteristics simultaneously by using the covariance biplot. By analysing the resulting single diagram for acquiring firms and target firms we are able to present information about the relative variability or riskiness of each level of the five characteristics, as well as about their co-movement.
Die gestremde as werknemer: Werkgewerperspektief
Authors: Uys Rene , Du Preez N. P.
Published: August 2019

An extensive research project with a response rate of 35% was undertaken under various companies in South Africa. The purpose of the project was to determine the attitude of employers in the open labour market towards disableds as employees. The researchers also wanted to determine the extend whereto disableds are employed within the labour market, as well as what their application and work successes are. In addition the research will focus on the various disabilities, and persons' abilities, training and expectations. The viewpoint of the research project is that today in the era of self-determination handicapped people do not want to be hired because they are handicapped. Nor do they want to be denied a job because of their handicap. Rather, they want to be treated as any other person. They want an equal chance to demonstrate their abilities and to live up to their potential. They want equal access to education, training and employment. They want to prove that they are people who can do the work and they want others to stop thinking about their handicapping condition.'n Omvangryke navorsingsprojek, waarop die responskoers 35% was, is in samewerking met ondernemings in Suid-Afrika gedoen. Die doel was om te bepaal wat die gesindheid van die werkgewer in die ope-arbeidsmark teenoor die gestremde as werknemer is. Die navorsers wou ook bepaal tot watter mate gestremdes in die ope-arbeidsmark in diens geneem word, die mate van hulle aanwending en wat hul werkprestasies is. Daar word gepoog om te bepaal wat die onderskeie gestremdhede en persone se vermoens, vaardighede, opleiding en bepaalde verwagtinge is. Die uitgangspunt van die navorsingsprojek is dat die gestremde in vandag se 'gelykegeleenthede-omgewing' nie in diens geneem wil word omdat hulle gestremd is nie, maar hulle wil ook nie 'n pos geweier word as gevolg van hul gestremdheid nie. Hulle wil eerder op dieselfde wyse as alle ander werknemers hanteer word. Hulle wit gelyke geleenthede he om hulle vermoens en vaardighede uit te leef en om hulle potensiaal ten voile te benut. Hulle wit gelyke geleenthede tot opvoeding, opleiding en indiensname he. Hulle wil bewys dat hulle wel die werk kan doen en hulle wil he dat ander moet ophou konsentreer op hul gestremdheid en dit wat hulle nie kan doen nie.
A national investigation of the correlation between perceptions of human resources management practices and organizational effectiveness
Authors: Templer A. J. , Hofmeyr K. B.
Published: August 2019

This study investigates the extent to which organization effectiveness can be predicted from human resources management (HRM) practices. The results are based on data gathered from attitude surveys of a large sample of employees in 38 companies across the USA. It is found that HRM practices can be summarized in six HRM dimensions which predict organization effectiveness at the departmental level, as perceived by employees. Such effectiveness appears to be linked to HRM practices which stress communication, job clarity, management concern, and equity. Opportunities for future research are suggested and implications for management practice are presented.
'n Beroepstudie van ekonome en bedryfsekonome
Authors: Kroon C. J. , Raubenheimer J. R.
Published: August 2019

This paper first analyses the demographic data and training environment of South African university graduates in Economics and/or Business Economics on the basis of information extracted from the HSRC register of graduates. Next, it analyses the vocational diffusion, demographic data, and training environment of 3701 respondents, who responded to a postal questionnaire which was sent to 8760 white male university graduates in Economics and/or Business Economics during 1985. Special attention is paid to certain aspects of the occupational situation of practising economists and business economists, for example their employer sectors, occupational functions, the utilization of formal training in the work situation, fields of work, and the use of computer systems.Hierdie artikel analiseer eerstens die demografiese data en opleidingsomgewing van Suid-Afrikaanse graduandi in Ekonomie en Bedryfsekonomie op grond van inligting bekom vanuit die RGN se register van graduandi. Daarna analiseer die artikel die werksverspreiding, demografiese data en opleidingsomgewing van 3701 repondente, wat geantwoord het op 'n vraelys wat aan 8760 blanke manlike graduandi gedurende 1985 gestuur is. Spesiale aandag word geskenk aan sekere aspekte van die beroepsituasie van praktiserende ekonome en bedryfsekonome, byvoorbeeld, hulle bedryfsektore, beroepsfunksies, die gebruik van formele opleiding in beroepsverband, werksvelde en rekenaartoepassing.
The effect of share exchange ratios on the wealth of participating firms involved in mergers
Authors: Van Den Honert R. C. , Barr G. D.I. , Galloway A. J.
Published: August 2019

A mathematical model which relates the exchange ratio (the number of acquiring firm's shares issued for each target share) and the postmerger expected price earnings ratio of firms involved in mergers, is applied to 30 firms involved in recent share-exchange mergers on the Johannesburg Stock Exchange. It is found that about 70% of the mergers in the sample could be defined as rational, i.e. both shareholder parties gained in wealth. On the other hand, between 3% and 17% of the mergers led to a loss in wealth for both shareholder parties. Considering each party alone, between 70% and 80% of acquiring firms gained after merger, whilst for target firms 80% to 90% gained. It is also shown that the larger the target relative to the acquirer, the greater the share of the merger gains accumulating to the target.
Ondernemingsrasionalisasie: Vernuwer of vernietiger van u werkerskorps
Authors: Claassen P. , Backer W.
Published: August 2019

The rationalization of companies: Renewer or destroyer of the work-force. The rationalization of companies in the Western world has become almost an integrated part of modern management strategies. The downsizing syndrome has proven to be the favourite choice of many. Change, so many studies have proven, enhances resistance among employees. Change as experienced during the downsizing process, where retrenchment forms an inherent part of the strategy creates its own range of fears and expectations amongst employees. This study analyses the experiences of employees during the phases of destructive change. The hypothesis the study tested was that significantly more employees will rate the experience as extremely negative and that the main issue at stake is job security. It was found that although a significant proportion of the employees thought that drastic change was necessary, they were bitterly unhappy with the way management introduced the change. It was also found that at the centre of unhappiness, threats to job security caused the most damage. Furthermore, it was proven that during change, a well-planned, pre-programmed exercise, with a definite beginning and end time creates significantly lesser stress and fear amongst employees than during a unstructured almost open ended process.Die rasionalisering van ondernemings in die Westerse wereld het amper 'n geintegreerde deel van moderne bestuurstrategie geword. Die verskralingsindroom, so blyk dit, is die gewildste keuse onder bestuur. Dit is deur baie studies bewys, dat verandering een of ander vorm van weerstand onder werknemers kweek. Verandering, soos dit deurleef word tydens verskraling en waar personeelvermindering inherent aan die proses is, skep sy eie unieke reeks vrese en verwagtings onder werknemers. Hierdie studie analiseer die ondervindinge van werknemers tydens fases van destruktiewe verandering. Die hipotese wat getoets is, is dat beduidend meer werknemers die proses as uiters negatief sal ervaar en dat die grootste faktor wat negatiwiteit beinvloed werksekuriteitbedreiging sal wees. Daar is bevind dat alhoewel 'n beduidende aantal van die werknemers aangedui het dat verandering in hul organisasies noodsaaklik was, was hulle terselfdertyd bitter ongelukkig oor die wyse waarop verandering in die organisasie toegepas is. Daar is ook bevind dat die hoofoorsaak vir ongelukkigheid werksekuriteitbedreiging was. Vervolgens is daar statisties beduidende bewys dat goedbeplande, goedgestruktureerde veranderingspogings met 'n duidelike begin en 'n einde baie minder stress en ongelukkigheid veroorsaak as pogings wat onbeplan, ad hoc en amper tydloos van aard is.
New listings share price behaviour on the Johannesburg Stock Exchange
Authors: Bhana N.
Published: August 2019

The objective of this paper is to determine the price behaviour of new listings on the JSE during the period 1985-1987. The results clearly indicate that those investors who acquired new issues at the initial offering price attained significant short-term benefits in the form of a new issues premium followed by an after-market performance generally supportive of an efficiently operating market. Investors who acquired new issues subsequent to the initial offering earned negative returns (adjusted for market risk as well as systematic risk) during the first year of investment. The investigation reveals that new issues with very large price increases immediately subsequent to their offering do not have returns significantly different from new issues as a whole during the period up to one year following the listing. Investors in the secondary market, on balance, overestimated the return potential and/or underestimated the risk characteristics of new listings on the JSE.
Macroecenomic identification of the pricing factors on the Johannesburg Stock Exchange
Authors: Barr G. D.I.
Published: August 2019

This paper considers the main economic forces which drive the various sectors of the Johannesburg Stock Exchange, over the period 1979-1987. A factor-analysis approach identified these main forces as the price of gold, the short-term rate of interest, the performance of foreign stock markets, and local business confidence. The period considered is broken down into several subperiods in which these economic factors performed differently and where one or other dominated. This enables one to obtain a precise idea of which economic variables move which sectors and when.
Toepassing van 'n lineêre regressiemodel op verskillende inligtingstelselfasette
Authors: Bruwer P. J.S.
Published: August 2019

Application of a linear regression model to different information system facets Evaluation techniques with regard to the information system function in organizations could well be used to serve as a tool to identify problem areas and the corresponding corrective actions to be taken. In the past quite a number of computer-based application systems have failed in large as well as small organizations not because of inadequate technical quality but because some important non-technical factors of critical importance for the success of the system have not been diagnosed timely. In a previous research project (Bruwer: 1983) a restricted linear regression model method has been used to evaluate the success of the information system function in organizations. In this article the same model is applied on three different areas of the information system function. These areas are: Aspects of strategic planning of information systems; evaluation of the use of micro-computer systems and the evaluation of computer facilities in organizations.
Information system strategies: The South African context
Authors: Duffy Neil
Published: August 2019

Many studies of information systems (IS) issues place IS strategy at the top of the list. In this article the development is sketched of IS strategy and then the relevant findings are summarised of a number of studies undertaken at the Wits Business School over the last five years which provide the South African context. From these studies it is possible to derive an information systems strategy profile of the respondent organisations and to trace the information systems issues that have concerned them. It is interesting to note that some of these information systems issues seem to have persisted through the years and seem likely to continue to do so.
Die staat van toegevoegde waarde as komponent van finansiele verslaggewing in die RSA
Authors: Du Plessis A. P. , Joubert D. S.
Published: August 2019

The value added statement as component of financial reporting in the RSA The value added statement was developed due to a need for more understandable financial information for the uninformed user of financial statements. Although not required by the Companies Act, since 1977 numerous South African companies have included a value added statement in their financial reports. The question can, however, be asked whether the inclusion of a statement of value added in financial reports will not put financial information at the disposal of a larger group of existing and potential users of financial statements. In such a case the inclusion of the statement should be made compulsory and the contents be standardized. During a study of the reasons for the publication and the presentation of the information of this statement by South African companies, it was found that companies probably publish this statement for the annual competitions for financial statements. The information contents of the statement is therefore disregarded.
Information management through human resources spectacles
Authors: Duffy Neil
Published: August 2019

The purpose with this article is to highlight the similarities of, and mutual dependence between, information management and human resource management. Information pervades almost everything we do. The information resource itself comprises applications, tools, people, organization, software, hardware and data. Many of the issues that drive information systems today have strong human resources (HR) connotations: organizational learning, IS's role, contribution and alignment in the organization, end-user computing, IS implementation, change and organization design. Both IS and HR manage a key resource, require a strategic vision, are important components of the strategic plan, have similar components and are experiencing changing and increasingly important roles in their organizations. IS itself has become increasingly high touch over the years and as such needs to draw more and more on HR skills and support. In future the bottom line will depend on strength in both HR and IS and the ability of management to derive synergy from them.
Fokus areas vir 'n bestuursinligtingstelsel vir top-, middel- en laervlakbestuur in 'n finansiële instelling
Authors: Bruwer P. J.S. , Van Der Walt D.
Published: August 2019

Focus areas for a management information system for top, middle and lower level management in a financial institution. This research project was conducted at one of South Africa's major banks. This bank has a client base of approximately five million clients and approximately eight million active accounts. Since the term 'Management Information Systems' was relatively new to this bank, the purpose of this project was to do a critical evaluation of the existing management information system. This was done by means of a questionnaire to top, middle and lower level management in the bank. These data were processed by making use of stepwise linear regression as well as all possible subset multiple linear regression methods. A number of critical success factors were identified and prioritized for each of four subsets of the population. These subsets are the following: top and middle management; regions; operational management; and all users of the information system. A number of recommendations were made for establishing an improved service provided by the systems development team.
South African and American sales managers: A comparative study
Authors: Van Der Westhuizen Brian
Published: August 2019

The relatively unique socio-political and economic environment in South Africa frequently leads to the assertion that South African managers are very different when compared to their overseas counterparts. As far as could be ascertained, no studies have been conducted to test this presumption in the sales management area. In a recent study of two randomly selected groups of sales managers, one in South Africa and the other in the USA, it was established that there was substantial similarity between the two groups with respect to a number of areas of managerial behaviour.
A comparison of two maintenance strategies: Reliability-centred maintenance and total productive maintenance
Authors: Hipkin I. B.
Published: August 2019

Improvements in the manufacturing sector have been attained through the use of a variety of management interventions. These have all concentrated on materials management and the production process. One functional area that has been neglected is the maintenance of physical assets. In this article two maintenance management approaches are compared from a philosophical and strategic point of view: reliability-centred maintenance (RCM) and total productive maintenance (TPM). The two are conceptually different, although there are common elements. Reliability-centred maintenance provides a structured methodology and concentrates on technical issues such as failure consequences and the technical feasibility and effectiveness of maintenance, with some emphasis on the human factors. Total productive maintenance seeks to maximize equipment effectiveness by the complete elimination of failures and relies on the work of autonomous groups. Much emphasis is placed on the human component From a strategic point of view, both approaches require organizational changes which may result in a dilution of managerial power.
Certainty equivalent coefficients and capital budgeting: A caveat
Authors: Paulo S.
Published: August 2019

The purpose of this technical note is to draw attention to the problems which are inherent in the use of certainty equivalent coefficients as an approach to incorporating risk into capital budgeting. More specifically, the certainty equivalent coefficient net present value criterion violates an important principle of cash flow determination for discounted cash flow analysis. Further, this approach precludes the use of net present value profiles which are pivotal when evaluating conflicts among mutually exclusive projects. In addition, use of certainty coefficient equivalents amounts to an acknowledgement that the concept, function and use of the cost of capital is improperly understood.
The income measurement properties of two crude inflation-accounting models
Authors: Gevers Wim R.
Published: August 2019

Although the inflation rate in South Africa has been high over an extended period of time, accounting for the effect of inflation has not progressed further than Guideline AC201 of the South African Institute of Chartered Accountants. Research in the United States of America and the United Kingdom on the value of published inflation-accounting data has yielded little evidence of information content. Similar findings were obtained in South Africa based on estimated inflation-accounting data. Evidence of the income measurement properties of inflation-adjusted data in the USA has, however, been documented. In this article the income measurement properties of two simplified or crude inflation-accounting models are determined for industrial companies listed on the Johannesburg Stock Exchange (JSE). It is found that the historic cost income generally behaves as expected, but that the inflation adjustments to income contain little or no income measurement properties. The little positive evidence found points to the desirability of the disclosure of holding gains information.
The profit impact of IT investment
Authors: Lubbe Sam , Parker Gary , Hoard Andrew
Published: August 2019

Two models were used to study the relationships between profitability and the level of information technology (IT) sophistication among long-term life insurance companies in South Africa. The first model was submitted by Kwong et al. in a study of six petroleum producing companies in Malaysia. They proposed a computerization index (CI) which incorporated factors that affect the level of computerization in a company and compared the CI with profitability ratios such as profit/total assets, profit/turnover, turnover/total assets, gross margin/turnover, profit growth rate and sales growth rate. The second model was proposed by Harris et al. in a study among forty long-term life insurance companies in America. They used the ratio of non-interest operating expense to premium income (operating expense ratio) to measure profitability, and the ratio of IT expense to non-interest operating expense (IT expense ratio) to measure the level of IT capital intensity. The results of the study showed a positive correlation between the Cl and the financial ratios, indicating that as the level of computerization increases, profitability also increases. The results also showed that the most profitable firms are more likely to spend a significantly higher proportion of their non-interest operating expenses on IT, and that the least profitable firms are likely to spend a significantly lower proportion of their non-interest operating expenses on IT. The study concludes by accepting the two studies as valid among the long-term life insurance industry in South Africa.
A model for agricultural research
Authors: Bisschoff C. A. , Marais A. De K. , Van Reenen M. J.
Published: August 2019

In this article we report on a newly developed agricultural marketing research model. The development of such a model proves to supply future researchers the opportunity to employ this model in their research. This model enables the researcher to analyse more than one set of respondents within the same research structure, while comparative analyses could also be performed between the groups of respondents. The model consists of four stages, namely: establish relevant criteria; individual statistical analysis of the criteria; comparative analyses; and results and findings. Each of the four stages of the model is discussed according to the methodology used and the expected results of each stage. Warnings and procedural prescriptions are offered within each stage of the model, and checkpoints are also built in to ensure that a user of the model would not proceed towards the next stage if the previous stage was not executed satisfactorily. The benefit of the research model is that it supplies a structured framework which could be employed by future agricultural researchers to perform related research projects. The model could also be employed as a basis from which other researchers could alter or create their own research methodology since limited research has been conducted in the discipline of agricultural marketing research process.