bluuebunny/crossref_metadata_2025 huggingface dataset:
Separable programming for aggregate production planning: A high-order cost case
Authors: Meij J. T.
Published: August 2019

Many production managers are faced with the problem of planning production, inventory and work-force under the constraint of limited resources to meet a seasonal demand. Considerable research has been done on this planning problem and various planning models have been introduced. In those cases where linearity of the cost functions of an undertaking may reasonably be assumed, an ordinary linear programming model suffices. In many cases, however, this simple linear approach to certain essentially non-linear cost functions is unacceptable owing to the gross approximation made.Separable programming (SEP) is introduced as a solution methodology to this aggregate production planning problem in a complex, high-order cost structure case. The cost structure was used by Goodman for the application of goal programming (GP) in this field. The Goodman GP model makes provision for positive or negative slack for the production level, work-force level and inventory level with penalty costs for these slack-deviations. Goodman also made use of a 'sectioning search' model for this high-order cost case to serve as a measure for his GP model. A comparison is made between the results of these three approaches. SEP offered an improvement of more than 4% in total cost in comparison with the sectioning search model, and performs 26% better than the GP model.
On fitting paradigms to people
Authors: Moerdyk A. P. , Coldwell David A.L.
Published: August 2019

In a previous article (Coldwell and Moerdyk, 1981) it was argued that many blacks in South Africa are at a disadvantage in the 'White man's world' of business and industry as a result of a number of cultural factors, some of which were described. In this paper, the suggestion is made that it is probably easier and more cost-effective to find ways in which both tasks and organizations can be restructured along socio-technical design lines, than it is to try to change the personality and value structures of the labour force to fit them to the demands of the work place. A number of cultural differences are outlined and suggestions put forward about possible ways in which jobs and organizations can be modified to make them more compatible with the characteristics of the work force. A closer 'match' between the individual and his work environment is seen as the key to enhanced productivity, reduced stress, and consequent improvements in both job satisfaction and company profitability.
Faktore wat die werkverrigting van rekenaargebaseerde inligtingstelsels beïnvloed
Authors: Bruwer P. J.S.
Published: August 2019

Factors which influence computer-based information systems The design and implementation of computer-based information systems have for a long time (and in some organizations are still being) accepted as primarily technical activities. As a result of this attitude about technology, the fact that practically all computer-based systems exist within the context of an organization has been largely ignored. From the literature it has emerged that many computer-based information systems have failed, not necessarily as a result of poor technical quality, but because certain other important aspects, which determine the success or the failure of a computer-based system have been left out of account. As a result of a research project, it will be shown in this paper which factors are the most important in their contribution to the success of computer-based systems.
Bestuursleiding
Authors: Le Riche F. J.H.
Published: August 2019

No abstract available.
The interrelationship between human resource management and corporate strategy
Authors: Abratt R.
Published: August 2019

The involvement of personnel executives in the strategic planning of the enterprise is a controversial issue. Personnel has been considered a staff function which deals with day-to-day administration issues and as such has often been regarded with some contempt by the top management team. Concomitantly many firms are viewing the personnel function in an entirely different light; it now participates in the decision making of the company. The objectives of this paper are two fold: firstly to find a link between corporate strategy and human resource management and secondly, to find out whether personnel managers of quoted South African companies participate in corporate strategy formation. The company comprises of a number of varying dimensions and systems. Every organizational dimension and system must be consistent, not only with the strategy, but also with every other organizational dimension and system. The personnel department is often excluded from the corporate planning process. This exclusion represents a high cost to the total system due to less than optimum usage of an organization's human resources. This paper discusses the need for planning by management with particular reference to manpower planning in relation to corporate planning.
Die proses van partikuliere en openbare besluitneming
Authors: Brand S. S.
Published: August 2019

Private and public decision-making The interaction between the private and public sectors is important in South Africa. Much criticism is expressed by the one sector against the other. This can be partly attributed to an incomplete understanding of the processes of decision-making in the two sectors, and of the differences between them. A comparison is drawn between the most important elements of the decision-making processes in the two sectors. Public decision-making deals mostly with matters concerning the community and the economy as a whole, whereas private decision-making is concerned mostly with parts of the whole. The aims at which decision-making in the two sectors are directed, differ accordingly, as do the perceptions of the respective decision-makers of the environment in which they make decisions. As a consequence, the criteria for the success of a decision also differ substantially between the two sectors. The implications of these differences between private and public decision-making for the approach to inflation and the financing of housing, are dealt with as examples. Finally, differences between the ways in which decisions are implemented in the two sectors, also appear to be an important cause of much of the criticism from the private sector about decision-making in the public sector.
Die interne rendement en meervoudige opbrengste
Authors: Klerck W. G.
Published: August 2019

The internal rate of return and multiple solutions It is often stated that one of the problems that occurs when using the internal rate of return in capital budgeting is that the method can generate multiple rates or solutions. In this article the problem of multiple rates is analysed, using the approach adopted by J.C.T. Mao in his book Quantitative Analysis of Financial Decisions. In order to implement Mao's approach a computer program was written in Apple Basic. The use of the program is illustrated with a few examples.
Die voorspelling van kredietrisiko met behulp van biografiese veranderlikes: Is dit die antwoord?
Authors: Ackermann P. L.S. , Jansen van Rensburg W. P.
Published: August 2019

The prediction of credit risk by means of biographic variables: Is this the answer? The objective of this study is to identify specific biographical variables, to quantity them and to investigate their relative importance in the prediction of credit risk. A representative sample of 250 bad credit risk clients and 250 good credit risk clients is used in the study. A multiple stepwise regression analysis and multiple stepwise discriminant analysis were carried out. Nine biographical variables were identified which explain approximately 16% of the variance of credit risk.
Survey on corporate strategic planning systems in Zimbabwe
Authors: Shabalala S.
Published: August 2019

The decision to undertake a preliminary survey on corporate strategic planning systems was motivated by the dearth of information of 'the state of the art' in the strategic management of companies within Zimbabwe. This state of affairs seriously affected the teaching of the Business Policy course within the Department of Business Studies: lack of local contextual information on how general managers play their roles as architects of company strategies, organization builders and leaders, robbed the teaching of Business Policy of its fundamental background. It was the purpose of this survey to start the ball rolling by way of establishing meaningful relations between industry and the department of Business Studies, so as to facilitate the exchange of ideas and viewpoints. Such relations will, hopefully, develop the atmosphere of trust which will be crucial in enabling scholars to develop management cases, based on the Zimbabwean socio-politico-economic environments. These cases will be used by students in the University and by others who run executive development programmes all over Zimbabwe. As a preliminary survey, no major conclusions can be drawn from its findings. It has, however, opened up a direction for more thorough and sophisticated research in the future.
'n Struktuuranalise van Swart sakeondernemings in die Republiek van Suid-Afrika
Authors: Kroon J.
Published: August 2019

A structure-analysis of Black business enterprise in the Republic of South Africa The present situation in South Africa is such that a sophisticated and developed economy and a totally unsophisticated and undeveloped economy exist side by side. In this context the role of entrepreneurs or employers is mainly fulfilled by Whites and the role of employees by Blacks. Reasons for this are, among others, the political historical development in South Africa and the fact that the independent entrepreneur was not part of the Black man's traditional structure. In this context the position of the Black entrepreneur in the Republic of South Africa (excluding independent and national states) is referred to. In particular, attention is given to the development of Black business enterprise in Black residential areas, the physical structure of Black residential areas, the structure of formal Black business enterprise, the informal sector as an important part of the small business sector in Black residential areas, purchasing behaviour of Black consumers, existing purchasing facilities in Black residential areas and the need for certain other purchasing facilities in Black residential areas.
Decision Support Systems (DSS): A survey
Authors: Ittmann H. W.
Published: August 2019

Interest in aiding and supporting decision-making through the use of computers has been stimulated by technological developments in areas such as personal computers, computer networks, large data bases, colour graphics and computer-based models. These uses are known as Decision Support Systems (DSS) and imply computer systems designed to extend managers' capabilities, and at the same time to integrate these uses into existing managerial activities and needs. During the past few years there have been rapid international developments in the DSS field. In South Africa this trend is also noticeable, although on a smaller scale. The object of this article is to give a survey of Decision Support Systems by defining the concept and by showing how it relates to other fields, and to present a framework of the typical functions and components of such a system. Some practical applications are discussed for illustrative purposes.
The application of linear programming to a coal-mining problem: A case study
Authors: Klerck W. G. , Turner G. M.S.
Published: August 2019

This article describes the application of linear programming to a problem faced by a small coal-mining company. The company owns two operating collieries, one supplies the general inland trade market while the other supplies a power station under a 30-year-tied contract. The company was awarded an export allocation for a 30-year period and as a result was trying to establish how to supply the coal for the various markets. Only the colliery that supplied the power station had sufficient reserves to base an export contract on. It was underlain by two economically recoverable seams of coal. The quality of the coal reserves is, however, low compared to international standards and is therefore unacceptable in its raw state. It is, however, possible to upgrade the coal by washing it. The grade of the final product (float) can be adjusted by altering the density of washing. However the yield, as a percentage of the raw coal feed, falls off rapidly as the grade is increased. Furthermore the sinks can likewise be upgraded by washing. The company wondered how they should optimize the flowsheet. How much coal should they mine from each of the two seams, how much from each source should go to the power station, how much should they produce for export, how should the upgrading be done, and to what extent. A linear programming model was formulated to solve the problem facing the company.
Understanding marketing and marketing policies in international markets
Authors: Suchard Hazel T.
Published: August 2019

Marketing and marketing policy in international markets, must be based, according to the authoress, upon the level of economic development within a specific country and regions within a specific country. The authoress proceeds to provide stages in development and discusses the implications for product policy, pricing policy, promotion policy, and distribution policy. The impact of other economic factors, cultural forces, political and legal forces are also discussed. The authoress concludes by referring to rural versus urban distribution and its influence on international marketing.
Stress management in South Africa
Authors: Strümpfer D. J.W.
Published: August 2019

A distinction is made between eustress and distress, and the complexity of stress phenomena is emphasized. Acceptance of corporate social responsibility is posed as the most fundamental form of stress management at the social and community level. Sound management practices are viewed as basic to health-enhancing organizations. Occupational differences are highlighted. Stress management training is discussed in terms of who needs training, individual vs. group approaches, and objectives. Knowledge acquisition and self-assessment are introduced. Brief discussions of specific skills training follow: Relaxation, physical exercise, rational-emotive thinking, goal setting, time management, personal and career development counselling, and preventive health management. Lastly, employee counselling programmes are mentioned. The role of follow-up evaluation is emphasized.
A financial evaluation of price formulae
Authors: Doppegieter J. J. , Lambrechts I. J.
Published: August 2019

This is the second in a series of four articles on price formulae/determination. In the first a simulation model was developed and the criterion of evaluating the model, the internal rate of return, was introduced. In this article two price formulae are simulated and analysed in accordance with principles discussed in the first article. Significant differences emerge between the two formulae. The internal rate of return of formula B (which is expressed in terms of replacement values) is continuously more than 100 % higher and more stable than that of formula A (which is expressed in terms of historical values). It also appears that it can be misleading to judge the profitability of a price formula against the allowed rate of profitability. The adequacy of the price formulae for inflation is judged by examining the internal rate of return in a situation with and without inflation and by calculating the ratio between depreciation allowed and replacement investments. Finally, the effect of the formulae on financial structure is analysed by calculating a liquidity (based on cash flow) and a solvability ratio. In conclusion, it appears that formula B is superior to formula A, mainly as a result of differences between the price formulae.
The development of telephone interviewing as a tool in marketing research: A survey of the literature
Authors: Suchard Hazel T.
Published: August 2019

This article is a historical overview of the development of telephone interviewing from the time of Gallup (1929) till today. Several advantages (such as costs, decreased risk and time, flexibility of research plan, etc.) and disadvantages (such as lack of visual interviewing aids, limitation of survey frame to subscribers) associated with telephone interviewing are described. Telephone sampling methods such as alphabetical lists and random digit dialing are discussed. Questionnaire design is emphasized and methods of developing the questionnaire and formulating questions are described. Computer control, voice pitch analysis, response latency, and non-contact and refusal rates are all discussed. Protection of privacy and maintenance of confidentiality are emphasized. The article concludes that professional telephone surveys are here to stay but are likely to face the obstacle of government regulation.Hierdie artikel is 'n historiese oorsig van die ontwikkeling van telefoononderhoud vanaf die tyd van Gallup (1929) tot vandag. Verskeie voordele (soos koste, verminderde tydsverbruik en risiko, aanpasbaarheid van die navorsingsplan, ens.) sowel as nadele (soos die tekort aan visuele ondersteuningsmateriaal, en die tekort van 'n navorsingsraamwerk vir die verbruiker) word beskryf. Metodes om 'n verteenwoordigende steekproef te trek, soos alfabetiese lyste en ewekansige nommers, word bespreek. Die klem word veral op die ontwerp van bruikbare vraelyste gele en metodes van vraelys-formulering en vraagformaat word voorgestel. Rekenaarbeheer, stemhoogte-analise, latente respons-patrone, nie-kontak en die voorkoms van wegwysing word ook verder uitgelig. Verder word etiese aspekte soos die beskerming van privaatheid en die behoud van vertroulikheid ook onderstreep. Hierdie oorsigsartikel wys daarop dat telefoonopnames waarskynlik blywend sal wees maar dat regulasies vanaf die regering waarskynlik toenemend beperkend sal inwerk op die gebruik van hierdie bemarkingsmedia.
The selection of food shopping locations by UK suburban households: A multivariate analysis
Authors: Yates A. R. , Yeomans K. A.
Published: August 2019

In this article a behavioural model of retail location is discussed which differs from established models in two respects. Firstly, in the behavioural model the demand for retail outlets is emphasized rather than the supply of retail outlets. Secondly, psychological and sociological constructs are used to help explain store selection behaviour. The behavioural model differs from established location theory in that an attempt is made to study the act of shopping in relation to other human activities. The basic postulate of the model is that people are constrained in their shopping behaviour. People can then be rated on a scale of constraints, which can be used to predict store selection behaviour.
The price of gold in the year 2000: A forecast
Authors: Pouris A.
Published: August 2019

In this article, two of the most recent efforts to forecast the price of gold are discussed and a prediction for the year 2000 is provided. The forecast is based on the hypothesis that in the long run, commodity prices follow a well-defined path, which permits only gradual and slow changes. The analysis shows that the current price of gold (1985) in terms of US dollars, coincide with the long run equilibrium price simulated by the model. The forecast for the year 2000 suggests that the expected price is US $420 per fine ounce in 1983 constant dollars.
Computers in personnel management: A South African survey
Authors: Tromp D. , Wegner T.
Published: August 2019

The personnel function currently faces many challenges and threats. Not the least of these is the growing erosion of its status at the strategic management level. The absence of a sound technological foundation is one of the contributory factors. The authors examine the contribution that computer-based personnel information systems are making towards the rectification of this problem. The availability of current computer-based decision aids is identified as well as the extent to which this technology is integrated within the personnel function in South African organizations.Die personeelfunksie staar tans heelwat veranderinge en uitdagings in die gesig. 'n Groot bedreiging is byvoorbeeld die toenemende afname in status op die strategiese bestuursvlak. Die afwesigheid van deeglikgefundeerde tegnologie is slegs een van die bydraende faktore. Hierdie artikel ondersoek die bydrae wat rekenaargefundeerde personeel-inligtingstelsels tot die regstelling van die probleem maak. Die beskikbaarheid van hedendaagse rekenaargefundeerde hulpmiddels vir besluitneming word geidentifiseer, tesame met 'n aanduiding van die mate waartoe hierdie tegnologie geintegreer word in die personeelfunksie in Suid Afrikaanse organisasies.
Strategiese bemarkingsbestuur by enkele leweransiers aan die landbou in die Republiek van Suid-Afrika
Authors: Van Zyl J. J.
Published: August 2019

Strategic marketing management of some suppliers to the Agricultural sector in the Republic of South Africa The Republic of South Africa is at present in a state of change within the economical, political, social, institutional, physical and international environments. Change in these fields is still in an early phase and rapid changes can be expected in future. From a management point of view, these changes are a fact and must be considered and taken into account in the decision-making process. Modern enterprise in the free-market system functions within the framework of the changing environment and the ability to grow and develop are dependent on the ability of the individual firm to adapt to these changes. The aim of the research was to determine how marketing management of some suppliers of capital equipment to the agricultural sector apply strategic marketing principles and practices, to enable their firms to adapt to constant external changes. Apart from a theoretical background some empirical research was undertaken to determine the composition of the management and marketing strategies. The emphasis is, however, on the formulation of the marketing strategy and the implementation of the marketing strategy.
The moral minefield: Legal and social issues of tobacco and liquor marketing
Authors: Sacks Diane , Abratt R.
Published: August 2019

This article focuses on the liquor and tobacco industries. These two industries were chosen because they have been catapulted into the foreground of the societal marketing polemic as a result of the widespread agreement that the consumption of their products can cause serious damage to personal and social welfare. The legal and social context In which tobacco and liquor products are marketed internationally and in South Africa are discussed. Some general conclusions are drawn from this review which will have implications not only for the two industries involved, but society as a whole.
Evaluating action plans
Authors: Grobbelaar J. W. , Murphy J. J. , Van Der Walt S. R.
Published: August 2019

In 1976 Louis Gerstner wrote, 'one of the most intriguing management phenomena of the late 1960's has been the rapid spread of the corporate planning concept. Except for the so-called computer revolution, few management techniques have swept through corporate and government enterprise more rapidly or completely'. Yet in spite of this explosion of companies doing corporate planning there are still areas within the process that need to be researched. One such area is the 'evaluation of the action plan'. How do managers decide which portfolio of action plans to select and implement? It has been the authors' experience that these decisions are mostly made on 'gut' feel with a great deal of politicking taking place. In this article a methodology is developed to assist managers in the comparative evaluation of action plans, the final decisions being based on the use of a multivariate model which relates achievement and risk.
The board of directors in South Africa: Its role in corporate strategic planning
Authors: Viljoen J.
Published: August 2019

There is a considerable degree of uncertainty regarding the precise role of the board of directors in corporate strategic planning. With reference to the South African Company Law and practice the objectives of this paper are (i) to isolate and categorize possible alternative relationships between top management and the board of directors in matters of corporate strategy; (ii) to identify the level at which the board should become involved in corporate strategy; (iii) to suggest which elements of strategy should be the legitimate concern of the board; (iv) to propose procedural guidelines which will facilitate optimal board involvement in corporate strategy. The author concludes that the board of directors, in terms of its mandate, should not only become involved in strategy evaluation but also in the formulation and implementation of strategic plans. This is particularly true within the context of the current socio-economic and political environment in South Africa. The implications of this conclusion for the composition of the board and for the conducting of board affairs are discussed.
Omskepping van koöperasies in maatskappye: 'n Oorweging
Authors: Hamman W. D. , Lambrechts I. J.
Published: August 2019

Converting co-operatives to companies: A consideration The change in the Income Tax Act in 1977 resulted in co-operatives becoming tax liable from 1 April 1977. In addition, the Co-operatives Act of 1981 resulted in additional restrictions for co-operatives. Consequently certain important advantages of cooperatives ceased. The question therefore arose whether co-operatives can still be justified as a form of organization in comparison to companies. To solve this problem several determining factors should be investigated. Aspects which should be analysed are the tax liability of each form of organization, legal restrictions of co-operatives, financing possibilities of co-operatives, the function of co-operatives as agents of control boards, and the channelling of financial assistance to organized agriculture. Co-operatives as a form of organization have definite advantages compared to companies. The most important are the declaration of deferred bonuses and the redemption of loans, which are tax deductible under certain circumstances (the latter only until 1987). There are however also disadvantages. Approval is necessary to take over companies and members do not share in the growth of co-operatives. In this article it appears that it is undesirable for co-operatives to change their form of organization in present circumstances. It is however not a categorical conclusion and the development of the determining factors should be studied continuously.
Die definiëring van persoonlike besparing: Die Suid-Afrikaanse situasie 1965.1 tot 1984.4
Authors: Styger P. , Van Heerden J. H.P.
Published: August 2019

The definition of personal savings: The South African situation 1965.1 to 1984.4 The personal savings definition and through that also the time series of personal savings in South Africa in common use, can be described as personal savings as published, amongst others, by the South African Reserve Bank. In the computation of the above time series there are certain deficiencies and the time series has been queried since the sixties. The objective of this study was to undertake an empirical study of the definition of personal savings in South Africa and through that also the time series of personal savings, and possibly to improve on these. It was indicated that the published personal savings cannot be regarded as a good definition of personal savings in South Africa. Various alternative personal savings definitions were studied critically and it was indicated that it would seem that long-term insurance premiums plus pension fund contributions (i.e. contractual personal savings) should constitute the personal savings definition for South Africa.
Interdepartmental conflict in large enterprises in South Africa: A survey
Authors: Bloch B. J.
Published: August 2019

Managerial literature has always tended to underrate the significance of the horizontal or lateral dimension of organizations. The rationale for this paper is the increasing importance of lateral interdepartmental relationships as business enterprises increase in size and complexity. The aim of this investigation is to determine the extent to which interdepartmental conflict prevails, and the nature of the causes thereof, in large enterprises in South Africa. The investigation was conducted by means of a mail survey of manufacturing enterprises with in excess of 300 employees. A questionnaire composed of 24 multiple-choice items was sent to 900 manufacturing enterprises. A total of 282 usable responses was obtained. Responses indicate that enterprises in the sample generally experience moderate to high levels of interdepartmental conflict. The results indicate that the level of interdepartmental conflict does not differ statistically with respect to size of enterprise, geographic location or the nature of the responding department. The breakdown of responses suggests that production and marketing departments play a dominant role in the interdepartmental scenario, with finance and personnel taking a secondary role.
The effects of trade sanctions and disinvestment by foreign countries and its impact on the South African economy
Authors: Bhana N.
Published: August 2019

In the event of total trade sanctions South Africa should have no difficulty in countering the ban on mineral exports, especially precious metals. Furthermore, earnings from precious metals are likely to increase in the short term followed by a gradual deterioration of these industries as cheaper substitutes are developed and producers from other countries make inroads into markets vacated by South African producers. In the manufacturing sector South Africa may benefit in the short term through import replacement and a drive towards self-sufficiency. However, in the long term factors such as scarcity of capital, technological obsolescence, disadvantages inherent in the lack of international co-operation and competition, and misallocation of resources would indicate that the cost of evading sanctions is too high. A disinvestment of portfolio investments is likely to cause a major decline in the prices of South African mining shares. A large scale disinvestment by multinational companies and foreign disinvestment of shares are likely to cause restructuring and increased economic concentration in the South African economy.
Entrepreneurship as a career option for woman: An overview of research
Authors: Erwee Ronel
Published: August 2019

Entrepreneurship is seen as a non-traditional career option for women and most of the available research on this career focus on the male entrepreneur. A life-cycle model of career development is used as basis to systematize the review of the few studies of female entrepreneurs. Research on factors influencing the developmental history of women entrepreneurs, namely their education and training, personality traits, childhood family environment, work history, adult developmental history and adult family history, are grouped together for discussion. Factors affecting the women entrepreneurs' current situation are discussed separately. Research on female entrepreneurs in two different cultures are contrasted and areas for research on women entrepreneurs in South Africa are discussed.
Human resource management in a siege economy
Authors: Horwitz F. M.
Published: August 2019

There is a paucity of published work on the implications of a siege economy in South Africa on the management of human resources. Existing organizational policies and strategies may be inadequate in coping with rapid environmental change and a high degree of uncertainty. This paper focuses on an identification of extra- and intra-organizational demands which could confront the business sector and individual companies in the next three to five years. A critical analysis of these demands is offered. Recommendations and conclusions are provided in respect of the strategic adaptive responses required by organizations.
Rekenaargebaseerde prosesbeheermodernisering
Authors: Bruwer P. J.S. , Van Baalen J. M.
Published: August 2019

Technological development, especially in the area of microcomputer systems, has changed the traditional control equipment and methods of control to such an extent that today's process modernization is much more than the replacement of old equipment with equivalent new equipment at a time when the old equipment has to be replaced. Modern equipment and techniques enable the organization to operate much more effectively and achieve much higher productivity levels. This fact forces a manufacturing firm to carefully study its modernization strategy to decide whether it is still in pace with the rapidly changing technological environment. By means of research at a large manufacturing organization an attempt was made to find answers to questions such as the following: What kind of equipment should be considered in a specific stage of process modernizing?; What influence could new powerful equipment have on the modernization strategy?; How could the organizational structure be influenced?; How should organizations in South Africa school themselves to accept new technology?; What actions should be taken against sanctions?Tegnologiese ontwikkeling, veral op die gebied van mikrorekenaarstelsels, het veroorsaak dat tradisionele beheertoerusting en beheermetodes sodanig verander het dat die hedendaagse prosesmodernisering veel meer om die lyf het as bloot die vervanging van ou toerusting met soortgelyke toerusting op 'n tydstip wanneer die ou toerusting uitgedien is. Groter effektiwiteit en produktiwiteit kan met die moderne toerusting en tegnieke verkry word. Dit noodsaak 'n vervaardigingsonderneming om sy moderniseringstrategie in heroorweging te neem om te besluit of dit steeds in pas is met die snelle ontwikkeling in tegnologie. Die navorsing is uitgevoer in 'n groot vervaardigingsonderneming in Suid-Afrika en daar is gepoog om antwooorde te verkry op vrae soos die volgende: Watter toerusting moet in ag geneem word tydens prosesmodernisering?; Watter invloed gaan die nuwe kragtige toerusting op die modernisasiestrategie van die onderneming he?; Hoe gaan dit die organisasiestruktuur beinvloed?; Hoe moet 'n organisasie in die RSA homself skool om die nuwe tegnologie te ontvang?; Watter aksies moet as teenvoeter teen sanksieveldtogte geneem word? Verder handel die navorsing oor daardie aspekte wat in ag geneem moet word tydens prosesmodernisering met behulp van rekenaargebaseerde beheertoerusting.
The post-listing performance of new listings: A study on the JSE
Authors: Bradfield D. J. , Hampton B. G.
Published: August 2019

The authors examine the post-listing performance of new issues on the JSE. On the basis of an empirical study conducted over the 1975-1986 period, evidence is presented indicating that abnormal returns do occur during the post-listing period. The existence of hot and cold issue periods are also found to be evident on the JSE and the performance in the aftermarket is found to differ substantially in these periods. In hot issue periods abnormal returns are found in almost the entire 12-month period subsequent to listing, with excess returns reaching as much as 7% per month during the subsequent year. The results for cold issue periods by contrast reveal abnormal returns only up to the first three months after issue, whereafter substantially negative returns occur in several subsequent months. Significant positive relationships were also evident between the opening premia and some important behavioural characteristics in the aftermarket, namely, abnormal returns one year after issue and volumes traded in the aftermarket.
Beyond the quality circle: The integration of entrepreneurial action thinking in business organizations
Authors: Kotze J. G.
Published: August 2019

In the highly uncertain and competitive operating environments of recent times, an innovative orientation has become essential to all business organizations. This requirement has resulted in the publication of numerous articles dealing with concepts such as quality circles, action plan teams, and strategy formulation groups. Increasing emphasis is also being placed on the importance of effectiveness rather than efficiency; on working 'smarter' rather than working 'harder'. Different variations of these concepts have also been implemented in some organizations. However, such applications frequently do not yield the anticipated benefits. Such disappointing results can usually be attributed to misconceptions on the part of top management regarding the nature of the different aspects of innovation. The appropriate approach to follow to derive optimum benefit from each aspect is frequently also not clear. An explanatory analysis of each aspect of innovation appropriate to every major level of management is attempted in this article. Finally, an integrated perspective, providing an effective linkage between the identified creativity elements, is developed.
The gearing adjustment in inflation accounting: The financing sequence assumption
Authors: Van Hoepen M. A. , Lambrechts I. J. , Mostert F. J.
Published: August 2019

The application of a gearing adjustment in inflation accounting has always resulted in the problem of determining a financing sequence. A decision has to be taken whether certain categories of assets are financed with equity and/or loan capital. Financial theory of the last few decades quite convincingly revealed that there are no logical grounds for relating certain assets to certain liabilities and/or equity. This proportional financing assumption is discussed and illustrated in the article for the so-called Van der Schroeff-system of income demermination in order to point out the sensitivity and financial consequences of this assumption for financial decision making. The assumption about the financing sequence does have a definite influence on the gearing adjustment. Further influences are on the income statement and the message given to shareholders and the investment public; the composition of the asset structure and consequently the risk composition of the assets; the composition of the financing structure and consequently the financial risk as portrayed by the balance sheet; and the marginal financing ratios needed to maintain the original gearing ratio.
Gold futures prices: An investigation into the theories of storage and forecast power and premium
Authors: Page M. J.
Published: August 2019

There are two principal theories of commodity futures prices. The theory of storage, which explains the difference between contemporaneous futures and spot prices (the basis) in terms of interest rates, warehousing costs, and convenience yields, and the theory of forecast power and premium, which is based on the assumption that the futures price is a biased estimate of the expected spot price. This research paper examines the applicability of the two theories to the pricing of short term gold futures contracts. The findings suggest that, in terms of the theory of storage, the basis variability is explained principally by interest rate changes for contracts of between three and six months duration, while for one-month contracts varying convenience yields appear to be the dominant factor. The low basis variability of gold futures contracts results in inconclusive findings with respect to the theory of forecast power and premium. There is, however, evidence to suggest that the basis contains some ability to predict the expected premium or bias.
Attitudes of business leaders and professional ecologists toward corporate social funding of environmental conservation
Authors: Preston G. R. , Fuggle R. F. , Siegfried W. R.
Published: August 2019

A study of South Africa's business leaders and professional ecologists reveals strong support for corporate social funding. However, the average level from after-tax profits considered appropriate for corporate social funding by business leaders (3%) is appreciably lower than the ecologists' average of 14,5%. Both business leaders and professional ecologists believe that environmental conservation deserves greater financial support than it currently receives. Education is rated as the most worthy sphere for corporate social funding by both groups. Whereas ecologists rate job creation and housing as of equal concern to environmental conservation, and health and welfare of lesser concern, business leaders rate them all as of greater worthiness for funding than environmental conservation. Both groups regard rural development as a less important target for funding (although the ecologists place a greater emphasis on this sphere than the business leaders do), and deem the arts and sport to be of low priority. The business leaders' preferences for funding follow their perceptions of the priority issues facing South Africa at present, whereas ecologists believe that such funding should be selective, rather than effectively being a back-up for government responsibilities. The expressed concern for support of population control, acknowledged to be the most serious conservation issue in South Africa at present, is offset by the low level of actual corporate support for this issue. Business leaders, in particular, claim that corporate social funding of environmental conservation is backed by shareholders.
Management education for the nineties
Authors: Hofmeyr K. B.
Published: August 2019

Management education, and particularly the MBA degree, is facing considerable criticism in the United States and Europe. It is charged with being too analytical in its orientation and out of touch with the needs of the business world. Insufficient attention is paid to areas such as people skills, ethics, and leadership. It is also seen as being out of touch with current trends in business such as the internationalization of business, the trend towards an information/service society, and the renewed interest in organizational culture and participative management. In this article these criticisms are reviewed as well as the major trends taking place overseas and South African management education is evaluated against these themes. The author also reports on research conducted in South Africa to identify what managers perceive to be the most important challenges which will face this country's managers in the nineties. In the light of this research, recommendations are made for making South African management education more relevant. Business school curricula must be contextualized while staying close to international trends. Business schools must also learn from the criticisms being levelled at management education in other parts of the world. They must respond to the demographic trends taking place in South Africa and re-define the role of research in management education.
'n Strategiese bestuursbenadering tot sekuriteit en beheer binne 'n komplekse gerekenariseerde inligtingstelselomgewing
Authors: Bruwer P. J.S.
Published: August 2019

A strategical management approach towards security and control within a complex computerized information system environment In a dynamic technological computer environment it is essential for management to establish a logical and systematic process to protect, secure and safeguard the management information resources and assets in such a manner to minimize risks, threats and exposures to a satisfactory and acceptable level. To achieve the objectives of total security implementation it is essential to identify the problems and factors (for example risks, threats and exposures) that might have an impact on computer security and control. It is necessary to define and understand computer security and control and important to assess the current situation to provide an implementation methodology to cover and enhance areas for improvement. In this research project a strategic management process approach is suggested to enable management to formulate and implement a strategy for security and control in a complex computerized information system environment.
Significant changes in dividend policy and insider trading activity on the Johannesburg Stock Exchange
Authors: Bhana Narendra
Published: August 2019

The objective with this article was to determine whether insider trading related to unannounced dividend policy changes provided abnormal returns for shares listed on the Johannesburg Stock Exchange (JSE). The results indicate that insiders as a group seem to exhibit 'remarkable timing ability'. Significant changes in insider trading activity were detected during the six-month period prior to the resumption (omission) announcement. Company insiders trading prior to dividend changes announcements earned consistently large positive abnormal returns (avoid large negative abnormal returns). It is recommended that company insiders be required to make public the market positions they take in their company's shares. This can be expected to reduce the abnormal returns derived from insider trading and will also contribute towards improving the efficiency of the JSE.
Koverte handelingsdimensies: 'n Kritiese fokuspunt in die opleiding van aspirant-opleiers
Authors: Van Rooyen Hugo G.
Published: August 2019

Covert performance dimensions: A critical focal point in the training of trainers The teaching competence of a trainer is to a large extent determined by his covert faculties. Teaching theories and models, as well as training programmes for trainers. which do not place sufficient focus on the covert performance domain are guilty of a too narrow interpretation of the essence of the teaching act. The complex nature of the covert performance domain and the important influence that the different facets thereof exert on the trainer's teaching competence are dealt with in depth. The main implications for training of trainers are indicated.
Re-rating your price earnings (P/E) multiple
Authors: Ward Mike
Published: August 2019

Price earnings (P/E) multiples are commonly used by corporate financial managers as a measure of corporate performance and as a measure of corporate value. With this article an analysis of 74 companies is presented. Each company significantly changed its P/E multiple over a period of three years. The analysis shows that a 2% improvement in operating profit margin or a 2% reduction in financial risk achieved a 1% improvement in the P/E multiple. To a lesser extent, an improvement in the current ratio and in net asset value also resulted in an improved P/E multiple.
Improved beta estimation on the Johannesburg Stock Exchange: A simulation study
Authors: Bowie D. C. , Bradfield D. J.
Published: August 2019

In this article we focus on beta estimation in the thinly-traded environment of the Johannesburg Stock Exchange (JSE). We build on existing literature by evaluating a beta estimation procedure known as the trade-to-trade which has not until now been considered in the context of the JSE. We contrast our results with two known estimation procedures, i.e. the Cohen et al. and the traditional ordinary least squares (OLS). The trade-to-trade methodology, the estimator proposed by Cohen et al. and OLS are objectively assessed for shares typical of the JSE on the basis of unbiasedness and efficiency in the controlled environment of a simulation study. The trade-to-trade technique is found to be superior on both counts and is recommended as the appropriate technique for beta estimation on the JSE.