The effects of financial liberalisation on the sustainable growth rate of dual listed companies on the JSE Limited
- Authors: Serithi, Legoabe Tumelo
- Date: 2014-06-10
- Subjects: Capital market , Economic development , Sustainable development , JSE Limited , Johannesburg Stock Exchange , Dual listed companies
- Type: Thesis
- Identifier: uj:11438 , http://hdl.handle.net/10210/11134
- Description: M.Com. (Financial Management) , In 1995, the South African government needed to address the widening poverty gap. The manner in which they would do so was through the process of financial market liberalisation of the JSE. The intention behind the process of financial liberalisation on the JSE was to increase the liquidity of the JSE. The significance of this study is that it would provide regulators of financial markets, policy makers and academics information on the effectiveness of the liberalisation of the JSE on dual listed companies’ ability to grow in a sustainable manner. Previous literature has found the risk sharing benefit associated with financial market liberalisation. With the increased number of participants in market would increase the chance of successful trades. Previous studies have found that there is a positive correlation with financial market liberalisation and market liquidity. Exchange controls have been put in place to prevent capital flight in sudden economic down turns. Certain studies have found that financial market liberalisation on has had minimal impact on the market capitalisation This study investigates the effects the financial liberalisation on the JSE had on dual listed companies’ sustainable growth rates. A purposive sampling technique was used in this study and a sample of 28 dual listed companies was selected. The approach to this study was an explanatory approach and the research paradigm was archival. The statistical tools which were utilised in the study were broken into two components, namely, the descriptive statistics and the inferential statistics. The data that were used in the study were secondary data collected from I-Net Bridge. The results of this study indicated that the financial liberalisation of the JSE did have an impact on the sustainable growth rates of dual listed companies on the JSE. Recommendations were made in this study for the dual listed companies to improve their net profit margins. The methods in which the dual listed companies are able to improve their net profit margins are by finding competitive sustainable advantages. It was further recommended that the Income Tax Act No. 58 of 1962 needs to be amended to create a conducive economic environment for the dual listed companies to grow sustainably. It was further recommended that the dual listed companies on the JSE invest in human capital in order to improve their sustainable growth rate.
- Full Text:
- Authors: Serithi, Legoabe Tumelo
- Date: 2014-06-10
- Subjects: Capital market , Economic development , Sustainable development , JSE Limited , Johannesburg Stock Exchange , Dual listed companies
- Type: Thesis
- Identifier: uj:11438 , http://hdl.handle.net/10210/11134
- Description: M.Com. (Financial Management) , In 1995, the South African government needed to address the widening poverty gap. The manner in which they would do so was through the process of financial market liberalisation of the JSE. The intention behind the process of financial liberalisation on the JSE was to increase the liquidity of the JSE. The significance of this study is that it would provide regulators of financial markets, policy makers and academics information on the effectiveness of the liberalisation of the JSE on dual listed companies’ ability to grow in a sustainable manner. Previous literature has found the risk sharing benefit associated with financial market liberalisation. With the increased number of participants in market would increase the chance of successful trades. Previous studies have found that there is a positive correlation with financial market liberalisation and market liquidity. Exchange controls have been put in place to prevent capital flight in sudden economic down turns. Certain studies have found that financial market liberalisation on has had minimal impact on the market capitalisation This study investigates the effects the financial liberalisation on the JSE had on dual listed companies’ sustainable growth rates. A purposive sampling technique was used in this study and a sample of 28 dual listed companies was selected. The approach to this study was an explanatory approach and the research paradigm was archival. The statistical tools which were utilised in the study were broken into two components, namely, the descriptive statistics and the inferential statistics. The data that were used in the study were secondary data collected from I-Net Bridge. The results of this study indicated that the financial liberalisation of the JSE did have an impact on the sustainable growth rates of dual listed companies on the JSE. Recommendations were made in this study for the dual listed companies to improve their net profit margins. The methods in which the dual listed companies are able to improve their net profit margins are by finding competitive sustainable advantages. It was further recommended that the Income Tax Act No. 58 of 1962 needs to be amended to create a conducive economic environment for the dual listed companies to grow sustainably. It was further recommended that the dual listed companies on the JSE invest in human capital in order to improve their sustainable growth rate.
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Developing entrepreneurial organisations for sustainable growth
- Authors: Du Plessis, Andre
- Date: 2011-12-06
- Subjects: Entrepreneurship , Economic development , Sustainable development
- Type: Mini-Dissertation
- Identifier: uj:1812 , http://hdl.handle.net/10210/4174
- Description: M.Comm. , The overall objective of this study was to find the influence of entrepreneurship on sustainable economic growth by defining entrepreneurship, entrepreneurial organisations as well as the inter relationships between entrepreneurship, development and growth. In today's competitive environment the influences on success through sustainable economic growth needs to be known. This will allow the understanding of failure as well as the reproduction of the success in other business. If the success can be reproduced this will be of benefit to the organisation, the community and at a macro level the country. There is an everincreasing amount of research to quantify the contribution entrepreneurship has to sustainable economic growth. Most research agrees entrepreneurship has a significant impact on economic growth. What is also of importance is that the economic growth is sustainable since there are areas such as the Small, Medium and Micro Enterprises that may yield growth in the short term but can not sustain it. This can be argued as being more harmful to an economy than no growth at all. This strongly contrasts entrepreneurship where the sustainability of the growth is paramount. Entrepreneurship has over the past years enjoyed more and more attention as the underlying reason for sustainable growth. One of the reasons for this is that specific theories such as activity based costing or total quality management or any other management theory does not explain the complex inter-relationships of an organisation. Entrepreneurship is viewed as a broader approach that includes various management theories but also attributes the sustainable growth to the softer areas of study such as psychology, culture and creativity. These areas must be researched to assess the true impact on sustainable growth. The effect of the softer areas such as psychology on entrepreneurship, is shown by the way an entrepreneur is motivated. By understanding how an entrepreneur is motivated, more individuals can be exposed to this set of circumstances thereby potentially increasing the number of entrepreneurs. The effect of culture on the climate for developing entrepreneurship is also important. If the culture that is conducive to entrepreneurship can be maintained and introduced to a wider audience, it may be possible to increase entrepreneurship. In the same way creativity, which has been linked to studies in entrepreneurship, may be stimulated thereby increasing entrepreneurship. Various stakeholders have roles in developing entrepreneurship. This is important to understand since if these stakeholders do not develop entrepreneurship there may be a decrease in sustainable growth. The stakeholders must know the role as well as being measured on the success of the development. Even if stakeholders develop entrepreneurship, the entrepreneurs must then make use of the favourable environment to grow at a rate that is sustainable. This can be achieved by the use of entrepreneurial strategies. The conclusion is the inter-relationships and the positive impact entrepreneurship has on sustainable growth can be affected most by mentoring a potential entrepreneur. This was a method that produced the most significant results in previous empirical studies.
- Full Text:
- Authors: Du Plessis, Andre
- Date: 2011-12-06
- Subjects: Entrepreneurship , Economic development , Sustainable development
- Type: Mini-Dissertation
- Identifier: uj:1812 , http://hdl.handle.net/10210/4174
- Description: M.Comm. , The overall objective of this study was to find the influence of entrepreneurship on sustainable economic growth by defining entrepreneurship, entrepreneurial organisations as well as the inter relationships between entrepreneurship, development and growth. In today's competitive environment the influences on success through sustainable economic growth needs to be known. This will allow the understanding of failure as well as the reproduction of the success in other business. If the success can be reproduced this will be of benefit to the organisation, the community and at a macro level the country. There is an everincreasing amount of research to quantify the contribution entrepreneurship has to sustainable economic growth. Most research agrees entrepreneurship has a significant impact on economic growth. What is also of importance is that the economic growth is sustainable since there are areas such as the Small, Medium and Micro Enterprises that may yield growth in the short term but can not sustain it. This can be argued as being more harmful to an economy than no growth at all. This strongly contrasts entrepreneurship where the sustainability of the growth is paramount. Entrepreneurship has over the past years enjoyed more and more attention as the underlying reason for sustainable growth. One of the reasons for this is that specific theories such as activity based costing or total quality management or any other management theory does not explain the complex inter-relationships of an organisation. Entrepreneurship is viewed as a broader approach that includes various management theories but also attributes the sustainable growth to the softer areas of study such as psychology, culture and creativity. These areas must be researched to assess the true impact on sustainable growth. The effect of the softer areas such as psychology on entrepreneurship, is shown by the way an entrepreneur is motivated. By understanding how an entrepreneur is motivated, more individuals can be exposed to this set of circumstances thereby potentially increasing the number of entrepreneurs. The effect of culture on the climate for developing entrepreneurship is also important. If the culture that is conducive to entrepreneurship can be maintained and introduced to a wider audience, it may be possible to increase entrepreneurship. In the same way creativity, which has been linked to studies in entrepreneurship, may be stimulated thereby increasing entrepreneurship. Various stakeholders have roles in developing entrepreneurship. This is important to understand since if these stakeholders do not develop entrepreneurship there may be a decrease in sustainable growth. The stakeholders must know the role as well as being measured on the success of the development. Even if stakeholders develop entrepreneurship, the entrepreneurs must then make use of the favourable environment to grow at a rate that is sustainable. This can be achieved by the use of entrepreneurial strategies. The conclusion is the inter-relationships and the positive impact entrepreneurship has on sustainable growth can be affected most by mentoring a potential entrepreneur. This was a method that produced the most significant results in previous empirical studies.
- Full Text:
Impacts of primary energy constraints in the 21st century
- Authors: Nel, Willem P.
- Date: 2010-03-25T06:25:17Z
- Subjects: Energy conservation , Energy development , Power resources , Fossil fuels , Nuclear energy , Sustainable development , Economic development , Global warming
- Type: Thesis
- Identifier: uj:6691 , http://hdl.handle.net/10210/3094
- Description: D.Phil. , Global society has evolved into a complex multi-dimensional system in which it has become increasingly difficult to construct and maintain a systemic model of cause and effect. Specialisation and abstraction in the various disciplines of scientific and societal complexity has led to divergent theories of sustainability. Failure to integrate real life problems across disciplines poses a threat to modern society because the causal links between disciplines are unattended in many instances and events in one dimension could lead to catastrophic unintended consequences in another. In light of the above, this thesis contributes towards the multi-disciplinary integration of some of the most important sustainability concerns of modern society, namely Energy Security, Economic Growth and Global Warming. Analysing these real-life sustainability issues in a multi-disciplinary context leads to conclusions that are controversial in terms of established philosophical worldviews and policy trends. Firstly, the thesis establishes deterministic expectations of an imminent era of declining Energy Security resulting from the exhaustion of non-renewable fossil fuel resources, despite optimistic expectations of technology improvements in alternative energy sources such as renewable and nuclear. Secondly, the exhaustion of non-renewable fossil fuel resources imposes limits to the potential sources of anthropogenic carbon emissions that render the more pessimistic emissions cases considered in the global warming debate irrelevant. The lower level of attainable carbon emissions challenges the merits of the conventional carbon feedback cycle with the result that the predicted global warming is within acceptance limits of the contemporary global warming debate. Thirdly, the consequences of declining Energy Security on socio-economic welfare is a severe divergence from historical trends and demands the reassertion of the role of energy in human development, including Economic Growth theory. The thesis develops a novel economic growth model that treats energy as an explicit and Autonomous Factor of Production, thereby facilitating plausible predictions of future Economic Growth potential. The results challenge the sustainability of the current free-market capitalist economic system and demand strong policy responses to avoid the collapse of modern society.
- Full Text:
- Authors: Nel, Willem P.
- Date: 2010-03-25T06:25:17Z
- Subjects: Energy conservation , Energy development , Power resources , Fossil fuels , Nuclear energy , Sustainable development , Economic development , Global warming
- Type: Thesis
- Identifier: uj:6691 , http://hdl.handle.net/10210/3094
- Description: D.Phil. , Global society has evolved into a complex multi-dimensional system in which it has become increasingly difficult to construct and maintain a systemic model of cause and effect. Specialisation and abstraction in the various disciplines of scientific and societal complexity has led to divergent theories of sustainability. Failure to integrate real life problems across disciplines poses a threat to modern society because the causal links between disciplines are unattended in many instances and events in one dimension could lead to catastrophic unintended consequences in another. In light of the above, this thesis contributes towards the multi-disciplinary integration of some of the most important sustainability concerns of modern society, namely Energy Security, Economic Growth and Global Warming. Analysing these real-life sustainability issues in a multi-disciplinary context leads to conclusions that are controversial in terms of established philosophical worldviews and policy trends. Firstly, the thesis establishes deterministic expectations of an imminent era of declining Energy Security resulting from the exhaustion of non-renewable fossil fuel resources, despite optimistic expectations of technology improvements in alternative energy sources such as renewable and nuclear. Secondly, the exhaustion of non-renewable fossil fuel resources imposes limits to the potential sources of anthropogenic carbon emissions that render the more pessimistic emissions cases considered in the global warming debate irrelevant. The lower level of attainable carbon emissions challenges the merits of the conventional carbon feedback cycle with the result that the predicted global warming is within acceptance limits of the contemporary global warming debate. Thirdly, the consequences of declining Energy Security on socio-economic welfare is a severe divergence from historical trends and demands the reassertion of the role of energy in human development, including Economic Growth theory. The thesis develops a novel economic growth model that treats energy as an explicit and Autonomous Factor of Production, thereby facilitating plausible predictions of future Economic Growth potential. The results challenge the sustainability of the current free-market capitalist economic system and demand strong policy responses to avoid the collapse of modern society.
- Full Text:
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