ETD Collection

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Has files: YesSubject: search.filters.subject.Business enterprises, Black--South Africa

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    An investigation and problematisation of the Entrepreneurial Framework Conditions associated with entrepreneurship amongst Blac
    (2018) Mkhwanazi, Bongani Sakhile Earthian
    South Africa is faced with the ‘triple threat’ of unemployment, poverty and inequality (National Planning Commission (NPC), 2012). Since democracy, transformation of the economy has been elusive, to the extent that Black Africans, who are the majority population group, have faced increasing deprivations (Stats SA, 2017; Bastos & Bottan, 2016; Viljoen & Sekhampu, 2013). One way to overcome this problem is entrepreneurship, which is known to be a positive contributor to economic growth and employment. In light of this, the Global Entrepreneurship Monitor (GEM) has created a list of Entrepreneurial Framework Conditions (EFC), which are conditions, factors and institutions that can either encourage or discourage the level of entrepreneurial activity in a country or region (Herrington and Turton, 2012; Herrington., Kew & Kew 2015; Herrington, Kew & Mwanga, 2016/17). This research study investigated the EFCs associated with Entrepreneurial Activity (EA) and sustainability amongst Black Africans, whether the policies that the government has implemented encourage and sustain EA amongst Black Africans, and if differences exist between the EFCs associated with Black-owned enterprises and those identified by GEM. A qualitative research design located in the interpretive paradigm was utilised for methodology and analysis purposes, and in-depth interviews were conducted with established Black African business owners in Johannesburg. This study’s overall findings were similar to the GEM’s findings; however two main findings may be isolated as having uniquely affected the respondents, i.e. race and finance. Race in particular has served as both a curse and a blessing for entrepreneurs; it is one of the first characteristics that are used to make value judgements on the abilities of these entrepreneurs. While government policies and programmes provide assistance on the basis of race and merit in an attempt to even the playing field, the administration of these policies fails entrepreneurs as they are susceptible to corruption. Furthermore, race is particularly complex as it is intertwined in all of the other factors, including finance, which was the second most commonly identified factor in determining access to, and success in, entrepreneurship. It is recommended that the findings of this study be used as a basis for a larger, more in-depth study, which may provide more conclusive results, and the Government is advised to seek the perspectives of entrepreneurs when formulating entrepreneurship-related policies.
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    Broad-based black economic empowerment ownership deals and their Impact on dividend policy: an empirical study
    (2018) Pequenino, Derrick Adrian
    Broad-Based Black Economic Empowerment (BBBEE) has played a significant role in the transformation of the South African economy. One way in which this has been done is through the promotion of ownership by individuals previously disadvantaged under the Apartheid system. These BBBEE ownership promotions schemes are typically highly leveraged and require substantial as well as sustained dividend pay-outs to remain liquid. This may place additional pressure on firms with such BBBEE deals to adopt a more aggressive dividend policy. A panel data regression model was used to test whether firms with BBBEE deals do in fact have higher dividend pay-out ratios, after controlling for the other major determinant of dividend policy (Company Size, Capital Structure, Growth and Investment Opportunities, Liquidity, Profitability and Johannesburg Securities Exchange (JSE) Sector). The panel data regression model was run for JSE listed companies from the year 1999 to 2006. These years of study were selected in order to control for taxation on dividends as this period represented the largest period for which data could be obtained, and for which tax consequences on dividends remained the same. The results for the regression model found that, on average and while controlling for other factors influencing dividend pay-out, the dividend pay-out ratio for companies’ party to a BBBEE deal increased by 7.9% after implementation of the deal. These finding imply that the liquidity of companies may be compromised which could have adverse effects for companies, investors and the overall economy as a whole. Implications for companies include liquidity and bankruptcy concerns as a result of paying out more cash as dividends. Investors, on the other hand, will have to consider whether an increased dividend pay-out ratio is desirable to them, or whether they should seek alternative investments offering higher capital appreciation and less dividend payments. Lastly, the overall economy could suffer from lower growth as a result companies paying higher dividends and keeping less cash on hand to be used for the purpose of fixed asset investment. Keywords: Broad-Based Black Economic Empowerment (BBBEE), Dividend Policy, Dividend Pay out in South Africa, Minorities.
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    The perceptual impact of enterprise development on mining communities in South Africa
    (2017) Mthabini, Owen
    The Broad-Based Black Economic Empowerment’s (BBBEE’s) enterprise development practice is one of the tools employed by the South African government in an attempt to redress the country’s past economic injustices that are a result of apartheid’s discriminatory economic segregationist policies. This research undertook to study the perceptual impact of BBBEE’s enterprise development in mining communities, by focusing on black entrepreneurs and the support they receive from mining companies – or lack thereof – according to the BBBEE’s codes of good conduct. The support that mining companies provide to mining community entrepreneurs could have come in the form of, inter alia,business funding, business incubation, granting guarantees for business loans and business coaching. The study took apositivist approach with data collected using aquestionnaire. The research findings indicate that mining community entrepreneurs do not feel that mining companies provide business support, therefore leading to the conclusion that BBBEE’s enterprise development does not fulfil its objective of redressing South Africa’s past economic injustices by supporting black entrepreneurs. The research took a positivist paradigm in that data collection was quantitative. A positivist approach is viewed as a scientific, rational and empirical way of gathering data that is in turn used in knowledge construction (Ryan, 2006). The research design was cross-sectional because the researcher intended to study the perceptual impact of enterprise development on mining communities over a long time without having to make observations over many years. A cross-sectional study is the observation of subjects at one stage of an external intervention process to determine the impact of, for example, intervention by a third party or exposure to a third party. The population involved in this study was made up of black male and female entrepreneurs 18 years old or older, from three mining towns situated in following three provinces: Mpumalanga, Gauteng and the North West province. The research instrument was research questionnaire in the form of a five-point Likert scale. The limitation in this study was the limited population sample of 127 respondents from only three provinces, as they can’t be representative of the entire South African mining communities’ population.