Faculty of Commerce, Law and Management (ETDs)

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    How to win real-life Monopoly: the roles of tax havens and finance in the monopolisation of multinational corporations
    (2022) Nadarajah, Kristin Dilani
    Much like individual income inequality, there is an increasing gap between top corporations and the rest, in terms of revenue, profits, and power more broadly. This gap is reinforced and exacerbated by the largest corporations’ ability to minimise taxes through the use of tax havens and the offshore system. There has been extensive research mapping the issue of corporate tax avoidance, as well as documenting the rise of market and monopoly power (concentration), however, there is less research combining these two. Monopoly power is thoroughly dealt with in the Monthly Review School tradition with their monopoly capital roots. Recent developments within the tradition have also incorporated finance as a key aspect of the tendency of capital to concentrate and centralise. Nevertheless, tax havens and the system around them have been excluded from this debate. This paper finds that tax havens play a crucial role in the process of concentration and centralisation of capital for three key reasons: (i) they act as a driver of financialisation which in turn accelerates the centralisation process, (ii) they provide cost minimising tools which have become central parts of capital accumulation, and (iii) they contribute to creating more opaque markets and increase the competitive advantages of the giant corporations, allowing them to increase barriers to entry. Tax havens and their usage by multinational corporations (MNCs) must therefore be seen as a systematic issue that plays a key role in not only the financial system, but also in the economy and capitalist system as a vehicle of capital accumulation in the hands of a few.
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    Social capital as a pathway to small and medium-sized enterprises' performance in North-West Province
    (2020) Ndhlovu, Nhlanhla Harmonia
    Social capital is an intangible asset that influences the performance of small and medium enterprises (SMEs). SMEs are critical drivers of economic growth in the emerging economy. Small businesses are the key drivers of job creation rather than large companies. However, despite government intervention in developing SMEs, there is still a high failure rate of SMEs in the North-West Province. Therefore, understanding how relational and cognitive social capital relates to the performance of SMEs is crucial. Resources accumulated through social capital can drive the performance of SME. This study is quantitative, and it takes a deductive approach. Primary data was collected with a sample size of 384 in North-West province through a self-administered questionnaire. Data analysis includes validity, reliability, correlation, and regression. Relational social capital emerged as a significant predictor of SME's performance (employment growth and revenue). Cognitive social capital was a negative significant predictor for SME's performance. The finding of social capital is in line with existing literature that suggests that there is a significant positive relationship between social capital and SME's performance. Entrepreneurs who invest in social capital are likely to accumulate financial and non-financial performance. The study recommends that entrepreneurs should develop value chains from networking partners. The study concludes that entrepreneurs who invest in social capital have a high level of performance. Based on the findings, entrepreneurs can accumulate other entrepreneurial capital (human & financial capital) through social capital. The study suggests that future researchers can help assess how to foster value chains from networking partners.