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Adjusting Faustmann's Formula for a Dynamic Financial Environment
Item type: Journal Article • Journal: South African Forestry Journal • Authors: H. J.E. Uys --- Department of Forest Science,The well-known LEV criterion or Faustmann's formula which evolved in the static financial environment of the nineteenth century is adjusted to take account of the changes in the dynamic financial environment of today. A previous incorrect attempt to adjust LEV... -
Financial Decision Criteria and Real Price Changes
Item type: Journal Article • Journal: South African Forestry Journal • Authors: H. J.E. Uys --- Department of Forest Science,General price indices such as the Consumer Price Index (CPI) or the Production Price Index (PPI) represent the weighted average of prices of a large number of goods and services. Such price indices therefore cannot accurately measure the changes in... -
A New Form of Internal Rate of Return
Item type: Journal Article • Journal: South African Forestry Journal • Authors: H. J.E. Uys --- Department of Forest Science,When the Internal Rate for Return (IRR) of a forestry project is calculated by means of traditional methods which ignore real price changes, the IRR for one rotation of the project is identical to the IRR for an infinite series... -
Sustainable income-generating projects for HIV-affected households in Zimbabwe: evidence from two high-density suburbs
Item type: Journal Article • Journal: African Journal of AIDS Research • Authors: MunyaradziJ Mutenje InnocentW Nyakudya Constance Katsinde TichaedzaJ ChikuvireAn estimated 25% of the adults in urban areas of Zimbabwe are living as HIV-positive. In HIV-affected households the need for income increases with the demand for medicines, food and funeral costs. One way to mitigate this effect of the... -
Does Microfinance Promote Entrepreneurship and Innovation? A Macro Analysis
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Noômen Lahimer --- , Tunisia Soumendra Dash --- Financial Management Department, African Development Bank, Tunisia Mahjouba Zaiter --- , TunisiaInnovative entrepreneurs in Africa experience a lack of financial support and underdeveloped financial systems. Microfinance could offer a solution to this complex issue. In this respect, this research paper studies the contribution of microfinance to the innovation process through entrepreneurship... -
A comparison of the performance of the FTSE South Africa Islamic Index to the conventional market (JSE) in South Africa
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Riaz Dhai --- School of Accounting, Economics & Finance, South AfricaOver the past four decades there has been a growing interest in the emerging field of Islamic finance and investment (IFI) in South Africa and more generally in other parts of the Western world. One of the distinguishing features of... -
An Analysis of the Approaches used by Industrial Companies Listed on the JSE to Identify their Cost of Capital
Item type: Journal Article • Journal: De Ratione • Authors: A S Pocock --- Mann Pocock and Associates, C de J Correia --- University of Cape Town, M P Wormald --- University of Cape Town,In order to maximise shareholder’s wealth, financial managers need to estimate their firm’s cost of capital. This paper, which is based on the results of a questionnaire sent to industrial companies listed on the JSE, examines both the acceptance and... -
The Discount to Net Asset Value, Unbundling and Shareholder Interests
Item type: Journal Article • Journal: De Ratione • Authors: G.D.I. Barr --- School of Economics University of Cape Town, B.S. Kantor --- School of Economics University of Cape Town,The argument has recently been made by powerful political voices that the large South African corporate conglomerates (or groups) should be broken up into their constituents or “unbundled”, as the process has become known in South Africa. Critics of these... -
Reforming taxation of business for rationalisation and inflation-neutrality
Item type: Journal Article • Journal: De Ratione • Authors: Wesley J Gavin --- Professor in the Department of Accounting at Rhodes University,Taxation of business in South Africa needs reforming to avoid inflationary distortions and investment disincentives. Inflation adjusted income has largely been abandoned as a feasible tax base. Taxing both corporate and non-corporate business income at a flat rate on the... -
Barriers to the growth of small, micro and medium-sized business enterprises in the Vaal Triangle region of South Africa
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Zeleke Worku --- Tshwane University of Technology Business School, South AfricaThe purpose of the study was to identify and quantify factors that are responsible for the high rate of failure in newly established SMMEs in the Vaal Triangle region of Gauteng Province in South Africa. The study was based on... -
Merger imbalance and returns in international equity markets
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Adam Zaremba --- Department of Investment and Capital Markets, Poland Przemyslaw Grobelny --- Department of Investment and Capital Markets, PolandAt the global level, the mispricing theory of mergers by Shleifer and Vishny (2003) may imply that a significant number of targets acquired in a given country is a sign of market-wide undervaluation whereas intense acquisition activity indicates overvaluation. The... -
Do mutual fund flows drive the disposition behaviour of fund managers?
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Min-Hsien Chiang --- Institute of International Business, Taiwan Hsin-Yi Huang --- Department of Finance, TaiwanThis study examines the relationship between fund flows and the disposition behaviour of fund managers. During our sample period of 1996–2014, we find that the disposition biases of fund managers are significantly and negatively correlated with unexpected fund flows but... -
What affects portfolio yield of microfinance institutions? Evidence from Bangladesh
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Md. Aslam Mia --- Department of Development Studies, Faculty of Economics and Administration, Malaysia Md. Sohel Rana --- Department of Business Strategy and Policy, Faculty of Business and Accountancy, MalaysiaDespite the success and rapid growth of the microfinance industry worldwide, there has been very little sign of any abatement of the high interest rates. High interest rates in microfinance rescind consumer benefits and limit the outreach of microfinance institutions... -
The discourse of institutional change in the Zambian microfinance sector
Item type: Journal Article • Journal: Africa Journal of Management • Authors: Juliana Siwale --- Nottingham Business School, UK Jonathan Kimmitt --- Newcastle University Business School, UK Bruce LamontThis paper investigates the discourse of key actors instigating institutional change in the Zambian microfinance sector. It draws from the institutional story of Zambia, which has experienced regulatory and legislative flux since drafting its first microfinance act in 2006. Building... -
Microbreweries and finance in the rural north of Sweden — a case study of funding and bootstrapping in the craft beer sector
Item type: Journal Article • Journal: Research in Hospitality Management • Authors: Wilhelm Skoglund --- Department of Economics, Geography, Law and Tourism, The European Tourism Research Institute, SwedenThis paper explores the growth of the craft beer sector in a northern Swedish rural setting, with a particular focus on how small-scale brewers manage to fund their activities and ventures. It connects craft brewing with the concept of bootstrapping,... -
It’s politics, stupid! A political analysis of the HIV/AIDS Trust Fund in Uganda
Item type: Journal Article • Journal: African Journal of AIDS Research • Authors: Charles Birungi --- Institute for Global Health, University College London, United Kingdom Timothy Colbourn --- Institute for Global Health, University College London, United KingdomThe role of trust funds in the practice of and the policy discourse on the sustainable financing for health and HIV is growing. However, there is a paucity of political analyses on implementing trust fund arrangements. Drawing on a novel... -
Exploring the process of ethical leadership on organisational commitment: The mediating role of career calling
Item type: Journal Article • Journal: Journal of Psychology in Africa • Authors: Leigang Zhang --- , China Huaibin Jiang --- , ChinaThis study aimed to examine the extent to which career calling mediates the relationship between ethical leadership and organisational commitment. The sample consisted of 943 employees randomly recruited from ten financial organisations in China (females = 39.87%; mean age =... -
A simplified approach to estimate the sustainable lifestyle level for retirement planning
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Elze-Mari Roux --- , South Africa Johann de Villiers --- , South AfricaIn this article we offer a simplified version of the alternative retirement planning model we originally proposed (De Villiers & Roux, 2019). Our method focuses on determining the sustainable lifestyle level (SLL) that an individual can currently afford while still... -
Usability evaluation of frugal innovation: A case of mobile training for micro businesses in Tanzania
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: William Clifford Gomera --- , Tanzania Jarkko Suhonen --- , Finland Markku Tukiainen --- , Finland George S. Oreku --- , Finland Matti Tedre --- , Finland Solomon Sunday Oyelere --- , FinlandThis study evaluated a mobile training pilot prototype designed for micro business owners in Tanzania. The paper focused on the extent to which features of the pilot prototype developed under frugal innovation confirmed the defined user requirements of the mobile... -
Managerial ties and access to finance in weak institutional contexts: Does CEO duality matter?
Item type: Journal Article • Journal: Africa Journal of Management • Authors: Tahiru Azaaviele Liedong --- , UK Tazeeb Rajwani --- , UKThough managerial ties are substitutes for the weak market-supporting institutions in developing and emerging countries, little is known about the contingent value of these ties in credit markets. In this study, we disintegrate managerial ties into political and financial ties,... -
Zimbabwe's national AIDS levy: A case study
Item type: Journal Article • Journal: SAHARA-J: Journal of Social Aspects of HIV/AIDS • Authors: Nisha Bhat --- , Peter H. Kilmarx --- , Freeman Dube --- , Albert Manenji --- , Medelina Dube --- , Tapuwa Magure --- ,Background: We conducted a case study of the Zimbabwe National AIDS Trust Fund (‘AIDS Levy’) as an approach to domestic government financing of the response to HIV and AIDS. -
Determinants of adoption of electronic payment by small and medium-sized enterprises (SMEs) in Cameroon
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Christelle Flore Kadjie --- University of Dschang, Cameroon Prince Hikouatcha --- University of Dschang, Cameroon Arsène Aurelien Njamen Kengdo --- University of Dschang, Cameroon Tii N. Nchofoung --- University of Dschang, CameroonThis paper aims to identify the determinants of the adoption of electronic payment in SMEs in Cameroon. It considers data collected from 117 SMEs. The methodology involves principal component analysis and ordinal logistic regression. The results obtained are at least... -
Service quality and the services sourced from small accounting practitioners
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: Adele Oosthuizen --- University of Johannesburg, South AfricaSmall and Medium Enterprises (SMEs) often lack the necessary financial skills to safeguard business success. It is therefore expected that they would benefit from the advisory services offered by external accountants. Research, however, indicates a reluctance amongst Small Business Owners... -
Agricultural credit guarantee scheme fund and oil palm production in Nigeria: A vector autoregressive (VAR) approach
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Elaigwu Christopher Ogbanje --- Nasarawa State University, Nigeria Eberechukwu Johnpaul Ihemezie --- University of Nigeria, NigeriaOil palm has been identified as one of the key agricultural products that can diversify Nigeria’s economy. However, its production and export have been hampered by capital constraints. Consequently, the Agricultural Credit Guarantee Scheme Fund (ACGSF) was introduced to encourage... -
Digitalization and small businesses supply chain financing: Evidence from sub-Saharan Africa
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Sukoluhle Mazwane --- University of Mpumalanga, South Africa Okuhle Maya --- University of Fort Hare, South Africa Moraka N. Makhura --- University of Pretoria, South AfricaSupply chain finance continues to play an important role in servicing businesses that have limited access to finance. With the disruptions associated with the fourth industrial revolution, opportunities exist in Africa to increase participation by small businesses. While the effect... -
Conditional indicators
Item type: Journal Article • Journal: Quaestiones Mathematicae • Authors: Dorsaf Cherif --- , Tunisia Emmanuel Lepinette --- Paris Dauphine University, FranceIn this paper, we introduce a large class of (so-called) conditional indicators, on a complete probability space with respect to a sub σ-algebra. A conditional indicator is a positive mapping, which is not necessary linear, but may share common features... -
Investor sentiments and performance of selected ESG indices in BRICS markets during bull and bear conditions
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Damilola Aboluwodi --- Finance, University of KwaZulu-Natal, South Africa Paul-Francois Muzindutsi --- Finance, University of KwaZulu-Natal, South Africa Bomi Nomlala --- Accounting, University of KwaZulu-Natal, South AfricaSustainability concerns are increasingly shaping global investment decisions, prioritising sustainable impacts over mere profit-making. This study examines the performance of Environmental, Social, and Governance (ESG) funds in emerging markets, focusing on bull and bear market scenarios. A Markov Regime Switching... -
Mobile money usage and performance of women-owned enterprises: Evidence from Kenya
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Tesfaye T. Lemma --- Towson University, USA Mthokozisi Mlilo --- University of the Witwatersrand, South AfricaThe rapid expansion of digital financial services has sparked discussions about their potential to help financially constrained businesses overcome performance challenges. We investigate whether female-owned businesses, which are often more financially constrained than male-owned businesses, could reduce their performance gap... -
The role of digital inclusive finance in rural revitalization: Mediating effects of infrastructure and education
Item type: Journal Article • Journal: African Journal of Science, Technology, Innovation and Development • Authors: Yingying Li --- Kunming University of Science and Technology, People’s Republic of China Zhao Rui Feng --- Kunming University of Science and Technology, People’s Republic of China Muhammad Dawood --- Yunnan Technology and Business University, People’s Republic of China Xiang Long --- Yunnan Provincial Government Development Research Center, People’s Republic of ChinaTo explore in depth the impact of digital inclusive finance (DIF) on rural revitalization, this study employs the entropy method to measure the level of rural revitalization across 30 provincial-level administrative regions in mainland China from 2014 to 2023. It...
