School of Business and Finance

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Accessing bank finance in relation to human capital, gender and race among SMMEs in a developing economy
(IEEE, 2015) Brijlal, Pradeep; Yan, B.
Small, Micro and Medium-sized Enterprises (SMMEs) contribute to the national economy significantly. However, many SMMEs have difficulties in accessing bank finance due to the lower level of their human capital and scarce financial resources in the context of developing economies. This study aims to investigate the key factors of human capital and associated issues with access to bank finance from gender and race perspectives. A survey design combined qualitative and quantitative research approaches were employed in this study. Data were collected through a self-administered questionnaire and a number of interviews. A group of SMME owners (n=532) were randomly selected from the Western Cape, South Africa. The findings demonstrated that the human capital and gender of SMMEs is not strongly associated with success in securing bank finance. From a race perspective, white entrepreneurs are more likely to be approved for bank finance than other race groups.
Business development service: Addressing the gap in the Western Cape, South Africa
(Clute Institute, 2003) Brijlal, Pradeep
A survey was conducted to evaluate utilization of business development services by small businesses in the Western Cape. It was deduced that fairly established businesses do not seem to need or use consultancy /training services. This may be due to the lack of awareness on the owner’s part or perceived value of money. Emerging and stable businesses have a strong demand for financial support, business management advice and skills, market opportunities and technical skills. The new approach to business should entail identifying specific needs of business, considering its degree of sophistication and thereby providing services to meet those unmet needs
Determinants of share prices: the case of listed firms on Johannesburg Stock Exchange
(Danubius University, 2016) Enow, Samuel Tabot; Brijlal, Pradeep
Equity investments offer considerable returns to investors and is considered to be a major source of capital for most large firms. However, these returns are subject to movement in share prices. This study investigate the determinants of share prices using fourteen companies listed on the Johannesburg stock exchange from 2009-2013. Using a multiple regression analysis, the result reveals that dividend per share, earnings per share, and price-earnings ratio accounts for 57.8% of share prices movements. Furthermore, earnings per share and price earnings are significantly positively correlated to share prices although dividend per share was not. This finding implies that, managers can create value for their shareholders by increasing dividend per share, earnings per share and price-earnings.
Determinants of Share Prices: the Case of Listed Firms on Johannesburg Stock Exchange
(Danubius Journals Platform, 2016) Enow, Samuel Tabot; Brijlal, Pradeep
Equity investments offer considerable returns to investors and is considered to be a major source of capital for most large firms. However, these returns are subject to movement in share prices. This study investigate the determinants of share prices using fourteen companies listed on the Johannesburg stock exchange from 2009-2013. Using a multiple regression analysis, the result reveals that dividend per share, earnings per share, and price-earnings ratio accounts for 57.8% of share prices movements. Furthermore, earnings per share and price earnings are significantly positively correlated to share prices although dividend per share was not. This finding implies that, managers can create value for their shareholders by increasing dividend per share, earnings per share and price-earnings.
Education and SMME Business Growth: A Gender Perspective from South Africa
(The Clute Institute, 2013) Brijlal, Pradeep; Naicker, Visvanathan; Peters, Ricardo
Entrepreneurship is becoming an increasingly important source of employment for women in many countries. Policymakers and other stakeholders typically fail to differentiate between the needs of different SMME sectors when designing support programmes. Using survey data obtained from SMME owner managers in the Western Cape, this article attempts to identify whether the level of education and gender has an impact on business growth. A survey instrument in the form of a questionnaire was utilized to capture the data from 369 face-to-face interviews. The findings from this research reveal a positive relationship between the level of education of business owners and their respective business abilities to increase business growth. There were no significant differences between men and women in relation to business growth. The research has implications for policymakers seeking to understand the factors that influence business growth.
Education and SMME business growth: a gender perspective from South Africa
(Clute Institute, 2013) Brijlal, Pradeep; Naicker, Visvanathan; Peters, Ricardo
Entrepreneurship is becoming an increasingly important source of employment for women in many countries. Policymakers and other stakeholders typically fail to differentiate between the needs of different SMME sectors when designing support programmes. Using survey data obtained from SMME owner managers in the Western Cape, this article attempts to identify whether the level of education and gender has an impact on business growth. A survey instrument in the form of a questionnaire was utilized to capture the data from 369 face-to-face interviews. The findings from this research reveal a positive relationship between the level of education of business owners and their respective business abilities to increase business growth. There were no significant differences between men and women in relation to business growth. The research has implications for policymakers seeking to understand the factors that influence business growth.
The effect of working capital management on profitability: The case of Small Medium and Micro Enterprises in South Africa
(Danubius Journals Platform, 2014) Enow, Samuel Tabot; Brijlal, Pradeep
Working capital is vital in any business, especially in SMMEs, given that most of their assets are in the form of current assets. Management of working capital is vital in order to improve profitability of the business. This study investigated the effect working capital management on profitability, using fifteen South African SMMEs, listed on the Alt-X on the JSE, from 2008-2012, using a multiple regression analysis. The results show a positive relationship between number of days account receivable, number of day’s inventory and negative relationship between number of days payable and cash convention cycle. Thus minimizing working capital and decreasing the cash conversion cycle increases profitability and hence shareholder value.
Entrepreneurial knowledge and aspirations of dentistry students in South Africa
(IP Publishing Ltd, 2013) Brijlal, Pradeep; Brijlal, Priscilla
An investigation of the intentions and knowledge of entrepreneurship of final-year university dentistry students is reported, with particular regard to the factors of gender and race. A questionnaire survey was used with final-year dentistry students, over two years, at the University of the Western Cape in South Africa. The findings show that dentistry students across race and gender groups believed that entrepreneurship education was important. At least half of the students showed an interest in starting a business practice soon after their graduation and completion of a mandatory one-year internship, with more male students indicating an interest in starting a business than female students. More Black African students indicated interest compared to other race groups (Coloureds, Whites and Indians). There were no significant differences between male and female students with regard to knowledge of entrepreneurship, but there were significant differences with regard to race in the scores for knowledge of entrepreneurship, with White students scoring the highest and African students the lowest. The authors conclude that entrepreneurship education should be included in the curriculum in the final year of dentistry studies to encourage business practice start-up soon after the one-year internship period, with the aim of contributing to growth in employment.
Entrepreneurial knowledge and aspirations of dentistry students in South Africa: The influences of gender and race
(SAGE Publications, 2013) Brijlal, Pradeep; Brijlal, Priscilla
An investigation of the intentions and knowledge of entrepreneurship of final-year university dentistry students is reported, with particular regard to the factors of gender and race. A questionnaire survey was used with final-year dentistry students, over two years, at the University of the Western Cape in South Africa. The findings show that dentistry students across race and gender groups believed that entrepreneurship education was important. At least half of the students showed an interest in starting a business practice soon after their graduation and completion of a mandatory one-year internship, with more male students indicating an interest in starting a business than female students. More Black African students indicated interest compared to other race groups (Coloureds, Whites and Indians). There were no significant differences between male and female students with regard to knowledge of entrepreneurship, but there were significant differences with regard to race in the scores for knowledge of entrepreneurship, with White students scoring the highest and African students the lowest. The authors conclude that entrepreneurship education should be included in the curriculum in the final year of dentistry studies to encourage business practice start-up soon after the one-year internship period, with the aim of contributing to growth in employment.
Entrepreneurial perceptions and knowledge: A survey of final year university students
(Academic Journals, 2011) Brijlal, Pradeep
This paper investigated the perceptions and knowledge of final year university students towards entrepreneurship gaining insights regarding a gender, race and faculty perspectives. Students across all faculties believed that entrepreneurship education is important and less than half of the final year students showed interest in becoming entrepreneurs. More male students than female students indicated interest in starting a business. More African students indicated interest in starting a business compared to other race groups (Coloureds, Whites and Indians). There was a significant difference between the male and female students on the knowledge of entrepreneurship. The Economic and Management Science Faculty showed the best results on the knowledge of entrepreneurship. Indian and White students scored the highest in the knowledge of entrepreneurship. This study adds to the debates on the need for entrepreneurship education at tertiary institutions across the different faculties.
Entrepreneurship education and training at the Further Education and Training (FET) level in South Africa
(Education Association of South Africa, 2007) Isaacs, Eslyn; Visser, Kobus; Friedrich, Christian; Brijlal, Pradeep
We assessed the levels of entrepreneurship education and training at the Further Education and Training (FET) level in a South African context. We are of the opinion that entrepreneurship education and training (of necessity) must fulfill a primary role in preparing our youth for their future. Evidence from elsewhere, in particular industrialised countries, indicates that entrepreneurship education and training at school level play important roles in the contribution to economic growth. Experts in the field of entrepreneurship believe that the contribution of small to medium-sized enterprises (SMEs) to the growth of our country can be much higher if entrepreneurship education is implemented at school levels. Entrepreneurship is now one of the outcomes of Grades R – 12. However, our research clearly showed that various problems in schools hinder the effective implementation of entrepreneurship education, some of which are poorly trained educators and lack of adequate resources. Better entrepreneurship education could make a significant contribution to job creation and ultimately to poverty alleviation.
A framework for combating insider trading on developing stock exchanges: Evidence from the Zimbabwean stock exchange
(Academic Journals, 2013) Saungweme, Percy W.; Peters, Ricardo; Brijlal, Pradeep
Stock exchanges play a vital role in any capitalist economy as they provide a secondary market where investors can buy and sell shares under orderly conditions at fair and competitive prices. This role requires stock exchange operations to be regulated in order to enhance the efficiency, transparency and full disclosure in their operations. This is particularly true with respect to the potential harm associated with insider trading. In Zimbabwe the trading of shares is conducted through Zimbabwe Stock Exchange and is regulated by the Zimbabwe Securities Commission. The Zimbabwean Stock Exchange is a typical emerging stock exchange whose performance has been noteworthy in the past two decades in terms of returns on investment in United States dollar terms and in terms of share price increases. In recent years however, the Zimbabwe Stock Exchange has faced some challenges associated with insider trading. On the other hand principles of corporate governance, business ethics and morality have been emphasized as critical managerial attributes that result in fair trading and business practices. Based on literature review on the subject and responses to qualitative interviews with stakeholder groups on insider trading in Zimbabwe, this paper discussed the concept of insider trading and its causes and proposes a framework for combating insider trading in developing stock exchanges.
The impact of Information Systems usage on productivity: A retrospective analysis and an empirical study in Cape Town tourism of South Africa
(AfricaJournals, 2014) Bere, Anthony; Brijlal, Pradeep
In this article, the researchers examine the direct impact of Information Systems Usage to Productivity at Cape Town Tourism. Data for the full sample of individuals who use information systems was analysed. The results clearly demonstrate that information systems has a positive impact on productivity. This is compromised however when there is a lack of training and poor systems performance. The study determined that in order to obtain the best out of the system, end users need to be consulted before implementation of any new system. System performance was also found out to be problematic as faced by employees of Cape Town Tourism when using their information systems.
Investment Management and Financial Innovations
(LLC CPC Business Perspectives, 2016) Punwasi, Kiran; Brijlal, Pradeep
This study examines the market reactions to share repurchase announcements made by companies listed on the Johannesburg Stock Exchange from the years 2003 to 2012. The authors use an event study methodology and the Capital Asset Pricing Model to determine if there was an announcement effect when a share repurchase announcement is made. The analyses reveal that consistent with signalling theory and the announcement effect, share repurchase announcements are associated with positive abnormal returns. The average abnormal return and cumulative average abnormal return noted was 0.46% and 3.81%, respectively, for the event period (t-20, t+20). There was an observable trend of declining share prices before the share repurchase announcement. The authors also found no significant evidence that repurchasing firms have market timing ability when executing a share repurchase announcement. From a value investor's perspective, a share repurchase program conveys a very strong signal of a healthy company.
Key changes in profile and characteristics of individual investors on the Johannesburg securities exchange (JSE) over the past two decades
(Academic Journals, 2007) Brijlal, Pradeep
Factors influencing investment behavior in South Africa are a matter of considerable interest among stockbrokers, business strategists, public officials and ordinary people. This paper attempts to characterize and profile the individual investor on the Johannesburg securities exchange (JSE) in order to establish if there have been changes in this grouping over the past two decades. In addition, the paper considers how these changes affect the investment community in current times. The paper draws on data collected in the 1980s as well as data collected by the author more recently. In the latter case, self administered questionnaires were electronically mailed to on-line investors. The responses were analyzed using univariate analysis and frequency tables and the data were compared with those of Firer, who conducted a similar study in the 1980s. Some of the key changes over the past two decades were investors who are now more concentrated in the middle age group, have higher qualifications, hold fewer securities in their portfolio, most invest for the long term, use the all share index to compare performance and feel that they could achieve a much higher return on their investment than previously. These findings provide some opportunities for purveyors of financial services to be selective in their approach to various groups of individual investors.
The market reactions to share repurchase announcements on the JSE: an event study
(Consulting Publishing Company, 2016) Punwasi, Kiran; Brijlal, Pradeep
This study examines the market reactions to share repurchase announcements made by companies listed on the Johannesburg Stock Exchange from the years 2003 to 2012. The authors use an event study methodology and the Capital Asset Pricing Model to determine if there was an announcement effect when a share repurchase announcement is made. The analyses reveal that consistent with signalling theory and the announcement effect, share repurchase announcements are associated with positive abnormal returns. The average abnormal return and cumulative average abnormal return noted was 0.46% and 3.81%, respectively, for the event period (t-20, t+20). There was an observable trend of declining share prices before the share repurchase announcement. The authors also found no significant evidence that repurchasing firms have market timing ability when executing a share repurchase announcement. From a value investor’s perspective, a share repurchase program conveys a very strong signal of a healthy company.
The market reactions to share repurchase announcements on the JSE: an event study. Investment Management and Financial Innovations
(LLC Consulting Publishing Company, 2016) Punwasi, Kiran; Brijlal, Pradeep
This study examines the market reactions to share repurchase announcements made by companies listed on the Johannesburg Stock Exchange from the years 2003 to 2012. The authors use an event study methodology and the Capital Asset Pricing Model to determine if there was an announcement effect when a share repurchase announcement is made. The analyses reveal that consistent with signalling theory and the announcement effect, share repurchase announcements are associated with positive abnormal returns. The average abnormal return and cumulative average abnormal return noted was 0.46% and 3.81%, respectively, for the event period (t-20, t+20). There was an observable trend of declining share prices before the share repurchase announcement. The authors also found no significant evidence that repurchasing firms have market timing ability when executing a share repurchase announcement. From a value investor’s perspective, a share repurchase program conveys a very strong signal of a healthy company.
Model for stimulating entrepreneurial skills through entrepreneurship education in an African context
(Taylor & Francis, 2020) Olutuase, Samuel Oladipo; Brijlal, Pradeep; Yan, Bingwen
The need to stimulate entrepreneurial skills in graduates as a strategy for tackling graduate unemployment has spurred the introduction of entrepreneurship education programs. The effectiveness of such entrepreneurship education programs from an African context is the focus of this paper. A modified model for evaluating the effectiveness of entrepreneurship education was derived from Fayolle, Gaily, and Lassa-Clerc; and was tested via structural equation modeling. Data were collected from randomly selected 750 participants who had undergone at least one compulsory entrepreneurship module at the university level. It was found that entrepreneurship education which is not well aligned with contextual peculiarities may not optimally yield the desired outcome. This paper, therefore, underscores the need for a thoroughly contextualized curriculum that encapsulates national, local, and very importantly, institutional factors.
The relationship between levels of education of entrepreneurs and their business success: A study of the province of KwaZulu-Natal, South Africa
(SAGE Publications, 2011) Peters, Ricardo M.; Brijlal, Pradeep
The small, medium and micro enterprise (SMME) sector has been widely recognized as an engine of economic growth in South Africa. The implementation of the National Small Business Strategy (NSBS) in 1995 established important objectives for the sector to address such problems as lack of access to markets and procurement, lack of access to finance and credit, low skills and education levels, lack of access to information and a shortage of effective support institutions. In response, the South African government established institutions and programmes designed to improve access to sources of finance, market opportunities, technology, training and development and education. This paper examines whether there is a relationship between the level of education of SMME owners and the growth of their businesses, using labour force and turnover as success indicators. The study adopted a mixed method approach, including questionnaire surveys, observations and face-to-face interviews. The results indicate that in the two years preceding the study there had been a relationship between the owner/manager's level of education and the business's ability to grow by increasing its labour force and annual turnover. This study, conducted in a developing economy, therefore supports the findings of similar studies in developed economies, that the level of education of an entrepreneur and the success of their business are related.
The state of entrepreneurship education at tertiary institutions in the Western Cape
(Clute Institute, 2008) Brijlal, Pradeep
This paper summarizes, analyses the offerings and gaps on entrepreneurship education at four tertiary institutions in the Western Cape. Most of the offerings were knowledge based. Some of the participants on the programmes were exposed to real businesses and hence had experiential learning. The individual as an entrepreneur seemed to be overlooked. As tertiary institutions’ culture changes it will become more important to understand students’ entrepreneurial needs in order that there is institutional “fit” between higher education offerings and the need for students. The various institutions should collaborate on a frequent basis to establish the needs and share resources. This can include services like consulting, mentoring, training and research by experts in the field and share their experiences with other lecturers and trainers.

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