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Article

H.P. Wolmarans

In recent years, investment management education has become increasingly relevant. As a result of this development, it is essential that various role players should be…

Abstract

In recent years, investment management education has become increasingly relevant. As a result of this development, it is essential that various role players should be consulted to ensure that investment management is taught in line with practitioners’ requirements. The South African Qualifications Authority also specifies that educators and practitioners should collaborate to maintain relevance in all fields of education. The importance of various areas in investment management was investigated. This article compares the ranking of these areas in terms of their importance as perceived by academics and practitioners. The study being reported also aimed to determine whether gaps exist between the areas that academics regard to be important and the areas that practitioners regard as such. Areas that are generally regarded to be most important include asset allocation, fundamental analysis and the measurement of risk and return. Areas that are regarded to be least important include arts, antiques and other hard assets; rights and capitalisation issues; and real estate. Areas in need of research include the measurement of risk and return; asset allocation; derivatives; and global markets and instruments. The findings of this study could have a significant impact on the provision of relevant training for South African investment specialists.

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Meditari Accountancy Research, vol. 9 no. 1
Type: Research Article
ISSN: 1022-2529

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Article

H.P. Wolmarans

Business simulations are increasingly used to facilitate knowledge transfer in management education. Although such simulations have already been widely applied in other…

Abstract

Business simulations are increasingly used to facilitate knowledge transfer in management education. Although such simulations have already been widely applied in other disciplines, this method of facilitating learning has not yet been used much in financial education. This article reports on three studies that examine the value added by this experiential learning method in a financial management course, as perceived by students. The reasons for students’ experiencing this teaching method as positive are investigated. It would seem that financial education has much to gain from a wider application of business simulations.

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Meditari Accountancy Research, vol. 13 no. 1
Type: Research Article
ISSN: 1022-2529

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Article

H.P. Wolmarans

A number of portfolio strategies have been proposed, based on the dividend yield of a small number of large companies. It has been suggested that, by following any one of…

Abstract

A number of portfolio strategies have been proposed, based on the dividend yield of a small number of large companies. It has been suggested that, by following any one of these strategies, a return that is superior to that of the market can be obtained. In this paper, these portfolio strategies are tested for investors on the Johannesburg Stock Exchange. However, not only are strategies based on dividend yield scrutinized, but also comparable strategies based on earnings yield. The average return of various portfolios, selected in accordance with four methods of ranking, are compared. The major finding is that earnings yield is a better ranking method than the dividend yield method.

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Meditari Accountancy Research, vol. 8 no. 1
Type: Research Article
ISSN: 1022-2529

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Article

H.P. Wolmarans

It is generally accepted that the payment of dividends is the most important and most widely used instrument for the distribution of value to shareholders. Shareholders…

Abstract

It is generally accepted that the payment of dividends is the most important and most widely used instrument for the distribution of value to shareholders. Shareholders also prefer to receive regular dividends rather than irregular cash payments. A well‐known model that attempts to explain dividend policy is that of Lintner (1956). This study investigates whether Lintner’s model can be used to explain South African dividend payments and compares this model with another, less sophisticated, model, namely the “percentage model”. Lintner’s model does not have a very good fit, probably as a result of the small sample used. Nearly half of the 200 largest companies that are listed on the Johannesburg Securities Exchange were excluded from the study as they were not listed for a sufficiently long period. Other companies were excluded on the grounds of having maintained their dividends on the same level for at least two consecutive years.

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Meditari Accountancy Research, vol. 11 no. 1
Type: Research Article
ISSN: 1022-2529

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Article

D.G. Gouws and H.P. Wolmarans

Student failure in tertiary education costs taxpayers and donors large sums each year. The cost of quality can be substantial, but it can also be a source of significant…

Abstract

Student failure in tertiary education costs taxpayers and donors large sums each year. The cost of quality can be substantial, but it can also be a source of significant savings. This study attempts to provide a framework in terms of which these costs can be quantified through the application of the principles of quality costing in tertiary education. An emphasis on quality increases profitability by increasing student throughput and by decreasing the cost of the provision of services. Significant savings are possible if the educational system could achieve greater success by focusing on adding value to those students that are more likely to succeed. If quality costing is made visible in the South African tertiary education system, it could have a profound impact on the products (students) that are delivered to society.

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Meditari Accountancy Research, vol. 10 no. 1
Type: Research Article
ISSN: 1022-2529

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Article

H.P. Wolmarans

The Internet is becoming increasingly important in our daily lives. So, too, is the ease of communication by means of television. The power of these two technological…

Abstract

The Internet is becoming increasingly important in our daily lives. So, too, is the ease of communication by means of television. The power of these two technological tools in education has been combined in so‐called ‘flexible learning’. This study investigates the experience of students in a master’s degree programme in taxation, which is presented by means of flexible learning. In general, students experience this mode of learning very positively and would advise others to enrol for the same course. They acknowledge that the benefits of flexible learning far exceed any possible drawbacks.

Details

Meditari Accountancy Research, vol. 9 no. 1
Type: Research Article
ISSN: 1022-2529

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Article

M.C. Meyer‐Pretorius and H.P. Wolmarans

The vast global unit trust/mutual fund industry was worth more than $16 trillion by the end of June 2005. Over time, investors’ interests seem to have shifted from…

Abstract

The vast global unit trust/mutual fund industry was worth more than $16 trillion by the end of June 2005. Over time, investors’ interests seem to have shifted from individual shares to share funds. The unit trust industry in South Africa is no exception. Over the 40‐year period from its inception in 1965 to 2005, the industry has grown from only one fund to 567 different funds, worth more than R345 billion. This study highlights some of the most important changes that have occurred in the South African unit trust industry over the last 40 years. These shifts are compared to changes that the USA mutual fund industry has experienced in the 60 years of its existence. An attempt is then made to answer the question whether South African investors are better off with these changes or not.

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Meditari Accountancy Research, vol. 14 no. 1
Type: Research Article
ISSN: 1022-2529

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Article

L.P. Steenkamp and R.J. Rudman

The South African Institute of Chartered Accountants and the International Federation of Accountants require Information Technology (IT) to be integrated with the…

Abstract

The South African Institute of Chartered Accountants and the International Federation of Accountants require Information Technology (IT) to be integrated with the professional subjects, including Auditing, qualified chartered accountants need. Internationally, people want changes to Auditing teaching. The Accounting Department of Stellenbosch University developed an audit simulation of the whole audit process from client acceptance to completion. Students must prepare working papers, using substantive procedures focusing on stock and a database large enough for students to use IT. The simulation’s learning objectives are integrating auditing with IT, and exposing students to as authentic an audit as possible. A questionnaire tested students’ perceptions on the simulation. Responses were favourable. Respondents felt that the simulation helped them to understand auditing and showed them the practical application of IT functionalities. However, respondents complained that the simulation took too long. The principles and findings apply to simulations and the use of case studies in any environment.

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Meditari Accountancy Research, vol. 15 no. 2
Type: Research Article
ISSN: 1022-2529

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Article

Chimwemwe Chipeta, Hendrik P. Wolmarans, Frans N.S. Vermaak and Stacey Proudfoot

This paper aims to test the effects of financial reforms on the structural stability of the parameter estimates in the determinants of capital structure.

Abstract

Purpose

This paper aims to test the effects of financial reforms on the structural stability of the parameter estimates in the determinants of capital structure.

Design/methodology/approach

A panel of 100 non‐financial companies listed on the Johannesburg Stock Exchange is constructed, and a panel least squares estimation technique is used to test for lagged, current and leading structural breaks in the firm specific determinants of leverage.

Findings

The results show that structural reforms have a significant role in influencing the empirical relationship between leverage and its determinants. Specifically, the lifting of international sanctions and stock market liberalisation have a significant impact on the stability of the profitability, growth and tax rate variables for the book and market values of the debt to equity ratio. Furthermore, when the total and short term debt ratios are considered, only stock market liberalisation appears to have a significant influence on the stability of the profitability parameter.

Originality/value

This paper adds to the existing body of literature on capital structure by documenting the extent of structural breaks in the parameter estimates of the relationship between leverage and firm specific determinants of capital structure for listed non‐financial firms in South Africa.

Details

Meditari Accountancy Research, vol. 21 no. 1
Type: Research Article
ISSN: 2049-372X

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Article

Lyn Murphy and William Maguire

The purpose of this paper is to assess the performance and current position of the Meditari Accountancy Research Journal by building a profile of the articles published…

Abstract

Purpose

The purpose of this paper is to assess the performance and current position of the Meditari Accountancy Research Journal by building a profile of the articles published over the 21 years since its inception.

Design/methodology/approach

A descriptive meta-analysis of 293 articles published in 30 issues was conducted and comparable South African and international studies to structure the research were drawn upon. Contributors, research fields, research methods, citations and jurisdictions were examined and emerging trends assessed.

Findings

Meditari Accountancy Research Journal has a strong relationship with the South African accounting community. All dimensions of this article indicate that Meditari Accountancy Research has evolved over the 21 years since its inception and has made progress towards an international research journal.

Research limitations/implications

Given that this study relates to one accounting research journal only, there is no specific benchmark against to which to assess its progress. However, the literature offers a basis for comparison.

Practical implications

The challenge is to maintain the traditional South African links while meeting the needs of a changing international accounting research environment.

Originality/value

The current study provides a comprehensive basis for an evaluation of the journal and its future potential by reviewing the full history of Meditari Accountancy Research Journal, which presents insights into the articles published within it, including the range and predominance of contributing authors, research methods, research fields, nature of research, citation rates and jurisdictions.

Details

Meditari Accountancy Research, vol. 23 no. 1
Type: Research Article
ISSN: 2049-372X

Keywords

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