Successes and failures of broad-based black economic empowerment : a critical assessment
Author(s)Ngwenya, Fortune Sibusiso
University of Stellenbosch. Faculty of Economic and Management Sciences. Graduate School of Business.
KeywordsBlacks -- South Africa -- Economic conditions
Affirmative action programs -- South Africa
South Africa -- Economic policy
Theses -- Business management
Dissertations -- Business management
Employee empowerment -- South Africa
BEE deal beneficiaries
Business enterprises, Black -- South Africa
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AbstractThesis (MBA (Business Management))--University of Stellenbosch, 2007.
ENGLISH ABSTRACT: We critically assess the successes and failures of the economic phenomenon that is Black Economic Empowerment as represented by the Ownership Element of the Scorecard. We briefly evaluate the successes and failures of the first wave of BEE deals on the JSE and through the use of contemporary observations of this phenomenon as reported on by the media, we make the key assumption that these media reports are an unbiased account of the phenomenon. We critically assess the current status of BEE and find that progress has been made in terms of black ownership on the JSE, as well as on the legislative front, through the introduction of a comprehensive standardised measurement framework. The progress has in the main been extremely slow and limited. We also find that whilst funding models have improved, the success of BEE deals is still to a large extent dependent on stellar performance of the Stock Exchange and generous dividend policies. Disappointingly we also find that the debate about what constitutes broad-base BEE continues unabated as most deals continue to fail to meet public expectations of broad-base empowerment and equitable equity participation by all BEE deal beneficiaries.
AFRIKAANSE OPSOMMING: Hierdie studie bied 'n kritiese evaluering van die suksesse en mislukkings van die ekonomiese verskynsel genaamd swart ekonomiese bemagtiging (SEB) aan die hand van die eienaarskapelement van die telkaart. Die eerste vlaag SEB-transaksies op die Johannesburgse Effektebeurs (JEB) word kortliks beoordeel, waarna die media se eietydse waarnemings oor hierdie verskynsel tot die sleutelaanname lei dat sodanige mediaberigte 'n onbevooroordeelde weergawe van die stand van swart ekonomiese bemagtiging is. Die studie bied 'n kritiese beskouing van die huidige status van SEB, en dat daar wél vordering gemaak is met betrekking tot swart eienaarskap op die JEB, sowel as op wetgewende gebied deur die instelling van 'n omvattende, gestandaardiseerde metingsraamwerk. Vordering was egter tot op hede merendeels uiters stadig en beperk. Die studie bevind ook dat hoewel finansieringsmodelle verbeter het, die sukses van SEB-transaksies steeds in 'n groot mate van 'n goeie vertoning op die effektebeurs en ruimhartige dividendbeleid afhang. 'n Teleurstellende bevinding is dat die debat oor die werklike betekenis van breedgebaseerde SEB onverpoos voortduur namate die meeste transaksies versuim om aan die openbare verwagting van breedgebaseerde bemagtiging en gelyke aandeelhouding deur alle SEB-transaksiebegunstigdes te voldoen.
Copyright/LicenseUniversity of Stellenbosch
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