Browsing by Author "Scholtz, Jan Andries"
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- ItemFactors influencing exit decisions among South African private equity investors(Stellenbosch : Stellenbosch University, 2017-03) Scholtz, Jan Andries; Viviers, Suzette; Stellenbosch University. Faculty of Economic and Management Sciences. Dept. of Business Management.ENGLISH SUMMARY : Private equity plays an important role in financial markets and is a source of capital for many growing businesses. The private equity industry has seen significant growth both locally and internationally. The private equity investment process has a number of stages, with the ‘exit’ stage being the final stage. Although this stage is crucial for creating maximum value for investors, it is under-researched, especially in an emerging market context. Given of the practical significance of the research and the gap in academic literature, the researcher set out to investigate the factors that may have an influence on the exit decisions of South African private equity investors who invest in Africa, including South Africa. From the literature review it emerged that a number of factors were predicted to have an impact on the exit decisions of private equity investors in terms of the choice of exit timing, exit route or both. A conceptual framework was developed around these factors, and was tested empirically. A mixed-method research methodology was adopted in this study, making use of both qualitative and quantitative data collection and analysis methods. A survey questionnaire was developed and emailed to experts in the private equity industry to gather primary quantitative data. Due to an unsatisfactory response rate, qualitative data were also gathered by conducting in-depth semi-structured interviews with a sample of private equity industry. The quantitative data gathered were analysed using descriptive statistics. The rich qualitative data were analysed by means of in-depth thematic analysis. Firstly, it was found that the exit process is complex and is affected by a number of diverse factors. However, it was determined that the main factor influencing exit decisions is achieving the maximum exit price. A further finding was that South African private equity investors favoured trade sales, secondary sales and management buyouts as exit routes. The final main finding was that the timing of exits was crucial for creating maximum value for investors. Based on the results of the study, it is recommended that private equity fund managers carefully plan their exits, as to achieve the maximum exit price. It is also recommended that private equity investors become aware of the developmental impact that private equity can have, and adjust their investment objectives accordingly.
- Item'n Historiese oorsig oor die ontstaan en ontwikkeling van die Nederduitse Gereformeerde Kerk binne die grense van die Sandveld(Stellenbosch : Stellenbosch University, 1958) Scholtz, Jan Andries; Potgieter, F. J. M.; Stellenbosch University. Faculty of Theology. Dept. of Systematic Theology and Ecclesiology.AFRIKAANSE OPSOMMING: Geen opsomming beskikbaar.