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- Management Dynamics : Journal of the Southern African Institute for Management Scientists
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- Volume 20, Issue 4, 2011
Management Dynamics : Journal of the Southern African Institute for Management Scientists - Volume 20, Issue 4, 2011
Volume 20, Issue 4, 2011
Source: Management Dynamics : Journal of the Southern African Institute for Management Scientists 20, pp 2 –22 (2011)More Less
In this study the dividend policies of a sample of 95 large JSE-listed companies over the period 1989 - 2010 are investigated. The results show that dividend pay-out ratios initially declined through 1999, rose until 2008, declined in 2009 and recovered in 2010. Between 10 and 20% of the companies in a given year did not pay a dividend. Similar dividend pay-out ratio patterns were evident across the nine JSE sectors investigated, with the exception of the basic resources sector. A review of the 2010 annual reports show that a large number of companies are communicating their dividend policies to their shareholders. Some companies highlight the complex interplay between dividend, investment and financing decisions, whereas others merely state their dividend policy in terms of a target dividend cover. Insufficient information is provided in annual reports to allow for the grouping of dividend policies into the traditional textbook categories of stable, constant growth and residual dividends.
The mediating role of customer satisfaction and loyalty in predicting the word-of-mouth of supermarket customersAuthor Nic S. TerblancheSource: Management Dynamics : Journal of the Southern African Institute for Management Scientists 20, pp 23 –37 (2011)More Less
Although many firms may spend large amounts of money on sophisticated marketing communication campaigns, it is frequently a simple word-of-mouth (WOM) suggestion from a reliable source that makes up a consumer's mind about where to buy and where to continue buying. In short, WOM often cuts through the clutter caused by conventional marketing communications. The primary objective of this study was to ascertain whether selected store image dimensions affect the WOM of retail customers. A secondary objective was to ascertain whether the impact of these dimensions on WOM may be mediated (fully or partially) by loyalty and satisfaction.
A total of 300 retail shoppers of a South African supermarket chain took part in the study. The sample of shoppers was drawn randomly in a shopping mall when visiting a participating retail shop. The empirical findings reveal that both cumulative customer satisfaction and loyalty act as mediators in an instance when store image-related dimensions do not influence WOM directly.
Testing the invariance of second-order confirmatory factor analysis models that include means and interceptsAuthor Arien StrasheimSource: Management Dynamics : Journal of the Southern African Institute for Management Scientists 20, pp 38 –75 (2011)More Less
The methodology for invariance testing for a first-order confirmatory factor analysis is well documented in the literature. However, it is not the case for a second-order confirmatory factor analysis model. In addition, it is very often of interest to include means in the analyses, using means and covariance structure analysis (MACS) to investigate differences between groups in the structural part and between the means of latent variables. Most methodological papers on this topic are not very clear on how means should be treated in confirmatory factor analysis models. Also, the mathematical model that underlies a second-order model is not well documented. This study addresses all these issues, and uses empirical examples to provide the syntax for two software packages that are frequently used for invariance testing, namely LISREL 8.8 and AMOS 19. The study further sets out the procedure so that readers that are less familiar with matrix algebra can link the equations with the symbols used on the path diagram, and correspond these to the syntax provided in the appendices.