JOURNAL OF ECONOMIC AND FINANCIAL SCIENCES Volume 9 Number 1 April 2016 ISSN 1995-7076 (print) ISSN 2312-2803 (online) EDITORIAL BOARD Prof Dr PD Erasmus Prof Dr EPJ Kleynhans Dr C Kotze Prof Dr WA Naudé Prof Dr SRG Ongena Prof AJ Pienaar Prof J Rossouw Prof Dr EM Stack Dr D Steyn Dr M van Rooy Prof Dr CH van Schalkwyk Dr TL Voogt, South Africa, South Africa ABSA Capital South Africa Maastricht School of Management, Netherlands UZH - Institut für Banking und Finance, Switzerland, South Africa, South Africa, South Africa Deloitte, South Africa Makro Ltd, South Africa, South Africa University of Queensland, Australia 2016 The Journal of Economic and Financial Sciences is accredited with the Department of Higher Education and Training. Articles published in the Journal of Economic and Financial Sciences are indexed in the Index of South African Periodicals; contents pages in Sabinet and ERA (Excellence in Research for Australia). Online, electronic copies of articles are available from http://reference.sabinet.co.za/sa_epublication/jefs. Journal of Economic and Financial Sciences JEF April 2016 9(1) 1
JOURNAL OF ECONOMIC AND FINANCIAL SCIENCES Volume 9 Number 1 April 2016 ISSN 1995-7076 (print) ISSN 2312-2803 (online) EDITORIAL TEAM Prof Dr Gideon Els Managing editor Prof Dr Hardus van Zyl Associate editor Prof Dr Gideon Els Technical editor Prof Dr Craig MacKenzie Language editor Ms Elsie Nuss JEF Secretariat Layout and setting Ms Hester Roets Graphic design 2 Journal of Economic and Financial Sciences JEF April 2016 9(1)
Editorial reviewers T Acker Allan Grey (Pty) Ltd C Ackermann P Alagidede University of Witwatersrand CD Anschutz J Anderson Alexander Forbes Ltd J Arendse D Badenhorst Exceed Tax & Advisory Services K Barac P Baur A Becker H Bezuidenhout PF Blaauw J Bolton L Bonga-Bonga M Bornman E Botha F Botha M Botha Insurance and Tax PJM Bourne D Boshoff I Botha L Bruwer M Bunting PW Buys C Callaghan University of Witwatersrand S Chetty G Chigumira Zimbabwe Economic Policy Research Unit L Chikoko Midlands State University, Zimbabwe D Coetsee K Coetsee WJL Coetzee Tshwane University of Technology T Contogiannis University of Zululand C Cronje J de Beer F de Jager A Drotskie Henley Business School SR de Wet J Dikgang F du Plessis Loubser Du Plessis M du Preez Journal of Economic and Financial Sciences JEF April 2016 9(1) 3
H du Preez E du Toit SCW Eijffinger B Engelbrecht Oak Advisory (Edms) Bpk & Oak Auditing Ing J Esterhuysen Standard Chartered Bank J Fairburn University of KwaZulu Natal O Fajembola Malaysia College of Business O Fatoki University of Limpopo DJ Fourie N Gani PriceWaterhouseCoopers E Greyling Central University of Technology L Greyling T Gumbo C Gwandure University of the Witwatersrand R Haarhoff Central University of Technology JH Hall S Hardman University of KwaZulu-Natal T Hartzenberg Trade Law Centre for Southern Africa A Herron A Heyns AC Horn S Hosking R Jankeeparsad University of Zululand S Jooste ABSA Group D Joubert A Karimu Umea University N Katzke G Keeton A Koekemoer M Kohler University of KwaZulu-Natal C Koornhof C Komba Mzumbe University, Zimbabwe A Kotze Financial Chaos Theory J Krüger W Kruger V Labuschagne Vaal University of Technology A Leiman C le Roux P le Roux E Loots W Lotter Cape Peninsula University of Technology 4 Journal of Economic and Financial Sciences JEF April 2016 9(1)
L Louw MR Mabugu N Mahonye Witwatersrand University W Malherbe DJ Marais Provision P Marais SARS D Mare B Marx L Maseko M McClintock Sasol Pension Fund LB Meijdam S Middelberg CO Miruka S Mudombi Tshwane University of Technology H Nel R Nel G Nienaber R Noble OXERA, UK Competition Consultancy J Oberholster M Oberholzer N Oberholzer R Odewale Malaysia College of Business A Ohonba EJ Oost WM Oosthuizen Financial Planning Institute N Padia University of the Witwatersrand J Palframan G Pelser University of Limpopo S Pillay University of KwaZulu-Natal G Plant M Pretorius A Rampershad B Rhodes University of KwaZulu Natal S Roberts J Roeleveld C Rootman GJ Rossouw Ethics Institute of South Africa JG Samkin University Waikato, New Zealand LB Sanderson ABSA Capital MJ Scheepers Journal of Economic and Financial Sciences JEF April 2016 9(1) 5
C Schoeman D Schutte A Singleton W Smit RMB P Smith NERA, London, UK S Smulders J Snowball J Spowart L Stainbank Durban University of Technology LA Steenkamp N Stegmann B Steyn Monash University J Struweg A Strydom R Stuart A van de Gevel R van der Walt A van der Watt P van der Zwan F van Dyk Marsh & McLennan Companies R van Gaalen H van Gemert JH van Heerden D van Lill M van Niekerk Tshwane University of Technology T van Niekerk University of Limpopo S van Rooyen A van Wijk Swiss Re Europe SA N van Wyk SAIBA FNS Vermaak H Viviers PG Vosloo Brisbane, Oueensland R Wait KPMG M Wassermann G Wessels C West J Wilcocks M Wormald A Yousif Qatar University JEE Ziemerink Vaal University of Technology 6 Journal of Economic and Financial Sciences JEF April 2016 9(1)