BACKGROUND: The notion that a company's ownership structure may affect performance and capital structure has been the attraction, but few studies have looked at the effect of black ownership (BO AIM: This paper contributes to the literature by examining the possible interactions between BO, performance, and capital structure. Within an agency cost framework, the study indicated that the distribution of equity ownership among black shareholders might significantly influence the performance and leverage of companies listed on the Johannesburg Stock Exchange (JSE SETTING: Altogether 187 companies on the JSE were selected for the period of 2007 to 2014 METHOD: Data on the sampled companies were sourced from the Iress database, a prominent source of financial data in South Africa, as well as annual reports. The research used a pooled fixed-effects model, random effects model and two-step generalised method of moments in the analysis RESULTS: The findings of the research provided support for the agency cost theory. The empirical findings indicated that BO was negatively correlated with debt ratio (long-term debt) and performance (Tobin's Q [TQ]). Surprisingly, BO was positively and significantly correlated with return on assets. Finally, the empirical findings indicated that the proportion of long-term debt and total debt based on market value was lower for BO than for total ownership, while TQ was higher for BO than for total ownership. The finding supports the prediction that companies with a relatively small proportion of black ownership cannot support high leverage and high performance CONCLUSION: Although the introduction of BO by way of government intervention has been partially successful, more can be done to improve the relationship between the proportion of BO, performance and capital structure in a developing economy

ORIENTATION: The dividend pay-out policy remains one of the key functional areas of corporate finance, more so in that it is through the receipt of dividends that shareholders can at least share in the profits of their investments. RESEARCH PURPOSE: Because of the importance of the dividend decision (especially for emerging economies) as well as its possible link to value creation, the present study sought to providing results with recommendations on pay-out policy to improve dividend decision-making and establish a more defined link between dividends and value creation for management and shareholders alike. MOTIVATION FOR THE STUDY: The endeavours of the current study lie in its contribution to the pay-out debate as it taps into a research area that has been explored minimally in emerging markets, yet it is still among the very topical functional areas of financial decisions. Research design, approach and method: The panel data of 110 Johannesburg Stock Exchange (JSE) listed sample companies for the period 2006-2018 were used. The sample was further grouped into value and growth companies. Dynamic panel estimators were used to analyse data.. MAIN FINDINGS: The study confirmed results of similar previous research and identified further trends relating to the South African corporate setting. Specifically, the study found that companies have target pay-out ratios, which they adjust towards. Furthermore, managers are reluctant to change (increase) dividends, which may have to be cut again later, and in their endeavour to create and maximise value, they may have to sacrifice paying dividends. These trends are evident more with growth companies PRACTICAL IMPLICATIONS: These results mirror those of developed markets. Furthermore, the results present South African financial managers with an enhanced platform to create and maximise value for shareholders, relatively the same way as their counterparts in developed markets. CONTRIBUTION/VALUE-ADD: This study includes value-based variables among the explanatory variables. It is submitted that this process will enhance the endeavours of financial managers in creating values for shareholders through dividend pay-out.

RESUMO Em The Romantic Economist (2009), Richard Bronk lamenta que o pensamento iluminista tenha dominado a economia durante sua formação como ciência. O “Movimento Romântico” seria um contraponto, mas foi mantido distante. A economia abraçou a centralidade da racionalidade e preceitos iluministas, tornando-se uma “física-social”. Desde então, as características humanas como sentimento, imaginação e criatividade são evitadas. Embora Bronk não identifique um economista “romântico” de carne e osso, nossa pesquisa busca estabelecer Celso Furtado como um. Profundamente influenciado por sua sensibilidade e raízes, Furtado fez uso de uma metáfora orgânica - o sertão nordestino - em seu entendimento de complexos processos de desenvolvimento.

ABSTRACT In The Romantic Economist (2009), Richard Bronk laments that Enlightenment thinking dominated Economics during its formation as a science. As counterpoint, the ‘Romantic Movement’ had much to offer but remained peripheral. Consequently Economics embraced the centrality of rationality and other Enlightenment precepts, leading to a ‘social-physics’. Meanwhile human characteristics such; as sentiments, imagination and creativity were eschewed. While Bronk fails to identify an in-the-flesh ‘Romantic Economist’, our inquiry seeks to establish that indeed Celso Furtado qualifies. Profoundly influenced by his sensitivities and attachment to place, Furtado relies upon an organic metaphor - o sertão nordestino - for insights into complex developmental processes.

Abstract: In December 2016, Zygmunt Bauman’s self-described “recent heart failure” did not deter him from providing the author with “three pieces I have scribbled” to use in revising Bauman’s chapter for the second edition of the Handbook of Cultural Sociology. The author draws from this experience working with Bauman at the end of his life to reflect on the man as a person, a scholar, and a public intellectual. He argues that Bauman had a broad methodological strategy that derived from his 1978 book, Hermeneutics and the Social Sciences. Reconciling himself to the historicist relativity of Gadamer’s hermeneutic circle, Bauman proposed that the hermeneutic self-understanding of society “is the way in which history itself moves” (Bauman, 1978: 46). The author connects this hermeneutic project to Bauman’s conceptualization of “liquid modernity” as the condition of contemporary society, and he draws on Bauman’s three “scribbled” pieces to show how Bauman connected recent “liquid” developments –especially shifts in the character of migration– to recent political events (Brexit and the US election of Donald Trump as President). For Bauman, the goal of cosmopolitan tolerance in a global society is undercut by a lag between new worldly conditions and “outdated consciousness.”

Resumen: En diciembre de 2016, lo que el propio Zygmunt Bauman describió como una “insuficiencia cardíaca reciente” no impidió que me entregara “tres bosquejos de artículos” para el capítulo sobre Bauman que estaba preparando para la segunda edición del Handbook of Cultural Sociology. A partir de esta experiencia con Bauman, quien se encontraba al final de su vida, presento una reflexión sobre él como persona, académico e intelectual público. Bauman tenía una vasta estrategia metodológica, derivada de su libro escrito en 1978, Hermeneutics and the Social Sciences. Reconciliándose con la relatividad historicista del círculo hermenéutico de Gadamer, Bauman propuso que la autocomprensión hermenéutica de la sociedad “es el modo como la propia historia avanza” (Bauman, 1978: 46). Vinculo dicho proyecto hermenéutico con la conceptualización de “modernidad líquida” de Bauman, como la condición de la sociedad contemporánea, y basado en sus tres “bosquejos” de artículos explico la forma como relacionó ciertas situaciones “líquidas” contemporáneas –en particular, cambios en el carácter de la migración– con acontecimientos políticos recientes (el Brexit y la elección de Donald Trump como presidente de Estados Unidos). Según Bauman, el objetivo de que exista tolerancia cosmopolita en una sociedad global es impedido por el desfase entre las nuevas condiciones mundiales y una “conciencia anticuada”.

RESUMO Nossa investigação considera as origens da Economia Evolutiva reintroduzindo um debate que teve lugar na Rússia no século XIX e início do século XX. Respostas ao Origem das Espécies de Charles Darwin são consideradas, especialmente as críticas que enfatizam a ênfase de Darwin na competição e na luta na seleção natural, que podem ser traçadas diretamente a Thomas Robert Malthus. Considerando contribuições desafiadoras feitas por vários eruditos russos, colocamos uma ênfase especial no foco de Peter Kropotkin na cooperação e na “ajuda mútua” na seleção natural e na evolução. Em seguida, especulamos sobre a semelhança encontrada nas visões evolucionistas avançadas por Kropotkin e seu contemporâneo americano, Thorstein Veblen.

ABSTRACT Our inquiry considers the origins of Evolutionary Economics by reintroducing a debate that took place in Russia in the 19th and early 20th century. Responses to Charles Darwin’s The origin of Species are considered, especially critiques stressing Darwin’s emphasis upon competition and struggle in natural selection, that can be traced directly to Thomas Robert Malthus. Considering challenging contributions made by several Russian scholars, we place special emphasis upon Peter Kropotkin’s focus on cooperation and “mutual aid” in natural selection and evolution. We then speculate upon the commonality found in the evolutionary views advanced by Kropotkin and his American contemporary, Thorstein Veblen.

OBJECTIVE: To examine the relationship between antenatal care, iron and folic acid supplementation and tetanus toxoid vaccination during pregnancy in Indonesia and the risk of early neonatal death (death in days 0-6 of life). METHODS: We analysed pooled data on neonatal survival in singleton infants born in the 5 years before each of the Indonesian demographic and health surveys of 1994, 1997 and 2002-2003. Only the most recently born infant of each mother was included. Multivariate Cox proportional hazards models were used to identify factors linked to early neonatal death. FINDINGS: Of the 40 576 infants included, 442 experienced early neonatal death. After adjustment, the risk of early neonatal death was significantly reduced for infants of mothers who received either any form of antenatal care (hazard ratio, HR: 0.48; 95% confidence interval, CI: 0.31-0.73), any quantity of iron and folic acid (HR: 0.53; 95% CI: 0.36-0.77) or > 2 tetanus toxoid injections (HR: 0.66; 95% CI: 0.48-0.92). When we analysed different combinations of these measures, iron and folic acid supplementation provided the main protective effect: early neonatal deaths were still significantly reduced among infants whose mothers received iron and folic acid supplements but no other form of antenatal care (HR: 0.10; 95% CI: 0.01-0.67), or the supplements but < 2 tetanus toxoid injections (HR: 0.46; 95% CI: 0.29-0.73). Subsequent analysis showed that 20% of early neonatal deaths in Indonesia could be attributed to a lack of iron and folic acid supplementation during pregnancy. CONCLUSION: Iron and folic acid supplementation during pregnancy in Indonesia significantly reduced the risk of early neonatal death and could also do so in other low- and middle-income countries.

OBJETIVO: Estudiar en Indonesia la relación existente entre, por un lado, la atención prenatal, los suplementos de hierro y ácido fólico y la vacunación con anatoxina tetánica durante el embarazo y, por el otro, el riesgo de muerte neonatal precoz (defunción dentro de los primeros 6 días de vida). MÉTODOS: Analizamos datos combinados sobre la supervivencia neonatal de lactantes nacidos de embarazos monofetales en los 5 años anteriores a cada una de las encuestas de demografía y salud de Indonesia de 1994, 1997 y 2002-2003. Solo se incluyó en el estudio al lactante de menor edad de cada madre. Para determinar los factores relacionados con la muerte neonatal precoz se aplicaron modelos multifactoriales de riesgos proporcionales de Cox. RESULTADOS: De los 40 576 lactantes estudiados, 442 fallecieron tempranamente en el periodo neonatal. Tras ajustar las cifras, el riesgo de muerte neonatal precoz se redujo de manera significativa cuando las madres habían recibido cualquier tipo de atención prenatal (razón de riesgos instantáneos (hazard ratio, HR): 0,48; intervalo de confianza del 95%: 0,31-0,73), cualquier cantidad de hierro y ácido fólico (HR: 0,53, IC95%: 0,36-0,77) o > 2 inyecciones de anatoxina tetánica (HR: 0,66; IC95%: 0,48-0,92). Cuando analizamos las diferentes combinaciones de esas medidas, observamos que los suplementos de hierro y ácido fólico tenían el mayor efecto protector: la mortalidad neonatal precoz seguía siendo considerablemente inferior entre los lactantes cuyas madres habían recibido suplementos de hierro y ácido fólico, pero ninguna otra forma de atención prenatal (HR: 0,10; IC95%: 0,01-0,67), o bien los suplementos pero menos de 2 inyecciones de anatoxina tetánica (HR: 0,46, IC95%: 0,29-0,73). Análisis posteriores mostraron que el 20% de la mortalidad neonatal precoz registrada en Indonesia podía atribuirse a la falta de suplementos de hierro y ácido fólico durante el embarazo. CONCLUSIÒN: La administración de suplementos de hierro y ácido fólico durante el embarazo redujo significativamente el riesgo de muerte neonatal precoz en Indonesia, y la medida podría tener el mismo efecto en otros países de ingresos bajos y medios.

OBJECTIF: Examiner la relation entre soins anténatals, supplémentation en fer et en acide folique et vaccination par l'anatoxine tétanique pendant la grossesse d'une part et risque de décès néonatal précoce (intervenant entre 0 et 6 jours de vie) d'autre part, en Indonésie. MÉTHODES: Nous avons analysé des données combinées sur la survie des nouveau-nés, issus d'une grossesse monofoetale dans les 5 ans précédant chacune des enquêtes démographiques et sanitaires menées en Indonésie en 1994, 1997 et 2002-2003. Seul le dernier né des enfants de chaque mère avait été inclus dans l'étude. Nous avons utilisé des modèles multivariés à risque proportionnel de Cox pour identifier les facteurs liés à la mortalité néonatale précoce. RÉSULTATS: Parmi les 40 576 enfants pris en compte, 442 sont décédés avant l'âge de 7 jours. Après ajustement, le risque de décès néonatal précoce apparaissait significativement réduit pour les enfants dont les mères avaient reçu une forme quelconque de soins anténatals (rapport de risques, RR : 0,48 ; intervalle de confiance à 95 % : 0,31-0,73), du fer et de l'acide folique en une quantité quelconque (RR : 0,53 ; IC à 95 % : 0,36-0,77) ou 2 injections et plus d'anatoxine tétanique (RR : 0,66 ; IC à 95 % : 0,48-0,92). L'analyse de différentes combinaisons de ces mesures montre que c'est la supplémentation en fer et en acide folique qui fournit l'effet protecteur le plus important La mortalité néonatale précoce était encore significativement réduite chez les nourrissons dont les mères avaient reçu une telle supplémentation en l'absence d'autre forme de soins anténatals (RR : 0,10 ; IC à 95 % : 0,01-0,67) ou cette supplémentation et moins de 2 injections d'anatoxine tétanique (RR : 0,46 ; IC à 95 % : 0,29-0,73). L'analyse réalisée à la suite a mis en évidence que 20 % des décès néonatals précoces survenant en Indonésie pourraient être attribués à l'absence de supplémentation en fer et en acide folique pendant la grossesse. CONCLUSION: En Indonésie, l'apport d'une supplémentation en fer et en acide folique pendant la grossesse a réduit significativement le risque de décès néonatal précoce et pourrait en faire autant dans d'autres pays à revenu faible ou intermédiaire.

This article investigates the application of capital budgeting techniques and the incorporation of risk into the capital budgeting process among a sample of South African industrial firms listed on the JSE Securities Exchange for at least ten years. Previous international and local research on this topic indicated a preference for the internal rate of return (IRR) as a capital budgeting method over the net present value (NPV), and that risk incorporation was relatively rarely incorporated into the capital budgeting process. The results of this study indicate that the NPV is just as popular as, and sometimes more so than, the IRR. Furthermore, compared to previous studies, risk is incorporated into evaluating capital budgeting projects more often. Sensitivity analysis is the most popular method, but adjustments to the cash flows and discount rate are becoming more popular. During the last decade the use of non-financial criteria to accept or reject a project has also increased in South Africa.

A etiologia e a epidemiologia da podridão radicular causada por Pythium spp. em cultivo hidropônico são revisadas com ênfase em conhecimentos e conceitos considerados importantes para o manejo de doenças em estufas comerciais. A podridão radicular causada por Pythium continuamente ameaça a produtividade de diversas culturas em sistemas hidropônicos, incluindo pepino, tomate, pimentão, espinafre, alface, capuchinha, rúcula, rosa, e crisântemo. Os principais agentes causais incluem Pythium aphanidermatum, Pythium dissotocum, espécies de Pythium do grupo F e Pythium ultimum var. ultimum. São apresentadas e discutidas as principais fontes do inóculo primário de Pythium spp. em sistemas hidropônicos, os processos de infecção e colonização de raízes pelos patógenos, o desenvolvimento de sintomas, a produção de inóculo em raízes, e a dispersão do inóculo na solução nutritiva. Descobertas recentes da existência de um elicitor produzido especificamente por P. aphanidermatum que pode provocar a necrose (descoloração) das raízes infectadas e a transição da infecção da fase biotrofica para necrotrofica são consideradas. Efeitos de fatores ligados ao hospedeiro (susceptibilidade à doença, estádio fenológico, exsudatos radiculares, compostos fenólicos), ao ambiente radicular (meio de enraizamento, concentrações de oxigênio dissolvido e compostos fenólicos na solução nutritiva, comunidades microbianas e temperatura) e as interferências humanas (práticas de cultivo e medidas de controle) sobre as epidemias de podridão radicular causados por Pythium spp. são revistos. Resultados recentes que demostram um aumento da predisposição das raízes ao ataque de Pythium induzida por estresses ambientais são destacados. O impacto das medidas usadas para a desinfestação da solução nutritiva recirculando fora do cultivo sobre a epidemia da doença é comparada com o impacto de tratamentos que suprimem Pythium nas raízes e na zona radicular da cultura. Novas descobertas de que a infeção de raízes por P. aphanidermatum reduz o crescimento da área foliar e o acúmulo de carbono na planta inteira, sem alterar significativamente a eficiência da fotossíntese por unidade de área foliar, são destacadas. O conhecimento e entendimento da etiologia e epidemiologia da podridão radicular, e seus efeitos na fisiologia da planta, são dicutidos em relacão às novas perspectivas das pesquisas e ao desenvolvimento de melhores práticas para o manejo da doença em cultivo hidropônico. Ênfase é dada nos métodos e tecnologias para a detecção de Pythium tanto na solução nutritiva quanto nas raízes e no desenvolvimento, integração e otimização dos tratamentos para suprimir o patógeno na zona radicular e o progresso da podridão das raízes.

The etiology and epidemiology of Pythium root rot in hydroponically-grown crops are reviewed with emphasis on knowledge and concepts considered important for managing the disease in commercial greenhouses. Pythium root rot continually threatens the productivity of numerous kinds of crops in hydroponic systems around the world including cucumber, tomato, sweet pepper, spinach, lettuce, nasturtium, arugula, rose, and chrysanthemum. Principal causal agents include Pythium aphanidermatum, Pythium dissotocum, members of Pythium group F, and Pythium ultimum var. ultimum. Perspectives are given of sources of initial inoculum of Pythium spp. in hydroponic systems, of infection and colonization of roots by the pathogens, symptom development and inoculum production in host roots, and inoculum dispersal in nutrient solutions. Recent findings that a specific elicitor produced by P. aphanidermatum may trigger necrosis (browning) of the roots and the transition from biotrophic to necrotrophic infection are considered. Effects on root rot epidemics of host factors (disease susceptibility, phenological growth stage, root exudates and phenolic substances), the root environment (rooting media, concentrations of dissolved oxygen and phenolic substances in the nutrient solution, microbial communities and temperature) and human interferences (cropping practices and control measures) are reviewed. Recent findings on predisposition of roots to Pythium attack by environmental stress factors are highlighted. The commonly minor impact on epidemics of measures to disinfest nutrient solution as it recirculates outside the crop is contrasted with the impact of treatments that suppress Pythium in the roots and root zone of the crop. New discoveries that infection of roots by P. aphanidermatum markedly slows the increase in leaf area and whole-plant carbon gain without significant effect on the efficiency of photosynthesis per unit area of leaf are noted. The platform of knowledge and understanding of the etiology and epidemiology of root rot, and its effects on the physiology of the whole plant, are discussed in relation to new research directions and development of better practices to manage the disease in hydroponic crops. Focus is on methods and technologies for tracking Pythium and root rot, and on developing, integrating, and optimizing treatments to suppress the pathogen in the root zone and progress of root rot.