Thesis (Ph.D.) - University of Queensland, 2005. / Includes bibliography.

É marcante a relevância que assumiu a indústria de Private Equity ao longo da última década no Brasil. Este trabalho estuda a indústria brasileira de Private Equity por meio da analise da qualidade de lucros medida pelo reconhecimento oportuno de perdas (conservadorismo) e o endividamento das empresas investidas que fizeram uma IPO (Initial Public Offering) na bolsa brasileira no ano de 2007. A primeira hipótese conjectura que as empresas investidas por fundos de Private Equity no Brasil possuem mais qualidade de lucros em relação às não investidas, enquanto que a hipótese secundária estabelece que as empresas que obtiveram aporte de capital proveniente de fundos de Private Equity, no Brasil, são menos endividadas do que as que não obtiveram este tipo de aporte. Com base no trabalho de Ball e Shivakumar (2005) e utilizando-se das adaptações de Beuselinck et al. (2009) e Katz (2009), são utilizados modelos para testar o reconhecimento oportuno de perdas. Os resultados sugerem que, conforme os achados internacionais, as empresas investidas por fundos de Private Equity têm comportamento mais conservador, mas que se endividam menos do que as não investidas. O argumento da maior eficiência contratual dos credores com sua demanda por conservadorismo parece não ter relação com as sugestões de reconhecimento oportuno de perdas por parte das empresas financiadas por fundos de Private Equity, o que, por conseguinte, poderia sugerir que os Limited Partners (investidores desses fundos) e as preocupações reputacionais pelas quais as gestoras passam, direcionariam, realmente, uma demanda por uma qualidade de lucros maior indicando que esses seriam motivadores do reconhecimento oportuno de perdas, conservadorismo condicional buscando reduzir a probabilidade de comportamentos oportunistas de gestores e gestoras e de expropriação de credores, investidores. / The relevance that the Private Equity industry assumed in Brazil in the last decade is remarkable. The present work studies the Brazilian Private Equity industry by analyzing earnings quality by the timely loss recognition, conservatism, and the leverage of the companies that make an IPO (Initial Public Offering) at the Brazilian stock exchange, Bovespa, in 2007. The first hypothesis conjectures that companies backed by Private Equity in Brazil have more earnings quality than the non-Private Equity backed companies. The second hypothesis conjectures that the Private Equity backed companies, in Brazil, are less leveraged than non-Private Equity backed. Based on Ball and Shivakumar (2005) models, the adaptations on Beuselinck et al. (2009) and Katz (2009) are used to measure timely loss recognition. The results suggest that in Brazil, as in international studies, Private Equity backed companies are more conservative but less leveraged. The argument that the bigger contractual efficiency of the creditors with their demand for conservatism seems to not have relation with the suggestions of timely loss recognition by the invested companies could suggest that Limited Partners (Private Equity investors) and the reputational concerns that the investment houses are exposed, could really create an demand for more earnings quality, showing that this could be a driver to timely loss recognition, conditional conservatism, to reduce the probability of creditors and investors expropriation and investment houses managers and fund managers opportunistic behaviors.

É marcante a relevância que assumiu a indústria de Private Equity ao longo da última década no Brasil. Este trabalho estuda a indústria brasileira de Private Equity por meio da analise da qualidade de lucros medida pelo reconhecimento oportuno de perdas (conservadorismo) e o endividamento das empresas investidas que fizeram uma IPO (Initial Public Offering) na bolsa brasileira no ano de 2007. A primeira hipótese conjectura que as empresas investidas por fundos de Private Equity no Brasil possuem mais qualidade de lucros em relação às não investidas, enquanto que a hipótese secundária estabelece que as empresas que obtiveram aporte de capital proveniente de fundos de Private Equity, no Brasil, são menos endividadas do que as que não obtiveram este tipo de aporte. Com base no trabalho de Ball e Shivakumar (2005) e utilizando-se das adaptações de Beuselinck et al. (2009) e Katz (2009), são utilizados modelos para testar o reconhecimento oportuno de perdas. Os resultados sugerem que, conforme os achados internacionais, as empresas investidas por fundos de Private Equity têm comportamento mais conservador, mas que se endividam menos do que as não investidas. O argumento da maior eficiência contratual dos credores com sua demanda por conservadorismo parece não ter relação com as sugestões de reconhecimento oportuno de perdas por parte das empresas financiadas por fundos de Private Equity, o que, por conseguinte, poderia sugerir que os Limited Partners (investidores desses fundos) e as preocupações reputacionais pelas quais as gestoras passam, direcionariam, realmente, uma demanda por uma qualidade de lucros maior indicando que esses seriam motivadores do reconhecimento oportuno de perdas, conservadorismo condicional buscando reduzir a probabilidade de comportamentos oportunistas de gestores e gestoras e de expropriação de credores, investidores. / The relevance that the Private Equity industry assumed in Brazil in the last decade is remarkable. The present work studies the Brazilian Private Equity industry by analyzing earnings quality by the timely loss recognition, conservatism, and the leverage of the companies that make an IPO (Initial Public Offering) at the Brazilian stock exchange, Bovespa, in 2007. The first hypothesis conjectures that companies backed by Private Equity in Brazil have more earnings quality than the non-Private Equity backed companies. The second hypothesis conjectures that the Private Equity backed companies, in Brazil, are less leveraged than non-Private Equity backed. Based on Ball and Shivakumar (2005) models, the adaptations on Beuselinck et al. (2009) and Katz (2009) are used to measure timely loss recognition. The results suggest that in Brazil, as in international studies, Private Equity backed companies are more conservative but less leveraged. The argument that the bigger contractual efficiency of the creditors with their demand for conservatism seems to not have relation with the suggestions of timely loss recognition by the invested companies could suggest that Limited Partners (Private Equity investors) and the reputational concerns that the investment houses are exposed, could really create an demand for more earnings quality, showing that this could be a driver to timely loss recognition, conditional conservatism, to reduce the probability of creditors and investors expropriation and investment houses managers and fund managers opportunistic behaviors.

This thesis analyses the information content of inflation adjusted financial statements for investors and the informational value of accounting earnings and systematic risk in explaining stock returns in Turkey. Information content of inflation accounting is tested by using event study methodology. Results show that, contrary to 2002, there exist abnormal returns/(losses) in the period surrounding the announcement of 2004 financial statements. However, due to non-company specific political and economic conditions around the announcement days, we cannot precisely state that either the inflation adjustment or the political forces cause the abnormal price activity at the time of research. Second part of the thesis is based on the regression study methodology which shows the significance of accounting earnings and firms&rsquo / systematic risk in explaining stock returns, in different economic conjectures. Results show that earnings have informational value for 2003 and 2004 fiscal years while systematic risk is significant in the period before 2003. This may imply that earnings become significant in good periods of the economy while the systematic risk becomes significant when the economy is in recession or recovery periods.

Thesis (Ph.D.)--Mississippi State University. Department of Accounting. / Title from title screen. Includes bibliographical references.

A fundamental issue at the interface of economics, finance, and accounting involves the relation between a firm\'s reported earnings and its stock returns. The lack of research in this field using Brazilian data and the limitations of previous research in terms of time-series data (small length available) motivates the present research. In addition, the practical justification of this research is that time-series properties of accounting earnings and the determinants of Earnings Response Coefficient (ERC) have a direct application in earnings forecasting and the valuation process. Based on this, the general objectives of this dissertation are to analyse the earnings time-series properties and to find the economic determinants of ERC in Brazil. Consequently, this dissertation is divided into three main sections/studies: (1) An analysis of the time-series properties of accounting earnings and the long-term relationship among price, return and earnings; (2) An analysis of the relevance and significance of ERC for individual companies and pooled data; and, (3) Elucidation of the economic determinants of ERC in Brazil. In order to achieve these objectives, quarterly and annual data were gathered and analysed. The quarterly sample is composed by 71 firms with quarterly data from the first quarter of 1995 until first quarter of 2009 (57 time-observations), and the annual sample is composed by 61 firms and annual observations from 1995 to 2008 (14 time-observations). Two measures of accounting earnings (SEPS and UNEPS) and two measures of stock returns (RET and ARET) were used. Additionally, proxies of systematic risk (BETA), expected economic growth opportunity (GRO), leverage (LEV), risk-free interest rate (INTER) and size (SIZE) were used as measures of the economic determinant of ERC. In each study, the two different measures of earnings and returns resulted in a combination of four functional models (regressions), in an annual and a quarterly basis. These models were estimated into firm-specific level and pooled data by using different methods (OLS and GLS); these varieties of designs, periodicity and estimations provide a robust analysis. The results of the first study show that earnings present, for most firms, stationarity series and seasonal fluctuation. The evidence also suggests that the accounting earnings in Brazil follow an auto-regressive model AR(1). Test results indicate long-term relationships between earnings and prices/returns, although, it is not possible to robustly infer about the Granger causality direction since a general behaviour was not identified. The second study indicates that for annual and quarterly firm-specific regressions between earnings and stock returns, only a few companies presented a significant relationship. However, the annual pooled analysis presents positive and significant coefficients, and contemporaneous observations (at t level) seem to fit better in the models than the lagged variable of return. Cross-sectional weight in the panel aggregates some refinement to the models in terms of significance and explanatory power. In the quarterly pooled regressions, coefficients with statistical significances were found; nevertheless, these regressions report an extremely low or nonexistent explanatory power, suggesting a slight relationship between the variables. The results of the third study show that systematic risk, interest rates and size significantly explain cross-sections and intertemporal variations of ERC according to previous hypothesis. On the other hand, differently from what has been hypothesized, expected economic growth and leverage do not significant explain cross-section variations of ERC in Brazil. Since the interest rate level in Brazil is higher than those in developed countries and given that interest rate levels affect both earnings and discount rate, the regressions presented different signals according to the proxy for return used. Finally, it is possible to conclude that, by including the significant factors noted above, the empirical specification of the earnings-returns relation is significantly improved, however, given some contrasting results presented here, this dissertation advocates for further research in this field. / Um desafio fundamental que interliga economia, finanças e contabilidade envolve a relação entre lucros contábeis divulgados e o retorno das ações. A falta de pesquisa nesta área utilizando dados brasileiros e a limitação das pesquisas anteriores devido à falta de séries temporais adequadas (as séries disponíveis são curtas) motivam a presente pesquisa. Adicionado a isso, uma justificativa pragmática é que a propriedade temporal dos lucros contábeis e os determinantes do Coeficiente de Resposta ao Lucro (ERC) têm aplicação direta na previsão de lucros e em processos de valuation. Baseado nisso, o objetivo geral desta tese é analisar as propriedades estocásticas do lucro contábil e encontrar os determinantes econômicos do ERC no Brasil. Para isso, a tese está dividida em três seções/estudos: (1) Análise as propriedades dos lucros contábeis e a relação de longo prazo entre preço das ações, retorno e lucros; (2) Análise a relevância e significância do ERC por empresa e em dados agrupados (pooling); e, (3) Teste dos determinantes econômicos do ERC. Para atingir tais objetivos, dados trimestrais e anuais foram coletados e analisados. A amostra trimestral é composta por 71 empresas entre o 1º trimestre de 1995 e o 1º trimestre de 2009 (57 observações trimestrais) e a amostra anual é composta por 61 empresas com observações anuais entre 1995 a 2008 (14 observações anuais). Duas medidas para lucro contábil (SEPS e UNEPS) e duas medidas de retorno das ações (RET e ARET) foram utilizadas. Adicionalmente, proxies para risco sistemático (BETA), oportunidades de crescimento econômico esperado (GRO), alavancagem (LEV), taxa de juros livre de risco (INTER) e tamanho (SIZE) foram utilizadas como medidas de determinantes econômicos do ERC. Em cada estudo, as duas medidas de lucro e de retorno resultaram em uma combinação de quatro modelos funcionais (regressões), em uma base anual e uma trimestral. Tais modelos são estimados individualmente nas empresas e por agrupamento de dados (pooling) por meio de diferentes métodos (OLS e GLS); essa variedade de modelagem, periodicidade e estimação proporcionam uma análise mais robusta. Os resultados do primeiro estudo mostram que os lucros apresentam, para a maioria das empresas, séries estacionárias e com flutuações sazonais. As evidências também sugerem que os lucros no Brasil seguem um modelo autoregressivo de ordem um - AR(1). Os resultados dos testes indicam a existência de relacionamento de longo prazo entre lucro e retorno, no entanto, não é possível inferir de forma robusta sobre a direção da causalidade de Granger visto que não foi encontrada uma tendência geral para os dados. O segundo estudo indica que poucas empresas apresentaram regressões com coeficientes significantes. No entanto, a análise com dados agrupados apresenta coeficientes positivos e significantes, sendo que as observações em períodos similares (no nível t) aparentam melhor adequação do que variável de retorno defasada. Atribuição de peso em variação transversal (cross-sectional) no painel de dados agrega maior refinamento nos modelos em termos de significância e poder explicativo. Nas regressões trimestrais agrupadas, coeficientes com significância estatística foram encontrados; entretanto, essas regressões indicam um poder explicativo extremamente baixo ou inexistente, sugerindo um pequeno relacionamento entre as variáveis. Os resultados do terceiro estudo mostram que risco sistemático, taxa de juros e tamanho explicam com significância estatística as variações temporais e transversais do ERC de acordo com hipóteses prévias. Por outro lado, diferentemente do hipotetizado por estudos anteriores, oportunidades de crescimento econômico esperado e alavancagem não explicam com significância as variações transversais do ERC no Brasil. Visto que a taxa de juros no mercado brasileiro é significativamente maior do que em países desenvolvidos e que a taxa de juros afeta tanto a geração de lucros quanto a taxa de desconto, a regressões apresentaram sinais diferentes de acordo com a proxy de retorno utilizada (RET ou ARET). Finalmente é possível concluir que, ao incluir os fatores estatisticamente significantes, apresentados acima, a especificação empírica da relação lucro/retorno é significativamente melhorada, entretanto, considerando que alguns resultados contraditórios foram verificados, esta tese advoga por maiores pesquisas neste campo.

A fundamental issue at the interface of economics, finance, and accounting involves the relation between a firm\'s reported earnings and its stock returns. The lack of research in this field using Brazilian data and the limitations of previous research in terms of time-series data (small length available) motivates the present research. In addition, the practical justification of this research is that time-series properties of accounting earnings and the determinants of Earnings Response Coefficient (ERC) have a direct application in earnings forecasting and the valuation process. Based on this, the general objectives of this dissertation are to analyse the earnings time-series properties and to find the economic determinants of ERC in Brazil. Consequently, this dissertation is divided into three main sections/studies: (1) An analysis of the time-series properties of accounting earnings and the long-term relationship among price, return and earnings; (2) An analysis of the relevance and significance of ERC for individual companies and pooled data; and, (3) Elucidation of the economic determinants of ERC in Brazil. In order to achieve these objectives, quarterly and annual data were gathered and analysed. The quarterly sample is composed by 71 firms with quarterly data from the first quarter of 1995 until first quarter of 2009 (57 time-observations), and the annual sample is composed by 61 firms and annual observations from 1995 to 2008 (14 time-observations). Two measures of accounting earnings (SEPS and UNEPS) and two measures of stock returns (RET and ARET) were used. Additionally, proxies of systematic risk (BETA), expected economic growth opportunity (GRO), leverage (LEV), risk-free interest rate (INTER) and size (SIZE) were used as measures of the economic determinant of ERC. In each study, the two different measures of earnings and returns resulted in a combination of four functional models (regressions), in an annual and a quarterly basis. These models were estimated into firm-specific level and pooled data by using different methods (OLS and GLS); these varieties of designs, periodicity and estimations provide a robust analysis. The results of the first study show that earnings present, for most firms, stationarity series and seasonal fluctuation. The evidence also suggests that the accounting earnings in Brazil follow an auto-regressive model AR(1). Test results indicate long-term relationships between earnings and prices/returns, although, it is not possible to robustly infer about the Granger causality direction since a general behaviour was not identified. The second study indicates that for annual and quarterly firm-specific regressions between earnings and stock returns, only a few companies presented a significant relationship. However, the annual pooled analysis presents positive and significant coefficients, and contemporaneous observations (at t level) seem to fit better in the models than the lagged variable of return. Cross-sectional weight in the panel aggregates some refinement to the models in terms of significance and explanatory power. In the quarterly pooled regressions, coefficients with statistical significances were found; nevertheless, these regressions report an extremely low or nonexistent explanatory power, suggesting a slight relationship between the variables. The results of the third study show that systematic risk, interest rates and size significantly explain cross-sections and intertemporal variations of ERC according to previous hypothesis. On the other hand, differently from what has been hypothesized, expected economic growth and leverage do not significant explain cross-section variations of ERC in Brazil. Since the interest rate level in Brazil is higher than those in developed countries and given that interest rate levels affect both earnings and discount rate, the regressions presented different signals according to the proxy for return used. Finally, it is possible to conclude that, by including the significant factors noted above, the empirical specification of the earnings-returns relation is significantly improved, however, given some contrasting results presented here, this dissertation advocates for further research in this field. / Um desafio fundamental que interliga economia, finanças e contabilidade envolve a relação entre lucros contábeis divulgados e o retorno das ações. A falta de pesquisa nesta área utilizando dados brasileiros e a limitação das pesquisas anteriores devido à falta de séries temporais adequadas (as séries disponíveis são curtas) motivam a presente pesquisa. Adicionado a isso, uma justificativa pragmática é que a propriedade temporal dos lucros contábeis e os determinantes do Coeficiente de Resposta ao Lucro (ERC) têm aplicação direta na previsão de lucros e em processos de valuation. Baseado nisso, o objetivo geral desta tese é analisar as propriedades estocásticas do lucro contábil e encontrar os determinantes econômicos do ERC no Brasil. Para isso, a tese está dividida em três seções/estudos: (1) Análise as propriedades dos lucros contábeis e a relação de longo prazo entre preço das ações, retorno e lucros; (2) Análise a relevância e significância do ERC por empresa e em dados agrupados (pooling); e, (3) Teste dos determinantes econômicos do ERC. Para atingir tais objetivos, dados trimestrais e anuais foram coletados e analisados. A amostra trimestral é composta por 71 empresas entre o 1º trimestre de 1995 e o 1º trimestre de 2009 (57 observações trimestrais) e a amostra anual é composta por 61 empresas com observações anuais entre 1995 a 2008 (14 observações anuais). Duas medidas para lucro contábil (SEPS e UNEPS) e duas medidas de retorno das ações (RET e ARET) foram utilizadas. Adicionalmente, proxies para risco sistemático (BETA), oportunidades de crescimento econômico esperado (GRO), alavancagem (LEV), taxa de juros livre de risco (INTER) e tamanho (SIZE) foram utilizadas como medidas de determinantes econômicos do ERC. Em cada estudo, as duas medidas de lucro e de retorno resultaram em uma combinação de quatro modelos funcionais (regressões), em uma base anual e uma trimestral. Tais modelos são estimados individualmente nas empresas e por agrupamento de dados (pooling) por meio de diferentes métodos (OLS e GLS); essa variedade de modelagem, periodicidade e estimação proporcionam uma análise mais robusta. Os resultados do primeiro estudo mostram que os lucros apresentam, para a maioria das empresas, séries estacionárias e com flutuações sazonais. As evidências também sugerem que os lucros no Brasil seguem um modelo autoregressivo de ordem um - AR(1). Os resultados dos testes indicam a existência de relacionamento de longo prazo entre lucro e retorno, no entanto, não é possível inferir de forma robusta sobre a direção da causalidade de Granger visto que não foi encontrada uma tendência geral para os dados. O segundo estudo indica que poucas empresas apresentaram regressões com coeficientes significantes. No entanto, a análise com dados agrupados apresenta coeficientes positivos e significantes, sendo que as observações em períodos similares (no nível t) aparentam melhor adequação do que variável de retorno defasada. Atribuição de peso em variação transversal (cross-sectional) no painel de dados agrega maior refinamento nos modelos em termos de significância e poder explicativo. Nas regressões trimestrais agrupadas, coeficientes com significância estatística foram encontrados; entretanto, essas regressões indicam um poder explicativo extremamente baixo ou inexistente, sugerindo um pequeno relacionamento entre as variáveis. Os resultados do terceiro estudo mostram que risco sistemático, taxa de juros e tamanho explicam com significância estatística as variações temporais e transversais do ERC de acordo com hipóteses prévias. Por outro lado, diferentemente do hipotetizado por estudos anteriores, oportunidades de crescimento econômico esperado e alavancagem não explicam com significância as variações transversais do ERC no Brasil. Visto que a taxa de juros no mercado brasileiro é significativamente maior do que em países desenvolvidos e que a taxa de juros afeta tanto a geração de lucros quanto a taxa de desconto, a regressões apresentaram sinais diferentes de acordo com a proxy de retorno utilizada (RET ou ARET). Finalmente é possível concluir que, ao incluir os fatores estatisticamente significantes, apresentados acima, a especificação empírica da relação lucro/retorno é significativamente melhorada, entretanto, considerando que alguns resultados contraditórios foram verificados, esta tese advoga por maiores pesquisas neste campo.

本研究主要是在探討成長機會與股價變動的關係，並檢視考慮各公司間成長機會差異與盈餘特續性變數後，是否會增加盈餘資訊內涵之解釋能力。一般而言，盈餘資訊確具資訊內涵，唯解釋能力不高(Lev, 1989)。本研究首先分析成長機會與股票報酬的關聯性；同時透過分析成長機會與盈餘間關係的推演，亦可進一步確定盈餘與成長機會對股票報酬真正的影響程度。 本研究分析民國 81 年至 85 年股票上市公司資料（排除金融、保險、百貨、觀光及變更交易方式的公司），經由模式建立與假說驗證，得到下列幾項發現： 一、由二種不同會計盈餘衡量的實證結果來看，“以期股價平減的會計報酬率”是股票報酬的解釋變數，且其 t 值檢定均達 0.01 的顯著水準。 二、代表成長機會的權益市價淨值比、營收成長率及經常淨利成長率是股票報酬的解釋變數，且其 t 值檢定達 0.05 或 0.01 的顯著水準。 三、關於成長機會與盈餘關係之測試，結果顯示，代表會計盈餘的每股稅後經常淨利與成長機會具有顯著正相關；代表會計盈餘的每股營運現金流量與成長機會的關係不顯著或是呈現負相關。 四、另外，關於成長機會與盈餘兩者對股票報酬關係之測試，結果顯示，代表交互作用變數之係數時而為顯著負相關，時而不顯著，故成長機會與盈餘兩者對股票報酬具有正向關聯的假設，未獲實證資料的支持。 / The major purpose of this study is to examine the relationship between growth opportunities and variance of stock price. and to indicate that the inclusion of impact of different growth opportunities in addition to earnings persistence among firms, whether the results can improve the explanatory power of information content. Lev(1989) demonstrated that accounting earnings is an useful information but its usefulness is quite unstable. First of all, this study is to analysize the association between growth opportunities and stock returns, and through the deduction of analysizing the reationship between growth opportunities and earnings, the true effect of growth oppotunities in addition to earnings on stock rate of returns can be identified further. To test the hypotheses, this study uses the data of Twiwanese listed companies covering the period from 1992 to 1996. The empirical fingings can be summarized as follows: 一、With regard to the empirical results for two different accounting earnings measures, including taxs adjusted operating profit and cash flow from operation, which we can find that the factor related to stock price deflated accounting earnings has significant association with stock returns. 二、The growth opportunities regression coefficients are 0.05 or 0.01 in the regression of proxies for growth oppotunities, including book-to-market equity, sales growth ratio, and operating profit growth rate on stock rate of returns. 三、The tests regarding the relationship between growth opportunities and earnings show that the coefficients based on the stock price deflated operating profit are positive significance; and those based on the stock price deflated cash flows from operation are insignificant or negative significance. 四、The tests regarding the relationship between the interaction of growth opportunities in addition to earnings and stock rate of returns show that the coefficients of the variable proxies for interaction are unstable. The hypothesis that the interaction response coefficients of growth opportunities in addition to earnings and stock rate of returns are positive relations is not supported by empirical evidence.

Governments across the globe are experiencing enormous budget deficits. The governments of South Africa and Australia felt that taxes on mining have not been reflecting a ‘willing buyer-willing seller’ relationship. This in essence means that mining companies in these two countries were not paying an arm’s length value to governments for extracting the resources. In Australia the authorities introduced the Resources Super Profits Tax to be charged at 40% of assessable profits. Mining companies still have to assess how to deal with this new tax when it is enacted on 1 July 2012. However, a change advantageous for the companies is the reduction in the corporate tax rate from 30% to 28% by the 2014/15 tax year. This Resources Super Profits Tax will also be deductible from the calculation of taxable income. South Africa enacted the Mineral and Petroleum Resources Royalty Acton 1 March 2010. Mining companies would now pay royalties based on a charging formula specifically for refined and unrefined minerals. The minimum royalty charging formula is 0.5% of gross sales regardless of whether the mining company incurs losses. This royalty charging formula is capped at 5% for refined minerals and 7% for unrefined minerals. However, any existing arrangement between mining companies and land owners for special royalties payable is not replaced by the Mineral and Petroleum Resources Royalty Act. A mining company such as Kumba Resources Limited never paid royalties in 2009, but were paying royalties in 2010 at 5.61% of accounting earnings before interest and taxes and 5.51% in 2011. Despite the additional royalties mining companies still invest in South Africa. The main drive for investment is managing risks and investing in projects that yield positive net present values. Typical risks to be managed are taxation laws, political uncertainty and social issues. These risks should be kept under control as the likelihood of mining companies walking away from investments is high when these risks spiral out of control. AFRIKAANS : Regerings dwarsoor die wêreld ondervind wesenlike begrotingstekorte. Die regerings van Suid Afrika en Australië glo dat die belasting op mynbou-maatskappye nie die ‘gewillige koper-gewillige verkoper’ verhouding weerspieël nie. In beginsel beteken dit dat die mynbou-maatskappye in die twee lande nie armlengte-waarde betaal aan regerings vir die ontginning van minerale nie. In Australië het owerhede die Minerale Super Winste Belasting gepromulgeer wat 40% heffings van berekende winste vereis. Mynbou-maatskappye is steeds in die donker oor hoe om hierdie nuwe belasting te hanteer wanneer dit op 1 Julie 2012 in werking tree.Die verlaging van die korporatiewe belastingkoers van 30% na 28% oor ’n tydperk tot en met die 2014/15 belastingjaaris egter ’n verandering wat voordelig is vir die maatskappye. Hierdie Minerale Super Winste Belasting sal ook van belasbare inkomste van mynbou-maatskappye aftrekbaar wees. Suid Afrika het die Minerale en Petroleum Reserwes Tantieme Wet op 1 Maart 2010 gepromulgeer. Mynbou-maatskappye sal in die vervolg tantieme betaal wat gebaseer word op ’n heffingsformule spesifiek ontwerp vir verwerkte en onverwerkte minerale. Die minimum tantieme heffingsformule is 0.5% van bruto verkope ongeag of die mynbou-maatskappy verliese ly. Hierdie tantieme heffingsformule word wel beperk tot 5% vir verwerkte minerale en 7% vir onverwerkte minerale. Enige huidige ooreenkoms met grondeienaars vir die betaling van spesiale tantieme word ongelukkig nie oorskryf deur die Minerale en Petroleum Reserwes Tantieme Wet nie. ’n Mynbou-maatskappy soos Kumba Resources Beperk het geen tantieme in 2009 betaal nie. In 2010 was Kumba Resources Beperk se tantieme 5.61% van rekeningkundige wins voor rente en belasting en in 2011 was dit 5.51%. Ondanks hierdie addisionele tantieme belê mynbou-maatskappye steeds in Suid Afrika. Die hoof-dryfveer vir beleggings is die bestuur van risiko en belegging in projekte wat positiewe netto huidige waardes lewer. Tipiese risiko’s wat bestuur moet word, is belastingwette, politieke onsekerheid en sosiale kwessies. Hierdie risiko’s moet te alle tye onder beheer gehou word omrede mynbou- maatskappye heel waarskynlik van beleggings kan onttrek indien die risiko’s buite beheer raak. Copyright / Dissertation (MCom)--University of Pretoria, 2013. / Taxation / unrestricted