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The effect of time on merger motivationsSouder, Tavis J. 01 January 2001 (has links)
The mid 1980s and the mid 1990s both saw an incredible amount of merger activity, however, the characteristics of both were very different. Research seems to inidcate that the 1980s merger wave was primarily stimulated by the desire to eliminate corporate inefficiencies. Acquirers of this time period were highly leveraged and encountered a great deal of hostility from target management. After a short decrease in merger activity the mid 1990s intensified to number comparable to those of the 1980s. Noticeable absent was the hostility, leverage and inefficiency that was so prevalent in the 1980s. Instead the 1990s mergers were friendlier and were not as leveraged. In order to determine the origin of these differences the characteristics of targets from both time periods are examined and further research was conducted into the macroeconomic conditions. The results indicate the beneficial affects of the 1980s merger wave indirectly affected the stimulus and the characteristics of the 1990s.
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Factors influencing debt financing and its effects on financial performance of state corporations in KenyaNyamita, Micah Odhiambo January 2014 (has links)
Submitted in compliance with the requirements for the Doctorate degree in Technology, Department of Public Management and Economics, Durban University of Technology, 2014. / Identifying the best level of debt financing within corporations and its determinants is one of the main issues in financial management theory, as the use of debt is believed to have an important influence on the performance of corporations. The majority of studies on debt financing have been undertaken using data from developed economies, focusing more on private sector non-financial corporations. This study investigated the factors influencing debt financing and whether the use of debt positively or negatively influences the financial performance of state corporations in Kenya. The “financial leverage”, which is the proportion of debt financing of state corporations in the Kenyan region, based on the total debt and the total assets, was the object of analysis for the period 2007 to 2011. Applying both descriptive and inferential statistics, and a hybrid of cross sectional and longitudinal quantitative surveys, primary data from questionnaires, and secondary data from the corporations’ financial statements, were utilized. The sample size used was 50 income generating state corporations in Kenya. Using the primary and secondary data, the study, in addition, determined the extent of debt financing and analysed the different types of debt financing used by the various state corporations. It focused on the use of financial ratio analysis to identify the financial performance of the corporations by applying a pooling of cross-section analysis. Moreover, the “financial leverage” ratio was analysed in correlation with the financial performance ratios, in order to identify the potential of anticipation for future financing options for state corporations in Kenya. Further, the regression analysis result was used to demonstrate whether there is a relationship between the corporation’s “financial leverage” and its financial performance ratios and the debt financing theory suitable for explaining debt capital structure within the state corporations. The panel data for financial performance helped in identifying whether there was a significant relationship between “financial leverage” of corporations and their financial performance. The results identified the main factors influencing debt financing within state-owned corporations in Kenya to include profitability, asset tangibility and corporation growth. It was also determined that debt financing is inversely related to financial performance of state-owned corporations in Kenya. In addition, the results revealed that state-owned corporations from developed and developing economies use capital market debt securities, such as bonds and notes, and derivative financial instruments, such as swaps, options and forward contracts. In contrast, these types of debt are not common within the Kenyan state-owned corporations. The developed and developing economies state-owned corporations are perceived to have embraced the new public sector financial management reforms agenda and operate in more developed and efficient capital markets. However, in Kenya, the new public sector financial management agenda may have not been implemented positively within the state-owned corporations and the country’s capital market may still be efficient. It is expected that the findings of this study would have vital policy implications for Kenyan state-owned corporations, in particular, and the government, in general.
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The relationship between directors' remuneration and financial performance : an investigation into South African JSE-listed industrial firmsCrafford, Wessel Lourens 12 1900 (has links)
Thesis (MComm)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: For the past few decades the remuneration of directors has been in the spotlight,
especially in view of the corporate scandals that occurred around the turn of the 20th
century. Generally, managers need to manage firms in such a way that shareholders’
value is maximised. Unfortunately, shareholders of firms and the general public have
the perception that directors are over-compensated, and that there is no relationship
between the remuneration of directors and the financial performance of the firms to
enhance shareholders’ value. A lack of transparency, inadequate disclosure by firms
and remuneration committees’ conflict of interest are reasons cited for these
perceptions. Although South Africa is ranked as a global leader in terms of its corporate
governance practices, many firms still do not adhere to the King reports’ principles. This research study investigated whether a relationship exists between the
remuneration of directors and the financial performance of firms. The firms selected for
the study included both listed and delisted firms from the Industrial Sector of the
Johannesburg Stock Exchange (JSE) for the time period 2002 until 2010. Ninety-three
firms complied with the requirements to be included in the study. All these firms had
effective remuneration strategies in place to promote financial performance and growth
of the firms. Secondary data were collected for the nine consecutive years of the study
period, representing a period prior to substantial changes in accounting and disclosure
regulation that influenced the comparability of financial reporting of the firms. It is important to note that directors’ remuneration is not the only motivating factor for
firm performance, but one of many. Directors’ remuneration and incentives should be
optimally utilised to increase performance and growth in the firms, and it should not
merely be a case of directors being overcompensated for services rendered.
In order to operationalize directors’ remuneration, it was converted and subcategorised
into four variables. These dependent variables for directors’ remuneration
consisted of basic salary, bonuses (performance), gains on share purchases or share
options and what was termed as “other” remuneration. “Other” remuneration included
pension, medical, motor, and telephone allowances. To measure the financial
performance of the firms, the following market and accounting measures were
employed: turnover, earnings per share (EPS), total share return (TSR) and market
value added (MVA). Analysing these variables’ data by means of selected descriptive statistical measures and inferential regression analysis, it appeared that the data were
significantly skewed, but that financial performance of the firms was a strong
determinant of the change in directors’ remuneration.
Additional regression analyses were performed to investigate whether a lagged
relationship existed between the dependent variable, namely directors’ remuneration,
and the independent variables, as reflected by the various financial performance
measures. Results from these regression analyses strengthened the findings of the
study to show that a relationship existed between directors’ remuneration and the
financial performance of the firms investigated. / AFRIKAANSE OPSOMMING: Direkteursvergoeding trek vir die afgelope paar dekades gereeld aandag, veral weens
die korporatiewe skandale wat aan die lig gekom het rondom ongeveer die
eeuwisseling. Normaalweg stel firmas direkteure aan om aandeelhouerswelvaart te
verhoog. Daar bestaan ongelukkig ʼn opvatting onder talle aandeelhouers asook die
algemene publiek dat direkteure oorbetaal word, en dat daar geen verwantskap
bestaan tussen direkteursvergoeding en die finansiële prestasie van firmas om
aandeelhouerswelvaart te verhoog nie. Redes wat aangevoer word vir hierdie sienings
sluit in die tekort aan deursigtigheid, onvoldoende openbaarmaking deur firmas en
vergoedingskomitees se botsende belange. Alhoewel Suid-Afrika geklassifiseer word
as ’n wêreldleier op die gebied van korporatiewe bestuur, is daar steeds firmas wat nie
voldoen aan die beginsels van die King-verslae nie. Hierdie navorsingstudie ondersoek die moontlike verwantskap tussen
direkteursvergoeding en die finansiële prestasie van firmas. Die geselekteerde firmas
vir die studie was genoteerde en voorheen-genoteerde firmas in die nywerheidsektor
op die Johannesburgse Aandelebeurs (JSE), vir die periode 2002 tot en met 2010.
Drie-en-negentig firmas het voldoen aan die vereistes om ingesluit te word in die
steekproef van die studie. Al die geselekteerde firmas het doeltreffende
vergoedingstrategieë in plek gehad om finansiële prestasie en groei in die firmas aan
te spoor. Sekondêre data is vir die nege agtereenvolgende jare van die studie
ingesamel. Veranderinge in regulasies voor en na die studieperiode het dit moeilik
gemaak om periodes buite hierdie tydgleuf vir vergelykingsdoeleindes in te sluit.
Dit is belangrik om daarop te let dat direkteursvergoeding nie die enigste faktor is wat
ʼn firma se finansiële prestasie kan beïnvloed nie, maar slegs een van vele. In die lig
hiervan, moet direkteursvergoeding en ander aansporingsmaatstawwe optimaal
gebruik word om finansiële prestasie in firmas aan te moedig. Om ʼn duideliker skets rakende direkteursvergoeding te verkry, is vergoeding
onderverdeel in vier sub-kategorieë veranderlikes. Die afhanklike veranderlikes van
direkteursvergoeding is soos volg geklassifiseer: basiese salaris, bonusse (prestasie),
opbrengste uit aandeelaankope en aandeleopsies en ʼn laaste kategorie wat as “ander”
vergoeding geklassifiseer is. Hierdie “ander” vergoedingskomponent het grootliks
bestaan uit pensioen- en mediese bydraes asook motor-, en telefoonvoordele. Ten einde die onafhanklike veranderlike, naamlik die finansiële prestasie van firmas,
te meet, is die volgende mark- en rekeningkundige maatstawwe gebruik: omset,
verdienste per aandeel (VPA), markwaarde toevoeging (MWT) en aandeelopbrengs.
Met die ontleding van al die veranderlikes het beskrywende statistiek en inferensiële
regressietoetse aangedui dat die data ʼn merkbare skewe verspreiding het, maar dat
finansiële prestasie in die firmas ʼn beduidende faktor was wanneer
direkteursvergoeding aangepas is.
Bykomende regressietoetse is gedoen om te ondersoek of daar vertragingstydperke
was tussen die afhanklike veranderlike, naamlik direkteursvergoeding, en die
onafhanklike veranderlike, finansiële prestasie van firmas. Hierdie toetse het die studie
se bevindinge bevestig dat daar inderdaad ʼn verwantskap bestaan tussen
direkteursvergoeding en die finansiële prestasie van firmas.
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Capturing the value of corporate real estate portfolios: separate or integrate?Eichler, Dirk. January 2002 (has links)
published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction
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Evaluating strategic options for China business: perspective of the Chinese family firm魏天明, Ngai, Tin-ming, Tony. January 1995 (has links)
published_or_final_version / Business Administration / Master / Master of Business Administration
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Disclosure of internal control weaknesses and the capital market valuation of earnings surprise after the Sarbanes-Oxley Act of 2002Wang, Qi, 王祁 January 2008 (has links)
published_or_final_version / Business / Master / Master of Philosophy
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The Valuation of Conglomerate CompaniesBetty, Winfield Parker, 1937- 05 1900 (has links)
This dissertation investigates the sources of growth which are available to conglomerate companies and draws some limited conclusions with regard to which are the major sources.
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Earnings Management and the Independence or Interdependence of Accounting Choices: the Decision to Adopt Mandated Accounting ChangesNichols, Nancy Brown 12 1900 (has links)
This research examines whether firms managed earnings in the year they adopted SFAS 109, Accounting for Income Taxes (or its predecessor SFAS 96), by combining the choice to adopt SFAS 109 with other accounting choices in an interdependent rather than independent manner. Prior literature generally analyzes only one specific accounting choice, assuming that the decision is independent of other accounting procedure choices. However, it is unlikely that managers act in this manner. When attempting to achieve certain income goals, managers have numerous accounting tools available to them including the choice of accounting procedures and the exercise of judgment as to accrual amounts. This study investigates five choices consisting of: (1) the adoption of SFAS 109/96; (2) the adoption of SFAS 106; (3) the reporting of a restructuring of operations and/or a write-down of assets; (4) the reporting of asset sales; and (5) the choice of discretionary accruals.
The study adopts both a portfolio and joint decision approach. The portfolio approach combines the earnings effects of the five choices into a single dependent variable and tests income smoothing, big bath, and debt hypotheses. The joint decision approach utilizes simultaneous equation methodology to investigate the interdependence of the five choices and the independent variables.
The portfolio approach findings provide evidence that firms used the combined effect of the five accounting choices to smooth income in the year they adopted FAS 109/96. The results also provide support for the debt hypothesis but do not support the big bath hypothesis. The joint decision approach findings provide evidence that firms jointly determined at least two of the five accounting choices. The strong support for the income smoothing hypothesis under the portfolio approach combined with the joint significance of the individual accounting choices in the simultaneous equations suggests that firms use a multitude of accounting choices to manage earnings and that some of those decisions are made jointly, not independently.
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Tax efficient finance for South African entities20 August 2012 (has links)
M.Comm. / At some stage in the development of multi-national organisations, the need for a company to raise adequate finance for the group and use the group's retained earnings in the most efficient way may well arise. In order to raise adequate finance tax efficiently, careful consideration should be given to, inter alia, income tax consequences pertinent to different jurisdictions considered as a possible locus for a finance company. Since South Africa's emergence into the modern day commercial village, many foreign investors were either re-introduced or introduced to South Africa as a place of business or potential business. Also, South African businesses started to expand more rapidly across the country's borders. Assuming, as the optimist would, that what has been experienced is only the start of greater things to come, the need for the development of international tax planning techniques and/or the identification of planning opportunities in the context of group finance companies is imperative. Naturally, such techniques can only be developed subsequent to analysing the tax systems of the home jurisdiction of potential major investors (for instance the United States of America) and/or of jurisdictions which traditionally represented planning opportunities from a South African perspective (for instance the Netherlands) and/or of jurisdictions that may become relevant from a planning perspective as a result of South Africa's transition or some other reason such as differences in tax systems opening up the opportunity for tax arbitrage (for instance Mauritius or Ireland, respectively). However, since the first and second of the above categories have been explored amply up until the current point in time there is no need to take them into account in yet another study.
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Two Essays on Media Connections and Corporate Finance PoliciesUnknown Date (has links)
The study examines the effects of executives’ media connection on corporate
policies. Extant literature in finance, economics and journalism provide inconclusive
evidence in determining whether media works as watchdog to the financial market or
whether media facilitates bias through manipulation of corporate news events. I introduce
two competing hypotheses that may explain the research question. Information Efficiency
Hypothesis predicts that media connected firms mitigate information asymmetry among
its investors, enjoy better governance, and are less likely to manipulate information on
corporate policy choices. Manipulation Hypothesis, in contrary, suggests that firms may
strategically utilize media connections to alter the information flow that may paint a
tainted picture of the firm’s prospects, thereby facilitating greater misvaluation and
devising of opportunistic corporate finance policies. I test these hypotheses on a set of
investment policies (mergers outcomes and innovative efficiency) and financing policies
(seasoned equity offerings and share repurchases). In the first essay, I find that media connection increases merger announcement
return, reduces takeover premium, increases the likelihood of deal completion, although
post-merger long term performance exhibit inconclusive results. Also, media connection
reduces innovative efficiency and change in innovative efficiency attributable to media
connections is harmful for the firm in the long run. Overall, results are consistent with the
manipulation hypothesis to some extent though further investigation is required before
disregarding the information efficiency effect.
In the second essay, results show that media connection increases the likelihood
of an SEO event, reduces the announcement period CAR. However, analysis of post SEO
long term operating and stock performance show mixed results. For repurchasing firms,
media connection increases announcement returns, increases the likelihood of repurchase
and the amount repurchased. Media connection also increases the likelihood that
repurchase is preferred over dividends as a mode of payout. Post repurchase long term
operating and stock performance, however, provide inconsistent results. In general,
results are consistent with the manipulation hypothesis though information efficiency
hypothesis could not be ruled out entirely. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2018. / FAU Electronic Theses and Dissertations Collection
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