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An in-depth literary study of Tobin's Q ratio, free cash flow and the relationship that exists between Q and free cash flowVan Eeden, Johannes Gerhardus 03 1900 (has links)
Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: Tobin's q value is widely used by financial analysts as a performance indicator ratio. The market value of a firm over the replacement cost of fixed assets and inventory serves as an indication of whether value is created by investing internally in the firm, or whether value is destroyed by investing in negative net present value projects. Where Tobin's q is greater than one (q > 1), the market value of the firm is greater than what it would cost to replace fixed assets and inventory. Therefore value is
created. Firms that have a Tobin's q value of less than one are advised to pay
dividends rather than invest in negative net present value projects. Over 200 different methods exist of calculating Tobin's q. By increasing the complexity of the algorithm to determine q, very little is achieved to improve the measurement quality. A strong link exists between excess market returns, free cash flow spending announcements and Tobin's q value for the firm. Firms with a high Tobin's q value should ensure that good investment possibilities are pursued. The use of internal funds to fund new investment is viewed in a positive light by the market and above average returns are generated. Firms with a high Tobin's q value and high free cash flow show lower returns. These lower returns happen as a result of the market recognising the firm's failure to capitalise on favourable internal investment
opportunities. / AFRIKAANSE OPSOMMING: Tobin se q-waarde word wyd gebruik as prestasie aanwyser deur finansiele ontleders. Die markwaarde van 'n firma gedeel deur die vervangingskoste van vaste bates en voorraad, dien as 'n maatstaf om aan te dui of waarde geskep word deur intern in die firma te belê en of waarde vernietig word deur in projekte met 'n negatiewe netto teenswoordige waarde te belê. Waar Tobin se q-waarde groter is as een (q > 1) is die markwaarde van die firma groter as wat dit sal wees om die vaste bates en voorraad te
vervang. Sodoende word waarde geskep. Firmas met 'n q-waarde van minder as een
word aanbeveel om eeeder dividende uit te betaal as om die beskikbare fondse in projekte met 'n negatiewe netto teenswoordige waarde te investeer.
Meer as 200 verskillende metodes bestaan om Tobin se q-waarde te bereken. Deur die kompleksiteit van die algoritme te vergroot om q te bereken, dra min by tot groter akkuraatheid van die meting. 'n Sterk verband bestaan tussen bo-gemiddelde markopbrengste, aankondigings oor die besteding van vrye kontantvloei en die Tobin q-waarde van die firma. Firmas met 'n hoë Tobin q-waarde moet verseker dat goeie investeringsgeleenthede aangegryp word. Die gebruik van interne fondse om nuwe investering te finansier word deur die mark in 'n positiewe lig beskou en bogemiddelde opbrengste word gelewer. Firmas met 'n hoë Tobin q-waarde en hoë vrye kontantvloei toon laer opbrengste. Hierdie laer opbrengste is as gevolg van die mark wat besef dat die firma nalaat om gunstige interne investeringsgeleenthede te gebruik.
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An empirical analysis of the relationship between operating cash flows and dividend changes in South AfricaBaard, Roelof Stephanus 03 1900 (has links)
Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The purpose of this study was to investigate the relationship between dividend changes
and operating cash flows in South Africa. Previous studies on the relationship in
developed markets established that the main determinants of dividend changes are
current year earnings and preceding dividend levels. The dividend changes-operating
cash flows relationship was successfully studied in the developing market of Nigeria.
The procedures and arguments used in this study were largely based on studies
undertaken by Charitou and Vafeas (1998) and Adelegan (2003). The relationship was
studied by selecting 60 companies that have been listed on the Johannesburg Stock
Exchange from 1990 to 2005. A multiple regression model was used in this study to
investigate the relationship between dividend changes and operating cash flows.
The multiple regression results revealed that there is a significant positive relationship
between dividend changes and operating cash flows. The results also revealed that
there is a significant positive relationship between dividend changes and profits after tax
and a significant negative relationship between dividend changes and the previous
year's dividend yield. Relative to profit after tax and operating cash flows, the previous
year's dividend yield has the strongest relationship with dividend changes.
The strength of the variables in explaining dividend changes has changed over time. In
the study, the multiple regression equation was estimated for three different periods,
1990 to 1993, 1994 to 1999 and 2000 to 2005. In the period 1994 to 2005, operating
cash flows showed a significant positive relationship with dividend changes. In all three
periods, the previous year's dividend yield showed a significant negative relationship
with dividend changes and was also relative to profit after tax and operating cash flows,
the strongest determinant of dividend changes in all three periods. In the period 1990 to
1999, profits after tax had a significant positive relationship with dividend changes. The
results showed that operating cash flows, over time explain more of dividend changes
than profits after tax.
The study also investigated factors that have the potential to influence the relationship
between dividend changes and operating cash flows. The multiple regression results
revealed that growth prospects, levels of leverage and the size of a company did not
significantly influence the dividend changes-operating cash flows relationship. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie was om die verwantskap tussen dividendveranderinge en
kontant uit bedryfsaktiwiteite te ondersoek. Vorige studies oor die verwantskap wat met
betrekking tot ontwikkelende markte onderneem is, het bevind dat die hoof
determinante van dividendveranderinge die huidge jaar se verdienste en die
voorafgaande jaar se dividendopbrengste is. Die dividendveranderinge-kontant uit
bedryfsaldiwiteite verwantskap is suksesvol bestudeer in die ontwikkelende mark van
Nigerië. Die prosedures en argumente wat gebruik is in hierdie studie is hoofsaaklik op
die studies van Charitou en Vafeas (1998) en Adelegan (2003) gebaseer. Die
verwantskap is bestudeer deur 60 maatskappye te selekteer wat vanaf 1990 tot 2005
op die Johannesburg se Effektebeurs genoteerd was. 'n Meervoudige regressie model
is in die studie gebruik om die verwantskap tussen dividendveranderinge en kontant uit
bedryfsaktiwiteite te ondersoek.
Die meervoudige regressieresultate het gewys dat daar 'n positiewe betekenisvolle
verwantskap tussen dividend veranderinge en kontant uit bedryfsaktiwiteite is. Die
resultate het ook gewys dat daar 'n positiewe betekenisvolle verwantskap is tussen
dividendveranderinge en wins na belasting asook, 'n negatiewe betekenisvolle
verwantskap tussen dividendveranderinge en die voorafgaande jaar se
dividendopbrengs. Relatief tot wins na belasting en kontant uit bedryfsaktiwiteite, het die
voorafgaande jaar se dividendopbrengste 'n sterker verwantskap met
dividendveranderinge gehad.
Die sterkte van die veranderlikes in die verduideliking van dividendveranderinge het met
verloop van tyd verander. Die meervoudige regressie vergelyking is in die studie vir drie
verskillende periodes geraam, naamlik vir 1990 tot 1993, 1994 tot 1999 en 2000 tot
2005. In die periode 1994 tot 2005 was daar 'n positiewe betekenisvolle verwantskap
tussen dividendveranderinge en kontant uit bedryfaktiwiteite. Al drie periodes het 'n
negatiewe betekenisvolle verwantskap tussen dividendveranderinge en die
voorafgaande jaar se dividendopbrengs getoon. Die voorafgaande jaar se
dividendopbrengs was ook relatief tot wins na belasting en kontant uit bedryfsaktiwiteite
die sterkste determinant van dividendveranderinge in al drie periodes. Daar was 'n
positiewe betekenisvolle verwantskap tussen dividendveranderinge en wins na
belasting in die periode van 1990 to 1999. Die resultate toon dat kontant uit
bedryfsaktiwiteite met verloop van tyd meer verklaar van dividendverandringe as wins
na belasting.
Die studie het ook faktore wat die verwantskap tussen dividendveranderinge en kontant
uit bedryfsaktiwiteite potensieël kan beïnvloed, ondersoek. Die meervoudige
regressieresultate het getoon dat groeimoontlikhede, hefboomfinansiering en die
grootte van 'n maatskappy nie die verwantskap tussen dividendveranderinge en kontant
uit bedryfsaktiwiteite betekenisvol beïnvloed nie.
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Die gebruik van die kontantvloeistaat as hulpmiddel in die voorspelling van finansiele mislukkingSchreuder, Johannes Wahl 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1997. / ENGLISH ABSTRACT: This study project comprises an analysis of the Cash Flow Statements of a number of
delisted companies for the years in which the companies were listed on the
Johannesburg Stock Exchange. The trends in the cash flow infonnation for the years
prior to delisting is summarised in order to detennine whether the Cash Flow
Statement can be utilised as an aid in the prediction of financial failure.
The validity of the foUowing hypothesis is tested against the results of the study: If the
cash flow from operations of a company is very low or negative for two years, the
company will be delisted, except if an issue of shares can be done.
From a sample of 46 companies, the following was derived: 16 companies encountered
cash flow problems and tried to delay delisting by issuing shares. 19 companies
encountered cash flow problems, but did not try to delay delisting through tbe issue of
shares. 11 companies were delisted for reasons other than cash flow problems.
The fmal conclusion is tbat the Cash Flow Statement can be utilised as an aid in the
prediction of fmancial failure, but compliance to tbe bypotbesis does not necessarily
mean tbat failure is inevitable. / AFRIKAANSE OPSOMMING: Hierdie werkstuk behels 'n ontleding van die Kontantvloeistate van 'n aantal
gedenoteerde maatskappye vir die jare waarin die maatskappye genoteer was op die
Jobannesburgse Effektebeurs. Die tendense wat waargeneem word in die kontantvloei
oor 'n aantal jare tot en met denotering word saamgevat ten einde vas te stel of die
Kontantvloeistaat gebruik kan word as hulpmiddel in die voorspelling van finansiele
mislukking.
Die volgende hipotesestelling word gemaak en dan getoets aan die hand van die
resultate van die studie: Indien die kontantvloei uit bedrywighede van 'n maatskappy
vir twee jaar baie laag of negatief is, sal die maatskappy denoteer behalwe as 'n
uitgifte van aandele gemaak kan word.
Uit 'n steekproef van 46 maatskappye is die volgende afgelei: 16 maatskappye het
kontantvloeiprobleme ondervind en het deurgaans denotering probeer vertraag deur
aandele-uitgifte te maak. 19 Maatskappye het kontantvloeiprobleme ondervind maar
het die aandele-uitgifte gebruik om denotering te vertraag. 11 maatskappye is
gedenoteer weens redes anders as kontantvloeiprobleme.
Die uiteindelike gevolgtrekking is dat die Kontantvloeistaat wel kan dien as
bulpmiddel in die voorspelling van finansiele mislukking, maar voldoening aan die
hipotese beteken nie noodwendig dat mislukking onvermydelik is nie.
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Die ontleding van 39 maatskappye se kontantvloei situasie oor tyd met behulp van kontantvloeistateCoetzee, D. B. (Dirk Badenhorst) 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1997. / ENGLISH ABSTRACT: In this study it is attempted to determine whether delisting of companies on the
Johannesburg Stock Exchange is preceded by certain cash flow patterns.
Information was collected by summarising the Source and Application of Funds
statements and Cash Flow statements of companies into a spreadsheet model.
The cash flows of companies were then presented graphically over time with the
intent to derive possible patterns. It was also attempted to assess the impact of
depreciation on the cash flow situation, as well as the possible reasons for share
Issues.
Although the sample may be too small for definite conclusions, it seems as if
certain cash flow patterns preceded delisting and that share issues are related to
investing activities. Depreciation does not seem to have a substantial effect on
the cash flow situation. / AFRIKAANSE OPSOMMING: In hierdie studie word daar gepoog om vas te steI of denotering van maatskappye
op die Johannesburgse Effektebeurs voorafgegaan word deur sekere kontantvloei
patrone.
Inligting is versarneI deur maatskappye se Bron en Aanwending van Fondse state
en Kontantvloeistate in 'n sigbladmodeI saarn te vat.
Die kontantvloeie van maatskappye is dan grafies voorgesteI oor tyd ten einde
moontlike patrone af te lei. Daar is ook gepoog om die impak van
waardevermindering op die kontantvloei situasie te bepaaI, asook die moontlike
redes vir aandeeluitgifte.
AlhoeweI die monster moontlik te klein is vir definitiewe afleidings wil dit tog
voorkom of sekere kontantvloei patrone denotering voorafgaan en dat aandeeluitgifte
verband hou met investeringsaktiwiteite. Dit blyk dat waardevermindering
nie 'n wesenlike rol in die kontantvloei situasie speel nie.
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An introductory study to determine patterns in cash flow ratios of listed industrial companies on the Johannesburg Stock ExchangeMadisa, Keamogetswe Juliet 12 1900 (has links)
Thesis (MBA)--University of Stellenbosch, 1998. / ENGLISH ABSTRACT: In many ways, the cash flow statement can be more informative than the
other financial statements. It is relatively freer from subjective accounting and
reveals managerial choices, such as investment and financing decisions,
which are less apparent from the balance sheet or income statement. One of
the components of the cash flow statement, cash flow from operations, is the
primary focus and the primary variable of interest in this study.
The study set out to create a database for the University of Stellenbosch
Business School by using cash flow ratios of listed industrial companies on
the Johannesburg Stock Exchange for the period 1974 to 1997. This is an
initial attempt to have such a facility in place to assist future researchers in
establishing patterns present in the ratios.
Descriptive statistics were calculated for all the ratios. Twenty-two ratios were
calculated in three ways:
(a) Ratios were pooled over time and over sector;
(b) Ratios were pooled over time for each of the 17 sectors; and
(c) Ratios were pooled over sectors for each of the years 1974 to 1997.
In addition, chi-square and Kolmogorov-Smirnov tests for normality were
conducted.
To get insight into the potential patterns, some of the statistical properties of
cash flow ratios have been examined with particular reference to two ratios,
(ratio 14 and ratio 20). These were chosen since they are considered to be
the most important ratios in the study. / AFRIKAANSE OPSOMMING: Die kontantvloeistaat kan op baie maniere meer inligting as die ander finansieIe state
verskaf. Dit word relatief gesproke minder deur subjektiewe rekerungkunde
beYnvloed en dit 1aat die klem val op bestuursbesluite, S005 investerings- en
finansieringsbesluite. Laasgenoemdes is minder duidelik waameembaar as daar na
die balansstaat en inkomstestaat gekyk word. Kontant uit bedryfsaktiwiteite. een van
die komponente van die kontantvloeistaat, is die primere fokus en die belangrikste
item in hierdie studie.
Die doel van die studie is om 'n datahasis vir die Bestuurskool van die Universiteit
van Stellenbosch daar te stel, deur gebruik te maak van kontantvloeiverhoudings van
aile genoteerde industriele maatskappye op die Johannesburg Effektebeurs vir die
periode 1974 tot 1997. Dit was 'n eerste poging om so 'n fasiliteit daar te stel ten
einde toekomstige navorsers in staat te stel om patrone aanwesig in die verhoudings
waar te neem.
Beskrywende statistiek is bereken Vlf al die verhoudings. Twee en twintig
verhoudings is bereken op drie maniere:
(a) Verhoudings gepoel oor tyd en oor sektore heen;
(b) Verhoudings verpoel oor jare vir elk van die 17 sektore; en
(c) Verhoudings verpoel oor sektore heen, per jaar vanaf 1974 tot 1997.
Verder is die chi-kwadraat en die Kolmogorov-Smirnoftoetse vir normaliteit gedoen.
Twee van die verhoudings. verhoudings 14 en 20, is uitgesonder as die belangrikste
verhoudings in die studie. Ten einde insig in die potensieie patrone van die
kontantvloeiverhoudings te verkry, is die statistiese eienskappe van hierdie twee
verhoudings verder ondersoek.
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'n Ondersoek na die verband tussen die eerste vier subtotale van 'n kontantvloeistaatBredenkamp, Hendrik Johannes 12 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1993. / ENGLISH ABSTRACT: Cash flow information is important in evaluating the
financial results of companies. As cash flow statements
were only prepared since October 1988 as part of Generally
Accepted Accounting Practice various assumptions were
made in calculating cash flow information for earlier
years.
In a study by Wessels (1991) a few approximate methods
were used to calculate cash flow from operating activities.
For this study an analysis was again made of the
same companies.
In this latest study it is concluded that the assumptions
of the previous study could be wrong. It is therefore
suggested that the assumptions and results of the
previous study be re-evaluated. / AFRIKAANSE OPSOMMING: Kontantvloei-inligting is belangrik by die evaluering van
maatskappyresultate en daarom word aannames dikwels gebruik
om die inligting voor Oktober 1988 te bereken .
Die rede hiervoor is dat kontantvloeistate as deel van
Algemeen Aanvaarde Rekeningkundige Praktyk eers sedert
Oktober 1988 gepubliseer is .
In In studie van Wessels (1991) is gebruik gemaak van 'n
aantal benaderde metodes om kontant uit bedryfsaktiwiteite
te bereken. 'n Ondersoek na dieselfde maatskappye
wat toe gebruik is, is weer in hierdie studie gedoen.
Die gevolgtrekking wat in hierdie studie gemaak word, is
dat die aannames van Wessels moontlik foutief kon wees. Daar word aanbeveel dat die studie van Wessels en die
gevolgtrekkings waartoe gekom is, herevalueer moet word.
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The development of a model to quantify the cash flow benefits due to tax savings by using the LIFO rand value or the LIFO specific goods method of inventory accounting, as opposed to using the traditional FIFO method of inventory accounting, taking into account the corporations general business policy and general business conditionsCochlovius, Manfred Arthur 03 1900 (has links)
Thesis (MBA)--Stellenbosch University, 1979. / INTRODUCTION: Inflation gives rise to higher monetary values for a constant quantity of inventory, thereby inflating corporate profits and the taxes on these reported profits.
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An analysis of sources and application of funds for a sample of Hong Kong companiesYau, Kwok-ching, Edmond., 丘國政. January 1992 (has links)
published_or_final_version / Business Administration / Master / Master of Business Administration
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Leverage of public construction companies and the impact of project cash flow schedules on their solvencyMa, Yuk-kei, Paul., 馬玉騏. January 1991 (has links)
published_or_final_version / Business Administration / Master / Master of Business Administration
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Overpriced mergers and acquisitions in the chemical industryMomin, Farid L. 26 August 2010 (has links)
Mergers and acquisitions within the chemical industry is a common practice to increase market presence and customer base. Common justifications for M&A include synergy, business growth and competitive advantages, and management reasoning. Synergies are benefits a combined firm is able to receive through cost reductions, market expansion, and efficiencies in processes. As a result, firms are able to grow and position themselves competitively. To prevent an overpriced acquisition, numerous valuation techniques exist. The discount cash flow examines the value of a firm based on future cash flow. The market multiple compares target firms to similar firms in the industry. Lastly, the asset valuation determines the value of a firm based on the liquidation of the firm.
To maximize the return on an acquisition, proper due diligence should be conducted based on the needs and goals of the purchaser, and the value added by the target firm. The premium paid for an acquisition should be based on the valued added through the synergies identified. Current business cycles and future outlook should also factor into the pricing of the acquisition. Having a thorough analysis of a target firm can help the acquirer to clearly understand what is being purchased and hence, determine an appropriate price for the acquisition. / text
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