Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: The Value Added Statement does not provide any information that does not already exist in the income statement. It only arranges the information and adds a new item, salaries and wages, to highlight the value created by the company and how that value is distributed amongst stakeholders. This information would assist users in their evaluation of the economic performance of the organisation. The study set out to show the composition, calculation and the reconciliation of both Cash Value Added Statement (CVAS) and the Value Added Statement (VAS). A database has been created for the years 1990-1998 for all the companies that published the CVASNAS during that period. The differences between CVAS and VAS can be determined by: a) Non-cash items (excluding depreciation). b) Movements in non-cash components of working capital. c) Differences between an income statement and cash flow statement relative to : • Extra-ordinary items • Exceptional items • Abnormal items • Associated income • A few sundry items Individual reconciliation was performed per company per year for the period 1990 to 1998 to enable the balancing of the CVAS total (Total A) with the VAS total (Total B)- see the example on Figure 3.1 to Figure 3.3. Items in both eVAS and VAS were then expressed about the two totals (see the line, Total A) to arrive at the common size for both CVAS and VAS (Tables 1(a) and 1(bj). Descriptive statistics were performed in order to find out how much each item constitutes to the value added. Due to the large amount of data, the initial raw data was excluded from the study project and is only available in the databank. / AFRIKAANSE OPSOMMING: Die Toegevoegdewaardestaat verskaf geensins enige inligting wat nie reeds in die inkomstestaat verskyn nie. Die doel daarvan is slegs om inligting te rangskik en voeg nog 'n item by, nl. salarisse en lone. Die doel hiervan is om die waarde wat die maatskappy geskep het, uit te lig en ook hoe daardie bepaalde waarde onder belanghebbers verdeel word. Hierdie inligting kan gebruikers help by die evaluering van die ekonomiese prestasie van die betrokke organisasie. Die ondersoek dui die samestelling, berekening en die rekonsiliasie aan van beide die Kontant- Toegevoegdewaardestaat (KTWS) en die Toegevoegdewaardestaat (TWS). 'n Databasis is saamgestel vir die tydperk 1990 - 1998 vir alle maatskappye wat gedurende hierdie tyd KTWS/TWS gepubliseer het. Die verskille tussen KTWS en TWS word bepaal deur: a) Nie-kontant items (uitsluitend waardevermindering). b) Die bewegings in die nie-kontant komponente van bedryfskapitaal. Die verskille tussen 'n inkomstestaat en kontantvloeistaat met betrekking tot: • Buitengewone items • Besondere items • Abnormale items • Geassosieerde inkomste • Enkele diverse items Individuele rekonsiliasies is uitgevoer per maatskappy per jaar vir die tydperk 1990 - 1998 vir die balansering van die KTWS se totaal (Totaal A) met die TWS se totaal (Totaal B) - kyk na die voorbeeld in Figuur 3.1 tot Figuur 3.3. Items in beide KTWS en TWS is dan uitgedruk ten opsigte van die twee totale (kyk na die lyn, Totaal A) om by die gemeenskaplike grootte vir beide KTWS en TWS (Tabelle l(a) en l(b)) uit te kom. Beskrywende statistiek is gebruik om vas te stel hoeveel elke item bydra tot die toegevoegde waarde. Weens die geweldige hoeveelheid data/inligting, is die aanvanklike rou-data van die ondersoek uitgesluit. Dit is slegs beskikbaar in die databank.

Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: This study examines the construction and comparability of Value Added Statements published by listed industrial companies on the Johannesburg Stock Exchange during a two-year period starting in 1999. No Accounting Standard is presently available for preparing the Value Added Statement. Therefore, this study has as its aim the encapsulation of the various faulty recordings of different items in the statement. The published financial statements for 1999 and 2000 of more than 200 companies were analysed and compared to a previously developed standardised statement to ascertain items incorrectly included or omitted. The inclusion or extraction of these items in the standardised statement determines the actual value added by a company. The study also accurately identifies those items that are mostly recorded incorrectly and which contribute to the inadequacies of the Value Added Statement. For the Value Added Statement to put the wealth created by an organisation in a proper perspective, the comparability thereof will have to be enhanced by the constant application of a methodical and uniform model that incorporates clearly defined entries. Users of Value Added Statements should thus be able to compare the results in a statement of an entity over a given period of time to evaluate trends and cycles and should furthermore, be able to compare the statements of various companies in order to determine the relative performance of a company in the creation of wealth. / AFRIKAANSE OPSOMMING: Hierdie studie ondersoek die konstruksie en vergelykbaarheid van Toegevoegdewaardestate wat gepubliseer is oor 'n tydperk van twee jaar, beginnende 1999, deur industriële maatskappye wat op die Johannesburgse Effektebeurs genoteer is. Geen Rekeningkundige Standpunt is tans beskikbaar vir die opstel van Toegevoegdewaardestate nie. Gevolglik het hierdie studie dit ten doel om die foutiewe inskrywings van verskeie items te identifiseer. Die gepubliseerde finansiële state vir 1999 en 2000 van meer as 200 maatskappye is geanaliseer en vergelyk met 'n gestandaardiseerde staat wat vooraf ontwikkel is. Die doel van hierdie analise was om items te identifiseer wat verkeerdelik ingesluit is of weggelaat is in die betrokke state. Die werklike waarde wat toegevoeg is, word gevolglik bepaal deur die insluiting of weglating van die items in die gestandaardiseerde staat. Die studie identifiseer ook daardie items wat die meeste verkeerdelik gerapporteer word en wat die grootste bydrae lewer tot die vermindering in die aanwending en waarde van die Toegevoegdewaardestaat. Om werklik perspektief te plaas op die rykdom wat geskep word deur 'n organisasie, sal die vergelykbaarheid van die Toegevoegdewaardestaat verbeter moet word deur die deurlopende toepassing van 'n sistematiese en konstante model wat duidelik omskryfde inskrywings inkorporeer. Die gebruikers van Toegevoegdewaardestate moet dus in staat gestel word om 'n vergelyking te tref tussen die resultate van 'n entiteit oor 'n gegewe tydperk ten einde tendense en siklusse te evalueer, asook om die resultate van verskillende maatskappye te vergelyk ten einde 'n maatskappy se relatiewe werksverrigting te bepaal aangaande waardetoevoeging.

Thesis (MBA)--Stellenbosch University, 2004 / ENGLISH ABSTRACT: Value added is the wealth that a reporting entity has been able to create by its own and its employees' efforts. A Value Added Statement (VAS) reports on how this value added is shared between employees, providers of capital, the state and reinvestment. In order to put wealth created by an organization in proper perspective, the users of VAS should be able to compare the results in a statement of an entity over a given period of time to evaluate trends and should furthermore be able to compare the statements of various companies in order to determine the relative performance of a company in the creation of wealth. Little empirical work has been done on Value Added Statements in South Africa resulting in a lack of standards or benchmarks against which to judge/compare the value-added data and ratios of different entities. The aim of this study was to contribute towards creating a data bank, which ultimately will be used in setting industry standards. This study was limited to 65 companies, which published Value Added Statements for five or more consecutive years and disclosed the number of employees during the period 1977 to 2000. The research is of an exploratory nature and it was decided to focus on the following aspects of a Value Added Statement in order to calculate standards or benchmarks: (a) Common size Value Added Statements. (b) Compound growth rates for the different elements of a Value Added Statement. (c) Annual growth rates of sales/employee, salaries and wages/employee and valueadded/ employee. Certain trends were identified. / AFRIKAANSE OPSOMMING: Toegevoegde waarde is die rykdom wat 'n verslaggewende eenheid skep deur eie en werknemers se pogings. Toegevoegdewaardestate (TWS) doen verslag oor hoe hierdie toegevoegde waarde gedeel word tussen die werknemers, kapitaalvoorsieners, die staat en herinvestering. Ten einde die rykdom wat deur 'n organisasie geskep is in toepaslike perspektief te sien, moet die gebruikers van TWS hierdie resultate, kan vergelyk oor 'n gegewe tydperk ten einde tendensie-ontledings te kan doen. Verder moet die gebruikers van TWS 'n vergelyking kan maak tussen die state van verskillende maatskappye om sodoende die relatiewe prestasie in die skepping van rykdom te evalueer. In Suid-Afrika is min proefondervindelike navorsing gedoen oor TWS, met die gevolg dat daar 'n gebrek aan standaarde of beginpunte is waarteen die toegevoegde waarde data en verhoudings van verskillende maatskappye gemeet kan word. Die doel van hierdie studie is om by te dra tot die databank wat uiteindelik gebruik sal word in die daarstelling van bedryfstandaarde. Die studie is beperk tot 65 maatskappye wat TWS vir 'n tydperk van vyf of meer opeenvolgende jare gepubliseer het asook die hoeveelheid werknemers vir die tydperk 1977 tot 2000 bekend gemaak het. Die navorsing is ondersoekend van aard en daar is gefokus op die volgende aspekte in die daarstelling van standaarde en beginpunte in 'n Toegevoegdewaardestaat: (a) Gemene grootte Toegevoegdewaardestate. (b) Saamgestelde groeikoers vir die verskillende komponente van TWS. (c) Jaarlikse groeikoers in toegevoegde waarde, verkope/werknemers, toegevoegde waarde/werknemers en salarisse en lone/werknemers. Sekere tendensies is geidentifiseer.

Thesis (MBA)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: One of the objectives of corporate reporting is the communication of information on a company's performance to all stakeholders. The traditional financial statements (balance sheet, income statement and the cash flow statement) do not sufficiently meet all of the above requirements. In view of this, the study project acknowledges the need for corporate reporting beyond the traditional conventional financial reports. This therefore necessitated the use of a Value-Added Statement (VAS) as one of the financial statements that is regarded to have the ability to enhance corporate reporting. A VAS is based on an economic concept and, therefore, a contribution of a specific company towards the Gross Domestic Product (GOP) can be directly measured. Although a VAS does not solely disclose all of the information pertaining to the economic performance of business enterprise, it is believed that the statement can assist interested parties in making well-informed economic decisions. However, the publication of a VAS is still not a statutory regulation in South Africa. The findings indicate some limitations in the manner in which a VAS is published. The format is not statutory and is not audited, but there are opportunities for further research and improvement. This aspect has unfortunately led some users to mistrust the statement. For example, it almost always indicates that the labour component takes most of the value added (Hird, 1983). Statistical tests (e.g. Shapiro-Wilk's W Spearman R Test, histograms) have been conducted. These tests show a weak negative relationship between change in number of employees and change in value added by each employee. This suggests that value added per employee is not the only factor that contributes to productivity. There is therefore not enough evidence to conclude that companies that reduce the number of employees improve productivity. / AFRIKAANSE OPSOMMING: Een van die doelwitte van korporatiewe verslaggewing is om inligting oor die prestasie van 'n maatskappy aan alle belangegroepe te kommunikeer. Die tradisionele finansiële state (balansstaat, inkomstestaat en kontantvloeistaat) voldoen nie heeltemal aan bogenoemde vereistes nie. In die lig hiervan erken die studieprojek die behoefte aan korporatiewe verslaggewing bo en behalwe die tradisionele finansiële verslae. Dit het dus die gebruik van die toegevoegdewaardestaat (TWS) genoodsaak as een van die finansiële state wat daartoe kan bydra om korporatiewe verslaggewing te verbeter. 'n TWS is gebaseer op 'n ekonomiese konsep. Daarom kan 'n bydrae van 'n spesifieke maatskappy tot die Bruto Binnelandse Produk (BBP) direk gemeet word. Hoewel 'n toegevoegdewaardestaat nie op sy eie al die inligting oor die ekonomiese prestasie van 'n besigheidsonderneming blootlê nie, kan dit belangstellende partye help om ingeligte ekonomiese besluite te neem. Die publikasie van 'n toegevoegdewaardestaat is egter nog nie 'n statutêre regulasie in Suid-Afrika nie. Die bevindinge dui op 'n aantal beperkinge in die wyse waarop 'n TWS gepubliseer word. Die formaat is nie statutêr nie en word nie geouditeer nie, maar daar is geleenthede vir verdere navorsing en verbetering. Hierdie aspek het ongelukkig daartoe gelei dat sommige gebruikers die staat wantrou. Byvoorbeeld: Die VAS dui feitlik altyd aan dat die arbeidskomponent die meeste van die toegevoegde waarde opneem (Hird, 1983). Statistiese toetse (bv. Shapiro-Wilk se W Spearman R Toets, histogramme) is uitgevoer. Hierdie toetse dui op 'n swak negatiewe verhouding tussen verandering in die aantal werknemers en verandering in die waarde wat deur elke werknemer toegevoeg word. Dit dui daarop dat die waarde wat per werknemer toegevoeg word nie die enigste faktor is wat bydra tot produktiwiteit nie. Daarom lewer dit nie genoegsaam bewys om tot die gevolgtrekking te kom dat maatskappye wat hul aantal werknemers verminder terselfdertyd produktiwiteit verhoog nie.

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: The aim of the study is to establish a fault bank that highlights the differences between the published Value Added Statement of various companies and a standardised Value Added Statement. This standardised Value Added Statement is obtained from an already existing database. In the attached Appendices, full details of the analysis done between the standardised Value Added Statement and the published Value Added Statement are presented. This report highlights the differences of the Value Added Statement between various sectors of the Johannesburg Stock Exchange, the various years of reporting, and the various companies. No Standard Accounting Practice exists for the preparation of Value Added Statements resulting in variations on the theme. Material differences exist between the various sectors, companies in a sector compared with other companies in the same sector, and there are even differences in companies reporting from one year to the next. In addition, it is also clear that in the reporting of the Value Added Statement, companies do not show any sign of improvement over the years. From this it is clear that there are significant shortcomings in the preparation of the Value Added Statement. There is a serious need for an Accounting Standard to be set in the reporting of the Value Added Statement, and companies should be obligated to comply herewith if the Value Added Statement is to be used as a meaningful criterion. It is important to ensure meaningful comparisons between various sectors, various years of analysis, and even various companies in different sectors of the Johannesburg Stock Exchange. / AFRIKAANSE OPSOMMING: Die doel van die verslag is die opstel van 'n foutbank wat verskille uitwys van verskeie maatskappye se gepubliseerde Toegevoegedewaardestaat en 'n gestandardiseerde Toegevoegdewaardestaat. Hierdie gestandardiseerde Toegevoegdewaardestaat is verkry uit 'n alreeds bestaande databasis. Die vergelykings is opgesom in die aangehegte bylaes. Die verslag wys verskille uit tussen verskillende sektore op die Johannesburgse Effektebeurs, jare van rapportering en verskillende maatskappye. Daar is geen Standaard Rekeningkundige voorskrifte nie - gevolglik is daar heelwat variasie op die tema. Verskillende sektore verskil wesenlik van mekaar, maatskappye in 'n sektor verskil wesenlik van ander maatskappye in dieselfde sektor en daar is selfs verskille in hoe maatskappye van jaar tot jaar gerapporteer het. Dit is ook duidelik soos die jare verloop dat maatskappye se verslagdoening geen verbetering toon nie. Die afleiding is dat daar tekortkominge is in die voorbereiding van die Toegevoegdewaardestaat. 'n Rekeningkundige Standaard sal daargestel moet word en maatskappye sal verplig moet word om hieraan te voldoen as die Toegevoegdewaardestaat gebruik wil word as 'n betekenisvolle maatstaf. Dit is uiters belangrik om te verseker dat betekenisvolle vergelyking getref sal kan word oor verskeie jare, tussen verskeie sektore en selfs tussen verskeie maatskappye in verskeie sektore op die Johannesburgse Effektebeurs.

Submitted in fulfillment of the requirements of the Degree of Master of Technology: Cost and Management Accounting, Durban University of Technology, 2014. / Economic Value Added (EVA) is a value based accounting measure used by companies to measure the amount of value created for shareholders. Accounting values derived from company annual financial statements (AFS), are used to calculate EVA. EVA requires the conversion of accounting values to economic values. This conversion process is known as the EVA adjustment. If accounting values are not converted to economic values, the value of the EVA can be distorted. Previous studies have shown that companies are experiencing difficulties in implementing EVA adjustments. To reduce these difficulties, companies have decided to limit their EVA adjustments to ten or even fewer. The problem is that if the appropriate adjustments are not made, an inaccurate EVA measure will be calculated. The aim of the research was to measure the impact of deferred taxes on the EVA measure. The study was conducted within a quantitative research paradigm. Secondary data analysis was carried out on JSE-listed Food producers and Retailers over a seven-year period, from 2004 to 2010. The unadjusted EVA was compared to the adjusted EVA measure to determine the before and after effects of deferred taxes on EVA. The findings of the study revealed that deferred taxes either understated or overstated the value of the EVA during 2004 to 2010. In addition, the results from the regression analysis revealed an overall significance for all deferred tax predictors. The regression results showed that deferred taxes significantly impacted the value of EVA. The study recommends that companies implement the deferred tax adjustment on the EVA measure.

Thesis (MBA)--Stellenbosch University, 2000. / The investing public seeks to have knowledge on the future and anticipated enterprise performance. The starting point for gathering such information is presented in the enterprise financial statements. Secondary data presented by the Business School of the University of Stellenbosch was used. The study focused on finding out the magnitude of reporting cash flows from operating activities using the indirect or direct methods. The study also checked the frequency of reporting value - added statements, and took a forecast view on what the reporting nature is expected to look like in the next financial year-end. The database used in the study included 655 listed and delisted industrial companies in the Johannesburg Stock Exchangeover the ten-year period starting from January 1990 through to December 1999. It is noted that the South African Institute of Chartered Accountants, as stated in Statement AC 118, encourages enterprises to report cash flows from operating activities using the direct method. This is because the direct method provides information which may be useful in estimating future cash flows and which is not available under the indirect method. The study noted the rate at which newly listed enterprises report their initial cash flow statements, and the rate at which enterprises listed before 1996 are changing from reporting using the indirect method to the direct method. The results showed that at present South African enterprises are reporting cash flows from operating activities at a higher rate that in other notable Western Countries subscribing to the doctrines of the International Accounting Standards Committee (IASC). The number of enterprises presenting value - added statements has shown an increase, though reporting value - added statements is not yet statutory. For the forecasting exercise part of the study, Brown's linear double exponential smoothing technique was applied.

Thesis (MBA)--Stellenbosch University, 2004. / ENGLISH ABSTRACT: This study examines the extent to which the industrial companies listed in the Johannesburg Securities Exchange complied with the disclosure provisions of the Accounting Standards AC101 when publishing their financial statements for the years 2000 to 2002. This study further evaluates the accuracy of the reporting of the salaries and wages as presented in their Value Added Statements. Published financial statements for the years 2000 to 2002 of more than 160 companies were analysed and evaluated. The study also identifies companies that did not disclose staff costs and directors' emoluments in their financial statements as well as those companies that reported the labour portion of their wealth distribution accurately in their Value Added Statements. / AFRIKAANSE OPSOMMING: Die studie dek die mate waarin genoteerde industriële maatskappye op die Johannesburgse Effektebeurs voldoen het aan die openbaarmakingsvereistes van die Rekeningkundige Standaarde RE101 ten opsigte van hul finansiële state soos van 2000 tot 2002 gepubliseer. Die studie let verder ook op die akkuraatheid van die verslaggewing van salarisse en lone in die Toegevoegdewaardestate. Gepubliseerde finansiële state vir die jare 2000 tot 2002 van meer as 160 maatskappye is ontleed en geëvalueer. Die studie identifiseer ook daardie maatskappye wat nie salariskoste en direkteursvergoeding in hul finansiële state geopenbaar het nie, sowel as diegene wat hul salarisse korrek in die Toegevoegdewaardestate openbaar het.

Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The publication of the Value Added Statement should be seen as an attempt to introduce financial results to all the stakeholders of an organisation that aided in its wealth creation process. However, the current practice to present Value Added Statements in a variety of ways is not conducive to financial analysis and users of the information find it difficult to compare company results. The information on the Value Added Statement provides useful knowledge of the contribution of employees and fixed assets, the relative relationship of dependency and control between the organisation and its suppliers and the long-term requirements of the organisation to meet market demands. This study project aims to determine if value added-based ratio analysis could be used to measure company strength and be useful as a tool in corporate strategy formulation. The areas of investigation included productivity of production factors, reinvestment in capital and overall business control. The measures used to determine productivity also provided insight into the capital and labour intensity of companies and sectors. The model that was developed in this section indicates how companies differ in terms of their intensity and how productive their production factors are. It was found that although some companies were able to exert high value added to sales ratios, they did not perform as well when their productivity levels were measured. This is an indication that an imbalance exists between the current production factor proportions and management should try to find the optimal solution for increased productivity. The search for the optimal point between labour and fixed assets could convince management to reduce employee numbers or fixed assets to increase their productivity ratios. This is not a favoured approach as companies are dependent on their production factors for continuous growth and prosperity. The aim is to determine if companies have the means to invest in their production factors to increase their levels of productivity. Reinvestment in capital refers to fixed assets, as well as investment in training and development of current employee skills. The investigation revealed that many companies have the ability to reinvest, while others appear to be in a less favourable position. The last section was an attempt to measure the overall business control of companies when their margins on sales and value added were compared. These ratios provided insight into the ability of companies to add value through their own production skills or by command of lucrative contracts with suppliers. Those companies that are able to show high values on both ratios are said to display a high degree of overall business control. In conclusion it was found that value added-based ratio analysis could be used to identify problem areas in corporate strategy. Management's reaction to those areas and their continuous drive to improve value creation in the organisation would eventually lead to increased national wealth creation. / AFRIKAANSE OPSOMMING: Die publikasie van die Staat van Toegevoegde Waarde moet gesien word as 'n poging om finansiële resultate aan alle belanghebbendes van 'n organisasie, wat bygedra het tot die proses van welvaartskepping, aan te bied. Die huidige praktyk om die Staat van Toegevoegde Waarde op verskeie maniere aan te bied is egter nie bevorderlik vir finansiële analise nie en gebruikers van die inligting vind dit moeilik om maatskappy resultate te vergelyk. Die inligting op die Staat van Toegevoegde Waarde verskaf waardevolle kennis oor die bydrae van werknemers en vaste bates, die relatiewe verhouding van afhanklikheid en beheer tussen die organisasie en sy verskaffers en die langtermyn behoeftes van die organisasie om aan markverwagtinge te voldoen. Hierdie studieprojek poog om vas te stel of toegevoegde waarde gebaseerde verhoudingsanalise gebruik kan word om maatskappyvermoë te bepaal en of dit 'n nuttige instrument in korporatiewe strategieformulering kan wees. Die areas van ondersoek het die produktiwiteit van produksiefaktore, herinvestering in kapitaal en algehele besigheidsbeheer ingesluit. Die maatstawwe wat gebruik is om produktiwiteit te bepaal het ook insig gegee oor die kapitaal- en arbeidsintensiteit van maatskappye en sektore. Die model wat ontwikkel is in hierdie afdeling wys hoe maatskappye verskil in terme van hul intensiteit en hoe produktief hul produksiefaktore is. Dit is gevind dat, alhoewel sommige maatskappye in staat was om hoë waardes vir die toegevoegde waarde tot verkope verhouding te openbaar, hulle nie so goed gevaar het toe hul produksie vlakke gemeet is nie. Dit is 'n aanduiding dat 'n wanbalans bestaan tussen die huidige produksiefaktor verhouding en bestuur moet probeer om 'n optimale oplossing te vind vir verhoogde produktiwiteit. Die soeke na die optimale punt tussen arbeid en vaste bates kan bestuur oortuig om werknemer getalle of vaste bates te verminder ten einde hul produktiwiteitsverhouding te verbeter. Dit is nie die aangewese benadering nie aangesien maatskappye afhanklik is van hul produksiefaktore vir volgehoue groei en welvaart. Die doel is om te bepaal of maatskappye die middele het om te investeer in hul produksiefaktore ten einde hul vlakke van produksie te verhoog. Herinvestering in kapitaal verwys na vaste bates, sowel as investering in opleiding en ontwikkeling van bestaande werknemer vaardighede. Die ondersoek het openbaar dat baie maatskappye wel oor die vermoë beskik om te herinvesteer, terwyl ander blyk om in 'n minder gunstige posisie te wees. Die laaste afdeling was 'n poging om die algehele besigheidsbeheer van maatskappye te bepaal wanneer die marge op verkope en toegevoegde waarde vergelyk word. Hierdie verhoudings bied insig oor die vermoë van maatskappye om waarde toe te voeg deur hul eie produksievaardighede of deur middel van winsgewende kontrakte met hul verskaffers. Maatskappye wat in staat is om hoë waardes vir beide verhoudingsgetalle te openbaar word beskou as maatskappye met 'n hoë algehele besigheidsbeheer.

Thesis (MBA)--University of Stellenbosch, 2002. / ENGLISH ABSTRACT: Returns and the ability to statistically formulate the association between returns and other accounting variables have increased in significance to investors. Over the past three decades substantial effort in the subject-field of accounting research has been devoted to the definition of this association between earnings and firm values. The fundamental issue is the information content of earnings and the value thereof to investors. Usefulness, in the returns/prices context, can be defined as the R2 of the regression of returns/prices on earnings (Lev, 1989: 156). Empirical evidence consistently shows that earnings are a statistically significant explanatory variable. A natural extension aiming at improving the empirical results is to incorporate GAAP-related alternative information. One approach followed by numerous researchers is to decompose earnings into components, and show that the components provide more information than earnings alone. Another approach is to include additional variables such as working capital from operations and cash flow from operations (eFO) in the regression models. The empirical results generally showed that earnings components and other GAAP-related variables have explanatory powers. The improvements in the predictive capability (measured by R2) of these models were restricted. Lev (1989: 181 - 182) suggested an intrepid research direction that departs from GAAP by investigating the alternative definitions of earnings. Limited empirical studies on value-added to date have shown that it is a useful measure of performance. For example, Bao and Bao (1989) empirically demonstrated that value-added is positively associated with firm value in certain industries. The analysis employed, however, was the firm valuation analysis. Recently developed levels and changes analyses were not used. In 1998 Bao and Bao completed another study using earnings as a benchmark. Firm valuation analysis, levels analysis and changes analysis were all performed to evaluate the explanatory power of value-added. The results show that value-added is a significant explanatory variable and its explanatory power is higher than that of earnings. The results obtained in this research project indicate that in the South African context earnings is statistically the most explanatory variable. This is divergent from the findings obtained in other research performed in this area, where value-added was indicated as the statistically most significant variable. It does appear that the explanatory power of valueadded tends to increase over the review period. This can possibly be attributed to the relative novelty of value-added in South Africa as opposed to Europe and the USA. / AFRIKAANSE OPSOMMING: Opbrengste en die vermoë om die verhouding tussen aandeelpryse en rekeningkundige veranderlikes statisties te formuleer, wek toenemende belangstelling by beleggers. Oor die afgelope drie dekades het daar 'n noemenswaardige skuif in die fokus op die vakgebied van rekeningkundige navorsing plaasgevind. Aansienlik meer tyd word gespandeer om die verhouding tussen aandeelpryse en die waarde van firmas te kwantifiseer in statistiese modelle. Die onderliggende begrip vir die navorsing is die informasie-inhoud en die inherente waarde wat opbrengste vir beleggers lewer. Waarde, in die opbrengste/pryse konteks, kan as die R2 van die regressie van aandeelpryse teenoor opbrengste gedefinieer word (Lev, 1989: 156). Empiriese navorsing toon konstant aan dat verdienste 'n statistiese beduinde veranderlike is. Die logiese ontwikkeling gerig op die verbetering van die empiriese resultate is om alternatiewe GAAP veranderlikes te inkorporeer. Een benadering wat deur menige navorsers gevolg is, is om opbrengste in komponente te onderverdeel en sodoende te bewys dat die komponente meer informasie-inhoud verskaf as opbrengste in geheel. 'n Alternatiewe benadering is om addisionele veranderlikes soos bedryfskapitaal en kontantvloei in die regressie modelle in te sluit. In die algemeen toon die empiriese resultate dat die komponente van opbrengste en ander GAAP-verwante veranderlikes wel beskrywende moontlikhede het. Die verbetering in die statistiese vooruitskattings vermoë (gemeet deur R2) van hierdie modelle was wel beperk. Lev (1989: 181 - 182) het 'n radikale nuwe navorsings-benadering voorgestel wat afwyk van GAAP deur alternatiewe definisies van opbrengste te ondersoek. Tot op datum toon die beperkte hoeveelheid empiriese navorsing op toegevoegde waarde dat dit wel 'n noemenswaardige mate van opbrengste is. Byvoorbeeld, Bao en Bao (1989) het empiries bewys dat toegevoegde waarde positief geassosieer is met firma waarde in sekere industrieë. Slegs die firma valuasiemodel is gebruik om die analise uit te voer en nie die onlangs ontwikkelde vlakke en veranderingsanalises nie. In 1998 het Bao en Bao nog 'n studie onderneem met opbrengste as die maatstaf. Firma valuasie, vlakke analise en veranderingsanalise is alles toegepas om die beskrywende moontlikhede van toegevoegde waarde te ondersoek. Die resultate toon dat toegevoegde waarde 'n noemenswaardige beskrywende veranderlike is, meer so as opbrengste. Die resultate van hierdie studie projek toon dat in die Suid-Afrikaanse konteks, verdienste die mees beduidendste statistiese veranderlike is. Dit is teenstrydig met die bevindinge van ander navorsers, waar toegevoegde waarde statisties meer beduidend is. Dit wil wel voorkom asof toegevoegde waarde se statistiese informasie-inhoud toegeneem het oor die relevante periode. Dit kan moontlik toegeskryf word aan die relatiewe onlangse bekendstelling in toegevoegde waarde in Suid-Afrika in teenstelling met Europa en die VSA.