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A comparative analysis of the regulation of demutualised stock exchanges : is South Africa lagging behind15 July 2015 (has links)
LL.M. (Commercial Law) / Please refer to full text to view abstract
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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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The equity duration of South African growth companies : a theoretical and empirical evaluationBarnard, Ian 12 1900 (has links)
Thesis (MComm)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: This assignment sets out to address the concept of equity duration, where equity duration is
viewed as a measure of the interest rate sensitivity of common stock's market value. The
traditional use of standard dividend discount models, results in extremely long duration
estimates for equities - in the order of 10 years for income stocks to 25 years and more for
growth companies whose cash flows are not expected to materialize until some future period.
Leibowitz (1986) identified an alternative approach for assessing equity duration empirically.
These empirical estimates of actual stock price sensitivity to underlying changes in interest
rates imply that equities behave as if they are much shorter duration instruments.
Various attempts have been made to reconcile the difference between theoretical predictions
of equity duration and empirical findings. The differences in duration of assets in place and
growth opportunities are given as a possible reason for the above mentioned differences. It is
argued that investment opportunities are similar to options a company has. These option-like
characteristics of growth opportunities may alter the basic relationship between equity
valuation and interest rate changes.
The option framework suggests that the duration of growth companies may be shorter (not
longer) than those of assets in place. The results from option theory can however not be
applied directly to growth options, since some of the assumptions may not be valid in the
case of growth options. The presence of these growth options makes it virtually impossible
to calculate equity duration theoretically.
This study empirically tests the relationship between growth opportunities and equity
duration by focussing the attention on the interest rate sensitivity of South African growth
companies.
The following hypotheses regarding equity duration and growth companies are postulated:
• There is a significant difference in interest rate sensitivity between growth companies and
low-growth companies.
• There is a significant difference between duration of growth companies measured using
nominal interest rates and duration of growth companies using real interest rates. All non-mining companies on the Johannesburg Securities Exchange SA, for the period 1980
to 2000, were analysed. These companies were sorted into different portfolios that reflected
their growth opportunities. Market capitalisation, book-to-market and price-earnings ratios
were used as proxies to rank companies according to growth opportunities.
The results from univariate regressions suggest positive duration for common equities. The
negative relationship between equity returns and changes in nominal interest rates are
independent of size, book-to-market or price-earnings ratios of the sampled companies.
Including the market factor as an independent variable results in markedly different equity
duration. The duration is correlated with size, as both coefficients and t-statistics increase
when moving from small companies to larger companies. In addition, the small companies
have negative not positive duration, as was the case for simple univariate regressions.
There is also some evidence that high growth portfolios, as measured by low book-to-market
and high price-earnings ratios, are less sensitive to interest rate changes than low growth
portfolios.
Employing all three Fama and French's factors, there is no longer a cross-sectional
dependence on company size, with the mean duration being close to zero and statistically
insignificant in virtually all cases. Also, when dividing changes in the nominal interest rate
into changes in real rates and changes in inflation, it does not significantly affect the
estimates of equity duration.
The author found no evidence to support the stated hypotheses, when employing the Fama
and French's three factor model. This may mean that the relationships are subsumed in the
Fama and French risk factors. / AFRIKAANSE OPSOMMING: Hierdie werkstuk bestudeer die konsep van die duur van gewone aandele (equity duration),
waar die duur van 'n gewone aandeel gedefinieer word as 'n maatstaf van die rentekoerssensitiwiteit
van die markwaarde van die aandeel. Die tradisionele gebruik van standaard
dividend verdiskonterings modelle, lei tot uiters lang duur beramings vir gewone aandele - in
die orde van 10 jaar vir inkomste aandele tot 25 jaar en meer vir groei ondernemings wie se
kontantvloei nie verwag word om te materialiseer voor 'n sekere toekomstige datum nie.
Leibowitz (1986) identifiseer 'n alternatiewe empiriese benadering vir die beraming van
gewone aandeel duur. Hierdie empiriese bepaling van die sensitiwiteit van die werklike
aandeelprys tot onderliggende veranderings in rentekoerse, impliseer dat gewone aandele
reageer asof hulle baie korter duur instrumente is.
Verskeie pogings is aangewend om die verskille tussen teoretiese voorspellings van gewone
aandeel-duur en empiriese bevindings te rekonsilieer. Die verskille tussen duur van bates in
plek en groei-geleenthede word aangevoer as 'n moontlike rede vir bogenoemde verskille.
Dit word geargumenteer dat investeringsgeleenthede soortgelyk is aan die opsies wat 'n
onderneming het. Hierdie opsie-soortgelyke eienskappe van groei-geleenthede kan die
basiese verhouding tussen gewone aandeel waardasie en rentekoers verandering wysig.
Die opsie raamwerk dui daarop dat die duur van groei-ondernemings korter kan wees (en nie
langer nie) as die van bates in plek. Die resultate van opsie teorie kan egter nie direk
toegepas word op groei-opsies nie, aangesien sekere van die aannames nie geldig mag wees in
die geval van groei-opsies nie. Die teenwoordigheid van hierdie groei-opsies het tot gevolg
dat dit feitlik onmoontlik is om gewone aandeel-duur teoreties te bereken.
Die studie toets empiries die verhouding tussen groei-geleenthede en gewone aandeel-duur
deur te fokus op die rentekoers sensitiwiteit van Suid Afrikaanse groei-ondernemings. Die
volgende hipoteses met betrekking tot die gewone aandele duur en groei-ondernemings word
gestel:
• Daar is 'n betekenisvolle verskil in rentekoers sensitiwiteit tussen groei-ondernemings en
lae groei-ondernemings. • Daar is 'n betekenisvolle verskil tussen duur van groei-ondernemings gemeet deur
gebruik te maak van nominale rentekoerse en duur van groei-ondernemings deur gebruik
te maak van reële rentekoerse.
Alle nie-myn ondernemings op die Johannesburg Sekuriteite Beurs SA, vir die periode 1980
tot 2000, is ontleed. Hierdie ondernemings is gesorteer in verskillende portefeuljes wat hulle
groei geleenthede reflekteer. Markkapitalisasie, boek-tot-markwaarde en prysverdienste
verhoudings is gebruik as maatstawwe om ondernemings te rangskik volgens groeigeleenthede.
Die resultate van enkel veranderlike regressies dui positiewe duur aan vir gewone aandele.
Die negatiewe verhouding tussen aandeelopbrengs en verandering in nominale rentekoerse is
onafhanklik van grootte, boek-tot-markwaarde of prysverdienste verhoudings vir die
getoetste ondernemings. Indien die markfaktor ingesluit word, as 'n onafhanklike
veranderlike, lei dit tot opvallend verskillende gewone aandeel-duur. Die duur is gekorreleer
met grootte, met beide koëffisiënte en t-statistieke wat styg wanneer beweeg word van klein
ondernemings tot groter ondernemings. Addisioneel, die klein ondernemings het negatiewe,
nie positiewe duur, anders as in die geval van eenvoudige enkel veranderlike regressies. Daar
is ook bewyse dat hoë groei portefeuljes, soos gemeet deur lae boek-tot-markwaarde en hoë
prysverdienste verhoudings, minder sensitief is vir rentekoers veranderings as lae groei
portefeuljes.
Met die aanwending van al drie Fama en French se faktore is daar nie meer kruis-selektiewe
afhanklikheid (cross-selectional dependence) op ondernemingsgrootte aanwesig nie, met die
gemiddelde duur wat naby nul is en statisties onbedeidend in feitlik all gevalle is. Wanneer
die verandering in die nominale rentekoers verdeel word in veranderings in reële koerse en
veranderings in inflasie, beïnvloed dit ook nie betekenisvol die bepaalde gewone aandeel
duur nie.
Die outeur het met die gebruik van die Fama & French drie faktor model geen bewyse gevind
wat die vermelde hipoteses staaf nie. Dit mag beteken dat die rente-risiko verwantskappe in
die Fama en French risiko faktore vervat is.
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Human Capital Return-on-Investment (HCROI) in South African companies listed on the Johannesburg Stock Exchange (JSE)Viljoen, Hendrina Helena 03 1900 (has links)
Thesis (MComm)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: The management of human capital requires meaningful measures of human capital effectiveness that enable better strategic human resource decision-making. Existing measures, such as Human Capital Return on Investment (HCROI), allow human resource managers to quantify the bottom-line impact of human capital expenditure, but little is known about how HCROI varies within the population of listed companies. As a result, users of these metrics rarely know how they ‘measure up’ against their competitors in the absence of normative information. If human capital is considered a source of competitive advantage, measures of human capital effectiveness should also allow for normative comparisons.
The present study extracted audited financial data from McGregor BFA (2010) and described the central tendency and dispersion of HCROI of Johannesburg Stock Exchange (JSE) listed companies (N = 319). In doing so, it established a set of benchmarks for human capital effectiveness measures across industry and company size categories, as well as described temporal changes over the financial years surveyed (2006 - 2010).
Even though South Africa is considered to have a very low labour force productivity level compared to other countries (Schwab, 2010 in World Competitive Report, 2010/2011), the results showed that the grand median HCROI ratio for South African listed companies was higher (M = 3.03) than those from published figures from the USA, EU and UK (PwC Saratoga, 2011). This descriptive research also explored the influence of company size (small, medium or large) and company industry (N = 42) on human capital effectiveness (as indexed by HCROI). No statistically significant differences (p > .05) between the median HCROI ratios across company size categories were found, although notable differences in medians of HCROI across company industry categories were observed. HCROI also showed temporal fluctuations over the study period, reflecting economic cycle influences, but year-on-year changes were bigger when the mean HCROI was used — median HCROI remained relatively stable year-on-year.
From the research, several recommendations are made regarding the appropriate use of these HCROI benchmark data. Also, this descriptive study lays a solid foundation for future explanatory research aimed at investigating the antecedents, correlates and consequences of human capital return-on-investment (HCROI) as an indicator of human capital effectiveness. The present study contributes to human capital metrics literature by demonstrating how human capital effectiveness indicators can be calculated from audited financial results available in the public domain, and in doing so, attempts to encourage greater use of human capital reporting in financial reporting standards. / AFRIKAANSE OPSOMMING: Die bestuur van mensekapitaal vereis betekenisvolle metings van menskapitaaleffektiwiteit wat beter strategiese menslike hulpbron-besluitneming tot gevolg het. Bestaande metings, soos Menskapitaalbeleggingsopbrengs (HCROI), laat menslike hulpbronbestuurders toe om die finansiële impak van die menskapitaaluitgawe te kwantifiseer, maar min is bekend oor hoe menskapitaalbeleggingsopbrengste tussen die populasie van gelyste maatskappye varieer. Die gevolg is dat die gebruikers van hierdie metrieke aanduiders (metrics) selde weet hoe hulle ‘opmeet’ teen hul mededingers in die afwesigheid van normatiewe inligting. Indien menskapitaal as ‘n bron van ykmerk (benchmark) oorweeg kan word, moet die meting van menskapitaaleffektiwiteit ook normatiewe vergelykings toelaat.
Die huidige studie het geouditeerde finansiële data vanaf McGregor BFA (2010) onttrek en die sentrale neiging en verspreiding van menskapitaalbeleggingsopbrengs van die maatskappye wat op die Johannesburgse Effektebeurs gelys is (N = 319), beskryf. Sodoende het dit ‘n stel ykmerke vir menskapitaaleffektiwiteit-metings daargestel oor die industrie- en maatskappy-grootte kategorieë heen, sowel as om reële veranderinge oor die finansiële jare (2006 – 2010) wat ondersoek is, te beskryf.
Alhoewel Suid-Afrika met ‘n baie lae arbeidsmag produktiwiteitsvlak geag word in vergelyking met ander lande (Schwab, 2010 in World Competitive Report, 2010/2011), het die resultate getoon dat die algehele mediaan menskapitaalbeleggingsopbrengs ratio vir Suid-Afrikaans-gelyste maatskappye hoër (M = 3.03) was as die gepubliseerde syfers van die V.S.A., Europa en die Verenigde Koninkryk (PwC Saratoga, 2011). Hierdie beskrywende navorsing het ook die invloed van maatskappy-grootte (groot, medium of klein) en maatskappy-sektore (N = 42) op menskapitaaleffektiwiteit (soos geïndekseer deur die menskapitaal-beleggingsopbrengs) ondersoek. Geen statistiese beduidende verskille (p > .05) is tussen die menskapitaalbeleggingsopbrengs mediaan ratio’s oor die maatskappy-grootte kategorieë gevind nie, alhoewel daar noemenswaardige verskille in die mediaan van menskapitaalbeleggingsopbrengs oor die maatskappy-sektor kategorieë waargeneem is. Menskapitaalbeleggingsopbrengs het ook temporale skommelinge oor die studieperiode getoon, wat ekonomiese siklus-invloede reflekteer het, maar jaar-op-jaar veranderinge was groter indien die gemiddelde (mean) menskapitaalbeleggingsopbrengs gebruik was – mediaan menskapitaalbeleggingopbrengs het relatief stabiel van jaar-tot-jaar gebly. Uit hierdie navorsing word verskeie aanbevelings gemaak rakende die toepaslike gebruik van die menskapitaalbeleggingsopbrengs ykmerk-data. Die beskrywende studie lê ook ‘n vaste fondament vir toekomstige verklarende navorsing wat daarop gerig is om die voorafgaande veranderlikes (antecedents), korrelate en gevolge van menskapitaalbeleggingsopbrengs as ‘n indikator van menskapitaaleffektiwiteit te ondersoek. Die huidige studie dra tot die menskapitaalmaatstawweliteratuur by deur te demonstreer hoe menskapitaaleffektiwiteit indikatore vanaf geouditeerde finansiële resultate kan bereken word wat op die openbare domein beskikbaar is. Daardeur word gepoog om groter gebruik van menskapitaalrapportering in finansiële verslagdoeningstandaarde aan te moedig.
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