Thesis (MBA)--Stellenbosch University, 2001 / ENGLISH ABSTRACT: This focus of this study is to analyse trends between three different performance
variables for all listed industrials on the Johannesburg Stock Exchange. The three
variables are earnings per share, headline earnings per share and operating cash flow
per share. Sample A represents data from 1974 to 1999, and Sample B from 1990 to
1999. There are many companies that still do not report headline earnings per share in
their financial reports as at the end of their financial year for 1999. A list of these
companies is attached as Appendix A.
A total of 21 different combinations of the variables were tested for correlations. From
this investigation three significant relationships were noted. Firstly, there is a high
correlation between earnings per share and operating cash flow per share. The pooled
result from 1974 to 1999 is 0,636, that confirms a positive relationship between the two
variables. Secondly, the result of the same two variables from the Sample B dataset also
shows a high correlation of 0,601 (pooled result). Thirdly, there is a very strong negative
pooled result of -0,897 when analysing the difference between (EPS-HEPS) and
(HEPS-CFPS).
An interesting observation was that although individual yearly results were showing high
correlations, the pooled results did not reflect the same tendency. Validated findings
attained through statistical testing in this study will in future allow analysts to predict the
behaviour of one variable based on the performance of another variable. / AFRIKAANSE OPSOMMING: Die fokus van hierdie studie is om tendense tussen drie verskillende prestasieveranderlikes
vir alle genoteerde nywerheidsaandele op die Johannesburgse
Effektebeurs te ontleed. Die drie veranderlikes is verdienste per aandeel (VPA),
wesensverdienste per aandeel (WVPA) en kontantvloei uit bedryfsaktiwiteite per
aandeel (KBAPA). Steekproef A verteenwoordig data vanaf 1974 tot 1999 en Steekproef
B vanaf 1990 tot 1999. Teen die einde van 1999 was daar steeds maatskappye wat nie
die wesensverdienste per aandeel in hulle finansiële verslae rapporteer nie. 'n Lys van
hierdie maatskappye is aangeheg as "Bylae A".
In totaal is 21 verskillende kombinasies van die veranderlikes getoets vir onderlinge
afhanklikheid. Die ondersoek het drie betekenisvolle verhoudings gelewer. Eerstens is
daar 'n hoë onderlinge afhanklikheid tussen verdienste per aandeel en kontantvloei uit
bedryfsaktiwiteite per aandeel. Die saamgevoegde resultate vanaf 1974 tot 1999 is
0,636, wat 'n positiewe verhouding tussen die twee veranderlikes bevestig. Tweedens
toon die resultate van dieselfde twee veranderlikes van Steekproef B se datastel ook 'n
hoë onderlinge afhanklikheid van 0,601 (saamgevoegde restultate). Derdens is daar 'n
baie sterk negatiewe resultaat van -0,897 wanneer die verskil tussen (VPA-WVPA) en
(WVPA-KBAPA) ontleed word.
'n Interessante waarneming was dat, alhoewel individuele jaarlikse resultate hoë
onderlinge afhanklikheid getoon het, die saamgevoegde resultate nie dieselfde neiging weerspieël het nie. Geldige bevindinge, verkry deur statistiese proefneming in hierdie
studie, sal analiste in die toekoms toelaat om die gedrag van een veranderlike te
voorspel gebaseer op die prestasie van 'n ander veranderlike.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/52169 |
| Date | 12 1900 |
| Creators | Timol, Yusuf Ismail |
| Contributors | Hamman, W. D., Stellenbosch University. Faculty of Economic & Management Sciences. Graduate School of Business. |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | en_ZA |
| Detected Language | Unknown |
| Type | Thesis |
| Format | 41 p. |
| Rights | Stellenbosch University |
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