Thesis (MBA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: This empirical study was aimed at analysing the financial performance of black economic
empowered companies, as selected per Impumelelo publication - 2000/1 edition. The Unit of
Analysis of this study is therefore the phenomenon commonly described as Black Economic
Empowerment, and in particular the financial performance of these business entities with
specific interest in the following ratios; ROE, ROA, PIE and DIE.
The fundamental problems analysed in this study are: Whether these Companies can
financially perform consistently, with specific reference to ROE (Management effectiveness)
and ROA (Company's efficiency); Whether these Companies utilised their capital efficiently -
Financial leverage; Whether is worth investing in any commercial bank or in black economic
empowerment Companies; Market perception of these Companies; Whether these
Companies are really highly geared; through a comparative study between Impumelelo
sample and similar white-owned companies, to assess the better performer on Management
effectiveness and Company efficiency. The purpose of this study was further to draw
appropriate empowerment strategies from the U.S.A, Malaysia and Brazil; contextualised
them into the South African situation.
The outcomes of these analysis revealed that black economic empowerment companies are
indeed highly geared than their white-counterparts, and due to this inherent risk
inconsistency in performance has been identified. Within the selected performance
categories only half of the sample is classified as good performers, eight percent as excellent
performers while profitability is maintained by seventy six percent of the companies. Over the
period reviewed more then ninety percent of these companies' consistently signalled wrong
perceptions to the market. On the comparative study, the Impumelelo sample
overwhelmingly outperformed the white-owned sample on ROE and ROA per sector.
Impumelelo sample revealed volatility in the returns comparing to low stable returns by the
white-owned sample. / AFRIKAANSE OPSOMMING: Die doel van hierdie empiriese studie was om die finansiële prestasie van swart ekonomiesbemagtigde
maatskappye, soos geselekteer deur Impumelelo - 2000/1 uitgawe, te analiseer.
Die onderwerp van hierdie studie is dus die verskynsel gewoonlik beskryf as Swart
Ekonomiese Bemagtiging, en in die besonder die finansiële prestasies van hierdie entiteite,
veral die volgende verhoudings (ratio's): Wins op Belegging, Wins op Bates, Prys/verdienste
en Skuld/ekwiteit.
Die fundamentele probleme wat hierdie studie analiseer is: Kan hierdie maatskappye
konsekwent finansieel presteer veral wat betref Bekwaamheid van Bestuur en Bekwaamheid
van die Maatskappy? Kan hierdie maatskappye hulle kapitaal effektief gebruik? (Finansiële
hefboming.) Is dit beter om in 'n handelsbank te belê of in swart ekonomies-bemagtigde
maatskappye? Wat is die mark persepsie van hierdie maatskappye? Maak hierdie
maatskappye werklik op grootskaal gebruik van hefboming? Hoe vergelyk hierdie
Impumelelo steekproef met soortgelyke maatskappye in wit besit, veral wat betref die
bedrewenheid van die bestuur en die effektiwiteit van die maatskappy? 'n Verdere doelwit
van hierdie studie is om toepaslike bemagtigings strategië van die VSA, Malaysië en Brasilië
te bestudeer in samehang met die Suid-Afrikaanse situasie.
Die uitslag van hierdie studie is dat swart ekonomies-bemagtigde maatskappye inderdaad
meer van hefboming gebruik maak as hulle wit eweknieë, en as 'n gevolg van hierdie
inherente risiko is hulle prestasies soms inkonsekwent. In die selekteerde prestasie
kategorië kon net die helfde van die steekproef geklassifiseer word as goeie presteerders en
agt persent as uitstaande presteerders. Ses-en-sewentig van die maatskappye toon 'n wins.
Gedurende die periode onder bespreking het meer as neëntig persent van hierdie
maatskappye aanhoudend verkeerde seine na die mark uitgestuur. In die vergelykende
studie het die Impumelelo steekproef oorweldigend die steekproef in wit besit verbygesteek
veral wat effektiwiteit betref per sektor. Die Impumelelo steekproef se wins is onbestendig in
vergelyking met die lae, stabiele wins van die steekproef in wit besit.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/53313 |
| Date | 12 1900 |
| Creators | Kahimise, Robert N. |
| Contributors | Biekpe, N., 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 | English |
| Type | Thesis |
| Format | 127 p. : ill. |
| Rights | Stellenbosch University |
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