ENGLISH ABSTRACT: Repurchasing of shares by South African companies were legalised on 1 July 1999.This introduced an alternative to dividends for distributing cash to shareholders.Although dividends and share repurchases realise the same value in a perfect efficientmarket, the inefficiencies of...

Cash has been called the lifeblood ofa business. A company’s ability togenerate cash from its activities is acritical determinant of its survivaland growth. Moreover, companiesthat consume cash consistently are on the wayto disaster.This makes the cash-flow statement a vital setof information...