Cash is king. Even a highly profitable company can find itself in search of financing due to a lack of cash to honour its obligations. If this situation is only temporary and external sources of finance are freely available, this cash flow obstacle does not have to be detrimental to the...

ENGLISH ABSTRACT: Prior to 30 June 1999 companies in South Africa were not allowed to buy back their own shares. Amendments to the Companies Act, the Companies Amendment Act (Act 37 of 1999) radically changed the philosophy around capital maintenance. The result of this amendment is that a...

ENGLISH ABSTRACT: Market capitalisation is a measure of size and prestige for various JSE listed companies. Changes in the Companies Act in relation to the capital maintenance provided companies the opportunity to repurchase their own shares. South Africa’s legislation is different to those of...

The study was undertaken to determine whether companies listed on the Johannesburg Stock Exchange disclose shareholder spread in line with the available statutes such as the JSE Listing Requirements. Further, the study explored the closing balances for group, company, trusts, subsidiaries, and...

This study investigated whether the way in which dividends are taxed in SouthAfrica, with the introduction of Secondary Tax on Companies (STC) in 1993,together with the extensive piece of legislation which incorporates dividends, hasa negative impact on the total amount of dividends paid by...

The attention in this paper has been directed at the problem whether the 30% machinery investment allowance was sufficiently high enough seen against the background of the present double digit inflation. The authors arrived at the interesting conclusion that the shortfall at replacement is...

Risk has so permeated the financial community that no one needs to be convinced of the necessity of including risk in investment analysis. Although the accounting profession has accepted that the purpose of accounting is to facilitate decision-making, implementation of this approach within...

A key problem in estimating the cost of capital for an unlisted company has been the determination of its beta coefficient. Market prices for such companies are not available, therefore the traditional regression methods for estimation are not possible. Thus, it is necessary for a proxy beta to...