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Change in Corporate debt levels in South Africa from 1994 to 2016
This paper aims to investigate the change in corporate debt levels in South Africa from 1994 to 2016, included is an analysis of factors that firms take into consideration when determining the company’s capital structure. This study uses data from firms in the Real Estate and REIT, Travel and Leisur...
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| Format: | Thesis |
| Language: | English |
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Department of Finance and Tax
2020
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| _version_ | 1867613285834031104 |
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| access_status_str | Open Access |
| author | Philogene, Bianca Robyn |
| author2 | Holman, Glen |
| author_browse | Holman, Glen Philogene, Bianca Robyn |
| author_facet | Holman, Glen Philogene, Bianca Robyn |
| author_sort | Philogene, Bianca Robyn |
| collection | Thesis |
| description | This paper aims to investigate the change in corporate debt levels in South Africa from 1994 to 2016, included is an analysis of factors that firms take into consideration when determining the company’s capital structure. This study uses data from firms in the Real Estate and REIT, Travel and Leisure and Construction and Materials sectors listed on the Johannesburg Stock Exchange (JSE). Four different leverage measures are used to determine the change in capital structure for the period under review, as well as six of the most commonly used determinants of capital structure. A high level interpretation of the results reflected the following; an increase in the use of debt in the Travel and Leisure and Construction and Materials Sectors, however a significant decrease in the use of debt relative to equity was seen in the Real Estate and REIT Sector thus skewing the Total Sample findings considerably. An increase in the use of long term debt relative to short term was also found. Results from the analysis of the capital structure determinants varied, with some determinants showing statistical significance. The following determinants were positively related to debt; firm size, asset tangibility and growth while the determinants; cost of debt and tax had a negative relationship. The relationship between profitability and leverage was varied. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/30948 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:33:43.673Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2020 |
| publishDateRange | 2020 |
| publishDateSort | 2020 |
| publisher | Department of Finance and Tax |
| publisherStr | Department of Finance and Tax |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/30948 Change in Corporate debt levels in South Africa from 1994 to 2016 Philogene, Bianca Robyn Holman, Glen Capital Structure Theory Capital Structure Determinants Interest Rates Capital Market Real Estat Real Estate Investment Trusts Travel and Leisure Construction and Materials This paper aims to investigate the change in corporate debt levels in South Africa from 1994 to 2016, included is an analysis of factors that firms take into consideration when determining the company’s capital structure. This study uses data from firms in the Real Estate and REIT, Travel and Leisure and Construction and Materials sectors listed on the Johannesburg Stock Exchange (JSE). Four different leverage measures are used to determine the change in capital structure for the period under review, as well as six of the most commonly used determinants of capital structure. A high level interpretation of the results reflected the following; an increase in the use of debt in the Travel and Leisure and Construction and Materials Sectors, however a significant decrease in the use of debt relative to equity was seen in the Real Estate and REIT Sector thus skewing the Total Sample findings considerably. An increase in the use of long term debt relative to short term was also found. Results from the analysis of the capital structure determinants varied, with some determinants showing statistical significance. The following determinants were positively related to debt; firm size, asset tangibility and growth while the determinants; cost of debt and tax had a negative relationship. The relationship between profitability and leverage was varied. 2020-02-10T10:25:17Z 2020-02-10T10:25:17Z 2019 2020-01-27T13:30:11Z Master Thesis Masters MCom http://hdl.handle.net/11427/30948 eng application/pdf Department of Finance and Tax Faculty of Commerce |
| spellingShingle | Capital Structure Theory Capital Structure Determinants Interest Rates Capital Market Real Estat Real Estate Investment Trusts Travel and Leisure Construction and Materials Philogene, Bianca Robyn Change in Corporate debt levels in South Africa from 1994 to 2016 |
| thesis_degree_str | Master's |
| title | Change in Corporate debt levels in South Africa from 1994 to 2016 |
| title_full | Change in Corporate debt levels in South Africa from 1994 to 2016 |
| title_fullStr | Change in Corporate debt levels in South Africa from 1994 to 2016 |
| title_full_unstemmed | Change in Corporate debt levels in South Africa from 1994 to 2016 |
| title_short | Change in Corporate debt levels in South Africa from 1994 to 2016 |
| title_sort | change in corporate debt levels in south africa from 1994 to 2016 |
| topic | Capital Structure Theory Capital Structure Determinants Interest Rates Capital Market Real Estat Real Estate Investment Trusts Travel and Leisure Construction and Materials |
| url | http://hdl.handle.net/11427/30948 |
| work_keys_str_mv | AT philogenebiancarobyn changeincorporatedebtlevelsinsouthafricafrom1994to2016 |