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Agency costs of free cash flow : the South African experience
Includes bibliography.
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| Main Author: | |
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| Other Authors: | |
| Format: | Thesis |
| Language: | English |
| Published: |
Department of Finance and Tax
2014
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| _version_ | 1867613237334245376 |
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| access_status_str | Open Access |
| author | Ankude, Edem Komla |
| author2 | Uliana, Enrico |
| author_browse | Ankude, Edem Komla Uliana, Enrico |
| author_facet | Uliana, Enrico Ankude, Edem Komla |
| author_sort | Ankude, Edem Komla |
| collection | Thesis |
| description | Includes bibliography. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/9518 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:32:57.328Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2014 |
| publishDateRange | 2014 |
| publishDateSort | 2014 |
| 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:11427/9518 Agency costs of free cash flow : the South African experience Ankude, Edem Komla Uliana, Enrico Financial Management Includes bibliography. The use of free cash flow has been a source of conflict between shareholders and managers. This conflict derives from the agency relationship between shareholders and managers in that decisions taken by managers (as agents) affect the shareholders (as principals). The decisions of managers may not always be in the interest of shareholders. The interests of shareholders will be served if actions of managers lead to the maximisation of the total value of the company. The free cash flow theory suggests that managers have the tendency to misuse surplus cash resources. Any use of free cash flow that is not value maximising could result in losses to shareholders. These are termed the agency costs of free cash flow. It is believed that managers will think and act as shareholders if they own significant proportions of the equity capital of companies. This dissertation examines the effects of the agency relationship on the utilisation of free cash flow. 2014-11-10T09:09:45Z 2014-11-10T09:09:45Z 1997 Master Thesis Masters MCom http://hdl.handle.net/11427/9518 eng application/pdf Department of Finance and Tax Faculty of Commerce University of Cape Town |
| spellingShingle | Financial Management Ankude, Edem Komla Agency costs of free cash flow : the South African experience |
| thesis_degree_str | Master's |
| title | Agency costs of free cash flow : the South African experience |
| title_full | Agency costs of free cash flow : the South African experience |
| title_fullStr | Agency costs of free cash flow : the South African experience |
| title_full_unstemmed | Agency costs of free cash flow : the South African experience |
| title_short | Agency costs of free cash flow : the South African experience |
| title_sort | agency costs of free cash flow the south african experience |
| topic | Financial Management |
| url | http://hdl.handle.net/11427/9518 |
| work_keys_str_mv | AT ankudeedemkomla agencycostsoffreecashflowthesouthafricanexperience |