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Internal value distribution and financial performance: an empirical study of JSE-listed companies in the Industrials sector
Mini Dissertation (MBA)--University of Pretoria, 2025.
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| Format: | Thesis |
| Language: | English |
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University of Pretoria
2026
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| _version_ | 1867613607163854848 |
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| access_status_str | Open Access |
| author2 | Saville, Adrian |
| author_browse | Saville, Adrian |
| author_facet | Saville, Adrian |
| collection | Thesis |
| dc_rights_str_mv | © 2025 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. |
| description | Mini Dissertation (MBA)--University of Pretoria, 2025. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/109145 |
| institution | University of Pretoria (South Africa) |
| language | English |
| last_indexed | 2026-06-10T12:38:50.049Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2026 |
| publishDateRange | 2026 |
| publishDateSort | 2026 |
| publisher | University of Pretoria |
| publisherStr | University of Pretoria |
| record_format | dspace |
| source_str | UPSpace — University of Pretoria Institutional Repository |
| spelling | oai:repository.up.ac.za:2263/109145 Internal value distribution and financial performance: an empirical study of JSE-listed companies in the Industrials sector Saville, Adrian ichelp@gibs.co.za Humphris, David UCTD Internal value distribution Marx ratio Internal pay dispersion Corporate governance South African industrials Mini Dissertation (MBA)--University of Pretoria, 2025. This study examined whether internal value distribution, operationalised via the Marx Ratio, was associated with organisational financial performance in JSE-listed Industrials over the period 2014–2023. Using audited organisational data and multivariate analysis, the study examined asset-use efficiency and operating outcomes in a governance environment shaped by the King IV code. The evidence indicates a clear positive association between internal value distribution and efficiency outcomes, with a smaller but still positive association for operating performance. No credible non-linearity was detected in the dispersion range observed. When interpreted through agency and tournament mechanisms, and read with an institutional work lens, the findings suggest that credibly justified internal differentials are compatible with stronger asset utilisation in capital-intensive, interdependent production settings. The study contributes sector-specific evidence from a large emerging-market context, positions the Marx Ratio as a transparent, decision-useful complement to remuneration disclosure, and clarifies boundary conditions for practice. Limitations reflect the observational design and scope, and the study outlines directions for future research on dynamics, causal identification, and alternative distributional measures. Gordon Institute of Business Science (GIBS) MBA Unrestricted Gordon Institute of Business Science (GIBS) SDG-09: Industry, innovation and infrastructure 2026-03-23T09:15:20Z 2026-03-23T09:15:20Z 2026-05-05 2025 Mini Dissertation * A2025 http://hdl.handle.net/2263/109145 en © 2025 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. application/pdf University of Pretoria |
| spellingShingle | UCTD Internal value distribution Marx ratio Internal pay dispersion Corporate governance South African industrials Internal value distribution and financial performance: an empirical study of JSE-listed companies in the Industrials sector |
| title | Internal value distribution and financial performance: an empirical study of JSE-listed companies in the Industrials sector |
| title_full | Internal value distribution and financial performance: an empirical study of JSE-listed companies in the Industrials sector |
| title_fullStr | Internal value distribution and financial performance: an empirical study of JSE-listed companies in the Industrials sector |
| title_full_unstemmed | Internal value distribution and financial performance: an empirical study of JSE-listed companies in the Industrials sector |
| title_short | Internal value distribution and financial performance: an empirical study of JSE-listed companies in the Industrials sector |
| title_sort | internal value distribution and financial performance an empirical study of jse listed companies in the industrials sector |
| topic | UCTD Internal value distribution Marx ratio Internal pay dispersion Corporate governance South African industrials |
| url | http://hdl.handle.net/2263/109145 |