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An investigation into ownership concentration and financial performance of listed South African industrial companies
Dissertation (MBA)--University of Pretoria, 2012.
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| Format: | Thesis |
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University of Pretoria
2013
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| _version_ | 1867613585383882752 |
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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 | © 2011, 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 | Dissertation (MBA)--University of Pretoria, 2012. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/25803 |
| institution | University of Pretoria (South Africa) |
| last_indexed | 2026-06-10T12:38:29.059Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2013 |
| publishDateRange | 2013 |
| publishDateSort | 2013 |
| 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:2263/25803 An investigation into ownership concentration and financial performance of listed South African industrial companies Saville, Adrian ichelp@gibs.co.za Cameron, Christopher Philip UCTD Market capitalisation Financial performance Tobin's q Return of capital Ownership concentration Dissertation (MBA)--University of Pretoria, 2012. This paper examines the relationship between ownership concentration and corporate performance amongst listed South African industrial firms. The study‘s theory base is rooted in the principal-agent problem and seeks to investigate the theory‘s applicability to the South African context. Descriptive statistical analysis is performed in line with existing studies (Demsetz&Lehn, 1985; Demsetz&Villalonga, 2001; Morck et al., 1988). The percentage sums of the five and ten largest shareholders as well as firm market capitalisation are treated as independent variables. The financial measures of Tobin‘s Q and return on capital employed (ROCE) form the dependent variables as a basis for measuring firm financial performance. The results suggest that there is no statistically significant relationship between ownership concentration and firms‘ financial performance in the case of Tobin‘s Q or ROCE during the survey period. However, a statistically significant positive relationship between firms‘ market capitalisation and financial performance is found. The study tentatively suggests that the separation of ownership from control does not appear to have any negative behavioural implications for the theory of the firm in the South African context. Future research is encouraged to confirm these results. Gordon Institute of Business Science (GIBS) unrestricted 2013-09-07T00:41:22Z 2012-09-19 2013-09-07T00:41:22Z 2012-03-08 2012-09-19 2012-06-24 Dissertation Cameron, CP 2011, An investigation into ownership concentration and financial performance of listed South African industrial companies, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://hdl.handle.net/2263/25803 > F/12/4/636/zw http://hdl.handle.net/2263/25803 http://upetd.up.ac.za/thesis/available/etd-06242012-125727/ © 2011, 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 Market capitalisation Financial performance Tobin's q Return of capital Ownership concentration An investigation into ownership concentration and financial performance of listed South African industrial companies |
| title | An investigation into ownership concentration and financial performance of listed South African industrial companies |
| title_full | An investigation into ownership concentration and financial performance of listed South African industrial companies |
| title_fullStr | An investigation into ownership concentration and financial performance of listed South African industrial companies |
| title_full_unstemmed | An investigation into ownership concentration and financial performance of listed South African industrial companies |
| title_short | An investigation into ownership concentration and financial performance of listed South African industrial companies |
| title_sort | investigation into ownership concentration and financial performance of listed south african industrial companies |
| topic | UCTD Market capitalisation Financial performance Tobin's q Return of capital Ownership concentration |
| url | http://hdl.handle.net/2263/25803 http://upetd.up.ac.za/thesis/available/etd-06242012-125727/ |