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Growing through acquisitions : the long-term effects of total shareholder return of companies listed on the Johannesburg Stock Exchange
Mini Dissertation (MBA)--University of Pretoria, 2017.
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| Format: | Thesis |
| Language: | English |
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University of Pretoria
2018
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| _version_ | 1867613503904284672 |
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| access_status_str | Open Access |
| author2 | Thayser, Dave |
| author_browse | Thayser, Dave |
| author_facet | Thayser, Dave |
| collection | Thesis |
| dc_rights_str_mv | © 2018 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, 2017. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/64817 |
| institution | University of Pretoria (South Africa) |
| language | English |
| last_indexed | 2026-06-10T12:37:11.641Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2018 |
| publishDateRange | 2018 |
| publishDateSort | 2018 |
| 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:2263/64817 Growing through acquisitions : the long-term effects of total shareholder return of companies listed on the Johannesburg Stock Exchange Thayser, Dave ichelp@gibs.co.za Snyders, Tony UCTD Mini Dissertation (MBA)--University of Pretoria, 2017. Mergers and acquisitions (M&A) are critical components for companies searching to expand or improve organisational performance. This study examined whether companies listed on the Johannesburg Stock Exchange growing through acquisitions delivered superior total shareholder returns (TSR) compared to organic or mixed growth strategies from 2007 to 2016. The extensive existing share-price based literature indicate that M&A events are mostly value-destroying in the long-term, while comparative growth strategy studies are mostly ambiguous. The bulk of existing M&A literature is based on developed countries, while no equivalent growth strategy studies were found in South Africa. This research will aim to provide insight to companies looking to either expand locally or enter the South African market as to which growth strategy to employ. This study is quantitative of nature that considered secondary data in the form of historical share price, dividend and M&A data of companies listed on the JSE derived from the Thomson Reuters Eikon and McGregor BFA databases. Judgmental sampling was employed to identify a final sample of 104 companies that met the relevant criteria and was further divided into 43 organic, 30 mixed and 31 acquisitive growth companies. Statistical techniques in the form of independent samples t-tests and simple linear regression was implemented to test for differences and prediction. The research concluded that companies growing through acquisitions do not contribute significant different TSR compared to organic or mixed growth companies. In addition, it was highlighted that dividend yields are a significant predictor of TSR in specific instances. lt2018 Gordon Institute of Business Science (GIBS) MBA Unrestricted 2018-05-11T09:02:30Z 2018-05-11T09:02:30Z 30-03-18 2017 Mini Dissertation Snyders, T 2017, Growing through acquisitions : the long-term effects of total shareholder return of companies listed on the Johannesburg Stock Exchange, MBA Mini Dissertation, University of Pretoria, Pretoria, viewed yymmdd <http://hdl.handle.net/2263/64817> http://hdl.handle.net/2263/64817 en © 2018 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 Growing through acquisitions : the long-term effects of total shareholder return of companies listed on the Johannesburg Stock Exchange |
| title | Growing through acquisitions : the long-term effects of total shareholder return of companies listed on the Johannesburg Stock Exchange |
| title_full | Growing through acquisitions : the long-term effects of total shareholder return of companies listed on the Johannesburg Stock Exchange |
| title_fullStr | Growing through acquisitions : the long-term effects of total shareholder return of companies listed on the Johannesburg Stock Exchange |
| title_full_unstemmed | Growing through acquisitions : the long-term effects of total shareholder return of companies listed on the Johannesburg Stock Exchange |
| title_short | Growing through acquisitions : the long-term effects of total shareholder return of companies listed on the Johannesburg Stock Exchange |
| title_sort | growing through acquisitions the long term effects of total shareholder return of companies listed on the johannesburg stock exchange |
| topic | UCTD |
| url | http://hdl.handle.net/2263/64817 |