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A measure of short-termism and its effect on shareholder returns in the JSE
Mini Dissertation (MBA)--University of Pretoria, 2018.
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| Other Authors: | |
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| Format: | Thesis |
| Language: | English |
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University of Pretoria
2019
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| _version_ | 1867613507129704448 |
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| access_status_str | Open Access |
| author2 | Ward, Mike |
| author_browse | Ward, Mike |
| author_facet | Ward, Mike |
| collection | Thesis |
| dc_rights_str_mv | © 2019 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, 2018. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/68835 |
| institution | University of Pretoria (South Africa) |
| language | English |
| last_indexed | 2026-06-10T12:37:14.671Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2019 |
| publishDateRange | 2019 |
| publishDateSort | 2019 |
| 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:2263/68835 A measure of short-termism and its effect on shareholder returns in the JSE Ward, Mike ichelp@gibs.co.za Dahya, Mayshani UCTD Mini Dissertation (MBA)--University of Pretoria, 2018. The increased focus on short-termism was brought to the fore after the global financial crisis wherein agents of financial intermediation and policy makers alike sought to devote their time and resources towards the silent plague sweeping the economy. Short termism, is a multi-disciplinary construct, which, if distilled down to its basic form can be thought of as a systematic set of characteristics which over-values short term rewards at the expense of undervaluing long-term consequences. Arguably, the greatest cost of short termism lies in the opportunity costs associated with forgone investments. Many scholars advocate for the sustainable benefit that managing for the long-term however this is met by scepticism and debate as empirical evidence to support this avocations are sparse. This is largely because short-termism itself cannot be quantified by a singular concept or an isolated metric. This research study represents a quantitative, quasi-experimental, longitudinal study which aims to utilize a combination of financial measures, underpinned by financial theory to construct a measurable, composite index. This index then forms the basis of an investment style with which to track shareholder returns over a 20 year period in order to determine if short termism truly decreases shareholder value over time. The key findings is that through the use of the index, firms did display significant differences in their patterns of investments and earnings management within the same industry, however there is no significant evidence that managing for the short (or long) term is particularly effective at generating positive abnormal returns kr2019 Gordon Institute of Business Science (GIBS) MBA 2019-04-04T10:16:56Z 2019-04-04T10:16:56Z 30-Mar-19 2018 Mini Dissertation Dahya, M 2018, A measure of short-termism and its effect on shareholder returns in the JSE, MBA Mini Dissertation, University of Pretoria, Pretoria, viewed yymmdd <http://hdl.handle.net/2263/68835> http://hdl.handle.net/2263/68835 en © 2019 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 A measure of short-termism and its effect on shareholder returns in the JSE |
| title | A measure of short-termism and its effect on shareholder returns in the JSE |
| title_full | A measure of short-termism and its effect on shareholder returns in the JSE |
| title_fullStr | A measure of short-termism and its effect on shareholder returns in the JSE |
| title_full_unstemmed | A measure of short-termism and its effect on shareholder returns in the JSE |
| title_short | A measure of short-termism and its effect on shareholder returns in the JSE |
| title_sort | measure of short termism and its effect on shareholder returns in the jse |
| topic | UCTD |
| url | http://hdl.handle.net/2263/68835 |