scholarly journals Investigate the level of disclosure of emissions of the top ten manufacturing companies in South Africa

2016 ◽  
Vol 7 (1) ◽  
pp. 76-86
Author(s):  
Anet M. Smit ◽  
Johanna Magdalena van Zyl
Keyword(s):  
Greenhouse Gas ◽  
South African ◽  
Carbon Tax ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Johannesburg Stock Exchange ◽  
Climatic System ◽  
Quantitative Performance ◽  
Dangerous Anthropogenic Interference ◽  
The Impact

Throughout the world, countries and companies are directing their attention towards actions to protect the planet. An important focus area during various initiatives is the aim to stabilize greenhouse gas concentrations at a level that would prevent dangerous anthropogenic interference with the climatic system. Various targets are set by governments to reduce greenhouse gas emissions and the South African Government is, among others, investigating a carbon tax policy to facilitate their transition to a greener economy. This paper analyzes the sustainability reports of the top ten manufacturing companies listed on the Johannesburg Stock Exchange (JSE) and the disclosures of emissions were evaluated against a checklist that was developed through a literature review comprising various sources. From the results of the research, it is evident that all the companies reviewed are aware of the importance of emissions disclosure and the impact that emissions have on climate change. Companies, in general, adhere more to the qualitative, narrative type of requirements than to the more quantitative, performance-related reporting of emissions. In this study the reporting of the companies specifically on Scope 3 emissions were inadequate. More attention should be given to measure performance and to improve their systems to quantify data

scholarly journals The impact of operating leverage on the capital structure of Johannesburg Stock Exchange-listed firms before and after the 2008 global financial crisis

2018 ◽  
Vol 11 (1) ◽  
Author(s):  
Matabane T. Mohohlo ◽  
Johan H. Hall
Keyword(s):  
Financial Crisis ◽  
Capital Structure ◽  
South African ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Johannesburg Stock Exchange ◽  
The Global Financial Crisis ◽  
Operating Leverage ◽  
The Impact ◽  
The Capital Structure

The financial leverage-operating leverage trade-off hypothesis states that as financial leverage increases, management of firms will seek to reduce the exposure to operating leverage in an attempt to balance the overall risk profile of a firm. It is the objective of this study to test this hypothesis and ascertain whether operating leverage can indeed be added to the list of factors that determine the capital structure of South African firms. Forty-six firms listed on the Johannesburg Stock Exchange between 1994 and 2015 are analysed and the impact of operating leverage is determined. The results are split into two periods, that is, the period before the global financial crisis (1994–2007) and after the global financial crisis (2008–2015). The impact of operating leverage during these two periods is then compared to determine whether a change in the impact of operating leverage on the capital structure can be observed especially following the crisis. The results show that the conservative nature of South African firms leading up to 2008 persisted even after the global financial crisis. At an industry level, the results reveal that operating leverage does not have a noticeable impact on capital structure with the exception of firms in the industrials sector of the South African economy.

The Stock Market Reaction to Board Changes: The South African Experience

2016 ◽  
Vol 15 (3) ◽  
pp. 269-294
Author(s):  
Narendra Bhana
Keyword(s):  
South African ◽  
Executive Director ◽  
Stock Exchange ◽  
Jel Classification ◽  
Share Prices ◽  
Market Participants ◽  
Johannesburg Stock Exchange ◽  
Stock Market Reaction ◽  
African Experience ◽  
The Impact

This article investigates the impact of board changes on the share prices of the companies listed on the Johannesburg stock exchange (JSE) during the period 2004–2008. Four types of board changes are investigated: new appointments, resignation, retirement and joint appointments. Market participants consider a change in the composition of a company’s board as having information content and produce statistically significant change in the share prices of the company concerned. In particular, the informational effects of new appointments are perceived differently by the market from resignations from the company board. The results also provide evidence that market reacts more favourably to the appointment of an executive director in comparison to that of a non-executive director board appointment. JEL classification: C58, D22, E44, G10, L22

scholarly journals An assessment of the impact of climate change on the financial performance of South African companies

2015 ◽  
Vol 4 (2) ◽  
pp. 49-62 ◽  
Author(s):  
Mandla Moyo ◽  
Hermina Christina Wingard
Keyword(s):  
Climate Change ◽  
Financial Performance ◽  
South African ◽  
Stock Exchange ◽  
Secondary Analysis ◽  
Climate Change Impacts ◽  
Financial Sustainability ◽  
Johannesburg Stock Exchange ◽  
Historic Data ◽  
The Impact

South African companies face uncertainty about whether they should commit resources to mitigate vulnerabilities and exploit opportunities arising from climate change. There is ambiguity over whether responding to climate change materially affects the financial sustainability of South African companies. The study sought to establish the extent to which responding to climate change impacts financial performance. Secondary analysis of historic data was used to compare the climate-change performance of 70 Johannesburg Stock Exchange listed companies to indicators of their financial performance. The research concluded that there is a positive and statistically significant correlation between climate-change performance and financial performance

The Role of Corporate Governance and Environmental Committees on Greenhouse Gas Disclosure

2019 ◽  
Vol 9 (7) ◽  
pp. 1403
Author(s):  
Daniel T. H MANURUNG ◽  
Andhika Ligar HARDIKA ◽  
Dini W. HAPSARI ◽  
Minda Maulina SEBAYANG
Keyword(s):  
Corporate Governance ◽  
Greenhouse Gases ◽  
Greenhouse Gas ◽  
Sampling Method ◽  
Stock Exchange ◽  
Gender Diversity ◽  
Manufacturing Companies ◽  
And Gender ◽  
The Impact

The study aims to determine the impact of corporate governance (board of commissioners, directors and gender diversity) and environmental committees in greenhouse gas disclosure. The sampling method in this study using purposive sampling method with a total of 26 manufacturing companies listed in Indonesia Stock Exchange by using multiple regression analysis. The results show that the role of the board of commissioners has not been able to provide control over the reduction of greenhouse gases on the company, the board of directors has no effect on the disclosure of greenhouse gases refuse to make emission gas reduction due to litigation pressure and expenditure, gender diversity has not been able to control the role of women and men in decision-making and risk and environmental committees have been little able to contribute to the disclosure of greenhouse gases as it is expected that the establishment of an environmental committee on the company.

scholarly journals Divestitures and shareholder wealth in the long-run – the South African case

2014 ◽  
Vol 11 (4) ◽  
pp. 569-578 ◽  
Author(s):  
Emily Nichols ◽  
Andrew Rosenberg ◽  
Akios Majoni ◽  
Samson Mukanjari
Keyword(s):  
South Africa ◽  
South African ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Shareholder Wealth ◽  
Johannesburg Stock Exchange ◽  
Cumulative Abnormal Returns ◽  
Announcement Date ◽  
Long Run ◽  
The Impact

This study examines the impact of divestitures (spin offs and sell offs) on shareholder wealth for the parent firms listed on the Johannesburg Stock Exchange over the period 1995-2011. The study also makes a comparison of the wealth created by spin offs versus sells offs. We found significantly negative cumulative abnormal returns over the 250 and 500 days respectively, post-announcement date. This result persisted for the whole sample and for the two subsamples of spin offs and sell offs even after running the test excluding the data during and after the financial crisis of 2008. The results suggest that, in general, divestitures in South Africa destroy shareholder value in the long run and sell offs are a better choice of divestitures compared to spin offsю

scholarly journals The Impact Of Industry Classification On The Valuation Accuracy Of Multiples In The South African Capital Market

2012 ◽  
Vol 12 (1) ◽  
pp. 79 ◽  
Author(s):  
WS Nel ◽  
BW Bruwer ◽  
NJ Le Roux
Keyword(s):  
Emerging Markets ◽  
South African ◽  
Capital Market ◽  
Group Selection ◽  
Stock Exchange ◽  
Peer Group ◽  
Average Increase ◽  
Johannesburg Stock Exchange ◽  
Industry Classification ◽  
The Impact

Although multiples are used extensively in practice, empirical guidance in emerging markets is limited in this regard. In terms of valuation accuracy, the impact of peer group selection by way of industry classification in emerging markets has not yet been substantiated by research. This paper investigates the valuation performance of multiples over various industry classifications when valuing the equity of South African companies listed on the Johannesburg Stock Exchange for the period 2001 to 2010. The empirical results revealed that peer group selection based on a narrower industry classification could, on average, increase valuation accuracy by as much as 19.60%.

PENGARUH FAMILY OWNERSHIP, PERUBAHAN TARIF PAJAK DAN KEBIJAKAN HUTANG TERHADAP NILAI PERUSAHAAN

2017 ◽  
Vol 9 (2) ◽  
Author(s):  
Elfina Astrella Sambuaga
Keyword(s):  
Ownership Structure ◽  
Tax Reform ◽  
Stock Exchange ◽  
Family Ownership ◽  
Corporate Debt ◽  
Tax Rates ◽  
Manufacturing Companies ◽  
The Impact ◽  
The Relationship ◽  
Debt Policy

<p>This study aims to provide empirical evidence related to the influence of family ownership, tax reform on corporate debt policy, and further prove the impact on the firm value.This study examined the effect of changes in tax rates in 2009 and 2010 on the relationship between family ownership structure and corporate debt policy. The population of this research is manufacturing companies listed in Indonesia Stock Exchange for 8 consecutive years (2006-2013), with the period of observation for 7 years (2007-2013). A period of 8 years was taken to see a company that is consistently listed on the Stock Exchange prior to the end of the observation period. The result of this study shows that tax reform from progressive tax rates to a flat rate does not affect the relationship between family ownership structure and corporate debt policy. In contrast to the year 2009, changing rate from 28% to 25% in late 2010 was a significant effect on the debt policy with the company of family ownership. Based on the results, it was found that family ownership and debt policy significantly affect the company's enterprise value. It can be concluded, the higher the family ownership, the company's value would be diminished. Instead, the company's value will increase when the company adds to its debt policy.</p><p>Keywords : debt policy, family ownership, firm value, tax reform.</p>

The Nexus Between Johannesburg Stock Exchange and the United States Unemployment Rate Announcement: An Impulse Response Analysis

2018 ◽  
Vol 10 (3(J)) ◽  
pp. 160-168
Author(s):  
Misheck Mutize ◽  
Victor Virimai Mugobo
Keyword(s):  
United States ◽  
South African ◽  
Impulse Response ◽  
Unemployment Rate ◽  
Stock Prices ◽  
Stock Exchange ◽  
The United States ◽  
Response Analysis ◽  
Johannesburg Stock Exchange ◽  
The Us

The study explores the relationship between the unemployment rate in the United States and South Africa’s stock prices from the beginning of 2013 to the last day 2017. The objective of this paper is to examine the impact of the US unemployment rate announcement on the South African financial market. Results of Impulse Response analysis show that there is a very minimal impact from the US unemployment announcement to South Africa’s stock prices which disappears within two days of the announcement. In addition, the Johannesburg stock exchange index marginally responds to own shocks, which marginally fades away within two days. These findings imply that the changes in the US employment policies have a direct ripple effect on the South African macroeconomic environment, its investing public sentiments and corporate confidence on the future prospects of businesses.

Pengaruh Rasio Hutang terhadap Ekuitas, Rasio Saat Ini, Rasio Cepat, Peralihan Aset dan Pengembalian Aset terhadap Pertumbuhan Laba pada Perusahaan Manufaktur Sektor Industri Dasar Kimia

2021 ◽  
Vol 1 (1) ◽  
pp. 27-37
Author(s):  
Mayang Puspitasari ◽  
◽  
Muhammad Nuur Farid Thoha ◽  
Keyword(s):  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Selection Criterion ◽  
Sampling Technique ◽  
Total Asset ◽  
Manufacturing Companies ◽  
Current Ratio ◽  
Asset Turnover ◽  
The Impact ◽  
Profit Growth

Abstract Purpose: This study aimed to ascertain the impact of debt-to-equity ratio, current ratio, quick ratio, total asset turnover, and return on assets on profit growth in basic industrial and chemical manufacturing companies listed on the Indonesian Stock Exchange from 2013 to 2017. Research Methodology: The population of this study consists of 69 firms, 52 of which passed the sample selection criterion using a purposive sampling technique. The data sources for this study are the financial statements of the companies sampled via www.idx.co.id. This study employs multiple linear regression analysis and is conducted using the SPSS software version 20. (Statistical Product and Service Solutions). Results: The results of this study indicate that ROA has an impact on profit growth, while the current ratio, quick ratio, total asset turnover, and debt to equity ratios do not.

scholarly journals KOMITE AUDIT SEBAGAI PEMODERASI PENGARUH WORKLOAD DAN MASA PERIKATAN AUDIT PADA KUALITAS AUDITe

2016 ◽  
Author(s):  
Theresia Julina Rusli ◽  
I Dewa Nyoman Wiratmaja
Keyword(s):  
Audit Committee ◽  
Sampling Method ◽  
Audit Quality ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Manufacturing Companies ◽  
Quality Audit ◽  
Final Sample ◽  
The Impact

This  research  aims to find empirical evidence  about the impact  of  workload  and  audit tenure  on  audit quality  and  using audit  committee  as  a  moderating  variable. This  research  focused  on  manufacturing companies  that  listed  on  the  Indonesia Stock Exchange. Sample was collected using   purposive sampling method and resulted 31  companies as a final sample.  The  data are analyzed by using Moderated Regression Analysis (MRA). The results of  this research indicate  that the  workload  has a negative  impact on  audit quality.  Audit tenure has a positive impact on audit quality. Audit committee reduces the negative impact of workload on audit quality. And audit committee reduces the positive impact of audit tenure on audit quality.

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