The premium on acquisition in South African mergers: An empirical evaluation

In this paper both the premium paid on acquisition during a merger as well as the method by which the target companies stockholders are paid for their holding are examined. The results indicate that in the South African (S.A.) context the average premium paid on acquisition is of the order of 30-40% which is approximately the same as that paid on other major exchanges. Efforts to determine those accounting and market-related variables which were highly correlated with the premium on acquisition were relatively unsuccessful with only the price/ earnings ratio (and, to a lesser extent relative size) being significantly correlated with the premium. In both cases, the correlations were positive, indicating that a higher P/E ratio in the target company and/or a target company which is large relative to the acquirer will result in a higher premium on acquisition. Finally, the results indicate that a cash payment remains the most popular method of payment in South African mergers, followed by an equity swap. These results appear to be time independent.

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An empirical investigation of job and family stressors amongst firefighters in the South African context

SA Journal of Industrial Psychology ◽

10.4102/sajip.v33i1.252 ◽

2007 ◽

Vol 33 (1) ◽

Cited By ~ 1

Author(s):

R M Oosthuizen ◽

P Koortzen

Keyword(s):

South African ◽

Survey Design ◽

Empirical Evaluation ◽

Measuring Instruments ◽

South African Context ◽

Work Situation ◽

The South ◽

Family Stressors ◽

The Family ◽

African Context

The general aim of the research was to theoretically and empirically study and evaluate job and family stressors amongst firefighters in the South African context. This also included an empirical evaluation of the stress symptoms of firefighters. The research was quantitative, consisting of a survey design. Three measuring instruments were used, namely the Experience of Work and Life Circumstances questionnaire, the Stress questionnaire as well as a biographical questionnaire. Task characteristics, organisational functioning, physical working conditions and job equipment, career and social matters, remuneration, fringe benefits and personnel policy were identified as causes of job stress originating within the work situation. Marital dysfunction and divorce, limited time with the family, problems with children, alcohol and drug abuse, lack of exercise, suicide, anger aimed at family members, physical and emotional exhaustion, lonely marital partners, unavailability to help the family when needed and depression were identified as causes of family stress arising outside the work situation.

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