Agency costs of free cash flow : the South African experience

 

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dc.contributor.advisor Uliana, Enrico en_ZA
dc.contributor.author Ankude, Edem Komla en_ZA
dc.date.accessioned 2014-11-10T09:09:45Z
dc.date.available 2014-11-10T09:09:45Z
dc.date.issued 1997 en_ZA
dc.identifier.citation Ankude, E. 1997. Agency costs of free cash flow : the South African experience. University of Cape Town. en_ZA
dc.identifier.uri http://hdl.handle.net/11427/9518
dc.description Includes bibliography. en_ZA
dc.description.abstract The use of free cash flow has been a source of conflict between shareholders and managers. This conflict derives from the agency relationship between shareholders and managers in that decisions taken by managers (as agents) affect the shareholders (as principals). The decisions of managers may not always be in the interest of shareholders. The interests of shareholders will be served if actions of managers lead to the maximisation of the total value of the company. The free cash flow theory suggests that managers have the tendency to misuse surplus cash resources. Any use of free cash flow that is not value maximising could result in losses to shareholders. These are termed the agency costs of free cash flow. It is believed that managers will think and act as shareholders if they own significant proportions of the equity capital of companies. This dissertation examines the effects of the agency relationship on the utilisation of free cash flow. en_ZA
dc.language.iso eng en_ZA
dc.subject.other Financial Management en_ZA
dc.title Agency costs of free cash flow : the South African experience en_ZA
dc.type Master Thesis
uct.type.publication Research en_ZA
uct.type.resource Thesis en_ZA
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Commerce en_ZA
dc.publisher.department Department of Finance and Tax en_ZA
dc.type.qualificationlevel Masters
dc.type.qualificationname MCom en_ZA
uct.type.filetype Text
uct.type.filetype Image
dc.identifier.apacitation Ankude, E. K. (1997). <i>Agency costs of free cash flow : the South African experience</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/9518 en_ZA
dc.identifier.chicagocitation Ankude, Edem Komla. <i>"Agency costs of free cash flow : the South African experience."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 1997. http://hdl.handle.net/11427/9518 en_ZA
dc.identifier.vancouvercitation Ankude EK. Agency costs of free cash flow : the South African experience. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 1997 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/9518 en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Ankude, Edem Komla AB - The use of free cash flow has been a source of conflict between shareholders and managers. This conflict derives from the agency relationship between shareholders and managers in that decisions taken by managers (as agents) affect the shareholders (as principals). The decisions of managers may not always be in the interest of shareholders. The interests of shareholders will be served if actions of managers lead to the maximisation of the total value of the company. The free cash flow theory suggests that managers have the tendency to misuse surplus cash resources. Any use of free cash flow that is not value maximising could result in losses to shareholders. These are termed the agency costs of free cash flow. It is believed that managers will think and act as shareholders if they own significant proportions of the equity capital of companies. This dissertation examines the effects of the agency relationship on the utilisation of free cash flow. DA - 1997 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 1997 T1 - Agency costs of free cash flow : the South African experience TI - Agency costs of free cash flow : the South African experience UR - http://hdl.handle.net/11427/9518 ER - en_ZA


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