Change in Corporate debt levels in South Africa from 1994 to 2016
| dc.contributor.advisor | Holman, Glen | |
| dc.contributor.author | Philogene, Bianca Robyn | |
| dc.date.accessioned | 2020-02-10T10:25:17Z | |
| dc.date.available | 2020-02-10T10:25:17Z | |
| dc.date.issued | 2019 | |
| dc.date.updated | 2020-01-27T13:30:11Z | |
| dc.description.abstract | This paper aims to investigate the change in corporate debt levels in South Africa from 1994 to 2016, included is an analysis of factors that firms take into consideration when determining the company’s capital structure. This study uses data from firms in the Real Estate and REIT, Travel and Leisure and Construction and Materials sectors listed on the Johannesburg Stock Exchange (JSE). Four different leverage measures are used to determine the change in capital structure for the period under review, as well as six of the most commonly used determinants of capital structure. A high level interpretation of the results reflected the following; an increase in the use of debt in the Travel and Leisure and Construction and Materials Sectors, however a significant decrease in the use of debt relative to equity was seen in the Real Estate and REIT Sector thus skewing the Total Sample findings considerably. An increase in the use of long term debt relative to short term was also found. Results from the analysis of the capital structure determinants varied, with some determinants showing statistical significance. The following determinants were positively related to debt; firm size, asset tangibility and growth while the determinants; cost of debt and tax had a negative relationship. The relationship between profitability and leverage was varied. | |
| dc.identifier.apacitation | Philogene, B. R. (2019). <i>Change in Corporate debt levels in South Africa from 1994 to 2016</i>. (). ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/30948 | en_ZA |
| dc.identifier.chicagocitation | Philogene, Bianca Robyn. <i>"Change in Corporate debt levels in South Africa from 1994 to 2016."</i> ., ,Faculty of Commerce ,Department of Finance and Tax, 2019. http://hdl.handle.net/11427/30948 | en_ZA |
| dc.identifier.citation | Philogene, B. 2019. Change in Corporate debt levels in South Africa from 1994 to 2016. | en_ZA |
| dc.identifier.ris | TY - Thesis / Dissertation AU - Philogene, Bianca Robyn AB - This paper aims to investigate the change in corporate debt levels in South Africa from 1994 to 2016, included is an analysis of factors that firms take into consideration when determining the company’s capital structure. This study uses data from firms in the Real Estate and REIT, Travel and Leisure and Construction and Materials sectors listed on the Johannesburg Stock Exchange (JSE). Four different leverage measures are used to determine the change in capital structure for the period under review, as well as six of the most commonly used determinants of capital structure. A high level interpretation of the results reflected the following; an increase in the use of debt in the Travel and Leisure and Construction and Materials Sectors, however a significant decrease in the use of debt relative to equity was seen in the Real Estate and REIT Sector thus skewing the Total Sample findings considerably. An increase in the use of long term debt relative to short term was also found. Results from the analysis of the capital structure determinants varied, with some determinants showing statistical significance. The following determinants were positively related to debt; firm size, asset tangibility and growth while the determinants; cost of debt and tax had a negative relationship. The relationship between profitability and leverage was varied. DA - 2019 DB - OpenUCT DP - University of Cape Town KW - Capital Structure Theory KW - Capital Structure Determinants KW - Interest Rates KW - Capital Market KW - Real Estat KW - Real Estate Investment Trusts KW - Travel and Leisure KW - Construction and Materials LK - https://open.uct.ac.za PY - 2019 T1 - Change in Corporate debt levels in South Africa from 1994 to 2016 TI - Change in Corporate debt levels in South Africa from 1994 to 2016 UR - http://hdl.handle.net/11427/30948 ER - | en_ZA |
| dc.identifier.uri | http://hdl.handle.net/11427/30948 | |
| dc.identifier.vancouvercitation | Philogene BR. Change in Corporate debt levels in South Africa from 1994 to 2016. []. ,Faculty of Commerce ,Department of Finance and Tax, 2019 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/30948 | en_ZA |
| dc.language.rfc3066 | eng | |
| dc.publisher.department | Department of Finance and Tax | |
| dc.publisher.faculty | Faculty of Commerce | |
| dc.subject | Capital Structure Theory | |
| dc.subject | Capital Structure Determinants | |
| dc.subject | Interest Rates | |
| dc.subject | Capital Market | |
| dc.subject | Real Estat | |
| dc.subject | Real Estate Investment Trusts | |
| dc.subject | Travel and Leisure | |
| dc.subject | Construction and Materials | |
| dc.title | Change in Corporate debt levels in South Africa from 1994 to 2016 | |
| dc.type | Master Thesis | |
| dc.type.qualificationlevel | Masters | |
| dc.type.qualificationname | MCom |