An assessment of integrated reporting practices in the mining industry of South Africa
- Authors: Joubert, Wiehann Strumpher
- Date: 2014-06-10
- Subjects: Financial statements - South Africa , Mineral industries - South Africa
- Type: Thesis
- Identifier: http://ujcontent.uj.ac.za8080/10210/368369 , uj:11465 , http://hdl.handle.net/10210/11161
- Description: M.Com. (International Accounting) , This study is conducted as a result of the increased focus on integrated reports (IRs), more specifically focusing on the current integrated reporting practices within the mining industry of South Africa. There has been a rapid increase in accountability pressures on companies due to financial crises across the globe, accounting and remuneration scandals, and suspicion about the social and environmental implications of businesses (Kolk, n.d.:2). Accountability is specifically discussed by the Integrated Reporting Committee of South Africa (SA IRC) as follows: Now, in the context of the global financial crisis and amidst increasing evidence that the current economic model is socially and environmentally unsustainable and that current reporting practice is not delivering, it is time for new and more effective forms of accountability (SA IRC, 2011:1). This form of accountability also flowed over into the mining industry in which the current reporting practice is not having a significant impact on the perception of the mining industry. The South African mining industry is also currently in crisis, and the market fears further disruption of mining output due to the uncooperative trade unions (Kantor, 2013). Current reporting practice is not highlighting these issues or the long-term impact thereof on the mining industry and individual companies. The two major obstacles that any mining company has to overcome are, firstly that the board of directors needs to report to a wide range of stakeholders with different needs and expectations, and secondly the directors have to report on the sustainability of the industry while managing the mining company’s risk and generating a return on shareholders’ and investors’ investments. Union leaders, investors, and shareholders do not currently share the opinion that the mining industry is in crisis as there are clear mismatches between what the union leaders demand, what the shareholders and government can offer, and what the industry can afford (Kantor, 2013). The mining companies’ extraction of scarce resources is not sustainable and this can have a direct and indirect impact on various stakeholders.
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- Authors: Joubert, Wiehann Strumpher
- Date: 2014-06-10
- Subjects: Financial statements - South Africa , Mineral industries - South Africa
- Type: Thesis
- Identifier: http://ujcontent.uj.ac.za8080/10210/368369 , uj:11465 , http://hdl.handle.net/10210/11161
- Description: M.Com. (International Accounting) , This study is conducted as a result of the increased focus on integrated reports (IRs), more specifically focusing on the current integrated reporting practices within the mining industry of South Africa. There has been a rapid increase in accountability pressures on companies due to financial crises across the globe, accounting and remuneration scandals, and suspicion about the social and environmental implications of businesses (Kolk, n.d.:2). Accountability is specifically discussed by the Integrated Reporting Committee of South Africa (SA IRC) as follows: Now, in the context of the global financial crisis and amidst increasing evidence that the current economic model is socially and environmentally unsustainable and that current reporting practice is not delivering, it is time for new and more effective forms of accountability (SA IRC, 2011:1). This form of accountability also flowed over into the mining industry in which the current reporting practice is not having a significant impact on the perception of the mining industry. The South African mining industry is also currently in crisis, and the market fears further disruption of mining output due to the uncooperative trade unions (Kantor, 2013). Current reporting practice is not highlighting these issues or the long-term impact thereof on the mining industry and individual companies. The two major obstacles that any mining company has to overcome are, firstly that the board of directors needs to report to a wide range of stakeholders with different needs and expectations, and secondly the directors have to report on the sustainability of the industry while managing the mining company’s risk and generating a return on shareholders’ and investors’ investments. Union leaders, investors, and shareholders do not currently share the opinion that the mining industry is in crisis as there are clear mismatches between what the union leaders demand, what the shareholders and government can offer, and what the industry can afford (Kantor, 2013). The mining companies’ extraction of scarce resources is not sustainable and this can have a direct and indirect impact on various stakeholders.
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Die bestuur van 'n voorraad opgepotte minerale
- Authors: Pelser, Abraham Johannes
- Date: 2014-05-29
- Subjects: Mines and mineral resources - South Africa , Mineral industries - South Africa
- Type: Thesis
- Identifier: uj:11266 , http://hdl.handle.net/10210/10859
- Description: M.Com. (Mining Economics) , This study indicated that price cyclicity in commodity markets is caused by various factors, and that this in itself can cause certain short and long term effects for mineral producers. One short term effect of price cyclicity is its potential influence on the stockpiling activities of mineral producers. Data on the activities of the producers of 24 mineral products in South Africa during the period 1980 - 1985 were analysed to quantify the potential influences. The only mineral products that show a significant inverse relationship between export prices and stockpiling in real terms, are diamonds and antimony. In both instances producers tend to stockpile if the price of the product declines, and to sell stocks if the price increases. This tendency is probably related to the relatively dominant position in the production and marketing of minerals that South African producers of these mineral products have achieved in the world market. Due to the confidentiality of statistics, the data of other dominant producers, for example the South African platinum producers, could not be included in the analysis. With the possible exception of the dominant producers, speculative stockpiling by South African producers is the exception rather than the rule...
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- Authors: Pelser, Abraham Johannes
- Date: 2014-05-29
- Subjects: Mines and mineral resources - South Africa , Mineral industries - South Africa
- Type: Thesis
- Identifier: uj:11266 , http://hdl.handle.net/10210/10859
- Description: M.Com. (Mining Economics) , This study indicated that price cyclicity in commodity markets is caused by various factors, and that this in itself can cause certain short and long term effects for mineral producers. One short term effect of price cyclicity is its potential influence on the stockpiling activities of mineral producers. Data on the activities of the producers of 24 mineral products in South Africa during the period 1980 - 1985 were analysed to quantify the potential influences. The only mineral products that show a significant inverse relationship between export prices and stockpiling in real terms, are diamonds and antimony. In both instances producers tend to stockpile if the price of the product declines, and to sell stocks if the price increases. This tendency is probably related to the relatively dominant position in the production and marketing of minerals that South African producers of these mineral products have achieved in the world market. Due to the confidentiality of statistics, the data of other dominant producers, for example the South African platinum producers, could not be included in the analysis. With the possible exception of the dominant producers, speculative stockpiling by South African producers is the exception rather than the rule...
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The alignment of sick leave with human resource practice and policy in the mining industry
- Authors: Serfontein, Eugene
- Date: 2016
- Subjects: Personnel management - South Africa , Sick leave - South Africa , Mineral industries - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://ujcontent.uj.ac.za8080/10210/376920 , http://hdl.handle.net/10210/237887 , uj:24381
- Description: M.Com. (Business Management) , Abstract: The research conducted in this study was exploratory, investigating the phenomenon of sick leave abuse in CPS, a single South African company with many mines, for the purpose of proposing new finding regarding how to manage sick leave abuse. The study has relevance for all companies in the South African mining sector. The study involved the purposeful selection of respondents who dealt with the phenomenon on a day-to-day basis. The eight participants in the study assumed various roles in the different mine subsidiary companies that make up CPS, South Africa. The research study began by reviewing the history of this phenomenon, both nationally and globally, highlighting the damaging effect it can have on organisations, and, in particular, the South African mining sector. Using this background information, a strategy for research and research methodology was prepared. The selected methodology was based on qualitative research using semi-structured open-ended questionnaires to gather primary data, which was analysed using content analysis of themes. This was an interpretivist paradigm and inductive approach. The conclusions drawn were that both employees and labour have a responsibility to mitigating the reductions in organisational performance that this phenomenon can cause. Employers were found to have inefficient human resource systems to deal with employees‘ perception that sick leave had to be taken whether one was sick or not. Conclusively, employers and employees alike have much work to do in order to overcome this phenomenon, but similarly all parties are optimistic that with cooperation, unity and mutual respect everything is possible.
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- Authors: Serfontein, Eugene
- Date: 2016
- Subjects: Personnel management - South Africa , Sick leave - South Africa , Mineral industries - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://ujcontent.uj.ac.za8080/10210/376920 , http://hdl.handle.net/10210/237887 , uj:24381
- Description: M.Com. (Business Management) , Abstract: The research conducted in this study was exploratory, investigating the phenomenon of sick leave abuse in CPS, a single South African company with many mines, for the purpose of proposing new finding regarding how to manage sick leave abuse. The study has relevance for all companies in the South African mining sector. The study involved the purposeful selection of respondents who dealt with the phenomenon on a day-to-day basis. The eight participants in the study assumed various roles in the different mine subsidiary companies that make up CPS, South Africa. The research study began by reviewing the history of this phenomenon, both nationally and globally, highlighting the damaging effect it can have on organisations, and, in particular, the South African mining sector. Using this background information, a strategy for research and research methodology was prepared. The selected methodology was based on qualitative research using semi-structured open-ended questionnaires to gather primary data, which was analysed using content analysis of themes. This was an interpretivist paradigm and inductive approach. The conclusions drawn were that both employees and labour have a responsibility to mitigating the reductions in organisational performance that this phenomenon can cause. Employers were found to have inefficient human resource systems to deal with employees‘ perception that sick leave had to be taken whether one was sick or not. Conclusively, employers and employees alike have much work to do in order to overcome this phenomenon, but similarly all parties are optimistic that with cooperation, unity and mutual respect everything is possible.
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Towards the development of an organisation development model for the mining industry
- Authors: Le Roux, Anna-Rosa
- Date: 2014-09-03
- Subjects: Organizational change - South Africa , Mineral industries - South Africa , Mineral industries - Environmental aspects - South Africa
- Type: Thesis
- Identifier: uj:12218 , http://hdl.handle.net/10210/11986
- Description: D. Litt. et Phil.(Leadership in Performance and Change) , The aim of this study was to develop an organisation development model to support organisational change and transformation in a dynamic, continuously changing business environment, specifically for the mining industry in South Africa. Literature revealed that there is a tendency to employ universal and generic models to challenges of organisational change, whereas successful 00 needs a situation specific or contextualised approach. The field of OD reflects a paucity of empirical research, necessitating a greater research competence and more in-depth, robust empirical 00 studies to answer to 'contemporary contextual and environmental challenges. A further call is voiced towards OD to resolve organisational change challenges from a systemic perspective, which has been a central tenet of the field. A number of research participants from a South African company that has been implementing organisational change and transformation interventions in the mining sector, were selected by means of purposive sampling. A modernist qualitative approach with the case study as research strategy was utilised during the development of the model. Various data collection techniques were utilised with grounded theory as a data analysis technique to explore and systematically develop the concepts and categories of the model. Atlas.ti, together with manual coding procedures were utilised to systematically organise and analyse the rich descriptive data. Credibility, transferability, dependability and confirmability were ensured by following the guidelines presented in the literature. In the literature study, the sample's narrative was critically contrasted against the established scientific knowledge base of OD, considering specifically taxonomies, models and theories related to the emergent OD model. The resulting model deviates from the established perspectives on OD, in that it reflects a hybrid of several fields of study endeavour. The latter is consistent with a business practice perspective that integrates and deal with a single application domain, compared to a science-informed perspective which conducts research largely within defined (and confined) disciplinary boundaries. The OD model has implications for the mining industry in South Africa, and the development of grounded theory should facilitate the application thereof in future research.
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- Authors: Le Roux, Anna-Rosa
- Date: 2014-09-03
- Subjects: Organizational change - South Africa , Mineral industries - South Africa , Mineral industries - Environmental aspects - South Africa
- Type: Thesis
- Identifier: uj:12218 , http://hdl.handle.net/10210/11986
- Description: D. Litt. et Phil.(Leadership in Performance and Change) , The aim of this study was to develop an organisation development model to support organisational change and transformation in a dynamic, continuously changing business environment, specifically for the mining industry in South Africa. Literature revealed that there is a tendency to employ universal and generic models to challenges of organisational change, whereas successful 00 needs a situation specific or contextualised approach. The field of OD reflects a paucity of empirical research, necessitating a greater research competence and more in-depth, robust empirical 00 studies to answer to 'contemporary contextual and environmental challenges. A further call is voiced towards OD to resolve organisational change challenges from a systemic perspective, which has been a central tenet of the field. A number of research participants from a South African company that has been implementing organisational change and transformation interventions in the mining sector, were selected by means of purposive sampling. A modernist qualitative approach with the case study as research strategy was utilised during the development of the model. Various data collection techniques were utilised with grounded theory as a data analysis technique to explore and systematically develop the concepts and categories of the model. Atlas.ti, together with manual coding procedures were utilised to systematically organise and analyse the rich descriptive data. Credibility, transferability, dependability and confirmability were ensured by following the guidelines presented in the literature. In the literature study, the sample's narrative was critically contrasted against the established scientific knowledge base of OD, considering specifically taxonomies, models and theories related to the emergent OD model. The resulting model deviates from the established perspectives on OD, in that it reflects a hybrid of several fields of study endeavour. The latter is consistent with a business practice perspective that integrates and deal with a single application domain, compared to a science-informed perspective which conducts research largely within defined (and confined) disciplinary boundaries. The OD model has implications for the mining industry in South Africa, and the development of grounded theory should facilitate the application thereof in future research.
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Maintenance strategy optimization for load haul dumpers operating at an underground mine
- Authors: Manenzhe, M.T.
- Date: 2018
- Subjects: Engineering - Management , Mineral industries - South Africa , College graduates - Employment - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/393759 , uj:32591
- Description: Abstract : The mining sector is one of the biggest economy drivers in South Africa. Most of mining companies are experiencing high operational cost and production pressure. Research suggests that 30% to 60% of total operational cost is accounted for by ore handling mobile machines. The literature reviewed suggest that little is done relating to understanding aspects influencing reliability and maintenance cost of LHD (Load Haul Dumper) fleet in South African hard rock underground mines. This study attempts to determine data centric factors influencing reliability and maintenance cost of LHD fleet in one of South African underground mine. The main objective is to analyze the LHD fleet data relative to best practice to determine categorization. The research study uses multiple data collection methods to answer study research questions and also gain the knowledge of the subject at hand. Data collection focuses on operational values comprising of maintenance and financial values for LHD fleet operating at the expansion project being executed at the South African hard rock underground mine. Data centric identification of improvement to optimize maintenance strategy of LHD fleet is outlined. The study used real case data of LHD fleet utilized at the South African underground hard rock mine. The study outcome suggest that the expansion project LHD fleet is operating with subsystems which are in the middle of the wear out stage. The expansion project maintenance team does not use condition based maintenance strategy, this strategy can be used to predict possible failures and can assist the maintenance department to proactively prevent breakdowns from occurring. There is a correlation between four subsystems forming part of the top twenty percentile subsystems which caused eighty percentile failures and the associated cost. Tyres are found to be the component which accounted for the highest maintenance spend, the researcher suggest that although tyres are managed by the maintenance department, the expenditure thereof does not necessarily mean that poor maintenance is conducted, however, replacement is required due to the expected wear and tear. To achieve the effective development of the underground mine, the expansion project maintenance team must consider the implementation of risk based inspection which assists in planning, selecting cost effective and condition based maintenance execution and techniques. The implementation of LHD fleet refurbishment program must also be given priority, subsystems which forms part of top twenty percentile for both failures and cost must be given priority one. , M.Phil. (Engineering Management)
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- Authors: Manenzhe, M.T.
- Date: 2018
- Subjects: Engineering - Management , Mineral industries - South Africa , College graduates - Employment - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/393759 , uj:32591
- Description: Abstract : The mining sector is one of the biggest economy drivers in South Africa. Most of mining companies are experiencing high operational cost and production pressure. Research suggests that 30% to 60% of total operational cost is accounted for by ore handling mobile machines. The literature reviewed suggest that little is done relating to understanding aspects influencing reliability and maintenance cost of LHD (Load Haul Dumper) fleet in South African hard rock underground mines. This study attempts to determine data centric factors influencing reliability and maintenance cost of LHD fleet in one of South African underground mine. The main objective is to analyze the LHD fleet data relative to best practice to determine categorization. The research study uses multiple data collection methods to answer study research questions and also gain the knowledge of the subject at hand. Data collection focuses on operational values comprising of maintenance and financial values for LHD fleet operating at the expansion project being executed at the South African hard rock underground mine. Data centric identification of improvement to optimize maintenance strategy of LHD fleet is outlined. The study used real case data of LHD fleet utilized at the South African underground hard rock mine. The study outcome suggest that the expansion project LHD fleet is operating with subsystems which are in the middle of the wear out stage. The expansion project maintenance team does not use condition based maintenance strategy, this strategy can be used to predict possible failures and can assist the maintenance department to proactively prevent breakdowns from occurring. There is a correlation between four subsystems forming part of the top twenty percentile subsystems which caused eighty percentile failures and the associated cost. Tyres are found to be the component which accounted for the highest maintenance spend, the researcher suggest that although tyres are managed by the maintenance department, the expenditure thereof does not necessarily mean that poor maintenance is conducted, however, replacement is required due to the expected wear and tear. To achieve the effective development of the underground mine, the expansion project maintenance team must consider the implementation of risk based inspection which assists in planning, selecting cost effective and condition based maintenance execution and techniques. The implementation of LHD fleet refurbishment program must also be given priority, subsystems which forms part of top twenty percentile for both failures and cost must be given priority one. , M.Phil. (Engineering Management)
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Prevalence of a mineral resource curse in South Africa : a critical analysis of the gold and diamond sectors
- Authors: Blight, E.
- Date: 2017
- Subjects: Resource curse - South Africa , Mineral industries - South Africa , Energy industries - South Africa , Natural resources - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/273495 , uj:29137
- Description: M.Com. (Local Economic Development) , Abstract: Throughout history, resources have always played a significant role in the development of economies. However, with the introduction of the term “resource curse” this notion has changed and many economists now believe that too much resources can be detrimental to an economy. An ever-growing body of literature has sought to identify countries which have been resource cursed, South Africa being one of them. Research on South Africa has thus far generated mixed results. One of the possible reasons for this is that macroeconomic data for the country only goes back to the 1940s, and therefore a longer perspective cannot be attained. This research completed a missing time period in a database which allowed analysis into the resource curse from 1850 onwards. The analysis tools used were descriptive statistics, as well as a graphical analysis. It is demonstrated that resource abundance and dependence is evident in South Africa, but the notion that the country has a resource curse could not be determined outright.
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- Authors: Blight, E.
- Date: 2017
- Subjects: Resource curse - South Africa , Mineral industries - South Africa , Energy industries - South Africa , Natural resources - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/273495 , uj:29137
- Description: M.Com. (Local Economic Development) , Abstract: Throughout history, resources have always played a significant role in the development of economies. However, with the introduction of the term “resource curse” this notion has changed and many economists now believe that too much resources can be detrimental to an economy. An ever-growing body of literature has sought to identify countries which have been resource cursed, South Africa being one of them. Research on South Africa has thus far generated mixed results. One of the possible reasons for this is that macroeconomic data for the country only goes back to the 1940s, and therefore a longer perspective cannot be attained. This research completed a missing time period in a database which allowed analysis into the resource curse from 1850 onwards. The analysis tools used were descriptive statistics, as well as a graphical analysis. It is demonstrated that resource abundance and dependence is evident in South Africa, but the notion that the country has a resource curse could not be determined outright.
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The effect of labour unrest on shareholder value in the South African platinum industry 2009 to 2016
- Authors: Kennedy, Jayne Diana
- Date: 2018
- Subjects: Labor disputes - South Africa , Platinum mines and mining - South Africa , Mineral industries - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/292204 , uj:31751
- Description: M.Com. (Development Economics) , Abstract: Industrial action has been on the rise in recent years and has culminated in the demand for higher wages, better working conditions, access to education and job security, to name a few. Historically, miners have resorted to strike action to leverage their bargaining power so that their demands are met. This has created a perceived nervousness amongst current and potential shareholders. 23 January 2014 saw the beginning of one of the most costly strikes affecting the platinum sector and the greater South African economy, on a global scale. The five-month long strike tested shareholder confidence and was seen by the fluctuation in the platinum share prices. This study is one of a comparative nature, which examines the impact of industrial action on shareholder confidence within the platinum sector from 2009 to 2016. The said comparison focuses on the share price movements of Lonmin Platinum, Anglo American Platinum and Impala platinum during periods of strikes (protected and unprotected). In order to draw a conclusion from this comparison, an OLS multiple regression was used to model the effect of such strike activity in relation to the closing price of shares, dividends declared, earnings per share and the price earnings ratio. The research observed that strikes as a whole have an impact on share prices and shareholder confidence but are not the only determinant of shareholder confidence.
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The effect of labour unrest on shareholder value in the South African platinum industry 2009 to 2016
- Authors: Kennedy, Jayne Diana
- Date: 2018
- Subjects: Labor disputes - South Africa , Platinum mines and mining - South Africa , Mineral industries - South Africa
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/292204 , uj:31751
- Description: M.Com. (Development Economics) , Abstract: Industrial action has been on the rise in recent years and has culminated in the demand for higher wages, better working conditions, access to education and job security, to name a few. Historically, miners have resorted to strike action to leverage their bargaining power so that their demands are met. This has created a perceived nervousness amongst current and potential shareholders. 23 January 2014 saw the beginning of one of the most costly strikes affecting the platinum sector and the greater South African economy, on a global scale. The five-month long strike tested shareholder confidence and was seen by the fluctuation in the platinum share prices. This study is one of a comparative nature, which examines the impact of industrial action on shareholder confidence within the platinum sector from 2009 to 2016. The said comparison focuses on the share price movements of Lonmin Platinum, Anglo American Platinum and Impala platinum during periods of strikes (protected and unprotected). In order to draw a conclusion from this comparison, an OLS multiple regression was used to model the effect of such strike activity in relation to the closing price of shares, dividends declared, earnings per share and the price earnings ratio. The research observed that strikes as a whole have an impact on share prices and shareholder confidence but are not the only determinant of shareholder confidence.
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The impact of capital structure on the profitability of the industrial metals and mining sector on the JSE
- Authors: Sibanda, Mthokozisi
- Date: 2019
- Subjects: Capital investments , Corporations - Finance , Mineral industries - South Africa , Metals
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/402989 , uj:33749
- Description: Abstract : The study seeks to investigate the relationship between company capital structure and profitability with special reference to the industrial metals and mining industry of South Africa. Out of the 22 companies listed on the Johannesburg Stock Exchange under the industrial metals and mining industry, 14 companies were selected to be analysed in this study. Secondary data in the form of published financial statements relating to the period 1994 to 2017 of the selected companies was used. The study used return on equity (ROE), net profit margin (NPM), and return on assets (ROA) as proxies for profitability (dependent variables), while short-term to total debt (STDTA) ratio, long term as a ratio of total assets (LTDTA), and the total debt as a ratio of total assets (TTDTA) were used as proxies for capital structure (independent variables). The study employed panel data regression with pooled, random effects and fixed effects regression; however, the fixed effects regression was found to be the most appropriate. The results indicate that short-term debt is statistically insignificant as an independent variable of company profitability. Long-term debt was found to be more significant as a determinant of profitability for companies listed in the industrial metals and mining industry on the JSE. The results of the study show that the profitability of companies listed in the industrial metals and mining industry on the JSE is negatively related to the use of long-term debt over the period 1994 to 2017, implying that an increase in the company’s long-term debt would adversely affect the return of shareholders. , M.Com. (Finance)
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- Authors: Sibanda, Mthokozisi
- Date: 2019
- Subjects: Capital investments , Corporations - Finance , Mineral industries - South Africa , Metals
- Language: English
- Type: Masters (Thesis)
- Identifier: http://hdl.handle.net/10210/402989 , uj:33749
- Description: Abstract : The study seeks to investigate the relationship between company capital structure and profitability with special reference to the industrial metals and mining industry of South Africa. Out of the 22 companies listed on the Johannesburg Stock Exchange under the industrial metals and mining industry, 14 companies were selected to be analysed in this study. Secondary data in the form of published financial statements relating to the period 1994 to 2017 of the selected companies was used. The study used return on equity (ROE), net profit margin (NPM), and return on assets (ROA) as proxies for profitability (dependent variables), while short-term to total debt (STDTA) ratio, long term as a ratio of total assets (LTDTA), and the total debt as a ratio of total assets (TTDTA) were used as proxies for capital structure (independent variables). The study employed panel data regression with pooled, random effects and fixed effects regression; however, the fixed effects regression was found to be the most appropriate. The results indicate that short-term debt is statistically insignificant as an independent variable of company profitability. Long-term debt was found to be more significant as a determinant of profitability for companies listed in the industrial metals and mining industry on the JSE. The results of the study show that the profitability of companies listed in the industrial metals and mining industry on the JSE is negatively related to the use of long-term debt over the period 1994 to 2017, implying that an increase in the company’s long-term debt would adversely affect the return of shareholders. , M.Com. (Finance)
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