Title page for ETD etd-03162010-121411

Document Type Master's Dissertation
Author Muteba, Philippe Balanganayi
URN etd-03162010-121411
Document Title Performance drivers of JSE-listed gold mining companies
Degree MBA
Department Gordon Institute of Business Science
Advisor Name Title
Mr M MacKenzie Supervisor
  • stock exchanges
  • mining industry
Date 2010-03-16
Availability unrestricted

Several researchers and practitioners have claimed that economic value added is superior to traditional accounting measures in driving shareholder value. Other researchers have refuted these claims by supplying data in support of traditional accounting indicators such as EPS and ROE.

In light of these contradicting findings, the paper endeavoured to analyse the results of JSE-listed gold mining companies. The share price was correlated to EVA, ROE, EPS, CFG and gold price. Using simple and multiple regression analyses, the paper established the strength of correlation between these different performance drivers with the share price. It also established the impact of gold price on the correlation to share price.

The results suggested that EVA had the strongest correlation with the share price, with a coefficient of determination r2 = 45%. It was followed by EPS which had a positive correlation, CFG and ROE. Results also revealed that the gold price had a positive and moderate influence on the share price. Not only that the gold price affected the share price moderately, the study found that it also affected the correlation between EVA, ROE, EPS, and CFG with the share price. The impact increased in magnitude from CFG, EVA, and ROE to EPS.

Copyright 2008, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria

Please cite as follows:

Muteba, PB 2008, Performance drivers of JSE-listed gold mining companies, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-03162010-121411/ >

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