Document Type Master's Dissertation Author Kolobe, Kabi mailto:email@example.com URN etd-04302011-221140 Document Title The impact of reported corporate governance disclosure on the financial performance of companies listed on the JSE Degree MBA Department Gordon Institute of Business Science Supervisor
Advisor Name Title Dr T Mosala Supervisor Keywords
- financial returns
- listed companies
- firm evaluations
- corporate governance
Date 2010-11-10 Availability unrestricted Abstract
This research study is aimed at finding empirical evidence to support a finding from an initial study that corporate governance disclosure is linked with financial performance for JSE listed companies. The study made use of a scorecard previously designed for the initial study to rate the governance disclosure of the various companies. 74 companies from the eight major sectors of the JSE were selected for the sample and financial data for the review period was extracted from MacGregor BFA. Governance was rated based on annual reports and any other information within the public domain. The financial performance measures used were, CAGR using opening and closing share prices, price to book and price/earnings ratio.
Using mean disclosure scores, two portfolios were created to compare financial performance, the high and low disclosure portfolios. A simple correlation analysis was then conducted to assess the relationship of governance disclosure with the three different financial measures.
The findings indicate a negative correlation between governance disclosure and returns whilst a positive correlat ion is established between governance and firm valuations.
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Please cite as follows:
Kolobe, K 2010, The impact of reported corporate governance disclosure on the financial performance of companies listed on the JSE, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-04302011-221140/>
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