3. Electronic Theses and Dissertations (ETDs) - All submissions

Permanent URI for this communityhttps://wiredspace.wits.ac.za/handle/10539/45

Browse

Filters

20182

Settings

Subject: search.filters.subject.Financial institutions--Law and legislation

Search Results

Now showing 1 - 2 of 2
  • No Thumbnail Available
    Item
    The role of financial education of members of the public in the legal mandate of the central bank of Lesotho
    (2018) Kabai, Thobeli
    This paper examines whether there is any role for financial education of the members of the public in the legal mandate of the Central Bank of Lesotho. The traditional functions of the central banks have been discussed to see first whether Central Bank of Lesotho performs functions similar to those of its sister banks. All the statutes that enshrine the functions of the central bank are analysed and interpreted in order to conclude whether and how financial education of the members of public forms part of the legal mandate. Conclusions and recommendations on how best to address financial education in Lesotho are made at the end of this report.
  • No Thumbnail Available
    Item
    The impact of the global financial crisis on the capital structure of JSE listed companies in South Africa
    (2018) Steed, Dylan
    The aim of this thesis is to determine whether the Global Financial Crisis had an impact on the capital structure choices of South African firms listed on the Johannesburg Stock Exchange (JSE) as well as to investigate whether their capital structure determinants differed before, during and after the crisis. 171 firms listed on the JSE across 9 different sectors were chosen for this study. The study used panel data over a 9-year period. Data for the three-year period 2004 to 2006 constituted the ‘before the Global Financial Crisis period’; data for the three-year period 2007 to 2009 constituted the ‘Global Financial Crisis period’ and data for the three-year period 2010 to 2012 constituted the ‘after the Global Financial Crisis period’. A panel regression model was used, and three different measures of leverage were tested. The findings indicate that the crisis had a significant impact on the capital structure of JSE listed firms. Firms were found to have lower levels of debt in the period before the crisis when compared with the crisis period. Furthermore, no significant change was found in firm leverage after the crisis, meaning that debt levels remained at similar levels after the crisis when compared with the period during the crisis. When looking at the determinants of the sampled firm’s capital structures, profitability, firm size and asset tangibility were found to have increased in significance in either the during, after-crisis period or both these periods, when compared with the before period. Growth opportunities were also found to be insignificant during the crisis but significant in both the before and after periods. Thus, it was these determinants that provided the mechanism through which JSE listed firms increased their leverage during the crisis. Ultimately, the results of this study point towards firms increasing leverage levels in times of economic crisis and financial distress
Copyright Ownership Is Guided By The University's

Intellectual Property policy

Students submitting a Thesis or Dissertation must be aware of current copyright issues. Both for the protection of your original work as well as the protection of another's copyrighted work, you should follow all current copyright law.