Faculty of Commerce, Law and Management (ETDs)

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    Exploring Covid-19 disclosure patterns: A comparative analysis of the financial statements of a sample of top-, mid-, and small-tier companies listed on the Johannesburg Stock Exchange, Nigerian Exchange and the London Stock Exchange in the 2020 and 2021 financial years
    (University of the Witwatersrand, Johannesburg, 2023) Makara, Motanyane; Gomez, Samantha
    This study is an exploration of the impact of Covid-19 on the accounting standard disclosures of a sample of companies from the Johannesburg Stock Exchange (JSE), Nigerian Exchange (NGX) and London Stock Exchange (LSE). The study is a comparison of the impact of Covid-19 between developing nations and a developed nation. It explores how the impact of Covid-19 was disclosed in the financial statements of the sample companies from the top-, mid-, and small-tiers of the stock exchanges. Stakeholder theory and Legitimacy theory are applied to better understand the study due to their emphasis on transparency and accountability to shareholders. A content analysis was carried out using financial statements of 90 companies from the LSE, 79 companies from the JSE and 37 companies from the NGX. Covid-19 disclosures were not as prevalent as expected in the financial statements. The study finds that the JSE and LSE had a higher number of Covid-19 disclosures than the NGX in both years. The number of disclosures between the market tiers varies by stock exchange however. The most impact disclosed in all the stock exchanges revolved around IFRS 16 Leases, IAS 1 Presentation of Financial Statements with focus on going concern, and IAS 36 Impairment of Assets. Covid-19 had the consequence of halting business activity globally. This meant assets were unused, affecting impairment and leasing activities. Going concern also became a major issue for businesses worldwide. The study is guided by the legitimacy and stakeholder theories to contribute to the literature on the impact of major events on the disclosure practices of entities taking into the need for stakeholders to have adequate information provided
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    Performance of the Johannesburg Stock Exchange as a growth catalyst of small medium enterprises
    (2023) Maluleka, Julia
    Small and medium-sized enterprises (SMEs) seek equity financing through stock exchanges to fund future growth opportunities, acquisitions, existing projects, and investment opportunities. The Johannesburg Stock Exchange (JSE) and Alternative exchange (AltX) provide a platform for SMEs to list and raise capital. In this paper, we investigate the impact that the AltX and JSE has on the growth, operating performance, and market performance of listed SMEs. The panel regression model is used to investigate this relationship. We used revenue growth as a proxy for growth, earnings per share (EPS) as a proxy for operating performance and share price as a proxy for market performance. Our independent variables were small businesses characteristics (age, size, leverage, dual listing, and industry) and stock market indicators (market liquidity, stock market capitalisation, volume, capital raised, and IPO ratio). GDP growth was included as a control variable. The panel data used in this study were collected from 2007 to 2020, and the estimation sample consists of 34 companies listed on AltX and 49 companies listed on the JSE mainboard. The empirical findings show that leverage, market liquidity and the industrials industry have an impact on the revenue growth of listed SMEs. The results of the impact of listing on the operating performance of listed small businesses using EPS as a proxy show that company age, size, dual listing, capital raised, and industries such as industrials, technology, consumer services, and healthcare influence the EPS of small businesses listed on the JSE and AltX. Our findings on SMEs market performance indicate that company size, age, leverage, dual listing, IPO ratio and industries such as consumer services, financials, industrials, technology, and telecommunications all have a significant impact on the share price of listed SMEs. We also found that the JSE and AltX have a differential impact on listed small businesses.