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  1. Herding in international REITs markets around the COVID-19 pandemic
    Autor*in: Lesame, Keagile; Ngene, Geoffrey; Gupta, Rangan; Bouri, Elie
    Erschienen: [2022]
    Verlag:  Department of Economics, University of Pretoria, Pretoria, South Africa

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    ZSS 52
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 11159/8525
    Schriftenreihe: Department of Economics working paper series / Department of Economics, University of Pretoria ; 2022, 18 (April 2022)
    Schlagworte: International REITs; Herding; COVID-19; Quantile-on-Quantile Regression; Probit Model
    Umfang: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  2. Determinants of corporate cash holdings in South Africa
    Autor*in: Karwowski, Ewa; Szymborska, Hanna; Lesame, Keagile; Thoka, Tlhologelo
    Erschienen: August 2022
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    Globally, corporate cash holdings have risen since the 1980s. In South Africa, some commentators have accused corporations of engaging in an 'investment strike', while others see corporate liquidity as a precaution against systemic uncertainty. We... mehr

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    Globally, corporate cash holdings have risen since the 1980s. In South Africa, some commentators have accused corporations of engaging in an 'investment strike', while others see corporate liquidity as a precaution against systemic uncertainty. We use the unique South African Revenue Service/National Treasury firm-level dataset to scrutinize corporate liquidity, using panel analysis. Relative to GDP, corporate cash and liquidity holdings have not increased between 2010 and 2017. However, corporate cash is high in international comparison and has grown at the firm level. We do not find evidence for the hypothesis that companies are engaging in an investment strike. Cash and liquidity are shaped by idiosyncratic and sectoral risk factors. In the short run, heightened uncertainty might reduce corporate cash and liquidity as firms struggle to adjust to an unexpected economic situation. In the medium run, we find a strong association between political uncertainty and corporate cash and liquidity holdings.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292672164
    Weitere Identifier:
    hdl: 10419/267834
    Schriftenreihe: WIDER working paper ; 2022, 85
    Schlagworte: South Africa; corporate liquidity; cash holdings; panel analysis
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  3. Dividends policy and payouts
    evidence from South Africa
    Autor*in: Driver, Ciaran F.; Grosman, Anna; Scaramozzino, Pasquale; Lesame, Keagile
    Erschienen: 22 May 2023
    Verlag:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: South African Reserve Bank working paper series ; WP, 23, 03
    Schlagworte: Dividend policy; dividend payout; South Africa; business investment; listed companies; unlisted companies; taxation
    Umfang: 1 Online-Ressource (circa 37 Seiten)
  4. The asymmetric impact of economic policy uncertainty on firm-level investment in South Africa
    firm-level evidence from administrative tax data
    Autor*in: Lesame, Keagile
    Erschienen: March 2021
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    This paper uses firm-level data and a news-based measure of economic policy uncertainty to provide empirical evidence that economic policy uncertainty has a negative impact on firm-level investment in South Africa. Firms' investment decisions in... mehr

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    This paper uses firm-level data and a news-based measure of economic policy uncertainty to provide empirical evidence that economic policy uncertainty has a negative impact on firm-level investment in South Africa. Firms' investment decisions in response to uncertainty reflect firms' heterogeneity. Medium-sized firms and, to a different extent, small firms reduce their investment by much more than large firms in response to increased policy uncertainty. The relationship between firms categorized by size and the degree of financial constraints they face implies that financially constrained firms are more sensitive to uncertainty than large, unconstrained firms.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292569907
    Weitere Identifier:
    hdl: 10419/243378
    Schriftenreihe: WIDER working paper ; 2021, 52
    Schlagworte: economic policy uncertainty; firm-level investment; South Africa; firm heterogeneity
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  5. The size distribution of monetary policy effects among South African manufacturing firms
    firm-level evidence from administrative tax data
    Autor*in: Lesame, Keagile
    Erschienen: April 2019
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    Monetary policy is believed to have a disproportionate effect on firms, depending on their size. Financially constrained firms with limited access to capital markets are expected to be more sensitive to changes in interest rates; this is... mehr

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    Monetary policy is believed to have a disproportionate effect on firms, depending on their size. Financially constrained firms with limited access to capital markets are expected to be more sensitive to changes in interest rates; this is characteristic of small firms. This paper empirically tests this hypothesis for firms in the South African manufacturing sector, using the South African Revenue Service's comprehensive tax administrative data set. The interest coverage ratio is used to measure firms' debt service burden, thus capturing the effect of changes in interest rates on the debt burden of firms categorized by size. The results provide evidence to support the argument that the effect of monetary policy decisions on manufacturing firms depends on firm size: smaller firms experience greater effects of interest rate changes. These findings suggest that monetary authorities should consider the balance sheet health of firms, particularly small firms, when making monetary policy decisions.

     
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    Volltext (kostenfrei)
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292566661
    Weitere Identifier:
    hdl: 10419/211262
    Schriftenreihe: WIDER working paper ; 2019, 32
    Umfang: 1 Online-Ressource (circa 16 Seiten), Illustrationen