Nicolene Hamman and Andrew Phiri
The purpose of the study is to evaluate whether nighttime luminosity sourced from the Defense Meteorological Satellite Program-Operational Linescan System satellite sensors is a…
Abstract
Purpose
The purpose of the study is to evaluate whether nighttime luminosity sourced from the Defense Meteorological Satellite Program-Operational Linescan System satellite sensors is a suitable proxy for measuring poverty in Africa.
Design/methodology/approach
Our study performs wavelet coherence analysis to investigate the time-frequency synchronization between the nightlight data and “income-to-wealth” ratio for 39 African countries between 1992 and 2012.
Findings
All-in-all, the authors find that approximately a third of African countries produce positive synchronizations between nighttime data and “income-to-wealth” ratio and hence conclude that most African countries are not at liberty to use nighttime data to proxy conventional poverty statistics.
Originality/value
In differing from previous studies, the authors examine the suitability of nightlight intensity as a proxy of poverty for individual African countries using much more rigorous analysis.
Details
Keywords
Gretha Steenkamp and Nicolene Wesson
Share repurchases are increasingly employed in South Africa. Disclosure on share repurchases in annual reports is poor, and a high percentage of share repurchases are not…
Abstract
Purpose
Share repurchases are increasingly employed in South Africa. Disclosure on share repurchases in annual reports is poor, and a high percentage of share repurchases are not announced in real time on the Johannesburg Stock Exchange (JSE). A comprehensive database of share repurchases by JSE-listed companies has been created up to 2009, but post-recession repurchase behaviour is not known. This study aims to examine South African share repurchase behaviour (activity, repurchase entity, repurchase type and transparency) in the post-recession period and compare this to the 2000–2009 period.
Design/methodology/approach
Comprehensive share repurchase data for all JSE-listed companies (excluding those in the basic materials and financial industries) were obtained by scrutinising annual reports and JSE announcements.
Findings
The repurchasing of shares reached a peak during the financial recession of 2008/2009, with share repurchases stabilising at a lower level post-recession. Repurchases executed by subsidiaries have decreased post-recession, probably owing to the introduction of dividends tax. However, 45% of the share repurchase value was not announced via the JSE (compared to 22% in 2000–2009).
Practical implications
Real-time JSE announcements of all share repurchases are required to improve transparency.
Originality/value
Owing to low announcement rates, a lack of transparency relating to share repurchases was observed in South Africa post-recession. Enhanced corporate governance requirements could improve transparency.