{"id":{"repo_id":"cape-town","oai_identifier":"oai:open.uct.ac.za:11427/11548"},"canonical_url":"https://search.dev.ndltd.org/etd/cape-town/oai:open.uct.ac.za:11427/11548","repository":{"repo_id":"cape-town","name":"University of Cape Town","base_url":"https://open.uct.ac.za/oai/request"},"display":{"title":"The effect of South African dividend and capital gains taxes on cost of capital, firm value and capital structure","abstract":"I examine the effect of South African taxes, specifically the secondary tax on companies (STC) and capital gains tax (CGT) on investor measures of expected return and firm value, firm cost of capital and optimal capital structure. The discussion, findings and models presented in this study are entirely original in the field of South African corporate finance research. I model the relationship between STC, CGT and expected return and use this relationship to formulate an hypothesis of the expected behaviour of ex ante measures of implied cost of capital for a sample of listed South African companies.","abstract_html":"I examine the effect of South African taxes, specifically the secondary tax on companies (STC) and capital gains tax (CGT) on investor measures of expected return and firm value, firm cost of capital and optimal capital structure. The discussion, findings and models presented in this study are entirely original in the field of South African corporate finance research. I model the relationship between STC, CGT and expected return and use this relationship to formulate an hypothesis of the expected behaviour of ex ante measures of implied cost of capital for a sample of listed South African companies.","abstract_has_math":false,"creators":["Marcus, Matthew"],"institution":"School of Management Studies","degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":["Toerien, Francois"],"committee_chairs":[],"committee_members":[],"year":2010,"date_issued":"2010","date_published":"2010","updated_at":"2026-07-22T22:23:27Z","subjects":[],"languages":["eng"],"rights":[],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"http://hdl.handle.net/11427/11548","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["Toerien, Francois"]},{"key":"dc:creator","label":"Author","values":["Marcus, Matthew"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2015-01-06T12:02:10Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2015-01-06T12:02:10Z"]},{"key":"dc:date.issued","label":"Date","values":["2010"]},{"key":"dc:publisher.department","label":"Dc Publisher Department","values":["School of Management Studies"]},{"key":"dc:publisher.institution","label":"Dc Publisher Institution","values":["University of Cape Town"]},{"key":"dc:type","label":"Dc Type","values":["Doctoral Thesis"]},{"key":"dc:type.qualificationlevel","label":"Dc Type Qualificationlevel","values":["Doctoral"]},{"key":"dc:type.qualificationname","label":"Dc Type Qualificationname","values":["PhD"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language.iso","label":"Language (ISO)","values":["eng"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["http://hdl.handle.net/11427/11548"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["Includes abstract.","Includes bibliographical references (leaves 169-178)."]},{"key":"dc:description.abstract","label":"Abstract","values":["I examine the effect of South African taxes, specifically the secondary tax on companies (STC) and capital gains tax (CGT) on investor measures of expected return and firm value, firm cost of capital and optimal capital structure. The discussion, findings and models presented in this study are entirely original in the field of South African corporate finance research. I model the relationship between STC, CGT and expected return and use this relationship to formulate an hypothesis of the expected behaviour of ex ante measures of implied cost of capital for a sample of listed South African companies."]},{"key":"dc:title","label":"Title","values":["The effect of South African dividend and capital gains taxes on cost of capital, firm value and capital structure"]}]}],"canonical_facts":{"dc:contributor.advisor":["Toerien, Francois"],"dc:creator":["Marcus, Matthew"],"dc:date.accessioned":["2015-01-06T12:02:10Z"],"dc:date.available":["2015-01-06T12:02:10Z"],"dc:date.issued":["2010"],"dc:description":["Includes abstract.","Includes bibliographical references (leaves 169-178)."],"dc:description.abstract":["I examine the effect of South African taxes, specifically the secondary tax on companies (STC) and capital gains tax (CGT) on investor measures of expected return and firm value, firm cost of capital and optimal capital structure. The discussion, findings and models presented in this study are entirely original in the field of South African corporate finance research. I model the relationship between STC, CGT and expected return and use this relationship to formulate an hypothesis of the expected behaviour of ex ante measures of implied cost of capital for a sample of listed South African companies."],"dc:identifier.uri":["http://hdl.handle.net/11427/11548"],"dc:language.iso":["eng"],"dc:publisher.department":["School of Management Studies"],"dc:publisher.institution":["University of Cape Town"],"dc:title":["The effect of South African dividend and capital gains taxes on cost of capital, firm value and capital structure"],"dc:type":["Doctoral Thesis"],"dc:type.qualificationlevel":["Doctoral"],"dc:type.qualificationname":["PhD"]},"updated_at":"2026-07-22T22:23:27Z"}