Ownership And Control In South Africa Under Black Rule
AbstractAn article published in this journal three years ago defended the South African corporate ownership system with its five largest "groups" then exercising effective control over companies representing nearly 80% of the value of the Johannesburg Stock Exchange-as "an efficient outcome of a largely voluntary market process in which owner-managers compete for capital supplied mainly by South African institutional investors." This article extends the earlier analysis by noting that, since the beginning of black majority rule in 1994, the South African group system has adapted by finding ways for black entrepreneurs to participate in the control and ownership of major South African businesses. And such experiments in "black empowerment" have produced a number of notable successes. At the same time, the idea of investing in shares has now become widely accepted in black communities that once viewed the Stock Exchange as a bastion of exclusive white interests. 1998 Morgan Stanley.
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Bibliographic InfoArticle provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.
Volume (Year): 10 (1998)
Issue (Month): 4 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1078-1196
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- Andrews, Matthew, 2008. "Is Black Economic Empowerment a South African Growth Catalyst? (Or Could It Be...)," Working Paper Series rwp08-033, Harvard University, John F. Kennedy School of Government.
- Samuel Fosu, 2013. "Capital Structure, Product Market Competition and Firm Performance: Evidence from South Africa," Discussion Papers in Economics 13/11, Department of Economics, University of Leicester.
- O. Beelders, 2003. "An investigation of the unconditional distribution of South African stock index returns," Applied Financial Economics, Taylor & Francis Journals, vol. 13(9), pages 623-633.
- Fosu, Samuel, 2013. "Capital structure, product market competition and firm performance: Evidence from South Africa," The Quarterly Review of Economics and Finance, Elsevier, vol. 53(2), pages 140-151.
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