The controllable determinants of liquidity in the context of securitised real estate companies in South Africa

Belgrove, J. B. (2014-12)

Thesis (MBA)--Stellenbosch University, 2014.


This research assignment investigated the determinants of liquidity in the South African securitised real estate sector over the period 1992 to 2012. The main findings suggested that market capitalisation is the most important driver of liquidity and that in contrast to other studies, the levels of insider ownership and shareholder equity do not influence liquidity. Dividend yield and, to a lesser extent, share price level was also found to be positively related to liquidity, which was surprising given the findings in literature. Good managers can therefore enhance share performance and value by focusing on building market capitalisation and maintaining high dividend pay-outs.

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