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.,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.,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).,Real-time JSE announcements of all share repurchases are required to improve transparency.,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.

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JSE上市公司在衰退后的股票回购行为：是否透明？

股票回购在南非越来越多地被采用。年度报告中对股票回购的披露很少，而且约翰内斯堡证券交易所（JSE）并未实时宣布很高比例的股票回购。截止到2009年，已经建立了由JSE上市公司进行的股票回购的综合数据库，但衰退后的回购行为尚不清楚。本研究旨在调查经济衰退后时期的南非股票回购行为（活动，回购实体，回购类型和透明度），并将其与2000-2009年期间进行比较。通过仔细研究年度报告和JSE公告获得。在2008/2009年的金融衰退期间，股票回购达到了顶峰，股票回购在经济衰退后处于较低水平。子公司执行的回购减少了衰退后的情况，这可能是由于引入了股息税。但是，未通过JSE宣布45％的股票回购价值（2000-2009年为22％）。为了提高透明度，所有股票回购的实时JSE宣布都是必需的。经济衰退后的南非观察到与股票回购相关的透明度不足。增强公司治理要求可以提高透明度。可能是由于引入了股息税。但是，未通过JSE宣布45％的股票回购价值（2000-2009年为22％）。为了提高透明度，所有股票回购的实时JSE宣布都是必需的。经济衰退后的南非观察到与股票回购相关的透明度不足。增强公司治理要求可以提高透明度。可能是由于引入了股息税。但是，未通过JSE宣布45％的股票回购价值（2000-2009年为22％）。为了提高透明度，所有股票回购的实时JSE宣布都是必需的。经济衰退后的南非观察到与股票回购相关的透明度不足。增强公司治理要求可以提高透明度。