The investment opportunity set was the component of the organisation’s value resulting from the option to make future investments or growth opportunity. The value of an organisation comprised of assets in place and discretionary investments in positive net present value projects or growth opportunity. This investment opportunity set or growth opportunity was relevant to both the organisation and the economy for value creation. The discretionary investments included any discretionary expenditure necessary for the future growth the organisation and were packaged as policy decisions. This study elected debt policies, dividend policies, and broad-based empowerment shareholding as relevant policy decisions with the purpose of establishing the relationship between these policies and growth opportunity. This study was conducted over a five year period at company-level and industry-level. T-tests, correlation and regression tests were employed to explore the relationship between the variables. The results revealed that debt and growth opportunity was positively associated; dividend and growth opportunity was negatively associated although the evidence was weak; and black economic shareholding was negatively associated with growth opportunity and positively associated with assets in place.