Financial Management Research

The Department’s expertise in Financial Management cover topics such as the impact of ESG investing on financial performance, behavioural finance, corporate governance, shareholder activism, and impact investing.

The impact of environmental, social and governance (ESG) investment

Dreyer, J.A., Viviers, S. &amp; Mans-Kemp, N. 2021. Broad-Based Black Economic Empowerment and corporate financial health. International Journal of Technology Management. https://doi.org/10.4102/sajems.v24i1.3652
Johnson R. 2020. The link between environmental, social and corporate governance disclosure and the cost of capital in South Africa. Journal of Economic and Financial Sciences. https://doi.org/10.4102/jef.v13i1.543
Mans-Kemp, N. &amp; Van Der Lugt, C.T. 2020. Linking integrated reporting quality with sustainability performance and financial performance in South Africa. South African Journal of Economic and Management Sciences. http://dx.doi.org/10.4102/sajems.v23i1.3572
Johnson, R., Mans-Kemp, N. &amp; Erasmus, P.D. 2019. Assessing the business case for environmental, social and corporate governance practices in South Africa. South African Journal of Economic and Management Sciences. https://doi.org/10.4102/sajems.v22i1.2727
Nel, K., Erasmus, P.D. & Mans-Kemp, N. 2024. Exploring the perceptions of asset managers on corporate social responsibility challenges and opportunities in South Africa. South African Journal of Business Management. Forthcoming.
Nel, K., Erasmus, P.D. & Mans-Kemp, N. 2023. Demystifying the use of corporate social responsibility terminology in the investment context. Journal of Economic and Financial Sciences. https://doi.org/10.4102/jef.v16i1.850
Nel, K., Mans-Kemp, N. & Erasmus, P.D. 2023. Sustainable thematic investing: Identifying opportunities based on an analysis of stewardship reports. Sustainability. https://doi.org/10.3390/su15108411
Zhang, Q. & de Vries, A. 2023. Striving for sustainable development: The impact of corporate social responsibility on corporate performance of Chinese manufacturing multinationals in Africa. Sustainable Development, 31(5): 3328-3345. https://doi.org/10.1002/sd.2588
Marais, F., Van der Lugt, C.T. & Mans-Kemp, N. 2022. Mainstreaming environmental, social and governance integration in investment practices in South Africa: A proposed framework. Journal of Economic and Financial Sciences, 15(1): a787. https://doi.org/10.4102/jef.v15i1.787
Zhang, Q. & de Vries, A. 2022. Seeking moral legitimacy through corporate social responsibility: Evidence from Chinese manufacturing multinationals. Sustainability, 14: 5245. https://doi.org/10.3390/su14095245
Nel, K., Erasmus, P.D. & Mans-Kemp, N. 2021. The effect of perceptions of corporate identity and corporate social responsibility practices on investment intention. Journal of Economic and Financial Sciences. 14(1): a657 https://doi.org/10.4102/jef.v14i1.657

Behavioural finance

Baker, K., De Ridder, A. &amp; De Vries, A. 2018. Stockholdings of first-time and more experienced investors. Review of Behavioral Finance. https://doi.org/10.1108/RBF-11-2016-0077
De Vries, A., Erasmus, P.D. &amp; Schlechter, C. 2017. The familiar versus the unfamiliar: Familiarity bias amongst individual investors. Acta Commercii. https://journals.co.za/doi/abs/10.4102/ac.v17i1.366

Corporate governance

Van Zyl, M. &amp; Mans-Kemp, N. 2021. A multi-stakeholder view on director remuneration guidance in South Africa. South African Journal of Accounting Research. https://doi.org/10.1080/10291954.2021.1938882
Van Zyl, M. &amp; Mans-Kemp, N. 2020. Reflecting on corporate governance in South Africa: Lessons learned and the way forward. Southern African Business Review. https://journals.co.za/doi/10.25159/1998-8125/6654
Mans-Kemp, N., Viviers, S. &amp; Weir, J. 2020. Investigating the extent and impact of director overboardedness using a comprehensive measure. Corporate Governance: The International Journal of Business in Society. https://doi.org/10.1108/CG-07-2019-0234
Dos Santos, G. Viviers, S. & Venter, E. 2024. The composition of listed family firm boards in South Africa: Alignment to best practices and governance codes. South African Journal of Business Management, 55(1):a4565. https://doi.org/10.4102/sajbm.v55i1.4565
Dos Santos, G., Venter, E.* & Viviers, S. 2024. Board independence and dividend distributions in listed South African family firms. Full paper presented at the 7th International Family Business Research Forum, 29-31 October, Paphos, Cyprus. NOMINATED FOR BEST PAPER AWARD.
Mans-Kemp, N. & Swartz, A. 2024. Disclosure on the linkages between executive pay and sustainability in a highly unequal country. Acta Commercii, 24(1), a1297 https://doi.org/10.4102/ac.v24i1.1297
Coetzee, D., Mans-Kemp, N. & de Vries, A. 2024. Testing the reliability and validity of the input-process-output board effectiveness model in South Africa. Full paper published in the proceedings of the 35th SAIMS Conference, Stellenbosch, South Africa, 8-11 September.
Viviers, S. & Steenkamp, L-A. 2023. Shareholder-initiated environmental and energy resolutions: too little too late? Sustainability Accounting, Management and Policy Journal, 14(5):1022-1051. DOI: 10.1108/SAMPJ-01-2022-0050
Janse van Vuuren, M.R., Mans-Kemp, N. & Viviers, S. 2023. Who monitors the monitors? An examination of listed companies in an emerging market context. International Journal of Disclosure and Governance, 20(1):213–230. DOI: 10.1057/s41310-022-00165-1
Viviers, S., Mans-Kemp, N., Janse van Vuuren, M.R. & Shiel, T. 2023. Investigating the link between board independence and dividend distributions in South Africa. South African Journal of Business Management, 54(1), a3643. 11 pages. DOI: 10.4102/ sajbm.v54i1.3643
Mans-Kemp, N. & Rossouw, L. 2023. Measuring technology and information governance disclosure: an emerging market perspective. Full paper published in the proceedings of the 34th SAIMS conference, 10-13 September.
Van Zyl, M. & Mans-Kemp, N. 2023. Insider perspectives on director remuneration governance deliberations. Personnel Review, 52(3): 799-816.
Mans-Kemp, N. & Rossouw, L. 2023. Measuring technology and information governance disclosure: an emerging market perspective. Full paper published in the proceedings of the 34th SAIMS conference, 10-13 September.
Putter, L.F., Mans-Kemp, N. & Johnson, R. 2023. Navigating Industry 4.0: A conceptual review of cyber risk, security and resilience in South Africa. Full paper published in the proceedings of the 34th SAIMS conference, 10-13 September, facilitated by Akademia.
Van der Lugt, C.T. & Mans-Kemp, N. 2022. Integrated reporting: A cross-cutting theoretical view on its use and value. Journal of Economic and Financial Sciences, 15(1), a703. https://doi.org/10.4102/jef.v15i1.703
Mans-Kemp, N. & Flanegan, J.N. 2022. Prudent and proactive board succession planning: A case study of selected companies in South Africa. Acta Commercii, 22(1), a970. https://doi.org/10.4102/ac.v22i1.970
Van Zyl, M. & Mans-Kemp, N. 2022. A multi-stakeholder view on director remuneration guidance in South Africa. South African Journal of Accounting Research, 36(3): 195-212. https://doi/10.1080/10291954.2021.1938882
Viviers, S., Mans-Kemp, N. & Shiel, T. 2022. Drivers of board gender diversity in a self-regulatory context. Management Dynamics, 31(1):1-17. DOI: 10.10520/ejc-mandyn_v31_n1_a1
Viviers, S., Mans-Kemp, N.*, Janse van Vuuren, M.R. & Shiel, T. 2022. Investigating the link between board independence and dividend distributions for selected companies listed on the Johannesburg Stock Exchange. Full paper published in the proceedings of the 2022 Corporate Governance Conference, 12-13 December, Cape Town.
Mathura, K. & Mans-Kemp, N.# 2022. Corporate governance post-2020: Expectations of South African corporate representatives. Full paper published in the proceedings of the 33rd SAIMS conference, 11-13 September.
Van Heusden, M.,* Mans-Kemp, N. & Viviers, S. 2021. Proposed instrument to assess director independence in South Africa. Full paper published in the proceedings of the 32nd annual conference of the Southern African Institute of Management Scientists, 13-14 September, Online. ISBN: 9781928472483. Pages 483-103.
Van Zyl, M. & Mans-Kemp, N. 2021. Director pay disclosure: Assessing the application of the King guidelines. Full paper published in the proceedings of the 32nd SAIMS Conference, 13-14 September., Runner-up award

Shareholder activism

Viviers, S. &amp; Mans-Kemp, N. 2021. Successful private investor activism in an emerging market. Corporate Governance: The International Journal of Business in Society. 10.1108/CG-11-2019-0366
Viviers, S., Mans-Kemp, N., Kallis, L. &amp; Mckenzie, K. 2019. Public ‘say on pay’ activism in South Africa: Targets, challengers, themes and impact. South African Journal of Economic and Management Sciences. https://journals.co.za/doi/abs/10.4102/sajems.v22i1.3251
Viviers, S. &amp; Theron, E. 2019. The effect of public investor activism on trust: A case study in the asset management sector. Journal of Economic and Financial Sciences. https://journals.co.za/doi/10.4102/jef.v12i1.199
Viviers, S. 2022. Assessing the relationship between governance quality and shareholder voting opposition at listed family firms in South Africa. Management Dynamics, 31(1):18-38. https://hdl.handle.net/10520/ejc-mandyn-v31-n1-a2

Impact investing

Viviers, S. &amp; De Villiers, J.U. 2021. Impact investments that have stood the test of time: Historical Homes of South Africa (1966-2020). Journal of Sustainable Financial and Investments. https://doi.org/10.1080/20430795.2021.1891780
McCallum, S.R. &amp; Viviers, S. 2020. Exploring key barriers and opportunities in impact investing in an emerging market setting. South African Journal of Business Management. https://doi.org/10.4102/sajbm.v51i1.1601
Viviers, S. &amp; De Villiers, J.U. 2022. Impact investments that have stood the test of time: Historical Homes of South Africa (1966-2020). Journal of Sustainable Financial and Investments, 12(4):1009-1026. DOI: 10.1080/20430795.2021.1891780 .

Cross-country research

Steyn, J.P., Gilbert, E. &amp; Viviers, S. 2024. The low-volatility effect in African frontier equity markets. Investment Analysts Journal, 53(3):189-206. https://doi.org/10.1080/10293523.2024.2361986
Viviers, S. &amp; Wesson, N. 2024. A cross-country, macro-level investigation into earnings retention during the COVID-19 pandemic. Journal of Economic and Financial Sciences, 17(1):a969. https://doi.org/10.4102/jef.v17i1.969

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