ESG reporting and the institutional shareholder base: a quantitative study of listed companies on the Johannesburg Stock Exchange

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dc.contributor.authorMoikwatlhai, Kagisho Benjamin
dc.date.accessioned2020-09-17T12:43:43Z
dc.date.available2020-09-17T12:43:43Z
dc.date.issued2019
dc.descriptionA research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Masters of Commerce (Accountancyen_ZA
dc.description.abstractPrevious research findings suggest that companies within developed markets which report on environmental, social and governance (ESG) issues attract a long term oriented institutional investor base. Against this background, the purpose of this study was to assess whether this relationship holds true within an emerging market context. Using cross-sectional time series data for 114 Johannesburg Stock Exchange (JSE) listed companies over the period 2012 to 2016, this study investigated whether the integration of ESG factors in investor decision making has resulted in investments being held into the long term by institutional investors and whether this relationship varies between different sectors of the JSE. The results were based on a regression analysis which was performed employing data from the Thomson Reuters ASSET4 platform as a proxy for ESG reporting scores against institutional investor shareholdings. The results did not indicate a statistically meaningful relationship between ESG reporting and the long term oriented institutional investor base even at the industry level. The results did not appear to be consistent with similar studies in developed markets, partly as a consequence of the JSE comprising greater quasi institutional investors as compared to dedicated investors. The results suggest that institutional investor’s commitment to the United Nations Principles for Responsible Investment (UN PRI) and Code for Responsible Investing in South Africa (CRISA) is yet to translate into investments in JSE companies being held long term. These findings motivate for further academic analysis of ESG-long term investor relationship, to policy setters the results call for greater consideration to be given to policy changes or industry guidance in order to ensure that the objectives as set out by the UN PRI and CRISA are achieved.en_ZA
dc.description.librarianNG (2020)en_ZA
dc.description.sponsorshipBankSeta
dc.facultyFaculty Commerce, Law and Managementen_ZA
dc.format.extentOnline resource (115 leaves)
dc.identifier.citationMoikwatlhai, Kagisho Benjamin (2019) ESG reporting and the institutional shareholder base:a quantitative study of listed companies on the Johannesburg Stock Exchange, University of the Witwatersrand, Johannesburg, <http://hdl.handle.net/10539/29689>
dc.identifier.urihttps://hdl.handle.net/10539/29689
dc.language.isoenen_ZA
dc.rights.holderUniversity of the Witswatersrand, Johannesburg
dc.schoolSchool of Accountancyen_ZA
dc.subjectUCTD
dc.subjectESG
dc.subjectInstitutional investor
dc.subjectInvestment decision
dc.subjectLong term investor
dc.subject.lcshInstitutional investments
dc.subject.lcshFinancial statements
dc.subject.otherSDG-8: Decent work and economic growth
dc.titleESG reporting and the institutional shareholder base: a quantitative study of listed companies on the Johannesburg Stock Exchangeen_ZA
dc.typeDissertationen_ZA
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