Suzette Viviers

Stellenbosch University | SUN · Department of Business Management

Purpose: As shareholder-elected monitors, independent non-executive directors (INEDs) should ensure that managers do not retain earnings to promote their own interests. The relationship between board independence and dividend distributions was hence investigated for selected companies listed on the Johannesburg Stock Exchange (JSE). The country off...

Purpose Given the urgency to address the climate change crisis, the purpose of this study was to investigate the impact of 12 macro-level antecedents on energy and environmental (E&E) shareholder activism in 12 developed countries. Focus was placed on shareholder-initiated E&E resolutions. Design/methodology/approach Panel regressions were used to...

Although some scholars have investigated the appointment of women to corporate boards from a pragmatic legitimacy angle, moral legitimacy in a self-regulatory context such as South Africa have warranted further attention. Thus this study focused on selected drivers of board gender diversity, including environmental, social and governance considerat...

The growing number of corporate scandals globally highlights the importance of effective corporate governance mechanisms. Many of the corporate governance frameworks that are rooted in the agency theory advocate the election of independent non-executive directors, an independent chairperson, and a lead independent director. Shareholder voting on th...

The effectiveness of independent directors has been questioned following several corporate failures. The definition of independence has considerably evolved when comparing the four King Reports on corporate governance in South Africa. Drawing on the agency and resource dependence theories, the authors developed an instrument to assess director inde...

Purpose: Broad-Based Black Economic Empowerment (B-BBEE) legislation was introduced to promote the economic participation of black people in the South African economy. Some scholars have argued that, whilst it is important to empower black people, B-BBEE legislation is not necessarily the best mechanism available. Despite the criticism against B-BB...

Long before the term ‘impact investment’ was coined, Historical Homes of South Africa Limited was established in 1966. This company bought memorable historical buildings that could otherwise have been demolished, restored them, and rented them out at commercial rates. By preserving cultural heritage, they encourage tourism and hence economic growth...

Purpose Institutional investors in emerging markets are increasingly under pressure to integrate environmental, social and corporate governance considerations into their investment analyses and ownership practices. Old Mutual Investment Group (OMIG) is a South African-based institutional investor that has long been regarded as a pioneer in responsi...

Background: Legislation was implemented in South Africa in 2003 and revised in 2013 to promote Broad-Based Black Economic Empowerment (B-BBEE). Aim: To investigate the relationship between B-BBEE compliance and a range of financial health measures among publicly listed companies. Setting: Altogether 379 companies listed on the Johannesburg Stock Ex...

Background: Legislation was implemented in South Africa in 2003 and revised in 2013 to promote Broad-Based Black Economic Empowerment (B-BBEE). Aim: To investigate the relationship between B-BBEE compliance and a range of financial health measures among publicly listed companies. Setting: Altogether 379 companies listed on the Johannesburg Stock...

The composition of top corporate structures can have a considerable impact on corporate governance. Moreover, it increasingly draws the attention of practitioners and shareholders. As such, the authors examined the composition of boards and board committees which comprised of a sample of the largest companies listed on the Johannesburg Stock Exchan...

Purpose: Impact investing is one of the fastest-growing responsible investment strategies globally. Although more than two-thirds of global impact investments occur in emerging markets, limited research has been undertaken on the topic in an emerging market context. The authors investigated the main barriers and opportunities that impact investors...

Purpose Directors can become overextended when they serve on multiple boards simultaneously. Previous scholars mostly considered directorships held at listed companies. This study aims to investigate the extent and impact of director overboardedness in an emerging market by using a comprehensive measure. Design/methodology/approach The analysis co...

Impact investing is gaining substantial traction globally and in sub-Saharan Africa. In contrast to conventional investors, impact investors not only seek financial returns, but also measurable, positive social and environmental impact. A growing number of impact investments have been observed in the region in recent years, particularly in water pu...

Background: Shareholders and other stakeholders in South Africa are increasingly raising their concerns in public about seemingly excessive executive remuneration. Most of their criticism is rooted in the large and growing wage gap in the country. Aim: The authors investigated the nature of the entities whose executive remuneration policies and pr...

This study investigated the role that impact investors could play in the water purification infrastructure sector. Impact investors are individuals and institutions that invest in companies, organisations and funds with the aim of generating social and environmental impact alongside financial return. These investors are increasingly interested in e...

Drawing from social movement theory, the study set out to identify the main challengers and dominant institutional logics being challenged in what can be called the ‘fair and responsible executive remuneration’ social movement in South Africa. Relevant articles on executive remuneration-related shareholder activism were sourced from local newspaper...

Purpose Several mechanisms exist to address the low levels of gender and race diversity in boardrooms, including mandatory quotas, voluntary targets and investor activism. Based on the similarity-attraction theory, the authors investigated whether nomination committees of companies listed on the Johannesburg Stock Exchange (JSE) could serve as an...

Concerns have been raised by shareholders and corporate governance experts about directors serving on too many boards simultaneously. The contrasting busyness and experience hypotheses have been used in this study to explain the consequences of the phenomenon. South Africa presents a unique case study given pressure on listed companies to improve t...

Scholars and shareholder activists have raised concerns about directors serving on multiple boards simultaneously. Semi-structured interviews were conducted with 10 experienced diverse South African directors to investigate the causes and consequences of overboardedness. Interviewees identified the limited talent pool and board diversity targets as...

Orientation: To effectively fulfil their multiple roles, the four King Reports suggest several development mechanisms for newly appointed and seasoned directors. Research purpose: This study investigated the most prominent King III director development initiatives used by the Johannesburg Stock Exchange (JSE) Top 40 companies over the period 2011–...

Given growing inequality in South Africa, shareholders are increasingly questioning the size and composition of executive remuneration packages. They are also demanding greater transparency on the criteria and processes used to award performance incentives. The researchers hence investigated the extent and depth to which a sample of companies liste...

Shareholder activists play a key role in monitoring managerial behaviour. This study was undertaken given the paucity of research on the shareholder activism as practised by individual shareholders. Accordingly, the motives, modus operandi and sources of salience of Mr Theo Botha, a well-known shareholder activist in South Africa, were investigated...

Research purpose: Board gender diversity is gaining increasing attention globally and in South Africa. Although more women are serving on the boards of companies listed on the Johannesburg Stock Exchange (JSE), they only represent approximately one-fifth of all directors. This situation mirrors international trends. A review of the extant literatur...

Despite strong growth in responsible investing (RI) internationally, only a few institutional investors in South Africa have adopted this investment philosophy. This article contributes to the limited body of African RI literature by identifying significant events that shaped the nature of the South African RI market from 1992 to 2014, investigatin...

Despite increased recognition of the importance of sound corporate governance practices in emerging markets, previous researchers reported inconclusive evidence on the association between corporate governance and financial performance. Authors that predominantly focused on board-related variables might, however, have failed to reflect the complex n...

In the 20th century, corporate governance mechanisms have been developed globally to curb the negative effects of the agency problem. South Africa was a pioneer with the publication of the first King Report on corporate governance in 1994. Given the paucity of research on corporate governance in the country, the researchers set out to investigate t...

Chapter nine by Nadia Mans-Kemp and Suzette Viviers deals with responsible investment in South Africa, one of the largest countries on the African continent. Although RI currently only represents a fraction of the country’s total assets under management, an increasing number of unitized and non-unitized funds with an RI mandate were developed since...

This study investigated the nature of institutional shareholder activism in South Africa with a particular focus on proxy voting as a public form of shareholder discontent. A total of 24 510 votes cast by 17 local investment management companies in 2013 were analysed. Interviews were also conducted with selected investment managers to gain more ins...

The issue of board diversity has been widely debated. Given the lack of conclusive empirical evidence, this study investigated the relationship between gender and race board diversity and the financial performance of South African companies. The sample covered 1 542 annual observations over the period 2002 to 2012. The percentage of female and blac...

The outcome dividend model suggests that companies exhibiting sound corporate governance compliance typically pay high dividends. In line with international research, this study provides empirical support for the model’s relevance in South Africa. Using content analysis, a comprehensive corporate governance score was computed for a sample of compan...

The year 2013 marked the 21st anniversary of responsible investing (RI) in South Africa. No systematic analysis of the nature of RI strategies and criteria has, however, been conducted. Content analysis of the investment mandates of 73 RI funds has revealed that the majority of asset managers employ impact investing strategies which address social...

PurposeThe anti-apartheid movement represented a cornerstone for socially responsible investors in the 1970s and 1980s driven by the willingness to promote lasting social change. What happened next in terms of socially responsible investing (SRI) in the free South Africa? This chapter explores the local development of SRI in South Africa post-apart...

Reductive management theories (based on the utility maximisation economic model) are increasingly being criticised as the cause of recent corporate scandals. Management education has neglected the interwovenness of humans and the environment, and the moral obligation of businesses towards the natural environment. This study identified perceptions o...

p>The entrepreneurial intentions and behaviours of South African university students are important factors to consider when developing entrepreneurship offerings at local universities. This article reports on pertinent findings from a study which set out to determine South African students’ career choice intentions and entrepreneurship behaviours a...

This research addresses a gap in the literature on responsible investing (RI) in South Africa by studying the risk-adjusted performance of RI unit trusts available to retail investors. The Sharpe, Sortino and Upside-potential ratios for 16 RI unit trusts, their benchmarks and a matched sample of conventional unit trusts were calculated for the peri...

p>Stimulating social entrepreneurship in South Africa has the potential to address not only the high youth unemployment rate in the country, but also other pressing social and environmental challenges. This study was conducted as part of the 2011 Global University Entrepreneurial Spirit Students’ Survey and focused on South African university stude...

This article describes 35 years of academic research into investment practices that in some way integrate a consideration of environmental, social and corporate governance issues. A review of 190 academic papers was undertaken to identify trends in five domains, namely 'Primary Name', 'Research Themes', 'Ethical Foundations', 'Research Approach' an...

The aim of this study was to reflect on the origins and meanings of names describing investment practices that integrate a consideration of environmental, social and corporate governance issues in the academic literature. A review of 190 academic papers spanning the period from 1975 to mid-2009 was conducted. This exploratory study evaluated the as...

This paper, which is the first in a two-part series, sets out the development of a conceptual model on the variables influencing investors’ decisions to use derivatives in their portfolios. Investor-specific variables include: the investor’s needs, goals and return expectations, the investor’s knowledge of financial markets, familiarity with differ...

This paper, which is the second of a two-part series, presents the empirical findings of testing a number of variables influencing investors’ decisions to use derivatives in their portfolios. Five variables were deemed very important by a sample of 21 experts in the financial services industry in South Africa. These were: the level of information a...

Purpose Capital budgeting is a key issue in corporate finance and over time major theoretical developments have been incorporated into the appraisal processes of capital intensive companies. The purpose of this paper is to investigate the capital budgeting practices of a sample of motor manufacturing companies in South Africa and compare the empiri...

This paper contributes to the body of knowledge on impact investing in South Africa by defining the phenomenon, outlining the relationship between philanthropy, responsible investing (RI) and impact investing, and discussing the moral roots and historical development of these three concepts. Attention is also given to the current status of philanth...

This study investigates trends with regard to sustainability reporting by five prominent mining companies listed on the JSE. The 2005 to 2008 annual and sustainability reports of these companies were analysed by means of content analysis. Keywords relating to economic empowerment, HIV/AIDS, other health and safety issues, environmental impact as we...

p>The purpose of this research was to investigate the level of environmental awareness and engagement among local SMME owners/managers. The views of 250 SMME owners/managers in the Nelson Mandela Bay region were obtained by means of a survey questionnaire. The findings indicate that respondents are becoming more aware of the impact of their actions...

Given growing interest in the phenomenon of Responsible Investing (RI), both locally and internationally, the purpose of this paper is to provide an overview of the RI sector in South Africa. It focuses on the definition and characteristics of RI within the South African context; the size and nature of the local RI sector and the obstacles which im...

This study explores the factors that impact the growth and development of the Socially Responsible Investment (SRI) sector in South Africa. In addition it investigates the role that SRI has to play in ensuring sustainable economic growth and development for South Africa going forward. Consistent with earlier research, the study's findings suggest t...

p>Given the important socio-economic role performed by Small, Medium and Micro Enterprises (SMMEs) and the negative consequences of fraud on their businesses, the objective of this study was to investigate the perceptions and management of fraud by SMME owners/managers. Respondents were of the opinion that fraud is a serious and increasing problem...

Given growing interest in the phenomenon of Responsible Investing (RI), both locally and internationally, the purpose of this paper is to provide an overview of the RI sector in South Africa. It focuses on the definition and characteristics of RI within the South African context; the size and nature of the local RI sector and the obstacles which im...

A growing number of investors, globally and in South Africa, are embracing the concept of Responsible Investing (RI). In essence RI refers to a combination of investment strategies that integrate ethical as well as environmental, social and corporate governance considerations into investment analysis and decision making processes. Given the growing...

The failure rate of small businesses is unacceptably high, and millions of Rands are being lost because of essentially avoidable mistakes and problems.The objective of this paper is to establish to what extent small businesses in a typical South African setting, experience selected problems as negatively influencing the success of their business.Ju...

Access to finance has been cited as one of the most prominent constraints facing SMMEs in South Africa. This study seeks to establish whether this indeed is the case and to identify the factors hindering this process. Judgmental sampling was used in a survey conducted among small business owners/managers operating in a metropolitan area in South Af...