dc.contributor.author |
Tshipa, Johannes (Jonty)
|
|
dc.contributor.author |
Brummer, L.M., 1940-
|
|
dc.contributor.author |
Wolmarans, Hendrik Petrus
|
|
dc.contributor.author |
Du Toit, Elda
|
|
dc.date.accessioned |
2018-10-04T06:37:51Z |
|
dc.date.available |
2018-10-04T06:37:51Z |
|
dc.date.issued |
2018-04-18 |
|
dc.description |
J.T. conducted this study in pursuit of his doctoral degree.
L.M.B., H.W. and E.dT. were his supervisors. (http://hdl.handle.net/2263/62685) |
en_ZA |
dc.description.abstract |
BACKGROUND : Premised on agency, resource dependence and stewardship theories, the study
investigates empirically the existence of industry nuances in the relationship between corporate
governance and financial performance of companies listed in the Johannesburg Stock Exchange.
AIMS : The main objective of the study is to understand the relationship between internal
corporate governance and company performance from the perspective of three distinct
economic periods, as well as industry nuances, cognisant of endogeneity issues.
SETTING : South Africa, as an emerging African market, offers an interesting research context in
which the corporate governance and financial performance nexus can be examined empirically.
METHOD : A sample of 90 companies from the five largest South African industries, covering a
13-year period from 2002 to 2014 (1170 firm-year observations) was examined with three
estimation approaches.
RESULTS : Two key trends emerged from this study. First, the relationship between corporate
governance and company performance differed from industry to industry. Second, the
association between corporate governance and company performance also changes during
steady and non-steady periods, which is an indication that the nexus is driven by the state of
the global economy and the type of the industry.
CONCLUSION : Evidence from the study suggests that companies should be allowed to optimise
rather than maximise their corporate governance options. This finding questioned the
approach of the recently published King IV Code of Good Corporate Governance, which
requires Johannesburg Stock Exchange-listed companies to ‘apply and explain’ as opposed to
‘apply or explain’ as pronounced by King III Code of Good Corporate Governance. |
en_ZA |
dc.description.department |
Financial Management |
en_ZA |
dc.description.librarian |
am2018 |
en_ZA |
dc.description.uri |
http://www.sajems.org |
en_ZA |
dc.identifier.citation |
Tshipa, J., Brummer, L.M.,
Wolmarans, H. & Du Toit E.,
2018, ‘The effect of industry
nuances on the relationship
between corporate
governance and financial
performance: Evidence from
South African listed
companies’, South African
Journal of Economic and
Management Sciences 21(1),
a1964. https://DOI.org/10.4102/sajems.v21i1.1964. |
en_ZA |
dc.identifier.issn |
1015-8812 (print) |
|
dc.identifier.issn |
2222-3436 (online) |
|
dc.identifier.other |
10.4102/sajems.v21i1.1964 |
|
dc.identifier.uri |
http://hdl.handle.net/2263/66696 |
|
dc.language.iso |
en |
en_ZA |
dc.publisher |
University of Pretoria, Department of Economics |
en_ZA |
dc.rights |
© 2018. The Authors.
Licensee: AOSIS. This work
is licensed under the
Creative Commons
Attribution License. |
en_ZA |
dc.subject |
Industry nuances |
en_ZA |
dc.subject |
Corporate governance |
en_ZA |
dc.subject |
Financial performance |
en_ZA |
dc.subject |
Impacts |
en_ZA |
dc.subject |
Diversity |
en_ZA |
dc.subject |
Perspectives |
en_ZA |
dc.subject |
Crises |
en_ZA |
dc.subject |
Directors |
en_ZA |
dc.subject |
Board size |
en_ZA |
dc.subject |
CEO duality |
en_ZA |
dc.subject |
Agency theory |
en_ZA |
dc.subject |
Ownership structure |
en_ZA |
dc.subject |
Firm performance |
en_ZA |
dc.subject |
Chief executive officer (CEO) |
en_ZA |
dc.subject |
Johannesburg Stock Exchange (JSE) |
en_ZA |
dc.title |
The effect of industry nuances on the relationship between corporate governance and financial performance : evidence from South African listed companies |
en_ZA |
dc.type |
Article |
en_ZA |