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
  • 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.v…
  • 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/su151…
  • 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.25…
  • 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.v…
  • 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/su140…
  • 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.v…

 

Corporate governance

  • 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…

  • 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.v…

  • 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.v2…

  • 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…

  • 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. 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/…

Impact investing

  • Viviers, S. & 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. & Viviers, S. 2024. The low-volatility effect in African frontier equity markets. Investment Analysts Journal, 53(3):189-206. https://doi.org/10.1080/10293….

  • Viviers, S. & 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.v…

 

The Financial Management team provides effective post-graduate supervision. Below is a list of recent MCom and PhD titles supervised by colleagues in the focal area. The wide range of topics encompasses our central focal area theme of value(s)-based management to create value in a sustainable manner over the long run. Post-graduate studies are aligned with our areas of research specialisation. 

 

MCom:

Coetzee, D. 2024. Board processes, task performance and effectiveness: A South African perspective. (Supervisor: Dr de Vries; Co-supervisor: Prof Mans-Kemp)

Dos Santos, G. 2024. Board independence and dividend distributions in listed family firms in South Africa. (Supervisor: Prof Viviers; Co-supervisor: Prof Venter (Nelson Mandela University))

Hickman, N.A. 2024. Linking earnings management and environmental, social, and corporate governance performance: A cross-country study. (Supervisor: Dr de Vries; Co-supervisor: Prof Viviers)

Johnson, L. 2024. Accounting- and value-based perspectives on the linkages between working capital management and financial performance. (Supervisor: Prof Erasmus; Co-supervisor: Prof Mans-Kemp)

Louw, K. 2024. Selected deal characteristics of mergers and acquisitions and chief executive officer overconfidence: A South African study. (Supervisor: Dr de Vries; Co-supervisor: Prof Viviers)

Putter, L. 2024. MCom. The relationship between board gender diversity and cybersecurity disclosure: An emerging market perspective. (Supervisor: Mrs Johnson; Co-supervisor: Prof Mans-Kemp)

Moll, L.F. 2023. Investor short-termism on the Johannesburg Stock Exchange. (Supervisor: Prof. Erasmus)

Janse van Vuuren, M. 2022. Towards enhanced independence: Investigating shareholder voting on director election proposals. (Supervisor: Prof S. Viviers; Co-supervisor: Prof Mans-Kemp)

van Zyl, M. 2021.Reflecting on the King IV director remuneration recommendations: A financial services perspective. (Supervisor: Prof Mans-Kemp)

 

PhD:

Nel, K. 2025. A study of corporate social responsibility perceptions: A South African institutional investor perspective. (Supervisor: Prof Erasmus; Co-supervisor: Prof Mans-Kemp)

Roux, E. 2025. Robust retirement planning models. (Supervisor: Prof de Villiers; Co-supervisor: Prof Erasmus)

De Vries, A. 2024. A behavioural asset pricing approach: Perspectives from the South African stock market. (Supervisor: Prof Erasmus; Co-supervisor: Prof Görgens (Department of Industrial Psychology)