Gender, ethnicity and stock liquidity: evidence from South Africa

Nguyen, Ha; Muniandy, Balachandran

doi:10.1111/acfi.12668

Cited by 12 publications

(14 citation statements)

References 95 publications

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“…Following prior studies (Ahmed and Ali, 2017; Nguyen and Muniandy, 2021), I use four individual measures of board effectiveness (Boardsize, Boardind, Boardmeet and Ceoduality) and four individual measures of audit committee effectiveness (Auditsize, Auditind, Auditmeet and Finexpert). Following Gul et al (2013), I use factor analysis to identify the commonalities underlying individual measures.…”

Section: Resultsmentioning

confidence: 99%

“…Similar to Graham et al (2017), my instruments are motivated by the social interaction theory, which suggests that a firm’s behaviour is affected by their peers in the same industry. Accordingly, I follow Nguyen and Muniandy (2021) and choose the fraction of Blacks on the board of directors (Blboardind) [3] and the audit committee in the firm’s own industry [4] (Blauditind) as my instruments for the fraction of Blacks on the board of directors (Pctblboard) and the audit committee (Pctbleaudit), respectively.…”

Section: Resultsmentioning

confidence: 99%

“…My sample consists of all listed firms on the JSE from 2003 to 2018 [1]. However, my initial data comprises firm-year observations from 2003 to 2018 because of the use of lagged independent variables in my model to reduce possible reverse causality problems (Fields et al , 2012; Nguyen and Muniandy, 2021). I also eliminate firm-year observations with insufficient data.…”

Section: Methodsmentioning

confidence: 99%

“…To address the potential simultaneity bias or "omitted variable" problems, I use the IV tests. The basic requirement for validity is that instruments have no effect on the dependent variable except through their effect on the suspected endogenous independent variables (Nguyen and Muniandy, 2021). Similar to Graham et al (2017), my instruments are motivated by the social interaction theory, which suggests that a firm's behaviour is affected by their peers in the same industry.…”

Section: Board Ethnicity and Board Independencementioning

confidence: 99%

“…Under the economic value argument, ethnic diversity accounts for better monitoring and disciplinary effects and for higher quality decision-making (Nguyen and Muniandy, 2021). In particular, ethnic diversity on corporate boards tends to account for a more effective board (Carcello et al , 2002), and a better external corporate information environment (Upadhyay and Zeng, 2014).…”

Section: Introductionmentioning

confidence: 99%

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Audit fees, board ethnicity and board independence: evidence from South Africa

Muniandy

2022

MAJ

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Purpose The purpose of this paper is to examine the relationship between ethnic diversity on corporate boards and audit fees in the context of South Africa. Additionally, this paper investigates how the interaction between board ethnicity and board independence affects audit fees. Design/methodology/approach This study uses a quantitative research method with a panel data analysis to test proposed hypotheses. This study’s sample consist of listed firms on the Johannesburg Stock Exchange (JSE) from 2003 to 2018. Findings This study finds that firms with more Black directors on corporate board have higher audit fees. It also shows that the positive relation between board independence and audit fees is more pronounced for firms with greater ethnic diversity on corporate boards. Further, this study finds that the presence of Black directors on corporate board can increase board effectiveness. Lastly, firms with more Black directors on corporate board tend to be audited by Big N auditors. The findings of this study illustrate the implication of an equity narrative to board diversity for organisational outcome. Research limitations/implications The results reported in this paper have both practical and policy implications regarding the presence of ethnic diversity on corporate boards. The findings also suggest that there is a need to establish an appropriate balance of ethnic diversity on corporate boards as part of regulatory reform. Regulators should be aware of the positive impacts of the requirement for board diversity on corporate boards. Originality/value To the best of the authors’ knowledge, this is the first study to examine whether the presence of Black directors on corporate boards affects audit fees. It also investigates the interaction effects between the presence of Black directors on the board and board independence.

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Section: Resultsmentioning

confidence: 99%

Section: Resultsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

Section: Board Ethnicity and Board Independencementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Audit fees, board ethnicity and board independence: evidence from South Africa

Muniandy

2022

MAJ

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Sustainability reporting in Africa: A systematic review and agenda for future research

Igwe

Khatib

Bazhair

2023

Corp Soc Responsibility Env

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This study provides a comprehensive systematic review of the sustainability reporting research focused on Africa. Using a systematic literature review approach, we synthesized 179 high‐quality journal articles obtained from the Scopus database. The study revealed that the extent and quality of SDGs and sustainability reporting in Africa are still very low and unsatisfactory. Also, we found that the existing studies mainly concentrated on the determinants of sustainability reporting, while limited research addressed the outcomes and sustainability assurance. Furthermore, the review indicates that firms in Africa predominantly focused on reporting their economic and social impacts while paying less attention to environmental protection. The study contributes to knowledge by providing an up‐to‐date and comprehensive review of sustainability reporting studies from important research contexts such as Africa. In doing so, we offer a more nuanced understanding of sustainability research in the region. We equally identified inconsistencies, gaps, and opportunities for future research.

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Gender diversity in management and corporate financial performance: A systematic literature review

Gaio,

Lucas,

Junior

et al. 2024

Corp Soc Responsibility Env

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With many studies on the participation of women in management positions, a systematic review of gender diversity and its impact on the financial performance of companies over the last 20 years is in demand. To this end, we conducted a literature review of 370 articles, 359 of which were empirical studies published in the most relevant journals of Finance and Business Administration. As a result of the analysis, the characteristics of the research, the main authors, the journals, the theories used, and the relationships between variables were identified. The results show that most research points to evidence of a positive relationship between female participation and financial performance under different aspects (e.g., return, risk, cost of capital, fraud, etc.). This study contributes to the academic debate on the relationship between gender diversity and firm performance. In addition to this review, we outline a theoretical framework and present future research agendas.

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Gender, ethnicity and stock liquidity: evidence from South Africa

Cited by 12 publications

References 95 publications

Audit fees, board ethnicity and board independence: evidence from South Africa

Audit fees, board ethnicity and board independence: evidence from South Africa

Sustainability reporting in Africa: A systematic review and agenda for future research

Gender diversity in management and corporate financial performance: A systematic literature review

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