https://cris.library.msu.ac.zw//handle/11408/166 2026-04-15T22:24:15Z 2026-04-15T22:24:15Z Chawarura, Wilfreda Indira Sibanda, Mabutho Mamvura, Kuziva https://cris.library.msu.ac.zw//handle/11408/6894 2025-11-04T06:53:47Z 2025-01-01T00:00:00Z

Title: The Impact of ESG on the Financial Performance of Johannesburg Stock Exchange-Listed Companies Authors: Chawarura, Wilfreda Indira; Sibanda, Mabutho; Mamvura, Kuziva Abstract: The relationship between ESG and firm performance is complex and tends to yield mixed results globally. In South Africa, ESG implementation is still in its infancy stage due to economic and developmental challenges. Despite these challenges, the JSE introduced sustainability disclosure guidelines in 2022 to enhance ESG adoption in South Africa. Thus, the study seeks to understand the impact of ESG and firm size on the financial performance of JSE-listed firms in South Africa. The study utilised the JSE Top 40 firms for the period from 2002 to 2022. Furthermore, the study employed a two-step System Generalised Method of Moments, to estimate the impact of total ESG and individual dimensions of ESG on firm financial performance. Additionally, the study examined the moderating effects of firm size on the relationship between financial performance and ESG. The results revealed a positive and significant relationship between total ESG and firm financial performance. However, the findings regarding individual ESG dimensions and firm performance are mixed. Firm size has a moderating effect on the relationship between ESG and firm financial performance. The implication of these findings for South Africa is increased foreign direct investment from green investors and listed firms seriously considering ESG in their operations.

2025-01-01T00:00:00Z Chawarura, Wilfreda Indira Sibanda, Mabutho Mamvura, Kuziva Matanda Ephraim https://cris.library.msu.ac.zw//handle/11408/6576 2025-04-29T10:18:49Z 2024-01-01T00:00:00Z

Title: Credit risk modelling by commercial banks in Southern Africa in the presence of market friction (1997 - 2020) Authors: Matanda Ephraim Abstract: The research proposes and examines new structural equity, risk of default, expected loss, and profitability models for banks in frictional and fuzzy financial markets. It is motivated by the need to fill the shortcomings of structural probability-based asset and credit risk models such as Merton (1974) and Black and Scholes (1973) that are characterised by unrealistic assumptions such as crisply precise and constant risk-free rates of return and asset volatilities. The problem investigated here specifically proposes new Kealhofer-Merton-Vasicek (KMV) and vector auto-regression (VAR) models for the valuation of equities, risks of default, expected losses, and profitability of banks respectively which are extended for both market friction represented by transaction costs and uncertainty modelled by fuzziness. The respective novel valuation models are then validated using cross-sectional financial data of listed banking corporations drawn from several emerging economies in Southern Africa. The results from the proposed equity and credit risk models are fairly stable, reliable, and consistent compared to those from conventional or structural credit risk models currently used for bank valuations in the markets. Therefore these proposed models are relevant in that they fairly capture practical conditions faced by banks in emerging markets that influence their equity, risk metrics, and credit exposures in their quest to improve capitalisation, financial performance, and shareholders' wealth. The study recommends that banks in frictional and fuzzy financial markets, such as those in emerging economies can adopt and implement the proposed models to even out under and overestimation errors caused by unrealistic assumptions underlying the structural models currently used worldwide.

2024-01-01T00:00:00Z Matanda Ephraim Gurira, Primrose Parwada, Jerry T. https://cris.library.msu.ac.zw//handle/11408/6504 2025-11-03T08:07:42Z 2024-01-01T00:00:00Z

Title: Informal Foreign Currency Market Rate Coordination and Remittance Flows Authors: Gurira, Primrose; Parwada, Jerry T. Abstract: An unintended consequence of remittance flows to economically troubled countries may be the exacerbation of parallel foreign currency market activities. Studying clandestine markets is often hobbled by a lack of data on informal market coordination mechanisms. This paper examines the impact of the sudden cessation of an informal foreign currency exchange reference rate in Zimbabwe on inward remittance flows and public attention to money transfer operators. While the reference rate existed, there was bi-directional feedback between black market currency rates and retail diaspora remittance flows, but not with the flows of non-governmental organizations (NGOs). The abolition of the informal reference rate did not stall retail diaspora remittance flows. NGO remittances reacted negatively to the ban, suggesting concerns with government policy. Online attention on money transfer operators increased after the reference rate’s cessation suggesting remitters shifted to formal channels. Accordingly, remittance costs reduced significantly.

2024-01-01T00:00:00Z Gurira, Primrose Parwada, Jerry T. Primrose Gurira https://cris.library.msu.ac.zw//handle/11408/6480 2024-12-12T06:43:03Z 2023-08-25T00:00:00Z

Title: The impact of international money transfer cost transparency on remittance flows to emerging economies Authors: Primrose Gurira Abstract: Purpose The purpose of this study is to explore the impact of cost transparency introduced by the Remittance Prices Worldwide (RPW) online transaction cost comparison tool on remittance inflows of remittance recipient countries in emerging economies. Design/methodology/approach Panel fixed-effect model was employed to test the hypothesis focussing on the period five years before and five years after the adoption of the RPW tool. Macroeconomic determinants of international remittances were also included in the model, and the study focused on 115 emerging economies. Findings The econometric results reveal that financial development, gross domestic product (GDP) and inflation encourage remittance inflows, whereas interest rate and age dependency ratio discourage remittances. Political stability and migrant stock seem not to influence remittances flowing into emerging markets. Originality/value Empirical evidence corroborates the hypothesis that an increase in cost transparency boosts remittance flows. The findings suggest cost transparency is another lever for policymakers to target in boosting remittance flows.

2023-08-25T00:00:00Z Primrose Gurira