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Corporate social responsibility perceptions : a South African institutional investor perspective
Thesis (PhD)--Stellenbosch University, 2025.
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Stellenbosch : Stellenbosch University
2025
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| _version_ | 1867613956084858880 |
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| access_status_str | Open Access |
| author | Nel, Kara |
| author2 | Erasmus, P. D. |
| author_browse | Erasmus, P. D. Nel, Kara |
| author_facet | Erasmus, P. D. Nel, Kara |
| author_sort | Nel, Kara |
| collection | Thesis |
| dc_rights_str_mv | Stellenbosch University |
| description |
Thesis (PhD)--Stellenbosch University, 2025. |
| format | Thesis |
| id | oai:scholar.sun.ac.za:10019.1/131985 |
| institution | Stellenbosch University (South Africa) |
| language | en_ZA |
| last_indexed | 2026-06-10T12:44:22.712Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from SUNScholar — Stellenbosch University Repository |
| publishDate | 2025 |
| publishDateRange | 2025 |
| publishDateSort | 2025 |
| publisher | Stellenbosch : Stellenbosch University |
| publisherStr | Stellenbosch : Stellenbosch University |
| record_format | dspace |
| source_str | SUNScholar — Stellenbosch University Repository |
| spelling | oai:scholar.sun.ac.za:10019.1/131985 Corporate social responsibility perceptions : a South African institutional investor perspective Nel, Kara Erasmus, P. D. Mans-Kemp, Nadia Stellenbosch University. Faculty of Economic and Management Sciences. Dept. of Business Management. Social responsibility of business -- South Africa Investments -- Social aspects -- South Africa Investments -- Environmental aspects -- South Africa Institutional investments -- South Africa UCTD Thesis (PhD)--Stellenbosch University, 2025. Nel, K. 2025. Corporate social responsibility perceptions: A South African institutional investor perspective. Unpublished doctoral dissertation. Stellenbosch: Stellenbosch University [online]. Available: https://scholar.sun.ac.za/items/8f4ab97b-9826-47c2-8828-26c3f6aa4a7d ENGLISH SUMMARY: Companies are placing increased emphasis on corporate social responsibility (CSR) activities to address social and economic issues and to create value for stakeholders. Given the importance of corporate investment in CSR activities, it is essential to understand how CSR practices and performance are perceived by investors. Institutional investors can have a substantial impact on responsible corporate practices, given the size of their investments and related voting and negotiation powers. By reflecting on institutional investors' perceptions of sustainability practices, researchers can obtain a better understanding of the complexities related to responsible investment. However, there is limited scholarly evidence about how institutional investors process CSR information and which sustainability factors influence their decisions. Companies and investors in developing countries are challenged with multiple sustainability concerns that differ from the drivers of CSR in developed countries. Therefore, this study explored South African institutional investors' perceptions of CSR practices. Four research objectives were addressed. Firstly, CSR terminology was explored from an investment perspective. A systematic literature review was performed by conducting content and thematic analyses on 94 articles. The findings confirm that CSR has remained relevant in the investment context. Eight key dimensions were identified to describe CSR in this context, namely social concerns, stakeholders, economic factors, environment, action, voluntarism, ethics, and sustainability. These eight core dimensions were combined in a comprehensive, context-specific CSR definition. Secondly, the main CSR themes that institutional investors value were identified. This was done by analysing the sustainability themes on which selected local asset managers focused in their stewardship reports as well as the Sustainable Development Goals (SDGs) that they addressed through their investment mandates. The findings of the content analysis indicate that prioritised sustainability themes include climate action, infrastructure development and social considerations. Promising investment opportunities in companies that address social issues related to the health and well-being of society (SDG 3) and broadening access to quality education (SDG 4) were highlighted. Thirdly, South African institutional investors' perceptions of CSR concerns were explored through conducting semi structured interviews with asset managers. The findings revealed that CSR should form part of the primary purpose of an investee company. Asset managers focus on material and industry specific CSR concerns when making investment decisions. Factors that hindered the inclusion of CSR practices in decision-making included the relatively small local investable market, a limited client demand for sustainable investments, and insufficient disclosure of material sustainability information. The interviewees were positive about social and economic infrastructure investment opportunities. Refined regulation and client education could improve CSR practices in the local investment context. Lastly, the challenges that asset managers face to include social factors in their sustainable investment decisions were explored. The interview findings suggest that the considered asset managers focused on respecting human rights and maintaining healthy stakeholder relationships. Prominent challenges to incorporate social considerations in investment decisions included difficulty to measure social impact, the lack of standardised sustainability reporting guidelines pre-2023 and social washing. The need was therefore identified to develop a social impact measurement specifically for institutional investors in emerging markets. AFRIKAANSE OPSOMMING: Maatskappye plaas toenemend klem op korporatiewe sosiale verantwoordelikheid (KSV) aktiwiteite om sosiale en ekonomiese kwessies aan te spreek en om waarde vir belanghebbendes te skep. Gegewe die belangrikheid van korporatiewe investering in KSV aktiwiteite, is dit noodsaaklik om te verstaan hoe KSV-praktyke en prestasie deur beleggers waargeneem word. Institusionele beleggers kan gegewe die grootte van hul beleggings en verwante stem- en onderhandelingsmagte 'n wesenlike impak op verantwoordelike korporatiewe praktyke he. Navorsers eur na te dink oor institusionele beleggers se persepsies van volhoubaarheidspraktyke. Daar is egter beperkte wetenskaplike bewyse rakende die maniere waarop institusionele beleggers KSV-inligting verwerk en watter volhoubaarheidsfaktore hul besluite beinvloed. Maatskappye en beleggers in ontwikkelende lande word uitgedaag met veelvuldige bekommernisse rakende volhoubaarheid wat nie noodwendig dieselfde is as die dryfkragte van KSV in ontwikkelde lande nie. Hierdie studie het dus Suid- Afrikaanse institusionele beleggers se persepsies van KSV-praktyke ondersoek. Vier navorsingsdoelwitte is aangespreek. Eerstens, is KSV-terminologie vanuit 'n beleggingsperspektief ondersoek. 'n Sistematiese literatuuroorsig is uitgevoer deur middel van inhoud en tematiese ontledings op 94 ewekniegeevalueerde artikels. Die bevindinge bevestig dat KSV relevant bly in die beleggingskonteks. Agt kerndimensies is geidentifiseer om KSV in die beleggingskonteks te beskryf, naamlik sosiale bekommernisse, belanghebbendes, ekonomiese faktore, omgewing, aksie, vrywilligheid, etiek, en volhoubaarheid. Hierdie agt kerndimensies is gekombineer in 'n omvattende, konteksspesifieke definisie. Tweedens, is die hoof KSV-temas waaraan institusionele beleggers van waarde heg geidentifiseer. Dit is gedoen deur die volhoubaarheidstemas waarop geselekteerde plaaslike batebestuurders in hul volhoubaarheidsverslae gefokus het, asook die Volhoubare Ontwikkelingsdoelwitte (SDG's) wat hulle deur hul beleggingsmandate aangespreek het, te ontleed. Die bevindinge van die inhoudsontleding dui daarop dat geprioritiseerde volhoubaarheidstemas klimaataksie, infrastruktuurontwikkeling en sosiale oorwegings insluit. Belowende beleggingsgeleenthede in maatskappye wat maatskaplike kwessies wat verwant is aan die gesondheid en welstand van die samelewing (SDG 3) en uitbreiding van toegang tot kwaliteit onderwys (SDG 4) is uitgelig. Derdens, is Suid-Afrikaanse institusionele beleggers se persepsies van KSV-kwessies ondersoek deur semi-gestruktureerde onderhoude met batebestuurders te voer. Die bevindinge het aan die lig gebring dat KSV deel moet vorm van die primere doel van 'n maatskappy waarin bele is. Batebestuurders fokus op wesenlike en bedryfspesifieke KSV kwessies wanneer beleggingsbesluite geneem word. Faktore wat die insluiting van KSV-praktyke by besluitneming belemmer het, sluit in die relatief klein plaaslike belebare mark, 'n beperkte klientvraag na volhoubare beleggings en onvoldoende openbaarmaking van wesenlike volhoubaarheidsinligting. Die batebestuurders was positief oor maatskaplike en ekonomiese infrastruktuurbeleggingsgeleenthede. Verfynde regulering en kliente-opvoeding kan KSV-praktyke in die plaaslike beleggingskonteks verbeter. Laastens, is die uitdagings wat batebestuurders in die gesig staar om sosiale faktore in hul volhoubare beleggingsbesluite in te sluit ondersoek. Die onderhoud bevindinge dui daarop dat die batebestuurders daarop gefokus het om menseregte te respekteer en gesonde belangegroepverhoudings te handhaaf. Prominente uitdagings om sosiale oorwegings deel van die beleggingsbesluit te maak, sluit in probleme om sosiale impak te meet, die gebrek aan gestandaardiseerde volhoubaarheidsverslaggewingsriglyne voor 2023 en misleidende sosiale aansprake. 'n Behoefte is dus geidentifiseer om 'n gemeenskaplike impakmeting spesifiek vir institusionele beleggers in ontwikkelende markte te ontwikkel. Doctoral 2025-05-07T09:19:45Z 2025-05-07T09:19:45Z 2025-03 Thesis https://scholar.sun.ac.za/handle/10019.1/131985 en_ZA Stellenbosch University xviii, 298 pages : illustrations application/pdf Stellenbosch : Stellenbosch University |
| spellingShingle | Social responsibility of business -- South Africa Investments -- Social aspects -- South Africa Investments -- Environmental aspects -- South Africa Institutional investments -- South Africa UCTD Nel, Kara Corporate social responsibility perceptions : a South African institutional investor perspective |
| title | Corporate social responsibility perceptions : a South African institutional investor perspective |
| title_full | Corporate social responsibility perceptions : a South African institutional investor perspective |
| title_fullStr | Corporate social responsibility perceptions : a South African institutional investor perspective |
| title_full_unstemmed | Corporate social responsibility perceptions : a South African institutional investor perspective |
| title_short | Corporate social responsibility perceptions : a South African institutional investor perspective |
| title_sort | corporate social responsibility perceptions a south african institutional investor perspective |
| topic | Social responsibility of business -- South Africa Investments -- Social aspects -- South Africa Investments -- Environmental aspects -- South Africa Institutional investments -- South Africa UCTD |
| url | https://scholar.sun.ac.za/handle/10019.1/131985 |
| work_keys_str_mv | AT nelkara corporatesocialresponsibilityperceptionsasouthafricaninstitutionalinvestorperspective |