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“Understanding the role of shareholder activism in shaping corporate governance: Evidence from JSE Listed Companies”.
Notably, shareholders are deemed the vital stakeholders of a business, and it goes without saying that their interest in the functions of the business, entirely, are of crucial importance. It is said that responsibility, transparency and open disclosure with shareholders are vital to preserving efficient relationships, and hence figure out the long-run success and sustainability of a business (Zaid 2023). Although numerous shareholders possess a considerable interest in the business’s finances and how these are handled, ESG (environmental, social, and governance) interests have enormously surged. It is said that the questions on the moral culture of a business, the way in which the business is managing the problem of climate change, and governance problems such as executive remuneration, are vital and formulate a considerable part of shareholder activism (Huang 2022). Shareholder activism must not be perceived as a negative factor, but as a positive factor in the view for good corporate governance and moral behaviour by all businesses. It can be said that shareholders have an interest in numerous operational areas and the businesses required to certify that its level of details, transparency and obedience in all aspects of operations are offered sufficient attention (Brochet, Ferri and Miller 2021).
By employing their possession rights as partial possessors, whether via a vote on shareholder proposals or via direct dialogue with the business of a definite problem, activist investors try to pressurise the business to alter its corporate behaviour. It has been found that shareholder activism inspects concurrently socially responsible investment, corporate governance, and stakeholder activism, with the expansion of returns being their major goal (Uysal 2023.). Nevertheless, this new topic is still fairly uninvestigated in respect of JSE Listed Banks in the current literature.
South Africa is deemed an appealing investment and a vital role player in global events like economics, law, and more. It is further greatly regarded globally by its counterparts as a vital trade partner (Mans-Kemp and van Zyl 2021). It is henceforth vital to examine the role of stakeholder activism on corporate governance. Moreover, in the South African Setting, shareholders are found to not be bothered by corporate governance rules and problems like sustainability, risk management, and more. It can be said that non-engagement is subsequently due to lack of shareholders’ knowledge of activism (Gerged, Albitar and Al‐Haddad 2023).
It is found that the South African Banking Sector has been confronting challenges in practising appropriate corporate governance guidelines. This industry is found to play a vital role as a primary source of funding for the native economy and as a significant financial intermediary (Inekwe, Hashim and Yahya 2021). It is further found that this industry has experienced the slump of numerous banks that has been accounted for by poor governance activities and the agency problem (Siue, Wang and Deladem 2019).
The current study will be utilised as a standard for growing markets internationally to balance shareholder and governance expectations in fast-varying economies. It will contribute as a rational guide to help BODs (board of directors) of JSE listed companies in dealing with stakeholder activism. There has been restricted all-inclusive study research carried out on the role of shareholder activism on corporate governance and the range of relations accessible to them that this current study will endeavour to alter. Shareholder activism not just links with financial info disclosure but also non-financial data disclosure like CSR. The non-financial information on societal and ecological areas which collaborate with financial performanvce is vital to interests of shareholders. As CSR disclosure has become a crucial part in decisions of shareholders, and what investors pursues from activism (Yang 2019). Hence, understanding the link between these terms has taken an essential place in this study.
“What is the role of shareholder activism for shaping corporate governance of JSE Listed Companies with respect to the Banking Sector?”
H1: There is a relationship between shareholder activism and corporate governance.
H0: There is no significant relationship between shareholder activism and corporate governance.
The research objective will be to “study the role of shareholder activism for shaping corporate governance of JSE Listed Companies with respect to the Banking Sector?
The principal theoretical approach in this study of shareholder activism is agency theory. The main crux of this theory is an extensive concern regarding the divergence of interests between agents and principals. Employing this theory, it is said that board autonomy, external director busyness, and CEO duality are vital forces which might be contributing to surged levels of shareholder activism. It also states that the existence of shareholder activism must surge the level of monitoring of the business (Shingade and Rastogi 2019). Enhanced monitoring must curb agency issues and contribute to refined business performance. It has been stated that the agency theory depends on the principal-agent relation in which shareholder types form such relations uniquely. Moreover, this theory entails the motivation for massive shareholder activism that argues that activism is playing an effective role in external governance monitoring (Berns and Williams 2022). Three are costs for effective governance which are balanced with side advantages. Strong oversight from more concentrated shareholder blocks eliminates the agents not functioning in the ideal interests of stakeholders (Subramanian 2020). As per DesJardine and Shi (2023), the agency theory forecasts that activist shareholders might incline to target businesses who reflect governance and performance issues. Consequently, agency costs are less applicable or visible when businesses are in good health in respect of corporate governance. Accordingly, superiorly governed businesses are less probable to be targeted by activists. Nevertheless, when shareholders’ interests are not gratified and synchronised with present managerial decisions, shareholder activists might either discuss their dissatisfaction by suggesting changes or they might choose to sell their positions. The companies with intensified agency issues, like seeking personal agendas rather than surging firm value, can remove such issues when shareholders pursue control over business decisions. Therefore, shareholder activism is appropriate to counter agency issues (Kapkiyai, Cheboi and Komen 2020).
According to the scholar Kabi (2015), shareholder activism possesses a positive impact on corporate governance frameworks. It means the proactive engagement of investors in numerous areas of corporate governance and combating against the fraudulent and wrong actions of a company. It has been asserted that the activists were found to be effective in obtaining their intended governance-linked changes executed in cooperatives. Moreover, it is specifically realistic for performance-associated changes and the elimination of ineffective directors. The scholar in this study used the qualitative research methodology and primary research technique of data collection using semi-structured interview technique. The main finding of this study was that shareholder activism is essential to refined corporate governance in the businesses. It eventually finds shareholder activism as a procedure which improves worth and refines manners in which organisations perform business in SA. It further found that as a consequence of shareholder activism, businesses have refined CG practices in place and transparency and refined disclosures. The problems which were raised are no-longer restricted just to efficiency but to the whole economy like BEE (Girard-Guerraud, Goodman and Louche 2023). Another scholar Ahn and Wiersema (2021) found that activists at the time of securing their interests to safeguard the interests of other shareholders. As stated by Aslan (2021), it is said that shareholder activism by hedge funds has become a vital corporate governance event in the current century in the USA. The engagement of such funds was found to remain a vital component of the nation’s corporate governance approach moving ahead. Also, it is asserted that shareholder activism refines transparency in companies. It implies that the institutional shareholders conduct meetings with business management to discuss tactical practices constantly and are engaged in actions to endorse corporate governance norms and responsibility. Moreover, they evaluate information concerned with businesses wherein they have capitalised on a constant basis (Flammer, Toffel and Viswanathan 2021).
Furthermore, scholar Bencomo (2021) opines that shareholders’ activism is an extremely guiding technique in regards to corporate governance. The governance conversions seeked by shareholder activists seek to shed certain light on authentic and successful governance activities of securing shareholder interests. It has been found by this study that the more shareholders get engaged, the more businesses might be corporate governance obedience, and optimistically the more the capitalization returns and hence more investment prospects.
The study by Santos (2019) asserted that shareholder activists hold the corporate governance setting and implement more usual pressure on directors to serve on numerous resolutions. Their objectives stretch from fiscal (surge of shareholder value via changes in business policies, funding structures, cost-cutting and more) to non-fiscal (adoption of eco-friendly rules). This study found that the absence of strong shareholder activism in SA severely erodes effective levels of management compliances and corporate governance. It is suggested that shareholder apathy must be a historic aspect and shareholders should connect together in contesting for their rights and security of their capitalizations. The shareholders further are recommended to be capable to keeping directors to account by probing pertinent questions and providing recommendations in the interests of effective corporate citizenship and sustainability. This study is found to perform quantitative analysis using regression model with the help of dependent and independent variables (Hamdani and Hannes 2019).
It is stated by Şendur (2020) that a shareholder is considered an owner of shares or equity in a business. These are considered as investors who abide to benefit from the business’s development or lose when the business’s fates worsen. According to Freeman (2023), interests of shareholders are inherently associated with those of the business. They are the stakeholders with an interest or concern in something mainly business.
As opined by Back and Colombo (2021), shareholder activism is deemed the way which institutional and retail shareholders might involve in decisions in their organisations about ecological, social, and governance considerations. Scholar found that retail shareholders indicate those who capitalise in businesses in their individual capability while institutional shareholders indicate the assess managers accountable to capitalise money on behalf of their customers. Such managers entail pension funds, foreign businesses, mutual funds, and more.
As per study by Ntuli (2020), shareholder activism is not clearly and legally regulated in SA (South Africa). It is unsuccessfully and contingently provided under the Companies Act. It is found that the pertinent shareholder rights offered under Companies Act facilitate shareholders to be involved with their business management via private and public mechanisms. Furthermore, it is asserted by Cassim (2022) that the shareholder activism system in the SA might be employed via numerous campaigns commenced by shareholders who desire to effect variation in their businesses in respect of areas like CSR (corporate social responsibility) and CG (corporate governance). The diverse shareholder activism campaigns encompass the say-on-pay that usually offers shareholders with an assisting vote on remuneration policies of directors. It is found further that shareholders might also use vote-no campaigns that indicate to shareholders retaining their vote to elect directors while persuading others to perform the same (Lozano-Reina and Sánchez-Marín 2020).
Corporate governance means the relation of a business with its shareholders. Moreover, it is found to serve a bridge between investors, stakeholders, and BODs (board of directors) (Gallego‐Álvarez and Pucheta‐Martínez 2020). As per Tortilla and Sacchetti (2022), it is found that corporate governance must be in a way that should be capable of restoring the faith and self-esteem of entire stakeholders of the organisation. Company is deemed the section of society and hence it is accountable mainly to the investors but eventually to the society at large. Another study by Sakawa and Watanabe (2020) found that when the businesses self-control them in a way positive to their development and appropriate for the civilization, there is a minimal necessity for the governmental agencies to interfere. This can endorse the enlargement and growth of business with industrial development. Nevertheless, when those entities do not certify robust self-control, the lawful means has to be considered to certify that companies discharge their accountabilities to the investors and all stakeholders.
It is found by Fairfax (2019) that the result of effective shareholder activism campaigns is fruitful to the business, the investors, and the civilization at large. It might be apparent via enhanced financial efficiency and refinements in obedience with corporate governance policies. The advantages which might follow to investor activists entail fiscal benefits, enhanced information disclosures from directors, and optimised impact and rightfulness in their organisations. These advantages might only be realised when there is a positive environment for strong shareholder activism to happen in businesses. Consequently, policymakers must adopt sufficient statutory actions and other suitable awareness actions to endorse shareholder activism in all JSE Listed Companies in SA. The usual civilization wherein the pertinent business functions might also benefit from effective shareholder activism campaigns that endorse and impose CSR practices and other suitable ecological practices (Luthuli 2022).
Research Paradigm
Research paradigm indicates a system of presumptions and convictions regarding the knowledge development in a definire area. There exist several research paradigms namely critical realism, interpretivism, positivism, pragmatism, and constructivism (du Plooy-Cilliers, Davis and Bezuide 2014). For the purpose of this study, the scholar will choose the positivism paradigm. The major notion of positivist paradigm is that the social world persists evidently and that its attributes might be gauged via objective techniques instead being concluded subjectively via reflection, or sensation. This paradigm is chosen since the scholar aims to make context and time free generalisations (Ugwu, Ekere and Onoh 2021).
The ontological position related to positivism states that there are facts which can be established, reality is the identical for every individual. The epistemological position related to positivism asserts that only facts originated from the scientific technique might make lawful know-how claims. The axiological position for positivists asserts that the scholar must utilise the scientific techniques to gather data to attain objectivity during the inquiry procedure. It is said that the main objective of the positivism philosophy is to produce explanatory relations which eventually contribute to forecasting and control of the event in question. Since the current study is aimed at studying the relationship between stakeholder activism and corporate governance, therefore the positivism paradigm will be suitable (Junjie and Yingxin 2022).
Research Design
For this study, the scholar will choose deductive approach since positivism entails the principle of deductivism. With this approach, the research will be able to elucidate the causal association between stakeholder activism and corporate governance. Of the two research approaches, the scholar is going to choose quantitative research method for this study. The quantitative research will use diverse sorts of statistical analysis, and offers robust forms of measurement, trustworthiness, and capability to generalise (du Plooy-Cilliers Davis and Bezuide 2014). Also, since the deductive approach entails the testing of theory, the quantitative approach is suggested. This is chosen since such an approach might deal with long time periods with massive amounts of samples contributing to enhancing the generalisation capacity. Such technique is appropriate since scholars attempt to generalise findings and adapt it to a large population that might not be possible with the qualitative technique (Pearse 2019). With respect to the research design, the scholar will chose explanatory research design in order to study the subject in more depth and broadly. Moreover, such a design can examine relations between variables and hence are mainly used in quantitative research. Moreover, the emphasis of such a design is flexible since it was wide from the extreme beginning and then eventually becoming narrow in the procedure of study facilitating to explore a research event as accurately as possible (Park, Konge and Artino Jr 2020).
As per Sileyew (2019), population indicates the sphere of units from which a scholar desires to conduct an examination. It is indicated to a set of individuals or objects with mutual attributes, and on which scholar desires to draw inferences. Target population indicates the whole set or class of objects or individuals which a scholar desires to generalise the findings to. The accessible population indicates to the unit of analysis in the target population that the scholar has access to. The target population for this study will be workforces from banking sector organisations in South Africa. The banking organisations have agency-related issues due to the incompetency of investors to directly observe the management. It is said that effective corporate governance means in the JSE listed banks might decline agency issues and refine the banks’ efficiency in the forthcoming.
According to Guest, Namey and Chen (2020), a unit of analysis in research indicates to the major entities which the scholar desires to be capable to make inferences on at the study’s end. The unit of analysis in this study is the JSE listed banks of Johannesburg in South Africa. More specifically, the scholar will include bank institutional investors, bank executives and directors of the chosen JSE listed banks. The bank institutional investors are chosen since they are indicated as influential minority shareholders whose function is vital in monitoring corporate governance activities and whose duties influence mainly the minority shareholders rights. Also, the bank executives and directors are chosen since they are influenced to refine corporate governance activity for numerous causes. The bank directors are accountable to hold shareholder meetings and attain the objectives of effective corporate governance activities and securing minority shareholders rights as suggested by the JSE’s code of ideal practices. Moreover, bank executives possess the strength to surge the relevance provided to shareholder rights and equitable treatment.
According to Mweshi. and Sakyi (2020), the population parameters are the characteristics of the target population which can entail the factors such as sample size, age, background, and more. These indicate the nature, size, and exclusive attributes of the research study’s population. The chosen population and unit of analysis for this study will be aged between 18 and 60 years of age. Moreover, the sample size of this study will be around 10 JSE listed banks in South Africa. The characteristics of the population of this study will be the workforces working in the JSE listed banks aged between 18 to 60 years. The target banks will comprise 75 percent of market capitalization of the banking industry.
Sampling is the essential attribute of any empirical research wherein the motive is to make inferences of a target population from a sample. There are two types of sampling probability and non-probability sampling techniques. The probability sampling entails random selection, facilitating the researcher to make rigorous statistical conclusions about the whole set of population (Berndt, 2020). The non-probability sampling entails non-random selection based on convenience, facilitating researchers to easily collect data. It is noteworthy that probability sampling is useful for descriptive research strategies while non-probability is helpful for exploratory research. The non-probability sampling technique mainly relies on the scholars’ expertise and is conducted through their observation. In this method, not every individual in the population possesses an equal chance of being part of the study, unlike probability sampling. Due to the descriptive nature of this study, the scholar will choose a probability sampling method (Rahman 2023).
As opined by Mweshi and Sakyi (2020), the main types of probability sampling methods entail simple random, stratified, systematic, and cluster sampling. Of these methods, the scholar will choose stratified sampling techniques for this particular study. It is chosen since it is an extremely fruitful method in situations wherein the scholar aims to emphasise on definite strata from the accessible population data. In this manner, the intended attributes of the strata might be found in the survey questionnaire sample. Since the scholar segments the target population as per different characteristics such as different managerial levels within banks, and age. Therefore, this sampling method will be the appropriate one. Furthermore, there are numerous advantages of using such a sampling method in this quantitative research. The benefits entail that it enables the researcher to investigate their sample and form sets of respondents who are independent of bias. Moreover, this method has the ability to precisely reflect population studies; it is unbiased in nature; effective in execution of survey questionnaires; authentic source of sampling; and more. It is most suitable for the accessible population since it offers the scholar superior coverage of banking population and it offers scholars the control over the subgroups to certify all of them are demonstrated in the sampling. Sampling frame outlines entire units from which the sample was drawn. Besides, sampling frames will be drawn on the basis of the target population and unit of analysis described above. It is based on the belief that the total population size might be figured out, based on data accessible from JSE.
As per Hennink and Kaiser (2022), sample size in the research methodology indicates the number of respondents or observations involved in a study. It is noteworthy that a sample which is larger than required might be a superior representative of the population and might hence offer more precise outcomes. The size of the sample in this study will be 50 respondents chosen from the 10 JSE Listed banks in South Africa.
As per Ruggiano and Perry (2019), data collection indicates a technique of gathering entire data and information from authentic sources. Primary and secondary methods will be used to collect the data for this particular study. The primary data entails usual data gathered by scholars mainly from vital sources. The primary data collection technique which will be used is online questionnaire technique which will assist the scholar to collect proper data from the bank executives, institutional shareholders of the JSE listed banks. This technique is chosen since it is less-expensive and convenient to approach the participants with a link to the questionnaire being provided via their official emails for authenticity. It is said that an online questionnaire is convenient for the participants to complete during their spare time, from anywhere, and at their individual speed therefore, it will probably surge the response rate. This technique will allow the scholar to ask close-ended questions from respondents and help the scholar to measure attitudes and viewpoints of the respondents effectively. Also, it is selected as it facilitates the researcher to examine and explain relationships between variables.
If I have to practically conduct the research, I would like to collect the data using the self-administered survey questionnaire technique by following a systematic procedure. I would choose the participants voluntarily, code, and direct them through a survey process during which they will be informed of the purpose and objectives of this study. I will use the structured survey technique to gather primary data in this research. This will allow me to make and customise a range of questions on the basis of secondary sources outcomes in the review of literature to know the threats and opportunities of the JSE listed banks. Moreover, I would like to carry out the survey questionnaire using a pilot testing to ensure that the wholeness of the questions were purposeful and simple to understand. This will be done to ensure validity of the study (Majeed, Zhou, Lu and Ramkissoon 2020).
The closed-ended questions will be asked in this questionnaire. There will be two sections. First section will contain demographic information questions while the second section will contain the questions based on Likert scale ranging from strongly disagree to strongly agree. The questionnaire will be found in the Appendix A attached at the end of the document. The data collected using this technique will facilitate the scholar to gather the data essential to answer the research questions. It will assist to develop a set of questions that will seize all study objectives as per the supposed interpretations. The Likert scale will assist the scholar to measure the attitudes of participants by probing the degree to which they agree or disagree with a specific statement (Connor Desai and Reimers 2019).
According to Mohajan (2020), it is true that data analysis is regarding making inferences on the relations between the data variables which the study is designed to validate to address the objectives. For the purpose of this study, there will be use of statistical techniques for the elucidation, interpretation, and the execution of the collected data. The data will be analysed with the help of Excel Spreadsheet and SPSS tool. The raw data from the Google Forms will be exported to the MS Excel in which it will be sorted and coded according to the provided research codes. I will perform the quantitative data analysis using MS Excel and SPSS tools and interpret based on the further hypotheses. The SPSS tool will enable the scholar to perform descriptive statistics which will be helpful to manipulate and decode the survey questionnaire data. Moreover, it is a suitable data analysis technique since it will enable the scholar to quickly recognize trends, establish prognostic assessment, and form learned inferences. The sample profile from the demographic questions will be provided in the form of pie charts and frequency tables which can be made using MS Excel Spreadsheet. Furthermore, the descriptive statistics is to be performed via summary of utilising SPSS technique that entails frequency table, percentages, and more for each variable inserted into the software package. For the purpose of measuring the correlation between the two variables namely stakeholder activism and corporate governance, the scholar will use linear regression analysis. This will allow the researcher to figure out the direct impact on the relation between both these variables and the likely moderating impact of such a relationship. The descriptive statistics will be helpful to answer the research question and help to organise and summarise the data collected from the survey. The regression analysis technique will help the scholar to figure out the degree to which stakeholder activism is influencing the corporate governance within JSE listed banks.
Reliability is regarding the credibility of the study and it requires stability. It might be seen as the degree to which the outcomes can be generalised and identical outcomes attained if the study was carried out again. For the purpose of this study, the scholar will choose inter-rater reliability which is a measure of agreement and it is when diverse respondents are utilised but the identical tool is administered. Furthermore, to figure out the internal reliability, the scholar will use a Cronbach’s alpha coefficient test in SPSS. This is deemed as a popular method to know internal reliability. It can be said that when the alpha values are above 0.7 are deemed to be adequate for internal validity. Besides, the scholar will be considerate while developing the measurements of its stability and will create surveys with closed-ended questions only to improve the inter-observer consistency.
Validity is deemed as the most vital criteria for study quality. It indicates indicators which are established to gauge a concept actually for measure and seize the concept. It can be validated in numerous manners such as internal validity, external validity, measurement validity, and more. The internal validity investigates whether the way in which a research was made, carried out, and assessed enables reliable answers to the research questions in the study. This will be ensured in this study through judgements and not as a computed statistics. External validity investigates if the study findings can be generalised to other settings. The external validity can be ensured by seeking the feedback from other experts and stakeholders related with the field of scholar. These practices can be helpful in getting positive criticism, recommendations or validation from others having pertinent knowledge, and experiences on the research topic (Sürücü and Maslakci 2020).
The scholar can pre-test their questions. I want to enhance the validity and reliability through a pilot study I am going to distribute my survey to five people within my population I’m going use purposive sampling technique for that specifically I am not using purposive sampling for my study. I’m using it for my pilot study.
Notably, ethics offer principles in respect of what might be deemed acceptable and unacceptable action. Since the study is being carried out, the scholar must consider the aspects of ethical issues such as harm to respondents, absence of informed consent, privacy invasion, and if deception is included. In this study, the scholar from the extreme start will present the purpose and topic of study comprehensively and transparently. The scholar will treat the research respondents anonymously. The data collection will be performed precisely and their will not be any physical emotional harm to participants. The supervisor and the scholar will only be accessible to the data and it is kept confidentially by not enabling anyone unconcerned to access.The scholar will offer the right to each respondent to withdraw from the survey study at any point of time. The researcher will consider the needs and preferences of the participants in this study. The respondents will be asked by the scholar that the theory name and information relating to them will be anonymous. It certifies that researchers will take care of the privacy and confidentiality of the respondents (Rahman 2020).
Limitations are deemed any likely issues scholars predict to conduct the study. There might be some limitations with this study while carrying out survey techniques. It can be said that insufficient data might be a major limit which the study might face. Moreover, it might be possible that certain individuals are not ready to respond to the questions of the survey. Some individuals might not fill the survey questionnaire completely that can hamper the validity of the study. Due to this, there might be massive chances of biasness. It can destroy the entire study mainly in the data analysis. The sample size of 50 respondents for quantitative study may be smaller which can hinder the possibility of generalizability based on data gathered and assessed. The information given by the participants might not be completely accurate since certain participants might have answered randomly even without reading the questions
The anticipated findings of this study might be that the stakeholder activism pursues to refine the level of corporate governance in the JSE listed banks particularly via lessening the agency problem. It can be said that the corporate governance includes the actions which are supposed to improve shareholder value and securing the funds of depositors while obeying to responsibility and transparency. Therefore, it is suggested that shareholder activism must not be perceived as a hurdle however as a proactive participatory assessment and monitoring.The study contributes to the prospective role of shareholder activism in shaping corporate governance. This underpins the existence of stakeholder activism in the nation. The scholar tries to clarify some areas of shareholder activism to reach theoretical conclusions which might be employed as hypotheses for future theoretical studies (Theofanidis and Fountouki 2018).
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1) Gender of respondent
2) Age of respondent
3) What is your qualification?
4) Which role do you currently play in your bank?
5) Are you aware of the term shareholder activism and corporate governance?
6) How much do you agree that stakeholder activism enhances the governance structure or is upsetting to management to run their businesses?
7) How much do you agree that the presence of independent directors on your bank’s board certifies superior corporate governance?
8) How much do you agree that proactive engagement of independent directors in board meetings certifies higher degree of responsibility and transparency in functions?
9) How much do you agree that activists actually surges shareholder value in your bank?
Strongly disagree
10) How much do you agree that the organisations with a greater level of institutional ownership are more probable to be exposed to shareholder activism?
11) How much do you agree that your bank’s board must actively consider their governance approach to complement the entire corporate strategy and it should be the emphasis of activist campaigns as well?
12) How much do you agree that shareholder activists deliver greater valuations by improving development, surging functional effectiveness, refinancing, refining governance or by imposing changes promptly?
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