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Case study
Publication date: 26 April 2018

Stephanie Giamporcaro and Marilize Putter

The case presents a responsible investment dilemma case. Swedish institutional responsible investors have to make a choice about their investment in Lonmin, a platinum…

Abstract

Subject area

The case presents a responsible investment dilemma case. Swedish institutional responsible investors have to make a choice about their investment in Lonmin, a platinum mining company whose operation are located in South Africa and has been the theatre of workers’ killings.

Study level/applicability

The case targets MBA students and can be taught in a corporate finance course, a corporate governance course, a business ethics course or on sustainable and responsible investment.

Case overview

The teaching case follows the journey of Hilde Svensson, the head of equities for a Swedish responsible investor. She has been tasked to visit the site of Lonmin in South Africa which is the theatre of a tragic workers’ unrest that led to the killings of 44 workers in August 2012. She must decide what the best responsible investment strategy is to adopt with Lonmin for the future.

Expected learning outcomes

The students are expected to learn about what responsible investment entails and the dilemmas that can be faced by responsible investors. The case also gives insight to business students and the complexities of environment, social and governance (ESG) analysis and how to integrate financial and ESG analysis when you are a responsible investor.

Supplementary materials

Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

Subject code

CCS 1: Accounting and Finance

Details

Emerald Emerging Markets Case Studies, vol. 8 no. 2
Type: Case Study
ISSN: 2045-0621

Keywords

Case study
Publication date: 12 December 2018

Stephanie Giamporcaro and David Leslie

To understand the motivations for adopting RI practices for institutional investors and asset managers; to understand the different RI strategies available to…

Abstract

Learning outcomes

To understand the motivations for adopting RI practices for institutional investors and asset managers; to understand the different RI strategies available to institutional investors; to understand the impediments to adoption of RI at an organisational level; to debate how financial institutions can drive the growth and adoption of RI among the investment community; and to illustrate the complexities of organisational change and the strategies that institutional entrepreneurs can use to overcome resistance to change from key stakeholders.

Case overview/synopsis:

The case is set in October 2017 against the backdrop of the pending unbundling of Old Mutual plc into four new independent businesses, and the subsequent relisting of Old Mutual Ltd on the Johannesburg Stock Exchange in South Africa. The head of responsible investment at Old Mutual Investment Group and the main protagonist of the case, Jon Duncan, is considering what the subsequent relisting will mean for the responsible investing programmes that he has set up over the past six years. The case goes on to describe how responsible investment principles were supported through the implementation of ESG integration and active ownership strategies. It also examines recent developments in ESG product innovations and demonstrates another technique available to responsible investment practitioners in the form of best-in-class ESG screening. The case ends with Duncan contemplating the strategic priorities of the RI team moving forward, and how the managed separation might impact on the RI agenda. It provides prompts for students to discuss and formulate a strategy for advancing the aims of responsible investing.

Complexity academic level

The case is aimed at postgraduate-level students enrolled in a management-related degree programme such as an MBA, and covers both sustainable and responsible finance and institutional entrepreneurship theory.

Supplementary materials

Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

Subject code

CSS 1: Accounting and Finance

Details

Emerald Emerging Markets Case Studies, vol. 8 no. 4
Type: Case Study
ISSN: 2045-0621

Keywords

Case study
Publication date: 26 June 2018

Stephanie Giamporcaro and Matthew Marrian

The case on ABIL deals with the important issue of corporate governance, and particularly the crucial role that the board of directors plays. It highlights the complex…

Abstract

Subject area

The case on ABIL deals with the important issue of corporate governance, and particularly the crucial role that the board of directors plays. It highlights the complex issue institutional investors face when trying to assess the strength of a board and the quality of information and disclosure. The case is set in South Africa which is an emerging market.

Study level/applicability

The case targets MBA students and can be taught as part of a corporate governance or sustainable and responsible investment module or course. The case is aimed at both local and international students as the case deals with corporate governance principles that are applicable to both audiences. Where necessary, the case provides information to guide international audiences.

Case overview

The teaching case is set on 6 August 2014 when Ian Matthews, the Head of Equities at a South African Asset Manager, BG Wealth, gets a call while on leave. The call is from his boss, chief investment officer, Deryck Medley, informing him of the negative trading update and asking him to come back to prepare for an emergency investment committee that afternoon. The case traces Matthews’ day as he reviews the research reports BG Wealth had put together on ABIL over the previous 15 months. Matthews also recalls the process the investment team went through internally before finally deciding to invest in the company. The case highlights not only the corporate governance failures of ABIL but also the lack of consideration given to ESG factors by BG Wealth.

Expected learning outcomes

The case’s primary teaching objective is to highlight the importance of corporate governance. The case provides detailed insights into the area of corporate governance through the analysis of a corporate failure. Through this teaching case, the students will follow the real-life events that led to the collapse of ABIL. It is intended that the students will be forced to deal with a complex situation and will be required to develop specific solutions to the issues raised.

Supplementary materials

Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.

Subject code

CSS 1: Accounting and Finance.

Details

Emerald Emerging Markets Case Studies, vol. 8 no. 2
Type: Case Study
ISSN: 2045-0621

Keywords

Case study
Publication date: 3 August 2020

Hendrik Jacobus Haasbroek, Geoff Bick and Stephanie Giamporcaro

The case can be used in the subject areas of finance and in particular investments, corporate governance, ESG, or responsible investments. It is suitable for students from…

Abstract

Subject area of the teaching case:

The case can be used in the subject areas of finance and in particular investments, corporate governance, ESG, or responsible investments. It is suitable for students from all financial backgrounds, from a novice in the financial markets to an expert in finance. It is, however, expected that the class should have a sound fundamental grounding in financial analysis and valuations. The purpose of this case is to prepare students for future investments they would make in whatever capacity – whether in private or listed companies – and to prepare them for future roles on boards of directors. The examples of real-life events in this case study are used to prepare students for future similar situations in which they might find themselves.

Student level:

This teaching case is aimed at postgraduate students pursuing an MBA or a specialist Masters in a finance programme. This case can be used as a master class in corporate governance, investments, or responsible investments. This case is also suited for an executive education class in management. It is particularly relevant to a module that focusses on investments, corporate governance, ESG, or responsible investments.

Brief overview of the teaching case:

The case study chronicles meetings held on 8 November 2017 at a fictional South African asset manager, Active Investment Management (AIM). These meetings discuss the firm's investment in JSE-listed Steinhoff International Holdings. The case deals with the questions that active fund managers need to address when balancing financial analysis; environmental, social, and governance (ESG) analysis; portfolio management; and the need to comply with their fiduciary duty to clients. It also looks at the need for responsible investing in decision-making.

Expected learning outcomes:

The understanding of the assessment around the complexities of asset management when it comes to responsible investment.

To determine why institutional investors should apply responsible investment principles when making investment decisions.

An understanding of the evaluation of the unique roles of the three pillars of corporate governance, namely asset managers, auditors, and the board of directors.

The ability to assess how to integrate financial analysis and ESG principles in making investment recommendations.

Details

The Case Writing Centre, University of Cape Town, Graduate School of Business, vol. no.
Type: Case Study
ISSN: 2633-8505
Published by: The Case Writing Centre, University of Cape Town, Graduate School of Business

Keywords

Book part
Publication date: 7 July 2014

Stephanie Giamporcaro and Suzette Viviers

The anti-apartheid movement represented a cornerstone for socially responsible investors in the 1970s and 1980s driven by the willingness to promote lasting social change…

Abstract

Purpose

The anti-apartheid movement represented a cornerstone for socially responsible investors in the 1970s and 1980s driven by the willingness to promote lasting social change. What happened next in terms of socially responsible investing (SRI) in the free South Africa? This chapter explores the local development of SRI in South Africa post-apartheid.

Design/methodology/approach

An in-depth literature review combined with a content analysis 73 SRI funds’ investment mandates were undertaken to investigate the local development of SRI in South Africa over the period 1992–2012.

Findings

Mechanisms of local divergence and global convergence have both shaped the phenomenon of SRI in South Africa. SRI in South Africa represents a melting-pot of societal values anchored in a local developmental and transformative political vision, some local and global Islamic religious values, and worldwide SRI and CSR homogenisation trends.

Originality/value

This chapter is the first attempt to outline the mechanisms of local divergence and global convergence that have moulded SRI in a democratic South Africa.

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

Keywords

Book part
Publication date: 7 July 2014

Abstract

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

Book part
Publication date: 7 July 2014

Abstract

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

Book part
Publication date: 7 July 2014

Tessa Hebb, Céline Louche and Heather Hachigian

The objective of this chapter is twofold. It first introduces the theme of the book. There are many ways of looking at socially responsible investment (SRI). It can be…

Abstract

Purpose

The objective of this chapter is twofold. It first introduces the theme of the book. There are many ways of looking at socially responsible investment (SRI). It can be viewed as a financial product where the financial performance is the outmost important aspect and cannot be compromised. Or it can be regarded as a force for change to promote and stimulate a more sustainable development. In this chapter we provide a literature review on SRI especially on the notion of the impact and how it has been addressed so far in the literature. The second objective of the chapter is to provide an overview of the volume by introducing each chapter.

Methodology

This chapter reviews the literature on SRI as well as the chapters included in this volume.

Findings

If SRI is about making a change toward sustainability, we ought to study its societal and environmental impacts. Although scholar articles on SRI have gained importance in the two last decades, very little is known on its impact. Research has developed from a narrow concern with negative screening and divestment in isolated cases to a rigorous analysis of its financial performance across a range of ethical and ESG issues. While we have identified some studies that are beginning to explore the potential impact of SRI for society, this remains a crucial area to explore.

Originality/value of the chapter

The chapter contributes to the debates on the societal impact of SRI, a debate that needs to be continued even if or just because it raises some fundamental questions that are complex and difficult but also necessary to advance SRI.

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

Keywords

Article
Publication date: 3 May 2022

Umaira Danish Dervi, Ashraf Khan, Irum Saba, M. Kabir Hassan and Andrea Paltrinieri

Green finance has shown the importance of being socially responsible and supporting the flow of financial instruments to develop environmentally sustainable and ethical…

Abstract

Purpose

Green finance has shown the importance of being socially responsible and supporting the flow of financial instruments to develop environmentally sustainable and ethical business models. The growing trends raised the need for a quantitative study to address scientific performance analysis and intellectual development. This paper aims to cater quantitative statistics, through a bibliometric review to understand the vital intellectual and influential constitution of green and socially responsible finance.

Design/methodology/approach

The authors apply trending and cutting-edge quali-quantitative approach of bibliometric citation analysis and review of 280 journal articles from the Web of Science database for the period of 1981–2021.

Findings

The results identify the leading academic authors, journals, institutions and countries with relation to green and socially responsible finance literature. We also discuss three research streams in this field: (1) overview of green finance, perception and investor behavior; (2) analysis of performance models and growth factors of green finance; (3) pricing mechanism of SRI. Finally, we identify the research gaps within existing green finance literature, proposing 30 research questions for the future agenda.

Research limitations/implications

The study confines on the Web of Science database, English published articles in known journals and reviews only. It relies on a reputable source and top scientific productions with the most direct link to green finance.

Originality/value

To the best of the authors knowledge, this paper is the first to discuss research streams in the literature of Green finance from a bibliometric aspect along with vast coverage of articles from reputed journals and databases till date. The results of this research along with future research questions will guide the researchers and academicians to further explore and stand on solid quantitative basis regarding the scientific development of Green finance.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

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