Comment on Raputsoane’s Analysis of Regional Differences in Governance of Mining Companies

Peter Bell

MPRA Paper from University Library of Munich, Germany

Abstract: Raputsoane (2025) analyzes governance standards for mining companies worldwide using a cross-sectional regression to estimate differences between South Africa and the rest of the world. The article starts with S&P Global Ratings’ Corporate Sustainability Assessment (CSA) score as a proxy for governance. It compares it to a series of company-specific parameters, including market capitalization, average share price over the prior year, return on equity, return on assets, a variable to reflect required disclosure, and a variable to reflect additional information provided by each company beyond legal requirements. The empirical results show that better governance is correlated with greater disclosure, but other variables do not show a statistically significant correlation with governance. The positive correlation between governance and market cap suggests larger companies are subject to greater scrutiny, but the estimate is not statistically significant. These results lead to valuable discussion about governance outside the mining firm, including government standards.

Keywords: Keywords: Mining; South Africa; Governance; Fiduciary; S&P Global Ratings; Corporate Sustainability Assessment; Market Capitalization; Return on Equity; Return on Assets; Regression; Cross-Section data; Exploratory Data Analysis; GDP; International Law; International Economics (search for similar items in EconPapers)
JEL-codes: C1 C13 D2 D22 G3 G32 L7 L72 M13 M14 N50 O13 P11 Q3 Q32 Q33 Y1 Y3 (search for similar items in EconPapers)
Date: 2025-11-17
New Economics Papers: this item is included in nep-afr
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