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

Author

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  • Bell, Peter

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.

Suggested Citation

  • Bell, Peter, 2025. "Comment on Raputsoane’s Analysis of Regional Differences in Governance of Mining Companies," MPRA Paper 126880, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:126880
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    JEL classification:

    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • D2 - Microeconomics - - Production and Organizations
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L7 - Industrial Organization - - Industry Studies: Primary Products and Construction
    • L72 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Other Nonrenewable Resources
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • N50 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - General, International, or Comparative
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • P11 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Planning, Coordination, and Reform
    • Q3 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)
    • Y1 - Miscellaneous Categories - - Data: Tables and Charts
    • Y3 - Miscellaneous Categories - - Book Reviews

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