Financial Markets Value Reputation for Corporate Social Responsibility (CSR) – A Study of the South
African Mining Sector

Bongani Munkuli and Renee Horne
University of the Witwatersrand



The study evaluates the effect of CSR practices on market valuation of mining companies in South Africa. As compared to the dominant qualitative research on CSR which shows a correlation between CSR and market valuation, the findings of this study which employed a quantitative approach indicates no significant relationship between CSR and market valuation in the mining sector, nor significant variances in market valuations between mining firms on the JSE Socially Responsible Investment Index (SRI) and those not on the index. Active participation in CSR activities does not lead to increased market valuation. Download the full article