This paper tests the relationship between the firms’ corporate social responsibility (CSR) disclosures, the extent of media exposure it enjoys and its size, profitability and leverage. The study is confined to firms who meet the Johannesburg Stock Exchange (JSE) criteria for inclusion in its Social Responsibility Index (SRI) and as such the focus is on those firms who are perceived to display best practice with regard to social responsibility. The objective of the study is to determine which factors act as drivers for CSR disclosure. The study uncovered statistically significant positive relationships between CSR disclosures and industry environmental impact as well as media exposure. Legitimacy theory was found to best explain the drivers of CSR disclosure among listed companies in South Africa

This paper presents the results of an extensive analysis of derivative use by 692 companies in 20 countries across the African continent. The results show that 29% of non-financial companies in Africa use derivatives but that derivative use is dominated by firms within South Africa. The study finds that 54% of firms in South Africa use derivatives but only 5% of non-financial firms in Africa (excluding South Africa) use derivatives for hedging purposes. The majority of derivative use is directed toward the management of currency risks and the derivative instrument of choice is OTC forwards. Swaps are used to hedge interest rate risk and minimal use is made of OTC or exchange traded options and futures

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