Abstract
Johannesburg Stock Exchange (JSE) in South Africa, focusing on
selected non-financial and macroeconomic determinants. Using
data from 2010 to 2023, the analysis covers 302 delisted
companies and a matched control group of 302 still-listed
companies. The control group was matched based on sector
classification and asset size to ensure comparability. The analysis
identifies key non-financial factors such as governance
transparency and independence, chairperson qualifications,
ownership structure, institutional influence, company longevity
and listing duration, and analyst recommendations. Strong
governance and diverse ownership structures are associated with
reduced delisting risk, while positive analyst coverage and
extended market presence enhance corporate stability.
Macroeconomic variables – including inflation, interest rates,
credit extension, unemployment, and economic activity – also
play significant roles in shaping delisting outcomes. The findings
are situated within the South African context, a developing
economy, and highlight the importance of robust governance,
inclusive ownership, and strong institutional relationships. The
study offers policy-relevant insights, advising regulators to
manage inflation, interest rates, and credit availability, while
addressing unemployment and stimulating economic activity to
support corporate sustainability and investor confidence.