Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Haigh Author-X-Name-First: Matthew Author-X-Name-Last: Haigh Title: The Journal of Sustainable Finance & Investment Journal: Journal of Sustainable Finance & Investment Pages: 3-4 Issue: 1 Volume: 1 Year: 2011 Month: 2 X-DOI: 10.3763/jsfi.2010.0001 File-URL: http://hdl.handle.net/10.3763/jsfi.2010.0001 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:1:p:3-4 Template-Type: ReDIF-Article 1.0 Author-Name: Benjamin J. Richardson Author-X-Name-First: Benjamin J. Author-X-Name-Last: Richardson Title: From fiduciary duties to fiduciary relationships for socially responsible investing: responding to the will of beneficiaries Abstract: This article examines whether socially responsible investing (SRI) may be legally permissible if it fulfils the will of the beneficiaries in a fiduciary relationship, and considers potential legal reforms to give better effect to the interests of beneficiaries. It thus examines a relatively neglected aspect of fiduciary finance, which so far has focused on whether SRI is ‘financially material’ to investment performance. It argues that by reframing fiduciary finance as an active relationship rather than merely the mechanical application of legal duties, we may allow trustees to invest socially pursuant to the wishes of beneficiaries. However, this article also suggests that considerable legal and practical obstacles confront this path to SRI. They include the trustees' duty to treat different beneficiaries even-handedly and the traditionally passive role that trust law has cast beneficiaries. Reliance on widely held social customs and evaluation of third parties' interests as a proxy for the will of beneficiaries, and the role of statutory reforms mandating consultation with and representation of beneficiaries on the governing boards of trustees, are also considered in this article. It concludes by suggesting some potential legal reforms to strengthen reliance on the will of beneficiaries as a means of SRI. Journal: Journal of Sustainable Finance & Investment Pages: 5-19 Issue: 1 Volume: 1 Year: 2011 Month: 2 X-DOI: 10.3763/jsfi.2010.0002 File-URL: http://hdl.handle.net/10.3763/jsfi.2010.0002 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:1:p:5-19 Template-Type: ReDIF-Article 1.0 Author-Name: Timothy Cadman Author-X-Name-First: Timothy Author-X-Name-Last: Cadman Title: Evaluating the governance of responsible investment institutions: an environmental and social perspective Abstract: This article addresses some of the problems associated with the integration of environmental and social values into the activities of contemporary responsible investment institutions. The first of these relates to the current participation gap between internal and external interests in responsible investment decision-making. The second problem concerns the lack of certainty regarding the normative basis under which multi-stakeholders should participate in institutional governance. Thirdly, there is at present no analytical framework with which to evaluate the institutional quality of responsible investment within the context of the global economy. In response, and building upon existing research in the realms of international relations and environmental politics, the article uses a framework of principles, criteria and indicators to evaluate responsible investment institutions. The assumptions of this framework are tested against a small-scale attitudes survey regarding the governance quality of contemporary responsible investment institutions. Recognizing the shortcomings of such a small study, the article nevertheless finds a variety of perspectives, which indicate that the integration of multi-stakeholders in responsible investment institutions still has some way to go. The article concludes with some observations on the nature of stakeholder involvement in responsible investment, comments on the extent to which the environmental social aspects of governance can be said to be institutionally embedded, and offers some reflections on the contribution of such an approach to governance analysis as a method for evaluating the contribution of responsible investment institutions to advancing sustainable development. Journal: Journal of Sustainable Finance & Investment Pages: 20-29 Issue: 1 Volume: 1 Year: 2011 Month: 2 X-DOI: 10.3763/jsfi.2010.0004 File-URL: http://hdl.handle.net/10.3763/jsfi.2010.0004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:1:p:20-29 Template-Type: ReDIF-Article 1.0 Author-Name: Taylor R. Gray Author-X-Name-First: Taylor R. Author-X-Name-Last: Gray Title: Mapping a corporate governance exchange: a survey of Canadian shareholder resolutions 2000--2009 Abstract: The landscape of shareholder resolutions within an economy provides insight into the various perspectives as to what constitutes appropriate corporate forms and functions. This landscape arises from a community of practice and amounts to a public corporate governance exchange. Analysis of all shareholder resolutions filed with Canadian corporations from 2000 to 2009 reveals that Canada's distinctly multi-jurisdictional model of corporate governance and preponderance of block holdings serve to significantly limit the corporate governance exchange. Compounding such limitations is the tendency of large Canadian institutional shareholders to refrain from engaging in the public corporate governance exchange, thereby shrouding the behaviour of some of the most potentially influential flows of finance. Interestingly, Canadian shareholders engage in issues across 25 distinct themes relating to corporate environmental, social and/or governance performance while favouring the latter. Perhaps most consequentially, however, the public Canadian corporate governance exchange is distinctly multi-jurisdictional, thereby indicating potential regional divergence. Journal: Journal of Sustainable Finance & Investment Pages: 30-43 Issue: 1 Volume: 1 Year: 2011 Month: 2 X-DOI: 10.3763/jsfi.2010.0005 File-URL: http://hdl.handle.net/10.3763/jsfi.2010.0005 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:1:p:30-43 Template-Type: ReDIF-Article 1.0 Author-Name: Ian Hamilton Author-X-Name-First: Ian Author-X-Name-Last: Hamilton Author-Name: Jessica Eriksson Author-X-Name-First: Jessica Author-X-Name-Last: Eriksson Title: Influence strategies in shareholder engagement: a case study of all Swedish national pension funds Abstract: Investors spend money and resources trying to reduce the environmental, social and governance risks in companies they own. If unattended, these risks may cause reputational damage not only to the portfolio firm but also to its owner. In this article, we study five Swedish national pension funds and the influence strategies used in shareholder engagement. Knowledge about influence strategies is important because successful shareholder engagements can lead to more sustainable corporate behaviour and a lower risk to the investor. In addition to the traditional power and legitimacy dependencies that have been reported as influential in deciding stakeholder salience, our findings reveal five additional factors useful for determining influence strategies in shareholder engagement. We provide a conceptual model showing how these factors interlink with choices of influence strategies, offering a practical use of this study. Stakeholder theory has been used as our theoretical frame of reference, based on existing influence strategy literature using a stakeholder—firm perspective. Journal: Journal of Sustainable Finance & Investment Pages: 44-61 Issue: 1 Volume: 1 Year: 2011 Month: 2 X-DOI: 10.3763/jsfi.2010.0006 File-URL: http://hdl.handle.net/10.3763/jsfi.2010.0006 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:1:p:44-61 Template-Type: ReDIF-Article 1.0 Author-Name: Gabriel A. Huppé Author-X-Name-First: Gabriel A. Author-X-Name-Last: Huppé Author-Name: Tessa Hebb Author-X-Name-First: Tessa Author-X-Name-Last: Hebb Title: The virtue of CalPERS' Emerging Equity Markets Principles Abstract: This article argues that CalPERS' new principles-based approach to investing in emerging markets stands at the midpoint between its previous alpha-generation policy of complete country-level divestment and its beta enhancement associated with universal investing in its domestic and developed markets. Although CalPERS' previous policy addressed macro-level standards at a country level by negatively screening out companies in restricted countries, it precluded CalPERS' normal practice of corporate engagement to raise environmental, social and governance (ESG) standards at the company level in these markets. We argue that the new policy brings CalPERS' emerging market portfolio more closely in line with its policies of engagement. We describe this policy as ‘enhanced alpha generation’. We use CalPERS' emerging market portfolio holdings data and cross-reference these company holdings with KLD data to contract extra-financial merits of the new policy. We further examine the share prices of these firms against standard industry benchmarks to determine the policy's material impact on CalPERS' portfolio. We conduct interviews with CalPERS' investment managers—both internal and external—to determine how the new emerging market investment principles are incorporated in investment processes. This allows us to identify two approaches to the implementation of the Principles: a ‘hard-fast’ screening approach, and a ‘value tradeoff’ approach. One of which entailed significant opportunity costs. These findings, when assessed in the context of various trends in the investment environment, and issues brought fourth in our interviews—with related investment practitioners, CalPERS' trustees, and leading ESG experts at KLD and Verité—sheds light on the future state of ESG investing in emerging markets. Journal: Journal of Sustainable Finance & Investment Pages: 62-76 Issue: 1 Volume: 1 Year: 2011 Month: 2 X-DOI: 10.3763/jsfi.2010.0007 File-URL: http://hdl.handle.net/10.3763/jsfi.2010.0007 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:1:p:62-76 Template-Type: ReDIF-Article 1.0 Author-Name: Eleanor Bloxham Author-X-Name-First: Eleanor Author-X-Name-Last: Bloxham Title: Corporate governance and sustainability: new and old models of thinking Abstract: The definition of investor must be stretched beyond normal nomenclature to encompass all stakeholders of the firm, including internal decision makers, to understand sustainable finance in its broadest context. A robust corporate governance model aids the assessment of firms chosen for investment and can be used to answer the question of whether or not corporate governance and allegiance to sustainability is implemented in a meaningful way—perhaps yielding some surprising answers. Journal: Journal of Sustainable Finance & Investment Pages: 77-80 Issue: 1 Volume: 1 Year: 2011 Month: 2 X-DOI: 10.3763/jsfi.2010.0003 File-URL: http://hdl.handle.net/10.3763/jsfi.2010.0003 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:1:p:77-80 Template-Type: ReDIF-Article 1.0 Author-Name: Steve Waygood Author-X-Name-First: Steve Author-X-Name-Last: Waygood Title: How do the capital markets undermine sustainable development? What can be done to correct this? Abstract: This article sets out how the capital markets relate to sustainable development issues and makes some modest proposals for how to improve our capital markets. It argues that capital markets' influence over corporate sustainable development originates via two principal routes: (i) financial influence—the buying and selling of equity shares and debt on the capital market influences the cost of capital for listed companies; and, (ii) investor advocacy influence—shareholders are the principals of the business and can exercise their rights of share ownership over their agents, the company directors, by sending explicit signals regarding the management of the company. Capital markets generally do not need to understand nor reward sustainable behaviour. This is either because the markets are inefficient and do not reward good behaviour, or because market failures means that investors do not need to worry about the very long term costs as they are outside of their investment time horizons. In order to change this, we should focus on the incentives of all key players within the capital supply chain such that they are all sanctioned and incentivized partly on their sustainability performance. The market also needs much better market information on the sustainability performance of companies. Better training of market participants on the materiality of sustainability issues as well as how they can be factored into valuation analysis would also help. However, before capital markets can be genuinely sustainable we need capital market policy makers to have greater regard for future generations when setting policy. This will require greater government intervention, particularly around the regulation of investor delivery of responsible ownership. Journal: Journal of Sustainable Finance & Investment Pages: 81-87 Issue: 1 Volume: 1 Year: 2011 Month: 2 X-DOI: 10.3763/jsfi.2010.0008 File-URL: http://hdl.handle.net/10.3763/jsfi.2010.0008 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:1:p:81-87 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Haigh Author-X-Name-First: Matthew Author-X-Name-Last: Haigh Title: The Journal of Sustainable Finance & Investment Journal: Journal of Sustainable Finance & Investment Pages: 91-92 Issue: 2 Volume: 1 Year: 2011 Month: 4 X-DOI: 10.1080/20430795.2011.582330 File-URL: http://hdl.handle.net/10.1080/20430795.2011.582330 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:2:p:91-92 Template-Type: ReDIF-Article 1.0 Author-Name: Michel T. J. Rakotomavo Author-X-Name-First: Michel T. J. Author-X-Name-Last: Rakotomavo Title: Preferences of retail investors and institutions for corporate social performance Abstract: I examine the preference of investors for corporate social performance (CSP). The evidence suggests that retail stock investors tend to be attracted to companies that have CSP strengths in community, employee relations, corporate governance and human rights. As a group, institutions tend to express their CSP preference through negative screening. Aggregate institutional holdings are not positively associated with CSP strengths, but are negatively associated with CSP weaknesses in diversity, environment, human rights and product. The negative screens used by most types of institutions focus on diversity and human rights. The holdings of specific institutional types such as banks, investment companies and pension funds are positively correlated with various CSP strengths, while those of insurance companies and investment advisors are not. Journal: Journal of Sustainable Finance & Investment Pages: 93-102 Issue: 2 Volume: 1 Year: 2011 Month: 4 X-DOI: 10.1080/20430795.2011.582322 File-URL: http://hdl.handle.net/10.1080/20430795.2011.582322 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:2:p:93-102 Template-Type: ReDIF-Article 1.0 Author-Name: Ivo Mulder Author-X-Name-First: Ivo Author-X-Name-Last: Mulder Author-Name: Thomas Koellner Author-X-Name-First: Thomas Author-X-Name-Last: Koellner Title: Hardwiring green: how banks account for biodiversity risks and opportunities Abstract: This article aims at providing better insight into the way in which banks currently deal with biodiversity in their business operations, what their underlying motivations are for doing so, and how the banking sector perceives biodiversity as a business risk or opportunity. Analysis of publicly available information telephone interviews and a questionnaire revealed that only five of the 50 banks have taken considerable steps to account for biodiversity risks and opportunities on an organizational level and within lending portfolios (scores higher than 67%). Most banks, however, remain at the starting grid, with scores to address biodiversity issues on a group or holding level and within lending products and services lower than 33%. In terms of risks related to biodiversity, banks believe that their sector is primarily exposed to reputational risk and, perhaps surprisingly, to credit risk. Motivations for banks to develop policies to account for biodiversity centre on reducing reputational risk and the wish to act ecologically responsible, while being able to differentiate from competitors is seen as a major business opportunity. Journal: Journal of Sustainable Finance & Investment Pages: 103-120 Issue: 2 Volume: 1 Year: 2011 Month: 4 X-DOI: 10.1080/20430795.2011.582323 File-URL: http://hdl.handle.net/10.1080/20430795.2011.582323 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:2:p:103-120 Template-Type: ReDIF-Article 1.0 Author-Name: Stéphanie Giamporcaro Author-X-Name-First: Stéphanie Author-X-Name-Last: Giamporcaro Title: Sustainable and responsible investment in emerging markets: integrating environmental risks in the South African investment industry Abstract: This article analyses the views of South African investment organizations about the likelihood of commodification of environmental risks in their investment decision-making processes. It is based on an empirical qualitative survey of 22 investment organizations, which are signatories to the United Nation's Principles for Responsible Investment. We describe a range of issues, identified by the investment professionals interviewed, that are likely to prevent or accelerate the internalization of environmental risks in the South African investment industry. The chance that broader commodification will occur within the South African investment industry seems to be linked to a realization of an adequate political framing. This means legislating standardized environmental disclosures by corporations and a long-term commitment by institutional investors to sustainable and responsible investment philosophies. The tension between social developmental goals and environmental goals is seen as a major political obstacle at the national level. Journal: Journal of Sustainable Finance & Investment Pages: 121-137 Issue: 2 Volume: 1 Year: 2011 Month: 4 X-DOI: 10.1080/20430795.2011.582324 File-URL: http://hdl.handle.net/10.1080/20430795.2011.582324 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:2:p:121-137 Template-Type: ReDIF-Article 1.0 Author-Name: K. Branker Author-X-Name-First: K. Author-X-Name-Last: Branker Author-Name: E. Shackles Author-X-Name-First: E. Author-X-Name-Last: Shackles Author-Name: J. M. Pearce Author-X-Name-First: J. M. Author-X-Name-Last: Pearce Title: Peer-to-peer financing mechanisms to accelerate renewable energy deployment Abstract: Despite the clear need to reduce greenhouse gas emissions, lack of access to capital and appropriate financing mechanisms has limited the deployment of renewable energy technologies (RETs). Feed-in tariff (FIT) programmes have been used successfully in many countries to make RETs more economically feasible. Unfortunately, the large capital costs of RETs can result both in the slow uptake of FIT programmes and incomplete capture of deployment potential. Subsidies are concentrated in financial institutions rather than the greater population as traditional bank loans are required to fund RET projects. This article critically analyses and considers the political, financial and logistical risks of an innovative peer-to-peer (P2P) financing mechanism. This mechanism has the goal of increasing RET deployment capacity under an FIT programme in an effort to equitably distribute both the environmental and economic advantages throughout the entire population. Using the Ontario FIT programme as a case study, this article illustrates how the guaranteed income stream from a solar photovoltaic system can be modelled as an investment and how P2P lending mechanisms can then be used to provide capital for the initial costs. The requirements for and limitations of these types of funding mechanisms for RETs are quantified and discussed and future work to deploy this methodology is described. Journal: Journal of Sustainable Finance & Investment Pages: 138-155 Issue: 2 Volume: 1 Year: 2011 Month: 4 X-DOI: 10.1080/20430795.2011.582325 File-URL: http://hdl.handle.net/10.1080/20430795.2011.582325 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:2:p:138-155 Template-Type: ReDIF-Article 1.0 Author-Name: Eleanor Bloxham Author-X-Name-First: Eleanor Author-X-Name-Last: Bloxham Title: The knowledge gap between investors and companies Abstract: Additional disclosure is the often sought remedy to facilitate sustainable investing. To invest sustainably, however, investors need to more carefully evaluate the disclosures they already receive. Journal: Journal of Sustainable Finance & Investment Pages: 156-158 Issue: 2 Volume: 1 Year: 2011 Month: 4 X-DOI: 10.1080/20430795.2011.582326 File-URL: http://hdl.handle.net/10.1080/20430795.2011.582326 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:2:p:156-158 Template-Type: ReDIF-Article 1.0 Author-Name: John Holland Author-X-Name-First: John Author-X-Name-Last: Holland Title: A conceptual framework for changes in fund management and accountability relative to ESG issues Abstract: Major developments in socially responsible investment (SRI) and in environmental, social and governance (ESG) issues for fund managers (FMs) have occurred in the past decade. Much positive change has occurred but problems of disclosure, transparency and accountability remain. This article argues that trustees, FM investors and investee companies all require shared knowledge to overcome, in part, these problems. This involves clear concepts of accountability, and knowledge of fund management and of the associated ‘chain of accountability’ to enhance visibility and transparency. Dealing with the problems also requires development of an analytic framework based on relevant literature and theory. These empirical and analytic constructs combine to form a novel conceptual framework that is used to identify a clear set of areas to change FM investment decision making in a coherent way relative to ESG issues. The constructs and the change strategy are also used together to analyse how one can create favourable conditions for enhanced accountability. Ethical problems and climate change issues will be used as the main examples of ESG issues. The article has policy implications for the UK ‘Stewardship Code’ (2010), the legal responsibilities of key players and for the ‘Carbon Disclosure Project’. Journal: Journal of Sustainable Finance & Investment Pages: 159-177 Issue: 2 Volume: 1 Year: 2011 Month: 4 X-DOI: 10.1080/20430795.2011.582328 File-URL: http://hdl.handle.net/10.1080/20430795.2011.582328 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:2:p:159-177 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Haigh Author-X-Name-First: Matthew Author-X-Name-Last: Haigh Title: Dialectics in sustainability Journal: Journal of Sustainable Finance & Investment Pages: 179-179 Issue: 3-4 Volume: 1 Year: 2011 Month: 10 X-DOI: 10.1080/20430795.2012.656469 File-URL: http://hdl.handle.net/10.1080/20430795.2012.656469 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:3-4:p:179-179 Template-Type: ReDIF-Article 1.0 Author-Name: Gabriel A. Huppé Author-X-Name-First: Gabriel A. Author-X-Name-Last: Huppé Author-Name: Priya Bala-Miller Author-X-Name-First: Priya Author-X-Name-Last: Bala-Miller Title: Shareholder passivity: a viable explanation for corporate governance failures at NewsCorp? Abstract: Why would shareholders remain passive despite economic incentives to address corporate governance failings at the company level? In crafting a response to this question, our article addresses contemporary debates on the monitoring role of investors in ensuring the companies they own maximize shareholder value and adhere to high standards of corporate governance. Although rich, the existing literature primarily addresses the normative issue of whether shareholders should take on oversight functions, rather than factors that may induce or inhibit oversight. Responding to this gap in the literature, we examine shareholder passivity through a qualitative case analysis of the behaviour of NewsCorp investors. We argue that the corporate governance failures at NewsCorp resulted not just from absent internal controls at the Board level, but also from the failure of available external governance mechanisms. Our findings show that agency-level, structural and cultural barriers stymied the efforts of activist investors seeking corporate governance reform at NewsCorp. We draw the insights of investors together within a set of policy recommendations that could mitigate shareholder passivity. In keeping with our exploratory focus, we propose promising theoretical trajectories for advancing the related research programme through approaches that better account for the interplay between structure, agency and culture. Journal: Journal of Sustainable Finance & Investment Pages: 180-194 Issue: 3-4 Volume: 1 Year: 2011 Month: 10 X-DOI: 10.1080/20430795.2012.656474 File-URL: http://hdl.handle.net/10.1080/20430795.2012.656474 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:3-4:p:180-194 Template-Type: ReDIF-Article 1.0 Author-Name: Christine Chow Author-X-Name-First: Christine Author-X-Name-Last: Chow Title: Establishing a corporate sustainability monitoring tool using the shareholder engagement commitment indicator Abstract: This article explains the construction of a shareholder engagement commitment (SEC) indicator that enables the comparison of shareholder engagement activities for responsible investment from a company perspective. The study of four elements in engagement that are tied to the robustness of interaction between shareholders and companies enables this comparison. The elements are (i) the frequency of shareholders’ interest in the responsible behaviour of their investments; (ii) the magnitude of support from other shareholders on the issues raised; (iii) the efficiency of company responses and (iv) the sustainability of engagement solutions previously addressed. The SEC indicator is a stable indicator that enables cross-country and cross-company comparisons, as well as time-series comparison for the same company. It is potentially useful for regulators, non-government organizations (NGOs), investors and companies to monitor the corporate social responsibility progress of an organization. In addition to descriptive assessment and case studies techniques, shareholder engagement can now be studied using quantitative methods that allow causal analysis. Journal: Journal of Sustainable Finance & Investment Pages: 195-208 Issue: 3-4 Volume: 1 Year: 2011 Month: 10 X-DOI: 10.1080/20430795.2012.656471 File-URL: http://hdl.handle.net/10.1080/20430795.2012.656471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:3-4:p:195-208 Template-Type: ReDIF-Article 1.0 Author-Name: Kristina Praestbro Nielsen Author-X-Name-First: Kristina Praestbro Author-X-Name-Last: Nielsen Author-Name: Rikke Winther Noergaard Author-X-Name-First: Rikke Winther Author-X-Name-Last: Noergaard Title: CSR and mainstream investing: a new match? -- an analysis of the existing ESG integration methods in theory and practice and the way forward Abstract: Companies and investors perceive the value of corporate social responsibility (CSR) differently; companies strive to obtain a competitive advantage and long-term value by working strategically with CSR, whereas investors see major barriers of integrating environmental, social and governance (ESG) factors into financial valuation models. Investors' current methods of applying ESG data in a financial valuation are categorized as either a ‘single decision model’ where only financial data are valued or a ‘dual decision model’ where both financial data and ESG factors are considered sequentially. As some socially responsible investment funds are able to outperform the market, we argue that the two models identified are insufficient to capture the additional value. On the basis of previous attempts to theoretically link CSR and economic performance, we propose that a new ‘integrated decision model’ should integrate financial data and ESG factors, but should not be based on existing valuation methods. Moreover, it should pursue a single objective, namely ‘value maximization’. A case study on the Danish company Novozymes shows that, in practice, each identified group of the interviewed investors value ESG data differently. One sophisticated investor group implicitly integrates ESG factors into a long-term focused valuation, where considerable value is attributed to ESG factors. Journal: Journal of Sustainable Finance & Investment Pages: 209-221 Issue: 3-4 Volume: 1 Year: 2011 Month: 10 X-DOI: 10.1080/20430795.2012.655889 File-URL: http://hdl.handle.net/10.1080/20430795.2012.655889 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:3-4:p:209-221 Template-Type: ReDIF-Article 1.0 Author-Name: Yulia Levashova Author-X-Name-First: Yulia Author-X-Name-Last: Levashova Title: Role of sustainable development in Bilateral Investment Treaties: recent trends and developments Abstract: In the last decade, international investment law has undergone an explosive growth, which is characterized by the proliferation of Bilateral Investment Treaties (BITs) and a growing number of investment-treaty arbitrations. The effect of BITs on developing countries (host states) can be far-reaching. There are cases when host states attempt to pursue the objectives of sustainable development have interfered with investments of foreign investors, and subsequently have violated BITs. Increasingly, the claim is made that broader societal interests, such as sustainable development, should be incorporated into BITs. In this article, important trends on the role of sustainable development in international investment law are analysed. Examples of states that attempt to incorporate sustainable development in their BITs are compared with states that oppose such reforms. This comparison shows that there is a lack of consistency and consensus on the future of the role of sustainable development in international investment law. Journal: Journal of Sustainable Finance & Investment Pages: 222-229 Issue: 3-4 Volume: 1 Year: 2011 Month: 10 X-DOI: 10.1080/20430795.2012.655890 File-URL: http://hdl.handle.net/10.1080/20430795.2012.655890 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:3-4:p:222-229 Template-Type: ReDIF-Article 1.0 Author-Name: Erhard Theophil Wonneberger Author-X-Name-First: Erhard Theophil Author-X-Name-Last: Wonneberger Author-Name: Harald A. Mieg Author-X-Name-First: Harald A. Author-X-Name-Last: Mieg Title: Trust in money: hard, soft and idealistic factors in Euro, gold and German community currencies Abstract: In this article, we want to prepare the grounds for a psychology of trust in money, trust being key to sustainable money systems. On the basis of an analysis of functional money characteristics, we constructed 12 scales for trust-related money aspects: liquidity, fungibility, stability, backing, credibility of the issuers, system security, image, manageability and idealistic aspects. In an online study (N = 394) comprising a sub-sample of 97 users of community currencies in Germany, we tested the scales for three currencies: Euro, gold and community currencies. We could confirm the hypothesis of a divide between a hard, economic factor and a soft factor of trust in money. In addition, we found a third, idealistic factor in community currencies. The three currencies significantly differed with regard to the 12 trust-related functional aspects and specific uses: Euro is preferred for purchase and investing and gold for storage and community currencies for donations. The discussion centres on the concept of trust applied to money. Journal: Journal of Sustainable Finance & Investment Pages: 230-240 Issue: 3-4 Volume: 1 Year: 2011 Month: 10 X-DOI: 10.1080/20430795.2012.655891 File-URL: http://hdl.handle.net/10.1080/20430795.2012.655891 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:3-4:p:230-240 Template-Type: ReDIF-Article 1.0 Author-Name: Ricardo F. Crespo Author-X-Name-First: Ricardo F. Author-X-Name-Last: Crespo Author-Name: Irene van Staveren Author-X-Name-First: Irene Author-X-Name-Last: van Staveren Title: Would we have had this crisis if women had been running the financial sector? Abstract: The two main ethical approaches, utilitarianism and deontology, have not been able to prevent some of the behaviours underlying the financial crisis. A third ethics, the ethics of care, might have been more effective than the other two in preventing the last financial crisis. The ethics of care is a feminist ethical theory concerned with relationships. It can be applied to a wide variety of relationships and has been tested in experimental settings, suggesting that women tend to behave more in ways that can be understood in terms of relationships, whereas men tend to behave more in terms of rules. Using these ethical theories, we analyse the crisis pointing at what are its causal behavioural attitudes and institutions. Journal: Journal of Sustainable Finance & Investment Pages: 241-250 Issue: 3-4 Volume: 1 Year: 2011 Month: 10 X-DOI: 10.1080/20430795.2012.655892 File-URL: http://hdl.handle.net/10.1080/20430795.2012.655892 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:3-4:p:241-250 Template-Type: ReDIF-Article 1.0 Author-Name: Carole Biau Author-X-Name-First: Carole Author-X-Name-Last: Biau Title: The ‘Governance Gap’, or missing links in transnational chains of accountability for extractive industry investment Abstract: This article seeks to address the urgent need for emerging-market economies to more firmly tackle the corporate social responsibility (CSR) of their overseas enterprises in Africa. Focusing on Africa's mining sector, it analyses complementarities among: international guidelines for multinational enterprises (Section 2); domestic management norms from countries of origin (Section 3); and African countries’ legal frameworks for CSR (Section 4). Three emerging-market countries are investigated (China, India and South Africa), while Canada -- a ‘traditional’ investor long engaged in mining in Africa -- is used as a ‘benchmark’ for assessing whether the CSR characteristics of emerging-market companies differ from those of more ‘experienced’ investors. The article has two aims. First, to build toward a framework that could help emerging-market investors engage in mutual learning and systemize their CSR approaches in accordance with African host government requirements. And secondly, to shed light on the chains of accountability stretching from governing bodies in countries of origin, to company operations in Africa. This analysis reveals a clear ‘governance gap’ between CSR constraints imposed on companies operating within their countries of origin, and the more lenient standards to which companies investing overseas are held. Section 5 and the Conclusion investigate mechanisms for bridging this ‘gap’. Journal: Journal of Sustainable Finance & Investment Pages: 251-260 Issue: 3-4 Volume: 1 Year: 2011 Month: 10 X-DOI: 10.1080/20430795.2012.655893 File-URL: http://hdl.handle.net/10.1080/20430795.2012.655893 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:1:y:2011:i:3-4:p:251-260 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Haigh Author-X-Name-First: Matthew Author-X-Name-Last: Haigh Title: Connecting sustainability goals to financing activity Journal: Journal of Sustainable Finance & Investment Pages: 85-87 Issue: 2 Volume: 2 Year: 2012 Month: 4 X-DOI: 10.1080/20430795.2012.711973 File-URL: http://hdl.handle.net/10.1080/20430795.2012.711973 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:2:p:85-87 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Haigh Author-X-Name-First: Matthew Author-X-Name-Last: Haigh Title: Publishing and defining sustainable finance and investment Abstract: Provides an overview of the aims and scopes of journals and magazines publishing the outcomes of responsible investment research. Discusses interconnected terms such as responsibility, sustainability, ecology, financing and investing. Journal: Journal of Sustainable Finance & Investment Pages: 88-94 Issue: 2 Volume: 2 Year: 2012 Month: 4 X-DOI: 10.1080/20430795.2012.688797 File-URL: http://hdl.handle.net/10.1080/20430795.2012.688797 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:2:p:88-94 Template-Type: ReDIF-Article 1.0 Author-Name: Janvier D. Nkurunziza Author-X-Name-First: Janvier D. Author-X-Name-Last: Nkurunziza Title: Responsible lending: credit may precipitate firm failure in volatile macroeconomic environments Abstract: This article models firm survival in Kenyan manufacturing with a particular emphasis on the effect of credit on firm resilience. The article explores how firms coped with the challenging economic environment that prevailed in the 1990s particularly the effect of the dramatic increase in interest rates. The key finding is that the burden of loans precipitated firm failure in the 1990s but overdrafts did not seem to have had a significant impact on firm failure. Furthermore, older firms appear to have resisted better than younger ones, but there is no evidence that large firms had higher survival rates. These results are robust to different specifications, namely probit models, Cox proportional hazard models and exponential, Gompertz and Weibull parametric hazard models. The main contribution of the article is to highlight the role of responsible lending as credit may lead some categories of firms to failure in shock-prone developing economies. The study also shows that the key factors explaining firm survival in developed economies, namely size and age, are not necessarily the most relevant determinants of firm survival in developing economies. Methodologically, this article is one of the few that have applied hazard analysis to firms in developing economies. Journal: Journal of Sustainable Finance & Investment Pages: 95-118 Issue: 2 Volume: 2 Year: 2012 Month: 4 X-DOI: 10.1080/20430795.2012.688796 File-URL: http://hdl.handle.net/10.1080/20430795.2012.688796 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:2:p:95-118 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Haigh Author-X-Name-First: Matthew Author-X-Name-Last: Haigh Title: Fiduciary finance ≠ stakeholder management: a reply to Cadman's governance theory Abstract: This article deals with the question of the integration of climate-change concern in the investment industry. The article is motivated by the prevailing institutional approach to understanding organizational governance set out in Tim Cadman (2011) [Evaluating the governance of responsible investment institutions: an environmental and social perspective. Journal of Sustainable Finance & Investment 1, no. 1: 20--9]. A case is used to illustrate problems with the framework that has been put forward. The analytical approach draws on critical discourse and visual semiotics methods, and interview research. Attention is directed to the ways in which text and illustration, in combination, are read. Used for this purpose is material bearing on the involvement or otherwise of the funds management sector in the United Nations Framework Convention on Climate Change policy regime. The examined material, it is argued, reinforces imagined levels of prosperity through business activity, while assuming away any need to downscale that activity. Maintenance of the policy regime is not the central issue here: what is at stake is human communities and ecological systems. The governance framework put forward by Cadman can be considered in that light. Journal: Journal of Sustainable Finance & Investment Pages: 119-135 Issue: 2 Volume: 2 Year: 2012 Month: 6 X-DOI: 10.1080/20430795.2012.703125 File-URL: http://hdl.handle.net/10.1080/20430795.2012.703125 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:2:p:119-135 Template-Type: ReDIF-Article 1.0 Author-Name: William Nikolakis Author-X-Name-First: William Author-X-Name-Last: Nikolakis Author-Name: David H. Cohen Author-X-Name-First: David H. Author-X-Name-Last: Cohen Author-Name: Harry W. Nelson Author-X-Name-First: Harry W. Author-X-Name-Last: Nelson Title: What matters for socially responsible investment (SRI) in the natural resources sectors? SRI mutual funds and forestry in North America Abstract: Socially responsible investment mutual funds have played an active role in encouraging sustainability in the natural resources sectors, particularly in North America's forest industry which tends to be reactive in adopting sustainable practices. A survey of socially responsible investment mutual funds in Canada and the US was first undertaken in 2006 and then replicated in 2010--11 to understand the implications of this growing investment practice on the natural resources sector, with a focus on forestry. While we did not expect to find a convergence in environmental, social or governance criteria among funds, this study found that environmental criteria are most important to respondents in evaluating natural resource stocks, and that this is stable over time and consistent according to fund size. Governance criteria became prominent in 2010--11, perhaps a result of the Global Financial Crisis. These results build on literature examining the investment evaluation process for socially responsible mutual funds. What the findings highlight is that evaluation criteria are dynamic, responding to changing attitudes and firms should consider this in developing their sustainability agenda. Some socially responsible mutual funds have played a unique role in the forest sector, working collectively with Non-Government Organisations and civil actors to influence forest companies to improve sustainability, and have divested shares in forest companies that do not comply with their demands. Our results improve understanding for what is important to socially responsible mutual funds in evaluating the forest sector. The study shows a decline in importance for forest certification over the period and that the Forest Stewardship Council scheme is viewed as most credible by respondents. However, poor financial returns in the forest sector may constrain further attention from socially responsible mutual funds. Journal: Journal of Sustainable Finance & Investment Pages: 136-151 Issue: 2 Volume: 2 Year: 2012 Month: 5 X-DOI: 10.1080/20430795.2012.690724 File-URL: http://hdl.handle.net/10.1080/20430795.2012.690724 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:2:p:136-151 Template-Type: ReDIF-Article 1.0 Author-Name: Wim Vandekerckhove Author-X-Name-First: Wim Author-X-Name-Last: Vandekerckhove Author-Name: Jos Leys Author-X-Name-First: Jos Author-X-Name-Last: Leys Title: Dear Sir, we are not an NGO Abstract: With the financial crisis, socially responsible investment (SRI) has gained attention. SRI designates a variety of rationales and techniques for including non-financial criteria into investment decisions. One technique of SRI consists of investors engaging with investee corporations on issues of concern. The aim is twofold. First, the investor hopes to get more information on corporate policies and practices with regard to allegations of improper behaviour, made by third parties (NGOs, unions, press). Second, the investor tries to influence these practices by signalling investor concern to top management over certain issues. However, the engagement process itself remains opaque, especially in Europe where shareholder activism (SRI activists voting at AGM) is relatively unknown, and where ‘soft engagement’ (behind-closed-doors-dialogue) is more popular. This article takes an organizational rhetoric approach to provide insights into the complexities and ambiguities that are at play in the interaction between representatives of SRI investors and corporations. We use data from an investor engagement process (letters to and from management and boards of investee corporations) on three cases of corporate activities in Myanmar. Our findings are that the investor initiative has a hard time getting investees to answer a number of straightforward questions about the investee's risk exposure and risk management with regard to being involved in breaches of International Labour Organization core conventions. From our organizational rhetoric analysis we offer plausible explanations for this both on investor side (ambiguity of intent, lack of credibility on investor side) and on corporate side (ambiguity of audience to respond to, lack of engagement experience, the assumption that moral arguments are expected rather than proper risk management). Journal: Journal of Sustainable Finance & Investment Pages: 152-161 Issue: 2 Volume: 2 Year: 2012 Month: 2 X-DOI: 10.1080/20430795.2012.688795 File-URL: http://hdl.handle.net/10.1080/20430795.2012.688795 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:2:p:152-161 Template-Type: ReDIF-Article 1.0 Author-Name: Heather Hachigian Author-X-Name-First: Heather Author-X-Name-Last: Hachigian Author-Name: Sarah M. McGill Author-X-Name-First: Sarah M. Author-X-Name-Last: McGill Title: Introduction Journal: Journal of Sustainable Finance & Investment Pages: 163-165 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.742631 File-URL: http://hdl.handle.net/10.1080/20430795.2012.742631 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:163-165 Template-Type: ReDIF-Article 1.0 Author-Name: Heather Hachigian Author-X-Name-First: Heather Author-X-Name-Last: Hachigian Author-Name: Sarah M. McGill Author-X-Name-First: Sarah M. Author-X-Name-Last: McGill Title: Reframing the governance challenge for sustainable investment Abstract: In an era of borderless financial markets the financial sector can serve as an important mechanism for addressing long-term environmental, economic and social degradation. In particular, institutional investors tasked with long-term asset--liability management are integrating environmental, social and governance considerations into their decision-making and ownership practices to navigate future investment opportunities and threats. Despite the increase in sustainable investment initiatives, the transition to a more sustainable economy remains an aspiration. We argue this is because sustainable investment has been conceived and executed largely through existing governance frameworks, which are incongruent with the ‘sustainability’ problems facing institutional investors. To illustrate this point, we draw a distinction between traditional and sustainability problems, arguing that the latter are characterized by residuals (as opposed to externalities), such as conflict and behavioural biases, and that these residuals are irreducible. This distinction provides critical insight into why institutional investors must invest in their own governance to meet the challenges and opportunities that sustainability problems raise. While far from a comprehensive research agenda, the article draws on shared insights from the graduate student papers in this special issue to explore questions of innovation in governance required to confront sustainability issues. Journal: Journal of Sustainable Finance & Investment Pages: 166-178 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.742632 File-URL: http://hdl.handle.net/10.1080/20430795.2012.742632 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:166-178 Template-Type: ReDIF-Article 1.0 Author-Name: Yukie Saito Author-X-Name-First: Yukie Author-X-Name-Last: Saito Title: Corporate governance and active engagement in Japan: transformation in the face of incremental shareholder value? Abstract: In this article is examined the consequences of an increasing emphasis on shareholder value as a result of corporate ownership structural change for shareholder activism and corporate governance reforms. By focussing on active engagement through shareholder proposals in Japan, it is shown that limited actors and their motivations lead to narrow agenda setting. Further, by analysing the determinants of corporate governance structure, it is also shown that larger firms tend to undertake a greater degree of institutional change in corporate governance, depending upon their ownership structure. Finally, this study shows that mitigating agency problems through board structural reform is not the major source of active engagement through the submission of shareholder proposals in Japan, where shareholder activism has not yet developed to realise shareholder value. Journal: Journal of Sustainable Finance & Investment Pages: 179-197 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.742633 File-URL: http://hdl.handle.net/10.1080/20430795.2012.742633 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:179-197 Template-Type: ReDIF-Article 1.0 Author-Name: Dane P. Rook Author-X-Name-First: Dane P. Author-X-Name-Last: Rook Title: How can we know if investors are coherently linking sustainability concepts? Abstract: The influences of sustainability factors on long-term financial market dynamics are complex. Investors’ abilities to coherently link sustainability concepts from across diverse domains may dictate success in navigating long-term complexities. A coherent understanding can avoid unintended consequences and mitigate governance conflicts for institutional investors. Analysis of whether investors are coherently linking sustainability concepts presents an underexplored empirical challenge for both psychology and finance. This article presents a methodology for measuring how coherently investors link sustainability concepts. The approach uses the concept of investment beliefs and straightforward mathematical techniques on a unique small-sample dataset of the self-reported investment beliefs of senior asset managers on sustainable investments and long-termism. Three findings emerge. First, investors are able to successfully link small numbers of sustainability concepts in a coherent way, but have difficulty doing so for larger numbers of concepts. Second, expert investors seem to be making global linkages among sustainable investment concepts from different domains (global linkages) and thus may be cultivating broad worldviews on sustainability. Third, some sustainability concepts link together more coherently for investors than others. This article advocates further research into the coherence of sustainable investment understanding, as well as a scrutiny by investors of their own investment belief systems. Journal: Journal of Sustainable Finance & Investment Pages: 198-221 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.742634 File-URL: http://hdl.handle.net/10.1080/20430795.2012.742634 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:198-221 Template-Type: ReDIF-Article 1.0 Author-Name: Sarah M. McGill Author-X-Name-First: Sarah M. Author-X-Name-Last: McGill Title: ‘Peak’ phosphorus? The implications of phosphate scarcity for sustainable investors Abstract: Inorganic phosphate-based fertilisers have done much to alleviate the grave problem of global hunger, yet these gains have also come at the expense of a critical dependence on a finite mineral resource. According to various projections, current economic global reserves of phosphate rock, approximately 90% of which is used to manufacture chemical fertilisers, are diminishing and will be depleted within as few as 40--150 years -- a phenomenon commonly known as peak phosphorus. This article argues that much like the idea of peak oil before it, the peak phosphorus claim tends not to distinguish between long-term concerns about one day ‘running out’ of phosphate rock and the more immediate, multi-dimensional socio-economic causes and effects of poor resource management. The article shows the importance of a more nuanced understanding of the problem of resource scarcity to the sustainable investing agenda. In particular, the concentration of the majority of remaining global phosphate reserves in a handful of geopolitically sensitive countries and state-capitalist corporations presents a number of unexplored challenges to investors. Journal: Journal of Sustainable Finance & Investment Pages: 222-239 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.742635 File-URL: http://hdl.handle.net/10.1080/20430795.2012.742635 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:222-239 Template-Type: ReDIF-Article 1.0 Author-Name: Caitlin A. McElroy Author-X-Name-First: Caitlin A. Author-X-Name-Last: McElroy Title: Corporate foundations in the mining industry: the relationship between responsible investment and social investment Abstract: This article explores the relationship between responsible investment (RI) initiatives in capital markets and lending institutions, and the performance of social investment as a specific form of corporate social responsibility (CSR) in the mining industry. It focuses on how the nature of institutional investment initiatives encourages certain organizational structures for CSR activities. The argument is developed by exploring an inherent conflict between the business case motivations for CSR as promoted by RI initiatives, and the legitimacy of CSR activities being based on their performance-fulfilling normative CSR values. Corporate foundations in the mining industry provide the empirical context for examination. These organizations distribute the benefits of mining operations through social investment. They are -- interestingly -- both connected to their sponsoring mining firms and yet self-governed. The organizational form of corporate foundations works as a strategic response to RI initiatives because the form allows social investment practices at a distance from the corporation to maintain its normative legitimacy and thus create the CSR desired by investors. Framed by an institutional economic geography lens, this organizational dynamic indicates that the inherent conflict in RI initiatives produces greater attention to the form of delivery of CSR than to its functions. Journal: Journal of Sustainable Finance & Investment Pages: 240-256 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.742636 File-URL: http://hdl.handle.net/10.1080/20430795.2012.742636 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:240-256 Template-Type: ReDIF-Article 1.0 Author-Name: J. Ryan Hogarth Author-X-Name-First: J. Author-X-Name-Last: Ryan Hogarth Title: The role of climate finance in innovation systems Abstract: This paper addresses questions over the function and institutional arrangements of climate finance from an innovation systems perspective. It examines the barriers that prevent developing countries from transitioning to low-carbon and climate-resilient economies, and the interventions necessary to overcome those barriers. It finds that the barriers to innovation and economic change are much more pervasive than a lack of incentives. They include issues like insufficient knowledge flows and technical capacity in research and development and business; inadequate network formation around value chains; capital constraints due to undeveloped capital markets; and unstable and inappropriate policy regimes. To overcome these barriers, climate finance will need to be deployed through technology-push policies, strategic niche management and demand-pull policies. It will also need to incentivise and enable developing country governments to implement the ‘sustainable innovation policy regimes’ necessary to guide transitions to low-carbon and climate-resilient economies. Concerning the institutional arrangements of climate finance, this paper argues that climate finance should flow through national funding entities, and that the United Nations Framework Convention on Climate Change should adopt crediting mechanisms for Nationally Appropriate Mitigation Actions or Sectoral No-Lose Targets. Journal: Journal of Sustainable Finance & Investment Pages: 257-274 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.742637 File-URL: http://hdl.handle.net/10.1080/20430795.2012.742637 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:257-274 Template-Type: ReDIF-Article 1.0 Author-Name: Adam D. Dixon Author-X-Name-First: Adam D. Author-X-Name-Last: Dixon Author-Name: Ashby H.B. Monk Author-X-Name-First: Ashby H.B. Author-X-Name-Last: Monk Title: Reconciling transparency and long-term investing within sovereign funds Abstract: One of the potential consequences of the international community's focus on transparency and commercial orientation, when it comes to sovereign wealth funds, has been to shorten the latter's investment time horizons. As a result, these theoretically long-term investors are pressured into behaving like many short-term investors in the marketplace today, pushed by structural conditions that demand short-term performance in order to secure legitimacy. In evaluating the tension between transparency and long-term investing, we offer a conceptual framework for thinking through different types of transparency pertaining to the investment process as a means of discussing and communicating acceptable and non-acceptable asymmetric information in relation to financial performance. Journal: Journal of Sustainable Finance & Investment Pages: 275-286 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.703126 File-URL: http://hdl.handle.net/10.1080/20430795.2012.703126 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:275-286 Template-Type: ReDIF-Article 1.0 Author-Name: Hoasiuhu Francis Author-X-Name-First: Hoasiuhu Author-X-Name-Last: Francis Title: Developing a self-sustaining protected area system: a feasibility study of national tourism fee and green infrastructure in the Solomon Islands Abstract: This research explores how the notion of efficiency could help translate environmental policies into practices to achieve policies targets. The Institutional Analysis Development framework provides the evaluative tool and method. It follows with articulating policy directives alongside the Sustainable Finance of protected area system management perspective. As such, the research offers an interdisciplinary perspective on conservation management particularly in developing island countries where conservation is dominantly financed from international aid and characterized by a shorter time frame. This research serves as a feasibility study for the development of sustainable finance for environmental protection in the Solomon Islands. Data were collected from interviews, minutes, official documents and face-to-face communication during 2010--2012. Reflecting on the case study, more than 50% of the Solomon Islands’ environmental laws are redundant; as such, ensuring the cohesive flow of rules between laws, policies and management plan is viewed here as a first step towards effectiveness. It follows with the argument that environmental laws require to be distinguished from criminal laws and as such enforcement should be viewed within the perspective of providing provisions for innovative financing, self-reliance and ownership. Following these arguments the paper recommends that aid agencies should redirect their policies towards resource mobilization and creating internal financing to support conservation. These initiatives should also include provisions for integrating urban green management in natural resources management. A Solomon Island Environmental Trust Fund is proposed here, where national tourism fees and green infrastructure are proposed as two potential revenues. Journal: Journal of Sustainable Finance & Investment Pages: 287-302 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.715576 File-URL: http://hdl.handle.net/10.1080/20430795.2012.715576 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:287-302 Template-Type: ReDIF-Article 1.0 Author-Name: Robert J. Bianchi Author-X-Name-First: Robert J. Author-X-Name-Last: Bianchi Author-Name: Michael E. Drew Author-X-Name-First: Michael E. Author-X-Name-Last: Drew Title: Sustainable stock indices and long-term portfolio decisions Abstract: What is the long-term behaviour of sustainable stock index returns and the accretive benefits to portfolio diversification? We consider these issues through the prism of a long-term investor by replicating the risk and reward behaviour of sustainable stock indices from 1927 through 2010. We find that these indices exhibit long-term mean, variance and tail-risk characteristics that are commensurate with conventional U.S. stocks. We also reveal that recent performance appears worse than their performance over the long term. On the question of portfolio diversification, we find that only one of the three sustainable stock indices investigated dominates the efficient frontier. Our findings suggest that the stock screening process of these indices has important implications regarding the desirability of these investments for long-term investors. Journal: Journal of Sustainable Finance & Investment Pages: 303-317 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.715577 File-URL: http://hdl.handle.net/10.1080/20430795.2012.715577 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:303-317 Template-Type: ReDIF-Article 1.0 Author-Name: Antonio Vives Author-X-Name-First: Antonio Author-X-Name-Last: Vives Author-Name: Baljit Wadhwa Author-X-Name-First: Baljit Author-X-Name-Last: Wadhwa Title: Sustainability indices in emerging markets: impact on responsible practices and financial market development Abstract: Sustainability indices are generally created to serve as a benchmark for sustainable investment. In all markets, but particularly in emerging markets, these indices can also contribute to stimulate responsible practices in companies that want to be part of the index and those that are already members. Furthermore, they can contribute to the deepening of the capital markets, not only by serving as a benchmark, but also by developing interest in responsible investment on the part of foreign and domestic institutional investors. To play these roles, the admission, selection and removal process of companies into sustainability indices must have particular characteristics. For example, there should be a relatively large stock of eligible companies. Furthermore, the investment environment in the capital markets must also be relatively developed for investors to appreciate the long-term value of responsible companies and analysts must have the right incentives to promote responsible investments. Under certain conditions, the indices can also help to attract foreign capital, seeking international diversification, to the local capital markets. Even though there are more than 50 general and specialized sustainability indices, there are only seven associated with stock exchanges in developing countries: South Africa, Brazil, Egypt, Indonesia, China, India, Turkey and Mexico. This study analyses the conditions that make for effective sustainability indices in promoting capital market development and responsible practices and the impacts that corporations and investors can expect. This study includes, as an example, evidence from an evaluation of the impact of the BM&FBovespa Sustainability Index in Brazil. We also include recommendations for the design of sustainability indices in emerging markets. Journal: Journal of Sustainable Finance & Investment Pages: 318-337 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.715578 File-URL: http://hdl.handle.net/10.1080/20430795.2012.715578 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:318-337 Template-Type: ReDIF-Article 1.0 Author-Name: Marien de Haan Author-X-Name-First: Marien Author-X-Name-Last: de Haan Author-Name: Lammertjan Dam Author-X-Name-First: Lammertjan Author-X-Name-Last: Dam Author-Name: Bert Scholtens Author-X-Name-First: Bert Author-X-Name-Last: Scholtens Title: The drivers of the relationship between corporate environmental performance and stock market returns Abstract: Is there a relationship between corporate environmental performance (CEP) and stock returns? And if so, what drives this relationship: changes in corporate risk exposure or mispricing because of investors' taste for high CEP stocks, based on personal values or social norms? To answer these questions, we use a new and comprehensive ranking that measures the environmental performance of the 500 largest publicly traded US corporations. Our methodology is based on the Fama--French--Carhart four-factor asset-pricing model. In addition, we incorporate a fifth factor to capture common CEP-related risks. The results point to a negative relationship between CEP and stock returns, partially driven by common CEP-related risks. At the same time though, the influence of taste cannot be ruled out. Journal: Journal of Sustainable Finance & Investment Pages: 338-375 Issue: 3-4 Volume: 2 Year: 2012 Month: 10 X-DOI: 10.1080/20430795.2012.738601 File-URL: http://hdl.handle.net/10.1080/20430795.2012.738601 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:3-4:p:338-375 Template-Type: ReDIF-Article 1.0 Author-Name: Benjamin J. Richardson Author-X-Name-First: Benjamin J. Author-X-Name-Last: Richardson Title: Fiduciary responsibility in retail funds: clarifying the prospects for SRI Abstract: This article assesses the fiduciary law context governing socially responsible investing (SRI) in retail funds in order to understand the scope for promoting sustainable development. Most scholarship on this subject has focused on institutional investors such as pension plans, yet the legal, institutional and market context of retail funds has some distinct characteristics. The article argues that although the retail sector offers the most generous legal space for SRI of any financial sector, SRI practice is far from mainstream owing to a range of organizational and economic impediments coupled with the drawbacks of a relatively permissive legal milieu. This article highlights that the obsessive focus on the supposed fiduciary law barrier to SRI can overlook other institutional obstacles to its practice, as well as to stress that it is insufficient merely to have a legally enabling framework if we wish SRI to make a more fundamental contribution to sustainability. Furthermore, any analysis of the fiduciary responsibility of retail funds is incomplete without taking into account the impact of other legal standards and duties in this sector such as from contract law and financial regulation. Journal: Journal of Sustainable Finance & Investment Pages: 1-16 Issue: 1 Volume: 3 Year: 2013 Month: 1 X-DOI: 10.1080/20430795.2012.751349 File-URL: http://hdl.handle.net/10.1080/20430795.2012.751349 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2012:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 Author-Name: Mehdi Beyhaghi Author-X-Name-First: Mehdi Author-X-Name-Last: Beyhaghi Author-Name: James P. Hawley Author-X-Name-First: James P. Author-X-Name-Last: Hawley Title: Modern portfolio theory and risk management: assumptions and unintended consequences Abstract: This article presents an overview of the assumptions and unintended consequences of the widespread adoption of modern portfolio theory (MPT) in the context of the growth of large institutional investors. We examine the many so-called risk management practices and financial products that have been built on MPT since its inception in the 1950s. We argue that the very success due to its initial insights had the unintended consequence, given its widespread adoption, of contributing to the undermining the foundation of the financial system in a variety of ways. This study has relevance for both the ongoing analyses of the recent financial crisis, as well as for various existing and proposed financial reforms. Journal: Journal of Sustainable Finance & Investment Pages: 17-37 Issue: 1 Volume: 3 Year: 2013 Month: 1 X-DOI: 10.1080/20430795.2012.738600 File-URL: http://hdl.handle.net/10.1080/20430795.2012.738600 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2012:i:1:p:17-37 Template-Type: ReDIF-Article 1.0 Author-Name: Scott J. Niblock Author-X-Name-First: Scott J. Author-X-Name-Last: Niblock Author-Name: Jennifer L. Harrison Author-X-Name-First: Jennifer L. Author-X-Name-Last: Harrison Title: Carbon markets in times of VUCA: a weak-form efficiency investigation of the phase II EU ETS Abstract: We examine the weak-form efficiency status of the European carbon market over periods of sustained volatility, uncertainty, complexity and ambiguity. We use 1,035 daily spot price data observations from the Phase II European Union Emissions Trading Scheme from 2008 to 2012, along with random walk and trading rule profitability tests. To establish the evolution of weak-form efficiency, the time period under investigation is further divided into two distinct crisis periods, i.e. global financial crisis (GFC) period and European sovereign debt crisis (ESDC) period. Period 1 random walk test findings provide limited support for price return predictability in the European carbon market during the GFC. Period 2 results show that price return predictabilities became non-existent during the ESDC. Trading rule profitability findings reveal that after applying simple trading rules (that account for risk and transaction costs), price return predictabilities cannot be manipulated to profit above a naive buy-and-hold strategy in the European carbon market. Despite ongoing market volatility, economic uncertainty and complexity, and global climate change policy ambiguity, it appears that the EU ETS is becoming more weak-form efficient. Journal: Journal of Sustainable Finance & Investment Pages: 38-56 Issue: 1 Volume: 3 Year: 2013 Month: 1 X-DOI: 10.1080/20430795.2013.765381 File-URL: http://hdl.handle.net/10.1080/20430795.2013.765381 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:1:p:38-56 Template-Type: ReDIF-Article 1.0 Author-Name: Emmanuel Olatunbosun Benjamin Author-X-Name-First: Emmanuel Olatunbosun Author-X-Name-Last: Benjamin Title: Credit risk modelling and sustainable agriculture: asset evaluation and rural carbon revenue Abstract: Two important reasons for the limited access to formal credit experienced by rural small farmers in developing countries are information asymmetry and lack of collateral. For formal lenders, these conditions present a challenge to prudent risk management. Sustainable agriculture in sub-Saharan Africa may abate these challenges. This article extends Katchova and Barry's (2005) risk model to include environmental services cash flow in the asset evaluation of farms in Southern Africa. In the presence of falling land prices, future distance-to-default of carbon-certified smallholders would improve considerably with a default probability of approximately 40% as compared with that without certification. Journal: Journal of Sustainable Finance & Investment Pages: 57-69 Issue: 1 Volume: 3 Year: 2013 Month: 1 X-DOI: 10.1080/20430795.2013.765382 File-URL: http://hdl.handle.net/10.1080/20430795.2013.765382 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:1:p:57-69 Template-Type: ReDIF-Article 1.0 Author-Name: Tessa Hebb Author-X-Name-First: Tessa Author-X-Name-Last: Hebb Title: Impact investing and responsible investing: what does it mean? Journal: Journal of Sustainable Finance & Investment Pages: 71-74 Issue: 2 Volume: 3 Year: 2013 Month: 4 X-DOI: 10.1080/20430795.2013.776255 File-URL: http://hdl.handle.net/10.1080/20430795.2013.776255 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:2:p:71-74 Template-Type: ReDIF-Article 1.0 Author-Name: David Wood Author-X-Name-First: David Author-X-Name-Last: Wood Author-Name: Ben Thornley Author-X-Name-First: Ben Author-X-Name-Last: Thornley Author-Name: Katie Grace Author-X-Name-First: Katie Author-X-Name-Last: Grace Title: Institutional impact investing: practice and policy Abstract: This article examines how public policy can and does play a role in enabling impact investing by U.S. institutional asset owners. We outline how government often plays a key role as underwriter, co-investor, regulator, procurer of goods and services, or provider of subsidies and technical assistance, thus enabling intentional investment for social and environmental benefits by asset owners. The article focuses on how policy intersects with the specific legal requirements and a distinct investment culture that often constrain the ability of institutions to invest with impact. These barriers must be taken into account for the institutional role in impact investing to grow beyond the current limited activity. Careful coordination between policymakers and institutional investors will be essential in building private investment markets that deliver positive social impact. We concentrate on more narrowly construed impact investment policies. Examples include geographically targeted economic development, and energy-efficient real estate investments. Journal: Journal of Sustainable Finance & Investment Pages: 75-94 Issue: 2 Volume: 3 Year: 2013 Month: 4 X-DOI: 10.1080/20430795.2013.776256 File-URL: http://hdl.handle.net/10.1080/20430795.2013.776256 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:2:p:75-94 Template-Type: ReDIF-Article 1.0 Author-Name: Edward T. Jackson Author-X-Name-First: Edward T. Author-X-Name-Last: Jackson Title: Interrogating the theory of change: evaluating impact investing where it matters most Abstract: How is impact investing evaluated? How can and should it be evaluated? Over the past 5 years, there has been solid progress in developing social impact metrics at the industry-wide, firm and investment levels and the industry is becoming increasingly data-rich. Nevertheless, evaluation practices still tend to focus on counting inputs and outputs, and telling stories. Moreover, an important element is too often underdeveloped, invisible, not explicit or missing altogether. That element is theory of change, an approach and tool drawn from the field of program evaluation. This article reviews cases where theory of change has, in fact, been used to good effect at various levels of the impact investing industry. It also discusses a range of qualitative and quantitative methods which could be usefully blended with the theory of change approach, and affirms the equally important imperatives of accountability and learning across all combinations of methods. The article concludes that a more comprehensive application of theory of change to all levels of the field is required - and especially to the micro-level of individuals, households and communities, where the results of impact investments matter most. Such an approach can help build an impact investing industry that is adaptive, transparent and self-sustaining. To this end, creating an ongoing dialogue between the development evaluation field and the impact investing industry, and designing and launching new education and training initiatives, are key tasks in the years ahead. Journal: Journal of Sustainable Finance & Investment Pages: 95-110 Issue: 2 Volume: 3 Year: 2013 Month: 4 X-DOI: 10.1080/20430795.2013.776257 File-URL: http://hdl.handle.net/10.1080/20430795.2013.776257 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:2:p:95-110 Template-Type: ReDIF-Article 1.0 Author-Name: Marguerite Mendell Author-X-Name-First: Marguerite Author-X-Name-Last: Mendell Author-Name: Erica Barbosa Author-X-Name-First: Erica Author-X-Name-Last: Barbosa Title: Impact investing: a preliminary analysis of emergent primary and secondary exchange platforms Abstract: The purpose of this article is to present a brief synthesis of the impact investment market as it relates to barriers to the full development of this market. We examine some developments that have emerged to address these barriers. We include a brief overview of the impact investing field and the current landscape of social enterprises, the vast majority of which are non-profit organizations increasingly engaged in business activity. We address the lack of liquidity in this market and the need for secondary markets that enable investor exit. We present a preliminary summary of findings on a few exchange platforms - primary and secondary - that have emerged very recently to coordinate this market in several countries. Journal: Journal of Sustainable Finance & Investment Pages: 111-123 Issue: 2 Volume: 3 Year: 2013 Month: 4 X-DOI: 10.1080/20430795.2013.776258 File-URL: http://hdl.handle.net/10.1080/20430795.2013.776258 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:2:p:111-123 Template-Type: ReDIF-Article 1.0 Author-Name: Sean Geobey Author-X-Name-First: Sean Author-X-Name-Last: Geobey Author-Name: Olaf Weber Author-X-Name-First: Olaf Author-X-Name-Last: Weber Title: Lessons in operationalizing social finance: the case of Vancouver City Savings Credit Union Abstract: With $16.2 billion of assets the Vancouver City Savings Credit Union (Vancity) has the largest asset base of any member of the Global Alliance on Banking and Values, a global association of ethical banks, and also has the largest asset base of Canada's credit unions. This article analyses the social financing Vancity conducts and the disclosure of the social impact of the products and services they offer. The results suggest that they are on the path to realizing a 100% social finance portfolio but that they have not arrived there yet. In particular, their personal retail products and services still offer room for improvement. Furthermore, their reporting lacks an indicator based on comparative figures that would allow stakeholders to compare the impact of Vancity's products and services with those of other financial institutions. Journal: Journal of Sustainable Finance & Investment Pages: 124-137 Issue: 2 Volume: 3 Year: 2013 Month: 4 X-DOI: 10.1080/20430795.2013.776259 File-URL: http://hdl.handle.net/10.1080/20430795.2013.776259 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:2:p:124-137 Template-Type: ReDIF-Article 1.0 Author-Name: Madeleine Evans Author-X-Name-First: Madeleine Author-X-Name-Last: Evans Title: Meeting the challenge of impact investing: how can contracting practices secure social impact without sacrificing performance? Abstract: Impact investors seek financial return and positive economic, social or environmental impact. While certain segments of the impact investing industry see strong returns and high positive impact as conflicting objectives, others argue that strong performance across both objectives can be simultaneously achieved. Despite the importance of this question to the industry, no widely accepted framework exists that enables impact investors to determine whether and how they will be able to invest without a trade-off. This article draws on contract theory and the analysis of incentives in multitask principal-agent relationships in an attempt to fill the void. For impact investors, this article pioneers a theoretical framework for the discussion of strategy, offering a first set of hypotheses that can be elaborated through further theoretical work and tested against actual experience. Within contract theory, this article fits most closely alongside the applied multitask literature concerned with an agent assigned to a financial and an environmental task (Sinclair-Desgagné, B., and H. L. Gabel. 1997. "Environmental Auditing in Management Systems and Public Policy." Journal of Environmental Economics and Management 33 (3): 331-346; Lothe, S., I. Myrtveit, and T. Trapani. 1999. "Compensation Systems for Improving Environmental Performance." Business Strategy and the Environment 8 (6): 313-321; Lothe, S., and I. Myrtveit. 2003. "Compensation Systems for Green Strategy Implementation: Parametric and Non-Parametric Approaches." Business Strategy and the Environment 12 (3): 191-203), while the theory referenced within bridges models from Holmstrom and Milgrom (1991. "Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design." Journal of Law, Economics, & Organization 7: 24-52), Feltham and Xie (1994. "Performance Measure Congruity and Diversity in Multitask Principal/Agent Relations." The Accounting Review 69 (3): 429-453) and Budde (2007. "Performance Measure Congruity and the Balanced Scorecard." Journal of Accounting Research 45 (3): 515-539). Journal: Journal of Sustainable Finance & Investment Pages: 138-154 Issue: 2 Volume: 3 Year: 2013 Month: 4 X-DOI: 10.1080/20430795.2013.776260 File-URL: http://hdl.handle.net/10.1080/20430795.2013.776260 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:2:p:138-154 Template-Type: ReDIF-Article 1.0 Author-Name: Nicholas E. Florek Author-X-Name-First: Nicholas E. Author-X-Name-Last: Florek Title: Enabling social enterprise through regulatory innovation: a case study from the United Kingdom Abstract: Social enterprise, broadly defined as the innovative use of resources to achieve social goals, is an expanding part of the global economy that has the potential to address pressing social problems ranging from education to health care. It is a growing component of what is often referred to as the third sector; the part of the economy that encompasses organizations that are neither governmental nor for-profit business institutions. Within the last two decades, governments have begun to take note of this trend and make policy changes to support the sustained emergence of these enterprises. One policy option that has recently emerged in Europe and the United States is the creation of a separate regulatory framework for social enterprises via new forms of legal organization. This article explores the effectiveness of one new type of social enterprise legal organization, the UK's Community Interest Company. By analysing data collected from the UK's National Survey of Third Sector Organisations in 2009, this article asks whether organizations operating as Community Interest Companies exhibit some of the characteristics that policy makers intended to foster when drafting the new legislation? Our findings suggest that the hypothesized relationship is positive in both these cases but the results of the analysis support only a positive relationship between community interest companies and prioritization of earned income. Community interest companies are more likely to rely on earned income for at least 50% of their funding than any other organizational form among third sector organizations. Journal: Journal of Sustainable Finance & Investment Pages: 155-175 Issue: 2 Volume: 3 Year: 2013 Month: 4 X-DOI: 10.1080/20430795.2013.776261 File-URL: http://hdl.handle.net/10.1080/20430795.2013.776261 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:2:p:155-175 Template-Type: ReDIF-Article 1.0 Author-Name: Kristian Alm Author-X-Name-First: Kristian Author-X-Name-Last: Alm Author-Name: Riikka Sievänen Author-X-Name-First: Riikka Author-X-Name-Last: Sievänen Title: Institutional investors, climate change and human rights Journal: Journal of Sustainable Finance & Investment Pages: 177-183 Issue: 3 Volume: 3 Year: 2013 Month: 7 X-DOI: 10.1080/20430795.2013.791139 File-URL: http://hdl.handle.net/10.1080/20430795.2013.791139 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:3:p:177-183 Template-Type: ReDIF-Article 1.0 Author-Name: Kristian Alm Author-X-Name-First: Kristian Author-X-Name-Last: Alm Title: 'The dark side of the moon': a theoretical framework of complicity applied to the Norwegian Government Pension Fund Global Abstract: This article analyses the risks associated with the Norwegian Government Pension Fund Global's (NGPFG) complicity in the violation of foreign citizens and their human rights as carried out by the fund's numerous portfolio companies. The NGPFG is a Sovereign Wealth Fund (SWF). In contrast to the SWF's in the Middle East, the NGPFG is the only SWF that is located in a country with high democratic standards. The fund is one of the largest institutional investors on the global financial scene. As of October 2012, the fund possessed assets of 3755 trillion NOK (652 billion US$), invested only overseas in 7354 companies. Of this amount, 58.7% is invested in private limited companies, 41% in bond-issuing companies and 0.3% in real estate. On the basis of current research on shareholders' complicity, this article develops a theoretical framework on investor complicity. The article applies this theoretical framework of complicity to several empirical phenomena characterizing the macro-, meso- and micro-level of the NGPFG portfolio. Journal: Journal of Sustainable Finance & Investment Pages: 184-203 Issue: 3 Volume: 3 Year: 2013 Month: 7 X-DOI: 10.1080/20430795.2013.791140 File-URL: http://hdl.handle.net/10.1080/20430795.2013.791140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:3:p:184-203 Template-Type: ReDIF-Article 1.0 Author-Name: Riikka Sievänen Author-X-Name-First: Riikka Author-X-Name-Last: Sievänen Title: The non-response of pension funds to climate change and human rights Abstract: Our analysis suggests that pension funds face challenges when they implement into practice the usual definition of responsible investment: the integration of environmental, social and corporate governance factors into investment decision making. The current definition of responsible investment seems to allow various interpretations and may therefore discourage pension funds from developing clear responsible investment practices that would allow them to address public policies such as climate change and human rights. Journal: Journal of Sustainable Finance & Investment Pages: 204-222 Issue: 3 Volume: 3 Year: 2013 Month: 7 X-DOI: 10.1080/20430795.2013.791141 File-URL: http://hdl.handle.net/10.1080/20430795.2013.791141 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:3:p:204-222 Template-Type: ReDIF-Article 1.0 Author-Name: Ville-Pekka Sorsa Author-X-Name-First: Ville-Pekka Author-X-Name-Last: Sorsa Title: Social responsibility and the political: studying the politics of social responsibility in institutional investment Abstract: The political aspects of social responsibility (SR) have been much debated in academia, but so far there has been little attention paid to how the political usage of SR discourse shapes everyday practices in organizations. The first purpose of this essay is to develop a framework based on post-foundational political thought and institutionalist approaches to SR in order to explain how the usage of SR discourse shapes activities in organizations. The second purpose is to demonstrate the application of this framework in order to analyse the politics of SR in institutional investment. This article first studies what kind of theoretical foci are provided by influential reviews in SR and socially responsible investment (SRI) literature. It then demonstrates, by means of a sample case study focused on Finnish pension insurance companies, how SR discourse can politically shape institutional investment practices. The findings suggest that SR discourse can politically shape investment practice by means of factors that would typically be excluded from explanation if studied on the basis of the literature reviewed. Journal: Journal of Sustainable Finance & Investment Pages: 223-237 Issue: 3 Volume: 3 Year: 2013 Month: 7 X-DOI: 10.1080/20430795.2013.791142 File-URL: http://hdl.handle.net/10.1080/20430795.2013.791142 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:3:p:223-237 Template-Type: ReDIF-Article 1.0 Author-Name: William Rees Author-X-Name-First: William Author-X-Name-Last: Rees Author-Name: Tatiana Rodionova Author-X-Name-First: Tatiana Author-X-Name-Last: Rodionova Title: What type of controlling investors impact on which elements of corporate social responsibility? Abstract: Using a large sample of 3541 companies drawn from 30 countries during the period from 2002 to 2010, we analysed the impact of strategic shareholdings on different elements of corporate social responsibility (CSR). We find that total strategic or closely held equity holdings adversely affect the environmental, social and governance scores provided by ASSET4. However, this effect is largely driven by entrenched and undiversified holdings such as family and corporate cross-holdings, whereas diversified institutional investments typically have an insignificant impact. The influence of undiversified holdings includes particularly strong negative impacts on measures that include climate change, environmental management, business ethics and human rights. Thus the impact of ownership on CSR performance differs depending on both the type of owner and the type of CSR. Journal: Journal of Sustainable Finance & Investment Pages: 238-263 Issue: 3 Volume: 3 Year: 2013 Month: 7 X-DOI: 10.1080/20430795.2013.791143 File-URL: http://hdl.handle.net/10.1080/20430795.2013.791143 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:3:p:238-263 Template-Type: ReDIF-Article 1.0 Author-Name: Ole Alexander Jensen Author-X-Name-First: Ole Alexander Author-X-Name-Last: Jensen Author-Name: Peter Seele Author-X-Name-First: Peter Author-X-Name-Last: Seele Title: An analysis of sovereign wealth and pension funds' ethical investment guidelines and their commitment thereto Abstract: Sovereign wealth and pension funds make use of investment guidelines as they invest for substantial part public money also, and thus, are subject to greater public scrutiny and expectations of environmental sustainability than privately owned funds. Thus informed, this article studies 13 sovereign wealth and pension funds selected by their appearance in the Truman scoreboard as having ethical investment guidelines addressing social and environmental issues. To analyse the ethical investment guidelines, the investigation first determines whether or not the selected funds conform to the Global Compact (RQ1). The investigation then determines if the selected funds also make use of sanctions to bring their ethical guidelines to bear (RQ2). The findings of the quantitative content analysis of the funds' ethical guidelines reveal that a quarter per cent of the funds fully adhere to the Global Compact. One of the funds ensures their ethical guidelines are put into practice by sanctions as exclusions from the fund by divestment. Finally, the authors arrive at the conclusion that only funds with published investment guidelines and applicable sanctions may influence corporate behaviour, and thus, take up their (as well as their investments') social and environmental responsibilities. Journal: Journal of Sustainable Finance & Investment Pages: 264-282 Issue: 3 Volume: 3 Year: 2013 Month: 7 X-DOI: 10.1080/20430795.2013.791144 File-URL: http://hdl.handle.net/10.1080/20430795.2013.791144 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:3:p:264-282 Template-Type: ReDIF-Article 1.0 Author-Name: Neil Eccles Author-X-Name-First: Neil Author-X-Name-Last: Eccles Title: Sustainable investment, Dickens, Malthus and Marx Abstract: The essay which you are contemplating reading at this moment winds a tortuous path from Dickens to Malthus to Marx to today. It weaves like a drunk from an 'empty signifier', through an oxymoron and finally settles on a paradox. And with a boldness indicating a certain degree of psychosis it contemplates the coming of the 'triangle'. Journal: Journal of Sustainable Finance & Investment Pages: 287-302 Issue: 4 Volume: 3 Year: 2013 Month: 10 X-DOI: 10.1080/20430795.2013.821398 File-URL: http://hdl.handle.net/10.1080/20430795.2013.821398 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:4:p:287-302 Template-Type: ReDIF-Article 1.0 Author-Name: Elton McGoun Author-X-Name-First: Elton Author-X-Name-Last: McGoun Author-Name: Jason Makansi Author-X-Name-First: Jason Author-X-Name-Last: Makansi Title: Markets, metaphors, and mania Abstract: Financial markets have sufficient power over the real economy to enable them to expand their profitable activities and extract compensation for their services from the real economy -- not necessarily commensurate with the economic value of those services -- without the real economy being aware of it being done. Given that markets have this ability to manipulate the economy to their advantage, there is no guarantee that the equilibrium size of the market -- meaning that there is no incentive for firms to either enter or exit -- is the equilibrium size of the market for the most efficient operation of the real economy. Financial markets are quite literally parasites in every biological sense of the word, and more widespread recognition of this apt metaphor might lead to more effective public policy decision-making. Market insiders are not selfless public servants but are looking out for their own self-interest. There is a market for financial services that itself has few, if any, characteristics of a free market. Journal: Journal of Sustainable Finance & Investment Pages: 303-313 Issue: 4 Volume: 3 Year: 2013 Month: 10 X-DOI: 10.1080/20430795.2013.770647 File-URL: http://hdl.handle.net/10.1080/20430795.2013.770647 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:4:p:303-313 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel Tischer Author-X-Name-First: Daniel Author-X-Name-Last: Tischer Title: Swimming against the tide: ethical banks as countermovement Abstract: This paper adds to the literature on bank ethics, social movements and stakeholder engagement by presenting ethical banks (EBs) as a countermovement to the process of financialisation. Following the 2008 financial crisis, ethical banks have expanded markedly. Some suggest that this growth is opportunist in nature and reasoned in the public's disenfranchment with commercial banks. However, this paper seeks to demonstrate how British EBs have been, and remain, connected to social movements and civil society organisations (CSOs). It employs a mixed-method approach to review EB coverage in media and to explore three UK-based EBs' connections with CSOs via Social Network Analysis, with the aim to compare them to, and contrast them from, building societies, credit unions and other alternative banks. The link between EBs and CSOs were further examined in interviews with EBs. Findings support the idea of EBs in the UK as countermovement by highlighting how connections with CSOs constrain EBs behaviour, but at the same time give EBs privileged access to niche markets. Journal: Journal of Sustainable Finance & Investment Pages: 314-332 Issue: 4 Volume: 3 Year: 2013 Month: 10 X-DOI: 10.1080/20430795.2013.837807 File-URL: http://hdl.handle.net/10.1080/20430795.2013.837807 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:4:p:314-332 Template-Type: ReDIF-Article 1.0 Author-Name: Yves Gendron Author-X-Name-First: Yves Author-X-Name-Last: Gendron Title: Learning from mistakes: can the Global Financial Crisis translate into social progress? Abstract: In this essay, I take position against the idea that contemporary societies necessarily learn from mistakes. Drawing on a constellation of different though converging theoretical templates, I first criticize the claim that the Global Financial Crisis will somehow inevitably translate into progress in the field of finance practice, through a plethora of measures such as a more effective and constraining regulatory environment. Learning from mistakes constitutes, and will always constitute, a fragile endeavour. Yet, in spite of the difficulties involved, I also maintain that some progress can be made, for instance when people are rendered more aware of the difficulties involved in realizing social change, and of the key issues and risks they face, individually and collectively, on the shorter and longer run. In this respect, I argue that the core of finance research has played a significant role in lessening society's ability to learn from mistakes -- since finance's lack of diversity in research styles translates into a body of knowledge which is not particularly meaningful when trying to make sense of infrequent yet highly significant events unfolding in the political economy. Although I am aware of the underlying obstacles, there is a need for finance academics to increase their commitment to the ideal of research diversity and engage more thoroughly in the examination of finance in action. Journal: Journal of Sustainable Finance & Investment Pages: 333-343 Issue: 4 Volume: 3 Year: 2013 Month: 10 X-DOI: 10.1080/20430795.2013.823854 File-URL: http://hdl.handle.net/10.1080/20430795.2013.823854 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:4:p:333-343 Template-Type: ReDIF-Article 1.0 Author-Name: David Gleicher Author-X-Name-First: David Author-X-Name-Last: Gleicher Title: Rethinking money and the state: a semiotic turn Abstract: A novel conception of money and the State is offered, in the context of post-golden-age financial and political systems (roughly from 1980 to the present), and with regard to the sovereign-currency States, focusing particularly on the USA. The basic elements of the paper are: (1) a novel semiotic understanding of money as language rather than as a unit of measure, money understood to communicate goods-ownership to the public, and debt ownership to the corporation; (2) a discussion of financial unsustainability under the present system in which the banking oligopolies possess a newfound freedom to create money capital both more independently and on a significantly larger scale than under the previous Glass--Steagall regime; (3) a critique of the neo-liberal simulation (in the sense of Baudrillard) of government debt and dissimulation of the sovereign-currency State, able to create money at will; (4) a delineation of two fundamental policy objectives: to genuinely meet the State's obligation to assure the life and pursuit of happiness that all citizens are entitled to, and secondly, to decompress ever-expanding and ever-dangerous capital; (5) specific, highly original policy actions are put forward, aimed at meeting these policy objectives, notably lifting budgetary constraints on federal government spending and transforming the central bank into a repository of guaranteed household deposits. Journal: Journal of Sustainable Finance & Investment Pages: 344-359 Issue: 4 Volume: 3 Year: 2013 Month: 10 X-DOI: 10.1080/20430795.2013.854109 File-URL: http://hdl.handle.net/10.1080/20430795.2013.854109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:4:p:344-359 Template-Type: ReDIF-Article 1.0 Author-Name: Mary Ho Author-X-Name-First: Mary Author-X-Name-Last: Ho Title: The social construction perspective on ESG issues in SRI indices Abstract: How are socially responsible investment (SRI) indices' and environment, social and governance (ESG) criteria derived? This article reviews the social construction theory and examines how the existing literature addresses and offers insights that can assist in answering the question. The article argues that social construction theory offers crucial insights into the development of ESG criteria in SRI indices and normative corporate sustainability practices. An examination of the development of ESG issues and SRI indices' ESG criteria from 1990s onwards has been presented. Journal: Journal of Sustainable Finance & Investment Pages: 360-373 Issue: 4 Volume: 3 Year: 2013 Month: 10 X-DOI: 10.1080/20430795.2013.772889 File-URL: http://hdl.handle.net/10.1080/20430795.2013.772889 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:3:y:2013:i:4:p:360-373 Template-Type: ReDIF-Article 1.0 Author-Name: Olaf Weber Author-X-Name-First: Olaf Author-X-Name-Last: Weber Title: The financial sector's impact on sustainable development Journal: Journal of Sustainable Finance & Investment Pages: 1-8 Issue: 1 Volume: 4 Year: 2014 Month: 1 X-DOI: 10.1080/20430795.2014.887345 File-URL: http://hdl.handle.net/10.1080/20430795.2014.887345 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:1:p:1-8 Template-Type: ReDIF-Article 1.0 Author-Name: Arnim Wiek Author-X-Name-First: Arnim Author-X-Name-Last: Wiek Author-Name: Olaf Weber Author-X-Name-First: Olaf Author-X-Name-Last: Weber Title: Sustainability challenges and the ambivalent role of the financial sector Abstract: Over the past few decades, the financial sector has sought to positively contributing to sustainable development through innovative products and services. However, in its business-as-usual the financial sector continues to contribute to military interventions, environmental degradation, growing disparity of incomes, de-coupling of finance and real economy, and global economic crises. This article presents a framework of how to appraise the positive and negative contributions of the financial sector to sustainable development, from a systems perspective. On this base, the article proposes an approach for designing effective finance interventions to complex sustainability problems. Based on similar experiences from studies on water governance and technology development, the approach proposes a participatory procedure, first, to identify the role of the financial sector in complex sustainability problem constellations and, second, to develop intervention strategies for financial intermediaries interested in shifting their role and mitigating the identified problems. We discuss challenges of establishing causal links within the problem constellation, which is a prerequisite for successful intervention design, as well as in the cause-effect structure of the interventions themselves. The article concludes with outlining future research needs. Journal: Journal of Sustainable Finance & Investment Pages: 9-20 Issue: 1 Volume: 4 Year: 2014 Month: 1 X-DOI: 10.1080/20430795.2014.887349 File-URL: http://hdl.handle.net/10.1080/20430795.2014.887349 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:1:p:9-20 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Shrivastava Author-X-Name-First: Paul Author-X-Name-Last: Shrivastava Author-Name: Amr Addas Author-X-Name-First: Amr Author-X-Name-Last: Addas Title: The impact of corporate governance on sustainability performance Abstract: We examine the relationship between corporate governance and sustainability, using the extensive Bloomberg Environmental, Social and Governance (ESG) data universe. Eccles, Ioannou, and Serafeim [2012. The Impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance. National Bureau of Economic Research, Inc., NBER Working Papers: 17950] argued that a corporate culture of sustainability plays an important role in various facets of a firm's corporate behaviour and performance. We argue that quality corporate governance itself can engender high sustainability performance. We also build on the work of Aras and Crowther [2008. "Governance and Sustainability: An Investigation into the Relationship Between Corporate Governance and Corporate Sustainability." Management Decision 46 (3): 433-448] by investigating the relationship between specific corporate governance and sustainability characteristics of S&P 100 companies in the USA. Our initial exploratory findings suggest that environmental disclosure scores and ESG disclosure scores are strongly influenced by governance disclosure scores. Board meeting attendance is an important predictor of both scores, suggesting that more disciplined boards result in better sustainability performance. Boards with a higher percentage of independent directors also have higher disclosure scores and are more likely to have climate change and an environmental supply chain management policy in place. They are also more likely to be Global Reporting Initiative compliant, to have a green building policy and social supply chain management. A disturbing pattern emerges, however, when assessing firms' follow-through on declared commitments. It turns out that few firms that purport to have climate change policies in place have actually discussed climate change risks or opportunities. We discuss some implications of these preliminary findings. Journal: Journal of Sustainable Finance & Investment Pages: 21-37 Issue: 1 Volume: 4 Year: 2014 Month: 1 X-DOI: 10.1080/20430795.2014.887346 File-URL: http://hdl.handle.net/10.1080/20430795.2014.887346 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:1:p:21-37 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Steiauf Author-X-Name-First: Thomas Author-X-Name-Last: Steiauf Author-Name: Henry Schäfer Author-X-Name-First: Henry Author-X-Name-Last: Schäfer Title: From integration to impact - a new investment climate for Germany's SRI landscape Abstract: For a long time Germany has been an underperformer in Socially/Sustainable and Responsible Investment (SRI) which are typically based on mutual investment funds. As many Cooperative and Savings Banks now very successfully offer investments into bio energy or solar projects/companies (among others), SRI seems to stand at the edge of a relaunch. This paper examines the current situation and trends regarding the German market of SRI in the field of climate protection funds, the availability of its products and their perception by private retail investors. As a starting point for further empirical research, the paper describes the derivation of a research question that consists of an analysis of German retail investors' preferences for climate change related investments in mutual funds. Along with this, we describe the research methodology with which we intend to find out how the financial market in Germany and its financial institutions can ease the change in energy policy and climate change in Germany when designing climate protection fund products that match the preferences of the investors. Journal: Journal of Sustainable Finance & Investment Pages: 38-60 Issue: 1 Volume: 4 Year: 2014 Month: 1 X-DOI: 10.1080/20430795.2014.887347 File-URL: http://hdl.handle.net/10.1080/20430795.2014.887347 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:1:p:38-60 Template-Type: ReDIF-Article 1.0 Author-Name: Jason Thistlethwaite Author-X-Name-First: Jason Author-X-Name-Last: Thistlethwaite Title: Private governance and sustainable finance Abstract: The use of private environmental governance (PEG) represents a unique strategy designed to help generate political authority for sustainable financial practices. Several collaborations between financial firms and environmental non-governmental organizations, including the Carbon Disclosure Project, Investor Network on Climate Risk and Climate Disclosure Standards Board, have embraced PEG to improve the financial disclosure of climate change risks within financial markets. How does this strategy use sustainable financial practices in ways that generate authority? This paper argues that PEG helps deploy technical knowledge in ways that cultivate support among politically influential constituencies for the adoption of sustainable financial practices. To make this conclusion, the paper will borrow from Global Environmental Politics and International Political Economy research on the use of private governance as a mechanism that steers and coordinates behavior. This focus on private governance helps address an important gap within sustainable finance research on the link between technical practices that reduce environmental externalities and political authority. Journal: Journal of Sustainable Finance & Investment Pages: 61-75 Issue: 1 Volume: 4 Year: 2014 Month: 1 X-DOI: 10.1080/20430795.2014.887348 File-URL: http://hdl.handle.net/10.1080/20430795.2014.887348 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:1:p:61-75 Template-Type: ReDIF-Article 1.0 Author-Name: Katrin Kaufer Author-X-Name-First: Katrin Author-X-Name-Last: Kaufer Title: Social responsibility as a core business model in banking: a case study in the financial sector Abstract: This paper offers an in-depth case study of a bank that combines profitability with social responsibility as its core business model. The case study reveals the interdependence between innovations of financial products and societal challenges in the areas that the bank is operating in, and identifies limitations and challenges of this business model. Journal: Journal of Sustainable Finance & Investment Pages: 76-89 Issue: 1 Volume: 4 Year: 2014 Month: 1 X-DOI: 10.1080/20430795.2014.887350 File-URL: http://hdl.handle.net/10.1080/20430795.2014.887350 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:1:p:76-89 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Haigh Author-X-Name-First: Matthew Author-X-Name-Last: Haigh Title: Finance and ethics Journal: Journal of Sustainable Finance & Investment Pages: 91-92 Issue: 2 Volume: 4 Year: 2014 Month: 4 X-DOI: 10.1080/20430795.2014.894703 File-URL: http://hdl.handle.net/10.1080/20430795.2014.894703 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:2:p:91-92 Template-Type: ReDIF-Article 1.0 Author-Name: Ioannis E. Nikolaou Author-X-Name-First: Ioannis E. Author-X-Name-Last: Nikolaou Author-Name: George Kourouklaris Author-X-Name-First: George Author-X-Name-Last: Kourouklaris Author-Name: Thomas A. Tsalis Author-X-Name-First: Thomas A. Author-X-Name-Last: Tsalis Title: A framework to assist the financial community in incorporating water risks into their investment decisions Abstract: Recently, much attention has been paid to the fundamental meaning of water resources, with regard to the efficient operation of the business community and the viability of the financial market by a range of financial stakeholders such as the banking sector, insurance companies and investors. The main concern of these actors is to avoid significant financial losses associated with water problems namely, the deterioration of water quality, water overuse, supply chain risks and climate change effects. This article proposes a framework to assess business risks that are associated with water resource problems. The proposed framework is based on ideas from current benchmarking and scoring accounting systems which drew data from published corporate environmental reports. By identifying the relationship between environmental and financial issues, it would enable actors of financial markets to make better investment decisions. It was applied to a number of Greek businesses certified by the Environmental Management and Audit Schemes certification system. Journal: Journal of Sustainable Finance & Investment Pages: 93-109 Issue: 2 Volume: 4 Year: 2014 Month: 4 X-DOI: 10.1080/20430795.2013.823853 File-URL: http://hdl.handle.net/10.1080/20430795.2013.823853 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:2:p:93-109 Template-Type: ReDIF-Article 1.0 Author-Name: Benjamin Tobias Peylo Author-X-Name-First: Benjamin Tobias Author-X-Name-Last: Peylo Author-Name: Stefan Schaltegger Author-X-Name-First: Stefan Author-X-Name-Last: Schaltegger Title: An equation with many variables: unhiding the relationship between sustainability and investment performance Abstract: Financial investment performance of stock portfolios is driven by many factors of influence like portfolio diversification, quality of funds management or gravitational effects of market phases. It is, therefore, quite possible that relationships between sustainability and financial performance elude measurability because they may be overshadowed and dominated by other, more powerful or temporarily more influential factors. Using a new quantitative model for portfolio optimisation that simultaneously controls for both financial and sustainability related effects, we investigate whether and how different levels of sustainability in stock portfolios influence investment return when other factors with known influence on investment performance are neutralised. The model is applied to the German Stock Market Index Deutscher Aktienindex (DAX) for the period of 2003-2012 with regard to varying market phases. The findings show a distinct yet nonlinear relationship between sustainability and investment performance that is especially strong in phases of crisis. These results may indicate a business case for socially responsible investment (SRI) that has not yet been fully capitalised with the existing SRI instruments. Journal: Journal of Sustainable Finance & Investment Pages: 110-126 Issue: 2 Volume: 4 Year: 2014 Month: 4 X-DOI: 10.1080/20430795.2013.837808 File-URL: http://hdl.handle.net/10.1080/20430795.2013.837808 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:2:p:110-126 Template-Type: ReDIF-Article 1.0 Author-Name: Laura Mervelskemper Author-X-Name-First: Laura Author-X-Name-Last: Mervelskemper Author-Name: Daniel Kaltofen Author-X-Name-First: Daniel Author-X-Name-Last: Kaltofen Author-Name: Stefan Stein Author-X-Name-First: Stefan Author-X-Name-Last: Stein Title: Are sustainable investment funds worth the effort? Abstract: The eco-efficiency approach [Schaltegger, S., and A. Sturm. 1990. "Ökologische Rationalität." Die Unternehmung 44 (4): 273-290; Holliday Jr., C. O., S. Schmidheiny, and P. Watts. 2002. Walking the Talk: The Business Case for Sustainable Development. San Francisco: Berrett-Koehler Publishers] suggest an outclassing shareholder value for sustainable investments as a result of more efficient risk and resource management, broader consumer acceptance and legitimation, fewer stakeholder conflicts, a higher level of labour satisfaction and a higher innovation rate. By contrast, modern portfolio theory, according to Markowitz [1952. "Portfolio Selection." The Journal of Finance 7 (1): 77-91] and Sharpe [1963. "A Simplified Model for Portfolio Analysis." Management Science 9 (2): 277-293], postulates a limited risk diversification and thus sub-optimal risk-adjusted returns for any less than perfect diversified asset portfolio like sustainable investment funds. Costs for running a firm 'sustainable' are supposed to decrease profits and destroy shareholder value even further. However, most previous empirical research found sustainable investment to be priced adequately. The scope of this study is to validate and update these results for the recent financial crisis from mid-2007 until mid-2011 including both strong bear and bull market climates. Comparing the performance of 47 actively managed German sustainable investment funds with the Morgan Stanley Capital International World Index as a benchmark, we do not find significant evidence for a mispricing of sustainable investments both during and post the financial crisis. The results underline that investors in German sustainability funds still do not have to sacrifice financial performance. For companies, our findings confirm the effectiveness to use stock markets as a source of capital even in the financial crisis. Journal: Journal of Sustainable Finance & Investment Pages: 127-146 Issue: 2 Volume: 4 Year: 2014 Month: 4 X-DOI: 10.1080/20430795.2013.837809 File-URL: http://hdl.handle.net/10.1080/20430795.2013.837809 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:2:p:127-146 Template-Type: ReDIF-Article 1.0 Author-Name: Margot Hill Clarvis Author-X-Name-First: Margot Author-X-Name-Last: Hill Clarvis Author-Name: Martin Halle Author-X-Name-First: Martin Author-X-Name-Last: Halle Author-Name: Ivo Mulder Author-X-Name-First: Ivo Author-X-Name-Last: Mulder Author-Name: Masaru Yarime Author-X-Name-First: Masaru Author-X-Name-Last: Yarime Title: Towards a new framework to account for environmental risk in sovereign credit risk analysis Abstract: Despite the growing body of evidence on ecosystem degradation and on-going development in measuring its economic implications, there remains a lack of understanding and integration of environmental risks into investment decision. There is, therefore, currently a weak financial rationale and a limited choice of tools to assess the materiality of environmental risk for the sovereign bond market. Improving investor understanding of the materiality of environmental risks is likely to be crucial to limiting risk exposure of important investments and to encouraging the transition to a greener more sustainable economy. This article presents the development and initial application of a framework that aims to improve the financial rationale for assessing the materiality of environmental risk in the sovereign bond market. It is the result of a collaborative and inter-disciplinary project of researchers and practitioners from a group of financial institutions, the United Nations Environment Programme Finance Initiative, and Global Footprint Network. Results not only show the long- and short-term implications of environmental risk for a wide variety of resource profiles, but also how these risks relate to macroeconomic factors that are already recognised as relevant to sovereign credit risk. This, therefore, presents a more accurate reflection of how these factors might influence the risk or return situation for an investor. More collaborative and innovative research between scientists and practitioners could improve both knowledge and methods to effectively account for the financial materiality of natural resource risks for a country's economy. Journal: Journal of Sustainable Finance & Investment Pages: 147-160 Issue: 2 Volume: 4 Year: 2014 Month: 4 X-DOI: 10.1080/20430795.2013.837810 File-URL: http://hdl.handle.net/10.1080/20430795.2013.837810 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:2:p:147-160 Template-Type: ReDIF-Article 1.0 Author-Name: Bogdan Dragos Author-X-Name-First: Bogdan Author-X-Name-Last: Dragos Author-Name: Inigo Wilkins Author-X-Name-First: Inigo Author-X-Name-Last: Wilkins Title: An ecological/evolutionary perspective on high-frequency trading Abstract: What follows is an account of the concepts of information and noise as they apply to an analysis of high-frequency trading according to 'heterodox economics'. The text proposes a framework according to which finance can best be understood as a complex technical system tightly coupled to other social, economic systems. To be more precise, the paper attempts to show how finance is not just any complex system but it can be understood as an ecology of evolving socio-technical systems, sub-systems such as investment banks, hedge funds, high-frequency trading traders, retail investors, pensions funds, etc. All of these are the technical building blocks of our financial markets. Moreover, we attempt to show how concepts from other disciplines, such as entropy, information and noise, can be useful in opening up the world of finance from its traditional economic milieu. Although the following text is confined to the discursive realm of humanities/social sciences, it echoes the analytical approaches of econophysics and experimental economics and particularly the ongoing research around 'computational evolutionary economics' [Mirowski, P. 2007. "Markets Come to Bits: Evolution, Computation and Markomata in Economic Science." Journal of Economic Behavior & Organization 63: 209-242; Mirowski, P. 2010. "Inherent Vice: Minsky, Markomata, and the Tendency of Markets to Undermine Themselves." Journal of Institutional Economics 6: 415-443]. This becomes particularly relevant in the context of the so-called robot phase transition from human-dominated trading to the more automatic electronic trading. The current microstructure of automatic market-making can be understood as an 'ecological niche' developed by ultra-fast trading algorithms which 'feed' on the asymmetries and disparities of the wider 'financial ecology'. They do this by dissipating noise and adding to the complexity of market microstructure a behaviour that can push the whole ecology to critical thresholds, sometimes referred to as flash crashes. This whole process can ultimately be described by Philip Mirowski's notion of 'inherent vice', as well as by Sir Robert May's concept of instability 'which develops in ecosystems upon increasing bio-diversity' [Caccioli, F., M. Marsili, and P. Vivo. 2007. "Eroding Market Stability by Proliferation of Financial Instruments." The European Physical Journal B - Condensed Matter and Complex Systems 71: 467-479 ; Haldane, A., and R. May. 2011. "Systemic Risk in Banking Ecosystems." Nature 469: 351-355]. Journal: Journal of Sustainable Finance & Investment Pages: 161-175 Issue: 2 Volume: 4 Year: 2014 Month: 4 X-DOI: 10.1080/20430795.2014.883300 File-URL: http://hdl.handle.net/10.1080/20430795.2014.883300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:2:p:161-175 Template-Type: ReDIF-Article 1.0 Author-Name: Muhammad Sajid Saeed Author-X-Name-First: Muhammad Sajid Author-X-Name-Last: Saeed Title: A cross-country analysis to investigate the true role of microfinance institutions in developed and developing economies Abstract: It is perceived that the microfinance institutions (MFIs) served millions of poor people by providing them easy access to loans with better repayment rates. The purpose of this study is to conduct a cross-country comparison among three Asian developing countries (Bangladesh, Pakistan, and India) and two developed economies (UK and USA) to evaluate the effectiveness of their MFIs in serving low-income people. The microfinance data for six years from 2006 to 2011 are collected from authentic sources. The findings of the study reveal that Bangladesh and India are comparatively ahead of other nations in serving poor people by providing them microcredits. Journal: Journal of Sustainable Finance & Investment Pages: 176-191 Issue: 2 Volume: 4 Year: 2014 Month: 4 X-DOI: 10.1080/20430795.2014.883301 File-URL: http://hdl.handle.net/10.1080/20430795.2014.883301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:2:p:176-191 Template-Type: ReDIF-Article 1.0 Author-Name: Felipe Calderon Author-X-Name-First: Felipe Author-X-Name-Last: Calderon Author-Name: Li Choy Chong Author-X-Name-First: Li Choy Author-X-Name-Last: Chong Title: Dilemma of sustainable lending Abstract: This exploratory study investigates how banks, engaged in sustainable lending, monitor the performance of small and medium entrepreneur (SME) borrowers to be environmentally and socially responsible throughout the life of the loan. We focus on domestic banks that have adopted sustainable lending in their commercial lending activities to SMEs. A phenomenological inquiry into the lived experiences of four bankers based in Europe and one banker in North America revealed the lack of formal performance measurement systems to monitor compliance with sustainability requirements. We identify that banks resorted to the use of storytelling to report on the performance of their sustainable lending activities. The study concludes with two recommendations for banks. First, banks could avail of the services of external consultants who specialize in the measurement of sustainability activities. Second, banks could develop internal expertise through training and hiring of personnel with experience in measuring environmental and social impacts. Journal: Journal of Sustainable Finance & Investment Pages: 192-209 Issue: 2 Volume: 4 Year: 2014 Month: 4 X-DOI: 10.1080/20430795.2014.883302 File-URL: http://hdl.handle.net/10.1080/20430795.2014.883302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:2:p:192-209 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Haigh Author-X-Name-First: Matthew Author-X-Name-Last: Haigh Title: Call for Papers for the Social Finance and Sustainable Finance Stream: The 14th Finance, Risk and Accounting Perspectives Conference Oriel College, University of Oxford 22nd-24th September 2014 Conference pages http://www.acrn.eu/finance Journal: Journal of Sustainable Finance & Investment Pages: 210-210 Issue: 2 Volume: 4 Year: 2014 Month: 4 X-DOI: 10.1080/20430795.2014.891968 File-URL: http://hdl.handle.net/10.1080/20430795.2014.891968 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:2:p:210-210 Template-Type: ReDIF-Article 1.0 Author-Name: Magnus Jansson Author-X-Name-First: Magnus Author-X-Name-Last: Jansson Author-Name: Joakim Sandberg Author-X-Name-First: Joakim Author-X-Name-Last: Sandberg Author-Name: Anders Biel Author-X-Name-First: Anders Author-X-Name-Last: Biel Author-Name: Tommy Gärling Author-X-Name-First: Tommy Author-X-Name-Last: Gärling Title: Should pension funds' fiduciary duty be extended to include social, ethical and environmental concerns? A study of beneficiaries' preferences Abstract: Many fund managers, lawyers and academics assume that pension funds' legal responsibility to manage assets in the best interests of their beneficiaries (their fiduciary duty) rules out including social, ethical and environmental concerns in investments. A counter-argument is that beneficiaries' best interests can be interpreted more broadly to also encompass such concerns. We seek to contribute to resolving this controversy by measuring preferences for social responsible investment (SRI) among beneficiaries of pension funds. The data from a survey questionnaire answered by 1119 future beneficiaries of the Swedish pension system show that beneficiaries on average prefer their pension funds to go beyond financial concerns and engage in SRI. Analysing the determinants of the preferences, we find support for a model including both financial motives (beliefs about financial risk and returns) and values-based motives (self-transcendent value priorities). Our results give unique insights into the psychological drivers of beneficiaries' preferences that are highly pertinent to present attempts at rethinking the aims of pension investments. Journal: Journal of Sustainable Finance & Investment Pages: 213-229 Issue: 3 Volume: 4 Year: 2014 Month: 7 X-DOI: 10.1080/20430795.2014.928997 File-URL: http://hdl.handle.net/10.1080/20430795.2014.928997 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:3:p:213-229 Template-Type: ReDIF-Article 1.0 Author-Name: John Byrd Author-X-Name-First: John Author-X-Name-Last: Byrd Author-Name: Elizabeth S. Cooperman Author-X-Name-First: Elizabeth S. Author-X-Name-Last: Cooperman Title: Let's talk: an analysis of the "vote vs. negotiated withdrawal" decision for social activist environmental health shareholder resolutions Abstract: Social and environmental shareholder activists engage in a form of corporate social governance by submitting proxy resolutions for a specific change in corporate behavior deemed to be harmful to society. Using a unique data-set for environmental health shareholder resolutions filed by shareholder activists at 70 different companies during 2006-2011, we examine the success rate of resolutions and characteristics affecting the "vote vs. negotiated withdrawal" decision. Supporting a self-interest hypothesis, resolutions targeting specific consumer/retail companies, with regard to chemicals in products or product safety issues, are more likely to be negotiated and withdrawn, while firms with entrenchment-related governance characteristics are more likely to be voted on. Examining wealth effects, consumer/retail companies with a resolution vote experience a - 0.38% stock price reaction surrounding the annual meeting date, resulting in a significant economic average loss of - $453.5 million. Journal: Journal of Sustainable Finance & Investment Pages: 230-248 Issue: 3 Volume: 4 Year: 2014 Month: 7 X-DOI: 10.1080/20430795.2014.928998 File-URL: http://hdl.handle.net/10.1080/20430795.2014.928998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:3:p:230-248 Template-Type: ReDIF-Article 1.0 Author-Name: Sander Quak Author-X-Name-First: Sander Author-X-Name-Last: Quak Author-Name: Johan Heilbron Author-X-Name-First: Johan Author-X-Name-Last: Heilbron Author-Name: Jessica Meijer Author-X-Name-First: Jessica Author-X-Name-Last: Meijer Title: The rise and spread of sustainable investing in the Netherlands Abstract: Sustainable investing (SI) experienced three phases in the Netherlands from the 1960s until the present. In the 1960s a small niche market emerged against a background of growing environmental concerns and debates on Western countries' responsibility for developing countries. This niche market was populated by 'ethical' investors 'earmarking' their investments for promoting specific social or environmental causes. The burst of the dot-com bubble and financial scandals in the early 2000s resulted in the partial deligitimization of financial practices. With the development of global SI guidelines this resulted in a changing context for the financial sector which needed to restore its economic and moral legitimacy. Large retail banks began offering SI funds while the vanguard of the institutional investors started to rethink their shareholder responsibility and experimented with SI methods. This second phase, which meant a redefinition from ethical to responsible investing, lasted until 2007. A documentary on investments by, especially, pension funds in companies producing controversial weapons kicked off the third phase. This was around the start of the recent financial and economic crisis, which made people lose confidence in the financial sector on a much larger scale and question financial markets' legitimacy. This investment scandal triggered institutional investors to incorporate environmental, social, and governance considerations. This is justified by claiming that integrating sustainability issues helps to better manage investment risks, thereby reflecting the standard investment model of risk-adjusted returns and resulting in a redefinition from responsible investing to SI. As a result, SI seems to be in the process of becoming mainstream. Journal: Journal of Sustainable Finance & Investment Pages: 249-265 Issue: 3 Volume: 4 Year: 2014 Month: 7 X-DOI: 10.1080/20430795.2014.928999 File-URL: http://hdl.handle.net/10.1080/20430795.2014.928999 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:3:p:249-265 Template-Type: ReDIF-Article 1.0 Author-Name: Rohit Pathania Author-X-Name-First: Rohit Author-X-Name-Last: Pathania Author-Name: Arnab Bose Author-X-Name-First: Arnab Author-X-Name-Last: Bose Title: An analysis of the role of finance in energy transitions Abstract: This paper is an enquiry into the role of finance in energy transitions. The paper provides evidence that finance and financial innovation were important aspects in every energy transition. We look at three energy transitions; the transition to the steam engine, then to that of oil via oil exploration and refining, and finally of electricity and harnessing water for electricity. It is interesting to note that at the point of inflexion of these energy transitions financial innovations were at their heart. It can also be noted that though scientific discoveries are important and without them no transition was possible; but scientific discoveries were always accompanied by innovations in finance to make the energy transition possible. The paper finds two types of financial innovations, named in the paper as systems dependent and systems independent. The paper concludes by enquiring about the transition to sustainable energy and suggests that financial innovations like financial gradients and real options may be what the latest transition needs. Journal: Journal of Sustainable Finance & Investment Pages: 266-271 Issue: 3 Volume: 4 Year: 2014 Month: 7 X-DOI: 10.1080/20430795.2014.929000 File-URL: http://hdl.handle.net/10.1080/20430795.2014.929000 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:3:p:266-271 Template-Type: ReDIF-Article 1.0 Author-Name: Jatin Nathwani Author-X-Name-First: Jatin Author-X-Name-Last: Nathwani Author-Name: Artie W. Ng Author-X-Name-First: Artie W. Author-X-Name-Last: Ng Title: Investing in the next generation of infrastructure for sustainable energy in Canada Abstract: Canada's natural endowment of abundant energy resources, both fossil fuels and renewables, provide a level of energy security and supplies that are an envy of many nations. However, corporations continue to focus on investing in Canada's infrastructure for the oil and gas export opportunities to the USA and the rest of the world. We argue that low-carbon energy resources, namely hydro, nuclear, geothermal, wind, solar and ocean energy, ought to be invested on a much larger scale to not only enhance security of supply but also to reduce the role of fossil fuels in a measured way over a 50-70 year time frame. To do so, adequate energy policy for the nation should be formulated in order to induce market financing infrastructure for sustainable energy resources to compete and export across the border. Journal: Journal of Sustainable Finance & Investment Pages: 272-279 Issue: 3 Volume: 4 Year: 2014 Month: 7 X-DOI: 10.1080/20430795.2014.929001 File-URL: http://hdl.handle.net/10.1080/20430795.2014.929001 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:3:p:272-279 Template-Type: ReDIF-Article 1.0 Author-Name: Richard A. Michelfelder Author-X-Name-First: Richard A. Author-X-Name-Last: Michelfelder Title: Asset characteristics of solar renewable energy certificates: market solution to encourage environmental sustainability Abstract: The solar renewable energy certificate (SREC) or green certificate outside the USA is a renewable electricity production subsidy and an environmental financial asset created by governments' policy-makers. They are meant to be a Pigouvian market-based solution to monetize social externalities in electricity use and production investment decisions. The asset pricing characteristics of the SREC market is compared with other traditional financial assets to understand the market for environmental assets. Traders of SRECs are the creators of SRECs, the owners or developers of photovoltaic projects that sell SRECs, or buyers, electric utilities that need SRECs to meet their renewable portfolio standard requirements. This creates a thin market and potential problems for efficient price discovery, liquidity and market manipulation. The contribution of this investigation is to increase the understanding of the asset characteristics of SRECs and potentially lead to a more liquid and efficient market and a more socially beneficial allocation of capital to solar electricity production. Journal: Journal of Sustainable Finance & Investment Pages: 280-296 Issue: 3 Volume: 4 Year: 2014 Month: 7 X-DOI: 10.1080/20430795.2014.946463 File-URL: http://hdl.handle.net/10.1080/20430795.2014.946463 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:3:p:280-296 Template-Type: ReDIF-Article 1.0 Author-Name: Cary Krosinsky Author-X-Name-First: Cary Author-X-Name-Last: Krosinsky Title: The long and necessary death of socially responsible investing Journal: Journal of Sustainable Finance & Investment Pages: 297-298 Issue: 3 Volume: 4 Year: 2014 Month: 7 X-DOI: 10.1080/20430795.2014.946464 File-URL: http://hdl.handle.net/10.1080/20430795.2014.946464 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:3:p:297-298 Template-Type: ReDIF-Article 1.0 Author-Name: Gordon L. Clark Author-X-Name-First: Gordon L. Author-X-Name-Last: Clark Title: Information, knowledge, and investing in offshore financial markets Abstract: Financial markets are awash with information. For traders, information is an essential ingredient in producing investment returns given the shifting boundary between risk and uncertainty. Financial institutions face a more complex problem: producing returns requires processing market information in an ever changing environment, while mobilising the judgement of their employees so as to realise return objectives. This paper explains the significance of these issues for the global financial services industry, and the challenges encountered when institutions seek returns in offshore financial markets. Distinctions are made between information and knowledge, and are applied to domains where time and space conspire to discount the value of inherited decision rules and institutional practices. A framework is presented for understanding the relationship between risk and uncertainty, a typology is suggested linking information and knowledge in financial markets, and these frameworks are combined so as to better understand the challenges facing large financial institutions when extending their investments to offshore markets. In conclusion, implications are drawn for sustainable finance and investment. Journal: Journal of Sustainable Finance & Investment Pages: 299-320 Issue: 4 Volume: 4 Year: 2014 Month: 10 X-DOI: 10.1080/20430795.2014.980656 File-URL: http://hdl.handle.net/10.1080/20430795.2014.980656 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:4:p:299-320 Template-Type: ReDIF-Article 1.0 Author-Name: Tim Benijts Author-X-Name-First: Tim Author-X-Name-Last: Benijts Title: Socially responsible investment and financial institution's response to secondary stakeholder requests Abstract: In order to gain influence over firms, secondary stakeholders can opt for socially responsible investment (SRI) - an investment approach that uses both financial and non-financial criteria to determine which assets to purchase [Guay, T., J. P. Doh, and G. Sinclair. 2004. "Non-governmental Organizations, Shareholder Activism and Socially Responsible Investments: Ethical, Strategic and Governance Implications." Journal of Business Ethics 52 (1): 125-139]. In this article, we argue that SRI, besides a tactic to gain influence over firms, can also be seen as a financial institution's characteristic on the basis of which secondary stakeholders can decide to (not) target a financial institution. It is theorized - based on organizational legitimacy theory - that a financial institution's supply of socially responsible financial products (proxied by the number of products and/or assets/deposits managed) signals a financial institution's likelihood of response to specific stakeholder requests. This relationship is theorized to be positive: the more important SRI is to a financial institution, the higher the likelihood of response to such requests. Journal: Journal of Sustainable Finance & Investment Pages: 321-336 Issue: 4 Volume: 4 Year: 2014 Month: 10 X-DOI: 10.1080/20430795.2014.946465 File-URL: http://hdl.handle.net/10.1080/20430795.2014.946465 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:4:p:321-336 Template-Type: ReDIF-Article 1.0 Author-Name: Michael Schröder Author-X-Name-First: Michael Author-X-Name-Last: Schröder Title: Financial effects of corporate social responsibility: a literature review Abstract: This literature overview focuses on the latest results of academic research on the performance of socially responsible investments and the links between corporate social responsibility (CSR) and financing costs of companies. It covers not only the results for stocks (which are in the focus of research so far) but also the effects of CSR on bonds, loans, and default risk as well as "green" real estate.The combined results on these different asset classes and financing instruments lead to a comprehensive up-to-date picture on the relationships between CSR activities of companies and their financing costs. It is shown that the costs for equity and debt capital are linked to CSR ratings with the consequence that companies with "good" CSR ratings exhibit on average lower financing costs. Thus, an (un-)ethical behavior of companies as defined by CSR ratings seems to be significantly related to the costs companies are facing. Journal: Journal of Sustainable Finance & Investment Pages: 337-350 Issue: 4 Volume: 4 Year: 2014 Month: 10 X-DOI: 10.1080/20430795.2014.971096 File-URL: http://hdl.handle.net/10.1080/20430795.2014.971096 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:4:p:337-350 Template-Type: ReDIF-Article 1.0 Author-Name: Timothy Cadman Author-X-Name-First: Timothy Author-X-Name-Last: Cadman Title: Climate finance in an age of uncertainty Abstract: There was a great deal of uncertainty in the discussions held in Bonn, Germany, 4-14 June in preparation for the UN Framework Convention on Climate Change negotiations later this year in Lima, and in Paris in 2015. This hinged upon what will be contained in the new institutional arrangements for reducing emissions, to be developed in the second commitment period, which replaces the Kyoto Protocol. At the time of writing, it is not yet clear exactly what mechanisms will be put in place. The old architecture favoured market-driven mechanisms, but an ongoing alternative viewpoint that favours non-market-based approaches gained some traction, notably in discussions relating to REDD+. What is not clear is whether this is because developing countries object philosophically to the use of capital markets to stimulate emission reduction through forests, or because the current price of carbon is so low at present. There was also a considerable degree of jockeying for power regarding future funding mechanisms within the next commitment period. The Global Environment Facility has previously played a key role in managing, channelling, and disbursing developed country donor contributions via a multitude of funds, to developing countries. The Green Climate Fund, a product of the Conference of Parties 16 in Cancun (2010), is now likely to be the lead fund for climate action. It is difficult to tell if these developments will contribute anything substantive enough to reduce emissions by the necessary amount required to avoid dangerous human-induced climate change. Journal: Journal of Sustainable Finance & Investment Pages: 351-356 Issue: 4 Volume: 4 Year: 2014 Month: 10 X-DOI: 10.1080/20430795.2014.971097 File-URL: http://hdl.handle.net/10.1080/20430795.2014.971097 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:4:p:351-356 Template-Type: ReDIF-Article 1.0 Author-Name: Adam D. Dixon Author-X-Name-First: Adam D. Author-X-Name-Last: Dixon Author-Name: Ashby H.B. Monk Author-X-Name-First: Ashby H.B. Author-X-Name-Last: Monk Title: Financializing development: toward a sympathetic critique of sovereign development funds Abstract: In this paper, we unpack the scope and possibilities of sovereign development funds (SDFs) in different forms and under different political-cum-institutional conditions as a policy tool supporting economic growth and development, particularly in developing countries. Defining what the purpose should be and what is possible is complicated by a number of factors. The form of government of the sovereign sponsor and the significance of public legitimacy may help or hinder different types of investment mandates. Moreover, different investment mandates and their relative sophistication require organizational capabilities and expertise that are often not available locally or are insufficiently developed, such that the implementation of certain investment mandates is constrained and/or too costly. The purpose and the design possibilities of a SDF are, ultimately, contingent on local conditions, resources, and the essential developmental needs of the country and its population. Journal: Journal of Sustainable Finance & Investment Pages: 357-371 Issue: 4 Volume: 4 Year: 2014 Month: 10 X-DOI: 10.1080/20430795.2014.980717 File-URL: http://hdl.handle.net/10.1080/20430795.2014.980717 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:4:y:2014:i:4:p:357-371 Template-Type: ReDIF-Article 1.0 Author-Name: Olaf Weber Author-X-Name-First: Olaf Author-X-Name-Last: Weber Author-Name: Asadul Hoque Author-X-Name-First: Asadul Author-X-Name-Last: Hoque Author-Name: Mohammad Ayub Islam Author-X-Name-First: Mohammad Author-X-Name-Last: Ayub Islam Title: Incorporating environmental criteria into credit risk management in Bangladeshi banks Abstract: Does the integration of environmental, social and sustainability criteria in commercial credit risk assessment processes create a benefit for lenders and does it improve the prognostic validity of the credit risk prediction? Some analyses have reported that a correlation exists between commercial borrowers' sustainability performance and credit risks. We analyzed the role that criteria pertaining to sustainability and environmental orientation play in the commercial credit risk management process in Bangladeshi banks. Our results suggest that sustainability criteria improve the prognostic validity of the credit rating process. We conclude that the sustainability a firm demonstrates influences its creditworthiness as part of its financial performance. Consequently, lenders will benefit from implementing credit risk assessment models that integrate sustainability risks. By taking sustainability issues into account, banks will be able to avoid credit defaults on the one hand and to channel commercial loans to sustainability leaders on the other hand. Journal: Journal of Sustainable Finance & Investment Pages: 1-15 Issue: 1-2 Volume: 5 Year: 2015 Month: 4 X-DOI: 10.1080/20430795.2015.1008736 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1008736 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:1-2:p:1-15 Template-Type: ReDIF-Article 1.0 Author-Name: Wei Rong Ang Author-X-Name-First: Wei Rong Author-X-Name-Last: Ang Title: Sustainable investment in Korea does not catch a cold when the United States sneezes Abstract: We analyse the socially responsible investment (SRI) performance in Korea over the period January 2006 to April 2014. Our analysis shows that sustainable investment portfolio, represented by Dow Jones Sustainability Index Korea, is ranked higher than most of the conventional portfolios in Korea. We also find that there is no significant effect of the 2008 global financial crisis on the sustainable investment return and volatility and US policy uncertainty does not affect the return as well. Generally, we find relative stability during crisis and non-crisis periods. We may also conclude that by decoupling sustainable investment in Korea from US market system, "Korea does not catch a cold when the United States sneezes". In other words, SRI in Korea can be an alternative investment opportunity for investors to consider for international diversification purpose. Journal: Journal of Sustainable Finance & Investment Pages: 16-26 Issue: 1-2 Volume: 5 Year: 2015 Month: 4 X-DOI: 10.1080/20430795.2015.1042737 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1042737 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:1-2:p:16-26 Template-Type: ReDIF-Article 1.0 Author-Name: Kurt Ramin Author-X-Name-First: Kurt Author-X-Name-Last: Ramin Author-Name: Stephen Lew Author-X-Name-First: Stephen Author-X-Name-Last: Lew Title: A model for integrated capital disclosure and performance reporting: separating objects from value Abstract: This paper introduces a conceptual model for integrated capital disclosure (ICD) and performance reporting. The paper details the design of a simplified key element taxonomy that highlights current and forecasted product, people and physical infrastructure (3Ps) resources, transactions and activities as carriers and drivers of intellectual capital (IC). We introduce object recognition and tracking technologies and suggest to separate accounting object definitions from valuation and measurement methods. Each reporting entity or organization has to report and forecast cash flows and accounting estimates, and should disclose potential IC, including risk assessment, based on the key element taxonomy. Financial capital is reconciled in a separate schedule. The taxonomy matrix allows aligned risk and integrated reporting assessments to be more focused, thereby reducing duplication in reporting. The matrix also codifies and integrates financial and sustainability (non-financial) reporting disclosures. Further studies should determine whether the proposed concepts lead to better use and understanding of information. There is a vacuum in assessing the performance of entities on the basis of total information made up of financial and non-financial reporting. Financial, sustainability, IC, tax and statistics reports, and other data are difficult to understand for those who are not industry experts. The ICD model combines and relates information. The suggested new concepts and paradigm changes are designed to reduce this complexity, and should result in more focused comparisons between and within industries. Journal: Journal of Sustainable Finance & Investment Pages: 27-47 Issue: 1-2 Volume: 5 Year: 2015 Month: 4 X-DOI: 10.1080/20430795.2015.1042829 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1042829 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:1-2:p:27-47 Template-Type: ReDIF-Article 1.0 Author-Name: Richard A. Michelfelder Author-X-Name-First: Richard A. Author-X-Name-Last: Michelfelder Title: Electric utility regulation and investment in green energy resources Abstract: Electric utility investment in end-use efficiency and renewable energy resources is examined with current forms of Pigouvian taxes and subsidies that encourage investment in green energy resources. A model of a rate-of-return-regulated firm considers the impacts of policies on social optimality. It shows that cap-and-trade/floor-and-trade forms of Pigouvian taxes and subsidies cause electric utilities to (over) underinvest in conventional generation and (under) overinvest in green resources when the allowed rate of return (is above) equals the cost of capital. Therefore, these forms of taxes and subsidies combined with rate base rate-of-return regulation result in suboptimal investment in one type of asset or another regardless of the level of return exogenously set by regulators. Therefore, public utility investment is always suboptimal, one way or another. The form of regulation is empirically tested from stock price signals and observed by lack of investment in the electric power infrastructure and too much investment in green resources that will not meet renewable portfolio standards and the demand for electric services. Journal: Journal of Sustainable Finance & Investment Pages: 48-64 Issue: 1-2 Volume: 5 Year: 2015 Month: 4 X-DOI: 10.1080/20430795.2015.1050950 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1050950 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:1-2:p:48-64 Template-Type: ReDIF-Article 1.0 Author-Name: Nikodem Szumilo Author-X-Name-First: Nikodem Author-X-Name-Last: Szumilo Author-Name: Franz Fuerst Author-X-Name-First: Franz Author-X-Name-Last: Fuerst Title: Who captures the "green value" in the US office market? Abstract: This research examines the effects of energy efficiency certification levels on office rental rates and lease structures to determine whether any cost benefits of green buildings are captured by landlords or remain, at least partially, with the tenant. To this aim, our analysis applies the largest and most detailed data set to date, a panel of 14,283 US office properties. Using fixed-effects and dynamic Arellano-Bond frameworks allows us to estimate the differential rental price impact of Energy Star certification both across and within buildings. The general results indicate that buildings with higher levels of energy efficiency achieve higher gross rents allowing landlords to benefit from the premium. However, improved energy efficiency over time is also linked to a slower growth of rental prices as some of the benefit is passed onto tenants. Interestingly, the cost-saving benefit of energy efficiency appears to have the strongest impact on rental rates. Journal: Journal of Sustainable Finance & Investment Pages: 65-84 Issue: 1-2 Volume: 5 Year: 2015 Month: 4 X-DOI: 10.1080/20430795.2015.1054336 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1054336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:1-2:p:65-84 Template-Type: ReDIF-Article 1.0 Author-Name: Miwako Nitani Author-X-Name-First: Miwako Author-X-Name-Last: Nitani Author-Name: Brian Carriere Author-X-Name-First: Brian Author-X-Name-Last: Carriere Author-Name: Adam Bleackley Author-X-Name-First: Adam Author-X-Name-Last: Bleackley Title: Recognizing corporate citizenship: market reactions Abstract: This research addresses whether corporations take on environmental, social and governance (ESG) integration at shareholders' expense or whether ESG integration is a mechanism to increase shareholder value. It therefore investigates stock market reactions to recognition of good (or bad) corporate citizens using additions to (removals from) the Jantzi Social Index as a signal of good (bad) corporate citizenship. The Jantzi Index is a 60-security market index for which inclusion is based on ESG-related criteria. The study measures stock return dynamics around the announcement date of stock additions to/removals from the index. Accordingly, the findings are supportive of the view that ESG integration is a value-enhancing activity for shareholders and that the market therefore acknowledges socially responsible corporate citizens in a favourable way. It is worth noting that these findings are situated in the context of well-established capital markets comprising generally well-informed investors and are robust to alternative models of stock return-generating functions. Journal: Journal of Sustainable Finance & Investment Pages: 85-102 Issue: 1-2 Volume: 5 Year: 2015 Month: 4 X-DOI: 10.1080/20430795.2015.1054775 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1054775 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:1-2:p:85-102 Template-Type: ReDIF-Article 1.0 Author-Name: Wolfgang Spiess-Knafl Author-X-Name-First: Wolfgang Author-X-Name-Last: Spiess-Knafl Author-Name: Jessica Aschari-Lincoln Author-X-Name-First: Jessica Author-X-Name-Last: Aschari-Lincoln Title: Understanding mechanisms in the social investment market: what are venture philanthropy funds financing and how? Abstract: In recent years, a social investment market with specialized intermediaries and social investors has developed with an increasing amount of available capital. This paper focuses on venture philanthropy funds as new financial intermediaries and studies some characteristics of the investees. The empirical analysis is based on a unique data set of 342 social investments from five continents over the last 17 years. Three main findings are notable. First, the investees' organizational and beneficiary characteristics determine their access to financial resources. Second, a model including investees' organizational and beneficiary characteristics strongly predicts grant versus commercial financing outcome. Third, the venture capital nature of venture philanthropy funds can be recognized from their financing instrument decision-making. Based on these findings, this paper contributes to the emerging field of social investment. Journal: Journal of Sustainable Finance & Investment Pages: 103-120 Issue: 3 Volume: 5 Year: 2015 Month: 7 X-DOI: 10.1080/20430795.2015.1060187 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1060187 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:3:p:103-120 Template-Type: ReDIF-Article 1.0 Author-Name: Ahsin Shahid Author-X-Name-First: Ahsin Author-X-Name-Last: Shahid Author-Name: Hibba Saeed Author-X-Name-First: Hibba Author-X-Name-Last: Saeed Author-Name: S. Muhammad Ali Tirmizi Author-X-Name-First: S. Muhammad Ali Author-X-Name-Last: Tirmizi Title: Economic development and banking sector growth in Pakistan Abstract: This study empirically analyzes the financial and economic development in Pakistan with reference to banking sector. Time series data of Pakistani banks from 1980 to 2012 have been employed. Statistical analysis including Augmented Dickey-Fuller, Johansen co-integration, ordinary least square (OLS) regression, and Granger causality tests have been applied on the data relating four indicators (i.e. Broad Money (M2); Domestic Credit to Private Sector; Domestic Credit to by Banking Sector; and Banks Deposit Liabilities (BDL) - all taken as percentage of gross domestic product] which measured the level of financial development (FD) contributed by banking sector. The results revealed that a positive and statistically significant relationship exists between FD and economic growth. However, BDL are positive but statistically insignificant, and M2 is negative and statistically insignificant. Moreover, unidirectional and bidirectional causality have been found between the variables. Hence, there is a dire need of sound banking sector to ensure long-term sustainable economic growth that could be achieved if the Government takes concrete measures to reduce all kinds of deficits and borrowings that are the major causes of crowding-out private investment. Journal: Journal of Sustainable Finance & Investment Pages: 121-135 Issue: 3 Volume: 5 Year: 2015 Month: 7 X-DOI: 10.1080/20430795.2015.1063976 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1063976 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:3:p:121-135 Template-Type: ReDIF-Article 1.0 Author-Name: Neil Reeder Author-X-Name-First: Neil Author-X-Name-Last: Reeder Author-Name: Andrea Colantonio Author-X-Name-First: Andrea Author-X-Name-Last: Colantonio Author-Name: John Loder Author-X-Name-First: John Author-X-Name-Last: Loder Author-Name: Gemma Rocyn Jones Author-X-Name-First: Gemma Author-X-Name-Last: Rocyn Jones Title: Measuring impact in impact investing: an analysis of the predominant strength that is also its greatest weakness Abstract: Compared to other forms of socially responsible investment, a prominent feature of impact investing is measurement of the social and environmental return (SER) that it aims to generate. Much effort has been undertaken to develop such measurements, but progress is patchy. This paper contains an overview of first principles, making explicit the subjective interpretation of SER by investors and outlining tensions around breadth of coverage; rigour in attribution of impact versus practicality and flexibility; and the very concept of 'a return'. Interviews with impact investors covering environmental issues, social enterprises, microfinance firms, and Social Impact Bond contracts highlight three distinctive sets of practice - 'System building', 'Case by case assessment', and 'Intermediate outcome perspectives' - as to whose gains should be counted, how to structure assessment, and what forms of assessment are viewed as legitimate. Of these, 'System building' approaches appear to be advancing most, but the challenges that it faces will be hard to overcome. Journal: Journal of Sustainable Finance & Investment Pages: 136-154 Issue: 3 Volume: 5 Year: 2015 Month: 7 X-DOI: 10.1080/20430795.2015.1063977 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1063977 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:3:p:136-154 Template-Type: ReDIF-Article 1.0 Author-Name: Susanne Baumann Author-X-Name-First: Susanne Author-X-Name-Last: Baumann Author-Name: Othmar M Lehner Author-X-Name-First: Othmar M Author-X-Name-Last: Lehner Author-Name: Heimo Losbichler Author-X-Name-First: Heimo Author-X-Name-Last: Losbichler Title: A push-and-pull factor model for environmental management accounting: a contingency perspective Abstract: In order to further develop the theoretical basis of environmental management accounting (EMA), a contingency perspective is used in this paper to explain the initial implementation and design of EMA in firms, based on internalities as well as externalities. Nine variables have been identified to impact EMA either via push or pull mechanisms. A integrative model of these pull and push factors is the outcome of two large-scale triangulated case studies that were conducted within the global companies Borealis Group and Puma SE based on exemplary cases. Interviews with sustainability representatives and a discourse analysis of related press and media releases are included for triangulation. All the collected data were coded into nine a-priori variables, previously identified in a meta-analysis of existing literature. The following factors have a push influence on EMA: location, interdependence, availability of resources, ownership and control as well as uncertainty. In contrast, only three variables pull EMA into an organisation: the size, history and the organisation's strategy. Journal: Journal of Sustainable Finance & Investment Pages: 155-177 Issue: 3 Volume: 5 Year: 2015 Month: 7 X-DOI: 10.1080/20430795.2015.1100036 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1100036 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:3:p:155-177 Template-Type: ReDIF-Article 1.0 Author-Name: Maike van Dijk-de Groot Author-X-Name-First: Maike Author-X-Name-Last: van Dijk-de Groot Author-Name: Andre H.J. Nijhof Author-X-Name-First: Andre H.J. Author-X-Name-Last: Nijhof Title: Socially Responsible Investment Funds: a review of research priorities and strategic options Abstract: This is the first literature review on Socially Responsible Investment (SRI) funds. Although SRI funds flourish, we know very little about these investment vehicles. This article reviews academic literature on SRI funds published during the past 25 years. It discusses the current state of theoretical research on SRI funds and identifies future research opportunities by analysing the characteristics, contents and methodological aspects of the literature and identifying research priorities and strategic options. Current research on SRI funds, it is shown, typically departs from a financial perspective and focuses predominantly on financial performance. In addition, most research is produced at European and North American universities, and there is little attention for social performance or discussion about the principles underlying SRI funds. We therefore argue that important future research opportunities exist with regard to the promise of SRI funds to attain both their financial and social goals. Journal: Journal of Sustainable Finance & Investment Pages: 178-204 Issue: 3 Volume: 5 Year: 2015 Month: 7 X-DOI: 10.1080/20430795.2015.1100035 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1100035 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:3:p:178-204 Template-Type: ReDIF-Article 1.0 Author-Name: Kira Shevchenko Author-X-Name-First: Kira Author-X-Name-Last: Shevchenko Author-Name: Richard McManus Author-X-Name-First: Richard Author-X-Name-Last: McManus Author-Name: Janet Haddock-Fraser Author-X-Name-First: Janet Author-X-Name-Last: Haddock-Fraser Title: UK pension sustainability and fund manager governance: agent duties to the principal Abstract: Sustainable investing includes the application of non-financial (Environmental, Social and Governance (ESG)) criteria to asset selection in institutional investor portfolios [Capelle-Blancard, G., and S. Monjon. 2011. “Trends in the Literature on Socially Responsible Investment: Looking for the Keys Under the Lamppost.” Business Ethics: A European Review 21(3): 239--250]. The article explores the implications for applying ESG screening to the institutional investors making the asset selections. Institutional investors are a heterogeneous group of investors, with fund managers specifically being some of the largest listed organisations globally [Ingley, C. B., and N. T. van der Walt. 2004. “Corporate Governance, Institutional Investors and Conflicts of Interest.” Corporate Governance 12(4): 534--553]. Whether their own corporate management duties to fiduciary governance (the G in ESG) benefiting their shareholders has any material impact on the financial returns outcomes of the pension asset management contract, and specifically whether there is a fiduciary conflict favouring of the exclusive best interest of fund management shareholders is the question addressed by the paper. Journal: Journal of Sustainable Finance & Investment Pages: 205-209 Issue: 4 Volume: 5 Year: 2015 Month: 10 X-DOI: 10.1080/20430795.2015.1106209 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1106209 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:4:p:205-209 Template-Type: ReDIF-Article 1.0 Author-Name: Gunnar Friede Author-X-Name-First: Gunnar Author-X-Name-Last: Friede Author-Name: Timo Busch Author-X-Name-First: Timo Author-X-Name-Last: Busch Author-Name: Alexander Bassen Author-X-Name-First: Alexander Author-X-Name-Last: Bassen Title: ESG and financial performance: aggregated evidence from more than 2000 empirical studies Abstract: The search for a relation between environmental, social, and governance (ESG) criteria and corporate financial performance (CFP) can be traced back to the beginning of the 1970s. Scholars and investors have published more than 2000 empirical studies and several review studies on this relation since then. The largest previous review study analyzes just a fraction of existing primary studies, making findings difficult to generalize. Thus, knowledge on the financial effects of ESG criteria remains fragmented. To overcome this shortcoming, this study extracts all provided primary and secondary data of previous academic review studies. Through doing this, the study combines the findings of about 2200 individual studies. Hence, this study is by far the most exhaustive overview of academic research on this topic and allows for generalizable statements. The results show that the business case for ESG investing is empirically very well founded. Roughly 90% of studies find a nonnegative ESG--CFP relation. More importantly, the large majority of studies reports positive findings. We highlight that the positive ESG impact on CFP appears stable over time. Promising results are obtained when differentiating for portfolio and nonportfolio studies, regions, and young asset classes for ESG investing such as emerging markets, corporate bonds, and green real estate. Journal: Journal of Sustainable Finance & Investment Pages: 210-233 Issue: 4 Volume: 5 Year: 2015 Month: 10 X-DOI: 10.1080/20430795.2015.1118917 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1118917 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:4:p:210-233 Template-Type: ReDIF-Article 1.0 Author-Name: Aleksandra Szymańska Author-X-Name-First: Aleksandra Author-X-Name-Last: Szymańska Author-Name: Stijn Van Puyvelde Author-X-Name-First: Stijn Author-X-Name-Last: Van Puyvelde Author-Name: Marc Jegers Author-X-Name-First: Marc Author-X-Name-Last: Jegers Title: Capital structure of social purpose companies -- a panel data analysis Abstract: This paper examines the determinants of borrowing decisions of social enterprises. Following the streams of research dealing with for-profit firms and non-profit organisations, we apply a panel data analysis of 2228 Belgian social purpose companies over the period of 2004--2013. We find that, in their capital structures, Belgian social purpose companies show a high dependence on financial determinants such as profitability, nature of assets, growth opportunities, size, the probability of agency problem and the previous year's leverage. They also demonstrate a high susceptibility to activity domain, legal form, region and evolution over time. Our results are in line with the mainstream literature on both for-profit organisations and non-profit organisations. We conclude that the capital structure of social enterprises mixes features of both research streams. Journal: Journal of Sustainable Finance & Investment Pages: 234-254 Issue: 4 Volume: 5 Year: 2015 Month: 10 X-DOI: 10.1080/20430795.2015.1089829 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1089829 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:5:y:2015:i:4:p:234-254 Template-Type: ReDIF-Article 1.0 Author-Name: Gregor Dorfleitner Author-X-Name-First: Gregor Author-X-Name-Last: Dorfleitner Author-Name: Gerhard Halbritter Author-X-Name-First: Gerhard Author-X-Name-Last: Halbritter Author-Name: Mai Nguyen Author-X-Name-First: Mai Author-X-Name-Last: Nguyen Title: The risk of social responsibility -- is it systematic? Abstract: This paper empirically investigates the risk characteristics of three environmental, social and corporate governance (ESG) rating concepts commonly used for assessing corporate social performance (CSP). Analogous to financial returns, investors are subject to the risk of changes in the average ESG level of their portfolio which is denoted as ESG risk. This is of special interest to private and institutional investors focused on a socially responsible investment strategy. Moreover, a growing number of financial products, such as mutual funds, include sustainability objectives. With a large data set including the scores of three important ESG rating agencies, the paper further examines the convergence of ESG risk among different rating providers. Applying a regression-based approach, the paper provides evidence that ESG ratings are subject to a non-diversifiable risk component. Investors are therefore not able to fully avoid ESG risk by diversification. Furthermore, the three rating concepts are not convergent with respect to ESG risk. Journal: Journal of Sustainable Finance & Investment Pages: 1-14 Issue: 1 Volume: 6 Year: 2016 Month: 1 X-DOI: 10.1080/20430795.2015.1123993 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1123993 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:1:p:1-14 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Parker Author-X-Name-First: Martin Author-X-Name-Last: Parker Author-Name: Peter Guthrie Author-X-Name-First: Peter Author-X-Name-Last: Guthrie Title: Crossing the energy efficiency chasm: an assessment of the barriers to institutional investment at scale, a UK perspective Abstract: Significant savings in CO2 can be won from fabric upgrades, and improved forms of heating. An increase in the number of building retrofits and installations of energy efficient plant such as biomass boilers or combined cooling, heating and power plants must be the aim if the UK is serious in meeting its commitment to CO2 reduction at both the domestic and EU level. A way of achieving this increase, which will need to be significant, would be to tap into the vast funds under management by institutional investors who are required to invest those funds to optimise its monetary return, taking into account the level of risk. The aim of the research is to identify the enabling conditions that would need to exist to attract institutional investment in energy efficiency at scale. The UK Green Investment Bank (GIB) has invested £50 million into three energy efficiency funds, requiring each fund manager to match the amount by attracting investment from institutional investors. It is these funds that have been analysed as a single GIB case study. Embedded units of analysis are on two levels with the individual funds being the first and the institutional investors investing in those funds as the second. The early findings of the research reported here indicate that the emerging key enabling conditions that would make energy efficiency an attractive proposition are (i) the way energy efficiency investments are classified, (ii) the contractual structure of the individual transactions made by the funds and (iii) the experience and familiarity of the fund manager. Journal: Journal of Sustainable Finance & Investment Pages: 15-37 Issue: 1 Volume: 6 Year: 2016 Month: 1 X-DOI: 10.1080/20430795.2016.1159650 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1159650 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:1:p:15-37 Template-Type: ReDIF-Article 1.0 Author-Name: Jesu Raju Thomas Author-X-Name-First: Jesu Raju Author-X-Name-Last: Thomas Author-Name: Jyothi Kumar Author-X-Name-First: Jyothi Author-X-Name-Last: Kumar Title: Social performance and sustainability of Indian microfinance institutions: an interrogation Abstract: This paper has come forward from the research proposal to understand the effect of social performance on the sustainability of microfinance institutions. It has been revealed that the conventional method of assessment of financial institutions is not applicable to the microfinance sector. Performance measurement of microfinance institutions has to be different from that of other financial institutions because of the social aspects involved besides profitability. Social performance has now become part of microfinance business along with business sustainability. Our whole study course is entitled “Effect of social performance on the sustainability of microfinance institutions.” In this paper, we elucidate the topic, find the underrepresented research areas and formulate a research hypothesis for understanding the relationship between social performance and the sustainability of microfinance institutions. Journal: Journal of Sustainable Finance & Investment Pages: 38-50 Issue: 1 Volume: 6 Year: 2016 Month: 1 X-DOI: 10.1080/20430795.2015.1124237 File-URL: http://hdl.handle.net/10.1080/20430795.2015.1124237 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:1:p:38-50 Template-Type: ReDIF-Article 1.0 Author-Name: Evan Hamman Author-X-Name-First: Evan Author-X-Name-Last: Hamman Title: The influence of environmental NGOs on project finance: a case study of activism, development and Australia’s Great Barrier Reef Abstract: Project financiers often influence not only the standards against which a project is managed, but also whether the project goes ahead at all. Non-government organizations (NGOs) are acutely aware of the leverage that project financiers possess. In today’s media-driven world, banks are especially sensitive to public opinion and bad press. Perception and reputation are important. In Australia, we have seen this play out with several of the world’s biggest financiers refusing to fund projects which might impact the Great Barrier Reef. In this paper, I explore some of those decisions and the influence of NGOs on the project finance industry. My aim is to better understand the context in which certain financial decisions are made, including who wields influence and how such influence is brought to bear. What seems apparent is that while financiers are powerful gatekeepers of major projects, their influence appears closely connected to that of civil society. Journal: Journal of Sustainable Finance & Investment Pages: 51-66 Issue: 1 Volume: 6 Year: 2016 Month: 1 X-DOI: 10.1080/20430795.2016.1176754 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1176754 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:1:p:51-66 Template-Type: ReDIF-Article 1.0 Author-Name: Hope Johnson Author-X-Name-First: Hope Author-X-Name-Last: Johnson Title: Legitimacy and accountability in the global governance of large-scale agricultural land investments Abstract: This article examines the international regulatory framework for large-scale agricultural land investments (‘LSALIs’). Population growth, natural resource scarcity, and the financial and food price crises have made financial actors revise their long-held hesitation towards direct investment in farmland. Although these investments could inject much-needed capital into rural areas, LSALIs have been connected with grievous human rights violations and environmental degradation. This article finds that the instruments designed to promote socially and environmentally responsible LSALIs have increasing levels of legitimacy but lack accountability mechanisms. As a result, the emerging regulatory framework for LSALIs does not create the balance required between protecting investors from host state interference and ensuring socially and environmentally responsible agricultural investments. Journal: Journal of Sustainable Finance & Investment Pages: 67-83 Issue: 1 Volume: 6 Year: 2016 Month: 1 X-DOI: 10.1080/20430795.2016.1176755 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1176755 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:1:p:67-83 Template-Type: ReDIF-Article 1.0 Author-Name: Sefa Awaworyi Churchill Author-X-Name-First: Sefa Author-X-Name-Last: Awaworyi Churchill Author-Name: Ahmed Salim Nuhu Author-X-Name-First: Ahmed Salim Author-X-Name-Last: Nuhu Title: What has failed: microfinance or evaluation methods? Abstract: This research note reflects on existing research and perspectives on the efficacy of microfinance as a poverty alleviation tool. We argue that while the story about the success of microfinance is widespread, its failure is also well documented at various levels. More importantly, systematic reviews of the existing research on microfinance performance do not support the efficacy of microfinance. This suggests that microfinance has failed. However, these reviews are based on studies that have adopted widely criticized empirical/quantitative techniques. Thus, in this research note, we attempt to sensitize both the research community and policy-makers to reconsider what has really failed in the context of microfinance, and act accordingly. Journal: Journal of Sustainable Finance & Investment Pages: 85-94 Issue: 2 Volume: 6 Year: 2016 Month: 4 X-DOI: 10.1080/20430795.2016.1176424 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1176424 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:2:p:85-94 Template-Type: ReDIF-Article 1.0 Author-Name: Willem Schramade Author-X-Name-First: Willem Author-X-Name-Last: Schramade Title: Integrating ESG into valuation models and investment decisions: the value-driver adjustment approach Abstract: True Environmental, Social and Governance issues (ESG) integration means ESG factors are systematically fed into the valuation models and investment decisions of analysts and portfolio managers (PMs). However, most ESG approaches fail to do this. As a result, sustainable investing is much less an application success than a marketing success. Our Value-Driver Adjustment approach is different: it ties into traditional valuation approaches by linking ESG issues to value drivers via their impact on business models and competitive positions. For equities, the initial results find that the average target price impact of ESG factors is 5% overall, and 10% conditional on non-zero adjustments; dispersion is wide as target price changes ranged from −23% to +71%. The investment team has experienced a pay-off in terms of more in-depth analysis of companies, a clearer view on risk and better informed decisions. Journal: Journal of Sustainable Finance & Investment Pages: 95-111 Issue: 2 Volume: 6 Year: 2016 Month: 4 X-DOI: 10.1080/20430795.2016.1176425 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1176425 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:2:p:95-111 Template-Type: ReDIF-Article 1.0 Author-Name: Maria Carolina Rezende de Carvalho Ferreira Author-X-Name-First: Maria Author-X-Name-Last: Carolina Rezende de Carvalho Ferreira Author-Name: Vinicius Amorim Sobreiro Author-X-Name-First: Vinicius Author-X-Name-Last: Amorim Sobreiro Author-Name: Herbert Kimura Author-X-Name-First: Herbert Author-X-Name-Last: Kimura Author-Name: Flavio Luiz de Moraes Barboza Author-X-Name-First: Flavio Author-X-Name-Last: Luiz de Moraes Barboza Title: A systematic review of literature about finance and sustainability Abstract: The relationship between finance and environmental sustainability areas has increasingly been attracting the attention of researchers and professionals in this field. However, there are not many studies that gather and systematize the available knowledge about the issue of financial management and the concern with sustainable development. The objective of this paper is to present the results or main gaps from a systematic review of literature about the relationship between finance and sustainability. We have adapted the methods presented by Lage Junior et al. [2010. “Variations of the Kanban System: Literature Review and Classification”.International Journal of Production Economics 125 (1), 13--21.], Jabbour [2013. Environmental Training in Organisations: From a Literature Review to a Framework for Future Research. Resources, Conservation and Recycling 74, 144--155] and Seuring [2013. A Review of Modeling Approaches for Sustainable Supply Chain Management. Decision Support Systems 54 (4), 1513--1520], and we then analysed the articles published between 2011 and 2015 in the main journal of the area, the Journal of Sustainable Finance & Investment. The method applied allowed us to identify existing gaps in the literature, such as, for example, a greater focus on developing countries or the use of empiric studies with a quantitative approach. Journal: Journal of Sustainable Finance & Investment Pages: 112-147 Issue: 2 Volume: 6 Year: 2016 Month: 4 X-DOI: 10.1080/20430795.2016.1177438 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1177438 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:2:p:112-147 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Climate change and human rights Journal: Journal of Sustainable Finance & Investment Pages: 82-82 Issue: 1 Volume: 2 Year: 2012 X-DOI: 10.1080/20430795.2012.690723 File-URL: http://hdl.handle.net/10.1080/20430795.2012.690723 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:1:p:82-82 Template-Type: ReDIF-Article 1.0 Author-Name: Benjamin Richardson Author-X-Name-First: Benjamin Author-X-Name-Last: Richardson Title: SRI and extractive industries Journal: Journal of Sustainable Finance & Investment Pages: 1-2 Issue: 1 Volume: 2 Year: 2012 X-DOI: 10.1080/20430795.2012.702493 File-URL: http://hdl.handle.net/10.1080/20430795.2012.702493 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:1:p:1-2 Template-Type: ReDIF-Article 1.0 Author-Name: Rupert Allen Author-X-Name-First: Rupert Author-X-Name-Last: Allen Author-Name: Hugues Letourneau Author-X-Name-First: Hugues Author-X-Name-Last: Letourneau Author-Name: Tessa Hebb Author-X-Name-First: Tessa Author-X-Name-Last: Hebb Title: Shareholder engagement in the extractive sector Abstract: The extractive industry sector has become one of the most prominent areas for shareholder engagement. Given its environmental and social impacts, and global nature, this sector's operations are particularly prone to financially material reputational risks. Large-scale investors and financial analysts concerned with reputational risk as a consequence of insufficient environmental, social and governance (ESG) standards in companies are increasingly turning to shareholder engagement as the preferred and most direct method of implementing, monitoring and advising companies. This article argues that shareholders have some impact on ESG issues with companies in the extractive sector. Their influence stems from the legitimacy they bring to the engagement process, with a high degree of knowledge in the sector and a pragmatic approach that recognizes the incremental pace of change in extractive companies. In this article we build on the work of both Mitchell and others, and Gifford on stakeholder saliency, in order to assess the results of engagement at the level of the firm, with particular reference to the extractive sector. Previous work has focused on the saliency of such engagement at the stakeholder level, with the investor as the unit of analysis. We investigate the impacts and perceptions of shareholder engagement in the extractive sector examining engagements NEI Investments with Canadian mining giant Barrick Gold from 2005 to 2009. We further quantify the results of the engagement using data from a third-party rating agency. Journal: Journal of Sustainable Finance & Investment Pages: 3-25 Issue: 1 Volume: 2 Year: 2012 X-DOI: 10.1080/20430795.2012.702495 File-URL: http://hdl.handle.net/10.1080/20430795.2012.702495 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:1:p:3-25 Template-Type: ReDIF-Article 1.0 Author-Name: Jackie Cook Author-X-Name-First: Jackie Author-X-Name-Last: Cook Title: Political action through environmental shareholder resolution filing: applicability to Canadian Oil Sands? Abstract: Research on the efficacy of social and environmental shareholder resolutions often fails to consider their strategic value in the context of policy outreach. Research on investor-driven governance networks and shareholder activism as a social movement illuminates strategies for organized shareholder coalitions to use a coordinated resolution filing campaign to shape the rules and norms under which business operates. These strategies are examined through qualitative case study analysis of two environmental shareholder campaigns: one organized by Ceres (Coalition for Environmentally Responsible Economies) addressing climate change and the other organized by Investor Environmental Health Network (IEHN) addressing hydraulic fracturing. These case studies show that resolution filing with broad investor appeal and linked to a policy agenda can achieve change beyond targeted companies. Case study insights may contribute to the formation of a Canadian shareholder coalition organized around improved corporate disclosure of Oil Sands risks and improved government monitoring of environmental impacts. Investor groups, mostly Canadian, have framed the environmental and social issues in terms that resonate with the investment community and policy makers. Investor activists in Canada, the US and Europe have filed a number of shareholder resolutions at Oil Sands companies. This marks progress towards investor coalition formation with coordinated shareholder action and a multi-jurisdictional reach. Journal: Journal of Sustainable Finance & Investment Pages: 26-43 Issue: 1 Volume: 2 Year: 2012 X-DOI: 10.1080/20430795.2012.702497 File-URL: http://hdl.handle.net/10.1080/20430795.2012.702497 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:1:p:26-43 Template-Type: ReDIF-Article 1.0 Author-Name: Catherine Coumans Author-X-Name-First: Catherine Author-X-Name-Last: Coumans Title: Mining, human rights and the socially responsible investment industry: considering community opposition to shareholder resolutions and implications of collaboration Abstract: Canadian mining companies regularly face allegations of human rights abuses related to their global operations. This paper considers the human rights implications of responses by Canadian Socially Responsible Investment (SRI) firms to allegations of human rights abuses against mining companies whose shares they own, assess or recommend to clients. Shareholder resolutions are analysed in the light of recent opposition to implications of this corporate social responsibility vehicle by mining affected communities. The paper also explores consequences for community agency in defence of social and environmental values as a result of relationships that evolve between SRI firms and mining companies through collaborative undertakings. These issues are examined in the context of Goldcorp's Marlin mine in Guatemala. The paper concludes that a relationship Goldcorp entered into with SRI firms through a shareholder resolution led to a flawed human rights impact assessment process that was protective of the company's interests but harmed the ability of affected communities to defend their interests. Journal: Journal of Sustainable Finance & Investment Pages: 44-63 Issue: 1 Volume: 2 Year: 2012 X-DOI: 10.1080/20430795.2012.702499 File-URL: http://hdl.handle.net/10.1080/20430795.2012.702499 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:1:p:44-63 Template-Type: ReDIF-Article 1.0 Author-Name: Olaf Weber Author-X-Name-First: Olaf Author-X-Name-Last: Weber Author-Name: Yolanda Banks Author-X-Name-First: Yolanda Author-X-Name-Last: Banks Title: Corporate sustainability assessment in financing the extractive sector Abstract: The role of the extractive sector with regard to sustainable development is discussed controversially. On the one hand, it is argued that the sector's adverse sustainability impacts outweigh its social and economic benefits and therefore the concept of socially responsible investment (SRI) is not applicable to the extractive sector. On the other hand, it is argued that the products from the extractive industries are essential for the world's economy, that the sector contributes to poverty reduction and to economic development, and creates revenues for governments. Based on this discussion, we analysed whether there is a relation between sustainability performance and financial performance in the extractive industry sector, whether Canadian companies from the extractive sector perform differently than companies from other regions, and how a sustainability assessment can be integrated into project finance. Our results suggest that Canadian companies from the extractive sector perform well with respect to their financial return, but that they do not outperform their global peers regarding sustainability. Furthermore, we did not find a strong correlation between sustainability performance and financial performance. Thus, we conclude that socially responsible investors have to pick those companies that perform well regarding both sustainability and financial returns. Journal: Journal of Sustainable Finance & Investment Pages: 64-81 Issue: 1 Volume: 2 Year: 2012 X-DOI: 10.1080/20430795.2012.702501 File-URL: http://hdl.handle.net/10.1080/20430795.2012.702501 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:1:p:64-81 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Financialization in an era of globalization Journal: Journal of Sustainable Finance & Investment Pages: 83-84 Issue: 1 Volume: 2 Year: 2012 X-DOI: 10.1080/20430795.2012.711974 File-URL: http://hdl.handle.net/10.1080/20430795.2012.711974 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:2:y:2012:i:1:p:83-84 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Seele Author-X-Name-First: Peter Author-X-Name-Last: Seele Author-Name: Marc Chesney Author-X-Name-First: Marc Author-X-Name-Last: Chesney Title: Toxic sustainable companies: a critique on the shortcomings of current corporate sustainability ratings and a definition of ‘financial toxicity’ Abstract: Building on critical literature on corporate sustainability, we add a perspective thus far only scarcely addressed: the toxicity of financial practices and products generating systemic risk. We start with illustrative examples setting the stage for defining toxic assets and practices as revealed after the onset of the financial crisis precipitated by the collapse of Lehman Brothers. To illustrate corporate toxicity we use the ‘Global 100 Index’ from ‘Corporate Knights’ to show which (mostly financial) scandals or bailout cases were detected at corporations awarded a position in this prestigious sustainability rating. Next, we present examples of toxic products (Naked Credit Default Swaps and structured products) and practices (securitization and ratings). Based on the examples we derive the concept of ‘financial toxicity’ adopted from pharmacology as a meta-criterion, which, as we argue, should be added to the ESG (environment, society, governance) universe as well as to corporate social responsibility and Corporate Sustainability. We define financial toxicity as ‘the degree to which financial products can systematically harm their buyers and, on a large scale, the extent to which these products or financial practices generate systemic risk’. We discuss implications for theory development and the overall credibility of corporate sustainability ratings. Journal: Journal of Sustainable Finance & Investment Pages: 139-146 Issue: 2 Volume: 7 Year: 2017 Month: 4 X-DOI: 10.1080/20430795.2016.1238213 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1238213 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:2:p:139-146 Template-Type: ReDIF-Article 1.0 Author-Name: Catherine Boulatoff Author-X-Name-First: Catherine Author-X-Name-Last: Boulatoff Author-Name: Carol Marie Boyer Author-X-Name-First: Carol Marie Author-X-Name-Last: Boyer Title: What is the impact of private and public R&D on clean technology firms’ performance? An international perspective Abstract: Research and Development (R&D) has often been cited as key to promote the development of clean technologies in both the short and long runs. Robust economic performance for clean technology firms may occur in countries in which R&D is conducted by governments as well as by businesses. The goal of this paper is to examine how private and public R&D affects firm profitability. Utilizing an international data set of clean technology firms, this study finds performance of clean technology firms to be quite favorable when compared to firms in the Morgan Stanley Capital International World Index. The study examines how different countries perform in these industries. Finally, the impact both corporate and public R&D have had on these firms’ performance is analyzed. Journal: Journal of Sustainable Finance & Investment Pages: 147-168 Issue: 2 Volume: 7 Year: 2017 Month: 4 X-DOI: 10.1080/20430795.2016.1251813 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1251813 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:2:p:147-168 Template-Type: ReDIF-Article 1.0 Author-Name: Jemma Green Author-X-Name-First: Jemma Author-X-Name-Last: Green Author-Name: Peter Newman Author-X-Name-First: Peter Author-X-Name-Last: Newman Title: Disruptive innovation, stranded assets and forecasting: the rise and rise of renewable energy Abstract: Disruptive innovations are seen to have three core features: 1. They occupy a niche that expands into being a major disruption to a technological system; 2. They grow exponentially and are thus very surprising in their disruption and 3. They create stranded assets. This paper shows how renewable energy with battery storage has the three core features of a disruptive innovation, and predicts that the number of fossil fuel stranded assets are thus likely to increase with the rise of renewable energy generation. Forecasts for the share of renewable capacity in global energy demand will go beyond current estimates, due to the introduction of battery storage and decline in retail renewable electricity prices, and could account for 100% of global energy demand in a number of different scenarios by 2050. We find that renewables and storage can be characterised as disruptive innovations and have the potential to change energy systems dramatically between now and 2050. Journal: Journal of Sustainable Finance & Investment Pages: 169-187 Issue: 2 Volume: 7 Year: 2017 Month: 4 X-DOI: 10.1080/20430795.2016.1265410 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1265410 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:2:p:169-187 Template-Type: ReDIF-Article 1.0 Author-Name: Sebsatiaan Lambalk Author-X-Name-First: Sebsatiaan Author-X-Name-Last: Lambalk Author-Name: Frank Jan de Graaf Author-X-Name-First: Frank Jan Author-X-Name-Last: de Graaf Title: Explaining the relationship between firm performance and corporate governance of Dutch non-life insurance companies: Dutch mutual and commercial companies compared Abstract: Comparing the performance of mutual and commercial insurance companies in the Netherlands between 2008 and 2012, this paper gives insight into the relationship between performance and corporate governance. We specifically focused on ownership in relationship with diversification and scale within the perspective of financialization. Although regulators promote commercial, publicly-listed companies do not outperform mutual companies. They even have a significantly worse combined ratio and a tendency for higher acquisition costs. Surprisingly, stock listed insurers do not have lower cost ratios, despite the assumed shareholder push. We found evidence for economies of scale in acquisition costs, but not in company costs. The sample covers 125 observations in the Dutch non-life insurance market between 2008 and 2012. The insights are of great relevance for a sector in the midst of a rapid reform, where questions regarding consolidation reign supreme. Journal: Journal of Sustainable Finance & Investment Pages: 197-231 Issue: 2 Volume: 7 Year: 2017 Month: 4 X-DOI: 10.1080/20430795.2016.1269520 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1269520 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:2:p:197-231 Template-Type: ReDIF-Article 1.0 Author-Name: Roger C. Y. Chen Author-X-Name-First: Roger C. Y. Author-X-Name-Last: Chen Author-Name: Shih-Wei Hung Author-X-Name-First: Shih-Wei Author-X-Name-Last: Hung Author-Name: Chen-Hsun Lee Author-X-Name-First: Chen-Hsun Author-X-Name-Last: Lee Title: Does corporate value affect the relationship between Corporate Social Responsibility and stock returns? Abstract: This study employs the Corporate Social Responsibility (CSR) Index developed by Chen and Hung [2013. “A Study on Corporate Social Responsibility Index and Investment Performance.” GreTai Securities Market 165: 88–97 (in Chinese)] to measure the CSR performance of Taiwanese companies and proposed a CSR efficiency hypothesis that the influence of CSR on stock returns depends on corporate value. According to our findings, CSR activities not only increase the costs of low value firms but also decrease corporate value, exerting a negative effect on stock returns. In contrast, high value firms have a greater capability to implement CSR, and CSR investments can effectively increase their stock prices and market value. Journal: Journal of Sustainable Finance & Investment Pages: 188-196 Issue: 2 Volume: 7 Year: 2017 Month: 4 X-DOI: 10.1080/20430795.2016.1272947 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1272947 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:2:p:188-196 Template-Type: ReDIF-Article 1.0 Author-Name: Uzooba Hureem Author-X-Name-First: Uzooba Author-X-Name-Last: Hureem Author-Name: Asima Ihsan Author-X-Name-First: Asima Author-X-Name-Last: Ihsan Author-Name: Mumtaz Anwar Chaudhry Author-X-Name-First: Mumtaz Anwar Author-X-Name-Last: Chaudhry Title: Estimate the economic cost of achieving WASH-related SDGs targets in Punjab Abstract: In 2015, Pakistan adopted the Sustainable Development Goals (SDGs) as a national agenda to frame its development plans and socio-economic policies for the next 15 years in order to achieve SDGs. To comprehend this vision; significant resources are dedicated both at national and provincial levels. This paper assesses the financial requirements and gaps to achieve the targets of WASH related SDGs targets in Punjab. The study first reviews the public spending trends in water and sanitation in the last couple of years by the Government of Punjab and then estimates the future financial requirements to meet the targets of WASH by 2030. Linear Regression Analysis (LRA) is used to forecast the financial requirements and based on these estimations financial gap has been computed. This study provides discreet estimates to achieve the WASH SDGs in Punjab and gives policy recommendations to improve the financial governance mechanisms. Journal: Journal of Sustainable Finance & Investment Pages: 1-17 Issue: 1 Volume: 10 Year: 2020 Month: 1 X-DOI: 10.1080/20430795.2019.1635427 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1635427 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:1:p:1-17 Template-Type: ReDIF-Article 1.0 Author-Name: Ismael Karidio Author-X-Name-First: Ismael Author-X-Name-Last: Karidio Author-Name: David Talbot Author-X-Name-First: David Author-X-Name-Last: Talbot Title: Controversy in mining development: a study of the defensive strategies of a mining company Abstract: This paper explores the neutralization techniques used by Strateco, a junior uranium mining company, throughout the development of the Matoush project in Quebec, Canada. Based on a content analysis of the company's annual reports, official company press releases, and newspaper articles, this study identifies six techniques used by the company to justify and defend its interests over the course of 10 years. The paper develops a better understanding of the defensive impression management strategies that resource-extraction companies may use to legitimize their positions and persuade concerned parties such as governments, stakeholders and right holders. The study contributes to the literature on neutralization techniques by documenting the employment and evolution of these techniques during controversies over resource extraction. It also highlights changes amongst concerned parties targeted by these techniques over the course of the conflict. Journal: Journal of Sustainable Finance & Investment Pages: 18-43 Issue: 1 Volume: 10 Year: 2020 Month: 1 X-DOI: 10.1080/20430795.2019.1657315 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1657315 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:1:p:18-43 Template-Type: ReDIF-Article 1.0 Author-Name: Candace Partridge Author-X-Name-First: Candace Author-X-Name-Last: Partridge Author-Name: Francesca Romana Medda Author-X-Name-First: Francesca Romana Author-X-Name-Last: Medda Title: The evolution of pricing performance of green municipal bonds Abstract: In this study, we investigated the performance of US green municipal bond compared with general municipal bonds. The performance of this bond sector was assessed with two different approaches: through the creation and benchmarking of a green municipal bond index; and by looking for differences in yields between green municipal bonds and their conventional counterparts. We found that an index comprised of green muni bonds outperforms the closest equivalent S&P index from 2014 to 2018, and there is a statistically significant green premium (‘greenium’) present in the secondary muni bond market of 5 basis points by 2018. There was no conclusive evidence for the presence of greenium at issue in the primary market, but there are some early signs that this could change. These results are key to encouraging growth in the green municipal bond market, which can help American cities to unlock more capital for more sustainable infrastructure projects. Journal: Journal of Sustainable Finance & Investment Pages: 44-64 Issue: 1 Volume: 10 Year: 2020 Month: 1 X-DOI: 10.1080/20430795.2019.1661187 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1661187 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:1:p:44-64 Template-Type: ReDIF-Article 1.0 Author-Name: Matheus Koengkan Author-X-Name-First: Matheus Author-X-Name-Last: Koengkan Author-Name: José Alberto Fuinhas Author-X-Name-First: José Alberto Author-X-Name-Last: Fuinhas Author-Name: Isabel Vieira Author-X-Name-First: Isabel Author-X-Name-Last: Vieira Title: Effects of financial openness on renewable energy investments expansion in Latin American countries Abstract: This investigation approaches the effects of financial openness on renewable energy investments. With the purpose of the realisation this study, the installed capacity of renewable energy was used as proxy o renewable energy investments, and ten Latin American countries from 1980 to 2014 were utilised. The empirical results indicated that the per capita economic growth in the short-run has a positive impact on the installed capacity of renewable energy, while the variable financial openness and general government capital stock per capita in the long-run exerts a positive effect. The PVAR model pointed out to a positive impact of per capita economic growth, financial openness, and general government capital stock per capita in the short-run. The Panel Granger causality Wald test revealed the existence of bi-directional causality between the variables of the model. Journal: Journal of Sustainable Finance & Investment Pages: 65-82 Issue: 1 Volume: 10 Year: 2020 Month: 1 X-DOI: 10.1080/20430795.2019.1665379 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1665379 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:1:p:65-82 Template-Type: ReDIF-Article 1.0 Author-Name: Khalil Jebran Author-X-Name-First: Khalil Author-X-Name-Last: Jebran Author-Name: Shihua Chen Author-X-Name-First: Shihua Author-X-Name-Last: Chen Title: Examining anomalies in Islamic equity market of Pakistan Abstract: The purpose of this study is to investigate the presence of anomalies named; January effect, Islamic calendar effect, Day of the week effect, Time of the month effect, Turn of the month effect and Half of the month effect in an Islamic equity market of Pakistan. This study considered daily data from 30 September 2008 to 30th June 2015. The behavior of the data is tested by using the descriptive statistics method. The Generalized Auto Regressive Conditional Heteroskedasticity Model (GARCH) model is applied to capture the seasonality in returns and volatility in the Islamic equity market. The results of this study highlight certain interesting key findings. The notable findings indicates the absence of prominent January effect and the Ramadan effect. However, this study finds significant Day of the week effect, Turn of the month effect, Time of the month effect and Half of the month effect in the Islamic index. This study suggests that investors would be able to gain abnormal returns, if they would formulate their investment strategies accordingly to the seasonal return patterns observed in this study. Journal: Journal of Sustainable Finance & Investment Pages: 275-289 Issue: 3 Volume: 7 Year: 2017 Month: 7 X-DOI: 10.1080/20430795.2017.1289455 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1289455 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:3:p:275-289 Template-Type: ReDIF-Article 1.0 Author-Name: Kalpana Mathur Author-X-Name-First: Kalpana Author-X-Name-Last: Mathur Author-Name: Akanksha Berwa Author-X-Name-First: Akanksha Author-X-Name-Last: Berwa Title: Sustainable competitiveness: redefining the future with technology and innovation Abstract: One of the key developments in the global growth space has been the advancement of the concept of sustainability. In the wake of macroscopic social, environmental and other catastrophic effects of progress, sustainability issues have crossed the traditional forte of civil society and governments and have entered the corporate agenda.We have reached a stage of evolution where technology DNA has transformed the way we think, decide and act. Technology is most often abrogated to be the cause of the multi-dimensional crisis. However, this research effort accentuates cutting edge technology as a powerful tool to create the paradigm shift from ‘doing things’ to ‘doing things optimally’ to ‘doing things sustainably’.The paper aims to unveil the complex linkages between Technology, Innovation and Sustainability. For economy level study, the Sustainability Adjusted Global Competitiveness Index of World Economic Forum is statistically compared with Technology Readiness and Innovation levels of 113 nations. For examining the effect at the organizational level, real life evidences are used. These findings are then cohesively gelled together to outline the role of technology and innovation in attaining corporate and global sustainability as well as to further actionable recommendations.The pursuit of technology readiness with innovation can be a potent force to cross the chasm of resource depletion. The challenge is to master the emerging dynamics of ‘Return on Resources’ to leverage them for sustainable growth and competitiveness which promises a bright future for our generations. Journal: Journal of Sustainable Finance & Investment Pages: 290-306 Issue: 3 Volume: 7 Year: 2017 Month: 7 X-DOI: 10.1080/20430795.2017.1300855 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1300855 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:3:p:290-306 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Corrigendum Journal: Journal of Sustainable Finance & Investment Pages: 307-307 Issue: 3 Volume: 7 Year: 2017 Month: 7 X-DOI: 10.1080/20430795.2017.1311823 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1311823 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:3:p:307-307 Template-Type: ReDIF-Article 1.0 Author-Name: Delton B. Chen Author-X-Name-First: Delton B. Author-X-Name-Last: Chen Author-Name: Joel van der Beek Author-X-Name-First: Joel Author-X-Name-Last: van der Beek Author-Name: Jonathan Cloud Author-X-Name-First: Jonathan Author-X-Name-Last: Cloud Title: Climate mitigation policy as a system solution: addressing the risk cost of carbon Abstract: Global 4C is a new international climate mitigation policy that adopts a risk management framework. Global 4C offers a financial reward for mitigation and aims to internalise a Risk Cost of Carbon (RCC) into the economy. Carbon taxes (i.e. carbon prices) are essential for internalising the Social Cost of Carbon (SCC), however a SCC-RCC duality is inferred with an epistemological method and is supported with a new hypothesis, called the Holistic Market Hypothesis. Based on the inferred SCC-RCC duality, a system of complementary market pricing is proposed as an effective response to emerging climate systemic risk and fat-tailed probability distributions for the Earth's climate sensitivity.The recommended policy instrument is a currency, called Complementary Currencies for Climate Change (4C). 4C should be priced in foreign exchange currency markets (Forex) to mirror the RCC and to incentivise a spectrum of mitigation services, including clean renewable energy and carbon sequestration. A public broadcast message for climate systemic risk should be made each year, in the form of a ‘100-year advance 4C price alert’, which is an assurance of reward prices for carbon mitigation (i.e. the 4C exchange rate) under a Carbon Exchange Standard (CES). The CES is a macro-prudential protocol for central banks to provide collective insurability against climate catastrophe and incentives for socio-ecological co-benefits. Journal: Journal of Sustainable Finance & Investment Pages: 233-274 Issue: 3 Volume: 7 Year: 2017 Month: 7 X-DOI: 10.1080/20430795.2017.1314814 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1314814 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:3:p:233-274 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Journal of Sustainable Finance & Investment (JSFI) Special Section on Risk Management and Sustainability in the Financial Sector Journal: Journal of Sustainable Finance & Investment Pages: 245-246 Issue: 3 Volume: 6 Year: 2016 Month: 7 X-DOI: 10.1080/20430795.2016.1188523 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1188523 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:3:p:245-246 Template-Type: ReDIF-Article 1.0 Author-Name: Audrius Kabašinskas Author-X-Name-First: Audrius Author-X-Name-Last: Kabašinskas Author-Name: Lina Kadikinaitė Author-X-Name-First: Lina Author-X-Name-Last: Kadikinaitė Title: The construction of an investment portfolio using stochastic programming Abstract: The aim of this paper is to construct a portfolio of eight different stocks from New York Stock Exchange market (AIR, ABM, TSCO, HLX, KO, DIS, AMZN, and VZ) using stochastic programming. The next stage (period) prices are generated using a stochastic difference equation in order to introduce uncertainty. For the portfolio selection, we use three different risk measures – min–max decision rule, value-at-risk, and conditional value-at-risk. After constructing three different portfolios, they are compared using well-known efficiency ratios – Sharpe, Sortino, and Rachev ratios. Journal: Journal of Sustainable Finance & Investment Pages: 151-160 Issue: 3 Volume: 6 Year: 2016 Month: 7 X-DOI: 10.1080/20430795.2016.1188538 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1188538 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:3:p:151-160 Template-Type: ReDIF-Article 1.0 Author-Name: Aidy Halimanjaya Author-X-Name-First: Aidy Author-X-Name-Last: Halimanjaya Title: Allocating climate mitigation finance: a comparative analysis of five major green donors Abstract: A mitigation finance allocation framework (global needs, recipients’ performance, recipients’ needs and donors’ interests) is introduced as a way to identify determinants according to which individual donors allocate climate mitigation finance across developing countries. A two-part model was used to analyse a three-dimensional Rio Marker panel data set (donor-recipient-time), representing 5 green donors and 180 developing countries in the time period 1998–2010. Overall, while the determinants that the donors used to allocate mitigation finance across countries are heterogeneous, their responses to global needs are almost homogenous. Developing countries with large carbon sinks and good institutional performance tend to be the main destination for major green donors’ mitigation finance. Unsurprisingly, as with environmental aid, and aid more broadly, Japan and France’s allocation of mitigation finance is influenced by their geopolitical interests, which may divert it from its principal objective of mitigating greenhouse gas emissions. One new finding is Japan, Germany, France and Norway’s emerging interest in allocating mitigation finance to their Clean Development Mechanism (CDM) host countries, where they may seek to catalyse their private companies’ investment in green projects but risk overcrowding CDM host countries and promoting global inequality. Journal: Journal of Sustainable Finance & Investment Pages: 161-185 Issue: 3 Volume: 6 Year: 2016 Month: 7 X-DOI: 10.1080/20430795.2016.1201412 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1201412 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:3:p:161-185 Template-Type: ReDIF-Article 1.0 Author-Name: Andrea Hafenstein Author-X-Name-First: Andrea Author-X-Name-Last: Hafenstein Author-Name: Alexander Bassen Author-X-Name-First: Alexander Author-X-Name-Last: Bassen Title: Influences for using sustainability information in the investment decision-making of non-professional investors Abstract: Non-professional investors face a series of complex decisions when considering environmental, social and governance (ESG) issues for their investment activities. As such, this study sheds light on the question: what influences the use of sustainable information and the decision to invest in a sustainable company by non-professional investors? In order to answer the question, this article builds on the behavioral finance and information overload literature. We used an online survey carried out in Germany and applied a structural equation model. The results show that the personal orientation toward sustainability issues is the most important factor in deciding to use a company’s sustainability information. Furthermore, the study reveals that the decision to invest in a sustainable company is influenced by the personal sustainability orientation, identification induced by a good feeling, their willingness to waive returns for sustainability, their exposure to sustainability information, the investor’s age and information overload. The results show that non-professional investors do not distinguish between the different aspects of sustainability, that is, ESG. The study contributes to research which explores decision-making of non-professional investors, specifically their perception of sustainability information. It identifies factors influencing the use of sustainability information and the decision to invest in sustainable companies. Journal: Journal of Sustainable Finance & Investment Pages: 186-210 Issue: 3 Volume: 6 Year: 2016 Month: 7 X-DOI: 10.1080/20430795.2016.1203598 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1203598 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:3:p:186-210 Template-Type: ReDIF-Article 1.0 Author-Name: Sarah Barker Author-X-Name-First: Sarah Author-X-Name-Last: Barker Author-Name: Mark Baker-Jones Author-X-Name-First: Mark Author-X-Name-Last: Baker-Jones Author-Name: Emilie Barton Author-X-Name-First: Emilie Author-X-Name-Last: Barton Author-Name: Emma Fagan Author-X-Name-First: Emma Author-X-Name-Last: Fagan Title: Climate change and the fiduciary duties of pension fund trustees – lessons from the Australian law Abstract: Leading financial market participants increasingly recognise that issues associated with climate change present significant – if not unparalleled – financial risks. Regulatory, technological and social responses present particular issues for investment strategy, asset valuation, risk assessment and disclosure by institutional investors. However, governance literature has historically characterised climate change as a non-financial issue, at least over mainstream investment horizons. Accordingly, there has been little academic analysis of whether trustee directors are compelled, rather than permitted, to have regard to climate change risks. This paper seeks to advance the literature by examining the obligations of pension (or ‘superannuation’) fund trustee directors in Australia. The analysis focuses on the obligation to apply due care, skill and diligence under section 52A of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act). It concludes that a passive or inactive governance of climate change portfolio risks is unlikely to satisfy their duties: whether the inactivity emanates from climate change denial, honest ignorance or unreflective assumption, strategic paralysis due to impact uncertainty, or a default to a base set by regulators or investor peers. Considered decisions to prevail with ‘investment as usual’ may also fail to satisfy the duty if they are based on outdated methodologies and assumptions. Journal: Journal of Sustainable Finance & Investment Pages: 211-244 Issue: 3 Volume: 6 Year: 2016 Month: 7 X-DOI: 10.1080/20430795.2016.1204687 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1204687 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:3:p:211-244 Template-Type: ReDIF-Article 1.0 Author-Name: Lucas Kruitwagen Author-X-Name-First: Lucas Author-X-Name-Last: Kruitwagen Author-Name: Kaveh Madani Author-X-Name-First: Kaveh Author-X-Name-Last: Madani Author-Name: Ben Caldecott Author-X-Name-First: Ben Author-X-Name-Last: Caldecott Author-Name: Mark H. W. Workman Author-X-Name-First: Mark H. W. Author-X-Name-Last: Workman Title: Game theory and corporate governance: conditions for effective stewardship of companies exposed to climate change risks Abstract: Engagement between investors and corporate boards has been suggested as a pathway to mitigate stranded asset and climate change risks. Debate is ongoing as to whether divestment or active ownership strategies are more appropriate to deliver long-term value and environmental sustainability. The paper tests the effectiveness of owner engagement strategies by studying the conditions for cooperation between investors and their companies. Characteristics of investors and companies are modelled in game theoretic frameworks, informed by semi-structured interviews with professionals from the energy and finance industries, and academia, NGO, and regulatory sectors. Conditions for mutual cooperation between investors and companies are characterized as prisoners’ dilemmas. A number of parameters are examined for their impact on the development of sustained cooperative equilibria, including: the benefits and costs of cooperation; the degree of strategic foresight; individual discount factors; and mutual history. Challenges in the formation of investor coalitions are characterized and solutions are proposed. Journal: Journal of Sustainable Finance & Investment Pages: 14-36 Issue: 1 Volume: 7 Year: 2017 Month: 1 X-DOI: 10.1080/20430795.2016.1188537 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1188537 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:1:p:14-36 Template-Type: ReDIF-Article 1.0 Author-Name: Bob Buhr Author-X-Name-First: Bob Author-X-Name-Last: Buhr Title: Assessing the sources of stranded asset risk: a proposed framework Abstract: Long-term investors, particularly bond investors, do not currently enjoy an efficient framework for assessing where stranded assets (SAs) might arise. Traditional risk categories currently embodied in credit research – Business Risk and Financial Risk – can capture a number of Environmental, Social and Governance (ESG) issues. However, there are some risks that are difficult to assess in this framework, primarily because many ESG categories themselves are not particularly efficient, or even meaningful, as analytical categories. We propose that a better analysis of these risks can be obtained by categorizing what are currently called ESG risks into three specific risk categories: (1) Operational or Management Risk; (2) Climate Risk, primarily related to climate mitigation and adaptation; and (3) Natural Capital Risks, a category intended to capture natural capital depletion, subsidy loss risks, and certain geopolitical risks – risks associated with water resources perhaps being the best example of a Natural Capital Risk. SAs can arise from all three sources, but those arising from Climate and Natural Capital Risk are more likely to be both significant and irreversible. Journal: Journal of Sustainable Finance & Investment Pages: 37-53 Issue: 1 Volume: 7 Year: 2017 Month: 1 X-DOI: 10.1080/20430795.2016.1194686 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1194686 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:1:p:37-53 Template-Type: ReDIF-Article 1.0 Author-Name: Howard Covington Author-X-Name-First: Howard Author-X-Name-Last: Covington Title: Investment consequences of the Paris climate agreement Abstract: This paper develops a simple model of an energy transition. Projections for growth in renewables and electric vehicles suggest that the oil and gas industry will be disrupted during the 2020s, but that, as things stand, carbon dioxide emissions are unlikely to fall fast enough to keep within a 2° emissions budget. To keep warming to 2°, additional ways of reducing emissions from industry or of accelerating emissions reductions from generation, transport and buildings will be needed together with an extensive programme of carbon dioxide removal. Journal: Journal of Sustainable Finance & Investment Pages: 54-63 Issue: 1 Volume: 7 Year: 2017 Month: 1 X-DOI: 10.1080/20430795.2016.1196556 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1196556 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:1:p:54-63 Template-Type: ReDIF-Article 1.0 Author-Name: Chelsie Hunt Author-X-Name-First: Chelsie Author-X-Name-Last: Hunt Author-Name: Olaf Weber Author-X-Name-First: Olaf Author-X-Name-Last: Weber Author-Name: Truzaar Dordi Author-X-Name-First: Truzaar Author-X-Name-Last: Dordi Title: A comparative analysis of the anti-Apartheid and fossil fuel divestment campaigns Abstract: Divestment from the fossil fuel industry is campaigned as a means to address carbon-induced anthropogenic climate change, much like the anti-Apartheid divestment movement that was campaigned as a mean to address the country’s human rights violations. However, there is a gap in current literature that objectively compares the similarities and differences between the two campaigns. Discrepancies may arise from an evolving understanding of what constitutes a socially responsible investment or the underlying strategy and intended outcomes of the campaigns themselves. Through a comparative content analysis this paper identifies differences and similarities of both campaigns. Journal: Journal of Sustainable Finance & Investment Pages: 64-81 Issue: 1 Volume: 7 Year: 2017 Month: 1 X-DOI: 10.1080/20430795.2016.1202641 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1202641 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:1:p:64-81 Template-Type: ReDIF-Article 1.0 Author-Name: Jakob Thomä Author-X-Name-First: Jakob Author-X-Name-Last: Thomä Author-Name: Hugues Chenet Author-X-Name-First: Hugues Author-X-Name-Last: Chenet Title: Transition risks and market failure: a theoretical discourse on why financial models and economic agents may misprice risk related to the transition to a low-carbon economy Abstract: This paper provides a theoretical discourse linking traditional market failure literature and the recent research around potential stranded assets risks associated with the transition to a low-carbon economy (defined here as ‘transition risks’). While it does not seek to prove a mispricing in practical terms, it demonstrates the extent to which the market failure literature provides theoretical evidence of a potential mispricing of these risks, as a result of the design and interpretation of financial risk models, and the practices and institutions linked to economic agents. The evidence supports a growing body of practical literature highlighting transition risks in financial markets. It suggests that there may be a case for policy intervention to address the market failures and associated potential mispricing of risk. It also suggests however that this intervention will likely need to address both the design of financial risk models and associated transparency around their results, and the actual institutions governing risk management. A key challenge in this regard involves resolving the principal–agent problem in financial markets and the associated ‘tragedy of the horizons’. Journal: Journal of Sustainable Finance & Investment Pages: 82-98 Issue: 1 Volume: 7 Year: 2017 Month: 1 X-DOI: 10.1080/20430795.2016.1204847 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1204847 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:1:p:82-98 Template-Type: ReDIF-Article 1.0 Author-Name: Nicholas Silver Author-X-Name-First: Nicholas Author-X-Name-Last: Silver Title: Blindness to risk: why institutional investors ignore the risk of stranded assets Abstract: There has been an apparent resistance amongst mainstream investors to integrate the risk of stranded assets into investment decisions. This paper considers if the structure of the investment chain causes investors to be blind to risks such as stranded assets. This paper considers how the interaction between financial economic theory, regulation and the practices of the fund management industry gives rise to the way the industry analyses and manages risk. The paper draws on a mixture of academic literature and the author’s own experience of industry practice. The paper finds that institutional investors are constrained to measure risk in relation to a benchmark; risk becomes a function of volatility and divergence from peers. The risk of stranded assets is invisible in the decision-making chain. The industry is further constrained by its culture, regulation and inappropriate incentives. The paper concludes that integrating stranded asset risk requires a drastic overhaul of the regulation of, and theory used in, the investment chain. This would better align the investment industry with the long-term capital allocation requirements of society. Journal: Journal of Sustainable Finance & Investment Pages: 99-113 Issue: 1 Volume: 7 Year: 2017 Month: 1 X-DOI: 10.1080/20430795.2016.1207996 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1207996 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:1:p:99-113 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Erratum Journal: Journal of Sustainable Finance & Investment Pages: 138-138 Issue: 1 Volume: 7 Year: 2017 Month: 1 X-DOI: 10.1080/20430795.2016.1224152 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1224152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:1:p:138-138 Template-Type: ReDIF-Article 1.0 Author-Name: Elizabeth S. Harnett Author-X-Name-First: Elizabeth S. Author-X-Name-Last: Harnett Title: Social and asocial learning about climate change among institutional investors: lessons for stranded assets Abstract: Institutional investment portfolios are currently, and will increasingly be, affected by the risks and opportunities resulting from climate change. This paper contributes new empirical data from 58 in-depth interviews and a global investor survey to explore how climate change is being learnt socially and asocially within the institutional investment industry. This research seeks to identify ways in which the relatively novel concept of ‘stranded assets’ can be better disseminated to investment professionals. Importantly, both social and asocial learning can affect investment decisions, with some actors usefully providing information via both channels. Better learning, language and leadership within the institutional investment system could facilitate the dissemination of climate and stranded asset discourses among investors, but an imperative to communicate effectively rather than simply communicating more is noted. This paper should interest both investment professionals keen to learn more about the issue and academic researchers seeking to engage investors on these topics. Journal: Journal of Sustainable Finance & Investment Pages: 114-137 Issue: 1 Volume: 7 Year: 2017 Month: 1 X-DOI: 10.1080/20430795.2016.1249095 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1249095 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:1:p:114-137 Template-Type: ReDIF-Article 1.0 Author-Name: Ben Caldecott Author-X-Name-First: Ben Author-X-Name-Last: Caldecott Title: Introduction to special issue: stranded assets and the environment Journal: Journal of Sustainable Finance & Investment Pages: 1-13 Issue: 1 Volume: 7 Year: 2017 Month: 1 X-DOI: 10.1080/20430795.2016.1266748 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1266748 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:1:p:1-13 Template-Type: ReDIF-Article 1.0 Author-Name: Quintin G Rayer Author-X-Name-First: Quintin G Author-X-Name-Last: Rayer Title: In search of really ethical real estate funds for retail investors Abstract: Just as conventional portfolios benefit from diversification into a range of asset classes, including property; ethically-invested portfolios also benefit from diversification into ethical property funds. While ethical equity and bond funds are reasonably abundant, ethical property funds are much harder to find. A few do exist, but these appear to raise some ethical issues in their own right, in particular, the role of ethical criteria relating to tenants’ activities. It would appear that in this respect there is a gap in the ethical product range provided by the fund management industry with a lack of property funds that would meet the requirements of committed ethical investors. Journal: Journal of Sustainable Finance & Investment Pages: 329-348 Issue: 4 Volume: 8 Year: 2018 Month: 10 X-DOI: 10.1080/20430795.2018.1481641 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1481641 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:4:p:329-348 Template-Type: ReDIF-Article 1.0 Author-Name: Frank AJ Wagemans Author-X-Name-First: Frank AJ Author-X-Name-Last: Wagemans Author-Name: CSA (Kris) van Koppen Author-X-Name-First: CSA (Kris) Author-X-Name-Last: van Koppen Author-Name: Arthur PJ Mol Author-X-Name-First: Arthur PJ Author-X-Name-Last: Mol Title: Engagement on ESG issues by Dutch pension funds: is it reaching its full potential? Abstract: In socially responsible investment (SRI), engagement forms one of the core strategies of institutional investors. In investigating the case of Dutch pension funds, this study answers the following questions: what networks shape engagement with investees, and what factors determine the effectiveness of engagement? The methods we used were interviews and a multiyear survey. Engagement was practised by 82% of the largest Dutch pension funds in 2016 and was implemented by asset managers and service providers. However, these actors are isolated from actors outside the financial sector. The legitimacy of the investor influences the effectiveness of engagement, whereas the number of shares is less important. The relationship between the engager and investee and the receptivity of the investee towards engagement are also of importance. Engagement can be made more effective when pension funds focus on specific themes, target companies open to engagement, and also seek collaboration with societal and policy actors. Journal: Journal of Sustainable Finance & Investment Pages: 301-322 Issue: 4 Volume: 8 Year: 2018 Month: 10 X-DOI: 10.1080/20430795.2018.1485379 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1485379 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:4:p:301-322 Template-Type: ReDIF-Article 1.0 Author-Name: Mike Wardle Author-X-Name-First: Mike Author-X-Name-Last: Wardle Author-Name: Simon Mills Author-X-Name-First: Simon Author-X-Name-Last: Mills Title: Transparency and disclosure – do policy frameworks enhance financial centre reputation? Abstract: Green Finance has grown considerably in recent years. This has driven a move to greater transparency and disclosure from investors and regulators. An analysis of factors driving the reputation of financial centres’ green offerings shows that factors other than transparency and disclosure carry greater weight. This suggests that transparency and disclosure are hygiene factors, necessary for a financial centre's baseline credibility in green finance rather than a factor driving the reputation of financial centres for green finance. Journal: Journal of Sustainable Finance & Investment Pages: 323-328 Issue: 4 Volume: 8 Year: 2018 Month: 10 X-DOI: 10.1080/20430795.2018.1485380 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1485380 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:4:p:323-328 Template-Type: ReDIF-Article 1.0 Author-Name: Miwa Nakai Author-X-Name-First: Miwa Author-X-Name-Last: Nakai Author-Name: Tomonori Honda Author-X-Name-First: Tomonori Author-X-Name-Last: Honda Author-Name: Nariaki Nishino Author-X-Name-First: Nariaki Author-X-Name-Last: Nishino Author-Name: Kenji Takeuchi Author-X-Name-First: Kenji Author-X-Name-Last: Takeuchi Title: Psychological characteristics of potential SRI investors and its motivation in Japan: an experimental approach Abstract: This paper aims to identify psychological characteristics of potential investors of socially responsible investment (SRI) in Japan to explain its possible motivation by economic experiments. We asked subjects to make decisions regarding stock investments on the basis of three attributes of return, variance, and corporate social responsibility (CSR). We also conducted a dictator game and two lottery-choice experiments to measure subjects’ psychological characteristics: altruism, risk aversion, and time discount rate. Applying a conditional logit model as well as mixed logit model, we found that people who have a higher time discount rate tend to be SRI investors. Journal: Journal of Sustainable Finance & Investment Pages: 349-367 Issue: 4 Volume: 8 Year: 2018 Month: 10 X-DOI: 10.1080/20430795.2018.1490556 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1490556 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:4:p:349-367 Template-Type: ReDIF-Article 1.0 Author-Name: Asima Ihsan Author-X-Name-First: Asima Author-X-Name-Last: Ihsan Title: Financial requirement to achieve health-related SDGs in Punjab Abstract: Spending adequate resources is a key component to achieve the Sustainable Development Goals but no attempt has yet been made to estimate the funds required to achieve the SDGs in Punjab. This study attempts to analyze the level of expenditures that will be required to meet health-related SDGs in Punjab. The methodology used to estimate the funds requires to achieve the health-related SDGs is simple linear regression. The results show that we must increase our per capita spending in health by 13%/year. Furthermore, we have also estimated that if the previous trend of spending persists in health sector, the increase in per capita spending will be only 9% and by this level of increase in spending, we will be far away to achieve health-related SDGs in Punjab. Health care spending at all tier is indeed required to become more effective to achieve SDGs. Journal: Journal of Sustainable Finance & Investment Pages: 183-190 Issue: 3 Volume: 9 Year: 2019 Month: 7 X-DOI: 10.1080/20430795.2018.1562774 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1562774 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:3:p:183-190 Template-Type: ReDIF-Article 1.0 Author-Name: Jennifer Bender Author-X-Name-First: Jennifer Author-X-Name-Last: Bender Author-Name: Todd Arthur Bridges Author-X-Name-First: Todd Arthur Author-X-Name-Last: Bridges Author-Name: Kushal Shah Author-X-Name-First: Kushal Author-X-Name-Last: Shah Title: Reinventing climate investing: building equity portfolios for climate risk mitigation and adaptation Abstract: Institutional investors are increasingly concerned with the material financial risks associated with global warming and the impacts of climate change on corporate financial performance and security returns. The challenge remains how to empirically quantify climate risk from an investment perspective and build investable portfolios that address the transition to a low-carbon economy. This study analyzes the available metrics for capturing climate-related investment considerations. We undertake a comprehensive review of the data characteristics for metrics such as carbon intensity, green revenue, and fossil fuel reserves, highlighting their coverage and distributional characteristics. These data characteristics are critical when integrating them into investment strategies. Building on our findings, we propose a framework for building climate strategies within public equities which rests on both mitigating the impact of climate risk today and adapting to climate risk in the future. This ‘mitigation and adaptation’ framework has enough flexibility to build portfolios at different levels of concentration, tracking error, and climate risk exposure. For example, we can build a portfolio which aligns with climate model projections. We illustrate our framework with a portfolio calibrated to align with the most conservative climate model projections, which seek to limit cumulative CO2 emissions to a threshold below the 2°C scenario. Journal: Journal of Sustainable Finance & Investment Pages: 191-213 Issue: 3 Volume: 9 Year: 2019 Month: 7 X-DOI: 10.1080/20430795.2019.1579512 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1579512 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:3:p:191-213 Template-Type: ReDIF-Article 1.0 Author-Name: Anastassios Gentzoglanis Author-X-Name-First: Anastassios Author-X-Name-Last: Gentzoglanis Title: Corporate social responsibility and financial networks as a surrogate for regulation Abstract: Traditionally, Coase’s bargaining theory is used to explain the adoption of the CSR model by nonfinancial firms. According to this approach, researchers view firms producing negative externalities and the community as two antagonizing agents with diametrically opposing interests. Provided there is a minimum availability of social capital, firms adopt the social responsibility principle and share part of their profits with the community, through the Coasean bargaining process. Although these models contribute to the advancement of the literature, they do fail to explain the voluntary adoption of the CSR model by financial and nonfinancial firms. The objective of this paper is to better understand the current trend towards the voluntary adoption of the CSR model by financial and nonfinancial firms. It adapts the Williamson’s conceptual network framework to the context where firms prefer a non-regulated to a regulated environment. By introducing regulation as a constraint variable that governments could bring whenever the industry does not perform according to set standards, firms have the incentive to adopt voluntarily the CSR model to avoid regulation. In that sense, networks are grantors of ‘social licenses’ to firms that adopt the CSR principle. Journal: Journal of Sustainable Finance & Investment Pages: 214-225 Issue: 3 Volume: 9 Year: 2019 Month: 7 X-DOI: 10.1080/20430795.2019.1589195 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1589195 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:3:p:214-225 Template-Type: ReDIF-Article 1.0 Author-Name: Bridget Bearden Author-X-Name-First: Bridget Author-X-Name-Last: Bearden Title: Tax rates of responsible stock mutual fund holdings Abstract: Two limitations of corporate social responsibility (CSR) discussion are addressed in this paper: first, the investment attributes of CSR have been prioritized over the tax implications; and second, empirical CSR analysis has focused on individual companies versus aggregated portfolios. Both limitations impact everyday investors, who bear the corporate tax burden as both ‘labor’ and ‘capital owners’, via aggregated portfolios. Further, empirical studies have shown mixed results on the relationship between CSR and corporate tax rate. This research adds to the CSR literature by intertwining tax effects of CSR with aggregated portfolios, by using environmental, social, and governance (ESG) mutual funds as a proxy. Effective tax rates of underlying securities were analyzed for years 2015, 2016, and 2017 between ESG-themed and non-ESG-themed mutual funds. A significant relationship was found only for year 2015, in which ESG-themed large-capitalization mutual funds had a lower tax rate than non-ESG large-capitalization mutual funds. Journal: Journal of Sustainable Finance & Investment Pages: 226-239 Issue: 3 Volume: 9 Year: 2019 Month: 7 X-DOI: 10.1080/20430795.2019.1600331 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1600331 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:3:p:226-239 Template-Type: ReDIF-Article 1.0 Author-Name: Lei Delsen Author-X-Name-First: Lei Author-X-Name-Last: Delsen Author-Name: Alex Lehr Author-X-Name-First: Alex Author-X-Name-Last: Lehr Title: Value matters or values matter? An analysis of heterogeneity in preferences for sustainable investments Abstract: Pension fund investments have a substantial influence on sustainability. We analyze preferences for sustainable investment among a representative cross-section of 2486 pension fund participants in the Netherlands, through a questionnaire survey fielded in the LISS panel. In contrast to standard investment theory, we find that sustainable investments are commonly favored, even if they harm financial interests. To explain variation among participants’ preferences for sustainable investments, we test socio-demographic factors suggested by dominant neoclassical investment and behavioral finance theories. Moreover, we add to the existing literature by developing an alternative cultural-theoretical explanation that stresses the role of value orientations. We estimate linear and generalized ordered logit regression models, and find little support for neoclassical and behavioral finance theories, but substantial support for the importance of value orientations. Given established patterns of value-change, this finding suggests that a further increase in the demand for sustainable investments across developed economies is a likely scenario. Journal: Journal of Sustainable Finance & Investment Pages: 240-261 Issue: 3 Volume: 9 Year: 2019 Month: 7 X-DOI: 10.1080/20430795.2019.1608709 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1608709 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:3:p:240-261 Template-Type: ReDIF-Article 1.0 Author-Name: Todd Cort Author-X-Name-First: Todd Author-X-Name-Last: Cort Title: Incentivizing the direction of multi-capital toward inclusive capitalism Abstract: The financial system has been extraordinarily successful at moving capital to where it can create more financial value. But it has not been successful at moving capital to create social or environmental value. The result is large swaths of society and the environment that continue to need capital even as our global economy grows year over year. The resulting tension between those that have and those that need capital is leading to new frameworks for how capital can be conceived, measured and balanced. These multi-capital approaches bear the potential to create more responsible and sustainable companies. However, too frequently, multi-capital approaches are presumed to lead to inclusive or equitable distribution. This is a problematic presumption as one does not necessarily lead to the other and unless mechanisms are put into place to guide the development of multi-capital frameworks, the potential exists to exacerbate the disproportionate concentration of social and natural resources toward more wealthy groups of people. This paper explores the link between evolving multi-capital (financial, manufactured, social, intellectual, environmental and human capital) approaches and our ability to create more inclusive and equitable distribution of wealth and argues that in order to link multi-capital and inclusive capitalism, a series of fundamental reforms in shareholder agency will need to be adopted. Journal: Journal of Sustainable Finance & Investment Pages: 203-212 Issue: 3 Volume: 8 Year: 2018 Month: 7 X-DOI: 10.1080/20430795.2018.1423850 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1423850 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:3:p:203-212 Template-Type: ReDIF-Article 1.0 Author-Name: George Apostolakis Author-X-Name-First: George Author-X-Name-Last: Apostolakis Author-Name: Gert Van Dijk Author-X-Name-First: Gert Author-X-Name-Last: Van Dijk Author-Name: Robert J. Blomme Author-X-Name-First: Robert J. Author-X-Name-Last: Blomme Author-Name: Frido Kraanen Author-X-Name-First: Frido Author-X-Name-Last: Kraanen Author-Name: Athanasios P. Papadopoulos Author-X-Name-First: Athanasios P. Author-X-Name-Last: Papadopoulos Title: Predicting pension beneficiaries’ behaviour when offered a socially responsible and impact investment portfolio Abstract: In recent years, financial and demographic conditions, including low interest rates and volatile equity markets, have been testing the endurance of pension systems. Concern about the sustainability of pension systems has prompted discussion about introducing individual choices under the collective choice mandate. An ongoing discussion seeks to provide more freedom of choice and to shift towards a more individualized risk system within the collective mandate. This suggested individualization will increase operational costs but aims to keep pensions at current levels by shifting risk onto employees. Following the theory of planned behaviour (TPB), the objective of this paper is to examine pension beneficiaries’ intention to adopt a portfolio consisting of socially responsible and impact investments. We employ confirmatory factor and regression analyses to better understand pension beneficiaries’ attitudes, social norms, perceived consumer effectiveness, and intentions for such a choice. Responses from 637 respondents from a Dutch pension administrative organization were collected and identified as a valid sample. Consistent with the theory, the results of our analysis revealed that attitudes and social norms positively affected individuals’ intention to invest in this specific portfolio. Furthermore, we expand our model and incorporate perceived consumer effectiveness and consumer confidence as important factors influencing and moderating socially responsible behaviour, respectively. Our results imply that understanding the behavioural determinants affecting pension beneficiaries’ intentions can be an effective tool for increasing their involvement in pension affairs by making their own choices. Our findings yield policy recommendations for stimulating socially responsible investment behaviour in pension beneficiaries by examining the determinants of human behaviour. Journal: Journal of Sustainable Finance & Investment Pages: 213-241 Issue: 3 Volume: 8 Year: 2018 Month: 7 X-DOI: 10.1080/20430795.2018.1429148 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1429148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:3:p:213-241 Template-Type: ReDIF-Article 1.0 Author-Name: Daniel Cash Author-X-Name-First: Daniel Author-X-Name-Last: Cash Title: Sustainable finance ratings as the latest symptom of ‘rating addiction’ Abstract: Using the widely accepted but rarely articulated concept of ‘rating addiction’, this piece aims to examine the recent and concerted entrance of the credit rating agencies into the sustainable finance field against the backdrop of ‘rating addiction’. Once the concept of ‘rating addiction’ is positioned, the effects of the addiction can be clearly witnessed by even just a cursory glance at the history of the credit rating agencies, particularly their recent history. On that basis, this article provides a warning for regulators and the field with regards to the potentially negative effect that credit rating agencies can have upon the ever-growing and socially-important sustainable finance sector. Additionally, assessing the aptitude of the agencies in this sector, in comparison to the sector's utilisation of their products, may provide further evidence of a system addicted to ratings. Journal: Journal of Sustainable Finance & Investment Pages: 242-258 Issue: 3 Volume: 8 Year: 2018 Month: 7 X-DOI: 10.1080/20430795.2018.1437996 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1437996 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:3:p:242-258 Template-Type: ReDIF-Article 1.0 Author-Name: Ayi Gavriel Ayayi Author-X-Name-First: Ayi Gavriel Author-X-Name-Last: Ayayi Author-Name: James Atta Peprah Author-X-Name-First: James Atta Author-X-Name-Last: Peprah Title: Cost implications of microfinance regulation: lessons from Ghana Abstract: The paper examines the impact of the costs associated with regulation on Microfinance Institutions in Ghana. To achieve the paper objective, we use a unique set of field data from 25 Microfinance Institutions from different regions of Ghana and opinions gathered from the managers of the sampled MFIs. We find that regulation increases an array of doing business costs that MFIs tend to pass to their micro-clients by increasing the interest rates. Furthermore, we find that the costs of regulation have adverse effects on outreach: reduction in percent of female borrowers. These findings are corroborated by the comparison analysis we conducted on Ghanaian MFIs that report to the Mixmarket. Regulatory instruments need to be well designed to achieve their dual roles of providing sound financial services and protecting micro-clients without jeopardizing the outreach mission of the MFIs. Journal: Journal of Sustainable Finance & Investment Pages: 259-274 Issue: 3 Volume: 8 Year: 2018 Month: 7 X-DOI: 10.1080/20430795.2018.1462633 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1462633 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:3:p:259-274 Template-Type: ReDIF-Article 1.0 Author-Name: Amar Causevic Author-X-Name-First: Amar Author-X-Name-Last: Causevic Author-Name: Sujeetha Selvakkumaran Author-X-Name-First: Sujeetha Author-X-Name-Last: Selvakkumaran Title: The role of multilateral climate funds in urban transitions between 1994 and 2014 Abstract: The developing world is currently undergoing fast urbanization, and urban infrastructure systems built today are likely to influence global greenhouse gas emissions and energy consumption patterns for decades to come. This study draws on the analysis of 1994–2014 climate finance investments by five major multilateral climate funds that have a record of directly supporting urban climate mitigation and adaptation actions in cities across developing countries. The analysis indicates that the administered funds provided very limited support to urban climate finance across the developing world. In middle-income countries mitigation projects within transport sector dominated both urban multilateral climate finance and co-finance. Cities in low-income countries attracted non-considerable amounts of urban climate finance, most of which were supporting urban adaptation efforts. The study concludes by outlining that multilateral climate funds should give higher priority to urban climate finance on their investment portfolios with a particular emphasis on rapidly urbanizing cities in low-income countries. Journal: Journal of Sustainable Finance & Investment Pages: 275-299 Issue: 3 Volume: 8 Year: 2018 Month: 7 X-DOI: 10.1080/20430795.2018.1465769 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1465769 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:3:p:275-299 Template-Type: ReDIF-Article 1.0 Author-Name: Toyo Kawabata Author-X-Name-First: Toyo Author-X-Name-Last: Kawabata Title: What are the determinants for financial institutions to mobilise climate finance? Abstract: As the climate finance flow is far behind the level needed to meet the target in the Paris Agreement, it is important to examine how to mobilise further climate finance. This paper conducted an empirical analysis on what determines climate finance engagement of financial institutions from the institutionally focused perspective that considers the external pressures and the internal governance. Publicly available information of 102 global financial institutions was used to apply a multiple regression analysis. The results confirm that there is influence of international climate finance initiatives on financial institutions with regard to the mobilisation of climate finance, whereas senior management engagement on climate change also encourages the higher commitment to climate finance from financial institutions. The result leaves behind an important implication for fragmented climate governance: the engagement of climate finance initiatives has a facilitative role to provide pressures on financial institutions to mobilise climate finance. Journal: Journal of Sustainable Finance & Investment Pages: 263-281 Issue: 4 Volume: 9 Year: 2019 Month: 10 X-DOI: 10.1080/20430795.2019.1611148 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1611148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:4:p:263-281 Template-Type: ReDIF-Article 1.0 Author-Name: Bernhard Zwergel Author-X-Name-First: Bernhard Author-X-Name-Last: Zwergel Author-Name: Anett Wins Author-X-Name-First: Anett Author-X-Name-Last: Wins Author-Name: Christian Klein Author-X-Name-First: Christian Author-X-Name-Last: Klein Title: On the heterogeneity of sustainable and responsible investors Abstract: We demonstrate that German retail investors have very heterogeneous requirements pertaining to ‘sustainable investments’ as a group, based on a representative survey ($n$n = 1014). According to investment behavior we identify three investor groups: ‘Sustainable and Responsible’ (SR) investors, and conventional investors that are either ‘generally interested’ (INT) or ‘not interested’ (CONV) in investing in ethical-ecological investments. The most frequently selected screening criteria are identical for SR, INT and CONV investors. However, measures of intra-group and inter-group heterogeneity indicate that these three groups are heterogeneous with very individual demands regarding sustainable investments. Therefore, it is more important to aid the investor in his search for a fund that meets his screening preferences than to create a fund that tries to anticipate investor groups’ screening preferences. Journal: Journal of Sustainable Finance & Investment Pages: 282-294 Issue: 4 Volume: 9 Year: 2019 Month: 10 X-DOI: 10.1080/20430795.2019.1613820 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1613820 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:4:p:282-294 Template-Type: ReDIF-Article 1.0 Author-Name: Babajide Oyewo Author-X-Name-First: Babajide Author-X-Name-Last: Oyewo Author-Name: Solabomi Ajibolade Author-X-Name-First: Solabomi Author-X-Name-Last: Ajibolade Author-Name: Alero Obazee Author-X-Name-First: Alero Author-X-Name-Last: Obazee Title: The influence of stakeholders on management accounting practice Abstract: This study investigated the influence of stakeholders on management accounting practice (MAP). The research objectives were to: appraise level of influence exerted by stakeholders on management accounting activities; assess practice areas in management accounting affected by stakeholder’s influence; and determine the stakeholder groups that wield the highest influence on MAP. Data collection was aided by a structured questionnaire administered on Senior Finance Officers tasked with strategic and financial oversight roles from 131 firms across major sectors of the Nigerian economy. Descriptive statistics, one sample t-test, Analysis of Variance (ANOVA), Multivariate Analysis of Variance (MANOVA), and Multiple-discriminant analysis were used for analysis. Results suggest that the overall level of influence wielded by stakeholders on management accounting activities is moderate. MAP of companies appears not to be strongly driven by strategy-related variables such as competitors and customers, but by coercive institutional factors. Organisations that want to survive happenings in the contemporary business environment are implored to entrench customer- and competitor- consideration in their management accounting activities. Considering that modern management accounting techniques focused on competitors’ activities, customers’ tastes and market sentiments are externally-orientated, organisations may have to set up functions that will take up the responsibilities of continuous environmental scanning, intelligence gathering, and market research. Journal: Journal of Sustainable Finance & Investment Pages: 295-324 Issue: 4 Volume: 9 Year: 2019 Month: 10 X-DOI: 10.1080/20430795.2019.1619336 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1619336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:4:p:295-324 Template-Type: ReDIF-Article 1.0 Author-Name: Anshika Agarwal Author-X-Name-First: Anshika Author-X-Name-Last: Agarwal Author-Name: Sumat P. Aggarwal Author-X-Name-First: Sumat P. Author-X-Name-Last: Aggarwal Author-Name: Sunita Gupta Author-X-Name-First: Sunita Author-X-Name-Last: Gupta Title: Sustainable earnings: a new eye for emerging finance Abstract: This study captures Sustainable Earnings as a new measure of earnings. An attempt has been made to find the determinants of sustainable earnings. The sustainable earnings are estimated on the basis of Firm-Specific Approach and Industry-Based Approach. The core and non-core components of earnings have been analysed and it is checked whether core components of earnings are superior to non-core components of earnings or not. Further, Intensity of Core Earnings (ICE) for both approaches have been evaluated and their impact on stock returns have been analysed. The data is analysed through Advanced Dynamic Panel Data Techniques. ICE measures are positively related to the sustainability of earnings. Also, the Core Components of earnings are significantly higher than the non-core components of earnings. The study provides substantial evidence on the sustainability of earnings in Emerging India and can be of immense use to Security Analysts, Assets Management Companies, Firms and Investors. Journal: Journal of Sustainable Finance & Investment Pages: 325-348 Issue: 4 Volume: 9 Year: 2019 Month: 10 X-DOI: 10.1080/20430795.2019.1619338 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1619338 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:4:p:325-348 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Halstead Author-X-Name-First: Matthew Author-X-Name-Last: Halstead Author-Name: Jasper Donker Author-X-Name-First: Jasper Author-X-Name-Last: Donker Author-Name: Francesco Dalla Longa Author-X-Name-First: Francesco Author-X-Name-Last: Dalla Longa Author-Name: Bob van der Zwaan Author-X-Name-First: Bob Author-X-Name-Last: van der Zwaan Title: The importance of fossil fuel divestment and competitive procurement for financing Europe’s energy transition Abstract: For Europe to meet its climate targets, large financial investments in the energy sector are required. Cost reductions for low-carbon power generation are critical to achieve these targets. Particularly pertinent are decreases in financing costs as measured by the WACC. The cost of capital has a bigger impact on the LCOE for renewable energy than for fossil fuel-based power production. It is therefore essential that policy makers and project developers increase their understanding of what drives the cost of capital, including (perceived) investment risks. We believe two areas deserve special attention: (1) the use of competitive bidding for renewable energy projects, which can put downward pressure on their financing costs, and (2) the divestment from fossil fuel projects, which can drive up their financing costs. Using the integrated assessment model TIAM-ECN we demonstrate that Europe’s future energy system is highly sensitive to the level of financing costs. Journal: Journal of Sustainable Finance & Investment Pages: 349-355 Issue: 4 Volume: 9 Year: 2019 Month: 10 X-DOI: 10.1080/20430795.2019.1619339 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1619339 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:4:p:349-355 Template-Type: ReDIF-Article 1.0 Author-Name: Dirk Schoenmaker Author-X-Name-First: Dirk Author-X-Name-Last: Schoenmaker Author-Name: Willem Schramade Author-X-Name-First: Willem Author-X-Name-Last: Schramade Title: Investing for long-term value creation Abstract: In the transition to a sustainable economy, companies are increasingly adopting the goal of long-term value creation, which integrates financial, social and environmental value. However, institutional investors struggle to invest for long-term value creation and perform the social function of finance. Traditional investment approaches, based on the neo-classical paradigm of efficient markets and portfolio theory, only capture financial value in their financial risk and return space. Attempts at ESG integration are typically too shallow to overcome this problem. In this paper, we examine the set of issues that make this problem so stubborn and we outline the contours of an alternative paradigm, based on adaptive markets, that is better able to pursue long-term value creation. This long-term investment approach includes short investment chains, active management that assesses companies’ transition preparedness, concentrated portfolios, and deep engagement. Journal: Journal of Sustainable Finance & Investment Pages: 356-377 Issue: 4 Volume: 9 Year: 2019 Month: 10 X-DOI: 10.1080/20430795.2019.1625012 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1625012 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:4:p:356-377 Template-Type: ReDIF-Article 1.0 Author-Name: Manuel Coeslier Author-X-Name-First: Manuel Author-X-Name-Last: Coeslier Author-Name: Céline Louche Author-X-Name-First: Céline Author-X-Name-Last: Louche Author-Name: Jean-François Hétet Author-X-Name-First: Jean-François Author-X-Name-Last: Hétet Title: On the relevance of low-carbon stock indices to tackle climate change Abstract: In a context where the necessary transition to a climate-resilient economy creates financing needs as well as new and underestimated financial risks for investors, low-carbon or carbon-efficient financial indices represent a rapidly growing and promising instrument. By building and testing representative optimization methodologies for low-carbon stock indices, this study investigates their ability to both (i) allow investors to hedge against climate-related financial risks and (ii) promote companies with higher contribution to the energy transition. The analysis is based on a large European stock index for which we benefit from a complete set of bottom-up calculated environmental indicators, including indirect and avoided carbon emissions figures. The results indicate that mainstream low-carbon indices methodologies fail to address the challenges they are based on and call for further improvements in order to align diversified financial instruments with ambitious climate objectives. Journal: Journal of Sustainable Finance & Investment Pages: 247-262 Issue: 4 Volume: 6 Year: 2016 Month: 10 X-DOI: 10.1080/20430795.2016.1223471 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1223471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:4:p:247-262 Template-Type: ReDIF-Article 1.0 Author-Name: N. C. Ashwin Kumar Author-X-Name-First: N. C. Author-X-Name-Last: Ashwin Kumar Author-Name: Camille Smith Author-X-Name-First: Camille Author-X-Name-Last: Smith Author-Name: Leïla Badis Author-X-Name-First: Leïla Author-X-Name-Last: Badis Author-Name: Nan Wang Author-X-Name-First: Nan Author-X-Name-Last: Wang Author-Name: Paz Ambrosy Author-X-Name-First: Paz Author-X-Name-Last: Ambrosy Author-Name: Rodrigo Tavares Author-X-Name-First: Rodrigo Author-X-Name-Last: Tavares Title: ESG factors and risk-adjusted performance: a new quantitative model Abstract: Conventional finance wisdom indicates that less risk leads to lower returns. Against this belief, new mathematical analysis, introduced in this article, demonstrates that companies that incorporate Environmental, Social and Fair Governance (ESG) factors show lower volatility in their stock performances than their peers in the same industry, that each industry is affected differently by ESG factors, and that ESG companies generate higher returns. The study assessed, for a period of 2 years, 157 companies listed on the Dow Jones Sustainability Index and 809 that are not. Journal: Journal of Sustainable Finance & Investment Pages: 292-300 Issue: 4 Volume: 6 Year: 2016 Month: 10 X-DOI: 10.1080/20430795.2016.1234909 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1234909 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:4:p:292-300 Template-Type: ReDIF-Article 1.0 Author-Name: Linh Pham Author-X-Name-First: Linh Author-X-Name-Last: Pham Title: Is it risky to go green? A volatility analysis of the green bond market Abstract: Since its inception in 2007, the green bond market has experienced a compound growth rate of 50% annually. In 2014, green bond issuance totaled USD 36.6 billion, more than threefold its previous year's level of USD 11 billion. This new market is a response to the growing demand of investors for financial investments that are beneficial both environmentally and economically. As the green bond market continues to grow, it is important to obtain a better understanding of the risk and return behavior of the market. This paper is the first to analyze the volatility behavior of the green bond market using data on daily closing prices of the S&P green bond indices between April 2010 and April 2015. Building on a multivariate GARCH framework, my empirical results show that the ‘labeled’ segment of the green bond market experiences large volatility clustering while the pattern of volatility clustering is weaker in the ‘unlabeled’ segment of the market. I also found that a shock in the overall conventional bond market tends to spill over into the green bond market, where this spillover effect is variable over time. These results are meaningful insights into this new, yet very promising market, therefore, have important implications for asset pricing, portfolio management and risk management. Journal: Journal of Sustainable Finance & Investment Pages: 263-291 Issue: 4 Volume: 6 Year: 2016 Month: 10 X-DOI: 10.1080/20430795.2016.1237244 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1237244 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:4:p:263-291 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board Journal: Journal of Sustainable Finance & Investment Pages: ebi-ebi Issue: 4 Volume: 6 Year: 2016 Month: 10 X-DOI: 10.1080/20430795.2016.1252119 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1252119 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:6:y:2016:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Paul Emerton Author-X-Name-First: Paul Author-X-Name-Last: Emerton Author-Name: Aled Jones Author-X-Name-First: Aled Author-X-Name-Last: Jones Title: Perceptions of the efficacy of sustainability-related performance conditions in executive pay schemes Abstract: This paper examines the efficacy of sustainability-related performance conditions in executive pay schemes at listed companies in the U.K. as perceived by the individuals involved in setting those conditions. It will be demonstrated that it is common practice in the U.K. for senior executives to receive part of their pay in the form of bonuses and share awards, the value of which awards will be determined by some degree of performance. The performance targets are generally related to financial performance but there is some evidence that performance conditions are increasingly being related to sustainability in some way. This paper considers a number of issues, including a key systemic issue of whether using incentive pay will have a material impact on the behaviour of U.K. listed companies regarding sustainability issues. Journal: Journal of Sustainable Finance & Investment Pages: 1-16 Issue: 1 Volume: 9 Year: 2019 Month: 1 X-DOI: 10.1080/20430795.2018.1498616 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1498616 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 Author-Name: Josué Banga Author-X-Name-First: Josué Author-X-Name-Last: Banga Title: The green bond market: a potential source of climate finance for developing countries Abstract: This paper examines the potential of green bonds in mobilizing adaptation and mitigation finance for developing countries. Building upon a theoretical approach, it identifies the key drivers of the green bond market over the last few years and the barriers that impede its appropriation by developing countries. The results suggest that the rise of green bonds is a fact in developed and emerging countries, backed by an increasing climate-awareness from investors. However, in developing countries, the market remains incipient, and its full potential seems to be underappreciated. The lack of appropriate institutional arrangements for green bond management, the issue of minimum size, and high transactions costs associated with green bond issuance, are the key barriers to the development of green bonds in developing countries. In order to cope with these challenges, this paper suggests an efficient use of multilateral and national development banks as intermediary institutions for local green bond management. Furthermore, local governments are required to provide local green bond issuers with guarantees aimed at covering the transaction costs associated with green bond issuance. Journal: Journal of Sustainable Finance & Investment Pages: 17-32 Issue: 1 Volume: 9 Year: 2019 Month: 1 X-DOI: 10.1080/20430795.2018.1498617 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1498617 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:1:p:17-32 Template-Type: ReDIF-Article 1.0 Author-Name: Frank Gyimah Sackey Author-X-Name-First: Frank Gyimah Author-X-Name-Last: Sackey Title: Borrower–lender relationship and access to commercial banks’ credit market Abstract: The study examined the extent to which borrower–lender relationships affect the rationing behavior of commercial banks in Ghana. A cross-sectional panel data comprising 14 commercial banks were used for the study. Using the classical linear regression model our results showed that borrowers who have long-term relationships with the banks received more credit at reduced interest rates. It was also observed that years of experience in business, gender, age, sector of business, value of assets, profits and loan maturity period were the significant factors influencing the rationing behavior of the commercial banks. The overall results are quiet revealing, and points to the fact that the long-term borrower–lender relationships lead to some level of trust and confidence between the borrower and the lender that comes with its accrued benefits. Journal: Journal of Sustainable Finance & Investment Pages: 33-44 Issue: 1 Volume: 9 Year: 2019 Month: 1 X-DOI: 10.1080/20430795.2018.1507130 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1507130 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:1:p:33-44 Template-Type: ReDIF-Article 1.0 Author-Name: Mingyu Fang Author-X-Name-First: Mingyu Author-X-Name-Last: Fang Author-Name: Ken Seng Tan Author-X-Name-First: Ken Seng Author-X-Name-Last: Tan Author-Name: Tony S. Wirjanto Author-X-Name-First: Tony S. Author-X-Name-Last: Wirjanto Title: Sustainable portfolio management under climate change Abstract: This paper discusses the management of climate change risks for equity investments and presents a scenario-based framework for building sustainable portfolios under the climate change scheme. An empirical analysis is first performed using historical price data to show the inferior risk-adjusted performance of the carbon-intensive industries in the North American stock market, which supplements evidence from existing literature in the market's gradual pricing of the climate change risk. Risk management modules are devised with subjective top-level constraints to achieve comprehensive coverage of the key aspects of climate change: risk exposures are measured by carbon intensities, while the risk impacts are quantified through equity return impact scenarios derived from climate change paths under Integrated Assessment Models. A model for quantifying stranded asset risk is also presented. Results from these modules formulate the joint posterior return distribution of the stocks that are used to construct the mean-variance optimal portfolio. Journal: Journal of Sustainable Finance & Investment Pages: 45-67 Issue: 1 Volume: 9 Year: 2019 Month: 1 X-DOI: 10.1080/20430795.2018.1522583 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1522583 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:1:p:45-67 Template-Type: ReDIF-Article 1.0 Author-Name: Lorenzo Esposito Author-X-Name-First: Lorenzo Author-X-Name-Last: Esposito Author-Name: Giuseppe Mastromatteo Author-X-Name-First: Giuseppe Author-X-Name-Last: Mastromatteo Author-Name: Andrea Molocchi Author-X-Name-First: Andrea Author-X-Name-Last: Molocchi Title: Environment – risk-weighted assets: allowing banking supervision and green economy to meet for good Abstract: The 2008 crisis exposed the not-so-benign neglect of systemic risk and financial stability in theoretical analyses as well as in economic and regulatory policies. As the world financial crisis was unfolding, we have also seen a growing awareness of another threat to the world economy: climate change. A connection is emerging between the two aspects with the development of the ‘green and sustainable finance’ paradigm as an essential part of the Paris Agreement on climate change and of the needed transition to a low carbon and green economy. We propose redesigning banking prudential regulation to take into account the environmental dimension of banks riskiness as an additional component of the current prudential framework, based on the calculation and gradual implementation of pollution-based risk coefficients for capital requirements. We present the main methods and suggest practical approaches to develop them. Finally, we test our proposal using available data for Italy, showing how the tool can help to push the banks’ to take into account the environment dimension in their credit policies without disrupting the banking system. Journal: Journal of Sustainable Finance & Investment Pages: 68-86 Issue: 1 Volume: 9 Year: 2019 Month: 1 X-DOI: 10.1080/20430795.2018.1540171 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1540171 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:1:p:68-86 Template-Type: ReDIF-Article 1.0 Author-Name: Theodor F. Cojoianu Author-X-Name-First: Theodor F. Author-X-Name-Last: Cojoianu Author-Name: Francisco Ascui Author-X-Name-First: Francisco Author-X-Name-Last: Ascui Title: Developing an evidence base for assessing natural capital risks and dependencies in lending to Australian wheat farms Abstract: Farmers are highly dependent on stocks of natural capital, and lenders are in turn exposed to natural capital through their loans to farmers. However, the traditional process for assessing a farmer’s credit risk relies primarily on historical financial data. Banks’ consideration of environmental factors tends to be limited to major risks such as contaminated land liabilities, and to large project and corporate finance, as opposed to the smaller loans typical of the Australian agricultural sector. The relevant risks and dependencies for agriculture vary by sub-sector and geography, and there is a lack of standardised methodologies and evidence to support risk assessment. We provide an evidence base to support natural capital risk assessment for a single sub-sector of Australian agriculture – wheat farming. We show that such an assessment is possible, with a combination of quantitative and qualitative inputs, but the complexity and interconnectedness of natural capital processes is a challenge, particularly for soil health. Journal: Journal of Sustainable Finance & Investment Pages: 95-113 Issue: 2 Volume: 8 Year: 2018 Month: 4 X-DOI: 10.1080/20430795.2017.1375776 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1375776 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:2:p:95-113 Template-Type: ReDIF-Article 1.0 Author-Name: Luis Diaz-Serrano Author-X-Name-First: Luis Author-X-Name-Last: Diaz-Serrano Author-Name: Frank G. Sackey Author-X-Name-First: Frank G. Author-X-Name-Last: Sackey Title: Microfinance and credit rationing: does the microfinance type matter? Abstract: This study sets out to examine the extent to which access to credit and credit rationing are influenced by the microfinance type based on the major factors determining micro, small and medium enterprises’ access to credit from microfinance institutions in the era of financial liberalization. The data for the study were gleaned from the microfinance companies’ credit and loan records consisting of the various pieces of information provided by the borrowers in the application process. Our results are puzzling and show that credit rationing is not influenced by the microfinance types but by the individual microfinance companies. Our results also show that the Government microfinance company is the least severe in the rationing behavior. Journal: Journal of Sustainable Finance & Investment Pages: 114-131 Issue: 2 Volume: 8 Year: 2018 Month: 4 X-DOI: 10.1080/20430795.2017.1403181 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1403181 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:2:p:114-131 Template-Type: ReDIF-Article 1.0 Author-Name: Gregor Dorfleitner Author-X-Name-First: Gregor Author-X-Name-Last: Dorfleitner Author-Name: Sebastian Utz Author-X-Name-First: Sebastian Author-X-Name-Last: Utz Author-Name: Maximilian Wimmer Author-X-Name-First: Maximilian Author-X-Name-Last: Wimmer Title: Patience pays off – corporate social responsibility and long-term stock returns Abstract: This paper presents new evidence on the implications of corporate social responsibility (CSR) on stock returns. By implementing a long-term focus as well as using subdivided measures for CSR, we cater to the intangible nature and the heterogeneity of CSR activities. We use a novel classification of these activities into nine areas, each belonging to one of the standard environment, social, and governance (ESG) dimensions. Using cross-sectional return regressions and buy-and-hold abnormal returns, we find that firms with strong CSR significantly outperform firms with weak CSR in the mid and long run in certain areas. Firm returns increase up to 3.8% with respect to a one-standard-deviation increase of the CSR rating. In a two-stage least squares (2SLS) approach we verify that the main economic channel for the appreciation of strong CSR stocks is unexpected additional cash flows. The results are relevant for assessing the efficiency of CSR, and have broader implications for asset managers who can expect abnormal returns by investing in firms that exhibit a high CSR in the respective scores and holding the stocks for a longer period. Journal: Journal of Sustainable Finance & Investment Pages: 132-157 Issue: 2 Volume: 8 Year: 2018 Month: 4 X-DOI: 10.1080/20430795.2017.1403272 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1403272 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:2:p:132-157 Template-Type: ReDIF-Article 1.0 Author-Name: T. E. Lambooy Author-X-Name-First: T. E. Author-X-Name-Last: Lambooy Author-Name: K. E. H. Maas Author-X-Name-First: K. E. H. Author-X-Name-Last: Maas Author-Name: S. van ‘t Foort Author-X-Name-First: S. Author-X-Name-Last: van ‘t Foort Author-Name: R. van Tilburg Author-X-Name-First: R. Author-X-Name-Last: van Tilburg Title: Biodiversity and natural capital: investor influence on company reporting and performance Abstract: This paper presents the results of a multidisciplinary qualitative study concerning the influence of investors on the performance and dependencies of companies in relation to biodiversity and natural capital (BNC). For BNC, we employ four indicators: land use, water use, chemical pollution and carbon emissions. The study assesses: (i) in which way asset managers and fund managers exert influence on the efforts of companies to reduce their negative environmental impact and to improve their positive environmental impact; (ii) how this influence is perceived by the companies; and (iii) to what extent legislation requiring reporting on non-financial performance criteria supports the parties in their engagement and communication. Interviews were conducted with multiple investors and companies to assess in a detailed way the interaction between these parties.Key findings include that BNC is considered material by half of all interviewed investors, that they employ available legal options in their engagement strategies, and that they use the information disclosed by investee companies pursuant to mandatory reporting law. However, company respondents indicate that investors are only interested in BNC when it is clearly and directly linked to (reduced) financial risks. These respondents stated that BNC performance as well as transparency strategies do not have any material influence on investors. Another central issue flagged by respondents is the lack of comparable and standardised information regarding BNC themes such as corporate water use, land use and chemicals. Common methodologies and standards to tackle these issues are still missing.Based on our findings, it can be concluded that tangible strategies for successfully tackling BNC issues are absent. The approaches developed so far are not clearly enough linked to (financial) risks and opportunities in the past, present or future. The perceived effect of EU Directive 2014/95 on tackling BNC issues is also low and environmental profit & loss accounts are unable to clarify the financial relevance of BNC. Establishment of a clear nexus between BNC and financial risks and opportunities is a necessary precondition to advance BNC in future. Journal: Journal of Sustainable Finance & Investment Pages: 158-184 Issue: 2 Volume: 8 Year: 2018 Month: 4 X-DOI: 10.1080/20430795.2017.1409524 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1409524 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:2:p:158-184 Template-Type: ReDIF-Article 1.0 Author-Name: John Byrd Author-X-Name-First: John Author-X-Name-Last: Byrd Author-Name: Elizabeth S. Cooperman Author-X-Name-First: Elizabeth S. Author-X-Name-Last: Cooperman Title: Investors and stranded asset risk: evidence from shareholder responses to carbon capture and sequestration (CCS) events Abstract: To avoid catastrophic climate change risk, the case for fossil fuel reserves not being burned has become stronger. This is particularly the case for coal, as the highest emitter of CO2 per unit of energy, with large portions of coal reserves likely to become stranded assets, posing significant risk to investors. Technology in the past has come to the rescue, so investor valuations may depend on perceptions for the success of technology in reducing stranded asset risk. We examine whether coal company shareholders perceive coal as a technologically stranded asset by studying shareholder reactions to news about CCS (carbon capture and sequestration) technology breakthroughs and setbacks. We find significant positive reactions to CCS breakthroughs, but no reaction for setbacks. This suggests investors have embedded expectations of stranded asset risk into their valuations, but also recognize the significance of successful CCS technology development and deployment for the economic prospects of the coal industry. Journal: Journal of Sustainable Finance & Investment Pages: 185-202 Issue: 2 Volume: 8 Year: 2018 Month: 4 X-DOI: 10.1080/20430795.2017.1418063 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1418063 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:2:p:185-202 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew W. Sherwood Author-X-Name-First: Matthew W. Author-X-Name-Last: Sherwood Author-Name: Julia L. Pollard Author-X-Name-First: Julia L. Author-X-Name-Last: Pollard Title: The risk-adjusted return potential of integrating ESG strategies into emerging market equities Abstract: This study purposed to quantify the performance potential of integrating ESG research within emerging market investment strategies, as well as the potential for risk diversification through investments in emerging markets. This study evaluated literature on investing in both emerging markets and integrating environmental, social, and governance (ESG) research-based strategies. This study examines real data on ESG and non-ESG integrated emerging market indices, both region-specific and country-specific. This examination includes measuring historical returns, beta, the Sharpe ratio, the Sortino ratio, the Conditional Value at Risk, skewness, and the Omega ratio for ESG and non-ESG integrated emerging market indices. Paired t-test analysis is incorporated in the measurement of the data. The results of the study indicate significant outperformance based on ESG integration. The implications of this study indicate that integrating ESG emerging market equities into institutional portfolios could provide institutional investors the opportunity for higher returns and lower downside risk than non-ESG equity investments. Journal: Journal of Sustainable Finance & Investment Pages: 26-44 Issue: 1 Volume: 8 Year: 2018 Month: 1 X-DOI: 10.1080/20430795.2017.1331118 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1331118 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:1:p:26-44 Template-Type: ReDIF-Article 1.0 Author-Name: Markus Arnold Author-X-Name-First: Markus Author-X-Name-Last: Arnold Author-Name: Alexander Bassen Author-X-Name-First: Alexander Author-X-Name-Last: Bassen Author-Name: Ralf Frank Author-X-Name-First: Ralf Author-X-Name-Last: Frank Title: Timing effects of corporate social responsibility disclosure: an experimental study with investment professionals Abstract: Companies disclose increasingly more corporate social responsibility (CSR) related information. However, CSR information is not always treated entirely rationally by capital market participants. In an experiment using experienced investment professionals, we investigate how the timing of CSR disclosure influences firm valuations by professional investors. The results suggest that CSR disclosure in a stand-alone report, temporally disconnected to firm’s financial disclosure, may lead to asymmetric anchoring, whereby simultaneous disclosure of CSR and financial information in an integrated report prevents anchoring in investors’ judgement. Investors’ asymmetric anchoring is induced by differences in cognitive effort invested in CSR information processing, which depends on whether CSR information signals future profits or losses. Our results contribute to the debate on disclosure standards for CSR information and the use of CSR information by professional investors. Journal: Journal of Sustainable Finance & Investment Pages: 45-71 Issue: 1 Volume: 8 Year: 2018 Month: 1 X-DOI: 10.1080/20430795.2017.1368229 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1368229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:1:p:45-71 Template-Type: ReDIF-Article 1.0 Author-Name: Marco Migliorelli Author-X-Name-First: Marco Author-X-Name-Last: Migliorelli Author-Name: Philippe Dessertine Author-X-Name-First: Philippe Author-X-Name-Last: Dessertine Title: Time for new financing instruments? A market-oriented framework to finance environmentally friendly practices in EU agriculture Abstract: We observe that the actual system of support to agriculture in Europe neglects many of the existing and potential interactions in the financing chain and, for this reason, remains scarcely participated in by institutional investors. In an attempt to overcome this issue, this paper provides a theoretical framework for a market-oriented financing of agriculture in the EU, with particular emphasis on environmentally friendly practices. In more detail, the paper identifies the conditions for implementing a comprehensive originate-and-distribute securitisation mechanism for environmental loans backed by a general public guarantee. The discussion provided allows the identification of the main gaps between the target financing infrastructure and the instruments currently available in the market. In this respect, two elements would deserve a specific implementation. First, an integrated policy programme able to leverage the public spending though a balance of grants (which should support only unprofitable environmentally friendly practices) and external credit enhancer in the securitisation mechanism. Second, a specialised data set able to provide reliable environmental and financial performance indicators on different environmentally friendly investments to farmers, intermediaries and institutional investors. Journal: Journal of Sustainable Finance & Investment Pages: 1-25 Issue: 1 Volume: 8 Year: 2018 Month: 1 X-DOI: 10.1080/20430795.2017.1376270 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1376270 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:1:p:1-25 Template-Type: ReDIF-Article 1.0 Author-Name: Ick Jin Author-X-Name-First: Ick Author-X-Name-Last: Jin Title: Is ESG a systematic risk factor for US equity mutual funds? Abstract: On the outperformance of responsible investing (RI) which incorporates environmental, social, and governance (ESG) into investment decisions, the empirical evidence to date is inconsistent from the viewpoint of ex-post performance. This paper tries to explain the nature of return differential between RI and conventional investing within the well-known risk-return paradigm. From the viewpoint of ex-ante equity risk premium, the five factor model of Fama and French [2015. “A Five-factor Asset Pricing Model.” Journal of Financial Economics 116: 1–22] combined with a ESG-related factor applies to returns on 1,425 US open-end equity funds for the period from April 2009 to December 2016. Empirical findings include that US open-end equity funds tend to hedge the ESG-related systematic risk, and that the exposure to ESG-related systematic risk is significantly priced in the market. The result implies that RI provides the downside protection against ESG-related systematic risk which is not reduced even through extensive diversification. Journal: Journal of Sustainable Finance & Investment Pages: 72-93 Issue: 1 Volume: 8 Year: 2018 Month: 1 X-DOI: 10.1080/20430795.2017.1395251 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1395251 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:8:y:2018:i:1:p:72-93 Template-Type: ReDIF-Article 1.0 Author-Name: Ick Jin Author-X-Name-First: Ick Author-X-Name-Last: Jin Author-Name: Yunhee Kim Author-X-Name-First: Yunhee Author-X-Name-Last: Kim Title: Analysis of the impact of achieving NDC on public climate finance Abstract: This paper presents the necessity of having sufficient finances to implement measures contained within Nationally Determined Contributions (NDCs). Based on a dynamic model to capture the link between emissions and government budget balance, our analysis estimates the cost associated with implementing emission-reducing policy. It also measures the gap between what is likely to be funded through existing resources, and what needs to be supplemented through climate finance. For that purpose, an international comparison analysis has been conducted to quantify public climate finance needs for each country. Using panel data for 40 countries over the period of 1998–2012, the empirical results show that economic growth and commensurate greenhouse gas emissions generate budgetary surpluses, and that these surpluses must be offset by public climate finance if countries are to reduce emissions commensurate with their NDCs. It further suggests that this is particularly a challenge for developing countries (notably, the BRIICS). The approach of this paper provides a method for determining the actual amount of public finance required to offset the budgetary shortfall from the climate finance pledged under the Paris Agreement. It is imperative to quantify the extent to which each of the developing countries needs to receive international financial support. Journal: Journal of Sustainable Finance & Investment Pages: 309-334 Issue: 4 Volume: 7 Year: 2017 Month: 10 X-DOI: 10.1080/20430795.2016.1275934 File-URL: http://hdl.handle.net/10.1080/20430795.2016.1275934 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:4:p:309-334 Template-Type: ReDIF-Article 1.0 Author-Name: Aidy Halimanjaya Author-X-Name-First: Aidy Author-X-Name-Last: Halimanjaya Title: Climate mitigation finance in leveraging private investments in Indonesia Abstract: This paper identifies and reviews arrangements by which climate mitigation finance taken from official development assistance (ODA) is used to leverage private-sector investment in Indonesia’s greenhouse gas (GHG) emission reduction. It analyses eleven principal mitigation projects taken from 2010–2015 OECD Creditor Reporting System data, using an institutional analysis and development framework. The results show that within Indonesia’s complex private-sector history and strong patronage system, mitigation finance has been deployed to support a number of early engagement activities with the private sector at the policy and administrative levels, with a less focus on the political level. Engagements to leverage private investment are initially made through research, prefeasibility studies and capacity-building. At later stages, mitigation finance offers the private sector opportunities to undertake pilot activities. Some pilot activities have had successful outcomes, with private sector entities acting as co-financiers and self-investors in large-scale infrastructure projects via arrangements such as public-private partnerships. Greater understanding of the history and political context of Indonesia’s private sector is expected to improve donor and recipient strategies for leveraging private investment in risky projects, developing bankable business plans as well as providing accountability for the use of public finance in business-related international development activities. Journal: Journal of Sustainable Finance & Investment Pages: 335-359 Issue: 4 Volume: 7 Year: 2017 Month: 10 X-DOI: 10.1080/20430795.2017.1318461 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1318461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:4:p:335-359 Template-Type: ReDIF-Article 1.0 Author-Name: Johnson Kakeu Author-X-Name-First: Johnson Author-X-Name-Last: Kakeu Title: Environmentally conscious investors and portfolio choice decisions Abstract: This paper presents a financial economic model that analyzes the effects of integrating environmental concerns into investment portfolios in capital markets. The environmentally conscious investor's expected rate of return on equity is shown to incorporate an environmental risk premium. Both the investors' degree of concern for environmental externalities and the environmental risk profile of a company are crucial for understanding why companies whose equity values are positively correlated with stricter environmental regulations exhibit a lower cost of equity capital. A closed-form solution to the environmentally-concerned investor is derived, offering insights into how the optimal portfolio relates to both the degree of concern for environmental externalities and the environmental risk profile of an equity stock. Journal: Journal of Sustainable Finance & Investment Pages: 360-378 Issue: 4 Volume: 7 Year: 2017 Month: 10 X-DOI: 10.1080/20430795.2017.1326454 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1326454 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:4:p:360-378 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Editorial Board Journal: Journal of Sustainable Finance & Investment Pages: ebi-ebi Issue: 4 Volume: 7 Year: 2017 Month: 10 X-DOI: 10.1080/20430795.2017.1371270 File-URL: http://hdl.handle.net/10.1080/20430795.2017.1371270 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:7:y:2017:i:4:p:ebi-ebi Template-Type: ReDIF-Article 1.0 Author-Name: Jahel Mielke Author-X-Name-First: Jahel Author-X-Name-Last: Mielke Title: Signals for 2°C: the influence of policies, market factors and civil society actions on investment decisions for green infrastructure Abstract: The targets of the Paris Agreement make it necessary to redirect finance flows towards sustainable, low-carbon infrastructures and technologies. Currently, the potential of institutional investors to help finance this transition is widely discussed. Thus, this paper takes a closer look at influence factors for green investment decisions of large European insurance companies. With a mix of qualitative and quantitative methods, the importance of policy, market and civil society signals is evaluated. In summary, respondents favor measures that promote green investment, such as feed-in tariffs or adjustments of capital charges for green assets, over ones that make carbon-intensive investments less attractive, such as the phase-out of fossil fuel subsidies or a carbon price. While investors currently see a low impact of the carbon price, they rank a substantial reform as an important signal for the future. Respondents also emphasize that policy signals have to be coherent and credible to coordinate expectations. Journal: Journal of Sustainable Finance & Investment Pages: 87-115 Issue: 2 Volume: 9 Year: 2019 Month: 4 X-DOI: 10.1080/20430795.2018.1528809 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1528809 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:2:p:87-115 Template-Type: ReDIF-Article 1.0 Author-Name: Gordon L. Clark Author-X-Name-First: Gordon L. Author-X-Name-Last: Clark Title: The allocation of risk and uncertainty in green infrastructure investment with implications for climate change policy Abstract: In an era of rising national indebtedness, the public sector is increasingly reliant upon private financial interests for the provision and maintenance of infrastructure. The focus of this paper is upon the allocation of risk and uncertainty between infrastructure investors and between investors and the public. Drawing upon a functional definition of infrastructure and the principles and practices underpinning infrastructure investment, this logic is applied to green infrastructure and a case study of the ‘big battery’ in South Australia. It is shown how and why private investors may demand that the public sector bear the costs of infrastructure that fall outside of the ‘normal’ risks obtaining when private capital is put to work to provide collective value. This has significant implications for investing in climate change infrastructure. Journal: Journal of Sustainable Finance & Investment Pages: 116-137 Issue: 2 Volume: 9 Year: 2019 Month: 4 X-DOI: 10.1080/20430795.2018.1558043 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1558043 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:2:p:116-137 Template-Type: ReDIF-Article 1.0 Author-Name: M. Chiesa Author-X-Name-First: M. Author-X-Name-Last: Chiesa Author-Name: S. Barua Author-X-Name-First: S. Author-X-Name-Last: Barua Title: The surge of impact borrowing: the magnitude and determinants of green bond supply and its heterogeneity across markets Abstract: Green bonds could play a key role in financing the investment needed to achieve the global climate and energy objectives and the UN Sustainable Development Goals. Using Bloomberg data of corporate green bond issuance from 2010 to 2017, we explore the factors affecting the size of borrowing. By employing a set of tri-dimensional elements (security characteristics, issuer characteristics, and market characteristics), we investigate the consistency of the effects across emerging and non-emerging markets. Findings suggest that, in general, issue size is positively related coupon rate, credit rating, collateral availability, and issuer’s sector and financial health. Moreover, issuances in emerging markets with a more international orientation and denominated in EURO, have a higher size. Arguably, these features make bonds more reliable, secured, and return-generating for investors, which facilitates higher issue size through greater investor demand. The paper calls for policies and incentives to encourage impact borrowing through increased green bond supply. Journal: Journal of Sustainable Finance & Investment Pages: 138-161 Issue: 2 Volume: 9 Year: 2019 Month: 4 X-DOI: 10.1080/20430795.2018.1550993 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1550993 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:2:p:138-161 Template-Type: ReDIF-Article 1.0 Author-Name: Camila Yamahaki Author-X-Name-First: Camila Author-X-Name-Last: Yamahaki Title: Responsible Investment and the institutional works of investor associations Abstract: This study examines how investor associations encourage Responsible Investment behaviour in Brazil and South Africa. Based on 44 semi-structured interviews with pension fund representatives, asset managers and other investment players, our evidence suggests that investor associations promote Responsible Investment by deploying three types of institutional work: they educate by improving investor awareness of Responsible Investment; they embed normative foundations into daily practices by offering Responsible Investment tools for ESG integration and by providing a forum for investors to engage collaboratively with investee companies; and they disconnect sanctions from rules by clarifying legislation on investor concerted action. Through highlighting the meaningful role of investor associations supporting their members to understand and integrate ESG issues, and encouraging collaborative engagements, this article adds to the literature on institutional work explaining responsible behaviour, and it offers insights to investor bodies in other nations interested in fostering Responsible Investment practices in their own countries. Journal: Journal of Sustainable Finance & Investment Pages: 162-181 Issue: 2 Volume: 9 Year: 2019 Month: 4 X-DOI: 10.1080/20430795.2018.1558029 File-URL: http://hdl.handle.net/10.1080/20430795.2018.1558029 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:9:y:2019:i:2:p:162-181 Template-Type: ReDIF-Article 1.0 Author-Name: Dina Azhgaliyeva Author-X-Name-First: Dina Author-X-Name-Last: Azhgaliyeva Author-Name: Brantley Liddle Author-X-Name-First: Brantley Author-X-Name-Last: Liddle Title: Introduction to the special issue: Scaling Up Green Finance in Asia Journal: Journal of Sustainable Finance & Investment Pages: 83-91 Issue: 2 Volume: 10 Year: 2020 Month: 4 X-DOI: 10.1080/20430795.2020.1736491 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1736491 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:2:p:83-91 Template-Type: ReDIF-Article 1.0 Author-Name: Aziz Durrani Author-X-Name-First: Aziz Author-X-Name-Last: Durrani Author-Name: Masyitah Rosmin Author-X-Name-First: Masyitah Author-X-Name-Last: Rosmin Author-Name: Ulrich Volz Author-X-Name-First: Ulrich Author-X-Name-Last: Volz Title: The role of central banks in scaling up sustainable finance – what do monetary authorities in the Asia-Pacific region think? Abstract: This article presents the findings of a survey among 18 central banks from the Asia-Pacific region regarding their views on approaches to scale up sustainable finance and develop policies to address climate and environmental risks. It also reviews recent developments in selected Asia-Pacific countries to illustrate actions monetary and financial authorities have already taken to address climate and environmental risk, and in scaling up sustainable finance. The survey results show that this is a topic of increasing importance and relevance to monetary authorities in the region. The vast majority of survey respondents believe that they should be playing a key role in promoting green finance and sustainable funding options, either through amending the regulatory framework, encouraging green loans and products or by introducing climate change considerations in their monetary and financial policy operations. Journal: Journal of Sustainable Finance & Investment Pages: 92-112 Issue: 2 Volume: 10 Year: 2020 Month: 4 X-DOI: 10.1080/20430795.2020.1715095 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1715095 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:2:p:92-112 Template-Type: ReDIF-Article 1.0 Author-Name: Dina Azhgaliyeva Author-X-Name-First: Dina Author-X-Name-Last: Azhgaliyeva Author-Name: Anant Kapoor Author-X-Name-First: Anant Author-X-Name-Last: Kapoor Author-Name: Yang Liu Author-X-Name-First: Yang Author-X-Name-Last: Liu Title: Green bonds for financing renewable energy and energy efficiency in South-East Asia: a review of policies Abstract: Mobilizing private finance for renewable energy and energy efficiency is critical for Association of South-East Asian Nations (ASEAN) not only for the reduction of global temperature rise but also for meeting fast-growing energy demand. Two-thirds of green bonds issued in ASEAN were used to finance renewable energy and energy efficiency projects. This paper provides a review of green bond issuance and green bond policies in ASEAN. Issuance of green bonds in top three green bond issuing countries in ASEAN, i.e. Indonesia, Malaysia and Singapore, are reviewed in detail. Green bond policies in ASEAN are effective in promoting green bond issuance. However, this does not mean that green bond policies are effective in promoting renewable energy and energy efficiency projects in ASEAN. Proceedings of green bonds issued in ASEAN can be used for financing projects abroad or re-financing past loans, thus do not necessarily promote green investments in ASEAN. Journal: Journal of Sustainable Finance & Investment Pages: 113-140 Issue: 2 Volume: 10 Year: 2020 Month: 4 X-DOI: 10.1080/20430795.2019.1704160 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1704160 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:2:p:113-140 Template-Type: ReDIF-Article 1.0 Author-Name: Hao Zhang Author-X-Name-First: Hao Author-X-Name-Last: Zhang Title: Regulating green bond in China: definition divergence and implications for policy making Abstract: China has become a significant player in the green bond market globally after the issuance of the first green bond in China in 2015. Given the nascency of the green bond market in China, there are still two main questions that remain under-researched in the relevant scholarship. The first question relates to whether the multiple definitions of green bonds and its eligible use of proceeds under the Chinese regulations are consistent with the international standards. The second question centres on the degree of divergence of the transparency requirements under the Chinese regulations themselves. Using doctrinal and comparative analysis, this article discovers that, despite the generally consistent definitions of green bond under the Chinese regulations, there are still some slight differences in terms of eligible uses of proceeds and information disclosure. Potentially these differences may affect the lender’s investment assessment and their decision-making of whether to provide financing to the issuer. Journal: Journal of Sustainable Finance & Investment Pages: 141-156 Issue: 2 Volume: 10 Year: 2020 Month: 4 X-DOI: 10.1080/20430795.2019.1706310 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1706310 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:2:p:141-156 Template-Type: ReDIF-Article 1.0 Author-Name: James Guild Author-X-Name-First: James Author-X-Name-Last: Guild Title: The political and institutional constraints on green finance in Indonesia Abstract: The ADB estimates Asia’s infrastructure needs from 2016 to 2030 will exceed US $26 trillion. This ballooning demand for infrastructure, coupled with rising investor awareness of the importance of sustainable development, is driving the nascent green finance sector. In emerging markets, raising capital for green projects is often the easy part; identifying and implementing suitable projects and structuring the financing is more challenging. This paper draws on the school of institutional economics to analyse the potential of green finance in underwriting renewable energy development in Indonesia. The paper argues that even if there is strong demand on capital markets for green bonds backing clean energy projects, the institutional design of the renewable energy sector has created a misaligned incentive structure for Indonesia’s political class. The paper concludes by discussing Ministerial Regulation 50/2017 which has created a regulatory framework that side-steps some of these constraints. Journal: Journal of Sustainable Finance & Investment Pages: 157-170 Issue: 2 Volume: 10 Year: 2020 Month: 4 X-DOI: 10.1080/20430795.2019.1706312 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1706312 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:2:p:157-170 Template-Type: ReDIF-Article 1.0 Author-Name: Kanika Chawla Author-X-Name-First: Kanika Author-X-Name-Last: Chawla Author-Name: Manu Aggarwal Author-X-Name-First: Manu Author-X-Name-Last: Aggarwal Author-Name: Arjun Dutt Author-X-Name-First: Arjun Author-X-Name-Last: Dutt Title: Analysing the falling solar and wind tariffs: evidence from India Abstract: India needs to accelerate its solar and wind energy capacity addition in order to meet its renewable energy (RE) targets. Besides policy commitments, the cost-competitiveness of RE tariffs facilitates the uptake of renewable power. This paper focuses on the major determinants of RE tariffs, disaggregating the impact of equipment-related factors and financing costs (costs of debt and equity). The paper finds that financing costs account for the largest component – over 50% of RE tariffs. Further, equipment-related factors have been the major drivers of tariff reduction historically, accounting for 73% of the solar tariff reduction between January 2016 and May 2017. However, the paper demonstrates that there could be a role reversal – changes in financing costs could drive future declines in both solar and wind tariffs. This necessitates the de-risking of these sectors through suitable policy- and market-led interventions in order to lower financing costs. Journal: Journal of Sustainable Finance & Investment Pages: 171-190 Issue: 2 Volume: 10 Year: 2020 Month: 4 X-DOI: 10.1080/20430795.2019.1706313 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1706313 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:2:p:171-190 Template-Type: ReDIF-Article 1.0 Author-Name: Mobeen Ur Rehman Author-X-Name-First: Mobeen Ur Author-X-Name-Last: Rehman Author-Name: Xuan-Vinh Vo Author-X-Name-First: Xuan-Vinh Author-X-Name-Last: Vo Title: Is a portfolio of socially responsible firms profitable for investors? Abstract: This paper investigates the presence of integration between six socially responsible stocks for the purpose of portfolio composition. Data for our study are based on the daily frequency and range from March 2016 to April 2019. Our results highlight that Gender Diversity funds exhibit a low correlation pattern with Low Carbon, Social Choice and USA ESG funds, whereas the Social Choice equity demonstrates a low correlation pattern with USA ESG and Social ETF funds across all decomposed scales. These results are also supported by the findings of non-linear Granger causality test across all investment horizons, i.e. from D1 to D8. Our results imply the inclusion of different asset classes together with socially responsible funds in a portfolio which may have useful implications for investors.Research Highlights We investigate the co-movement between socially responsible funds returns.We decompose the correlation between socially responsible funds using maximal overlap discrete wavelet transformation (MODWT).Decomposed correlations are further captured using the multi-scale rolling window wavelet coherenceNon-linear Granger causality is applied to infer implications for risk spillover under short-, medium- and long-run investment horizons.Results suggest that the inclusion of different asset classes together with socially responsible funds can yield optimal returns. Journal: Journal of Sustainable Finance & Investment Pages: 191-212 Issue: 2 Volume: 10 Year: 2020 Month: 4 X-DOI: 10.1080/20430795.2019.1700722 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1700722 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:2:p:191-212 Template-Type: ReDIF-Article 1.0 Author-Name: Kim Schumacher Author-X-Name-First: Kim Author-X-Name-Last: Schumacher Author-Name: Hugues Chenet Author-X-Name-First: Hugues Author-X-Name-Last: Chenet Author-Name: Ulrich Volz Author-X-Name-First: Ulrich Author-X-Name-Last: Volz Title: Sustainable finance in Japan Abstract: This article examines the role of sustainable finance and investment in Japan and how the Japanese financial sector can mitigate growing climate risks and support Japan's transition towards a zero-carbon, sustainable economy. It first illustrates Japan’s exposure to physical and transitional climate risks before reviewing emerging practices in sustainable finance. These include the growing importance of environmental, social, and governance (ESG) criteria in financial decision-making; more rigid reporting and disclosure standards; and the development of green bond and sustainable investment markets. The article also assesses the role of policies and regulations in scaling up sustainable finance and low-carbon infrastructure investments. Subsequently, it analyses transitional climate risks via scenario analysis, applying the Paris Agreement Capital Transition Assessment (PACTA) tool to examine the exposure of subsectors of the Japanese equity market over several climate scenarios. The article concludes with policy recommendations for aligning Japan’s financial sector with global climate and sustainability goals. Journal: Journal of Sustainable Finance & Investment Pages: 213-246 Issue: 2 Volume: 10 Year: 2020 Month: 4 X-DOI: 10.1080/20430795.2020.1735219 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1735219 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:2:p:213-246 Template-Type: ReDIF-Article 1.0 Author-Name: Hibba Saeed Author-X-Name-First: Hibba Author-X-Name-Last: Saeed Author-Name: Ahsin Shahid Author-X-Name-First: Ahsin Author-X-Name-Last: Shahid Author-Name: S. Muhammad Ali Tirmizi Author-X-Name-First: S. Muhammad Ali Author-X-Name-Last: Tirmizi Title: An empirical investigation of banking sector performance of Pakistan and Sri Lanka by using CAMELS ratio of framework Abstract: This study has been initiated to evaluate the impact of CAMELS Ratio on performance of banking sector in terms of Efficiency. In this study financial ratios, including Capital Adequacy (CA), Asset Quality (AQ), Management Soundness (MS), Earnings, Liquidity (LR) and Sensitivity to market risk (SR) collectively termed as CAMELS ratio, have been applied to evaluate the performance of Pakistani and Sri Lankan banking sector in terms of Efficiency and empirical significance in terms of Panel regression model. Therefore, pooled data of all the banks operating in Pakistan and Sri Lanka from 2008 to 2016 have been employed. The empirical results of GLS, time-fixed and random-fixed effect model estimation after the application of Hausman Test revealed that the random-effects model has been preferred over the fixed-effect model. The empirical analyses also indicate that all of the variables turned significant in their association with the efficiency of the banking sectors of both countries, these are CA, AQ, LR, MS, Return on Equity (ROE) and Return on Assets (ROA) (Earnings), but SR is insignificant but positively associated with the efficiency. However, these results also confirm from the previous studies. Journal: Journal of Sustainable Finance & Investment Pages: 247-268 Issue: 3 Volume: 10 Year: 2020 Month: 7 X-DOI: 10.1080/20430795.2019.1673140 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1673140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:3:p:247-268 Template-Type: ReDIF-Article 1.0 Author-Name: Ibrahem Alshbili Author-X-Name-First: Ibrahem Author-X-Name-Last: Alshbili Author-Name: Ahmed A. Elamer Author-X-Name-First: Ahmed A. Author-X-Name-Last: Elamer Title: The influence of institutional context on corporate social responsibility disclosure: a case of a developing country Abstract: In this paper, we examine the influence of the institutional environment on the adoption of Corporate Social Responsibility Disclosure (CSRD) in Libya. In doing so, we use isomorphism as a neo-institutionalist theoretical construction that explores whether institutional factors act as pressures for CSRD practices. Using a qualitative method, the findings show that, despite managers perceive some coercive, mimetic and normative pressures interplay to influence CSRD, the revision of the firms’ laws and policies and the establishment of CSRD regulations and monitoring institutions should be established and undertaken to improve accounting disclosure. The results propose important implications for adapting CSRD for firms and policy-makers in developing countries. Journal: Journal of Sustainable Finance & Investment Pages: 269-293 Issue: 3 Volume: 10 Year: 2020 Month: 7 X-DOI: 10.1080/20430795.2019.1677440 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1677440 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:3:p:269-293 Template-Type: ReDIF-Article 1.0 Author-Name: Sondre R. Fiskerstrand Author-X-Name-First: Sondre R. Author-X-Name-Last: Fiskerstrand Author-Name: Susanne Fjeldavli Author-X-Name-First: Susanne Author-X-Name-Last: Fjeldavli Author-Name: Thomas Leirvik Author-X-Name-First: Thomas Author-X-Name-Last: Leirvik Author-Name: Yevheniia Antoniuk Author-X-Name-First: Yevheniia Author-X-Name-Last: Antoniuk Author-Name: Oleg Nenadić Author-X-Name-First: Oleg Author-X-Name-Last: Nenadić Title: Sustainable investments in the Norwegian stock market Abstract: This article investigates the link between environmental, social and corporate governance (ESG) ratings and financial performance in the Norwegian stock market. Using Norwegian stock data, we rank companies based on their sensitivity and exposure (beta) toward ESG factors from 2009 to 2018 using the Dow Jones Sustainability Nordic Index. The econometric framework applies a portfolio strategy, as well as a cross-sectional regression. The constructed ESG portfolios do not show any significant return difference based on a high-low strategy, which is robust for market sensitivity, investment style, and industry bias. Regarding the explanatory power and pricing of the ESG factor, we find no supporting evidence. Our results do not suggest any connection between ESG and stock returns in the Norwegian stock market. Journal: Journal of Sustainable Finance & Investment Pages: 294-310 Issue: 3 Volume: 10 Year: 2020 Month: 7 X-DOI: 10.1080/20430795.2019.1677441 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1677441 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:3:p:294-310 Template-Type: ReDIF-Article 1.0 Author-Name: Ian Robertson Author-X-Name-First: Ian Author-X-Name-Last: Robertson Title: Principles of sustainable finance Journal: Journal of Sustainable Finance & Investment Pages: 311-313 Issue: 3 Volume: 10 Year: 2020 Month: 7 X-DOI: 10.1080/20430795.2020.1717241 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1717241 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:10:y:2020:i:3:p:311-313 Template-Type: ReDIF-Article 1.0 Author-Name: Enrico Bernardini Author-X-Name-First: Enrico Author-X-Name-Last: Bernardini Author-Name: Johnny Di Giampaolo Author-X-Name-First: Johnny Author-X-Name-Last: Di Giampaolo Author-Name: Ivan Faiella Author-X-Name-First: Ivan Author-X-Name-Last: Faiella Author-Name: Riccardo Poli Author-X-Name-First: Riccardo Author-X-Name-Last: Poli Title: The impact of carbon risk on stock returns: evidence from the European electric utilities Abstract: The decarbonization process has made obsolete the traditional value-creation model of companies operating in the electricity sector, particularly affecting those with a greater share of fossil fuels in their energy mix that have been forced to write down their carbon-intensive activities with a negative impact on operating income, equity and leverage. Institutional investors have a significant exposure to equity and debt of European Electric Utilities: if the transition process towards a low-carbon system is faster than expected, the risk that these weaknesses may spread across the financial system shouldn’t be underestimated. Analyses based on risk-premium factor models show that there was a significant low-carbon premium during the years in which the decarbonization process accelerated; in the period considered, an investment strategy that focused more on low-carbon companies would have delivered higher returns without modifying the overall risk profile. Journal: Journal of Sustainable Finance & Investment Pages: 1-26 Issue: 1 Volume: 11 Year: 2021 Month: 1 X-DOI: 10.1080/20430795.2019.1569445 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1569445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:1:p:1-26 Template-Type: ReDIF-Article 1.0 Author-Name: Revendranath Tirumalsety Author-X-Name-First: Revendranath Author-X-Name-Last: Tirumalsety Author-Name: Anjula Gurtoo Author-X-Name-First: Anjula Author-X-Name-Last: Gurtoo Title: Financial sources, capital structure and performance of social enterprises: empirical evidence from India Abstract: The paper examines the influence of financial sources on capital structure – operationalised through the ratio of financial debt to total assets – of social enterprises, followed by the relationship between financial debt and performance. Data on income distribution, financial sources, and financial statements are collected from 207 social enterprises in four states of India – Karnataka, Telangana, Maharashtra, and Tamil Nadu – through cluster sampling. Multiple regression and panel data analysis tests are conducted to study the research objectives. The findings indicate social enterprises prefer debt from donors for capital investments over impact investments as well as debt from formal institutions. Furthermore, financial debt has a negative influence on return on capital employed component of social enterprises performance. Financial debt has no influence on financial results and suggests the independence of social enterprises from the funders. Furthermore, social enterprises’ ability to use capital efficiently to generate returns may be negatively affected by the repayment of interest and loans to lenders. Journal: Journal of Sustainable Finance & Investment Pages: 27-46 Issue: 1 Volume: 11 Year: 2021 Month: 1 X-DOI: 10.1080/20430795.2019.1619337 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1619337 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:1:p:27-46 Template-Type: ReDIF-Article 1.0 Author-Name: Jakob Thomä Author-X-Name-First: Jakob Author-X-Name-Last: Thomä Author-Name: Clare Murray Author-X-Name-First: Clare Author-X-Name-Last: Murray Author-Name: Vincent Jerosch-Herold Author-X-Name-First: Vincent Author-X-Name-Last: Jerosch-Herold Author-Name: Janina Magdanz Author-X-Name-First: Janina Author-X-Name-Last: Magdanz Title: Do you manage what you measure? Investor views on the question of climate actions with empirical results from the Swiss pension fund and insurance sector Abstract: Despite the political mandate of Article 2.1(c) of the Paris Agreement (United Nations 2015. ‘Adoption of the Paris Agreement.’ 21st Conference of the Parties, Paris, United Nations, 2) to align finance flows ‘with a pathway towards low greenhouse gas emissions and climate-resilient development,’ many investors do not manage physical and transitional climate risks. The Task Force on Climate Related Financial Disclosures’ 2019 Status Report highlighted this asymmetry. The following paperseeks to evaluate the efficacy of informing investors about the alignment of their portfolios with the Paris Agreement. Based on survey feedback from a 2017 pilot study conducted with Swiss pension funds and insurance companies, the results suggest that after the pilot 40% of respondents implemented a climate strategy or integrated climate criteria into their investment process, showing the potential impact of climate assessments on portfolio strategy. This fact affirms both the positives of portfolio climate assessments, but also the need to explore alternatives avenues for engaging with investors regarding climate risks. Journal: Journal of Sustainable Finance & Investment Pages: 47-61 Issue: 1 Volume: 11 Year: 2021 Month: 1 X-DOI: 10.1080/20430795.2019.1673142 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1673142 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:1:p:47-61 Template-Type: ReDIF-Article 1.0 Author-Name: Keron Niles Author-X-Name-First: Keron Author-X-Name-Last: Niles Author-Name: Winston Moore Author-X-Name-First: Winston Author-X-Name-Last: Moore Title: Accounting for environmental assets as sovereign wealth funds Abstract: Sovereign Wealth Funds (SWFs) are often used to provide long term macro-economic stability and to accrue and safeguard financial assets for future generations. These state-owned investment funds are usually created using balance of payment surpluses – often from resource exports or the sale of public assets. Given that SWFs are among a few widely-used financial mechanisms created for the benefit of future generations, they can play an important role in helping to achieve the Sustainable Development Goals (SDGs). This paper will argue that a re-direction of economic rents earned from natural resources, along with rigorous and careful ecosystem services accounting can serve to broaden the scope and holistically enhance the value of SWFs. The paper concludes that accounting for environmental assets and the economic benefits derived from such resources can serve as the basis for the establishment of SWFs, promote inter-generational wealth transfer and help stabilise economies impacted by climate change. Journal: Journal of Sustainable Finance & Investment Pages: 62-81 Issue: 1 Volume: 11 Year: 2021 Month: 1 X-DOI: 10.1080/20430795.2019.1681618 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1681618 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:1:p:62-81 Template-Type: ReDIF-Article 1.0 Author-Name: Carlos Vargas Author-X-Name-First: Carlos Author-X-Name-Last: Vargas Author-Name: Marc Chesney Author-X-Name-First: Marc Author-X-Name-Last: Chesney Title: End of life decommissioning and recycling of solar panels in the United States. A real options analysis Abstract: Hundreds of thousands of tons of solar panel waste are estimated to be produced yearly in the United States from the year 2035 on, most of which could be recycled. This paper estimates the amount of scrap material to be produced from solar panels decommissioning and determines the optimal date and location to establish either centralized or regional recycling centers to better deal with this issue from the perspective of the U.S. government as potential investor. Solar panel recycling could become a multi-billion USD industry, however, the main challenge today is to keep its overall costs down while allowing for the majority of panels to be recycled. Real Options Analysis is deployed to assess the optimal solution to face this challenge. Determining the optimal location of those facilities is a novel approach. Further applications of the model proposed in this work could scale up this analysis at an international level. Journal: Journal of Sustainable Finance & Investment Pages: 82-102 Issue: 1 Volume: 11 Year: 2021 Month: 1 X-DOI: 10.1080/20430795.2019.1700723 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1700723 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:1:p:82-102 Template-Type: ReDIF-Article 1.0 Author-Name: Nguyen Vinh Khuong Author-X-Name-First: Nguyen Vinh Author-X-Name-Last: Khuong Author-Name: Malik Shahzad Shabbir Author-X-Name-First: Malik Shahzad Author-X-Name-Last: Shabbir Author-Name: Muhammad Safdar Sial Author-X-Name-First: Muhammad Safdar Author-X-Name-Last: Sial Author-Name: Thai Hong Thuy Khanh Author-X-Name-First: Thai Hong Thuy Author-X-Name-Last: Khanh Title: Does informal economy impede economic growth? Evidence from an emerging economy Abstract: The objective of this study is to re-examine the impact of the informal economy on economic growth in Pakistan. This study first computed the informal economy through currency demand equation and then the adopted auto-regressor distributed lags (ARDL) technique for data analysis. The result indicates that 56% informal economy of gross domestic product (GDP) exists in Pakistan. The Wald F-test shows that the overall model is statistically significant because the value of this test (13.4) is more than the upper and lower bounds values. Whereas Engle-Granger causality test describes that the growth rate of real GDP causes the Granger to GDP at 5%. This study tries to solve these issues and give a new policy implication for policymakers to control the informal economy and make sure that this sector will convert into a recorded or reported form. Journal: Journal of Sustainable Finance & Investment Pages: 103-122 Issue: 2 Volume: 11 Year: 2021 Month: 4 X-DOI: 10.1080/20430795.2020.1711501 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1711501 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:2:p:103-122 Template-Type: ReDIF-Article 1.0 Author-Name: Eleonora Broccardo Author-X-Name-First: Eleonora Author-X-Name-Last: Broccardo Author-Name: Graziano Coller Author-X-Name-First: Graziano Author-X-Name-Last: Coller Author-Name: Luca Erzegovesi Author-X-Name-First: Luca Author-X-Name-Last: Erzegovesi Title: The quest for a sustainable social finance business model: is peer-to-peer lending the legitimate heir to cooperative banking? Abstract: In the aftermath of the global financial crisis, concern regarding the social purpose of finance has increased. The role played by peer-to-peer lending (P2PL) seems to resemble the role historically played by cooperative banks (CBs). In this study, we investigate whether P2PL platforms can stand as the legitimate heir of CBs as they appeared when established. A cross-comparison of P2PL and CBs business models (BMs) is conducted among multiple dimensions. The study claims the achievement of a social purpose is not necessarily linked to a specific BM. On one side, CBs are supposed to fulfil their stated social purpose through the supply of accessible and affordable financial services; however, they suffer the burden of growing regulatory pressure. On the other side, P2PL platforms do not explicitly pursue social purposes; however, they could eventually provide such a purpose, at least for specific customer segments. Journal: Journal of Sustainable Finance & Investment Pages: 123-142 Issue: 2 Volume: 11 Year: 2021 Month: 4 X-DOI: 10.1080/20430795.2019.1706314 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1706314 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:2:p:123-142 Template-Type: ReDIF-Article 1.0 Author-Name: Prerana Sarma Author-X-Name-First: Prerana Author-X-Name-Last: Sarma Author-Name: Arup Roy Author-X-Name-First: Arup Author-X-Name-Last: Roy Title: A Scientometric analysis of literature on Green Banking (1995-March 2019) Abstract: With the rise in concern for the environment, Green Banking has received a lot of attention in recent times. This study aims to identify different dimensions of researches on Green Banking. Furthermore, an attempt is made to study the growth and geographical spread of researches on Green Banking. Relevant research outlets and keywords are analyzed in order to understand the trends in Green Banking research. The study identified 6 different dimensions namely Conceptual aspect, Legal aspect, Model aspect, Stakeholder aspect, Green Performance of Banks and Financial aspect. Results highlight that Green Banking is yet to be properly explored as only 178 articles were found in different portals. Academic interests in Green Banking have been on a rise since 2011 and have attained maximum attention in the year 2015. The Average Growth Rate of research articles published on Green Banking is 25.44%. Asia has the highest number of countries participating in research on Green Banking and has the highest number of research articles on Green Banking. Theoretical studies on Green Banking are comparatively more than the Empirical ones. Analyzing research outlets revealed that mainstream Finance journals are yet to be more active in publishing articles on Green Banking. Keyword analysis identified three key interests of researchers which are Green Banking, Sustainable Development, and Environment. Lastly scope for future research on Green Banking is identified and stated. This study provides useful insights into the nature and trend of research on Green Banking and can act as a reference point for researchers, policymakers, investors, and regulators. Journal: Journal of Sustainable Finance & Investment Pages: 143-162 Issue: 2 Volume: 11 Year: 2021 Month: 4 X-DOI: 10.1080/20430795.2020.1711500 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1711500 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:2:p:143-162 Template-Type: ReDIF-Article 1.0 Author-Name: Julia Meyer Author-X-Name-First: Julia Author-X-Name-Last: Meyer Author-Name: Annette Krauss Author-X-Name-First: Annette Author-X-Name-Last: Krauss Title: The social performance of microfinance investment vehicles Abstract: Assessing whether investments result in the desired non-financial performance is a key concern in the fast growing field of impact investments, including microfinance. The social performance of the institutions that offer financial inclusion services to underprivileged populations has come under increasing scrutiny, whereas the social performance of the investment vehicles that in turn finance these institutions is researched less. This paper makes use of several large data sets to develop an approach to measure the social performance of microfinance investment vehicles. Drawing on methods from empirical social science and the literature on non-financial ratings of firms, we develop formal quality criteria that the selection of individual social performance indicators and their aggregation into a single metric need to satisfy. Journal: Journal of Sustainable Finance & Investment Pages: 163-186 Issue: 2 Volume: 11 Year: 2021 Month: 4 X-DOI: 10.1080/20430795.2020.1715094 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1715094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:2:p:163-186 Template-Type: ReDIF-Article 1.0 Author-Name: Olufemi Adewale Aluko Author-X-Name-First: Olufemi Adewale Author-X-Name-Last: Aluko Author-Name: Muazu Ibrahim Author-X-Name-First: Muazu Author-X-Name-Last: Ibrahim Title: Institutions and financial development in ECOWAS Abstract: Earlier studies on institutions and financial sector development are less informative given their failure to examine how the different forms of institutions influence countries’ level of domestic financial development. In this study, we re-examine the impact of institutions on financial development in the ECOWAS regional bloc over the period 1995–2015. Employing the Augmented Mean Group (AMG) estimator, we show that overall institutions do not have a significant impact on financial development. However, after disaggregating the level of institutions into market-creating, market-legitimizing, market-stabilizing, and market-regulating, we find that only the effect of market-legitimizing institutions significantly enhances financial sector development. Thus, the impact of institutions on financial development is sensitive to the form of institutions. We discuss key implications for policy. Journal: Journal of Sustainable Finance & Investment Pages: 187-198 Issue: 2 Volume: 11 Year: 2021 Month: 4 X-DOI: 10.1080/20430795.2020.1717240 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1717240 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:2:p:187-198 Template-Type: ReDIF-Article 1.0 Author-Name: Aaron Maltais Author-X-Name-First: Aaron Author-X-Name-Last: Maltais Author-Name: Björn Nykvist Author-X-Name-First: Björn Author-X-Name-Last: Nykvist Title: Understanding the role of green bonds in advancing sustainability Abstract: Green bonds are one of the most prominent innovations in the area of sustainable finance over the past decade. However, to date there have only been a few academic studies on green bonds, and these have tended to focus on what impact green labels have on bond yields. Our analysis is one of the first empirical studies designed to address the broader questions of what attracts investors and issuers to the green bond market, the role of green bonds in shifting capital to more sustainable economic activity, and how green bonds impact the way organisations work with sustainability. Using Sweden as a case study, this paper provides insights into the rapid growth of the green bond market and how green bonds affect market participants’ engagement with sustainability that are easily missed if one focuses only on how green bonds are marketed. Journal: Journal of Sustainable Finance & Investment Pages: 233-252 Issue: 3 Volume: 11 Year: 2021 Month: 7 X-DOI: 10.1080/20430795.2020.1724864 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1724864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:3:p:233-252 Template-Type: ReDIF-Article 1.0 Author-Name: Joon-ho Kim Author-X-Name-First: Joon-ho Author-X-Name-Last: Kim Author-Name: Seung-hye Jung Author-X-Name-First: Seung-hye Author-X-Name-Last: Jung Author-Name: Jong-pil Yu Author-X-Name-First: Jong-pil Author-X-Name-Last: Yu Author-Name: June-hyuk Kwon Author-X-Name-First: June-hyuk Author-X-Name-Last: Kwon Title: Fund managers’ investment considerations for K-IFRS-adopted corporates: impact on investment and reinvestment intentions Abstract: This study aims to empirically analyze the effects of fund managers’ investment considerations about K-IFRS-adopted corporates on investment and reinvestment intentions. We perform an evaluation of 576 fund managers working across 53 asset management companies in Korea over a six-month period. We then conduct a statistical analysis of 149 (25.8%) valid questionnaires and obtain the following results. First, the financial and management factors have a statistically significant and positive effect on investment intentions, whereas the reliability and social responsibility factors show no such effect. Second, among fund managers’ investment considerations regarding K-IFRS-adopted corporates, the reliability, social responsibility, and management factors have a statistically significant positive effect on reinvestment intentions; but, we find no such effect for the financial factor. Third, conservative investment propensity demonstrates positive moderation in the relationship between social responsibility and investment intentions and aggressive investment propensity does so for the relationship between the financial factor and reinvestment intentions. Journal: Journal of Sustainable Finance & Investment Pages: 253-275 Issue: 3 Volume: 11 Year: 2021 Month: 7 X-DOI: 10.1080/20430795.2020.1727723 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1727723 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:3:p:253-275 Template-Type: ReDIF-Article 1.0 Author-Name: Omar Sheikh Osman Author-X-Name-First: Omar Sheikh Author-X-Name-Last: Osman Title: The role of microfinance post trauma: the case of Syria Abstract: Microfinance emerged in the 1970s as a strategy to reduce the vulnerability of the poor and to promote microenterprise. The literature showed that microfinance plays a vital role as a tool for reconstruction in post-conflict communities and this urged the researcher to study the extent to which microfinance can be used as an effective tool for post-trauma reconstruction. The methodology was based on obtaining primary data by raising questions in structured interviews with the officers of microfinance institutions in Syria and obtaining secondary data from their financial reports. The study was conducted at four institutions engaged in microfinance which together represent the population. The descriptive analysis of the data gathered to demonstrate the real role these institutions played. The main conclusions were: The European Investment Bank played a prominent role in supporting microfinance institutions in Syria beside to small and medium enterprises; the distribution of microfinance institutions in Syria did not cover the whole of the country; microfinance institutions make finance accessible to women and encourage them to participate in the economy particularly in rural areas; the typical loan-level microfinance institutions provide is considered inconsequential for financing working capital to entrepreneurs; microfinance institutions charge interest on a monthly basis, the rate amounting on average is around 18–24 per cent annually, even though their main role is assisting in promoting the economy; loans financed by all of the microfinance institutions covered most economic activities; microfinance in alignment with Islamic principles was not accessible. Journal: Journal of Sustainable Finance & Investment Pages: 276-290 Issue: 3 Volume: 11 Year: 2021 Month: 7 X-DOI: 10.1080/20430795.2020.1753433 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1753433 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:3:p:276-290 Template-Type: ReDIF-Article 1.0 Author-Name: Lorenzo Esposito Author-X-Name-First: Lorenzo Author-X-Name-Last: Esposito Author-Name: Giuseppe Mastromatteo Author-X-Name-First: Giuseppe Author-X-Name-Last: Mastromatteo Author-Name: Andrea Molocchi Author-X-Name-First: Andrea Author-X-Name-Last: Molocchi Title: Extending ‘environment-risk weighted assets’: EU taxonomy and banking supervision Abstract: Changing the economy to meet the goals posed by the Paris Agreement implies a financial system aligned to this end. This debate also involves a reconsideration of aims and tools of banking regulation although, for now, the discussion is still not very operational. In a previous work we introduced the ‘environment-risk weighted assets’ to internalize the pollution risk of the borrower that here we expand empirically to calculate the ‘external costs footprint’ of Italian corporate lending and to cover virtually every part of banks’ business. Moreover, we analyse whether our proposal is aligned to the European Union taxonomy on environmentally sustainable activities. We show that our framework can help to put on a working track the discussion on banking regulation for sustainable finance. Journal: Journal of Sustainable Finance & Investment Pages: 214-232 Issue: 3 Volume: 11 Year: 2021 Month: 7 X-DOI: 10.1080/20430795.2020.1724863 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1724863 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:3:p:214-232 Template-Type: ReDIF-Article 1.0 Author-Name: Moinak Maiti Author-X-Name-First: Moinak Author-X-Name-Last: Maiti Title: Is ESG the succeeding risk factor? Abstract: The present study addresses three questions: 1. Whether ESG is the succeeding risk factor? 2. To study the relevance of each component of ESG in investment decision? 3. To develop a new more robust asset pricing model with ESG. This study finds that three-factor models with market, size and ESG factors perform better than the Fama–French three-factor model. Higher Sharpe ratios for ESG, environment, social and governance factors indicate that portfolios formed on these factors show better investment performance over traditional size and value-based portfolios for all cases. The main message of the study is that ESG, environment, social and governance factors play an important role in predicting returns hence they should not be ignored while considering investment decision. Journal: Journal of Sustainable Finance & Investment Pages: 199-213 Issue: 3 Volume: 11 Year: 2021 Month: 7 X-DOI: 10.1080/20430795.2020.1723380 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1723380 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:3:p:199-213 Template-Type: ReDIF-Article 1.0 Author-Name: Babajide Michael Oyewo Author-X-Name-First: Babajide Michael Author-X-Name-Last: Oyewo Title: Outcomes of interaction between organizational characteristics and management accounting practice on corporate sustainability: the global management accounting principles (GMAP) approach Abstract: This study examined the outcomes of interaction between organizational characteristics and robustness of management accounting practice on corporate sustainability from the standpoint of the Global Management Accounting Principles (GMAP). The GMAP framework, developed and endorsed by The American Institute of Certified Public Accountants (AICPA) and The Chartered Institute of Management Accountants (CIMA) in 2014, reflects the paradigm shift in the roles of management accountants in recent times from traditional management accountants to strategic partners aware of business imperatives. Using a structured-questionnaire, the views of senior accounting/finance officers from 131 firms based in Nigeria were gathered and analyzed using descriptive and inferential statistical tools (One-way MANCOVA, OLS regression and moderated regression analysis). It was observed that although management accounting activities were generally performed frequently, certain activities requiring review and modification of already prepared cost and revenue estimates appear to be performed less-frequently. Further, organizational characteristics such as size, organization lifecycle, presence of specialist skills, affiliation to foreign entity and ownership structure significantly affect the robustness of management accounting practice. Whilst detecting that robust management accounting practice elevates corporate sustainability, organizational characteristics such as size, organization lifecycle and presence of specialist skills may determine the extent to which such benefit is realized. Seeing that the presence of specialist skills was the strongest moderator of the relationship between management accounting practice and corporate sustainability, the study advocates for the existence of a standalone management accounting unit/department to improve the realization of the benefits embedded in implementing contemporary management accounting practice. Journal: Journal of Sustainable Finance & Investment Pages: 351-385 Issue: 4 Volume: 11 Year: 2021 Month: 10 X-DOI: 10.1080/20430795.2020.1738141 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1738141 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:4:p:351-385 Template-Type: ReDIF-Article 1.0 Author-Name: Mokhamad Anwar Author-X-Name-First: Mokhamad Author-X-Name-Last: Anwar Author-Name: Sulaeman Rahman Nidar Author-X-Name-First: Sulaeman Author-X-Name-Last: Rahman Nidar Author-Name: Ratna Komara Author-X-Name-First: Ratna Author-X-Name-Last: Komara Author-Name: Layyinaturrobaniyah Layyinaturrobaniyah Author-X-Name-First: Layyinaturrobaniyah Author-X-Name-Last: Layyinaturrobaniyah Title: A comparative analysis of rural banks’ efficiency between Bali and West Java provinces in Indonesia Abstract: This study comparatively analyses rural banks' efficiency in Indonesia, especially in two provinces, West Java and Bali. West Java is known as the most populous province in Indonesia, , while Bali is the best province in rural bank performance through the assessment of Infobank Magazine in Indonesia, during the 2012–2016 Period. The study involves 212 banks in West Java and 134 banks in Bali over the period. Data envelopment analysis and Tobit regressions are employed to estimate the banks' technical efficiency and its determinants. The results show that the average efficiency of rural banks in Bali was higher than in West Java during the period. Inferential findings emphasize the importance of efficient resource use , sound loan-management, and adequate capital maintenance in bank operations. All these are required for rural banks to compete with other institutions including commercial banks and financial technology-based institutions in providing loans to micro and small businesses. Journal: Journal of Sustainable Finance & Investment Pages: 330-350 Issue: 4 Volume: 11 Year: 2021 Month: 10 X-DOI: 10.1080/20430795.2020.1735220 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1735220 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:4:p:330-350 Template-Type: ReDIF-Article 1.0 Author-Name: Siti Nurain Muhmad Author-X-Name-First: Siti Nurain Author-X-Name-Last: Muhmad Author-Name: Rusnah Muhamad Author-X-Name-First: Rusnah Author-X-Name-Last: Muhamad Title: Sustainable business practices and financial performance during pre- and post-SDG adoption periods: a systematic review Abstract: The increasing awareness about sustainable development has led to growing literature in this research area. Since the adoption of Sustainable Development Goals (SDGs), companies have started to focus on the environment, people, and planet with the belief that it will lead to better financial performance. Thus, the relationship between sustainability practices and financial performance of companies has attracted much attention among researchers. This study identified the trends and issues highlighted in previous studies concerning the relationship between these two variables. Content analysis was adopted in this study to examine the literature comprising a total of 56 articles indexed in Web of Science (WoS) and Scopus. About 96% of the publications reported a positive relationship between sustainability practices and the financial performance of companies. This research area should be explored in all countries, especially developing countries, to facilitate the understanding of sustainability practices and their impact on financial performance. Journal: Journal of Sustainable Finance & Investment Pages: 291-309 Issue: 4 Volume: 11 Year: 2021 Month: 10 X-DOI: 10.1080/20430795.2020.1727724 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1727724 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:4:p:291-309 Template-Type: ReDIF-Article 1.0 Author-Name: Richard P. Gregory Author-X-Name-First: Richard P. Author-X-Name-Last: Gregory Author-Name: Jean Garner Stead Author-X-Name-First: Jean Garner Author-X-Name-Last: Stead Author-Name: Edward Stead Author-X-Name-First: Edward Author-X-Name-Last: Stead Title: The global pricing of environmental, social, and governance (ESG) criteria Abstract: We develop an expanded asset evaluation model dubbed the environmental, social and governance (ESG) model, which includes a sustainability factor that accounts for the value of ecological and natural capital. We incorporate a sustainability factor into the Fama-French [2015. “A Five-Factor Asset Pricing Model.” Journal of Financial Economics 116 (1): 1–22] five-factor model plus the momentum factor. Further, we expand previous models by basing ours on microeconomic principles of value maximization and the macroeconomic principles of ecological economics. We estimate the sustainability factor premium and its factor loadings and find that following sustainable strategic management practices reduced the cost of equity by 1.6% to 2.9% per year worldwide. This implies that in 2018, sustainable strategic management practices increased world GDP by $1.3 to $2.3 trillion. Our results support previous research that there is a negative relationship between sustainability performance and the cost of capital. Journal: Journal of Sustainable Finance & Investment Pages: 310-329 Issue: 4 Volume: 11 Year: 2021 Month: 10 X-DOI: 10.1080/20430795.2020.1731786 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1731786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:11:y:2021:i:4:p:310-329 Template-Type: ReDIF-Article 1.0 Author-Name: Hülya Ünlü Author-X-Name-First: Hülya Author-X-Name-Last: Ünlü Author-Name: Ali Saleh Alshebami Author-X-Name-First: Ali Saleh Author-X-Name-Last: Alshebami Title: Source of fund, financial constraints, political instability, and firm innovation: empirical evidence from Arab Spring countries Abstract: The purpose of this article is to examine the impact of financial constraints on innovation in countries experiencing the Arab Spring. It also looks at how the impact of financial constraints varies with the source of funding. The study uses 2013 BEEPS data. 2261 companies from 5 MENA countries were included in our sample. The recursive bivariate probit and extended probit models are used. Our findings show that financial constraints negatively affect the likelihood of enhancing a firm's innovative performance. Unlike the existing literature, the effect of financial barriers was not only directly examined, but also the region and fund structure of the company were examined together. Although bank loans directly negatively impact innovation performance, when this effect is considered together with financial barriers, it has been observed that the effects of financial barriers decrease. An even more significant decline is seen with the inclusion of the regional influence. Journal: Journal of Sustainable Finance & Investment Pages: 195-213 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1964812 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1964812 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:195-213 Template-Type: ReDIF-Article 1.0 Author-Name: Anas Ali Al-Qudah Author-X-Name-First: Anas Ali Author-X-Name-Last: Al-Qudah Author-Name: Manaf Al-Okaily Author-X-Name-First: Manaf Author-X-Name-Last: Al-Okaily Author-Name: Hamza Alqudah Author-X-Name-First: Hamza Author-X-Name-Last: Alqudah Title: The relationship between social entrepreneurship and sustainable development from economic growth perspective: 15 ‘RCEP’ countries Abstract: Social entrepreneurship plays a role in sustainable development to value creation, delivering and capturing, in this article, researchers attempted to find the nature of the relationships between the sustainable development and its latent variables, and how can these variables effect on sustainable development. Two models were used to estimate the relationships mentioned before, structural equation model and bidirectional causality model, in the case of 15 the regional comprehensive economic partnership (RCEP) countries that are home to nearly a third of the world's population, and account for 29% of GDP. The study found some interesting results which consistence with the results of previous studies in this field, like that there has a positive relationship between the social entrepreneurship and sustainable development, and positive relationship between the innovations and sustainable development and in the regard of the institutions variable, the study also found that there is an indirect effect on innovation. Journal: Journal of Sustainable Finance & Investment Pages: 44-61 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1880219 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1880219 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:44-61 Template-Type: ReDIF-Article 1.0 Author-Name: Lama Radwan Author-X-Name-First: Lama Author-X-Name-Last: Radwan Author-Name: Yousef Daoud Author-X-Name-First: Yousef Author-X-Name-Last: Daoud Title: Entrepreneurship–growth nexus: does the size of the informal economy matter? Abstract: This paper implements a multiple linear regression model on panel data of a sample of 64 countries over the period (2002–2015), in order to examine the influence of Entrepreneurship on the growth of output per worker. Our estimation strategy allows for providing a framework that accounts for some of the conflicting findings on the entrepreneurship–growth nexus. We account for the endogeneity of entrepreneurship by using a valid instrument, andfor the level of development and its interaction with entrepreneurship, we also account for the size of the informal economy as a moderating variable of the entrepreneurship–growth nexus. We find that the effect of entrepreneurship on growth is positive and significant, but the analysis fails to support that the relation varies by level of development and the size of the informal economy. Policy implications point to fostering entrepreneurship and designing policies that take into consideration the macroeconomic environment of the country. Journal: Journal of Sustainable Finance & Investment Pages: 169-194 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1940812 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1940812 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:169-194 Template-Type: ReDIF-Article 1.0 Author-Name: Khakan Najaf Author-X-Name-First: Khakan Author-X-Name-Last: Najaf Author-Name: Ravichandran K. Subramaniam Author-X-Name-First: Ravichandran K. Author-X-Name-Last: Subramaniam Author-Name: Osama F. Atayah Author-X-Name-First: Osama F. Author-X-Name-Last: Atayah Title: Understanding the implications of FinTech Peer-to-Peer (P2P) lending during the COVID-19 pandemic Abstract: This study examines the impact of the COVID-19 pandemic on the determinants of FinTech Peer-to-Peer (P2P) lending. The issue is significant because P2P lending platforms have attracted borrowers with little to no access to the credit facilities offered by conventional banks during the pandemic. Although many banks and financial institutions have offered online loan application services during the COVID-19 pandemic, few have developed verification of loan applications submitted online. The results of this study show that the COVID-19 has brought a drastic change in the key determinants of P2P lending. The results imply that FinTech P2P lending has become the most viable alternative credit option available to borrowers. The findings are significant and likely to be of interest to borrowers, investors, practitioners, academics, and policymakers because they highlight the usefulness of P2P lending platforms and their potential to augment or replace lending provided by traditional or conventional banking institutions. Journal: Journal of Sustainable Finance & Investment Pages: 87-102 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1917225 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1917225 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:87-102 Template-Type: ReDIF-Article 1.0 Author-Name: Lan Sun Author-X-Name-First: Lan Author-X-Name-Last: Sun Author-Name: Garrick Small Author-X-Name-First: Garrick Author-X-Name-Last: Small Title: Has sustainable investing made an impact in the period of COVID-19?: evidence from Australian exchange traded funds Abstract: We study the impact of sustainability on the financial performance of exchange-traded funds (ETFs) in the period of COVID-19. Using a sample of 244 Australian ETFs rated by Morningstar in April 2020, we conducted the portfolio analysis and cross-sectional regression analysis, and the results show that ETF portfolios with lower carbon risk and fossil fuel exposure tend to outperform. However, ETF portfolios with higher social risk tend to deliver a better performance. We also find that ETF portfolios with high environmental risk, governance risk, carbon risk and fossil fuel exposure are more likely to experience high volatility in stock returns. The findings will serve as an important point of reference for investors, businesses and wider stakeholders. The sustainable investing is proving to be resilient during the COVID-19 and a closer look at ESG risks is a lens through which business leaders can build better and more resilient enterprises. Journal: Journal of Sustainable Finance & Investment Pages: 251-273 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1977577 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1977577 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:251-273 Template-Type: ReDIF-Article 1.0 Author-Name: Abdulla Yusuf Al Hawaj Author-X-Name-First: Abdulla Yusuf Author-X-Name-Last: Al Hawaj Author-Name: Amina Mohamed Buallay Author-X-Name-First: Amina Mohamed Author-X-Name-Last: Buallay Title: A worldwide sectorial analysis of sustainability reporting and its impact on firm performance Abstract: This study investigates the worldwide impact of sustainability reporting on firms' performance across seven different sectors. Using data culled from 3,000 firms in 80 different countries for ten years from 2008 to 2017 (cumulatively 23,738 observations). The findings elicited from the empirical results demonstrate that there are differences in the impact of sustainability reporting (ESG) on firm's operational performance (ROA), financial performance (ROE) and market performance (TQ) between the seven sectors. Inasmuch as it contributes to the literature of sustainability accounting by a systematic depiction of cross-sectorial ESG reporting, this study establishes a benchmark to guide to firms wishing to adopt sustainability reporting. Moreover, in including macroeconomic variables, the study provides a fresh perspective to the literature of the on the economic implications of sustainability disclosure. Journal: Journal of Sustainable Finance & Investment Pages: 62-86 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1903792 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1903792 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:62-86 Template-Type: ReDIF-Article 1.0 Author-Name: Layla Alhalwachi Author-X-Name-First: Layla Author-X-Name-Last: Alhalwachi Author-Name: Chima Mordi Author-X-Name-First: Chima Author-X-Name-Last: Mordi Title: Organisational, societal, and individual factors affecting women’s career progression in Bahraini banking sector Abstract: This paper mainly aims at exploring factors affecting women's career progression in Bahraini banking sector. To achieve the objectives of the study, qualitative research approach was applied through semi-structured interviews specifically designed to collect primary information from(37) female managers working in banks. The collected data was analysed using content analysis. The results showed that organisational, societal, and individual factors had a large impact on women's career progression, where organisational factor includes impeding women from attending leadership training and mentorship programmes, lack of women role models, disempowerment, lack of confidence in women's performance, and bias and discrimination. While, societal factor includes stereotyping, societal norms and perceptions, and clash of cultures. Individual factor includes lack of personality traits, lack of education and mentorship, and hesitation and fear. In light of these results, the researcher recommended that it should be an understanding of the male perception of barriers that impede female career advancement. Journal: Journal of Sustainable Finance & Investment Pages: 103-127 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1922064 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1922064 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:103-127 Template-Type: ReDIF-Article 1.0 Author-Name: Naglaa Ibrahim Khamis Author-X-Name-First: Naglaa Ibrahim Author-X-Name-Last: Khamis Author-Name: Wan Khairuzzaman Wan Ismail Author-X-Name-First: Wan Khairuzzaman Author-X-Name-Last: Wan Ismail Title: The impact of corporate social responsibility on corporate image in the construction industry: a case of SMEs in Egypt Abstract: The current study explores Corporate Image (CI) for companies as one of the primary measures of competitive advantage. Hence CI has been considered the dependent variable to test whether Corporate Social Responsibility (CSR) practices could affect CI in SMEs. This research focuses on the construction industry in Egypt due to the limited availability of studies investigating CSR and corporate image. The authors performed a regression analysis to assess CSR's effect on CI in Egyptian construction companies. The results revealed that Egyptian SMEs in the construction industry implemented most of the CSR practices included in ISO 26000, and those practices positively impact the companies’ corporate image. The results of the study are in line with the literature and theory of both CSR and CI. Journal: Journal of Sustainable Finance & Investment Pages: 128-146 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1930992 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1930992 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:128-146 Template-Type: ReDIF-Article 1.0 Author-Name: Arshad Hasan Author-X-Name-First: Arshad Author-X-Name-Last: Hasan Author-Name: Khaled Hussainey Author-X-Name-First: Khaled Author-X-Name-Last: Hussainey Author-Name: Doaa Aly Author-X-Name-First: Doaa Author-X-Name-Last: Aly Title: Determinants of sustainability reporting decision: evidence from Pakistan Abstract: We investigate the determinants of corporate sustainability reporting decision. We use a logistic regression model to analyse data collected from a sample of 138 firms listed on the Pakistan Stock Exchange for the years 2009–2018. We find that firms with more gender-diverse boards, larger audit committees and higher institutional ownership are more likely to issue sustainability reports. We also find that concentrated ownership, managerial ownership, foreign ownership and audit committee independence negatively influence the firms' sustainability reporting decision. The findings provide valuable insight to Pakistani policymakers by identifying the attributes that require regulatory focus to achieve the public policy objective of sustainable development. We are the first to explore the determinants of sustainability reporting decision in Pakistan. It provides empirical evidence to regulators and policymakers in Pakistan and other emerging markets who have already adopted a governance framework and are considering sustainability reporting in their respective contexts. Journal: Journal of Sustainable Finance & Investment Pages: 214-237 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1964813 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1964813 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:214-237 Template-Type: ReDIF-Article 1.0 Author-Name: Allam Hamdan Author-X-Name-First: Allam Author-X-Name-Last: Hamdan Author-Name: Hasan Ghura Author-X-Name-First: Hasan Author-X-Name-Last: Ghura Author-Name: Bahaaeddin Alareeni Author-X-Name-First: Bahaaeddin Author-X-Name-Last: Alareeni Author-Name: Reem Khamis Hamdan Author-X-Name-First: Reem Khamis Author-X-Name-Last: Hamdan Title: Entrepreneurship Growth in Emerging Economies: New Insights and Approaches Abstract: Emerging economies have a diverse range of countries regarding both geography and stage of development that have been influenced by historical, cultural, and societal change. Recently more emphasis has been placed on understanding the role of entrepreneurship in emerging economies due to changing economic conditions and the rapid rise of entrepreneurs in the global economy. This special journal issue includes a number of articles on diverse issues related to entrepreneurship in emerging economies both from the micro, meso, and macro perspectives. Based on this, we argue that it is necessary to consider the institutional context of formal and informal institutions to understand better the continued growth of entrepreneurship in emerging economies. In addition to summarizing the main contributions of those articles in this Issue, we provide new insights and approaches to explore further how entrepreneurship can contribute to sustainable economic growth in this context. This will help contribute to the literature and practice about the development of entrepreneurial activity in emerging economies. Journal: Journal of Sustainable Finance & Investment Pages: 1-12 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1944750 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1944750 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:1-12 Template-Type: ReDIF-Article 1.0 Author-Name: Nohade Nasrallah Author-X-Name-First: Nohade Author-X-Name-Last: Nasrallah Author-Name: R. El Khoury Author-X-Name-First: R. Author-X-Name-Last: El Khoury Title: Is corporate governance a good predictor of SMEs financial performance? Evidence from developing countries (the case of Lebanon) Abstract: This paper aims to empirically examine the link between corporate governance and the financial performance of small and medium enterprises (SMEs) in Lebanon. To this end, we use a questionnaire and collect data from a sample of 150 non-listed companies. The Bundles approach following R. Aguilera et al. (2008). ‘An Organizational Approach to Comparative Corporate Governance: Costs, Contingencies, and Complementarities.’ Organization Science 19: 475–492.) is used to construct a corporate governance score based on three main components. By applying 2SLS regression to control for endogeneity and a quantile regression, we study the impact of corporate governance (CG) score and each of its components on the financial performance (FP) measured by return on assets (ROA) and return on investment (ROI) while controlling for SMEs age, size, and industry. The study indicates positive interdependency between CG and FP. Effective CG results in increased FP and better performing companies tend to improve their CG). Interestingly, our results show that this relationship depends on the level of SMEs FP These findings provide managers with useful insights and serve as an underpinning for more regulatory efforts aimed at strengthening the CG of SMEs in Lebanon. Journal: Journal of Sustainable Finance & Investment Pages: 13-43 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1874213 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1874213 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:13-43 Template-Type: ReDIF-Article 1.0 Author-Name: Folorunsho M. Ajide Author-X-Name-First: Folorunsho M. Author-X-Name-Last: Ajide Title: Entrepreneurship and productivity in Africa: the role of institutions Abstract: Through an empirical analysis of selected African countries for a period of 2006–2017, this paper explores three hypotheses suggesting that African entrepreneurship does not promote productivity except there are conducive institutional environments. The study applies panel data estimation techniques on data obtained from seventeen countries in Africa. The results obtained are summarized as follows: (1) African entrepreneurship does not promote productivity. (2) We do not confirm any significant U-shaped relationship between entrepreneurship and productivity in Africa. (3) African entrepreneurship promotes productivity via conducive institutional quality at a threshold value of 4.56 on a scale of 0 to 5 point. Among the institutional dimensions, government effectiveness, regulatory quality, rule of law, and control of corruption respectively turn to be more relevant in the selected countries. The study concludes that strong institutional quality would help in promoting total factor productivity in Africa. Journal: Journal of Sustainable Finance & Investment Pages: 147-168 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1939645 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1939645 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:147-168 Template-Type: ReDIF-Article 1.0 Author-Name: Rami Abu Wadi Author-X-Name-First: Rami Author-X-Name-Last: Abu Wadi Author-Name: Ala’ Bashayreh Author-X-Name-First: Ala’ Author-X-Name-Last: Bashayreh Author-Name: Lubna Khalaf Author-X-Name-First: Lubna Author-X-Name-Last: Khalaf Author-Name: Samer Abdelhadi Author-X-Name-First: Samer Author-X-Name-Last: Abdelhadi Title: Financial sustainability and outreach in microfinance institutions: evidence from MENA countries Abstract: Microfinance Institutions (MFIs) have a significant role in filling the gap between the formal financial institutions and the poor people. This study aims at estimating the interaction between outreach and financial sustainability in MENA countries. The study examines 82 MFIs for 2004–2018, ends up with 133 observations. A panel data technique is employed for model specification. Our findings confirm a trade-off between financial sustainability and outreach performance by MFIs in MENA countries, and we recommend that MFIs must take care of the management of financial ratios, such as ROA, ROE and OSS and performance, to achieve financial sustainability and outreach. Journal: Journal of Sustainable Finance & Investment Pages: 238-250 Issue: 1 Volume: 12 Year: 2022 Month: 01 X-DOI: 10.1080/20430795.2021.1964814 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1964814 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:1:p:238-250 Template-Type: ReDIF-Article 1.0 Author-Name: Kerstin Lopatta Author-X-Name-First: Kerstin Author-X-Name-Last: Lopatta Author-Name: Alexander Bassen Author-X-Name-First: Alexander Author-X-Name-Last: Bassen Author-Name: Thomas Kaspereit Author-X-Name-First: Thomas Author-X-Name-Last: Kaspereit Author-Name: Sebastian A. Tideman Author-X-Name-First: Sebastian A. Author-X-Name-Last: Tideman Author-Name: Daniel Buchholz Author-X-Name-First: Daniel Author-X-Name-Last: Buchholz Title: The effect of institutional dual holdings on CSR performance Abstract: This study sheds light on agency conflicts between creditors and shareholders and their effect on a firm's corporate social responsibility (CSR) performance. We find that the presence of institutional investors which simultaneously hold debt and equity claims in the same firm, so-called dual holders, leads to an increase in CSR performance by the firm that is dual-held (the dual holding firm). Using institutional mergers between separate lenders and equity holders as a natural experiment involving the shareholder-creditor conflict, we find that firms which exhibit dual ownership for the first time increase their CSR activities to a greater extent than a matched control group. In line with the previous literature, we interpret our findings as evidence that dual holders internalise agency conflicts. Thus, we find that a reduction in agency conflicts between creditors and shareholders, partly achieved by dual holders, positively affects the CSR activities of dual holdings. Journal: Journal of Sustainable Finance & Investment Pages: 431-450 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1776535 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1776535 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:431-450 Template-Type: ReDIF-Article 1.0 Author-Name: Christoph Nedopil Wang Author-X-Name-First: Christoph Author-X-Name-Last: Nedopil Wang Author-Name: Mathias Lund Larsen Author-X-Name-First: Mathias Author-X-Name-Last: Lund Larsen Author-Name: Y. Wang Author-X-Name-First: Y. Author-X-Name-Last: Wang Title: Addressing the missing linkage in sustainable finance: the ‘SDG Finance Taxonomy’ Abstract: Achieving the United Nation’s (UN) Sustainable Development Goals (SDGs) is said to require USD 5–7 trillion of investments in areas such as health, education, environmental protection, and infrastructure. While several frameworks exist to mobilize and to some extent report on sustainable finance, stakeholders have no agreement how to identify SDG-aligned projects and report on relevant impact indicators. Targeted at investors and governments to drive sustainable investment in China and across the globe, the UNDP SDG Finance Taxonomy launched in June 2020 provides a unified taxonomy of activities for sustainable finance that incorporates all 17 sustainable development goals (SDGs). In doing so, the taxonomy provides a clear pathway for identifying SDG-aligned projects for financing, reducing transaction costs, and is compatible with existing frameworks. Journal: Journal of Sustainable Finance & Investment Pages: 630-637 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1796101 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1796101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:630-637 Template-Type: ReDIF-Article 1.0 Author-Name: Cong Minh Huynh Author-X-Name-First: Cong Minh Author-X-Name-Last: Huynh Title: How does the impact of foreign direct investment on institutional quality depend on the underground economy? Abstract: This study sheds light on the impacts of FDI inflows and underground economy on institutional quality, as well as the moderating effect of underground economy on FDI – institutional quality nexus in 43 developing countries worldwide during 2002-2009. By using FGLS and SGMM for estimation, we find that FDI inflows have a positive impact on institutional quality, while underground economy and the interaction term between FDI and underground economy have negative impacts on institutional quality. Our results indicate that FDI inflows initially help improve institutional quality, but the presence of underground economy reduces this effect until the underground economy reaches a threshold, then above this threshold, the total impact of FDI on institutional quality turns negative. The findings imply that to foster the role of FDI in ameliorating institutional quality, governments in developing countries must control the underground economy at certain levels below the threshold.Highlights FDI inflows improve institutional quality in the host countries.The underground economy reduces institutional quality.The impact of FDI on institutional quality depends on the underground economy.There is a threshold of the underground economy. Below this threshold, FDI inflows enhance institutional quality; but FDI inflows jeopardize institutional quality when the underground economy is above this threshold. Journal: Journal of Sustainable Finance & Investment Pages: 554-569 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1788851 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1788851 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:554-569 Template-Type: ReDIF-Article 1.0 Author-Name: Rodrigo Zeidan Author-X-Name-First: Rodrigo Author-X-Name-Last: Zeidan Title: Obstacles to sustainable finance and the covid19 crisis Abstract: Rarely are the incentives of portfolio managers aligned with those of companies’ stakeholders. In this article, I use access to the founder of Wright Capital, a wealth management company that has U$600 million under management, to explore the dynamics of sustainable finance and impact investment amidst the covid19 crisis. Pointedly, Wright Capital is a consumer of financial products related to the sustainability domain. As such, it encounters many of the supply-side obstacles that have been observed by researchers; chiefly among it, few specialized funds, the prevalence of green washing, and difficulties in disentangling ESG scores from other companies’ characteristics (larger companies tend to provide more detailed information on their environmental and social initiatives). Journal: Journal of Sustainable Finance & Investment Pages: 525-528 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1783152 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1783152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:525-528 Template-Type: ReDIF-Article 1.0 Author-Name: Takashi Kanamura Author-X-Name-First: Takashi Author-X-Name-Last: Kanamura Title: A model of price correlations between clean energy indices and energy commodities Abstract: We propose a new supply and demand-based correlation model of clean energy indices and energy prices with the influence of energy on clean energy business including renewables. Empirical studies estimate the model parameters using the stock indices and energy prices including S&P Global Clean Energy Index (GCE), Wilderhill Clean Energy Index (ECO), S&P/TSX Renewable Energy and Clean Technology Index (TXCT), S&P 500, WTI crude oil prices, and Henry Hub (HH) natural gas prices. Results show the correlations between GCE or ECO and WTI crude oil or HH natural gas prices are positive and an increasing function of the corresponding energy prices. It seems reasonable because the values of renewable energy businesses, which sell electricity in the spot market, are enhanced by the increase in energy prices, considering that electricity spot prices increase in line with energy prices. In contrast, results show the correlations between S&P 500 and WTI or HH prices are still positive but a decreasing function of the energy prices. This sharp contrast may come from the fact that the S&P 500 listed companies’ businesses can be damaged by high energy prices while not applicable to GCE and ECO companies. Regarding TXCT, the correlations with WTI are positive and are a decreasing function of WTI while those with HH tend to be positive and are an increasing function of HH. It may suggest that TXCT is not fully functioning but still developing as a clean energy index, taking into account the results of GCE and ECO. Journal: Journal of Sustainable Finance & Investment Pages: 319-359 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1753434 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1753434 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:319-359 Template-Type: ReDIF-Article 1.0 Author-Name: Anatoly B. Schmidt Author-X-Name-First: Anatoly B. Author-X-Name-Last: Schmidt Title: Optimal ESG portfolios: an example for the Dow Jones Index Abstract: Mean variance portfolio theory is expanded to accommodate investors’ preferences for the portfolio ESG value (PESGV). Namely, PESGV is added to the minimizing objective function so that portfolio weights are simultaneously optimized in terms of returns, risk (volatility), and PESGV. PESGV is assumed proportional to the sum of portfolio constituents’ weighted ESG scores and is controlled by the ESG strength parameter γ. A new ESG portfolio performance measure, the ESG tilted Sharpe ratio, is introduced. Its maximum can be used for determining γ. A portfolio formed with 29 constituents of the Dow Jones Index in 2015–2019 is considered as an example. The MSCI ESG ratings are chosen for estimating PESGV. It is found that higher PESGVs yield more concentrated portfolios and lower Sharpe ratios. Partial correlations based portfolios are more diversified and have higher PESGVs than the Pearson’s correlations based portfolios. Journal: Journal of Sustainable Finance & Investment Pages: 529-535 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1783180 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1783180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:529-535 Template-Type: ReDIF-Article 1.0 Author-Name: David Talbot Author-X-Name-First: David Author-X-Name-Last: Talbot Author-Name: Eduardo Ordonez-Ponce Author-X-Name-First: Eduardo Author-X-Name-Last: Ordonez-Ponce Title: Canadian banks’ responses to COVID-19: a strategic positioning analysis Abstract: The Canadian banking system is among the best in the world. Amid the COVID-19 pandemic, the world is challenged and banks are expected to rescue society. Businesses are revising, repurposing, and reinventing their products and services to address people’s needs. In this context, this article seeks to understand how Canada’s banks are supporting their clients and communities, during the current health crisis. Content analysis was conducted to analyse Canada’s ten largest banks’ supporting actions towards the pandemic, leading to 125 documents and 19 different actions consulted. Based on the data, a combination of hierarchical clustering and multidimensional scaling was conducted. Following a CSR approach, three clusters of banks are identified: sweeping actions, cautious actions, and wait & see, highlighting that while most banks are doing little to help their stakeholders, three of them have a proactive and strong commitment to their clients and communities in these times of need. Journal: Journal of Sustainable Finance & Investment Pages: 423-430 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1771982 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1771982 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:423-430 Template-Type: ReDIF-Article 1.0 Author-Name: Çisem Bektur Author-X-Name-First: Çisem Author-X-Name-Last: Bektur Author-Name: Sabri Burak Arzova Author-X-Name-First: Sabri Burak Author-X-Name-Last: Arzova Title: The effect of women managers in the board of directors of companies on the integrated reporting: example of Istanbul Stock Exchange (ISE) Sustainability Index Abstract: Sustainability reporting is the counterpart of the concept of non-financial reporting and an important element of integrated reporting that includes financial and non-financial information (GRI). Integrated Reporting is described as a summary presentation of how an organization’s strategy, management, performance, and expectations will create value (IIRC). In integrated reporting, the information collected from different sources of institutions (finance, ecology, etc.) is established and evaluated, and uncertainties regarding the future activities of organizations are tried to be prevented and their sustainability is evaluated (Vaz et al. (2016)). This study works out the impact of gender diversity on companies’ boards of directors on the quality of Integrated Reporting and firm performance. 15 companies that have ESG scores between 2014 and 2019 from 56 companies included in the ISE Sustainability Index (XUSRD) as of 03.02.2020 have been examined and reported using the Panel Data Analysis method. The ISE Sustainability Index allows investors to easily distinguish companies that develop sustainability and corporate social responsibility principles and invest in these companies. It also allows companies to compare their corporate sustainability performance locally and globally. For this reason, this index, which aims to increase understanding, knowledge, and practices on sustainability among ISE companies, is very important and it has been observed that the relationship between women on board of directors, firm performance, and ESG is not analyzed adequately. Journal: Journal of Sustainable Finance & Investment Pages: 638-654 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1796417 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1796417 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:638-654 Template-Type: ReDIF-Article 1.0 Author-Name: Muhammad Safdar Sial Author-X-Name-First: Muhammad Safdar Author-X-Name-Last: Sial Author-Name: Jacob Cherian Author-X-Name-First: Jacob Author-X-Name-Last: Cherian Author-Name: Susana Álvarez-Otero Author-X-Name-First: Susana Author-X-Name-Last: Álvarez-Otero Author-Name: Ubaldo Comite Author-X-Name-First: Ubaldo Author-X-Name-Last: Comite Author-Name: Malik Shahzad Shabbir Author-X-Name-First: Malik Shahzad Author-X-Name-Last: Shabbir Author-Name: Stefan B. Gunnlaugsson Author-X-Name-First: Stefan B. Author-X-Name-Last: Gunnlaugsson Author-Name: Mosab Ismail Tabash Author-X-Name-First: Mosab Ismail Author-X-Name-Last: Tabash Title: RETRACTED ARTICLE: Nexus between sustainable economic growth and foreign private investment: evidence from emerging and developed economies Abstract: We, the Editors and Publisher of the Journal of Sustainable Finance and Investment, have retracted the following article: Nexus between sustainable economic growth and foreign private investment: evidence from emerging and developed economies, DOI: 10.1080/20430795.2021.1990834Subsequent to publication it has been determined that the article contains significant textual overlap with: Nexus between economic growth and foreign private investment: Evidence from Pakistan economy, DOI: 10.1080/23322039.2021.1956067which was not cited or otherwise acknowledged.When approached for an explanation the following authors reported that they contributed to the article at the revision stage and were unaware of the overlap with the previously published article: Muhammad Safdar Sial, Jacob Cherian, Susana Alvarez-Otero, Ubaldo Comite, Stefan Gunnlaugsson, and Mosab Tabash.We have been informed in our decision-making by our policy on publishing ethics and integrity and the COPE guidelines on retractions.The retracted article will remain online to maintain the scholarly record, but it will be digitally watermarked on each page as ‘Retracted’. Journal: Journal of Sustainable Finance & Investment Pages: I-XXI Issue: 2 Volume: 12 Year: 2022 Month: 04 X-DOI: 10.1080/20430795.2021.1990834 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1990834 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:I-XXI Template-Type: ReDIF-Article 1.0 Author-Name: Mercy T. Musakwa Author-X-Name-First: Mercy T. Author-X-Name-Last: Musakwa Author-Name: Nicholas M. Odhiambo Author-X-Name-First: Nicholas M. Author-X-Name-Last: Odhiambo Title: Remittance inflows and poverty Nexus in Botswana: a multivariate approach Abstract: This study investigates the causal relationship between remittances (remittance inflows) and poverty in Botswana. Time series data is utilised from 1980 to 2017. To improve the robustness of the results, two poverty proxies are used, namely: household consumption expenditure and infant mortality rate. The study employs autoregressive distributed lag approach (ARDL) to cointegration and the error correction model (ECM)-based causality test, the findings of the study reveal a short-run and long-run bidirectional causal relationship between poverty and remittances when household consumption expenditure is used as a proxy for poverty. However, when poverty is measured by infant mortality rate, a unidirectional causal relationship from poverty to remittances is confirmed both in the long run and the short run. Using the same poverty proxy, remittances were found to have an indirect causal effect on poverty through real gross domestic product per capita. The study concludes that remittances play an important role in driving poverty reduction in Botswana, irrespective of whether the level of poverty is measured by household consumption expenditure or by infant mortality rate. Journal: Journal of Sustainable Finance & Investment Pages: 475-489 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1777786 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1777786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:475-489 Template-Type: ReDIF-Article 1.0 Author-Name: Nadi Serhan Aydın Author-X-Name-First: Nadi Serhan Author-X-Name-Last: Aydın Author-Name: Martin Rainer Author-X-Name-First: Martin Author-X-Name-Last: Rainer Title: Asset-backed stable numéraire approach for sustainable valuation Abstract: Interest rates underpin almost every instrument/transaction in conventional financial markets. Valuation of the instruments in relation to interest rates remains meaningful only if cash can be attributed a worth of its own (which is generally assumed to accumulate over time). The relevant concepts such as the stochastic short rate and the conventional numéraire (i.e. the money market account) not only become restrictive when one attempts to build more realistic models in quantitative finance, but also – as we demonstrate in this work – their application has de-stabilizing effects on asset valuations. This paper presents a detailed critique of the conventional numéraire and proposes an asset-backed stable numéraire for sustainable valuation of assets and/or transactions. In particular, we demonstrate how some of the key benchmarks of a sustainable footprint may be used as a numéraire currency. We also unveil the implicit assumption underlying the common practice of straightforward factorization in conventional relative pricing to be false. Journal: Journal of Sustainable Finance & Investment Pages: 360-374 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1769983 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1769983 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:360-374 Template-Type: ReDIF-Article 1.0 Author-Name: Alberto Burchi Author-X-Name-First: Alberto Author-X-Name-Last: Burchi Author-Name: Bogdan Włodarczyk Author-X-Name-First: Bogdan Author-X-Name-Last: Włodarczyk Title: ‘Best in class' socially responsible investment. The actual performance evaluation between the US and Europe Abstract: This study investigates the realized performance of socially responsible investments (SRIs) in US and in European financial markets. We simulate a real investment strategy based on continuous portfolio optimization in the risk-return space. We assume the role of an investor who bases his or her choices on a ‘best in class' approach. We evaluate performance using the actual returns achieved by these strategies. Our results show that the socially responsible investor must pay a cost in terms of a lower investment-risk premium according to his or her appetite for risk and geographical area. In the US, SRI investments yield lower returns than non-SRI investments; in Europe, SRI investments yield lower returns and more volatility. Finally, SRIs have greater capacity to reduce risk in terms of both losses and recovery speed. Journal: Journal of Sustainable Finance & Investment Pages: 275-298 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1742012 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1742012 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:275-298 Template-Type: ReDIF-Article 1.0 Author-Name: Vishal Vyas Author-X-Name-First: Vishal Author-X-Name-Last: Vyas Author-Name: Kiran Mehta Author-X-Name-First: Kiran Author-X-Name-Last: Mehta Author-Name: Renuka Sharma Author-X-Name-First: Renuka Author-X-Name-Last: Sharma Title: Investigating socially responsible investing behaviour of Indian investors using structural equation modelling Abstract: The current study examines the relationship between non-economic goals and individual investors’ attributes. The individual investors’ characteristics include collectivism, environmental attitude, religiosity, materialism, risk tolerance and social investing efficacy. The study is conclusive, and the required data was collected using a structured questionnaire. The socially responsible investing behaviour of individuals is explored using second-order structural equation modelling and test of mediation. All the distinctive characteristics of individual investors have shown significant values in determining the individual's non-economic/socially responsible goals. However, the significant coefficients obtained for materialism and risk affinity have designated inverse relationships with non-economic goals. The study has implications for individual investors, fund managers and corporate too. The findings of the study support the socially responsible behaviour of individuals while taking investment decisions. Journal: Journal of Sustainable Finance & Investment Pages: 570-592 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1790958 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1790958 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:570-592 Template-Type: ReDIF-Article 1.0 Author-Name: Zachary Folger-Laronde Author-X-Name-First: Zachary Author-X-Name-Last: Folger-Laronde Author-Name: Sep Pashang Author-X-Name-First: Sep Author-X-Name-Last: Pashang Author-Name: Leah Feor Author-X-Name-First: Leah Author-X-Name-Last: Feor Author-Name: Amr ElAlfy Author-X-Name-First: Amr Author-X-Name-Last: ElAlfy Title: ESG ratings and financial performance of exchange-traded funds during the COVID-19 pandemic Abstract: With the advent of the COVID-19 pandemic, the world has experienced economic and social fragility, which calls for alternative approaches to navigate towards sustainable outcomes. While recent studies show that responsible investments (RI) are resilient during the economic downturn caused by crises such as COVID-19, there has been little exploration into exchange-traded funds (ETFs). Using ANOVA and multivariate regression models, we analyze the differences and relationship between the financial returns of ETFs and their Eco-fund ratings during the COVID-19 pandemic-related financial market crash. Our results indicate that higher levels of the sustainability performance of ETFs do not safeguard investments from financial losses during a severe market downturn. These results contribute to the research by exposing weaknesses of current sustainability scores and rating methods to provide an initial analysis of RI during the COVID-19 pandemic Journal: Journal of Sustainable Finance & Investment Pages: 490-496 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1782814 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1782814 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:490-496 Template-Type: ReDIF-Article 1.0 Author-Name: Camila Yamahaki Author-X-Name-First: Camila Author-X-Name-Last: Yamahaki Author-Name: Annelise Vendramini Felsberg Author-X-Name-First: Annelise Vendramini Author-X-Name-Last: Felsberg Author-Name: Alexandre C. Köberle Author-X-Name-First: Alexandre C. Author-X-Name-Last: Köberle Author-Name: Angelo Costa Gurgel Author-X-Name-First: Angelo Costa Author-X-Name-Last: Gurgel Author-Name: Janaína Stewart-Richardson Author-X-Name-First: Janaína Author-X-Name-Last: Stewart-Richardson Title: Structural and specific barriers to the development of a green bond market in Brazil Abstract: This paper investigates the factors that hinder the development of a green bond market in Brazil. Based on semi-structured interviews with representatives from the Brazilian capital markets, this study found that there are two sets of challenges. The first comprises structural barriers that curb the development of the local bond market and attraction of foreign investments, such as an unstable macroeconomic environment and inadequate legal protection for investors. The second comprises specific obstacles to the development of a green bond market, such as lower than expected risk-adjusted returns of low-carbon investments. We expect that the research findings will serve as a roadmap for policy-makers on which barriers must be tackled to develop a green bond market in Brazil, thus facilitating the transition to a low-carbon economy. Journal: Journal of Sustainable Finance & Investment Pages: 389-406 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1769985 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1769985 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:389-406 Template-Type: ReDIF-Article 1.0 Author-Name: Ridwan Ridwan Author-X-Name-First: Ridwan Author-X-Name-Last: Ridwan Author-Name: Arung Gihna Mayapada Author-X-Name-First: Arung Gihna Author-X-Name-Last: Mayapada Title: Does sharia governance influence corporate social responsibility disclosure in Indonesia Islamic banks? Abstract: Purpose: This study aims to investigate the effect of sharia governance to corporate social responsibility disclosure in Indonesia Islamic banks.Design/methodology/approach: The data in this study are taken from the annual reports of ten Islamic banks in Indonesia in the period 2011–2018. The data analysis method used in this study is multiple linear regression analysis.Findings: This study finds that the effectiveness of the board of directors plays a vital role in enforcing corporate social responsibility disclosure. Whereas, the audit committee and sharia supervisory board are found to have no significant effect on corporate social responsibility disclosure in Islamic banks.Research implications: Results of this study reveal that sharia supervisory board in Indonesia Islamic banks only still focuses on the compliance of Islamic banks with the sharia principles regarding the products and operations.Originality/value: The novelty of this study lies in highlighting the effect of sharia supervisory board as a unique characteristic of sharia governance. Journal: Journal of Sustainable Finance & Investment Pages: 299-318 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1749819 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1749819 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:299-318 Template-Type: ReDIF-Article 1.0 Author-Name: Matheus Koengkan Author-X-Name-First: Matheus Author-X-Name-Last: Koengkan Title: Capital stock development in Latin America and the Caribbean region and their effect on investment expansion in renewable energy Abstract: The effect of capital stock development that is composed of public, private and public–private partnership capital stock on the installed capacity of renewable energy that is a proxy of renewable energy investment is investigated. Data for 18 countries from Latin America and the Caribbean region in the period between 1990 and –2016 and the Quantile via Moments methodology approach are used. The estimated model indicates that the public and public–private partnership capital stock have a positive effect on the installed capacity of renewable energy, while the private capital stock does not cause any effect on the dependent variable. The positive effect of public and public–private partnership capital stock on the installed capacity of renewable energy is due to the high investment and maintenance costs, complex construction issues and economic returns that are not always high in the renewable energy projects. Indeed, during the initial process of development of these projects, the initial access to capital can be very difficult, and the investment of this kind of energy is often supported by public and public–private partnership capital which are most cheaper if compared with support of private capital only. Moreover, the non-impact of private capital stock is related to the high investment and maintenance costs of renewable energy projects as well the low private capital supply that consequently increases the financing costs that discourages the private participation on investment in renewable energy technologies. Journal: Journal of Sustainable Finance & Investment Pages: 612-629 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1796100 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1796100 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:612-629 Template-Type: ReDIF-Article 1.0 Author-Name: Drew Riedl Author-X-Name-First: Drew Author-X-Name-Last: Riedl Title: Why market actors fuel the carbon bubble. The agency, governance, and incentive problems that distort corporate climate risk management Abstract: Similar to the housing bubble, a carbon bubble is being fueled by misaligned corporate governance structures and market incentives that distort capital allocation. Science indicates that a rapid energy transition is needed. However, oil and gas reserves already vastly exceed what can be consumed and continue to increase. A significant portion of fossil fuel assets will eventually become ‘stranded’ – prematurely obsolete over their expected lives. This article examines the various market actors and motivations that are distorting corporate and financial climate risk management. Incentives and structural impediments among key market participants such as short-termism/myopia, long-term arbitrage costs, agency costs / career self-interest, and analytical and cognitive limitations (e.g. bounded rationality), exacerbate the problem. Recognition of these motivations is a ‘heads up’ for shareholders, investors and others to better manage risk. Journal: Journal of Sustainable Finance & Investment Pages: 407-422 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1769986 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1769986 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:407-422 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Statement of Retraction: Nexus between sustainable economic growth and foreign private investment: evidence from emerging and developed economies Journal: Journal of Sustainable Finance & Investment Pages: 669-669 Issue: 2 Volume: 12 Year: 2022 Month: 04 X-DOI: 10.1080/20430795.2022.2050620 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2050620 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:669-669 Template-Type: ReDIF-Article 1.0 Author-Name: Ainan Memon Author-X-Name-First: Ainan Author-X-Name-Last: Memon Author-Name: Waqar Akram Author-X-Name-First: Waqar Author-X-Name-Last: Akram Author-Name: Ghulam Abbas Author-X-Name-First: Ghulam Author-X-Name-Last: Abbas Title: Women participation in achieving sustainability of microfinance institutions (MFIs) Abstract: This paper identifies the impact of different roles of female participation (i.e. female borrower, board member, manager, and loan officer) in achieving financial sustainability and outreach of MFIs. We used global panel data from 1999 to 2017 and employed panel-ordinary least square (OLS), fixed-effect model. Moreover, we employed Two-Stage Least Square (2SLS) to resolve the endogeneity problem. We found that female as a borrower, board member and manager has a significant favorable influence on outreach except for female loan officer. However, these have significant negative impact on financial sustainability except female manager. The estimates also indicate that female participation has more impact on outreach than financial sustainability. Our study have implications for devising target market strategy, recruitment, and leadership style strategy for the microfinance sector to achieve poverty reduction, gender equality, and women empowerment. Journal: Journal of Sustainable Finance & Investment Pages: 593-611 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1790959 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1790959 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:593-611 Template-Type: ReDIF-Article 1.0 Author-Name: Paola D'Orazio Author-X-Name-First: Paola Author-X-Name-Last: D'Orazio Author-Name: Philipp Löwenstein Author-X-Name-First: Philipp Author-X-Name-Last: Löwenstein Title: Mobilising investments in renewable energy in Germany: which role for public investment banks? Abstract: Although renewable energy investments are not characterized by climate change mitigation as their primary objective, they still target activities that are related to the reduction of GHG emissions and are thus crucial for the transition to a low-carbon economy. The paper offers an analysis of the peculiarity of the German public finance framework aimed at renewable energy financing. On the one hand, it quantifies the amount of public financial capital, and types of financial instruments, devoted to renewable energy starting from 2010. On the other hand, it finds a strong relationship between public funding and the mobilization of private renewable energy investments. Our results point out that, despite the rapid growth of renewable energy investments in the past decades and the progressive reduction of GHG emissions, the country is facing difficulties in meeting the desired targets. Journal: Journal of Sustainable Finance & Investment Pages: 451-474 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1777062 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1777062 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:451-474 Template-Type: ReDIF-Article 1.0 Author-Name: Toan Luu Duc Huynh Author-X-Name-First: Toan Luu Duc Author-X-Name-Last: Huynh Title: When ‘green’ challenges ‘prime’: empirical evidence from government bond markets Abstract: We examined co-movement between green bonds and triple-A government bonds during December 2008–November 2019. We determined that two markets followed the heavy tail dependence using Student’s t-copulas. Using transfer entropy, further evidence was obtained for the causal relationship between the two markets, which was described by three categories such as ‘no effect,’ ‘mono-direction,' and ‘bi-direction'; this relationship indicated the sender and the receiver of return shocks on these markets. Our results highlight the presence of contagion risk between green bonds and prime government bonds, which has practical implications for risk management. Journal: Journal of Sustainable Finance & Investment Pages: 375-388 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1769984 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1769984 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:375-388 Template-Type: ReDIF-Article 1.0 Author-Name: Richard P. Gregory Author-X-Name-First: Richard P. Author-X-Name-Last: Gregory Title: Social capital and capital structure Abstract: The nature of how capital structure can affect firm value is often investigated in the discipline of financial economics. Less investigated is how the nature of the type of assets can affect the choice of capital structure! I demonstrate that in the context of a Modigliani-Miller-type model that a firm financing social capital and physical capital will favor equity financing over debt financing without bankruptcy. With bankruptcy, debt financing will be used, but equity financing will be favored by firms that use large amounts of social capital, as it will increase their value. This demonstrates that social capital alters the financing relationship and helps to explain the preference of firms for equity financing. Journal: Journal of Sustainable Finance & Investment Pages: 655-668 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1796418 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1796418 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:655-668 Template-Type: ReDIF-Article 1.0 Author-Name: Berthold M. Kuhn Author-X-Name-First: Berthold M. Author-X-Name-Last: Kuhn Title: Sustainable finance in Germany: mapping discourses, stakeholders, and policy initiatives Abstract: The topic of sustainable finance is of growing interest for political scientists as we witness a series of new policy initiatives, regulations, and campaigns at global, supranational, and national levels. This paper aims to contribute to a better understanding of discourses and initiatives related to the promotion of sustainable finance in Germany. It sheds light on the role and actions of different stakeholders in this field, including government-led policy initiatives, the banking and insurance sector, as well as nonprofit organisations and their networks. Interviews were carried out with three mainstream banks and one asset management group on how they are responding to this new trend in finance. For a long time, Germany has not been a frontrunner in sustainable finance but latest figures show a strong upward trend. This paper argues that many initiatives from different types of stakeholders, including civil society organisations, have contributed to broadening debates and deepening discourses and, thus, have promoted the mainstreaming of sustainable finance in Germany. Initiatives at the global level and at the level of the European Union, especially the EU Action Plan on Sustainable Finance, resonate well in Germany. Journal: Journal of Sustainable Finance & Investment Pages: 497-524 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1783151 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1783151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:497-524 Template-Type: ReDIF-Article 1.0 Author-Name: Andrey S. Nechaev Author-X-Name-First: Andrey S. Author-X-Name-Last: Nechaev Author-Name: Sergey V. Zakharov Author-X-Name-First: Sergey V. Author-X-Name-Last: Zakharov Author-Name: Yuliya N. Barykina Author-X-Name-First: Yuliya N. Author-X-Name-Last: Barykina Author-Name: Marina V. Vel'm Author-X-Name-First: Marina V. Author-X-Name-Last: Vel'm Author-Name: Olga N. Kuznetsova Author-X-Name-First: Olga N. Author-X-Name-Last: Kuznetsova Title: Forming methodologies to improving the efficiency of innovative companies based on leasing tools Abstract: This study is relevant since the formation of methodologies to improve the efficiency of innovative leasing-based companies is vital since the leasing form of financing are significant in updating the fixed assets of small and medium enterprises. The aim is to create an original leasing tool to improve the efficiency of innovative companies. The study uses comparative analysis, economic and mathematical modeling of synthesis, and graphical methods of data processing. Methodology to use leasing tools to improve the efficiency of innovative enterprises are presented. The result is the method of calculating lease payments for operating leasing regarding both the method of calculating depreciation based on the sum of years and the amounts of insurance payments for financial and property insurance. This method allows those who uses operational leasing to vary the indicators that form the lease payment through a variable coefficient of the depreciable part of the leasing property. Journal: Journal of Sustainable Finance & Investment Pages: 536-553 Issue: 2 Volume: 12 Year: 2022 Month: 4 X-DOI: 10.1080/20430795.2020.1784681 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1784681 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:2:p:536-553 Template-Type: ReDIF-Article 1.0 Author-Name: Mirwais Parsa Author-X-Name-First: Mirwais Author-X-Name-Last: Parsa Title: Efficiency and stability of Islamic vs. conventional banking models: a meta frontier analysis Abstract: This paper aims to compare the efficiency, technological gap, and stability of Islamic and conventional banks in the GCC region. We estimate group-specific cost frontiers for each banking type, and a Meta cost frontier for all banks to draw insights on the technological heterogeneity between the GCC Islamic and conventional banks. In the second stage analysis, we use the Generalized Method of Moments (GMM) to highlight the major determinants of bank efficiency in GCC countries. We also investigate the differences, if any, in the stability of Islamic and conventional banks against the 2007–08 global financial crisis. A panel dataset of 72 banks over the period 2005–2011 that covers the crucial period of the global financial crisis is used for the analysis. The results show that there is no statistically significant difference in mean efficiency between Islamic and conventional banks when efficiency is measured relative to the group frontier. But, Meta Frontier Analysis that accounts for the differences in the modalities of the two banking systems reveals that Islamic banking technology is not at par with the industry’s standard. The decomposition of the efficiency scores indicates that the pure technical efficiency of Islamic banks is significantly higher than that of conventional banks, but Islamic banks are posed to higher dis-economies of scale. The analysis further reveals that the 2007–08 financial turmoil has moderately affected the GCC banking sector; we found no evidence of statistically significant differences in the resilience levels of Islamic and conventional banks against the financial crises. Journal: Journal of Sustainable Finance & Investment Pages: 849-869 Issue: 3 Volume: 12 Year: 2022 Month: 7 X-DOI: 10.1080/20430795.2020.1803665 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1803665 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:849-869 Template-Type: ReDIF-Article 1.0 Author-Name: Henry Asante Antwi Author-X-Name-First: Henry Author-X-Name-Last: Asante Antwi Title: Mitigating the destructive outcome of negative environmental stock market behaviours on environmental health security in China Abstract: Environmental health security as a developmental goal is directly linked to environmental quality across the globe. China believes that maintaining an attractive, stable and profitable environmental stock market can provide the needed private sector support for national environmental protection initiatives. However, the environmental stock market in China is unstable relative to others, and highly susceptible to frequent and contemporaneous mass movement of investors to perceived safer stocks. This study analysed the degree to which environmental stock investors move away in herds in response to sporadic shocks on the Chinese stock market. Four robust econometric models are used analysed environmental stocks classified as the KGRM MSCI China IMI Environment 10/40 Index. The study shows endemic presence of herding behaviour among investors based on the results of three of the models. If this condition continues, it will negatively affect capital flow for environmental protection and affect environmental health security in China. Journal: Journal of Sustainable Finance & Investment Pages: 870-885 Issue: 3 Volume: 12 Year: 2022 Month: 7 X-DOI: 10.1080/20430795.2020.1809291 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1809291 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:870-885 Template-Type: ReDIF-Article 1.0 Author-Name: Ben Caldecott Author-X-Name-First: Ben Author-X-Name-Last: Caldecott Title: Post Covid-19 stimulus and bailouts need to be compatible with the Paris Agreement Abstract: Covid-19 recovery efforts via public and private finance should not support assets and companies that are incompatible with the Paris Agreement. Yet even before the current crisis, there was a lack of agreement about what investor portfolio or bank loan book alignment with climate change outcomes actually means, and what assets are (in)compatible with different carbon budgets and global warming thresholds. We need to clarify this urgently and embed it within decision-making frameworks. Assessing (in)compatibility with a warming threshold should take account of carbon lock-in. We also need to develop appropriate confidence levels for measuring (in)compatibility. The state of (in)compatibility changes under different circumstances and targets for alignment should be set in a way that explicitly acknowledges these uncertainties. A portfolio with a lower confidence level would be less desirable than one with the same level of alignment and a higher level of confidence. Journal: Journal of Sustainable Finance & Investment Pages: 886-893 Issue: 3 Volume: 12 Year: 2022 Month: 7 X-DOI: 10.1080/20430795.2020.1809292 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1809292 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:886-893 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Syafiq Abdullah Author-X-Name-First: Mohammad Syafiq Author-X-Name-Last: Abdullah Author-Name: J. S. Keshminder Author-X-Name-First: J. S. Author-X-Name-Last: Keshminder Title: What drives green sukuk? A leader’s perspective Abstract: The growing level of interest towards climate change adaptation and mitigation calls for sovereign and corporate entities to integrate green sukuk into their green initiatives while concurrently meeting the demands of Islamic finance players. However, the current performance shown by the global green sukuk market does not meet the expectation, whereas the limited amount of studies providing clear evidence on the actual drivers impacting green sukuk issuance is an obstacle. Therefore, this study aimed to explore the drivers influencing green sukuk issuance and identify the mechanisms underlying each of these drivers in order to propose strategic actions geared for the policymakers to drive its presence. This was achieved through a qualitative case study conducted with the participation of green sukuk issuers in Malaysia. As a result, it was revealed that competitiveness, legitimation and ecological responsibility influenced the issuance of green sukuk. Hence, the findings may inspire the policymakers towards utilising the roles of green sukuk drivers and positioning a comprehensive attempt in boosting its presence. This can be potentially achieved by an increased amount of favourable legislative measures and applicable promotion and education strategies of the green agenda for a strengthened green sukuk market. Journal: Journal of Sustainable Finance & Investment Pages: 985-1005 Issue: 3 Volume: 12 Year: 2022 Month: 7 X-DOI: 10.1080/20430795.2020.1821339 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1821339 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:985-1005 Template-Type: ReDIF-Article 1.0 Author-Name: Lawrence Martin Mankata Author-X-Name-First: Lawrence Martin Author-X-Name-Last: Mankata Author-Name: De-Graft Owusu-Manu Author-X-Name-First: De-Graft Author-X-Name-Last: Owusu-Manu Author-Name: M. Reza Hosseini Author-X-Name-First: M. Reza Author-X-Name-Last: Hosseini Author-Name: David John Edwards Author-X-Name-First: David John Author-X-Name-Last: Edwards Title: Analysis of success-dependent factors for green bond financing of infrastructure projects in Ghana Abstract: Globally, green bonds have experienced a fair share of handicaps within the countries of issuance. In lieu of Ghana announcing the possibility of its first green bonds, it is crucial that lessons are taken from the past developments to reinforce the prospects of a salutary rollout. This paper explores factors recommended as success dependent in the Ghanaian markets. A quantitative approach is employed. Twelve factors are extracted from a review of the available literature and converted into a questionnaire targeted at professionals in financial institutions. This included managers and financial analysts, as well as top management personnel. In total, 54 questionnaires were distributed. A total of 32 responses were received, proportional to a response rate of 60.37% and was analyzed with relative importance index and one-sample t-test. The results indicate that ‘Good Credit Ratings, Provision of Local Guidelines, Proper Green Qualifications Criteria, and Prioritizing Viable Projects’ are highest ranked factors. It is important that these are incorporated in the framework to be designed for the rollout of green bonds in the Ghana. Considerations should also be made with respect to the culture and state of the financial markets in the country while bringing out the appropriate structure to facilitate the issuances. Journal: Journal of Sustainable Finance & Investment Pages: 832-848 Issue: 3 Volume: 12 Year: 2022 Month: 7 X-DOI: 10.1080/20430795.2020.1803640 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1803640 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:832-848 Template-Type: ReDIF-Article 1.0 Author-Name: Aditya Pratama Nandiwardhana Author-X-Name-First: Aditya Pratama Author-X-Name-Last: Nandiwardhana Author-Name: Dan Cudjoe Author-X-Name-First: Dan Author-X-Name-Last: Cudjoe Author-Name: Dudi Permana Author-X-Name-First: Dudi Author-X-Name-Last: Permana Title: A sustainable development assessment of Indonesia’s state banks financing for the industrial and non-industrial sector Abstract: Global warming has adversely affected the environment and other living aspects. In addition to being a result of increased industrial and non-industrial sector activity, state bank financing aimed at both sectors can provide positive contributions to sustainable development index while also providing a negative impact. This paper results revealed that although state bank financing provides a proportion of approximately 15% and 5% for all sectors with no long-term relationship, results from IRF formative analysis can discover which sector financing still lacks sustainable development behavior. Furthermore, IRF reflective analysis in this study completes the explanation that the index can reveal financing that is ready to support sustainable development. Finally, this research findings show that sustainable development policies and regulations are not the sole determinants to implement sustainable strategy initiatives. However, access to institutional financing, sufficient short-term financing, and technology availability will encourage Indonesia’s sustainable development financing strategy. Journal: Journal of Sustainable Finance & Investment Pages: 894-911 Issue: 3 Volume: 12 Year: 2022 Month: 7 X-DOI: 10.1080/20430795.2020.1809964 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1809964 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:894-911 Template-Type: ReDIF-Article 1.0 Author-Name: Carolina Robino Author-X-Name-First: Carolina Author-X-Name-Last: Robino Author-Name: Edward T. Jackson Author-X-Name-First: Edward T. Author-X-Name-Last: Jackson Title: Editorial: growing gender lens investing in emerging markets Abstract: The rapid scaling up of all forms of sustainable finance has become a priority of the international community. This task is especially crucial for gender lens investing (GLI), whose growth in low- and middle-income countries—though dynamic, innovative, and gaining momentum—remains too slow, fragmented, and Northern-driven, not only in terms of the origin of capital but also in its design and implementation. This special issue of multidisciplinary papers contributes to pushing the frontiers of GLI growth forward in five areas: the role and scope of GLI; the importance of the care economy; GLI implementation strategies; Southern-led, women-led capital mobilization; and the interactions of gender and performance in investee firms. Driven by reciprocal scholar-practitioner partnerships, future research on the growth of gender lens investing in emerging markets should be Southern directed, methodologically plural, anchored in open data, and actionable in real time. Journal: Journal of Sustainable Finance & Investment Pages: 671-683 Issue: 3 Volume: 12 Year: 2022 Month: 07 X-DOI: 10.1080/20430795.2022.2070121 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2070121 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:671-683 Template-Type: ReDIF-Article 1.0 Author-Name: Sarwar Uddin Ahmed Author-X-Name-First: Sarwar Uddin Author-X-Name-Last: Ahmed Author-Name: Samiul Parvez Ahmed Author-X-Name-First: Samiul Parvez Author-X-Name-Last: Ahmed Author-Name: Uttam Karmaker Author-X-Name-First: Uttam Author-X-Name-Last: Karmaker Author-Name: Rooslan Mizan Author-X-Name-First: Rooslan Author-X-Name-Last: Mizan Title: Institutional investment and corporate social performance: aggregated time-Series evidence from an emerging economy Abstract: In this study, we examined the hypothesis that higher corporate social performance results in higher institutional investment for firms in emerging economies like Bangladesh. Aggregated data of eight years with three-point data were examined by using time-series regression analysis, supplemented by data validity and robustness check, to verify the relationship. We find a positive, insignificant but gradually improving relationship between institutional investment and corporate social performance. Our findings concluded that policy-led measures might better work for emerging economies in ensuring social responsibility initiatives. Journal: Journal of Sustainable Finance & Investment Pages: 958-984 Issue: 3 Volume: 12 Year: 2022 Month: 7 X-DOI: 10.1080/20430795.2020.1815509 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1815509 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:958-984 Template-Type: ReDIF-Article 1.0 Author-Name: Ruta Aidis Author-X-Name-First: Ruta Author-X-Name-Last: Aidis Author-Name: Sarah Eissler Author-X-Name-First: Sarah Author-X-Name-Last: Eissler Author-Name: Nicole Etchart Author-X-Name-First: Nicole Author-X-Name-Last: Etchart Author-Name: Renata Truzzi de Souza Author-X-Name-First: Renata Author-X-Name-Last: Truzzi de Souza Title: Taking small steps together: incorporating a gender lens approach for small and growing businesses - a case study Abstract: Through laws and everyday practices, formal and informal institutions exert gendered effects that increase inequalities between women and men. Impact investing firms can act as catalysts for shifting informal norms and customs that negatively affect women as entrepreneurs, employees, and suppliers. Gender lens investing (GLI) plays a critical role in guiding investments with the objective of women's empowerment and more equitable workplaces and communities. Although various GLI metrics and screening tools exist, little research has examined how small impact investment firms can increase gender inclusive policies and practices in existing portfolios of social enterprises led by mixed gender founding teams. This paper presents a case study that chronicles the initial steps taken by NESsT, a small impact investing firm, in piloting gender inclusive policies and practices in its portfolio companies and internal operations. We discuss the pilot results, findings, key takeaways, and recommendations for integrating GLI into investment portfolios. Journal: Journal of Sustainable Finance & Investment Pages: 724-751 Issue: 3 Volume: 12 Year: 2022 Month: 07 X-DOI: 10.1080/20430795.2021.2012116 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2012116 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:724-751 Template-Type: ReDIF-Article 1.0 Author-Name: Rebekah Avard Author-X-Name-First: Rebekah Author-X-Name-Last: Avard Author-Name: Moses Mukuru Author-X-Name-First: Moses Author-X-Name-Last: Mukuru Author-Name: M. J. Liesner Author-X-Name-First: M. J. Author-X-Name-Last: Liesner Title: Measuring the women’s economic empowerment generated by impact investing; testing the QuIP method on an investment in Uganda’s cotton sector Abstract: Impact investors and development finance institutions are starting to proactively examine gendered impacts to ensure their investments progress the opportunities available to women instead of reproducing existing inequalities. In October 2020, we trialled the use of the Qualitative Impact Protocol (QuIP) method to measure empowerment changes created by an investment into a cotton company in Uganda. The QuIP method is a qualitative approach to impact evaluation which assesses whether an investment, is achieving its intended impact. We found that the method worked with the impact investing operating model, required minimal input from the investee company, reduced response bias, and addressed contribution without the need for a baseline. The trial generated lessons on investee selection, geographical scope and blindfolding which can improve the use of this method for impact investing. This trial has confirmed the value of a method that other investors can now consider when measuring the gendered impact of their work. Journal: Journal of Sustainable Finance & Investment Pages: 752-762 Issue: 3 Volume: 12 Year: 2022 Month: 07 X-DOI: 10.1080/20430795.2021.2012115 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2012115 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:752-762 Template-Type: ReDIF-Article 1.0 Author-Name: Ivan Faiella Author-X-Name-First: Ivan Author-X-Name-Last: Faiella Author-Name: Luciano Lavecchia Author-X-Name-First: Luciano Author-X-Name-Last: Lavecchia Title: The carbon content of Italian loans Abstract: There is a growing emphasis on the possibility that climate-related financial risks – such as an abrupt transition to a low-carbon economy – might increase the financial vulnerability of borrowers with consequences for lenders and, eventually, on the financial system as a whole. This article presents a first insight on the carbon content of business loans in Italy, comparing three methods of identifying the most exposed sectors. According to our estimates, the exposure of the Italian financial system in 2018 ranged between 8 and 10.2 per cent of banks’ total assets. This information is the starting point from which to evaluate, within a climate-scenario framework, how different climate policies could influence the stability of the banking sector. Journal: Journal of Sustainable Finance & Investment Pages: 939-957 Issue: 3 Volume: 12 Year: 2022 Month: 7 X-DOI: 10.1080/20430795.2020.1814076 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1814076 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:939-957 Template-Type: ReDIF-Article 1.0 Author-Name: Valentina Marquez-Cardenas Author-X-Name-First: Valentina Author-X-Name-Last: Marquez-Cardenas Author-Name: Juan David Gonzalez-Ruiz Author-X-Name-First: Juan David Author-X-Name-Last: Gonzalez-Ruiz Author-Name: Eduardo Duque-Grisales Author-X-Name-First: Eduardo Author-X-Name-Last: Duque-Grisales Title: Board gender diversity and firm performance: evidence from Latin America Abstract: This study aims at analysing the relationship between board gender diversity (BGD) and financial performance for firms with headquarters based in Latin America (LatAm). Using panel data from 243 listed firms during the period 2012–2018, we find that BGD in LatAm does not lead to any change in firm performance, mainly because the underrepresentation of women on boards in the region compared to their male counterparts. As a result, the ability to improve the firms’ reputation and the relationships with stakeholders as well as the capability to better monitor performance and bring new ideas by female board members are then unavailable to enhance the firms’ performance. The paper also analyses the moderating effect of board independence on the relationship between BGD and firm performance. These study’s findings may be used for providing a roadmap that researchers and investorss can use to improve their understanding of BGD. Journal: Journal of Sustainable Finance & Investment Pages: 785-808 Issue: 3 Volume: 12 Year: 2022 Month: 07 X-DOI: 10.1080/20430795.2021.2017256 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2017256 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:785-808 Template-Type: ReDIF-Article 1.0 Author-Name: The Editors Title: Correction Journal: Journal of Sustainable Finance & Investment Pages: 1006-1007 Issue: 3 Volume: 12 Year: 2022 Month: 7 X-DOI: 10.1080/20430795.2019.1612654 File-URL: http://hdl.handle.net/10.1080/20430795.2019.1612654 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:1006-1007 Template-Type: ReDIF-Article 1.0 Author-Name: Ben Caldecott Author-X-Name-First: Ben Author-X-Name-Last: Caldecott Title: Defining transition finance and embedding it in the post-Covid-19 recovery Abstract: While Transition Finance is increasingly entering the sustainable finance discourse, particularly among practitioners, it is often poorly defined, and there is currently no agreed definition in the literature. I propose a definition for Transition Finance and outline some of the potential benefits associated with the use of this definition. I also argue that Covid-19 related stimulus and bailouts, with the attendant increase in government backed financing facilities for counterparties, could ensure Transition Finance is embedded into the design of these financing facilities. Doing so would accelerate the wider adoption and mainstreaming of Transition Finance. Journal: Journal of Sustainable Finance & Investment Pages: 934-938 Issue: 3 Volume: 12 Year: 2022 Month: 7 X-DOI: 10.1080/20430795.2020.1813478 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1813478 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:934-938 Template-Type: ReDIF-Article 1.0 Author-Name: Jessica Espinoza Trujano Author-X-Name-First: Jessica Author-X-Name-Last: Espinoza Trujano Author-Name: Anne-Marie Lévesque Author-X-Name-First: Anne-Marie Author-X-Name-Last: Lévesque Title: Development finance institutions and the care economy: opportunities for building more resilient and gender-equitable economies Abstract: Development finance institutions (DFIs) play a major role in mobilizing private sector investments in developing countries. While there has recently been an increasing interest among DFIs in gender-lens investing, these efforts have been somewhat blind to the question of women’s unpaid work and have not yet led to a stronger investment focus on the care economy. Adopting what has been defined by other feminist scholars as a transformative approach to care, this article analyses the potential transformative effects of private sector investments in the care economy by DFIs to help build more resilient and gender-equitable economies following the global COVID-19 pandemic. The authors find there is significant potential for DFIs to approach investments with a more strategic gender- and care-lens and contribute to the recognition, reduction, redistribution, reward, and representation of care work, in line with their objective to promote sustainable socioeconomic development in developing countries. Journal: Journal of Sustainable Finance & Investment Pages: 704-723 Issue: 3 Volume: 12 Year: 2022 Month: 07 X-DOI: 10.1080/20430795.2022.2030662 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2030662 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:704-723 Template-Type: ReDIF-Article 1.0 Author-Name: Francoise Contreras Author-X-Name-First: Francoise Author-X-Name-Last: Contreras Author-Name: Karla Soria-Barreto Author-X-Name-First: Karla Author-X-Name-Last: Soria-Barreto Author-Name: Sergio Zuniga-Jara Author-X-Name-First: Sergio Author-X-Name-Last: Zuniga-Jara Title: Managerial support and innovative work behaviour in B corps: Examining the effect of female employee work engagement and corporate reputation Abstract: B Corps aim to produce a positive impact on society and the environment while developing the organizational goals through a sustainable agenda. For this purpose, B Corps need innovative employees that contribute to increase their competitiveness, making them more attractive to investors. Based on the social exchange theory, this research proposes a model of innovative work behaviour in women that work in Latin America B Corps, hypothesizing that this behaviour can be influenced by managerial support. Likewise, the mediating role of employees’ work engagement in this relationship is analysed. Besides, the moderator role of reputation was explored. The sample consisted of 242 female employees from 16 B Corps located in Latin America. The results show that managerial support has effects on innovative work behaviour, both direct and through employees’ work engagement. The organizational reputation of the B Corps has demonstrated being a valid moderator of this relationship. Journal: Journal of Sustainable Finance & Investment Pages: 809-831 Issue: 3 Volume: 12 Year: 2022 Month: 07 X-DOI: 10.1080/20430795.2021.2017255 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2017255 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:809-831 Template-Type: ReDIF-Article 1.0 Author-Name: Tia Subramanian Author-X-Name-First: Tia Author-X-Name-Last: Subramanian Author-Name: Arianna Muirow Author-X-Name-First: Arianna Author-X-Name-Last: Muirow Author-Name: Joy Anderson Author-X-Name-First: Joy Author-X-Name-Last: Anderson Title: Evolving the gender analysis in gender lens investing: moving from counting women to valuing gendered experience Abstract: We examine the quality of the gender lens investing field’s underlying gender analysis to assess how a field built to redress marginalization analyzes that marginalization. In examining the evolution of gender and queer theory, we question the validity of the dominant definition of gender used in investing. Since its institutionalization, gender studies has evolved on the grounds that gender experience is dynamic and must be understood through diverse lived experiences. Drawing on current theory in gender and queer studies from across the Global North and South, we find that a comprehensive understanding of gender encompasses gender identity and sexuality as well as social, economic, and geopolitical considerations. We find a significant gap between gender lens investing's primary modes of analysis and lessons from scholars. Acknowledging the challenge of translating theory into financial practice, we suggest steps towards an investment practice that better mirrors how gender operates in the world. Journal: Journal of Sustainable Finance & Investment Pages: 684-703 Issue: 3 Volume: 12 Year: 2022 Month: 07 X-DOI: 10.1080/20430795.2021.2001300 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2001300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:684-703 Template-Type: ReDIF-Article 1.0 Author-Name: Yuliya Nichkasova Author-X-Name-First: Yuliya Author-X-Name-Last: Nichkasova Author-Name: Halina Shmarlouskaya Author-X-Name-First: Halina Author-X-Name-Last: Shmarlouskaya Author-Name: Kulyash Sadvokassova Author-X-Name-First: Kulyash Author-X-Name-Last: Sadvokassova Title: Financial market sustainable development of Kazakhstan: scenario approach based on fuzzy cognitive maps Abstract: Access to financial resources is the main constraint for sustainable economic growth in Kazakhstan. Kazakhstan’s financial institutions, being relatively small in size and unbalanced, cannot finance development through market mechanisms. The model that reflects the system’s sustainable development was constructed based on the fuzzy cognitive map to consolidate 31 indicators of three types of the subsystem: economic, financial institutions, and financial markets to reflect the viability and balance of the system development. The time-series data of Kazakhstan’s economic and financial development of Kazakhstan from 2014 to 2019 with prognosis to 2025 was used. Based on the results of our research, we concluded that the implementation of policies for sustainable development should include not only specific aims for the financial market but also for financial institutions and the economy. Moreover, sustainability is reinforced by the development of integration, innovativeness, and accessibility, which forms the key aspects of financial system state policy development. Journal: Journal of Sustainable Finance & Investment Pages: 912-933 Issue: 3 Volume: 12 Year: 2022 Month: 7 X-DOI: 10.1080/20430795.2020.1812293 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1812293 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:912-933 Template-Type: ReDIF-Article 1.0 Author-Name: Jessica Espinoza Trujano Author-X-Name-First: Jessica Author-X-Name-Last: Espinoza Trujano Author-Name: Lelemba Phiri Author-X-Name-First: Lelemba Author-X-Name-Last: Phiri Title: Triple dissonance: women-led funds. With a gender lens. In Africa. Abstract: This paper contributes to current debates in the field of entrepreneurship on the persistent gender gap in capital allocation to entrepreneurs. Drawing on recent theories of entrepreneurial belonging (Stead, V. 2017. “Belonging and Women Entrepreneurs: Women’s Navigation of Gendered Assumptions in Entrepreneurial Practice.” International Small Business Journal 35 (1): 61–77. doi:10.1177/0266242615594413; Birkner, S. 2020. “To Belong or Not to Belong, That Is the Question?! Explorative Insights on Liminal Gender States within Women’s STEMpreneurship.” International Entrepreneurship and Management Journal 16: 115–136. doi:10.1007/s11365-019-00605-5), we conducted narrative research to gain rare insights into the gendered challenges faced by female fund managers in private equity in Sub-Saharan Africa during the fundraising process. We discover a triple dissonance between the feminine normative frames of womanhood and the male normative frames of entrepreneurship and private equity, compounded by intersectional stereotypes of Africa. Our research offers novel, exploratory insights into what has been a blind spot in the emerging field of gender-lens investing: how gender bias in capital allocation to entrepreneurs is reinforced by gender bias in capital allocation to fund managers. We conclude that the field must move beyond viewing African women as beneficiaries of empowerment and put them in power of investment decisions. Journal: Journal of Sustainable Finance & Investment Pages: 763-784 Issue: 3 Volume: 12 Year: 2022 Month: 07 X-DOI: 10.1080/20430795.2021.1990832 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1990832 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:3:p:763-784 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1842101_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Felipe Calderon Author-X-Name-First: Felipe Author-X-Name-Last: Calderon Title: Governance mechanisms for sustainable lending: an exploratory study of existing practices Abstract: This is an exploratory study which investigates the governance mechanisms created by banks to support the implementation of sustainable lending. A content analysis of the websites of the 62 members of the Global Banking Alliance on Values reveals that evidence-based disclosures demonstrate the commitment of some banks to govern their sustainable lending activities. The publication of the list of loan borrowers emerged as a governance-by-disclosure mechanism in the implementation of sustainable lending. The publication of loan borrowers has contributed to the improvement of information asymmetry in the banking industry. It was also demonstrated how shared values among stakeholders could contribute to the development ofeffective governance mechanisms. Based on the content analyses, the study concludes with two recommendations. First, the banking industry should consider the publication of loan borrowers to promote discipline within the banking sector. Second, the published information provides evidence to the promotion of sustainability practices. Journal: Journal of Sustainable Finance & Investment Pages: 1146-1166 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1842101 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1842101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1146-1166 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1872347_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Kat Buchmann Author-X-Name-First: Kat Author-X-Name-Last: Buchmann Author-Name: Aled Jones Author-X-Name-First: Aled Author-X-Name-Last: Jones Author-Name: Yiyun Zhang Author-X-Name-First: Yiyun Author-X-Name-Last: Zhang Author-Name: Johanna Schönecker Author-X-Name-First: Johanna Author-X-Name-Last: Schönecker Title: Key challenges in crossborder interconnector finance Abstract: This paper assesses causes for, and challenges related to, the funding gap in infrastructure required for a large scale increase of renewable energy in the European energy mix, specifically crossborder interconnectors to transport renewable electricity from areas with high renewable energy potential and production to centres of energy consumption. We identify eight barriers that need to be addressed in order to make investment in interconnectors more attractive. We delineate both technological and governance/legislative barriers to investments in this area. Our analysis is based on a scoping literature review and a workshop that was held in London involving finance and legal experts. Journal: Journal of Sustainable Finance & Investment Pages: 1285-1307 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2021.1872347 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1872347 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1285-1307 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1848142_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ben Caldecott Author-X-Name-First: Ben Author-X-Name-Last: Caldecott Title: Climate risk management (CRM) and how it relates to achieving alignment with climate outcomes (ACO) Abstract: Instead of incidentally contributing to Alignment with Climate Outcomes (ACO) through Climate Risk Management (CRM) initiatives like the Task Force on Climate-related Financial Disclosures (TCFD), we need specific ways of dealing with and contributing to the challenge of alignment. These need to be articulated, developed, and scaled across the financial system rapidly. Without rebalancing the distribution of effort and spending more time explicitly on ACO, we cannot ever hope to align finance and the financial system with climate change objectives. One of the most significant things policymakers can do to spur rapid ACO is to make ACO targets and transition plans mandatory for all financial institutions as soon as possible. Journal: Journal of Sustainable Finance & Investment Pages: 1167-1170 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1848142 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1848142 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1167-1170 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1826819_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Qianqian Wei Author-X-Name-First: Qianqian Author-X-Name-Last: Wei Author-Name: Sirui Xiao Author-X-Name-First: Sirui Author-X-Name-Last: Xiao Title: Greening the Chinese financial system through experimentations? Assessing the effectiveness of green finance business experimentations in Guangdong, China Abstract: The necessity of greening the financial system for sustainability transition has been widely acknowledged and advocated. Experimentation is recognised as an important approach to transforming the financial system and includes promoting innovative practices, building capacity and forming networks. In the real-world settings, the designing and the implementation of experimentations are diverse processes. This study argues that lacking critical reflection and evaluation of the nature of experimentations can jeopardise its role as an agent for transformative changes. By mobilising insights from financial innovation literature and using data drawn from interviews and from financial institutions’ self-reported green finance innovation practices, this study shows that experimentations can be manipulated to validate business-as-usual actions rather than being used as an approach to pursuing more radical innovations. Moreover, we also found that some financial institutions have participated in green finance experimentation in a passive manner, which represents a missed opportunity to build capacities and accumulate knowledge through the experimental process. This study addresses research demands for a more critical empirical re-assessment of the positive narratives regarding inducing transformative changes through experimentations. Journal: Journal of Sustainable Finance & Investment Pages: 1069-1084 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1826819 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1826819 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1069-1084 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1870202_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Isaac Akomea-Frimpong Author-X-Name-First: Isaac Author-X-Name-Last: Akomea-Frimpong Author-Name: David Adeabah Author-X-Name-First: David Author-X-Name-Last: Adeabah Author-Name: Deborah Ofosu Author-X-Name-First: Deborah Author-X-Name-Last: Ofosu Author-Name: Emmanuel Junior Tenakwah Author-X-Name-First: Emmanuel Junior Author-X-Name-Last: Tenakwah Title: A review of studies on green finance of banks, research gaps and future directions Abstract: With growing global concern for environmental protection, climate change and sustainable development, policymakers and researchers have recently focused on green finance. In this study, existing studies on green finance in the context of the banking sector have been reviewed with considerations on products and determinants of green finance. The content analysis approach has been used to critically analyse and summarize forty-six (46) relevant studies. The results found green securities, green investments, climate finance, carbon finance, green insurance, green credit and green infrastructural bonds as part of key green finance products of banks. Pertinent determinants the study found to be influencing green finance policies from banks include environmental and climate change policies, interest rates, religion, risks, social inclusion and social justice as well as banking regulations. In theory, this study provides a guide for further studies. The results of the study will assist banks on the key issues to consider in adopting, developing and granting green finance. Journal: Journal of Sustainable Finance & Investment Pages: 1241-1264 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1870202 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1870202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1241-1264 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1874211_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ardi Gunardi Author-X-Name-First: Ardi Author-X-Name-Last: Gunardi Author-Name: Aldrin Herwany Author-X-Name-First: Aldrin Author-X-Name-Last: Herwany Author-Name: Erie Febrian Author-X-Name-First: Erie Author-X-Name-Last: Febrian Author-Name: Mokhamad Anwar Author-X-Name-First: Mokhamad Author-X-Name-Last: Anwar Title: Research on Islamic corporate social responsibility and Islamic bank disclosures Abstract: Sustainable development and corporate social responsibility (CSR) are becoming more prominent in Islamic finance, which is characterized by financial and economic models based on ethical principles and values. Previous research has examined various determinants of Islamic CSR disclosure, but only a few of those studies are based on corporate governance mechanism. Thus, the purpose of this paper is to review previous research and fill gaps using a literature review approach. It analyzes the determinants of Islamic CSR disclosure based on previous findings, then categorizes them into: (1) board structure, (2) ownership structure, (3) CEO power, and (4) shariah governance. The study seeks to offer further knowledge about Islamic CSR, and thus contribute fresh insights to academics, Islamic bank company managers, and governments. Journal: Journal of Sustainable Finance & Investment Pages: 1308-1329 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2021.1874211 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1874211 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1308-1329 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1824889_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Costanza Consolandi Author-X-Name-First: Costanza Author-X-Name-Last: Consolandi Author-Name: Robert G. Eccles Author-X-Name-First: Robert G. Author-X-Name-Last: Eccles Author-Name: Giampaolo Gabbi Author-X-Name-First: Giampaolo Author-X-Name-Last: Gabbi Title: How material is a material issue? Stock returns and the financial relevance and financial intensity of ESG materiality Abstract: This paper investigates the role of the intensity and relevance of ESG materiality in equity returns. Adopting the classifications of materiality provided by the Sustainability Accounting Standards Board (SASB), the paper introduces the concept of the financial relevance and financial intensity of ESG materiality in order to estimate how it explains equity returns. The results of the analysis, based on a large sample of U.S. companies included in the Russell 3000 from January 2008 to July 2019 show that not only do ESG rating changes (ESG momentum) have a consistent impact on equity performance, but also that the market seems to reward more those companies operating in industries with a high level of concentration of ESG materiality. The implication is that the equity premium of listed companies is better explained by the concentration of material issues (i.e. the Gini index) than by the ESG momentum. Journal: Journal of Sustainable Finance & Investment Pages: 1045-1068 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1824889 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1824889 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1045-1068 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1848179_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Salah Alhammadi Author-X-Name-First: Salah Author-X-Name-Last: Alhammadi Author-Name: Khaled O. Alotaibi Author-X-Name-First: Khaled O. Author-X-Name-Last: Alotaibi Author-Name: Dzikri F. Hakam Author-X-Name-First: Dzikri F. Author-X-Name-Last: Hakam Title: Analysing Islamic banking ethical performance from Maqāṣid al-Sharī‘ah perspective: evidence from Indonesia Abstract: This paper aims to investigate Islamic banking performance based on higher ethical objectives enshrined within Sharī‘ah (Islamic legal rulings); namely, Maqāṣid al-Sharī‘ah. First, we examine the importance of both ethical and social concerns on bank performance in general. Second, we analyse the ethical and social performance of Islamic banks (IBs) based on the Maqāṣid al-Sharī‘ah Index (MSI) that emphasises disclosures related to education, social justice, and redistribution of wealth. Third, we investigate how far IBs have gone towards achieving Maqāṣid al-Sharī‘ah goals during the last decade, post-global financial crises (GFC) period, with a particular focus on Indonesia as a case study. Hence, testing whether IBs achieve socio-economic justice and attain best practice by securing social good. The selected banks’ annual reports were examined, applying content analysis to obtain the necessary data, using the Simple Additive Weighting (SAW) method to determine the level of Maqāṣid in the sample. Empirical evidence suggests that conventional performance measurements do not truly reflect IBs’ higher ethical objectives, and create a deficiency of attaining Maqāṣid al-Sharī‘ah performance in these banks. This research extends the previous literature on evaluating the performance of IBs beyond the financial return, which includes their ethical and social identity based on the Maqāṣid al-Sharī‘ah scale, especially the post-GFC period. The result also reveals that there is a financial cost to achieving the Maqāṣid al-Sharī‘ah, as IBs that achieved high MSI scores have sacrificed financially. This supports the findings of the literature that IBs prefer financial returns over their ethical and social impact. Journal: Journal of Sustainable Finance & Investment Pages: 1171-1193 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1848179 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1848179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1171-1193 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1891780_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Suzette Viviers Author-X-Name-First: Suzette Author-X-Name-Last: Viviers Author-Name: Johann de Villiers Author-X-Name-First: Johann Author-X-Name-Last: de Villiers Title: Impact investments that have stood the test of time: Historical Homes of South Africa (1966-2020) Abstract: Long before the term ‘impact investment’ was coined, Historical Homes of South Africa Limited was established in 1966. This company bought memorable historical buildings that could otherwise have been demolished, restored them, and rented them out at commercial rates. By preserving cultural heritage, they encourage tourism and hence economic growth. As an impact-first impact investor Historical Homes of South Africa not only generates positive, measurable social impacts, but also financial returns. The most important factors that have helped the company obtain and maintain legitimacy over five decades are having clearly defined social impact objectives, and achieving these objectives in an effective and efficient manner. This case study contributes to the literature on cultural heritage preservation and the limited body of knowledge on legitimising the impact investment industry. Impact-first impact investors should focus on consequential, linkage, socio-political and pragmatic legitimacy considerations when interacting with social actors, notably investors and advocacy groups. Journal: Journal of Sustainable Finance & Investment Pages: 1009-1026 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2021.1891780 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1891780 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1009-1026 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1827602_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Nisa Vinodkumar Author-X-Name-First: Nisa Author-X-Name-Last: Vinodkumar Author-Name: Ghadah Alarifi Author-X-Name-First: Ghadah Author-X-Name-Last: Alarifi Title: Environmental social governance: a core value to responsible stakeholders and stock market sustainability in the Kingdom of Saudi Arabia Abstract: Environmental social governance (ESG) is a framework that assists global financial services in developing strategic ways to hedge operating and financial risks and move toward achieving United Nations’ SDGs. Stakeholders consider ESG as a core value while strategizing their investment decisions in the capital market as these factors have the leveraging potential for risk return trade-off, although they are difficult to measure in financial terms. In the volatile capital markets across the globe, the ability of corporate business models to adapt to changes in the economic environment demands the consideration of ESG reporting by the external stakeholders. Thus there is rising demand for ESG reporting and analysis by external stakeholders, including stock exchanges, investors, financial analysts, and corporations, because they have the leveraging potential for risk return trade-off and for sustainable development. The present study analyzes the ESG scores for all the shares listed in the Tadawul All Share Index (TASI) based on selected ranking tools. The analyzed result reveals the current sustainability landscape of businesses in KSA and suggests how responsible investors can uncover value of investment through ESG and how the benefit of this reliable, consistent, and relevant metrics fosters long-term stock market sustainability. The results of the study will enable investors to strategize their capital market-related investment decisions. The result of analysis reveals the current sustainability landscape of businesses in KSA and suggests how responsible investors can uncover value of investment through ESG scores as they consider the material components that affect corporate and investment performance. Journal: Journal of Sustainable Finance & Investment Pages: 1085-1101 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1827602 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1827602 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1085-1101 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1861865_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ankasha Arif Author-X-Name-First: Ankasha Author-X-Name-Last: Arif Author-Name: Misbah Sadiq Author-X-Name-First: Misbah Author-X-Name-Last: Sadiq Author-Name: Malik Shahzad Shabbir Author-X-Name-First: Malik Shahzad Author-X-Name-Last: Shabbir Author-Name: Ghulam Yahya Author-X-Name-First: Ghulam Author-X-Name-Last: Yahya Author-Name: Aysha Zamir Author-X-Name-First: Aysha Author-X-Name-Last: Zamir Author-Name: Lydia Bares Lopez Author-X-Name-First: Lydia Author-X-Name-Last: Bares Lopez Title: The role of globalization in financial development, trade openness and sustainable environmental -economic growth: evidence from selected South Asian economies Abstract: The aim of this study is to examine the association of financial development, trade openness and sustainable environmental-economic growth among the South Asian countries. This study also identifies which particular country experience more sustainable economic growth in the region. This study collects panel data set range from 1980 to 2018 from World Development Indicators and uses autoregressive distributive lag method for data analysis. The results reveal with these remarks that financial development has a positive and significant impact both in long- and short-run dynamic on environment economic growth of South Asian economies. However, trade openness results regarding pooled mean group, Mean group and common correlated effect mean group are also a positive effect on economic growth. This study is the first-ever attempted for globalization effects to investigate a combined impact on financial development and trade openness on sustainable environmental economic growth regarding South Asian economies. Journal: Journal of Sustainable Finance & Investment Pages: 1027-1044 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1861865 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1861865 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1027-1044 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1857634_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Heidi Tuhkanen Author-X-Name-First: Heidi Author-X-Name-Last: Tuhkanen Author-Name: Gregor Vulturius Author-X-Name-First: Gregor Author-X-Name-Last: Vulturius Title: Are green bonds funding the transition? Investigating the link between companies’ climate targets and green debt financing Abstract: Green bonds are considered one of the most important innovations in sustainable finance. However, there is a lack of conceptual and empirical understanding of the role of green bonds in corporate transition to carbon neutrality. This study develops and tests a conceptual framework that links green bonds to climate targets in the context of corporate transition risk management and polycentric climate governance. It is based on an analysis of the twenty largest European green bond issuers in 2018. We find that in most cases there is a disconnect between issuers’ climate targets and their green bond frameworks; and several shortcomings in issuers’ post-issuance reporting. Our results suggest that there is little pressure for green bond issuers to use their proceeds to achieve ambitious science-based targets. Our findings highlight the need for policy action to reduce the risk of greenwashing and to situate the green bond market within planetary boundaries. Journal: Journal of Sustainable Finance & Investment Pages: 1194-1216 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1857634 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1857634 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1194-1216 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1857636_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Samer Abdelhadi Author-X-Name-First: Samer Author-X-Name-Last: Abdelhadi Author-Name: Ala’ Bashayreh Author-X-Name-First: Ala’ Author-X-Name-Last: Bashayreh Author-Name: Mohammad W. Alomari Author-X-Name-First: Mohammad W. Author-X-Name-Last: Alomari Title: The effect of fragility on foreign direct investment deterioration: the case of MENA countries Abstract: Political stability can’t be isolated anymore from economic issues. In fact, political events became one of the important determinant for many economic phenomena especially in MENA countries. This study aims to test the effect of fragility growth on foreign direct investment growth in 13 of MENA countries from 2007 to 2018. The study employs cointegration test and vector error correction models (VECM) to examine both long-run and short-run causality relationships between the FDI growth and the economic variables (Fragility growth, Openness growth and GDP growth). The panel VECM results suggest that there is a long run causal relationships that show a significant influence of fragility growth, GDP growth and openness growth on the FDI growth. The effect from fragility to FDI estimated to be 22%, and more than 40% of disequilibrium in FDI produced by fragility will corrected annually. This study will help policy-makers in assessing and managing the economic risks they face, which in turn will increase FDI flows and contribute to increasing the country’s economic growth and stability. Journal: Journal of Sustainable Finance & Investment Pages: 1232-1240 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1857636 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1857636 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1232-1240 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1870203_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Khurram Shehzad Author-X-Name-First: Khurram Author-X-Name-Last: Shehzad Author-Name: Liu Xiaoxing Author-X-Name-First: Liu Author-X-Name-Last: Xiaoxing Author-Name: Hayfa Kazouz Author-X-Name-First: Hayfa Author-X-Name-Last: Kazouz Author-Name: Daniel Balsalobre-Lorente Author-X-Name-First: Daniel Author-X-Name-Last: Balsalobre-Lorente Author-Name: Ayoub Zeraibi Author-X-Name-First: Ayoub Author-X-Name-Last: Zeraibi Author-Name: Abdul Rauf Author-X-Name-First: Abdul Author-X-Name-Last: Rauf Title: An asymmetric spillover between China and Pakistan’ stock markets: a comparative analysis before and during COVID-19 crisis Abstract: Novel Coronavirus (COVID-19) has prominently exaggerated the stock markets of the world. It has distraught the financial and economic constancy of the globe. The study scrutinized the non-linear behavior of well-known Chinese and Pakistani stock markets, i.e. the Shanghai Composite Index (SSEC) and the Karachi Stock Exchange (KSE-100 index). The analysis utilized the VAR-DCC-MEGARCH model to determine the returns transmission and volatility spillover pattern of these markets during the standard and COVID-19 era. These results inveterate, during normal circumstances, returns generated in the financial markets of Pakistan expressively control the return movements of SSEC. However, control of Chinese stock markets on Pakistan's stock markets in terms of returns remained insignificant. The research evaluated that volatility spillover between the KSE-100 index and SSEC was insignificant during the stable periods. Nonetheless, the statistics of volatility spillovers during the pandemic era confirmed that instability in the SSEC portentously upsurges the uncertainty of the KSE-100 index. Besides, the study reported a significant leverage effect for both markets during the pandemic era. The study revealed that SSEC is the best resort for Pakistani investors to diversify financial risk. Journal: Journal of Sustainable Finance & Investment Pages: 1265-1284 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1870203 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1870203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1265-1284 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1857635_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Krishna Murari Author-X-Name-First: Krishna Author-X-Name-Last: Murari Title: Risk-adjusted performance evaluation of pension fund managers under social security schemes (National Pension System) of India Abstract: Along with the Employees Provident Fund Organisation (EPFO) and central civil services pension schemes, the government of India implemented National Pension System (NPS) architecture in 2009 to provide social security benefits to the poor and underprivileged section of the society in their post-retirement time. Accordingly, various schemes were offered by the listed private Pension Fund Managers (PFMs), and subsequently, the no. of subscribers and corpus also increased over a period of time. But whether the PFMs were able to meet the expectations of the subscribers is the main focus of this study. Using data from the NPS trust organisation’s annual reports and the Bombay Stock Exchange for 2011–2019 market returns, we assess the performance of the listed PFMs under different NPS schemes based on risk-adjusted performance measures viz. Sharpe, Treynor and Jensen’s alpha. Our analysis reveals that LIC Pension Funds Ltd has dominated and performed better than other PFMs under Sharpe ratio & Jensen’s performance measures. The performance of PFMs under Treynor’s ratio indicated the variation in different NPS schemes. However, HDFC pension fund managers outperformed over the other PFMs in the equity and fixed income segment of NPS schemes. The findings of the study imply the holistic comparison of the performance of all the pension fund managers listed under various NPS schemes in India. Besides, the application of risk-adjusted performance measures makes it relevant to catch the attention of the stakeholders such as PFRDA, subscribers and especially the PFMs. Journal: Journal of Sustainable Finance & Investment Pages: 1217-1231 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1857635 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1857635 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1217-1231 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1837501_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ick Jin Author-X-Name-First: Ick Author-X-Name-Last: Jin Title: ESG-screening and factor-risk-adjusted performance: the concentration level of screening does matter Abstract: Constructing ESG-screened portfolios aims to reduce the aggregate ESG-risk at the portfolio level by excluding low ESG-score constituents from the selection universe. But ESG-screening imposes limits on potential diversification as well as alters risk exposures to systematic factors. To investigate ESG-screening’s impact on the factor-risk-adjusted performance of portfolios, we construct ESG-screened portfolios consisting of US equity mutual funds according to their returns-based ESG-scores. The result of performance contribution analysis for the sample period from 1999 to 2018 suggests that investors need to treat the concentration level of ESG-screening as a search parameter to balance the costs and benefits of ESG-screening. Journal: Journal of Sustainable Finance & Investment Pages: 1125-1145 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1837501 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1837501 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1125-1145 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1837500_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Mahawiya Sulemana Author-X-Name-First: Mahawiya Author-X-Name-Last: Sulemana Author-Name: John Bosco Dramani Author-X-Name-First: John Bosco Author-X-Name-Last: Dramani Title: Effect of financial sector development and institutions on economic growth in SSA. Does the peculiarities of regional blocs matter? Abstract: The link between financial sector development (FSD) and economic growth has generated a great deal of interest among academics. Some studies argued that financial sector stimulates growth while others suggested the opposite. Thus, we conducted a comparative analysis of the effect of FSD on economic growth between Economic Community of West African States (ECOWAS) and Southern African Development Community (SADC). In addition, we sought to find out the transmission of FSD through institutional development on economic growth. The results suggested the existence of FSD-led growth in SADC but revealed no statistically significant effect in ECOWAS. Furthermore, the effect of FSD through institutional development supported a positive complementarity effects on growth in both regions but only statistically significant in ECOWAS, suggesting strong institutions complemented FSD effects on growth. We recommended that ECOWAS take steps to improve both political structures and democratic dispensation to boost the development of the financial sector. Journal: Journal of Sustainable Finance & Investment Pages: 1102-1124 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2020.1837500 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1837500 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1102-1124 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1874214_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Rossella Agliardi Author-X-Name-First: Rossella Author-X-Name-Last: Agliardi Title: Green securitisation Abstract: A theoretical framework is provided for the innovative tool of green securitisation. We test the effects of this strategy on financing institutions' exposure to climate risk and their alignment with global climate targets. We also estimate bondholders' returns when they invest in these ‘green’ securities. We discuss the extent to which ‘green’ securitisation can be an effective strategy for climate risk management and a promising way to yield more resilient and mission-aligned financing institutions. Journal: Journal of Sustainable Finance & Investment Pages: 1330-1345 Issue: 4 Volume: 12 Year: 2022 Month: 10 X-DOI: 10.1080/20430795.2021.1874214 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1874214 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:12:y:2022:i:4:p:1330-1345 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1882236_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Mona Solomon Al-Thoblany Author-X-Name-First: Mona Solomon Author-X-Name-Last: Al-Thoblany Author-Name: Muna Ibrahim Alyuosef Author-X-Name-First: Muna Ibrahim Author-X-Name-Last: Alyuosef Title: The role of digital management in improving the performance of tourism sectors in the Kingdom of Saudi Arabia in the light of 2030 vision Abstract: Current study expects to distinguish the significance and targets of e-management in the tourism industry areas, notwithstanding its role regarding the improvement in tourism industry administrations that accomplish consumer loyalty, its function in improving the management cycles in the tourism industry establishments, and its significance in accomplishing great arranging in these foundations, A survey was applied to 98 people working in the tourism industry, the most significant of which is that the tourism industry organizations in KSA have total autonomy towards finishing e-administrations for customers, and that e-services in tourism industry in addition to raising the relational abilities and capacities of the organizations and all laborers inside and outside the area, and that advanced innovation helps the administrators of the tourism industry areas in getting to know the projects and work plans of all divisions in the area, which empowers them to get ready sensible designs to actualize these projects. Journal: Journal of Sustainable Finance & Investment Pages: 44-58 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1882236 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1882236 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:44-58 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1896987_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Elhachemi Abdelkader Hacine Gherbi Author-X-Name-First: Elhachemi Abdelkader Author-X-Name-Last: Hacine Gherbi Author-Name: Ibrahim Tawfeeq Alsedrah Author-X-Name-First: Ibrahim Tawfeeq Author-X-Name-Last: Alsedrah Title: Does stock market development and COVID-19 pandemic lead to financial crisis: the case of largest Islamic stock exchange market? Abstract: This research investigates the short- and long-term effect of COVID-19 pandemic period and the largest Islamic stock market development (SMD) in term of size and market activity (turnover) on financial crises (FCs) indicator and identifies the Granger–causality relationship exist between them. We apply an autoregressive distributed lag technique analysis method in estimating short- and long-run models of this relationship, using 34 monthly observations, from 2018M1 to 2020M10 Islamic stock market of Kingdom of Saudi Arabia (KSA). The short-term result implies that the FC indicator had significant positively affected by the COVID-19 pandemic. However, the long-run model result shows that market size indicator leads to a major FC, while market trade value indicator has negative impact on FC indicator in KSA Tadawul market. In addition, the results show that the only market capital indicator Granger–causes FCs. We concluded that the Saudi policymakers should make new regulations to avoid the negative effect of FC, in order for the growth of its stock market size and trade, for the stability of financial economic in Saudi Arabia. They should add more support to stock market trading to eliminate the potential threat of FC. We believe this is the first empirical study that investigates the short- and long-term effect of SMD, in terms of size and activity development on the FCs volatility in largest Islamic stock exchange market without ignoring the potential effect of COVID-19 pandemic. Also, this research is novel in terms of studying a market that was previously closed to outsiders and has implemented various financial sector reforms in recent years. Journal: Journal of Sustainable Finance & Investment Pages: 297-310 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1896987 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1896987 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:297-310 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2017257_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Fikile Dube Author-X-Name-First: Fikile Author-X-Name-Last: Dube Author-Name: Ntokozo Nzimande Author-X-Name-First: Ntokozo Author-X-Name-Last: Nzimande Author-Name: Paul-Francois Muzindutsi Author-X-Name-First: Paul-Francois Author-X-Name-Last: Muzindutsi Title: Application of artificial neural networks in predicting financial distress in the JSE financial services and manufacturing companies Abstract: This study explored the role of artificial intelligence (AI) in predicting companies’ financial distress. We used Artificial Neural Networks (ANN) to develop and test financial distress prediction models for the financial services and manufacturing companies listed on the Johannesburg Stock Exchange (JSE) for the period 2000–2019. Our constructed ANN Models achieved classification accuracy rates of 81.03 and 96.6 percent for the financial services and manufacturing industries, respectively. Both models could also predict financial distress up to five years prior to the firm being classified as distressed. This study provided key theoretical and practical contributions to the current literature by highlighting the potential role of AI models in solving financial problems. Creditors can use the models built in this study as a default prediction tool, investors as an investment decision-making tool, and for business managers a performance guidance tool to ensure long term financial sustainability. Journal: Journal of Sustainable Finance & Investment Pages: 723-743 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.2017257 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2017257 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:723-743 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2030665_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Neha Puri Author-X-Name-First: Neha Author-X-Name-Last: Puri Author-Name: Vikas Garg Author-X-Name-First: Vikas Author-X-Name-Last: Garg Title: A sustainable banking services analysis and its effect on customer satisfaction Abstract: The banking system has evolved with time. Earlier, the banks maintained the storage and counting of coins, but the storage was not safe. Then started the concept of lending with interest. The banking system has completely revolutionised the system, and made it easier to transact online. In this study, the main aim is to understand the banking services and how it impacts the level of satisfaction. To conduct the study, a questionnaire was circulated, containing two sections. The first section contains a set of 16 questions containing demographic- and services-related question. Section 2 contains 24 questions, showing a Likert scale to measure the level of satisfaction of the customers. One hundred ten customers of State Bank of India, SBI Branch Gurgaon and Haryana responded to the questionnaire. Different tools such as factor analysis and reliability tests were conducted to find out the relationship between customer behaviour and banking services. Journal: Journal of Sustainable Finance & Investment Pages: 678-699 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2022.2030665 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2030665 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:678-699 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1883986_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Bekë Kuqi Author-X-Name-First: Bekë Author-X-Name-Last: Kuqi Author-Name: Elvis Elezaj Author-X-Name-First: Elvis Author-X-Name-Last: Elezaj Author-Name: Bedri Millaku Author-X-Name-First: Bedri Author-X-Name-Last: Millaku Author-Name: Adem Dreshaj Author-X-Name-First: Adem Author-X-Name-Last: Dreshaj Author-Name: Nguyen Tan Hung Author-X-Name-First: Nguyen Tan Author-X-Name-Last: Hung Title: The impact of COVID-19 (SARS-CoV-2) in tourism industry: evidence of Kosovo during Q1, Q2 and Q3 period of 2020 Abstract: Tourism is one of the sectors most affected by the non-arrival of our compatriots from the diaspora due to COVID-19. The tourism sector is experiencing a rapid and sharp decline in demand and an increase in job losses throughout our country in Kosovo, putting many businesses at risk. The pandemic (COVID-19) is, first of all, a crisis that is affecting the lives of citizens and has caused a global economic crisis, also in our country in Kosovo. COVID-19 has very tangible impacts on the tourism sector, which is vital for many people, and businesses. The data show that the tourism sector has had a decline in revenues compared to the same period last year, precisely due to the cessation of activities. According to the data, the most affected sector is tourism and therefore the government should use incentive level policies and provide financial support for this sector. The economy and the activity of the tourism sector has been further deteriorated by the non-arrival of our compatriots from the diaspora, due to the Pandemic, thus causing great losses in the tourism industry. Journal: Journal of Sustainable Finance & Investment Pages: 92-103 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1883986 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1883986 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:92-103 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1905412_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ibrahim Tawfeeq Alsedrah Author-X-Name-First: Ibrahim Tawfeeq Author-X-Name-Last: Alsedrah Author-Name: Elhachemi Abdelkader Hacine Gherbi Author-X-Name-First: Elhachemi Abdelkader Author-X-Name-Last: Hacine Gherbi Title: Impact of COVID-19 pandemic on total market trade value (institutional investors vs non-institutional investors) Abstract: This paper examines the effect of market investor types (institutional and non-institutional) on total market trade value in Saudi Arabia during the COVID-19 pandemic, including a three-month period of total containment. The research was conducted using a time series analysis method with an AutoRegressive Distributed Lag (ARDL), using weekly data collected from 7 January 2020 to 24 September 2020. The short-run result shows that both investor types net traded values and ownership holding values negatively impacts the development of Tadawul activity. Furthermore, the development of Tadawul activity showed a negative performance for the total containment period of three months. However, the long-run estimated model shows that, for both investor types, only net traded value has a positive significant impact on market activity development, whereas non-institutional ownership holding value development has a significant negative impact. Our results suggest fear is a mediator for the effect of COVID-19 on stock markets. Journal: Journal of Sustainable Finance & Investment Pages: 353-365 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1905412 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1905412 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:353-365 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1964810_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Monica Singhania Author-X-Name-First: Monica Author-X-Name-Last: Singhania Author-Name: Neha Saini Author-X-Name-First: Neha Author-X-Name-Last: Saini Title: Institutional framework of ESG disclosures: comparative analysis of developed and developing countries Abstract: With enhanced global scrutiny in the backdrop of climate change, we attempt to identify the importance of the ESG framework during Covid-19 pandemic to produce guidelines for future sustainability practices. A comprehensive review of literature on ESG regulatory frameworks for sample developed and developing country was performed leading to undertaking of a cross-country comparative ESG analysis. It was revealed that a country's social and governance disclosure were driven by either voluntary or by mandatory codes that could not be a standalone factor for uplifting the country's overall ESG level. Other governance measures like sustainability reporting and integrated reporting practices need to be considered in order to uplift the ESG practice. Country-level environmental commitment was vital for both developed and emerging markets for solving information asymmetry issues and establishment of resilient business operations and reporting practices, leading to an emerging sustainable practice which needs to be adopted. Our findings offer valuable insights for regulators, institutional investors and policymakers in terms of considering ESG practices adopted by developed countries and bridging the gap from unsustainability to sustainability in countries with least developed emerging ESG countries. The study encourages the regulators to devise disclosure policies as per the Triple ‘C’ framework namely policies that are convenient, credible and comparable with the flexibility to encompass black swan events like Covid-19. The purpose of such disclosures should be to resolve the information asymmetry problem which primarily exists when regulations are non-mandatory. Journal: Journal of Sustainable Finance & Investment Pages: 516-559 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1964810 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1964810 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:516-559 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1962662_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Mousa Mohammad Abdullah Saleh Author-X-Name-First: Mousa Mohammad Abdullah Author-X-Name-Last: Saleh Author-Name: Omar Jawabreh Author-X-Name-First: Omar Author-X-Name-Last: Jawabreh Author-Name: Enas Fakhri Mohammad Abu-Eker Author-X-Name-First: Enas Fakhri Mohammad Author-X-Name-Last: Abu-Eker Title: Factors of applying creative accounting and its impact on the quality of financial statements in Jordanian hotels, sustainable practices Abstract: The study investigates the factors that influence creative appliances in Jordanian hotels, as well as sustainable practices and their financial impact. This study aims to assist hotel management in understanding the reasons for creative accounting and assessing the impact it has on the integrity of hotel financial statements. 345 chartered accountants were included in the research sample (auditors). Jordanian hotels use good creative accounts; in other words, the hotel's financial accounts are approved by auditors because data and financial statements are manipulated in accordance with accounting rules and standards. This article discusses each creative accounting technique that can be used in hotels, to demonstrate the potential of each creative accounting method in hotels, and to evaluate the impact of each creative accounting method on the quality of the financial statements. The researchers hoped that this study would shed some light on Jordan's hotel industry. Journal: Journal of Sustainable Finance & Investment Pages: 499-515 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1962662 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1962662 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:499-515 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1964811_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Alka Kumari Author-X-Name-First: Alka Author-X-Name-Last: Kumari Author-Name: Vikas Garg Author-X-Name-First: Vikas Author-X-Name-Last: Garg Title: Impact of credit on sustainable agricultural development in India Abstract: Agricultural credit works as a most important factor in a developing country like India, where 70% of the population resides in the rural area that is still dependant on agriculture. Sustainable development of agriculture depends upon the available natural resources, and in India, the natural resources and climate are favourable for production. This study examines the short-term and long-term effect of bank's credit on the agricultural sector growth. Using the secondary data from 1990 to 2019 the ARDL Bound test has been conducted to check the relationship between the variables. In the study we found that in the long run credit, interest rate and inflation rate have positive impact on the agricultural development, whereas in the short run credit and inflation rate have a significant impact, but the interest rate has no significant impact on the agricultural development. Journal: Journal of Sustainable Finance & Investment Pages: 560-571 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1964811 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1964811 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:560-571 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1990833_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Vineet Kumar Author-X-Name-First: Vineet Author-X-Name-Last: Kumar Author-Name: Vijay Agrawal Author-X-Name-First: Vijay Author-X-Name-Last: Agrawal Title: Augmenting commercial banks’ other income through off-balance sheet activities in relation to their determinants in the Indian banking system Abstract: COVID-19 has a devastating impact on the global economy, particularly on robustness and resilience of emerging and developing economies’ (EMDE’s) economic-cum-financial systems. Reinventing banking practices with strategies are indispensable for sustainable growth. EMDEs like India have distinct country-specific business models. We aim to devise a sustainable model for augmenting banks’ other income; analyzing off-balance sheet (OBS) activities in India, which may be applied in EMDEs’ efficacy. We apply least-squares dummy variables and ordinary least squares models for fixed-effect regression analysis on OBS from 1996-2019. Regulatory determinants like capital adequacy, net non-performing assets, liquidity have more significant impact on OBS than bank-specific variables like bank size or macroeconomic like GDP. OBS can generate revenue is exemplified by strong relation to other income. Findings reveal that while assessing impact of COVID-19 on-balance sheets, banks should prioritize capital and contingency liquidity planning, focusing on OBS activities to augment other income in the revival strategy. Journal: Journal of Sustainable Finance & Investment Pages: 634-659 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1990833 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1990833 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:634-659 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1972679_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Preeti Sharma Author-X-Name-First: Preeti Author-X-Name-Last: Sharma Author-Name: Avinash K. Shrivastava Author-X-Name-First: Avinash K. Author-X-Name-Last: Shrivastava Author-Name: Sachin Rohatgi Author-X-Name-First: Sachin Author-X-Name-Last: Rohatgi Author-Name: Bhakti Bhushan Mishra Author-X-Name-First: Bhakti Bhushan Author-X-Name-Last: Mishra Title: Impact of macroeconomic variables on sustainability indices using ARDL model Abstract: The present study is conducted to check the effect of the collection of macroeconomic variables on Indian sustainability indices. The independent variables adopted are Industrial Index, Wholesale Price Index, Economy Money Supply (M3), Crude Oil Prices, Real Effective Exchange Rate (REER), while dependent variables are S&P BSE GREENEX and S&P BSE CARBONEX. The study uses monthly data (converted into natural log form) from April 2012 to March 2021. Our study shows that GREENEX is linked with the index of Industrial Production, Wholesale Price Index, M3, Crude Oil Prices, and (REER) and CARBONEX is linked with the index of Industrial Production, M3, Crude Oil Prices, and REER while it is not linked with wholesale prices index. There is no association of interest rates with any of the indices taken (GREENEX and CARBONEX). Journal: Journal of Sustainable Finance & Investment Pages: 572-588 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1972679 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1972679 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:572-588 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1886552_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Share Aiyed M. Aldosari Author-X-Name-First: Share Aiyed M. Author-X-Name-Last: Aldosari Title: The relationship between leaders’ mastery of tacit knowledge management skills and the achievement of competitive advantage at universities Abstract: This study aimed to reveal the academic leaders’ mastery level in emerging Saudi universities of tacit knowledge management skills, and testing the relationship between mastery levels and achieving a competitive advantage. The study is based on the analytical descriptive approach, and the questionnaire is applied as a data collection tool on a random sample numbered 330 of teaching staff at Prince Sattam Bin Abdulaziz University, the study population, totaling 2283. Findings showed that (a) the academic leaders’ mastery level of tacit knowledge management skills at university was high, (b) there was a positive relationship between mastery level and achieving a competitive advantage, and (c) there were no statistically significant differences about mastery level due to the variable effect (college type) or (academic rank) or (the nature of work), with statistically significant differences due to the variable effect (gender) in favor of males. Regarding achieving a competitive advantage, the study revealed that there were no statistically significant differences due to (college type) and (academic rank) variables, with statistically significant differences due to the variable effect (gender) in favor of males and the variable effect (the nature of work), in favor of contractors. The researcher recommended providing the current and the second class of leaders with tacit knowledge management skills and enacting a clear law to protect intellectual capital from strict restrictions by toxic, dictatorial, or bureaucratic leaderships and from the misuse of rigid systems of accountability or traditional control. Journal: Journal of Sustainable Finance & Investment Pages: 142-160 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1886552 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1886552 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:142-160 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1905411_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Quoc Thuan Pham Author-X-Name-First: Quoc Thuan Author-X-Name-Last: Pham Author-Name: Xuan Thuy Ho Author-X-Name-First: Xuan Thuy Author-X-Name-Last: Ho Author-Name: Thi Phuong Loan Nguyen Author-X-Name-First: Thi Phuong Loan Author-X-Name-Last: Nguyen Author-Name: Thi Huyen Quyen Pham Author-X-Name-First: Thi Huyen Quyen Author-X-Name-Last: Pham Author-Name: Anh Thanh Bui Author-X-Name-First: Anh Thanh Author-X-Name-Last: Bui Title: Financial reporting quality in pandemic era: case analysis of Vietnamese enterprises Abstract: This study aimed to evaluate the financial reporting quality (FRQ) of Vietnamese enterprises in the pandemic era. It also examines the effect of the Big 4 audit firms in addition to non-Big 4 audits, and internal control effectiveness (ICE) on FRQ. The case study method was implemented to complete the scale of the FRQ identified by IASB in 2010 (FASB & IASB 2010) and identify the challenges encountered when preparing and representing financial reports (FRs) during the COVID-19 pandemic crisis. The survey was conducted to measure the FRQ and to examine the effect of the three factors detailed above on the FRQ. The research results indicate that all three factors significantly affect the FRQ. The results also imply the predictive value of Vietnam enterprises’ FRs in that they have been strongly affected by the COVID-19 pandemic. Journal: Journal of Sustainable Finance & Investment Pages: 330-352 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1905411 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1905411 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:330-352 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2030663_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Mohammad Najjar Author-X-Name-First: Mohammad Author-X-Name-Last: Najjar Author-Name: Ihab H. Alsurakji Author-X-Name-First: Ihab H. Author-X-Name-Last: Alsurakji Author-Name: Amjad El-Qanni Author-X-Name-First: Amjad Author-X-Name-Last: El-Qanni Author-Name: Abdulnaser I. Nour Author-X-Name-First: Abdulnaser I. Author-X-Name-Last: Nour Title: The role of blockchain technology in the integration of sustainability practices across multi-tier supply networks: implications and potential complexities Abstract: Global supply networks encompass many inter-connected suppliers. Many of these suppliers are unpredictable and beyond the direct realm of the company, making the management of sustainability a difficult task. This research attempts to put forth a profound exploration of the integration of sustainability across complex multi-tier supply networks through the utilization of blockchain technology. The research includes a selected literature review compromising well-cited research that focuses on multi-tier supply networks and blockchain technology. The findings suggest that blockchain can enhance suppliers’ visibility. Managers will have increased transparency and traceability of their global supply networks, which will eventually reduce information asymmetry and limit opportunistic behaviors. Furthermore, the connectivity and rapid/immutable sustainable information sharing features associated with blockchain increase suppliers’ predictability and create robust sustainable supply networks. Despite the potential benefits enabled by the technology, the research highlights some vital complexities that may obstruct the adoption of the technology across multi-tier supply networks. Journal: Journal of Sustainable Finance & Investment Pages: 744-762 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2022.2030663 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2030663 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:744-762 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1896989_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Manar Tayseer Hasid Batayneh Author-X-Name-First: Manar Tayseer Hasid Author-X-Name-Last: Batayneh Author-Name: Rimal Bou-Bakr Saleh Al-Kouki Author-X-Name-First: Rimal Bou-Bakr Saleh Author-X-Name-Last: Al-Kouki Author-Name: Hanadi Eid Albogam Author-X-Name-First: Hanadi Author-X-Name-Last: Eid Albogam Title: Economic and social implications of the spread of Corona virus on the Saudi Community and the scientific and practical solutions to reduce and limit them Abstract: This study aimed at revealing the economic and social implications of Covid-19 on the Saudi Community and developing scientific and practical solutions to control and minimize these implications. The study sample consisted of (1238) male and female Saudi citizens and the descriptive analytical method was used to achieve the objectives of the study. The result showed that the economic and social implications of Covid-19 were highly effective (average: 3.56). Social implications came first with an average of (3.78), economic implications came next with an average of (3.35). The study also showed statistically significant differences at the level of significance of (a = 0.05) in all variables (gender, social, status, age, educational level, level of income and the nature of work). Differences are attributed to the economic and social implications of Covid-19. The study the economic and social implications of Covid-19 on the Saudi community. Journal: Journal of Sustainable Finance & Investment Pages: 311-329 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1896989 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1896989 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:311-329 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1978919_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Amina Mohamed Buallay Author-X-Name-First: Amina Author-X-Name-Last: Mohamed Buallay Author-Name: Meera Al Marri Author-X-Name-First: Meera Author-X-Name-Last: Al Marri Author-Name: Nohade Nasrallah Author-X-Name-First: Nohade Author-X-Name-Last: Nasrallah Author-Name: Allam Hamdan Author-X-Name-First: Allam Author-X-Name-Last: Hamdan Author-Name: Elisabetta Barone Author-X-Name-First: Elisabetta Author-X-Name-Last: Barone Author-Name: Qasim Zureigat Author-X-Name-First: Qasim Author-X-Name-Last: Zureigat Title: Sustainability reporting in banking and financial services sector: a regional analysis Abstract: This study investigates the relationship between the level of sustainability reporting and banks and financial services’ performance (operational, financial and market) across seven different regions (Asia, Europe, Mena, Africa, North and South America). Using data culled from 4458 observations from 60 different countries for 10 years (2008–2017), we investigate the effect of the Environment, Social and Governance score (ESG) and the three pillars on banks’ performance [Return on Assets (ROA), Return on Equity (ROE) and Tobin’s Q (TQ)]. We also control for bank-specific, macroeconomic and governance effects. The findings pinpoint a negative relationship between ESG on one hand and operational performance (ROA), financial performance (ROE) and market performance (TQ) on the other hand. From regional and pillar perspectives, the performance is differently affected following ESG, pillar and region perspectives. The novelty of this paper lies in the inclusion of different political and economic contexts. Our findings have significant theoretical implications for policy makers and academics at the international level. Banks and financial services sectors’ management lacunae manifest in terms of the weak nexus between ESG, pillars and banks and financial services’ performance. Journal: Journal of Sustainable Finance & Investment Pages: 776-801 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1978919 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1978919 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:776-801 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2162205_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: The Editors Title: Correction Journal: Journal of Sustainable Finance & Investment Pages: i-i Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2022.2162205 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2162205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:i-i Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1891785_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Khawla Kassed Abdo Author-X-Name-First: Khawla Kassed Author-X-Name-Last: Abdo Title: The effect of external economic variables on the conventional banks and Islamic banks financial performance in Jordan: a comparative study Abstract: The study aimed to clarify the impact of external economic variables (inflation, growth and stock- market indicator), on the financial performance of the Conventional and Islamic banks, Also, the study makes a comparison between the Islamic and Conventional banks in Jordan. Statistically used E-views program to test the hypotheses. The study finds that there is a statistical significant effect of all the external economic variables on the performance of the Conventional banks. As for the Islamic banks, there was no statistical significant impact of inflation. The study recommends that conventional banks work to reduce dependence on interest rates in their investment activities. Journal: Journal of Sustainable Finance & Investment Pages: 229-247 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1891785 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1891785 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:229-247 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1985951_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Herenia Gutiérrez Ponce Author-X-Name-First: Herenia Author-X-Name-Last: Gutiérrez Ponce Author-Name: Julián Chamizo González Author-X-Name-First: Julián Author-X-Name-Last: Chamizo González Author-Name: Manar Al-Mohareb Author-X-Name-First: Manar Author-X-Name-Last: Al-Mohareb Title: Sustainable finance in cybersecurity investment for future profitability under uncertainty Abstract: This paper examines the sustainable financing of R&D activities in the cybersecurity industry as a long-term investment to generate future profits and protect societies from the consequences of uncertainty as an essential part of a nation’s security strategy. Since this study utilises a dynamic panel model, the hierarchy of financing sources for R&D activities is determined by controlling for specific fixed effects. The estimator's efficiency is improved by adopting the system Generalised Method of Moments (GMM), which relies on the current interaction of explanatory variables to achieve a future factor of returns using STATA. The study sample extracted from the Orbis database consists of 51 cybersecurity leaders in the US and the UK from 2016 to 2020. The findings indicate that cybersecurity leaders use external funds to finance R&D activities to achieve high future returns. Although uncertainty increases significantly in the short run, all other else being equal, average future returns are high. Journal: Journal of Sustainable Finance & Investment Pages: 614-633 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1985951 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1985951 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:614-633 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2061408_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Gurinder Singh Author-X-Name-First: Gurinder Author-X-Name-Last: Singh Author-Name: Shalini Aggarwal Author-X-Name-First: Shalini Author-X-Name-Last: Aggarwal Author-Name: Vikas Garg Author-X-Name-First: Vikas Author-X-Name-Last: Garg Author-Name: Richa Goel Author-X-Name-First: Richa Author-X-Name-Last: Goel Title: From the desk of editor-in-chief Journal: Journal of Sustainable Finance & Investment Pages: 700-701 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2022.2061408 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2061408 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:700-701 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2106934_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ulrich Atz Author-X-Name-First: Ulrich Author-X-Name-Last: Atz Author-Name: Tracy Van Holt Author-X-Name-First: Tracy Author-X-Name-Last: Van Holt Author-Name: Zongyuan Zoe Liu Author-X-Name-First: Zongyuan Zoe Author-X-Name-Last: Liu Author-Name: Christopher C. Bruno Author-X-Name-First: Christopher C. Author-X-Name-Last: Bruno Title: Does sustainability generate better financial performance? review, meta-analysis, and propositions Abstract: Sustainability in business and ESG (environmental, social, and governance) in finance have exploded in popularity among researchers and practitioners. We surveyed 1,141 primary peer-reviewed papers and 27 meta-reviews (based on ∼1,400 underlying studies) published between 2015 and 2020. Aggregate conclusions from a sample suggest that the financial performance of ESG investing has on average been indistinguishable from conventional investing (with one in three studies indicating superior performance) – in contrast with research in the wider management literature as well as industry reports. Until recently top finance journals did not publish climate change related studies, yet these studies capture the frontier of corporate risk and ESG investment strategies. We developed three propositions: first, ESG integration as a strategy seems to perform better than screening or divestment; second, ESG investing provides asymmetric benefits, especially during a social or economic crisis; and third, decarbonization strategies can potentially capture a climate risk premium. Journal: Journal of Sustainable Finance & Investment Pages: 802-825 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2022.2106934 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2106934 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:802-825 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1891786_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Elvis Elezaj Author-X-Name-First: Elvis Author-X-Name-Last: Elezaj Author-Name: Halit Shabani Author-X-Name-First: Halit Author-X-Name-Last: Shabani Author-Name: Bekë Kuqi Author-X-Name-First: Bekë Author-X-Name-Last: Kuqi Author-Name: Nguyen Tan Hung Author-X-Name-First: Nguyen Author-X-Name-Last: Tan Hung Title: Managerial decision-making (DM) in Kosovo organizations based on SPACE model analysis by using AHP fuzzy method Abstract: The aim of the paper is to recognize the weight of evaluating the future, conclusively the process of organizational analysis and the impact that this dimension may have on our businesses. However, in this research, a series of methods and studies have been used for the application of assessing and decision making techniques for the organization, such as the SPACE model and AHP and its role in managerial decision-making, in Kosovo organizations. Deciding on the appearance of this model, in addition to clarifying our sustainable orientation and the path of the organization, it also reveals a much more important dimension that is posturing and to retain oneself mature on the industry. Journal: Journal of Sustainable Finance & Investment Pages: 248-263 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1891786 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1891786 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:248-263 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2030666_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Stanislav Škapa Author-X-Name-First: Stanislav Author-X-Name-Last: Škapa Author-Name: Nina Bočková Author-X-Name-First: Nina Author-X-Name-Last: Bočková Author-Name: Karel Doubravský Author-X-Name-First: Karel Author-X-Name-Last: Doubravský Author-Name: Mirko Dohnal Author-X-Name-First: Mirko Author-X-Name-Last: Dohnal Title: Fuzzy confrontations of models of ESG investing versus non-ESG investing based on artificial intelligence algorithms Abstract: ESG (Environmental, social, and corporate governance) parameters are involved in investing-related decision-making. DESG (Dominantly ESG) related investing represents a complex tasks studied under severe information shortages. NESG (Non-dominantly ESG) investing either ignores ESG parameters completely or it takes it as less important. ESG investing is partially DESG and partially NESG. A very simple fuzzy reasoning algorithm is used to find out the similarity between DESG and NESG in this paper. A similarity graphs is generated. An edge represents a fuzzy similarity between two nodes / conditional statements. Each statement specifies fuzzy conditions under which some DESG/NESG tools are mutually similar or totally dissimilar. Examples of investing tools are Developed Markets, Emerging Markets Small Caps, Sustainability Index and Environmental Social Governance Index. The following five parameters of investing tools are Risk, Cost, Return, Drop, and Correlation. Low pairwise fuzzy similarities between DESG and NESG are detected. Journal: Journal of Sustainable Finance & Investment Pages: 763-775 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2022.2030666 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2030666 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:763-775 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2016361_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Carlos Vargas Author-X-Name-First: Carlos Author-X-Name-Last: Vargas Author-Name: Marc Chesney Author-X-Name-First: Marc Author-X-Name-Last: Chesney Title: What are you waiting to invest in grid-connected residential photovoltaics in California? A real options analysis Abstract: The purpose of this paper is to assess the optimal choice of an investor, a typical household in California, United States, in terms of whether to invest or not, in a residential scale, grid-connected, solar photovoltaic system, aiming to obtain savings in their monthly electric expenses. If they invest, they shoulder a fixed upfront cost but also accept uncertain potential savings. If they do not invest, they forego any potential savings. To assess this irreversible decision, Real Options Analysis is deployed to assess the actual benefit for the household. This approach allows us to determine whether to trigger the investments and the optimal timing to do so. Our findings show it is optimal for our investor to invest in photovoltaics; however, some delay might be advised depending on the energy production factor of specific geographical areas and the expected useful life of the equipment. The results of this study also show that it might be optimal to delay the investment between 5.5 and 12 years in some areas, which is a drawback. Our findings also show that subsidies and other incentives do not seem to be a key driver in the above-mentioned investment decision. This study contributes to the existing literature by examining the present dynamic of residential grid-connected photovoltaic systems in the most relevant market for the United States and by including an assessment of uncertainty in both electric rates and photovoltaics prices, that accounts for seasonality, price escalation and price manipulation. Journal: Journal of Sustainable Finance & Investment Pages: 660-677 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.2016361 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2016361 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:660-677 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1858690_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Abdullah Mohammed Sadaa Author-X-Name-First: Abdullah Mohammed Author-X-Name-Last: Sadaa Author-Name: Yuvaraj Ganesan Author-X-Name-First: Yuvaraj Author-X-Name-Last: Ganesan Author-Name: Mohammed Ghanim Ahmed Author-X-Name-First: Mohammed Ghanim Author-X-Name-Last: Ahmed Title: The effect of earnings quality and bank continuity: the moderating role of ownership structure and CSR Abstract: This study examines the empirical relationship between earnings quality (EQ) and bank continuity. Moreover, it examines the moderating role of ownership structure, and women on boards of directors as index of social performance (SP) among Iraqi listed banks in the context of social responsibility. The researchers used panel data from 12 years (2008–2019) and applied OLS to verify whether ownership structure and gender diversity modifies the relationship between EQ and bank continuity. The study found that Iraqi banks are in a state of financial instability and that the EQ is significantly low. This paper also provides evidence that managerial and concentration ownership has no effect as moderating variables on an administration's motives towards maintaining a bank's continuity and EQ. In addition, the study found that the presence of women on the board of directors plays a significant role as a moderating variable, as gender diversity in the board of directors improves the relationship between EQ and a bank's continuity.. Journal: Journal of Sustainable Finance & Investment Pages: 366-386 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2020.1858690 File-URL: http://hdl.handle.net/10.1080/20430795.2020.1858690 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:366-386 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1886551_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Husam Jasim Mohammed Author-X-Name-First: Husam Jasim Author-X-Name-Last: Mohammed Title: The optimal project selection in portfolio management using fuzzy multi-criteria decision-making methodology Abstract: The main purpose of the paper is to provide and apply the concept and techniques of multi-criteria decision-making under fuzzy environment in the prioritization and selection of projects in a portfolio management. In this study, the preference weights of the criteria were identified using fuzzy AHP. Then, the weights are embraced in fuzzy TOPSIS to improve the gaps of projects (alternatives) to achieve the organization objectives as well as interactions between projects. Twenty Iraqi Oil Company projects were evaluated against five key criteria. The results showed that in fuzzy TOPSIS technique the measurement of criteria weights is important and they could adjust the ranking for other projects as well as figure out the best project to achieve the desired levels. This research as expected will serve as a helpful tool for stakeholders in improving the quality level of portfolio management projects. Journal: Journal of Sustainable Finance & Investment Pages: 125-141 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1886551 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1886551 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:125-141 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1964809_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Saliha Theiri Author-X-Name-First: Saliha Author-X-Name-Last: Theiri Author-Name: Bahaaeddin Alareeni Author-X-Name-First: Bahaaeddin Author-X-Name-Last: Alareeni Title: Perception of the digital transformation as a strategic advantage through the Covid 19 crisis? case of Tunisian banks Abstract: Today, digital transformation as a worldwide phenomenon has taken a great deal in corporate strategies. The implementation of strict confinement has resulted in a quite cancelation of transactions and movements. Digital transformation, synonym to accessibility, rapidity and reliability has been widely triggered during the COVID-19 pandemic. In essence, this research explores the effect of digital transformation on the pandemic outcome through identifying how digitization embraces opportunity and innovative strategy. A research model was proposed and empirically tested with partial least squares path-modeling approach, based on the methodological survey completed with Tunisian banks’ CEO and operational service managing. The results have demonstrated the necessity of digitization as strategic planning to be deployed in both the short and long terms. It is considered a vector of innovation and sustainable development. It helps identify the essential aspects of business processes and how they should be employed to survive and thrive during crises. Journal: Journal of Sustainable Finance & Investment Pages: 477-498 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1964809 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1964809 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:477-498 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1964808_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Xingxing Chen Author-X-Name-First: Xingxing Author-X-Name-Last: Chen Author-Name: Olaf Weber Author-X-Name-First: Olaf Author-X-Name-Last: Weber Author-Name: Xianzhong Song Author-X-Name-First: Xianzhong Author-X-Name-Last: Song Author-Name: Lidan Li Author-X-Name-First: Lidan Author-X-Name-Last: Li Title: Do greener funds perform better? An analysis of open-end equity funds in China Abstract: This study analyses how equity funds react to institutional pressure related to green finance. Based on the analysis of 378 open-end equity funds in China from 2010 to 2019, we examined the environmental performance of fund holdings to measure their level of green investment. In our analyses, we distinguished between funds with positive and negative screening strategies. Our results indicate that the funds’ green investments are gradually increasing. Furthermore, we found that green investment strategies help to increase the funds’ excess return. The positive connection to financial returns, however, is only valid for funds with negative screening strategies. Finally, we found that fund investors react negatively to funds using positive screening to identify green investments. The study contributes to theoretical and practical knowledge about factors influencing equity funds’ green and financial performance. Journal: Journal of Sustainable Finance & Investment Pages: 387-405 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1964808 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1964808 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:387-405 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1883985_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Syed Kaleem Ullah Shah Bukhari Author-X-Name-First: Syed Kaleem Ullah Shah Author-X-Name-Last: Bukhari Author-Name: Rani Gul Author-X-Name-First: Rani Author-X-Name-Last: Gul Author-Name: Tayyaba Bashir Author-X-Name-First: Tayyaba Author-X-Name-Last: Bashir Author-Name: Sumaira Zakir Author-X-Name-First: Sumaira Author-X-Name-Last: Zakir Author-Name: Tariq Javed Author-X-Name-First: Tariq Author-X-Name-Last: Javed Title: Exploring managerial skills of Pakistan Public Universities (PPUs)’ middle managers for campus sustainability Abstract: Management of an institution determines its success or failure. Educational management and administration borrow the characteristics of business model with reference to the operations of higher education institutions. Managerial skills in this regard for campus sustainability are of great significance. However, there is a lack of study that comprehensively explores these skills. This study aimed at exploring the managerial skills to promote campus sustainability at Pakistan Public Universities (PPUs). The qualitative case study research design was employed to gain a deeper understanding of middle managers from PPUs. Semi-structured interviews and thematic analysis of documents were used to gather the data. Results found three types of managerial skills: technical skills, interpersonal skills and training and development. Challenges were found to create hurdles to improve these skills. Being the first qualitative study in Pakistan perspectives, the findings cannot be generalized but can be transferable to other public universities in Pakistan. Journal: Journal of Sustainable Finance & Investment Pages: 73-91 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1883985 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1883985 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:73-91 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1874216_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Saud N. Alshmery Author-X-Name-First: Saud N. Author-X-Name-Last: Alshmery Author-Name: Hind R. Alqirnas Author-X-Name-First: Hind R. Author-X-Name-Last: Alqirnas Author-Name: Muna I. Alyuosef Author-X-Name-First: Muna I. Author-X-Name-Last: Alyuosef Title: Influence of the social and economic characteristics of Saudi women on their attitudes toward empowering them in online labor market Abstract: The study aims to investigate the attitudes of Saudi women toward empowering them in the online labor market and study the impact of the social and economic characteristics on their attitudes toward empowering. The study adopted a survey approach, the questionnaire was distributed online to a number of private companies of the women’s sectors at Hail city. The responses in the questionnaire was 262. The study discovered that Saudi women’s have positive attitudes toward their empowerment. It was found that there is no statistically correlation between Methods of empowering women online in KSA and social characteristics. It was found that marriage is the most important social factor that contributes to encouraging women to empower in the online labor market. It was found that high-income women are the most used group to work online, as it is an ideal and effective environment for them for achievements and successes. Journal: Journal of Sustainable Finance & Investment Pages: 1-15 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1874216 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1874216 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:1-15 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1883384_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Khawla Kassed Abdo Author-X-Name-First: Khawla Kassed Author-X-Name-Last: Abdo Author-Name: Hanan A. M. Al-Qudah Author-X-Name-First: Hanan A. M. Author-X-Name-Last: Al-Qudah Author-Name: Laith Akram Al-Qudah Author-X-Name-First: Laith Akram Author-X-Name-Last: Al-Qudah Author-Name: Mohammad Zakaria al Qudah Author-X-Name-First: Mohammad Zakaria al Author-X-Name-Last: Qudah Title: The effect of economic variables (workers ‘diaries abroad, bank deposits, gross domestic product, and inflation) on stock returns in the Amman Financial Market from 2005/2018 Abstract: This study is aimed to investigate the effect of economic variables on stuck return in Amman Financial markets and reflect to the research variables. Macroeconomics factors play an important role in the performance of the stock. Investors have an intention that fluctuation and forecast are easier if the research of market variables will be identified. For the case study, the Amman Stock Exchange has been taken in the following report. The research will focus on the effect of the interest rate, inflation, and bank interest rate on the floatation of stock. All the variable plays their important role in the movement of stock. Therefore, consequently, the change will be visible in different ways of the market. For this report, a study has been made of the data from the year 2005–2018. Multiple regression models and descriptive statics tools had been used through SPSS for clarification of concepts. The methodology of the research and interpretation of the results are discussed in the following report which helps in driving conclusions. Also, the return of stock was tending to be more fluctuating with the change in every variable. The variable of macroeconomics that was taken for research was GDP, inflation, bank interest rates of deposits. it was also concluded that GDP is directly and has a strong relation with returns of stock. As for inflation, the inverse relationship had been observed. Journal: Journal of Sustainable Finance & Investment Pages: 59-72 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1883384 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1883384 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:59-72 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1886549_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: M. Hilmi Özkaya Author-X-Name-First: M. Author-X-Name-Last: Hilmi Özkaya Author-Name: Maeen Alhuwesh Author-X-Name-First: Maeen Author-X-Name-Last: Alhuwesh Title: Effectiveness of exchange rate channel in transiting monetary policy impact to real economy: the case of Yemen Abstract: This study aims to investigate the effectiveness of the exchange rate channel as a monetary transmission mechanism in Yemen, using technique of the Vector Autoregression (VAR) model and its help tools, such as impulse reaction function analysis and variance decomposition analysis in 1991–2018. The results of the study were compatible with theoretical expectations for the exchange rate (EXR) impact on the net exports (NX), the real economic growth (RGDP), and the inflation rate (CPI). Consequently, the exchange rate channel plays an important role in transferring the impact of monetary policy decisions to RGDP and the CPI in Yemeni economy. Our study has shown the effectiveness of the exchange rate channel in influencing both RGDP and CPI, due to the large role that the exchange rate plays in influencing economic activity in Yemen since the Yemeni economy is highly open to other economies. Journal: Journal of Sustainable Finance & Investment Pages: 104-117 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1886549 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1886549 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:104-117 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2105790_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Alexander Bassen Author-X-Name-First: Alexander Author-X-Name-Last: Bassen Author-Name: Christian Fieberg Author-X-Name-First: Christian Author-X-Name-Last: Fieberg Author-Name: Othar Kordsachia Author-X-Name-First: Othar Author-X-Name-Last: Kordsachia Author-Name: Kerstin Lopatta Author-X-Name-First: Kerstin Author-X-Name-Last: Lopatta Author-Name: Bastian Nendza Author-X-Name-First: Bastian Author-X-Name-Last: Nendza Title: Index construction for sustainable development investing Abstract: We implement the definition for Sustainable Development Investing (SDI) developed by the Global Investors for Sustainable Development (GISD) Alliance to construct an investable global SDI-aligned equity index. To this end, we create a proprietary methodology to rate companies’ SDI contribution using the Sustainable Development Goals (SDGs) as the appropriate unit of measurement. We find that the inclusion of SDI preferences in a multi-objective portfolio yields similar risk-return characteristics as a benchmark portfolio. This article informs institutional investors and index providers about practical approaches to implement the SDI definition with recently developed commercial data solutions. In this context, we review and provide an overview of data availability for the classification of companies’ alignment to the SDGs based on their products and services. Journal: Journal of Sustainable Finance & Investment Pages: 702-722 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2022.2105790 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2105790 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:702-722 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1962661_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Soumaya Ben Khelifa Author-X-Name-First: Soumaya Author-X-Name-Last: Ben Khelifa Title: Governance quality, social and macro-economic conditions: implications for financial inclusion Abstract: This paper seeks to identify the key factors affecting financial inclusion in developed and developing countries. Considering six dimensions of financial inclusion and different indicators, several regressions have been performed to determine the key factors affecting financial inclusion. Particularly, using OLS regression model, we regress each financial inclusion indicator of each dimension on a set of variables related to social factors, macro-economic factors and institutional quality. Results suggest that institutional quality and social factors are significantly linked to financial inclusion. Our findings have an important policy implication in that institutional quality and social factors should be considered as vital drivers in enhancing the level of financial inclusion which is consistent with Sha’ban et al (2019). Particularly, governments have to implement efficient measures and increase their capacity to control corruption. Finally, our research offers findings of specific interest to identify policies to boost financial inclusion all over the world. Journal: Journal of Sustainable Finance & Investment Pages: 463-476 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1962661 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1962661 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:463-476 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1894544_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Nguyen Bang Nong Author-X-Name-First: Nguyen Author-X-Name-Last: Bang Nong Author-Name: Van Hong Thi Ha Author-X-Name-First: Van Hong Thi Author-X-Name-Last: Ha Title: Impact of Covid-19 on Airbnb: evidence from Vietnam Abstract: Airbnb is an accommodation service on smart apps. Airbnb was established in 2008 in the United States. In Vietnam, Airbnb appeared in 2015 with about one thousand listings. By the beginning of 2020, this number had reached about 80 thousand in the wake of the Covid-19 Pandemic. In Hanoi, the number of bookings increased from 94% in mid-January fell to 3% in mid-April. In Ho Chi Minh City, on the rise of about 105% in mid-January 2020 to 9, 6% in April. In Da Nang city, the business was the worst, rising to 143.3% in January 2020, falling to 1%, and by the end of August 2020, the rate of reservation guests will only be 3.6%. Airbnb's dire business performance is an indicator of Vietnam's tourism business, the real estate business, and many accompanying people's employment problems. Journal: Journal of Sustainable Finance & Investment Pages: 283-296 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1894544 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1894544 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:283-296 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1891783_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Hanan Ahmed AL Qudah Author-X-Name-First: Hanan Ahmed AL Author-X-Name-Last: Qudah Title: Credit risks measurement in Islamic banks study model Abstract: The study aims to measure the credit risk in Islamic banks proposed model, can be applied and reliability in measuring credit risk, and forecasting of these risks in Islamic banks operating in Jordan, through the proposal of Design model for measuring credit risk in Islamic banks operating in Jordan. To identify and predict the impact of the volume of local and international Murabaha receivables on credit risks in Islamic banks in Jordan, as well as to identify and predict the impact of the volume of artisan participation receivables on credit risks in Islamic banks in Jordan, and finally to identify and predict the impact of the volume of Ijara receivables ended by ownership on credit risks in Islamic banks in Jordan. Journal: Journal of Sustainable Finance & Investment Pages: 210-228 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1891783 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1891783 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:210-228 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1945348_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Henry Penikas Author-X-Name-First: Henry Author-X-Name-Last: Penikas Title: Money multiplier under Basel capital ratio regulation: implications for counter-COVID-19 stimulus Abstract: The COVID-19 induced the central bankers to search the most efficient stimulus measures. As a solution, they made an unprecedented step. They lifted down the reserve requirement (RR) to zero. This was done in the United States [FRS. 2020. “Federal Reserve Actions to Support the Flow of Credit to Households and Businesses.” Accessed February 10, 2021. Board of the Governors of the Federal Reserve System] and Morocco [BKAM. 2020. “Monetary Policy Report No. 55.” Accessed from Central Bank of Morocco Website]. The existing monetary theory literature suggests that the broad money supply should go to infinity as a result. Then we may expect the rapid economic recovery. However, this may not come true. The novelty of this paper is the development of the money multiplier theory. We explain why a step to set the RR at zero may boost (though slight) the cash-intensive economy (like Morocco) and may not deliver any benefit to a mostly cashless one (like the US, Canada, or the EU). Journal: Journal of Sustainable Finance & Investment Pages: 431-449 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1945348 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1945348 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:431-449 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1961558_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Ibrahim Nandom Yakubu Author-X-Name-First: Ibrahim Nandom Author-X-Name-Last: Yakubu Author-Name: Alhassan Bunyaminu Author-X-Name-First: Alhassan Author-X-Name-Last: Bunyaminu Title: Regulatory capital requirement and bank stability in Sub-Saharan Africa Abstract: In the wake of the global financial crisis of 2007–2009, more stringent regulatory mechanisms such as increased capital adequacy ratios have gained prominence in an effort to create a stable banking sector. The relevance of capital regulation in ensuring the soundness and stability of the financial sector is overwhelmingly supported in the literature. Hitherto, little is documented on how capital requirement influences bank stability in Africa. This study, therefore, seeks to investigate the impact of regulatory capital requirement on bank stability in Sub-Saharan Africa over the period 2000-2017. Applying the generalized method of moments (GMM) technique, our results reveal a positive significant effect of capital requirement on bank stability. However, in the presence of institutional quality, capital adequacy has an inimical effect on stability. We conclude that stringent regulatory capital standards implementation is imperative for ensuring a sound and stable banking sector in Sub-Saharan Africa. Journal: Journal of Sustainable Finance & Investment Pages: 450-462 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1961558 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1961558 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:450-462 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1891782_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Atallah Al-hosban Author-X-Name-First: Atallah Author-X-Name-Last: Al-hosban Author-Name: Mohammed Alsharairi Author-X-Name-First: Mohammed Author-X-Name-Last: Alsharairi Author-Name: Isssa Al-Tarawneh Author-X-Name-First: Isssa Author-X-Name-Last: Al-Tarawneh Title: The effect of using the target cost on reducing costs in the tourism companies in Aqaba Special Economic Zone Authority Abstract: This study aimed to find the effect of Target Costing (steps and Characteristics) in reducing costs in Tourism companies at Aqaba Economic Area. The Questionnaire was distributed to group of hotels in Aqaba (Auditors, Financial, and Accountants) 42 questionnaires were distributed (32) were retrieved. The most results: Management of Tourism companies in Aqaba establish depends up on the markets to design and manufacture products or services, and tourism companies in Aqaba City review the market which the company seeks to sell products or services. Most recommendations: its important to care that tourism companies in Aqaba must hire cost accountant in hotels to obtain accurate flow of cost data, and its important for hotels in general to apply new techniques of managerial accounting which reduce costs. Journal: Journal of Sustainable Finance & Investment Pages: 194-209 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1891782 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1891782 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:194-209 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1929807_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: R. El Khoury Author-X-Name-First: R. Author-X-Name-Last: El Khoury Author-Name: N. Nasrallah Author-X-Name-First: N. Author-X-Name-Last: Nasrallah Author-Name: B. Alareeni Author-X-Name-First: B. Author-X-Name-Last: Alareeni Title: ESG and financial performance of banks in the MENAT region: concavity–convexity patterns Abstract: This study aims to investigate the impact of Environmental, Social and Governance (ESG) on bank performance (FP) in the Middle East, North Africa and Turkey (MENAT) region. The sample consists of 46 listed banks between 2007–2019. FP is measured through accounting (Return on Assets Return on Equity) and market indicators (Tobin’s Q Stock Return ). We test the effect of ESG and its quadratic term on FP by controlling for bank-specific, macroeconomic and financial development variables. Our results support the presence of a non-linear ESG–FP relationship. ESG incremental investments remain beneficial till reaching an inflection point. Interestingly, the financial development variables are significant, while ESG pillars follow different patterns. Governance pillar has a concave relationship with accounting performance while environmental pillar has a convex relationship with the market return. The ESG–FP relationship depends on three vectors: pillars; measure of FP; and level of ESG. Banks should determine ESG turning points to rationalize their investments and contemplate efficient returns. Journal: Journal of Sustainable Finance & Investment Pages: 406-430 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1929807 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1929807 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:406-430 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1891781_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Mousa Mohammad Abdullah Saleh Author-X-Name-First: Mousa Mohammad Abdullah Author-X-Name-Last: Saleh Author-Name: Omar A. A. Jawabreh Author-X-Name-First: Omar A. A. Author-X-Name-Last: Jawabreh Author-Name: Sameer ahmad hmoud al-Amro Author-X-Name-First: Sameer ahmad hmoud Author-X-Name-Last: al-Amro Author-Name: Haneen Mahmoud Ibrahim Saleh Author-X-Name-First: Haneen Mahmoud Ibrahim Author-X-Name-Last: Saleh Title: Requirements for enhancing the standard of accounting education and its alignment with labor market requirements a case study hospitality and industrial sector in Jordan Abstract: The purpose of this paper is to address the expectations of enhancing the quality and compatibility of accounting education in Jordan with labor market requirements. To accomplish this goal, a questionnaire was circulated to a group of (100) employees. The researchers used the questionnaire to assess the views of the survey group, having studied the scholarly literature on the topic of the study, whether it was given in sources or in scientific journals and theses. This research is an exploratory, empirical study which uses the methodology of data collection and interpretation to draw conclusions. The findings indicate that the content of the study plans is firmly and statistically substantially related to labor market requirements. Either after the expertise and specialization of the teacher. The research leads to debates on accounting education issues in particular accreditation challenges and a clear regulation of the academic interaction with the practice. Journal: Journal of Sustainable Finance & Investment Pages: 176-193 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1891781 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1891781 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:176-193 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1886553_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Aiman M. Abu Hamour Author-X-Name-First: Aiman M. Author-X-Name-Last: Abu Hamour Author-Name: Deema Daifalleh Mohammed Massadeh Author-X-Name-First: Deema Daifalleh Mohammed Author-X-Name-Last: Massadeh Author-Name: Mohamed Mahmoud Bshayreh Author-X-Name-First: Mohamed Mahmoud Author-X-Name-Last: Bshayreh Title: The impact of the COSO control components on the financial performance in the Jordanian banks and the moderating effect of board independence Abstract: The study aims to investigate the moderating effect of the board independence on the COSO components (Control Environment, Risk Assessment, Information and Communication, Control Activities and Monitoring), and the financial performance in the Jordanian banks. This paper used 109 usable questionnaires from financial managers, internal control managers and internal Auditors and the secondary data of the Jordanian banks reports. The collected data were analyzed utilizing Statistical Package for the Social Sciences. The study shows new findings and unique contribution to the impact of COSO components on the financial performance of Jordanian banks; the results show a positive relationship between COSO’s components and financial performance (ROI, ROE). It also presented a statistically significant impact of two components (Control Activities and Control Environment) on ROI. In addition, the study showed that the association between COSO control components and the financial performance is positively moderated by board independence. This study provides a unique contribution to other studies of the impact internal control systems based on the COSO components control and their impact on the financial performance, as well as the moderator effect (board independence) on this relationship in the Jordanian banks. The results of the study support the agency’s theory in which the level of financial performance satisfactory to shareholders will reduce the agency’s problem and costs, and thus a new scientific shareholder path added to accounting literature that explains the relationships and impacts between COSO. Journal: Journal of Sustainable Finance & Investment Pages: 161-175 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1886553 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1886553 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:161-175 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1978918_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Saeed Awadh Bin-Nashwan Author-X-Name-First: Saeed Awadh Author-X-Name-Last: Bin-Nashwan Author-Name: Aishath Muneeza Author-X-Name-First: Aishath Author-X-Name-Last: Muneeza Title: Investment decisions in digital sukuk in the time of COVID-19: do tax incentives matter? Abstract: Although the sukuk market has maintained remarkable growth momentum over the recent years, the optimism has been significantly moderated by the abrupt shock due to the pervasive COVID-19 pandemic. However, sukuk can be used as an effective financing option by governments to overcome a fiscal deficit and to support those adversely affected by the pandemic. Sukuk Prihatin (SP), the first-ever digital sukuk issued by the Government of Malaysia, has launched to engage citizens to contribute to the country's recovery efforts in the wake of COVID-19. Therefore, this study aims to probe the motivation that influences retail investors’ inclination to invest in such innovative sukuk. Based on an integrated model of planned behavior (TPB) and social cognitive theories (SCT) and data gathered from 279 retail investors, this research found that attitude towards SP investment (SPI), social norms, perceived control regarding SPI, sukuk features and digitization are significant determinants of investors’ willingness to invest in SP. It also revealed that tax incentives-moderated interactions of social norms, perceived control and sukuk features on SPI intention are significant. Journal: Journal of Sustainable Finance & Investment Pages: 589-613 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1978918 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1978918 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:589-613 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1874217_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Amnah A. A. Alasgah Author-X-Name-First: Amnah A. A. Author-X-Name-Last: Alasgah Author-Name: Eman S. I. Rizk Author-X-Name-First: Eman S. I. Author-X-Name-Last: Rizk Title: Empowering Saudi women in the tourism and management sectors according to the Kingdom's 2030 vision Abstract: This research aims at studying the empowerment of Saudi women in the tourism sector according to the Kingdom's 2030 vision, as well as discussing the constituents and constraints of their empowerment in the tourism sector. The researchers reached a number of important results; such as the fact that the representation of Saudi women in the tourism sector is still significantly low compared to men. Recently, however, the level of empowering the Saudi women in the tourism sector has been increased by more than 90%. The city of Makkah topped the cities of the Kingdom of Saudi Arabia in terms of the excellence of women working in the tourism sector, with a high level of women empowerment. A statistically significant difference was found in the components of empowering Saudi women in the tourism sector according to the Kingdom's 2030 vision, according to the age and the educational level. Journal: Journal of Sustainable Finance & Investment Pages: 16-43 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1874217 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1874217 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:16-43 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1886550_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Mursal Mursal Author-X-Name-First: Mursal Author-X-Name-Last: Mursal Author-Name: Mahyudin Ritonga Author-X-Name-First: Mahyudin Author-X-Name-Last: Ritonga Author-Name: Fitria Sartika Author-X-Name-First: Fitria Author-X-Name-Last: Sartika Author-Name: Ahmad Lahmi Author-X-Name-First: Ahmad Author-X-Name-Last: Lahmi Author-Name: Talqis Nurdianto Author-X-Name-First: Talqis Author-X-Name-Last: Nurdianto Author-Name: Lukis Alam Author-X-Name-First: Lukis Author-X-Name-Last: Alam Title: The contribution of Amil Zakat, Infaq and Shadaqah Muhammadiyah (LAZISMU) institutions in handling the impact of Covid-19 Abstract: Apart from the government, other institutions are needed to make active contributions to the people’s economy since the Covid-19 pandemic has made it more difficult. In Indonesia, there are large community organizations with considerable assets, such as LAZISMU. During the pandemic, Indonesians felt the active participation of Muhammadiyah and all of its charitable efforts. Therefore, this study aims to describe the contribution of LAZISMU in dealing with the impact of the pandemic. The data analyzed showed that the contribution of LAZISMU was in order to deal with the impact of the pandemic in various forms, by providing scholarships, distributing basic necessities, helping orphanages and distributing masks. This was carried out in accordance with the procedures of Lazismu and health protocol rules during the pandemic. Journal: Journal of Sustainable Finance & Investment Pages: 118-124 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1886550 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1886550 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:118-124 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1891787_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949 Author-Name: Thi Thao Hien Bui Author-X-Name-First: Thi Thao Hien Author-X-Name-Last: Bui Author-Name: Manimekalai Jambulingam Author-X-Name-First: Manimekalai Author-X-Name-Last: Jambulingam Author-Name: Muslim Amin Author-X-Name-First: Muslim Author-X-Name-Last: Amin Author-Name: Nguyen Tan Hung Author-X-Name-First: Nguyen Tan Author-X-Name-Last: Hung Title: Impact of COVID-19 pandemic on franchise performance from franchisee perspectives: the role of entrepreneurial orientation, market orientation and franchisor support Abstract: The epidemic of COVID-19, the disease triggered by the SARS-CoV-2 virus, has had major economic, political and social effects worldwide, leading to concern about the disease, especially in the franchise service industry. The purpose of this paper is to review literature on three factors: entrepreneurial orientation, market orientation, franchisor support and figure out the relationship of these three factors on franchisee performance. Based on the literature, entrepreneurial orientation, market orientation, franchisor resource has positive and significant impact to franchisee performance. Further, franchisor support holds very important role on moderating relationship between entrepreneurial orientation, market orientation and franchisee performance in this pandemic Covid-19. This paper highlight the concepts to clarify the distinctions between them and suggests the propositions between franchisee entrepreneurial orientation, market orientation, and franchisor supports to franchisee performance. Study on franchisee performance is necessary as franchisees are also employees, customers, stakeholders of the franchisors, contribute to the success of franchise system. Journal: Journal of Sustainable Finance & Investment Pages: 264-282 Issue: 1 Volume: 13 Year: 2023 Month: 01 X-DOI: 10.1080/20430795.2021.1891787 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1891787 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:1:p:264-282 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1917929_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Bhim Adhikari Author-X-Name-First: Bhim Author-X-Name-Last: Adhikari Author-Name: Lolita Shaila Safaee Chalkasra Author-X-Name-First: Lolita Shaila Author-X-Name-Last: Safaee Chalkasra Title: Mobilizing private sector investment for climate action: enhancing ambition and scaling up implementation Abstract: Private-sector finance has been widely seen as a step to scale up access to resources for ambitious climate action, given the limited availability of public resources. However, there is a knowledge gap about the risks, barriers, and opportunities associated with greater private investment. This paper analyses some important barriers that commonly inhibit private sector investment in climate adaptation action. The analysis draws on case studies of small and medium-sized business (SMEs), multinational companies (MNCs), B corporations and impact investors. Our analysis confirms that private sector actors are willing to invest in climate adaptation, but their investment decisions are constrained by risk profiles associated with climate adaptation projects, the lack of financially viable and bankable projects, and complete knowledge of climate risk that guide adaptation decision. A tailored approach is required to leverage private sector finance, and conducive public policy interventions will facilitate to mobilize different types of private sector actors. Journal: Journal of Sustainable Finance & Investment Pages: 1110-1127 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1917929 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1917929 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:1110-1127 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1923336_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jan De Spiegeleer Author-X-Name-First: Jan Author-X-Name-Last: De Spiegeleer Author-Name: Stephan Höcht Author-X-Name-First: Stephan Author-X-Name-Last: Höcht Author-Name: Daniel Jakubowski Author-X-Name-First: Daniel Author-X-Name-Last: Jakubowski Author-Name: Sofie Reyners Author-X-Name-First: Sofie Author-X-Name-Last: Reyners Author-Name: Wim Schoutens Author-X-Name-First: Wim Author-X-Name-Last: Schoutens Title: ESG: a new dimension in portfolio allocation Abstract: In this paper, we examine the impact of including environmental, social and governance (ESG) criteria in the allocation of equity portfolios. We focus on the risk and return characteristics of the resulting ESG portfolios and investment strategies. Two specific measures are considered to quantify the ESG performance of a company; the ESG rating and the greenhouse gas (GHG) emission intensity. For both measures, we carry out empirical portfolio analyses with assets in either the STOXX Europe 600 or the Russell 1000 index. The ESG rating data analysis does not provide clear-cut evidence for enhanced performance of portfolios with either high or low ESG scores. We moreover illustrate that the choice of rating agency has an impact on the performance of ESG-constrained portfolios. The analysis on GHG intensities shows that portfolios with reduced emissions do not necessarily have increased risk or diminished returns. Journal: Journal of Sustainable Finance & Investment Pages: 827-867 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1923336 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1923336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:827-867 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2178603_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: The Editors Title: Statement of Retraction Journal: Journal of Sustainable Finance & Investment Pages: 1128-1130 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2023.2178603 File-URL: http://hdl.handle.net/10.1080/20430795.2023.2178603 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:1128-1130 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1874212_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: James Brusseau Author-X-Name-First: James Author-X-Name-Last: Brusseau Title: AI human impact: toward a model for ethical investing in AI-intensive companies Abstract: Does AI conform to humans, or will we conform to AI? An ethical evaluation of AI-intensive companies will allow investors to knowledgeably participate in the decision. The evaluation is built from nine performance indicators that can be analyzed and scored to reflect a technology’s human-centering. The result is objective investment guidance, as well as investors empowered to act in accordance with their own values. Incorporating ethics into financial decisions is a strategy that will be recognized by participants in environmental, social, and governance investing, however, this paper argues that conventional ESG frameworks are inadequate to companies that function with AI at their core. Fully accounting for contemporary big data, predictive analytics, and machine learning requires specialized metrics customized from established AI ethics principles. With these metrics established, the larger goal is a model for humanist investing in AI-intensive companies that is intellectually robust, manageable for analysts, useful for portfolio managers, and credible for investors. Journal: Journal of Sustainable Finance & Investment Pages: 1030-1057 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1874212 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1874212 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:1030-1057 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1879562_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Frederick J. Long Author-X-Name-First: Frederick J. Author-X-Name-Last: Long Author-Name: Syren Johnstone Author-X-Name-First: Syren Author-X-Name-Last: Johnstone Title: Applying ‘Deep ESG’ to Asian private equity Abstract: At this stage of Asia's development there is a need, and an opportunity, to establish a validation methodology that better gauges ESG implementation and sustainability aspirations in Asian private equity. Private equity, like major public market and debt investors such as Blackrock, has adopted language that suggests a proactive approach to ESG management. However, process-oriented ESG compliance presently far outstrips evidence of tangible contributions to ESG objectives and outcomes. This article describes a taxonomy of common approaches to ESG investment practices in Asian private equity and discusses their shortcomings. It then presents ‘Deep ESG’ as an alternative approach that operationalizes ESG and sustainability metrics more holistically than existing frameworks. The Deep ESG framework enables a higher level of market-led intentionality that better informs institutional investors, regulators, communities, and employees as they evaluate private equity's ‘balance sheet’ of ESG outcomes. By investing in tools for goal setting, measurement and evaluation and applying them consistently across all target and portfolio companies, private equity managers can pivot away from a defensive approach by working with stakeholders to shape constructive solutions to urgent sustainability goals. Journal: Journal of Sustainable Finance & Investment Pages: 943-961 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1879562 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1879562 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:943-961 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1894901_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Sofia Wiklund Author-X-Name-First: Sofia Author-X-Name-Last: Wiklund Title: Evaluating physical climate risk for equity funds with quantitative modelling – how exposed are sustainable funds? Abstract: The effects of climate change carry substantial financial consequences. Despite this, physical climate risk has only sparsely been covered in previous research, particularly in the setting of investing. Investors' tools for managing physical risk are in general rudimentary and many rely on sustainability labels. This study compares physical climate risk exposure of three groups of equity funds labelled as sustainable with the general market. Physical climate risk was evaluated by quantitative modelling, incorporating first level of upstream supply chain. The results show a lower physical risk for all three groups of sustainable funds in a five- and ten-year horizon. It cannot be concluded whether the lower risk is a result of consideration in sustainability labelling, or if lower physical risk is correlated with other sustainability qualities. Further research on physical climate risk for investors is needed, not least from a quantitative perspective and on risks related to supply chain. Journal: Journal of Sustainable Finance & Investment Pages: 893-918 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1894901 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1894901 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:893-918 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1879560_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Felipe Calderon Author-X-Name-First: Felipe Author-X-Name-Last: Calderon Author-Name: Wilfred S. Manuela Jr. Author-X-Name-First: Wilfred S. Author-X-Name-Last: Manuela Jr. Author-Name: Daisy T. Briones Author-X-Name-First: Daisy T. Author-X-Name-Last: Briones Title: The impact of sustainability reporting on organizational behaviour from Western and Asian perspectives: a systematic review of literature Abstract: Sustainability reporting (SR) may be considered as a behavioral transformation tool for helping firms achieve sustainable performance. Using a systematic literature review and content analysis, this study investigates the differences between Western and Asian research perspectives on the transformative effect of SR. The findings suggest that Western research perspectives tend to investigate the impact of SR on social stakeholder networks more than Asian perspectives. The dominant theme of Asian SR research investigates the impact of SR on financial performance, primarily addressing economic stakeholder network interests. This suggests the need for more research on strengthening the linkages between SR, sustainable corporate behavior, and stakeholder engagement in Asia. Journal: Journal of Sustainable Finance & Investment Pages: 990-1008 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1879560 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1879560 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:990-1008 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1907091_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Richard Paul Gregory Author-X-Name-First: Richard Paul Author-X-Name-Last: Gregory Title: When is greenwashing an easy fix? Abstract: Greenwashing has long been considered a viable strategy in the literature and academic research has explored its drivers from an institutional viewpoint. This paper extends the literature by considering greenwashing from a financial management viewpoint. It is found that when firm stock volatility is low, when the weighted average cost of capital is high, when firm pricing power is strong, and when information asymmetry is high, that the financial incentives for greenwashing are strong. The potential returns to greenwashing are weakly related to the level of systemic risk of the firm. The simulation results of the model indicate that in the current era that the returns to greenwashing are quite limited without a lot of information asymmetry. The results indicate that in previous eras, there were more opportunities for greenwashing. Overall, the results suggest that for low-and average-beta firms that organizational-level drivers and individual-level psychological drivers are more important in driving greenwashing decisions. The results also show why stock-based incentives do not support corporate social responsibility. Journal: Journal of Sustainable Finance & Investment Pages: 919-942 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1907091 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1907091 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:919-942 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1883984_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Piers Weston Author-X-Name-First: Piers Author-X-Name-Last: Weston Author-Name: Matthias Nnadi Author-X-Name-First: Matthias Author-X-Name-Last: Nnadi Title: Evaluation of strategic and financial variables of corporate sustainability and ESG policies on corporate finance performance Abstract: Over the past few decades, there has been a sharp increase in interest by investment professionals to become more socially responsible with regards to their decision making relating to their choice of investments and overall make-up of their portfolios. This paper conducts various tests to establish a link between Corporate Social Responsibility (CSR) and Corporate Financial Performance (CFP). This paper adds a strategic management element by establishing various frameworks that corporations can include in the decision-making process and includes CSR and Environmental, Social and Governance (ESG) principles when making investment decisions. The sample chosen for this paper includes the iShares MSCI KLD 400 Social exchange traded fund (ETF), iShares Core S&P 500 ETF as well as firms that follow the Principles for Responsible Investing (PRI). Overall, there is no evidence to suggest that ethical ETFs outperform conventional ETF's however PRI following firms outperform those who do not follow the guidelines. Journal: Journal of Sustainable Finance & Investment Pages: 1058-1074 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1883984 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1883984 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:1058-1074 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1904774_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Hamish Kennett Author-X-Name-First: Hamish Author-X-Name-Last: Kennett Author-Name: Ivan Diaz-Rainey Author-X-Name-First: Ivan Author-X-Name-Last: Diaz-Rainey Author-Name: Pallab Kumar Biswas Author-X-Name-First: Pallab Kumar Author-X-Name-Last: Biswas Author-Name: Duminda Kuruppuarachchi Author-X-Name-First: Duminda Author-X-Name-Last: Kuruppuarachchi Title: Climate transition risk in New Zealand equities Abstract: We examine climate transition risk in New Zealand (NZ) equities given that NZ’s greenhouse gas (GHG) emissions are dominated by agricultural emissions and that carbon pricing has been in place since 2008. We find disclosure has grown rapidly from 2010 and that disclosure is driven by, inter alia, size and sector membership (Energy, Manufacturing and Primary Industries). However, by 2018, only around half of NZX50 companies regularly disclose emissions, though this should increase steadily as NZ will adopt mandatory disclosures from 2023 onwards on a ‘report or explain basis’. In terms of ‘hypothetical carbon liabilities’, Genesis Energy and Air New Zealand are most exposed for Scope 1 and 2 emissions, but when upstream scope 3 GHG emissions are added, Fonterra (multinational dairy firm) is most at-risk. An asset pricing analysis shows that only volatility and extreme price movements in carbon price returns are priced. Overall, the results suggest that despite there being material climate transition risks for NZX50 equities, limited disclosure and low carbon prices mean that these risks are not likely to be fully priced in stock values. Journal: Journal of Sustainable Finance & Investment Pages: 868-892 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1904774 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1904774 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:868-892 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1922062_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lucie Gyönyörová Author-X-Name-First: Lucie Author-X-Name-Last: Gyönyörová Author-Name: Martin Stachoň Author-X-Name-First: Martin Author-X-Name-Last: Stachoň Author-Name: Daniel Stašek Author-X-Name-First: Daniel Author-X-Name-Last: Stašek Title: ESG ratings: relevant information or misleading clue? Evidence from the S&P Global 1200 Abstract: Environmental, social, and corporate governance (ESG) scores are frequently involved in investment-related decision-making, e.g. for red-flagging or to manage risks. The increasing interest in ESG data raises the question about their validity from various sources. Therefore, we explore the consistency and convergent validity of the well recognized ESG data providers. Exploratory factor analysis of S&P Global 1200 index demonstrates considerable uncertainty across extracted latent factors. Further factor analyses show that the consistency and convergent validity across ESG data significantly depend on the industry type and the country of domicile. These findings are supported by confirmatory factor analyses. Thus, the stakeholders are encouraged to incorporate the company sector and domicile aspects into their decisions. Otherwise, naive use of primary ESG scores may provide a misleading clue. Journal: Journal of Sustainable Finance & Investment Pages: 1075-1109 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1922062 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1922062 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:1075-1109 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1907090_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Badri Zolfaghari Author-X-Name-First: Badri Author-X-Name-Last: Zolfaghari Author-Name: Geraldine (Dean) Hand Author-X-Name-First: Geraldine (Dean) Author-X-Name-Last: Hand Title: Impact investing and philanthropic foundations: strategies deployed when aligning fiduciary duty and social mission Abstract: This article investigates the factors that prevent and facilitate impact investing strategies for philanthropic foundations to align their capital with their mission. Using qualitative data from foundations in both the US and South Africa, we identify five factors (i.e. mandate and country legislation, internal skills capacities, supporting infrastructure, market capacity and strong leadership) that pertain to the international foundations located in the North, and three factors pertaining to foundations in the South (i.e. understanding of fiduciary duty, the role of financial advisors and tax legislation) which influence the deployment and uptake of impact investing strategies. Findings also suggest that the adoption of a total portfolio management approach is the most adequate strategy to align fiduciary duty and mission, and therefore resolve this ethical tension that can be present in foundations. It concludes with suggestions for future theory and practice. Journal: Journal of Sustainable Finance & Investment Pages: 962-989 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1907090 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1907090 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:962-989 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1874215_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Gagan Deep Sharma Author-X-Name-First: Gagan Deep Author-X-Name-Last: Sharma Author-Name: Gaurav Talan Author-X-Name-First: Gaurav Author-X-Name-Last: Talan Author-Name: Sanchita Bansal Author-X-Name-First: Sanchita Author-X-Name-Last: Bansal Author-Name: Mansi Jain Author-X-Name-First: Mansi Author-X-Name-Last: Jain Title: Is there a cost for sustainable investments: evidence from dynamic conditional correlation Abstract: Sustainable investment avenues provide an additional return (than just financial return) in terms of contribution towards sustainability and sustainable indexes. We examine if the investors who put their money in sustainable avenues need to forego a part of their financial return. For that purpose, we compare the conditional correlation and volatility behavior of sustainable indexes and typical indexes by applying the Dynamic Conditional Correlation – GARCH model. The study is based on secondary data of Morgan Stanley Capital International (MSCI) (for conventional indexes) and Thomson Reuters indexes (as a proxy for sustainability-based indexes) using the daily closing values for a period of 5 years from January 2013 to December 2017. By concluding that the investors may switch to sustainable investment avenues without compromising on the front of return or risk, this study offers critical insight to the potential investors across developed and developing markets. Journal: Journal of Sustainable Finance & Investment Pages: 1009-1029 Issue: 2 Volume: 13 Year: 2023 Month: 04 X-DOI: 10.1080/20430795.2021.1874215 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1874215 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:2:p:1009-1029 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1940805_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Lokanath Mishra Author-X-Name-First: Lokanath Author-X-Name-Last: Mishra Author-Name: Vaibhav Kaushik Author-X-Name-First: Vaibhav Author-X-Name-Last: Kaushik Title: Application of blockchain in dealing with sustainability issues and challenges of financial sector Abstract: Blockchain network and technology is a peer-to-peer distributed system that operates in a decentralized manner. The two concepts enable to create a secure environment and allow users to exchange transactions, contracts and data thereby establishing trust amongst the users. The current study aims to investigate the issues faced in the financial sector by means of applying blockchain technology. For this, the current study provides an overview of blockchain technology and analyze the major issues and challenges faced in financial sector due to the application of the blockchain technology. It is believed that traditional system tends to be cumbersome, error-prone and slow and unsafe, in contrast, users find the blockchain as cheaper, transparent and more effective. Particularly blockchain technology provides the banking sector, security, performance, and cost reduction in many of their processes and provides quality of services to their users. Journal: Journal of Sustainable Finance & Investment Pages: 1318-1333 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2021.1940805 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1940805 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1318-1333 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1974242_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Dirk G. Baur Author-X-Name-First: Dirk G. Author-X-Name-Last: Baur Author-Name: Allan Trench Author-X-Name-First: Allan Author-X-Name-Last: Trench Author-Name: Sam Ulrich Author-X-Name-First: Sam Author-X-Name-Last: Ulrich Title: Green gold Abstract: Gold is a precious metal and an important asset class. However, mining for gold can lead to severe environmental issues. Against this backdrop, this study proposes an alternative to mitigate the negative externalities of gold mining. Instead of digging out gold for investment purposes we propose to leave it in the ground and let nature act as a natural vault and custodian legally protected by gold firms and the government. Empirically, we analyse whether portfolios of gold exploration companies with access to such ‘green’ gold also provide exposure to the world price of gold. The results demonstrate that gold mining is not necessary to give investors access to gold. Journal: Journal of Sustainable Finance & Investment Pages: 1200-1227 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2021.1974242 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1974242 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1200-1227 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1949890_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Elhassan Kotb Abdelrahman Radwan Author-X-Name-First: Elhassan Author-X-Name-Last: Kotb Abdelrahman Radwan Author-Name: Nada Omar Author-X-Name-First: Nada Author-X-Name-Last: Omar Author-Name: Khaled Hussainey Author-X-Name-First: Khaled Author-X-Name-Last: Hussainey Title: Social responsibility of Islamic banks in developing countries: empirical evidence from Egypt Abstract: This study explores Islamic banks’ role in Social Responsibility (SR) in developing countries by focusing on the Faisal Islamic Bank of Egypt (FIBE) as a case study. The paper provides a brief overview of the concept, dimensions, and areas of SR, nature of Islamic banks, the concept of Corporate Social Responsibility (CSR) in Islamic banks, also outlines how the Islamic banks support the social enterprises with some examples of such enterprises that supported by FIBE. The analysis shows that Islamic banks in general and FIBE, in particular, play an effective role in SR and enhance the development of social enterprises. The study concluded that FIBE has allocated huge funds for SR through participating in several social initiatives and activities, besides Qard-Hasan for needy citizens and its Zakat Fund. Journal: Journal of Sustainable Finance & Investment Pages: 1334-1353 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2021.1949890 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1949890 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1334-1353 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1977576_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Anum Ellahi Author-X-Name-First: Anum Author-X-Name-Last: Ellahi Author-Name: Hammna Jillani Author-X-Name-First: Hammna Author-X-Name-Last: Jillani Author-Name: Hesan Zahid Author-X-Name-First: Hesan Author-X-Name-Last: Zahid Title: Customer awareness on Green banking practices Abstract: Green banking is an emerging concept in Pakistan’s economy. The purpose of this paper is to identify the progress of green banking practices in the banking sector. It tries to examine the individual’s perception and response to the green practices as adopted by the banks. This research is exploratory in nature and attempts to find the association between green banking awareness and customers. Structural Equation Model (SEM) is used as a measurement model and 400 responses were obtained using convenience sampling technique. The result of the study shows that customers are receptive of the change brought on by the banks’ green initiative and are willing to adopt them. Education appears to have a significant positive impact on green banking awareness in the selected sample. The model determines that the green banking awareness is dependent on age, gender, occupation of the individual and is influenced by traits of sustainable banking practices. Journal: Journal of Sustainable Finance & Investment Pages: 1377-1393 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2021.1977576 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1977576 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1377-1393 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1947116_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muneer M. Alshater Author-X-Name-First: Muneer M. Author-X-Name-Last: Alshater Author-Name: Osama F. Atayah Author-X-Name-First: Osama F. Author-X-Name-Last: Atayah Author-Name: Allam Hamdan Author-X-Name-First: Allam Author-X-Name-Last: Hamdan Title: Journal of Sustainable Finance and Investment: A bibliometric analysis Abstract: The Journal of Sustainable Finance and Investment (JSFI) has started its publication in April 2011 and celebrates its 10th anniversary in 2021. The purpose of this study is to provide a bibliometric analysis of JSFI between 2011 and 2020. It uses the Scopus database to collect JSFI’s publications and analyse their contents. A total of 263 documents are reviewed using RStudio, VOSviewer and Microsoft Excel. This study uses bibliometric indicators to analyse publications and citations in addition to bibliographic coupling, keyword analysis and content analysis. The findings show that JSFI had a stable performance in terms of publications until 2019, with a decline in citations in the last four years. Network analysis shows that the popularity of ‘Sustainable finance’ and ‘ESG’ topics has increased, while that of ‘Corporate governance’ and ‘Socially responsible investment’ has declined. Bibliographic coupling analysis shows that the major themes published in JSFI involve four main clusters: ‘Corporate social responsibility and sustainable development’; ‘Sustainable finance and green bonds’; ‘Corporate governance and ESG’; and ‘Responsible investment and pension funds’. This study provides the readers with the first overview of JSFI publication and citation trends, in addition to thematic structure. Journal: Journal of Sustainable Finance & Investment Pages: 1131-1152 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2021.1947116 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1947116 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1131-1152 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1972678_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Harald Winkler Author-X-Name-First: Harald Author-X-Name-Last: Winkler Author-Name: Emily Tyler Author-X-Name-First: Emily Author-X-Name-Last: Tyler Author-Name: Samantha Keen Author-X-Name-First: Samantha Author-X-Name-Last: Keen Author-Name: Andrew Marquard Author-X-Name-First: Andrew Author-X-Name-Last: Marquard Title: Just transition transaction in South Africa: an innovative way to finance accelerated phase out of coal and fund social justice Abstract: A just transition transaction (JTT) in South Africa aims to address complex challenges of financing a transition away from coal, and social justice. Accelerated decarbonisation of electricity is essential for mitigation globally and in SA. However, the national utility Eskom, a state-owned enterprise, is in crisis with major operational, structural and financial problems, including legacy debt of €25bn. How and to what extent can a just transition transaction catalyse deep, structural change that is required in SA’s electricity system and promote social justice? What can we learn from the case study of a JTT about transition finance? The architecture of the JTT includes a blended finance vehicle, combining international concessionary and domestic commercial finance. Finance enables transition if it respects certain principles, promotes ambitious decarbonisation and assures compliance. A tough problem is whether such finance is provided at activity – or entity-level. We explore options for watertight remedies to ensure compliance with ambitious climate change action, though these merit further research. The innovation proposed to fund social justice is that concessional value provides significant and predictable flow of funds into a Just Transition Fund. The JTT partially addresses Eskom’s financial challenges, and thereby the strain on the country’s fiscus against a background of increasing public debt. Significant mitigation on the scale of 1–1.5 Gt CO2-eq over thirty years is achievable. The transaction may be of wider interest: Emerging economies with high coal dependence and socio-economic risk during energy transition might translate lessons from South Africa’s JTT for their own contexts. Journal: Journal of Sustainable Finance & Investment Pages: 1228-1251 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2021.1972678 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1972678 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1228-1251 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2150510_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ibrahim Mohd-Sabrun Author-X-Name-First: Ibrahim Author-X-Name-Last: Mohd-Sabrun Author-Name: Rusnah Muhamad Author-X-Name-First: Rusnah Author-X-Name-Last: Muhamad Title: Do environmentally sensitive companies engage in lesser earnings management behaviour? evidence from Malaysia Abstract: Past studies have examined the influence of environmental information on earnings management practices. However, these studies have reported mixed findings and failed to establish a conclusive conclusion. Therefore, rather than re-examining the relationship between environmental disclosure and earnings management, this research offers a new perspective on earnings management based on a company’s sector, specifically, environmentally sensitive (ES) and environmentally non-sensitive (EN) sectors. This study analysed ten years of data (2008–2017) on Malaysian public listed companies. It was found that ES sectors are more likely to be involved in earnings management than EN sectors. This study’s findings could initiate policy revisions leading to sustainable, ethical and responsible financial reporting practices in the future. Journal: Journal of Sustainable Finance & Investment Pages: 1252-1276 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2022.2150510 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2150510 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1252-1276 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1952822_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Muhammad Azhar Khalil Author-X-Name-First: Muhammad Azhar Author-X-Name-Last: Khalil Author-Name: Kridsda Nimmanunta Author-X-Name-First: Kridsda Author-X-Name-Last: Nimmanunta Title: Conventional versus green investments: advancing innovation for better financial and environmental prospects Abstract: Recently, the level of climate change has substantially been rising; relatively not much is known on ‘how’ companies alter the association between their environmental performance and financial performance within the context of specific elements of innovation: conventional innovation and green innovation. Drawing upon the stakeholder theory and the natural resource-based view of the firm, this research uses firm-level Environmental, Social, and Governance (ESG) data of 462 companies across 7 Asian countries for the period 2015–2019 and employs time fixed-effects panel regression with country and industry dummies. We find that measures of innovation (i.e. conventional innovation and green innovation) are beneficial to the firm value. However, the positive effect of conventional innovation on the firm valuation builds at the expense of the environment since it poses a significant threat to environmental quality by positively contributing to carbon emission. Whilst firms’ investments in green innovation are advantageous to either type of firm performance. Further analysis shows that firms that focus on environmental practices generate significant outcomes, e.g. improved financial performance, suggesting that firms should prioritize their green investments to enhance the innovation outcomes so as to achieve superior financial value and to attract potential environmentally proactive stakeholders. Journal: Journal of Sustainable Finance & Investment Pages: 1153-1180 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2021.1952822 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1952822 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1153-1180 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2061404_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: C. S. Divyesh Patel Author-X-Name-First: C. S. Divyesh Author-X-Name-Last: Patel Author-Name: Naresh K. Patel Author-X-Name-First: Naresh K. Author-X-Name-Last: Patel Title: India’s Social Stock Exchange (ISSE) – A 360° Analysis - Today’s commitment for tomorrow’s action Abstract: This conceptual research aims to study the core components of India’s first proposed Social Stock Exchange (SSE), its structure and regulations, including types of eligible social enterprises, investors and financial instruments, disclosures, and reporting requirements along with the global SSE to carry out an informed and nuanced comparison. The research relies primarily on secondary and descriptive in the study. The study results show that India, the world’s most populous democracy, is about to launch a SSE in 2021 which will serve as a mediator between social enterprises that need funding and investors who are willing to invest their money and by designing and providing robust solutions which transform the habit of charity into a culture of social investment. Exchange focuses more on the development of the ecosystem, emphasizing policy and regulatory advocacy where Social ends and profit motives do not contradict each other. This implies profit generation for social purposes is a key sustainability feature. SSE should be a means for the markets to serve the society not for society to serve the markets. Journal: Journal of Sustainable Finance & Investment Pages: 1394-1414 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2022.2061404 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2061404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1394-1414 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1964815_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Safaa Adnan AlSmadi Author-X-Name-First: Safaa Author-X-Name-Last: Adnan AlSmadi Author-Name: Ahmad Alkhataybeh Author-X-Name-First: Ahmad Author-X-Name-Last: Alkhataybeh Author-Name: Mohammad Ziad Shakhatreh Author-X-Name-First: Mohammad Ziad Author-X-Name-Last: Shakhatreh Title: Disclosure violations: does governance matter? Abstract: Since 2004, the Jordanian Securities Commission (JSC) has been publishing annually a list of firms that violate disclosure requirements; however, despite these publications, the level of violations is continuing to rise. We hypothesize that ownership structure and board features can affect the level of violations of manufacturing and service firms listed on the Amman Stock Exchange (ASE). The logit regression estimates assume that managerial and foreign ownership limit violation practices, while institutional ownership has no effect. It is also concluded that the characteristics of the board are not significantly related to the level of violations, apart from the audit committee and political connections, which have significant negative and positive impacts respectively. Journal: Journal of Sustainable Finance & Investment Pages: 1354-1376 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2021.1964815 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1964815 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1354-1376 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1917224_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Burhan Uluyol Author-X-Name-First: Burhan Author-X-Name-Last: Uluyol Title: A comprehensive empirical and theoretical literature survey of Islamic bonds (sukuk) Abstract: In recent years, due to their ethical and Islamic principles, sukuk have received considerable attention from different kinds of investor, such as governments, corporations, institutional investors, fund managers. In this paper, in order to examine the past research and to provide some future directions on sukuk, we have reviewed and examined five different aspects of sukuk. The five main areas of sukuk, i.e. (i) the structural and fundamental differences between conventional and Islamic bonds; (ii) empirical research into sukuk; (iii) the choice between conventional bond and sukuk issuance; (iv) Shariah and legal issues of sukuk; and (v) the pricing of sukuk, are presented systematically. From the survey, it can be seen that most research has been conducted in the area of empirical studies of sukuk, while fundamental research into sukuk is largely ignored. Recommendations and directions for future research are presented at the end of the paper. Journal: Journal of Sustainable Finance & Investment Pages: 1277-1299 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2021.1917224 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1917224 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1277-1299 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1929806_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Jan Anton van Zanten Author-X-Name-First: Jan Anton Author-X-Name-Last: van Zanten Author-Name: Bhavya Sharma Author-X-Name-First: Bhavya Author-X-Name-Last: Sharma Author-Name: Malene Christensen Author-X-Name-First: Malene Author-X-Name-Last: Christensen Title: Sustainability integration for sovereign debt investors: engaging with countries on the SDGs Abstract: Investors recently adopted a novel approach to sustainable investing: engaging with countries to advance sustainable development. But engaging with sovereign entities on sustainability challenges, like the Sustainable Development Goals (SDGs), is complex. To guide sovereign debt investors in operationalizing this new sustainable investing strategy, this methodology and policy paper creates a framework that navigates the sovereign engagement process. The framework answers three questions: (i) who to engage with; (ii) what to engage on; and (iii) how to engage. First, countries are prioritized based on the investor's investment exposure and the country's progress on the SDGs. Second, using public data, SDGs and sub-targets are identified that face slow progress, thus being priorities to engage on. Third, a detailed roadmap is provided that offers a systematic approach to engaging with the identified country on selected SDG(s). This sovereign SDG Engagement Framework aims to help investors and countries achieve their shared sustainability objectives. Journal: Journal of Sustainable Finance & Investment Pages: 1300-1317 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2021.1929806 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1929806 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1300-1317 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1929805_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: John Francis Diaz Author-X-Name-First: John Francis Author-X-Name-Last: Diaz Author-Name: Thanh Tung Nguyen Author-X-Name-First: Thanh Tung Author-X-Name-Last: Nguyen Title: Application of grey relational analysis and artificial neural networks on corporate social responsibility (CSR) indices Abstract: This research examines return predictability based on minimized forecast errors of CSR Indices through the grey relational analysis (GRA) and three types of artificial neural networks (ANN) model, namely: back-propagation perceptron (BPN); recurrent neural network (RNN); and radial basis function neural network (RBFNN), to capture non-linear characteristics of CSR indices for better forecasting accuracy. The study finds that the BPN model has the lowest forecast error, outperforming the RNN and RBFNN models. The model is also consistently better in using the 33% testing data. On the other hand, both the RNN and the RBFNN models preferred the 50% testing data. Based on the GRA rankings, the US Dollar Index and the S&P 500 index are the 1st and 2nd ranking variable, respectively. For the BPN and RNN models, the study experienced the lowest mean absolute error and root mean square errors when using the All Variables group. Journal: Journal of Sustainable Finance & Investment Pages: 1181-1199 Issue: 3 Volume: 13 Year: 2023 Month: 07 X-DOI: 10.1080/20430795.2021.1929805 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1929805 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:3:p:1181-1199 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2147778_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Peter Løchte Jørgensen Author-X-Name-First: Peter Løchte Author-X-Name-Last: Jørgensen Author-Name: Mathias Danielsen Plovst Author-X-Name-First: Mathias Danielsen Author-X-Name-Last: Plovst Title: The cost of insuring against underperformance of ESG screened index funds Abstract: In recent years, investors have shown significant interest in responsible investment products, including sustainable and ESG screened index funds. A natural concern for prospective investors in such funds is that a sustainable fund might underperform its classical unscreened counterpart. This paper argues that this underperformance risk can be analyzed by way of an option to exchange one asset for another, and we derive a simple formula that quantifies the fair annual insurance premium for covering this risk. Only a single parameter is needed to apply the formula. This parameter – a relative index volatility – is readily estimated from market data. Our empirical work utilizes data from BlackRock's ETF (iShares) universe to estimate the cost of insuring against underperformance risk of some common ESG screened funds. We find that the fair cost of underperformance insurance typically corresponds to sacrificing in advance between 0.5% and 3.0% of the annual return. Journal: Journal of Sustainable Finance & Investment Pages: 1534-1553 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2022.2147778 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2147778 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1534-1553 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1922063_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Mashiyat Tasnia Author-X-Name-First: Mashiyat Author-X-Name-Last: Tasnia Author-Name: Syed Musa Syed Jafaar Alhabshi Author-X-Name-First: Syed Musa Author-X-Name-Last: Syed Jafaar Alhabshi Author-Name: Romzie Rosman Author-X-Name-First: Romzie Author-X-Name-Last: Rosman Title: Corporate social responsibility and Islamic and conventional banks performance: a systematic review and future research agenda Abstract: This study conducts a systematic literature review on corporate social responsibility (CSR) disclosure and Islamic and conventional banks’ financial performance. Several studies show a relation between CSR disclosure and bank performance. This research critically reviews the theoretical perspectives, impacts, issues and suggests future research based on the reviewed articles. This study uses a systematic review method to analyse 34 articles published between 1994 and 2020. The articles are published in 28 different journals, and notable journals include the Journal of Banking and Finance, Journal of Business Ethics and Review of Quantitative Finance and Accounting. This study also highlighted the issues, gap of CSR indicators, performance evaluation of conventional and Islamic banks and theoretical underpinnings. The findings of the systematic review show that the majority of the countries still follow voluntary CSR disclosure. Besides, studies emphasizing CSR and Islamic banks are limited. The theoretical perspective of Islamic banks CSR is required to develop based on Islamic principle. Lastly, this study highlighted 25 future research questions based on the review of prior literature. Future research questions will help researchers fill the existing research gap and contribute to CSR research in banking. Journal: Journal of Sustainable Finance & Investment Pages: 1711-1731 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2021.1922063 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1922063 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1711-1731 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1972789_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: David Blitz Author-X-Name-First: David Author-X-Name-Last: Blitz Author-Name: Laurens Swinkels Author-X-Name-First: Laurens Author-X-Name-Last: Swinkels Title: Does excluding sin stocks cost performance? Abstract: We examine the impact of excluding sin stocks on expected portfolio risk and return. Exclusions involve risk relative to the market and peers. We show how this tracking error can be translated into an equivalent loss in expected return, which is negligible at low tracking error levels, but not at higher levels. However, even modest ex ante tracking error levels may lead to sizable compoundedunderperformance ex post. Taking an asset pricing perspective we find that popular exclusions typically go against rewarded factors such as value, profitability, and low risk, which is harmful for expected portfolio returns. Theoretically sin itself may also be a priced factor, but this is not yet supported by the empirical evidence. Tracking error may be minimized and expected portfolio return restored by filling the gap left by excluding sin stocks with non-sin stocks that offer the best hedging properties and similar or better factor exposures. Journal: Journal of Sustainable Finance & Investment Pages: 1693-1710 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2021.1972789 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1972789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1693-1710 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2226791_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Daniel Ofori-Sasu Author-X-Name-First: Daniel Author-X-Name-Last: Ofori-Sasu Author-Name: George Nana Agyekum Donkor Author-X-Name-First: George Nana Author-X-Name-Last: Agyekum Donkor Author-Name: Joshua Yindenaba Abor Author-X-Name-First: Joshua Yindenaba Author-X-Name-Last: Abor Title: Do sustainability ethics explain the impact of country-level corporate governance on financial stability in developing economies? Abstract: The study presents an empirical evidence on how sustainability ethics affect the relationship between country-level corporate governance and financial stability in developing countries. Employing the dynamic system Generalized Method of Moments on a panel dataset of 137 developing countries over the period, 2006–2019, the study found that the positive effect of country-level corporate governance framework on financial stability is not instantaneous. We find that internal and external corporate governance frameworks have a strong positive synergistic effect on financial stability. We confirm that corporate governance measures substitute sustainability ethics to yield a desirable outcome of financial stability. Finally, the study finds evidence to support that sustainability ethics reduce the negative impact of country-level corporate governance on financial stability. The study recommends that the build-up of quality sustainability ethics can help tame the reductive effect of the country-level corporate governance framework on financial stability in developing countries. Journal: Journal of Sustainable Finance & Investment Pages: 1415-1450 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2023.2226791 File-URL: http://hdl.handle.net/10.1080/20430795.2023.2226791 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1415-1450 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2148816_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Syren Johnstone Author-X-Name-First: Syren Author-X-Name-Last: Johnstone Author-Name: Frederick J. Long Author-X-Name-First: Frederick J. Author-X-Name-Last: Long Author-Name: Abdullah Bin Azhar Author-X-Name-First: Abdullah Author-X-Name-Last: Bin Azhar Title: Progress and notions of progress in sustainable finance Abstract: The sustainable finance industry has boomed in the face of uncertainties ranging from its justification as a viable financial product to its impact in terms of sustainability outcomes. This article seeks to characterize the conditions of the present phase and to provide insights on its present direction of travel and how future progress might best occur through two lenses. First, it reviews elements of progress in sustainable finance over the past half-century as characterized by interactions between three primary factors. Second, it presents a study of recent green bond issuances that examines the strength of the connection between sustainable finance and sustainability objectives. Analysis suggests markets do not demand rigorous design standards or accountability and are focussed on product sector growth over sustainability outcomes. Classification of finance as sustainable often lacks appropriate validation from independent due diligence and verification, post-investment assessment of outcomes, and an oversight regime assuring information integrity. The notion that allocating capital to sustainability-labelled financial products contributes to desired outcomes may be an illusion that is distracting from, and so delaying, a more demanding approach to directionally positive capital allocation. Lessons for newer sustainability linked products are considered. Suggested reforms require firmer public governance oversight regulation if acts undertaken in the debt capital markets are to meaningfully contribute to urgent sustainability challenges. Journal: Journal of Sustainable Finance & Investment Pages: 1554-1576 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2022.2148816 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2148816 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1554-1576 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1925522_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Toyo Kawabata Author-X-Name-First: Toyo Author-X-Name-Last: Kawabata Title: Climate finance governance through transnational networks Abstract: Climate finance can be characterized by insufficiently firm goal setting and by a highly fragmented governance architecture composed of loosely coordinated institutions. Transnational networks can fill this governance gap to steer climate finance in such a situation. This paper examines 63 climate finance networks, including public, private, and hybrid ones, to analyse networks’ functions and determine when they emerged and how they are institutionalized. Most of the networks arose recently when bottom-up efforts began to be widely adopted as a way to mainstream finance combating climate change. In contrast to public networks, private and hybrid networks more frequently display firmly defined forms of institutionalization, such as requirements for members to pay a fee and carry out compulsory actions. In addition, private and hybrid networks tend to take on the governance functions of target setting and rule making more than public networks. Journal: Journal of Sustainable Finance & Investment Pages: 1624-1643 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2021.1925522 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1925522 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1624-1643 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1962663_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abiola Babajide Author-X-Name-First: Abiola Author-X-Name-Last: Babajide Author-Name: Evans Osabuohien Author-X-Name-First: Evans Author-X-Name-Last: Osabuohien Author-Name: Patience Tunji-Olayeni Author-X-Name-First: Patience Author-X-Name-Last: Tunji-Olayeni Author-Name: Hezekiah Falola Author-X-Name-First: Hezekiah Author-X-Name-Last: Falola Author-Name: Lanre Amodu Author-X-Name-First: Lanre Author-X-Name-Last: Amodu Author-Name: Felicia Olokoyo Author-X-Name-First: Felicia Author-X-Name-Last: Olokoyo Author-Name: Folashade Adegboye Author-X-Name-First: Folashade Author-X-Name-Last: Adegboye Author-Name: Benjamin Ehikioya Author-X-Name-First: Benjamin Author-X-Name-Last: Ehikioya Title: Financial literacy, financial capabilities, and sustainable business model practice among small business owners in Nigeria Abstract: The study investigates how financial literacy and financial capabilities influence small firms’ sustainability in Lagos and Ogun States, Nigeria. It employs a survey research design to collect data from 300 small business owners across the two States. Data collected were analysed using Structural Equation Modelling (SEM) technique. The study shows that environmental sustainability, financial sustainability and social responsibility are significant determinants of small firms’ sustainability in Nigeria. Financial literacy and financial capabilities practices also have a significant positive impact on firm sustainability. However, the use of savings product shows a significant adverse effect on firms’ sustainability. The findings imply that financial literacy knowledge and practice in small business operations enhance firms’ sustainability. The study recommends that small firms should incorporate sustainability models into their business operations and improve their financial knowledge to maintain sustainability. Small business owners should also invest their savings in an appropriate investment product that suits their risk tolerance. Journal: Journal of Sustainable Finance & Investment Pages: 1670-1692 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2021.1962663 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1962663 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1670-1692 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2138695_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ali Amin Author-X-Name-First: Ali Author-X-Name-Last: Amin Author-Name: Rizwan Ali Author-X-Name-First: Rizwan Author-X-Name-Last: Ali Author-Name: Ramiz ur Rehman Author-X-Name-First: Ramiz Author-X-Name-Last: ur Rehman Author-Name: Ahmed A. Elamer Author-X-Name-First: Ahmed A. Author-X-Name-Last: Elamer Title: Gender diversity in the board room and sustainable growth rate: the moderating role of family ownership Abstract: This study examines the impact of gender diversity on sustainability growth, and moderating role of family ownership in an emerging economy, Pakistan. We employed 3730 firm-year observations, comprising of 307 non-financial firms listed on Pakistan Stock Exchange, over a period 2008–2020. Using framework of agency theory, resource dependence theory and social identity theory, we report that gender diversity results in higher sustainable growth in our sample firms. Further, our results indicate that due to strong identification of family owners with their firms, their presence positively moderates this relationship. Overall, we report that despite of a weak corporate governance mechanism, the presence of female directors and family owners results in higher firm growth and low agency conflicts, which serve as positive signals for the investors. Our study provides empirical support to mandatory appointment of female directors on boards and urge the policymakers to focus on capacity building of female workforce. Journal: Journal of Sustainable Finance & Investment Pages: 1577-1599 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2022.2138695 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2138695 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1577-1599 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2030664_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Alida Monaco Author-X-Name-First: Alida Author-X-Name-Last: Monaco Title: Divestment and greenhouse gas emissions: an event-study analysis of university fossil fuel divestment announcements Abstract: An event-study analysis of U.S. university fossil fuel divestment announcements on public fossil fuel companies’ abnormal returns (AR) is used to estimate divestment’s impact on fossil fuel companies’ greenhouse gas (GHG) emissions. These ARs could affect the companies’ capital development, and subsequent GHG emissions. The event-study is paired with a probit regression analysis of annual fossil fuel companies’ Securities and Exchange Commission (SEC) filings, to ascertain whether divestment is viewed as a material risk to capital expansion. This analysis finds a statistically significant negative average AR for divestment announcements on event day negative one and a statistically insignificant three-day cumulative average AR. Furthermore, this study finds that a 1% decrease in the average or cumulative average AR is associated with a statistically significant increase in the probability that firms disclose divestment. Therefore, while the overall change in GHG emissions is still ambiguous, there may be evidence for divestment’s efficacy. Journal: Journal of Sustainable Finance & Investment Pages: 1451-1479 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2022.2030664 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2030664 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1451-1479 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1939644_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Ahmed Kouki Author-X-Name-First: Ahmed Author-X-Name-Last: Kouki Title: Does gender diversity moderate the link between CEO dominance and CSR engagement? A two-step system GMM analysis of UK FTSE 100 companies Abstract: This paper aims to examine how chief executive officer (CEO) dominance is associated with a firm’s corporate social responsibility (CSR) engagement, and whether the board gender diversity moderates this relationship. We use a two-step system generalized method of moments (GMM) to analyze this relationship in a sample of 700 firm-year observations from FTSE 100 listed companies covering the period from 2008 to 2017. This study shows that CEO dominance is negatively associated with CSR engagement, and that the board gender diversity is positively moderated this relationship. Our study finds evidence supporting both the critical mass theory and the upper echelons theory, and suggests that a high proportion of female in the board of directors may reduce the CEO dominance, as a key player in the top management team, and increase the CSR engagement. These results are robust to alternative econometric specifications and variable definitions. This study differs from previous studies in that we introduce the board gender diversity as a moderator of the relationship between CEO dominance and CSR engagement in the UK context. Journal: Journal of Sustainable Finance & Investment Pages: 1644-1669 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2021.1939644 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1939644 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1644-1669 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1937916_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Andreas Dimmelmeier Author-X-Name-First: Andreas Author-X-Name-Last: Dimmelmeier Title: Sustainable finance as a contested concept: tracing the evolution of five frames between 1998 and 2018 Abstract: Sustainable finance has received increasing attention over the last years. Nonetheless, the meaning of the term remains ambiguous. This article approaches this ambiguity by understanding sustainable finance as a contested concept, whose meaning has been subject to varying interpretations. To map these interpretations, the article offers an inductive analysis of the network of actors that concern themselves with sustainable finance. Actors’ competing interpretations of sustainable finance can be conceptualised as frames. Using network analysis and interviews I identify five frames that are present in three periods between 1998 and 2018. Distinct communities advance a Socially Responsible Investment frame, a risks and opportunities frame, a climate finance frame, a critical frame and an integrated frame. Describing the emergence of these frames, their position in the network and their relations to each other can add to our understanding of sustainable finance as it complements existing authoritative classifications and histories of the topic. Journal: Journal of Sustainable Finance & Investment Pages: 1600-1623 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2021.1937916 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1937916 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1600-1623 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2226792_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Nadine Strauß Author-X-Name-First: Nadine Author-X-Name-Last: Strauß Author-Name: Jonathan Krakow Author-X-Name-First: Jonathan Author-X-Name-Last: Krakow Author-Name: Marc Chesney Author-X-Name-First: Marc Author-X-Name-Last: Chesney Title: It’s the news, stupid! The relationship between news attention, literacy, trust, greenwashing perceptions, and sustainable finance investment in Switzerland Abstract: Although sustainable finance (SF) has become a leading trend in the financial industry, little is known about how attention to news on SF, trust in the industry, and recent accusations of greenwashing affect the likelihood to invest in SF products. Based on a survey of a representative sample of Swiss citizens, we find that more attention to news about SF and trust in SF are positively related to the likelihood of investing in SF, whereas greenwashing perceptions are negatively related. Furthermore, attention to SF and economic news are positive predictors of sustainable finance literacy (SFL), whereas attention to SF news is negatively associated with greenwashing perception of SF. Collectively, these findings imply that engaging citizens with SF investments, particularly information seeking on SF news and trust in SF rather than SFL, need to be fostered. The Implications of the communication practices of the SF industry and policy implications are discussed. Journal: Journal of Sustainable Finance & Investment Pages: 1480-1505 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2023.2226792 File-URL: http://hdl.handle.net/10.1080/20430795.2023.2226792 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1480-1505 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2150511_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20 Author-Name: Abdulaziz Abdulmohsen Alfalih Author-X-Name-First: Abdulaziz Abdulmohsen Author-X-Name-Last: Alfalih Title: ESG disclosure practices and financial performance: a general and sector analysis of SP-500 non-financial companies and the moderating effect of economic conditions Abstract: This paper investigates the linear and non-linear impact of CSR initiatives, disaggregated into three sets of dimensions; environment, social, and governance (ESG), and their interaction effects with economic growth on short and long-term financial performance across SP-500 non-financial companies, and further separated into manufacturing and service sectors in the USA. We estimated a dynamic panel data model, using the System Generalized Method of Moments (SYS-GMM) technique on a final sample of 281 companies and a total of 2,829 observations from 2010 to 2019. The result showed that social and governance dimensions of ESG influence companies’ financial performance across the two measures of a firm's financial performance (ROA and Tobin's Q), while environmental dimension is significant with the Tobin's Q measure. The overall result indicated that ESG disclosure practices significantly impact corporate financial performance both directly and indirectly. In addition, our findings reported that economic conditions positively moderate the effects of different ESG disclosure practices on financial performance. The results found provide firm-level decision-makers with insight into the nature of the financial implications exerted by ESG disclosure and the role that economic conditions play in determining the magnitude of these effects. Finally, the industry/sector results indicate that the service sector is also very sensitive to environmental information disclosure therefore, managers in this sector should pay attention to environmental issues and disclosure as air and chemical pollution may not be all as it relates to the environment. The general interpretation and key conclusion are that ESG information disclosure does enhance corporate financial performance in the SP-500 index, in times of both normality and financial/socioeconomic crisis, which has significant meaning for investors, company management, policy makers, and industry regulators. Journal: Journal of Sustainable Finance & Investment Pages: 1506-1533 Issue: 4 Volume: 13 Year: 2023 Month: 10 X-DOI: 10.1080/20430795.2022.2150511 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2150511 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:13:y:2023:i:4:p:1506-1533 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1944036_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Asma Salman Author-X-Name-First: Asma Author-X-Name-Last: Salman Author-Name: Qaisar Ali Author-X-Name-First: Qaisar Author-X-Name-Last: Ali Title: Covid-19 and its impact on the stock market in GCC Abstract: Although there is a common view that the impact of Covid-19 should be similar among stock markets globally, empirical examinations of this issue are lacking. This study investigates the impacts of Covid-19 on the stock markets of countries in Gulf Cooperation Council (GCC) between September 2019 to July 2020. The findings of conventional t-test and non-parametric Mann-Whitney tests suggest that Covid-19 had a negative short-term impact on stock markets in GCC. This study also found that the stock markets of GCC countries are comparatively less impacted as compared to the effects suffered by the global stock markets. Lastly, the findings have confirmed the bidirectional spill over effect on GCC stock markets due to movements in Chinese stock market. The findings have potentially contributed to the ongoing research on Covid-19 impacts on global stock markets and provides a reference to assess the future trends in global stock market once pandemic subsides. Journal: Journal of Sustainable Finance & Investment Pages: 220-236 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2021.1944036 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1944036 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:220-236 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1929804_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Yevheniia Antoniuk Author-X-Name-First: Yevheniia Author-X-Name-Last: Antoniuk Author-Name: Thomas Leirvik Author-X-Name-First: Thomas Author-X-Name-Last: Leirvik Title: Climate change events and stock market returns Abstract: Using an event study methodology, we investigate how unexpected political events affect climate-sensitive sectors. We find that events related to climate change policy have significantly impacted returns. The clean energy sector benefitted from the Paris Agreement, Climategate, and Fukushima since these events increased climate change awareness and favor toward policies related to reducing the impact of climate change. For the utilities, energy-intensive, and transport sectors, these events imply increased transition-related political and market risks, which should be compensated. Events weakening climate change policy are associated with positive abnormal returns for the fossil energy sector. We further find that stock market investors are quick to adapt to new information related to climate change. Policymakers should be aware of such events' impact on the stock market because the investors are likely to price in both climate risk and expectation about sectors' growth. Journal: Journal of Sustainable Finance & Investment Pages: 42-67 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2021.1929804 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1929804 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:42-67 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2069079_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Richard Paul Gregory Author-X-Name-First: Richard Paul Author-X-Name-Last: Gregory Title: The influence of firm size on ESG score controlling for ratings agency and industrial sector Abstract: The influence of firm size on environmental, social and governance (ESG) ratings is examined controlling for ratings agency and industrial sector. While a uniform positive relationship is found between firm size and ESG over ratings agencies, its strength varies by agency, calling into question the explanation of organizational legitimacy. Controlling for industrial sector and ratings agency, it is found that for many combinations that there is no significant relationship between firm size and ESG rating. Further, comparison of OLS and Quantile regression estimates shows that the effect of size on ESG ratings is driven in part by outliers. Journal: Journal of Sustainable Finance & Investment Pages: 86-99 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2022.2069079 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2069079 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:86-99 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1949198_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Ahmed Hassanein Author-X-Name-First: Ahmed Author-X-Name-Last: Hassanein Author-Name: Mohamed M. Mostafa Author-X-Name-First: Mohamed M. Author-X-Name-Last: Mostafa Author-Name: Kameleddine B. Benameur Author-X-Name-First: Kameleddine B. Author-X-Name-Last: Benameur Author-Name: Jamal A. Al-Khasawneh Author-X-Name-First: Jamal A. Author-X-Name-Last: Al-Khasawneh Title: How do big markets react to investors’ sentiments on firm tweets? Abstract: Social media actors can disseminate their views about a firm, creating potential consequences for the firm. This study thus aims to explore the reaction of a firm stock market in response to the sentiments of investors on a firm's financial tweets. It focuses on the investors’ sentiments of the world's largest 100 firms’ tweets. The Naïve Bayesian classification method is used to classify sentiments of tweets into their positive and negative tones. The cumulative abnormal return and the buy-and-hold return are used as proxies for the market reactions. The study finds that positive (negative) Twitter sentiments are likely to affect positively (negatively) the market cumulative abnormal return and its buy-and-hold return. This effect is likely to hold for a shorter period and diminishes over a longer time. Besides, this effect is more associated with negative sentiments than positive ones. Further, the analysis indicates that the effect of positive (negative) sentiments is more observable in common (coded) law countries. The results suggest that Twitter sentiments carry information contents indicative of the stock market, asserting the substantial role of information on social media. The results call for establishing a direct link between social network platforms and stock markets to mitigate the panic diffusion in the market that may arise from sentiments of investors. Journal: Journal of Sustainable Finance & Investment Pages: 1-23 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2021.1949198 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1949198 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:1-23 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2006128_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Van Cuong Dang Author-X-Name-First: Van Cuong Author-X-Name-Last: Dang Author-Name: Quang Khai Nguyen Author-X-Name-First: Quang Khai Author-X-Name-Last: Nguyen Title: Internal corporate governance and stock price crash risk: evidence from Vietnam Abstract: This paper investigates the role of internal corporate governance and external audit in preventing future stock price crash risk. By using a sample of 655 non-financial listed firms in the Hanoi and Ho Chi Minh City stock exchange in Vietnam for the period 2010–2019, we find that internal corporate governance is significantly related to future stock price crash risk. Specifically, we find that strong boards are positively associated with the future stock price crash risk. However, the relationship between the effectiveness of audit committees and crash risk is negative. These results indicate that appropriate internal corporate governance can prevent stock price crash risk. In addition, this study provides evidence that an external audit quality enhances the audit committee’s effectiveness in preventing crash risk. The results provide some important implications for portfolio investment and risk management. Journal: Journal of Sustainable Finance & Investment Pages: 24-41 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2021.2006128 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2006128 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:24-41 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2040943_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Gregor Vulturius Author-X-Name-First: Gregor Author-X-Name-Last: Vulturius Author-Name: Aaron Maltais Author-X-Name-First: Aaron Author-X-Name-Last: Maltais Author-Name: Kristina Forsbacka Author-X-Name-First: Kristina Author-X-Name-Last: Forsbacka Title: Sustainability-linked bonds – their potential to promote issuers’ transition to net-zero emissions and future research directions Abstract: Sustainability-linked bonds (SLBs) promise to complement the use-of-proceed model of green bonds by tying general purpose debt finance to issuers’ sustainability performance against predefined targets. In this commentary, we highlight that the potential of SLBs to promote issuers’ climate transitions crucially depends on a common understanding of eligible economic activities and material performance indicators, the use of science-based targets as best practice, the ability of borrowers to dispel concerns about greenwashing risk, and bond characteristics that set meaningful incentives for issuers to improve their carbon performance. Future research should investigate the climate-related additionality of SLBs, assess if bond characteristics and changes in capital costs support issuers in meeting or even increasing their climate targets and deter unsustainable investments, and better understand the challenges and opportunities for the SLB market to bring about system-level innovation to the financial system. Journal: Journal of Sustainable Finance & Investment Pages: 116-127 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2022.2040943 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2040943 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:116-127 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2012117_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Abdullah A. Aljughaiman Author-X-Name-First: Abdullah A. Author-X-Name-Last: Aljughaiman Author-Name: Ngan Duong Cao Author-X-Name-First: Ngan Duong Author-X-Name-Last: Cao Author-Name: Mohammed S. Albarrak Author-X-Name-First: Mohammed S. Author-X-Name-Last: Albarrak Title: The impact of greenhouse gas emission on corporate’s tail risk Abstract: To ensure firm’s survival through impermanent market turbulences, corporations need to secure investors’ kindness and empathy to adjust their stock prices. Being environmentally responsible seems to be an appealing quality for that purpose. Our research aims to explore the association between firm greenhouse gas (GHG) emission and its downside tail risk, using panel data comprising the FTSE350 firms during the 2008–2018 period. We found that firms that emit more GHG are likely to be harshly penalized by the shareholders through the higher likelihood of extreme negative stock returns, i.e. tail risk. Intriguingly, the association tends to be evidenced after the Paris Agreement 2015 and for firms operating in industries with high emission intensity. The research provides implications for firms to focus on enhancing their environmental performances for higher market trust, rewards, and generosity, especially during their financial downturns or negative market events. Journal: Journal of Sustainable Finance & Investment Pages: 68-85 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2021.2012117 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2012117 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:68-85 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2031849_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Matheus Koengkan Author-X-Name-First: Matheus Author-X-Name-Last: Koengkan Author-Name: José Alberto Fuinhas Author-X-Name-First: José Alberto Author-X-Name-Last: Fuinhas Author-Name: Emad Kazemzadeh Author-X-Name-First: Emad Author-X-Name-Last: Kazemzadeh Title: Do financial incentive policies for renewable energy development increase the economic growth in Latin American and Caribbean countries? Abstract: This investigation approached the impact of financial incentive policies for renewable energy development on economic growth using panel data with seventeen countries from Latin America and the Caribbean (LAC) from 1990 to 2016. The fixed-effects model (FE) and the quantile via moments (QvM) models were used to accomplish this investigation. The FE and the QvM models showed that the financial incentive policies for renewable energy development and consumption of green energy, public and private capital stock, and globalisation increase economic activity in the countries from the LAC region, while gender inequality reduces it. Indeed, the positive impact of financial incentive policies for renewable energy development and consumption of green energy on economic growth could be related to the possible capacity of these policies to encourage investments in green energy technologies and the consumption of green energy. Journal: Journal of Sustainable Finance & Investment Pages: 161-183 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2022.2031849 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2031849 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:161-183 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2013151_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Utkarsh Sharma Author-X-Name-First: Utkarsh Author-X-Name-Last: Sharma Author-Name: Akshat Gupta Author-X-Name-First: Akshat Author-X-Name-Last: Gupta Author-Name: Sandeep Kumar Gupta Author-X-Name-First: Sandeep Kumar Author-X-Name-Last: Gupta Title: The pertinence of incorporating ESG ratings to make investment decisions: a quantitative analysis using machine learning Abstract: Global sustainability being the major goal ahead, socially conscious investors are concerned about non-financial dimensions of investments like impact on environment (E), social relations (S), and corporate governance (G). This research aims to answer whether including ESG data points is conducive to profitable investments while promoting sustainability. Web-scraped a unique dataset of ESG and key financial data of 1400+ companies from 34 stock markets internationally. Quantitative analysis is performed on this data with the aim of determining whether the qualitative aspect of sustainable investments is tantamount to financial parameters. Better ESG scores indicate better financial performance. Return on equity was 14% greater for top 10% ESG companies than bottom 10%. Prediction accuracy of ML models like linear, random forest regression increased when training data included both ESG and financial data. The research concludes with a propitious relationship between ESG data and financial growth parameters which are worth probing further. Journal: Journal of Sustainable Finance & Investment Pages: 184-198 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2021.2013151 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2013151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:184-198 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2053943_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Jaap Bartels Author-X-Name-First: Jaap Author-X-Name-Last: Bartels Author-Name: Willem Schramade Author-X-Name-First: Willem Author-X-Name-Last: Schramade Title: Investing in human rights: overcoming the human rights data problem Abstract: Human rights concerns are hardly integrated in investment decisions. That is a missed opportunity given investors’ crucial role in putting pressure on corporations to produce better information on adverse human rights impacts and addressing these impacts. This article investigates why human rights abuses by companies are so persistent. Explanations include the inherent complexity of global value chains; a lack of integration of human rights in business; insufficient legal enforcement; and inadequate data and limited pressure on corporations by investors. Although investors have launched several initiatives to improve their human rights performance they seem not yet able to solve the identified challenges and fulfil the requirements set out in the OECD guidelines and UNGP. We make suggestions to improve human rights data for investors by expanding the existing ecosystem and build two types of new institutions: specialised human rights data gatherers and dedicated human rights investment funds. Journal: Journal of Sustainable Finance & Investment Pages: 199-219 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2022.2053943 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2053943 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:199-219 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2006129_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Franziska Schütze Author-X-Name-First: Franziska Author-X-Name-Last: Schütze Author-Name: Jan Stede Author-X-Name-First: Jan Author-X-Name-Last: Stede Title: The EU sustainable finance taxonomy and its contribution to climate neutrality Abstract: The EU Taxonomy is the first standardised and comprehensive classification system for sustainable economic activities. It covers activities responsible for up to 80% of EU greenhouse gas emissions and may play an important role in channelling investments into low-carbon technologies by helping investors to make informed decisions. However, especially in transition sectors much depends on the stringency of the technical performance thresholds that the Taxonomy applies to economic activities that are not yet ‘green’. This paper shows that for several sectors, the thresholds are not yet on track to support the transition towards climate neutrality. To this end, we analyse a large-scale public consultation with detailed responses to the specific thresholds from a variety of stakeholders. Especially for emission-intensive sectors, two distinct use cases of the Taxonomy can be distinguished: For new investments, criteria should be stricter than for current activities of companies. We also argue that for the sectors not covered by the Taxonomy, there is a need to differentiate between low-emissions activities and high-emission activities, which are incompatible with a low-carbon future. Journal: Journal of Sustainable Finance & Investment Pages: 128-160 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2021.2006129 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2006129 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:128-160 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2039998_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857 Author-Name: Mohammad Hassan Shakil Author-X-Name-First: Mohammad Hassan Author-X-Name-Last: Shakil Author-Name: Ziaul Haque Munim Author-X-Name-First: Ziaul Haque Author-X-Name-Last: Munim Author-Name: Stephen Zamore Author-X-Name-First: Stephen Author-X-Name-Last: Zamore Author-Name: Mashiyat Tasnia Author-X-Name-First: Mashiyat Author-X-Name-Last: Tasnia Title: Sustainability and financial performance of transport and logistics firms: Does board gender diversity matter? Abstract: This study examines the influence of corporate environmental performance (CEP) and corporate social performance (CSP) on corporate financial performance (CFP) of transport and logistics firms. Moreover, the moderating effects of board gender diversity (BGD) on the relationship between CEP and CFP, and CSP and CFP are also investigated. We use a cross-country sample of 56 transport and logistics firms with 243 firm-year observations between 2013 and 2017. We estimate the hypothesised relationships using fixed effect and random effect models. The findings reveal that CEP has a significant negative effect on CFP but the positive moderating effects of BGD mitigates the adverse effect. We further find a significant negative effect of CSP on CFP, but no moderating effect of BGD therein. The findings indicate that transport and logistics firms should maintain their board gender diversity to achieve a positive outcome of their investments into environmental performance. Journal: Journal of Sustainable Finance & Investment Pages: 100-115 Issue: 1 Volume: 14 Year: 2024 Month: 01 X-DOI: 10.1080/20430795.2022.2039998 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2039998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:1:p:100-115 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2105792_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ibrahim Nandom Yakubu Author-X-Name-First: Ibrahim Nandom Author-X-Name-Last: Yakubu Author-Name: Alhassan Musah Author-X-Name-First: Alhassan Author-X-Name-Last: Musah Title: The nexus between financial inclusion and bank profitability: a dynamic panel approach Abstract: This study examines the impact of financial inclusion on bank profitability in Sub-Saharan Africa (SSA) over the period 2000–2017. Using different sub-indicators of financial inclusion, the study employs the principal component analysis (PCA) to generate an index of financial inclusion. Applying the generalized method of moments technique which addresses the problem of endogeneity, the results show that financial inclusion negatively influences bank profitability in Sub-Saharan Africa, particularly in the post-global financial crisis period. Banking sector stability is noted to positively and significantly drive bank performance. Besides, while inflation has a significant positive impact on profitability, the effect of economic growth on profitability differs depending on the period of analysis. The study suggests that policy measures aimed at achieving a financially inclusive economy should encompass policies directed at improving banking sector profitability. That is, strategies to stimulate financial inclusion should move in tandem with policies to boost profitability. Journal: Journal of Sustainable Finance & Investment Pages: 430-443 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2022.2105792 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2105792 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:430-443 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2069663_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eduardo Ordonez-Ponce Author-X-Name-First: Eduardo Author-X-Name-Last: Ordonez-Ponce Author-Name: Truzaar Dordi Author-X-Name-First: Truzaar Author-X-Name-Last: Dordi Author-Name: David Talbot Author-X-Name-First: David Author-X-Name-Last: Talbot Author-Name: Olaf Weber Author-X-Name-First: Olaf Author-X-Name-Last: Weber Title: Canadian banks and their responses to COVID-19 – stakeholder-oriented crisis management Abstract: The financial sector is essential to the stability of markets in times of crisis and during the pandemic, banks are called to contribute to society by easing access to credit or keeping rates low. This article explores Canadian banks’ responses to the pandemic assessing their products, services and stakeholders. Using crisis management and stakeholder theories, 3161 news articles about the five biggest Canadian banks and the pandemic were assessed as a proxy for banks’ responses to the pandemic using sentiment analysis, text mining, and statistical methodologies. Results show that banks were negatively impacted by the pandemic and that their stakeholders were approached differently highlighting the community over clients and employees. This study contributes to the need to adapt crisis management strategies and theories to unexpected crises, as others may come, and it sheds some light on stakeholder management measurement processes, which speak to how effective stakeholder management is. Journal: Journal of Sustainable Finance & Investment Pages: 388-409 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2022.2069663 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2069663 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:388-409 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2016362_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Arum Setyowati Author-X-Name-First: Arum Author-X-Name-Last: Setyowati Author-Name: Peter Wanke Author-X-Name-First: Peter Author-X-Name-Last: Wanke Author-Name: Fakarudin Kamarudin Author-X-Name-First: Fakarudin Author-X-Name-Last: Kamarudin Author-Name: A. N. Bany-Ariffin Author-X-Name-First: A. N. Author-X-Name-Last: Bany-Ariffin Author-Name: Bolaji Tunde Matemilola Author-X-Name-First: Bolaji Tunde Author-X-Name-Last: Matemilola Title: Evidence from multiple countries: does investment into internal corporate social responsibility improve firm efficiency? Abstract: This paper investigates the relationship between internal corporate social responsibility (ICSR) and firm efficiency. Our research employed a two-stage analysis of 33,413 firm-year observations from between 2008 and 2020. First, we measured the level of firm efficiency using data envelopment analysis (DEA). Second, we used panel regression to investigate the impact of investments made by firms into ICSR on their efficiency. Our results showed that such investments into ICSR (e.g. on employee development) increased firm efficiency during the study period. Journal: Journal of Sustainable Finance & Investment Pages: 444-448 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2021.2016362 File-URL: http://hdl.handle.net/10.1080/20430795.2021.2016362 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:444-448 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1992336_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Wei Kuang Author-X-Name-First: Wei Author-X-Name-Last: Kuang Title: The heterogeneity of the diversification effect of sustainable development goals related exchange-traded funds Abstract: With the launch of the United Nations 2030 Agenda for 17 Sustainable Development Goals (SDGs), investors are encouraged to contribute to solving some of the world's most pressing problems through their business activities. This paper examines the diversification benefits of SDGs exchange-traded funds (ETFs) from the perspective of tactical and strategic investors. Specifically, the risk-adjusted returns of equity market portfolios with and without SDGs ETFs are compared. The incremental impact is assessed using variable weightings, while the persistence is investigated over time. The results show that the effects of diversification vary greatly across SDGs. ETFs linked to economic growth and innovation improve reward-risk ratios significantly, particularly for strategic investors. ETFs associated with renewable energy, on the other hand, deteriorate portfolio efficiency. The ETF based on good health has the potential to reduce portfolio downside risk. The findings provide useful implications for investors seeking to add value through socially responsible investing. Journal: Journal of Sustainable Finance & Investment Pages: 366-387 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2021.1992336 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1992336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:366-387 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2040944_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ella Henry Author-X-Name-First: Ella Author-X-Name-Last: Henry Author-Name: Andre Poyser Author-X-Name-First: Andre Author-X-Name-Last: Poyser Title: Indigenous history, culture and values as investment philosophy: lessons from the New Zealand Māori Abstract: This paper argues that Māori history, culture and values inform the investment philosophy and approach of Māori Asset Holding Institutions (MAHI). MAHI have evolved over the last 30 years as the investment and commercial arms of iwi (tribal) organizations, in New Zealand. They seek to grow and sustain the financial and natural resources they have and continue to receive through the Treaty settlement process with the Government for redress of historical grievances against Māori, the indigenous people. This paper discusses the application of Māori culture and values to iwi investments firms. By providing a critical review of the literature on the socio-cultural and historical context of Māori investment thinking, this paper hopes to highlight the differences between an Indigenous investment framework and traditional Western frameworks. It also seeks to draw attention to the need for further research on the performance and operations of Māori investments. Journal: Journal of Sustainable Finance & Investment Pages: 449-461 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2022.2040944 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2040944 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:449-461 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2119833_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Salah Alshorman Author-X-Name-First: Salah Author-X-Name-Last: Alshorman Author-Name: Sumaia Qaderi Author-X-Name-First: Sumaia Author-X-Name-Last: Qaderi Author-Name: Turki Alhmoud Author-X-Name-First: Turki Author-X-Name-Last: Alhmoud Author-Name: Rasmi Meqbel Author-X-Name-First: Rasmi Author-X-Name-Last: Meqbel Title: The role of slack resources in explaining the relationship between corporate social responsibility disclosure and firm market value: a case from an emerging market Abstract: The purpose of this study is to investigate the moderating effect of slack resources (namely, profitability and cash holdings) on the relationship between corporate social responsibility disclosure (CSRD) and firm market value. The authors test the hypothesis through performing panel data analysis for a sample of 95 non-financial Jordanian firms listed on the Amman Stock Exchange from the period 2011 to 2016. Content analysis was employed to evaluate the level of CSRD based on an index of 42 items and four themes. While the findings show no significant relationship between CSRD and firm market value, higher slack resources were found to positively moderate this relationship. The outcomes therefore suggest that slack resources accentuate the effect of CSRD on firm market value. The use of Jordanian firms is distinctive and provides valuable insight into contexts in which the market tends to place less weight on a firm's CSR activities. Journal: Journal of Sustainable Finance & Investment Pages: 307-326 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2022.2119833 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2119833 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:307-326 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2045890_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alexey Rubtsov Author-X-Name-First: Alexey Author-X-Name-Last: Rubtsov Author-Name: Sally Shen Author-X-Name-First: Sally Author-X-Name-Last: Shen Title: Dynamic portfolio decisions with climate risk and model uncertainty Abstract: We study the effect of investment horizon on the optimal stock–bond–cash portfolio in a dynamic model with uncertainty about climate change. The stock risk premium is assumed to be an affine function of the average global temperature and an unobserved factor which is estimated via Bayesian learning. We assume that the probability distribution of future temperature is uncertain. The optimal investment strategy, robust to the uncertainty about climate change, is derived in closed form and analyzed for returns on the S&P500 index and the S&P500 ESG index. We find that stock market investment is quite sensitive to climate uncertainty with allocation to the S&P500 index being the most sensitive. We also show that, even for relatively short time horizons, welfare losses from climate uncertainty could be large for investments in either the S&P500 index or the S&P500 ESG index. Journal: Journal of Sustainable Finance & Investment Pages: 344-365 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2022.2045890 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2045890 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:344-365 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2315151_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eleonora Broccardo Author-X-Name-First: Eleonora Author-X-Name-Last: Broccardo Author-Name: Andrea Trevisiol Author-X-Name-First: Andrea Author-X-Name-Last: Trevisiol Author-Name: Sandra Paterlini Author-X-Name-First: Sandra Author-X-Name-Last: Paterlini Title: Climate risk in finance: unveiling transition risk exposure in green vs. brown companies Abstract: This study delved into transition risk by introducing a novel Climate Transition Score to evaluate the climate-related performance of the most capitalized firms in the stock markets of developed countries. Then we classified these firms into green and brown portfolios. Our analysis demonstrates that high-emission or brown firms bear more risk than their green counterparts do, even if they do not consistently outperform them.To gauge exposure to transition risk, we employed asset pricing factor models such as CAPM, Fama and French 3-Factor, and Carhart’s (1997) model. However, these models failed to provide a satisfactory explanation for portfolios’ excess returns in their standard formulation. To address this gap, we introduced the Green Minus Brown risk factor. This addition enhanced the explanatory power of the models, emphasizing the heightened exposure of brown companies to transition risk. Journal: Journal of Sustainable Finance & Investment Pages: 237-257 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2024.2315151 File-URL: http://hdl.handle.net/10.1080/20430795.2024.2315151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:237-257 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2031850_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Rizwan Ullah Author-X-Name-First: Rizwan Author-X-Name-Last: Ullah Author-Name: Habib Ahmad Author-X-Name-First: Habib Author-X-Name-Last: Ahmad Author-Name: Sohail Rizwan Author-X-Name-First: Sohail Author-X-Name-Last: Rizwan Author-Name: Muhammad Sualeh Khattak Author-X-Name-First: Muhammad Sualeh Author-X-Name-Last: Khattak Title: Financial resource and green business strategy: the mediating role of competitive business strategy Abstract: Green practices and sustainability are mounting in business organizations around the world. All sized firms have concentrated on environmental and social strategies to benefit the societies that payback in sales and revenue. However, little is known about how Small and Medium Enterprises (SMEs) improve green strategies in emerging markets, especially in Pakistan. To contribute to the existing literature in small businesses, this research tests the influence of financial resources on green business strategy (environmental, social and economic) with a mediating role of competitive business strategy (differentiation and cost leadership). The results of the structural equation modeling based on the data set of 217 Pakistani SMEs indicate that financial resources do not directly influence green business strategy. However, the relationship between financial resources and green business strategy is significantly mediated by competitive business strategy. This research recommends SMEs utilize their financial resources efficiently and economically to practice green activities. Journal: Journal of Sustainable Finance & Investment Pages: 410-429 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2022.2031850 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2031850 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:410-429 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2090310_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Emine Kaya Author-X-Name-First: Emine Author-X-Name-Last: Kaya Title: How does financial performance affect financial inclusion for developing countries? Abstract: This study aims to detect the relationship between financial inclusion and financial performance in the banking sector. Within this scope, firstly, we develop an index for financial inclusion which consists of various dimensions for 85 developing countries in the 2005–2017 time period. Then, we apply static and dynamic panel data analyses. Static panel data analysis findings indicate that financial performance indicators such as bank return on assets, bank return on equity, and bank net interest margin positively affect and bank lending-deposit spread negatively affects financial inclusion, but bank non-interest income to total income has a statistically insignificant coefficient. Also, as a robustness analysis, dynamic panel data analysis provides evidence that financial performance is important for financial inclusion. According to our findings, we can say that the increase in the profitability of the banking sector is one of the triggers of financial inclusion for developing countries. Journal: Journal of Sustainable Finance & Investment Pages: 462-481 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2022.2090310 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2090310 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:462-481 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_1979926_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bazeet Olayemi Badru Author-X-Name-First: Bazeet Olayemi Author-X-Name-Last: Badru Author-Name: Ameen Qasem Author-X-Name-First: Ameen Author-X-Name-Last: Qasem Title: Corporate social responsibility and dividend payments in the Malaysian capital market: the interacting effect of family-controlled companies Abstract: This study investigates the influence of corporate social responsibility (CSR) on dividend payments using a sample of 263 Malaysian companies that participated in the Capital Market Development Fund–Bursa Research Scheme over the period 2008–2013. The study applies the pooled ordinary least squares, quantile, Tobit, Heckman’s self-selection model and propensity score matching regression techniques. The results from these techniques show that CSR is significantly and positively associated with dividend payments, meaning that the higher the CSR, the greater the amount of dividends paid to shareholders. However, when the interacting effect of family control is considered on the association between CSR and dividend payments, family control has a significantly negative influence on the relationship, indicating that family companies engage in less CSR, thereby negatively affecting dividend payments. Overall, the findings support the view that serving the interest of stakeholders paves the ways for satisfying shareholders’ claims, and reveals the reality of family companies’ behaviour to shareholders and stakeholders. Thus, this study adds to the literature on the dividend conundrum and the role CSR plays in shareholders’ prosperity’ it is the first attempt to establish the direct effect of CSR on dividend payments in the Malaysian capital market and study the interacting effect of family control. Journal: Journal of Sustainable Finance & Investment Pages: 283-306 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2021.1979926 File-URL: http://hdl.handle.net/10.1080/20430795.2021.1979926 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:283-306 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2077291_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Magnus Roos Author-X-Name-First: John Magnus Author-X-Name-Last: Roos Author-Name: Magnus Jansson Author-X-Name-First: Magnus Author-X-Name-Last: Jansson Author-Name: Tommy Gärling Author-X-Name-First: Tommy Author-X-Name-Last: Gärling Title: A three-level analysis of values related to socially responsible retirement investments Abstract: The aim is to investigate the value basis of Socially Responsible Retirement Investments (SRRI) in a study of Swedish pension investors in the age range 18 to 65 years (N=1005). Logistic regression analyses were performed with self-reported SRRI choice as dependent variable and different levels of values as independent variables. On a higher level of analyses, self-transcendent values, especially universalism (e.g., equality, protecting the environment, and social justice), have the most important influences on SRRI choice. In contrast, on a lower-level analysis, SRRI choice is influenced by self-enhancement values with high priority for authoritarian power and low priority for wealth. The three-level analysis of values (self-transcendence vs self-enhancement value orientation, motivational domain, and value) questions the contradiction between dimension poles of values and the structuring of values in interrelated motivational domains. The results thereby clarify some previous findings and increase the understanding of the value basis of SRRI. Journal: Journal of Sustainable Finance & Investment Pages: 327-343 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2022.2077291 File-URL: http://hdl.handle.net/10.1080/20430795.2022.2077291 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:327-343 Template-Type: ReDIF-Article 1.0 # input file: TSFI_A_2320318_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sofia Maniatakou Author-X-Name-First: Sofia Author-X-Name-Last: Maniatakou Author-Name: Beatrice Crona Author-X-Name-First: Beatrice Author-X-Name-Last: Crona Author-Name: Isabelle Jean-Charles Author-X-Name-First: Isabelle Author-X-Name-Last: Jean-Charles Author-Name: Moa Ohlsson Author-X-Name-First: Moa Author-X-Name-Last: Ohlsson Author-Name: Kate Lillepold Author-X-Name-First: Kate Author-X-Name-Last: Lillepold Author-Name: Amar Causevic Author-X-Name-First: Amar Author-X-Name-Last: Causevic Title: A science-based heuristic to guide sector-level SDG investment strategy Abstract: Aligning investments with Sustainable Development Goals (SDGs) has been a longstanding ambition for many private investors. The assessment of corporate impact on the SDGs is not a trivial task, and most present-day attempts often overlook SDG interactions, and lack scientific anchoring and transparency. We present an evidence-based review approach for investors to assess sector-level impacts on individual SDGs, and score these using a traffic-light system. Our initial review documents impacts of 81 economic sectors on SDGs 1-16. Results show that environmental SDGs are impacted negatively by most economic sectors, and that primary sector activities negatively impact the highest number of SDGs. Using the agricultural sector as a case, we draw on Causal Loop methodology to illustrate spillovers resulting from SDG interactions. Our findings point to three key considerations of relevance for sustainable investment strategies; the necessity to capture ‘impact shadows’, spillovers across SDGs, and the hierarchical nature of the SDGs. Journal: Journal of Sustainable Finance & Investment Pages: 258-282 Issue: 2 Volume: 14 Year: 2024 Month: 04 X-DOI: 10.1080/20430795.2024.2320318 File-URL: http://hdl.handle.net/10.1080/20430795.2024.2320318 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:jsustf:v:14:y:2024:i:2:p:258-282