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A science-based heuristic to guide sector-level SDG investment strategy Journal of Sustainable Finance & Investment Pub Date : 2024-02-28 Sofia Maniatakou, Beatrice Crona, Isabelle Jean-Charles, Moa Ohlsson, Kate Lillepold, Amar Causevic
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...
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An empirical investigation of banks’ sustainability performance under economic policy uncertainty Journal of Sustainable Finance & Investment Pub Date : 2024-02-09 Ahmed W. Alam, M. Kabir Hassan, Hasanul Banna
This paper empirically explores the effect of policy-related economic uncertainty on banks’ sustainability performance, measured by bank-level environmental, social, and governance (ESG) ratings. B...
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Climate risk in finance: unveiling transition risk exposure in green vs. brown companies Journal of Sustainable Finance & Investment Pub Date : 2024-02-09 Eleonora Broccardo, Andrea Trevisiol, Sandra Paterlini
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 co...
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Environmental performance factors: insights from CSR-linked compensation, committees, disclosure, targets, and board composition Journal of Sustainable Finance & Investment Pub Date : 2024-02-05 Lewis Liu
This research investigates the factors influencing Corporate Environmental Performance (CEP) using S&P 500 firm-level data spanning 2001-2022. Drawing on existing literature, the study argues that ...
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Sustainable investment conditions and firm performance in the Middle East and North Africa: a holistic approach Journal of Sustainable Finance & Investment Pub Date : 2024-01-30 Charilaos Mertzanis, Hazem Marashdeh, Nohade Nasrallah, Abu Reza Mohammad Islam
We analyze the effect of sustainable investment conditions on firm performance in the Middle East and North African countries. We measure sustainable investment conditions by the extent of market p...
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Are country-level political uncertainty and power distance important to the CSR-audit report lag nexus? Evidence from the GCC region Journal of Sustainable Finance & Investment Pub Date : 2024-01-19 Mujeeb Saif Al-Absi, Redhwan Al-Dhamari, Hamid Abdulkhaleq Hasan Al-Wesabi, Khaldoon Albitar
This study examines the effect of corporate social responsibility (CSR) performance on audit report lag and whether political uncertainty and power distance levels impact such association. We find ...
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Are clean and black energy exchange-traded funds driven by climate risk? Journal of Sustainable Finance & Investment Pub Date : 2024-01-18 Vítor Gabriel, Carlos Pinho
This research paper analyzes the connectivity and spillover effects of climate uncertainty policy in exchange-traded funds (ETFs) on clean and black energy. Using monthly data for the period from J...
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A blockchain framework for digitizing securities issuance: the case of green bonds Journal of Sustainable Finance & Investment Pub Date : 2023-11-01 Vangelis Malamas, Thomas K. Dasaklis, Veni Arakelian, Gregory Chondrokoukis
Bond issuance is a highly technical and complicated process, including disparate regulatory frameworks, limited traceability and auditability, settlement failures, and mutually untrusted stakeholde...
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Green ECB speeches matter Journal of Sustainable Finance & Investment Pub Date : 2023-08-30 Gabor Neszveda, Bence Siket
ABSTRACT We test the impact of green communication by the European Central Bank since a large part of the information from central banks comes from verbal communication. Developing and using a European Central Bank green sentiment index, we examine whether the ECB's green speeches cause a significant divergence in stock returns depending on how the company performs in terms of emissions reduction.
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A large-scale analysis of the heterogeneity of markets' reactions to the disclosure of nonfinancial information Journal of Sustainable Finance & Investment Pub Date : 2023-06-29 Simone Cenci
ABSTRACT To allocate capital to its most sustainable use, market participants need information on companies' sustainability plans and initiatives. This information is disclosed in sustainability reports, but the disclosure process is largely unregulated and voluntary. When do sustainability reports convey relevant information? To answer this question we estimate the heterogeneous effects of nonfinancial
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It’s the news, stupid! The relationship between news attention, literacy, trust, greenwashing perceptions, and sustainable finance investment in Switzerland Journal of Sustainable Finance & Investment Pub Date : 2023-06-24 Nadine Strauß, Jonathan Krakow, Marc Chesney
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
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Statement of Retraction Journal of Sustainable Finance & Investment Pub Date : 2023-02-17
Published in Journal of Sustainable Finance & Investment (Vol. 13, No. 2, 2023)
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Effect of foreign direct investment on sustainable development goals? Evidence from Eurasian countries Journal of Sustainable Finance & Investment Pub Date : 2023-01-12 Javad Izadi, Bobur Madirimov
ABSTRACT Public and private sector financing is essential in the movement of capital to achieve all seventeen Sustainable Development Goals (SDGs) by the United Nations members by 2030. Foreign direct investment (FDI) is considered the primary source of external financing in the private sector. FDI accelerates the economic growth of any country by mobilising capital, increasing labour productivity
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From the desk of editor-in-chief Journal of Sustainable Finance & Investment Pub Date : 2023-01-09 Gurinder Singh, Shalini Aggarwal, Vikas Garg, Richa Goel
Published in Journal of Sustainable Finance & Investment (Vol. 13, No. 1, 2023)
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Bank loan loss provisioning for sustainable development: the case for a sustainable or green loan loss provisioning system Journal of Sustainable Finance & Investment Pub Date : 2023-01-06 Peterson K. Ozili
ABSTRACT The purpose of this study is to present a sustainable (or green) loan loss provisioning system that align bank loan loss provisioning with the sustainable development goals. The findings of the paper are that the proposed sustainable (or green) loan loss provisioning system will align bank loan loss provisioning with the sustainable development goals by adjusting loan loss provisions estimates
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Correction Journal of Sustainable Finance & Investment Pub Date : 2022-12-26
Published in Journal of Sustainable Finance & Investment (Vol. 13, No. 1, 2023)
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Quantifying the impact of green bonds: using life-cycle assessment to measure comprehensive financial and environmental return on investment Journal of Sustainable Finance & Investment Pub Date : 2022-12-15 Nathaniel Springer, Patrick Cheney, Natalie Barka, Carter Olson, Kjersten Veiseth, Jennifer Schmitt, Susanna Gibbons
ABSTRACT Green bonds are increasingly being used as a tool to finance projects related to climate change mitigation. Yet despite both a dramatic growth in demand and improving policy standards, there remains a gap between the activities these bonds finance and the quantification of their associated greenhouse gas (GHG) reductions. We present a new framework to help overcome these challenges, one that
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Spatial finance: practical and theoretical contributions to financial analysis Journal of Sustainable Finance & Investment Pub Date : 2022-12-12 Ben Caldecott, Matthew McCarten, Christophe Christiaen, Conor Hickey
ABSTRACT We introduce and define a new concept, ‘Spatial Finance’, as the integration of geospatial data and analysis into financial theory and practice, and describe how developments in earth observation, particularly as the result of new satellite constellations, combined with new artificial intelligence methods and cloud computing, create a plethora of potential applications for Spatial Finance
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Views and perceptions of financial analysts during the global COVID-19 pandemic Journal of Sustainable Finance & Investment Pub Date : 2022-12-09 Alexander Bassen, Othar Kordsachia, Kerstin Lopatta, Thomas Tammen, Ernst-Kenji Alexander
ABSTRACT We conduct a survey with financial analysts to shed light on the question of how they derived their firm evaluations during the COVID-19 pandemic. It provides insights into the ‘black-box’ of financial analysts’ assessments across various salient forecast determinants. We compare the results with responses from the investor relations (IR) departments of the firms covered by the analysts in
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Deployment of funding across non-profit, hybrid, and for-profit ventures Journal of Sustainable Finance & Investment Pub Date : 2022-12-08 Tiffany Laursen, Benjamin J. Lough
ABSTRACT The dual financial and social missions of hybrid social ventures can make it difficult for founders to obtain the financial investments needed to launch their startup. In response, founders may use various bricolage strategies to obtain funding. This study explores differences in financing strategies between hybrid social ventures and their non-profit and for-profit counterparts. As hypothesized
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ESG disclosure practices and financial performance: a general and sector analysis of SP-500 non-financial companies and the moderating effect of economic conditions Journal of Sustainable Finance & Investment Pub Date : 2022-12-05 Abdulaziz Abdulmohsen Alfalih
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
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Utility environmental commitments and shareholder performance Journal of Sustainable Finance & Investment Pub Date : 2022-12-05 Ted Peterson
ABSTRACT Investor-owned utilities play an essential role in combating climate change. In 2022, many large United States utilities have made bold commitments to achieve carbon neutrality, often as soon as 2045. This paper explores the United States-based large-cap investor-owned utilities’ price-to-earnings valuations in relation to their respective environmental commitments. The paper addresses the
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International market exposure to sovereign ESG Journal of Sustainable Finance & Investment Pub Date : 2022-11-25 Christian Morgenstern, Guillaume Coqueret, James Kelly
ABSTRACT We quantify equity and bond market sensitivity to sovereign ESG scores and their variations which, theoretically, is equivalent to evaluating the demand for ESG at the global scale. We do so by estimating a longitudinal model, at the issue level, that captures exposures to sovereign ESG factors for both equity and fixed income indices. In spite of the surging interest in ESG investing, our
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Do environmentally sensitive companies engage in lesser earnings management behaviour? evidence from Malaysia Journal of Sustainable Finance & Investment Pub Date : 2022-11-29 Ibrahim Mohd-Sabrun, Rusnah Muhamad
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
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Progress and notions of progress in sustainable finance Journal of Sustainable Finance & Investment Pub Date : 2022-11-28 Syren Johnstone, Frederick J. Long, Abdullah Bin Azhar
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...
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Your emissions or mine? Examining how emissions management strategies, ESG performance, and targets impact investor perceptions Journal of Sustainable Finance & Investment Pub Date : 2022-11-25 Joseph A. Johnson, Jochen C. Theis, Adam Vitalis, Donald Young
ABSTRACT Efforts to mitigate greenhouse gas emissions and curb climate change have recently become significant areas of concern to policymakers. We examine how management's focus on mitigating its direct versus indirect emissions influences the ability to attract capital from investors, and how this ability is moderated by the firm's environmental, social, and corporate governance (ESG) performance
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The cost of insuring against underperformance of ESG screened index funds Journal of Sustainable Finance & Investment Pub Date : 2022-11-25 Peter Løchte Jørgensen, Mathias Danielsen Plovst
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
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Does clean energy financial market reflect carbon transition risks? Evidence from the NASDAQ clean energy stock volatility Journal of Sustainable Finance & Investment Pub Date : 2022-11-11 Aminu Hassan
ABSTRACT Driven by the evident uncertainties associated with clean energy stocks, mainly originating from energy transition risks, this article investigates the effect of carbon price fluctuation on the extent and persistence of risk in the NASDAQ clean energy stock market. Using GARCH and E-GARCH models with exogenous variables, while controlling for technology stock price, the article documents that
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Performance analysis in renewable energy companies: application of SWARA and WASPAS methods Journal of Sustainable Finance & Investment Pub Date : 2022-11-11 Hande Erdoğan, Burcin Tutcu, Hasan Talaş, Mustafa Terzioğlu
ABSTRACT In the last decade, companies producing electricity from renewable energy sources in Turkey have gained momentum both quantitatively and qualitatively with the incentives carried out within the framework of the government’s carbon emission reduction programs. In this study, the financial performances of companies in terms of financial ratios of SWARA and WASPAS, which are multi-criteria decision-making
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Analytical approaches for the climate-related risk estimation of commercial banks’ credit activities: challenges, opportunities, and the way ahead Journal of Sustainable Finance & Investment Pub Date : 2022-11-01 Iva Mihaylova, Andreas Blumer
ABSTRACT Banks typically attempt to quantify climate-related risks, whether physical or transition ones, by adopting a top-down or a bottom-up analytical approach for the risk estimation of their borrowers. The two analytical approaches for risk estimation are regarded as mutually exclusive, when, in reality, they can complement each other in a mutually beneficial way. We discuss the challenges and
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Gender diversity in the board room and sustainable growth rate: the moderating role of family ownership Journal of Sustainable Finance & Investment Pub Date : 2022-10-28 Ali Amin, Rizwan Ali, Ramiz ur Rehman, Ahmed A. Elamer
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, compr...
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Quo vadis sustainable finance: why defensive weapons should never be classified as an ESG investment Journal of Sustainable Finance & Investment Pub Date : 2022-10-19 Amar Causevic, Sasja Beslik, Sara Causevic
ABSTRACT The Russian invasion of Ukraine has influenced how investors categorize sustainable investments. More precisely, an invasion has been used as an excuse to label investments in companies supplying weapons used in self-defense to fight against Russian aggression as socially sustainable since they are a tool helping democracy to repel the invasion of the non-democratic counterpart. Suddenly,
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Corporate ESG engagement and information asymmetry: the moderating role of country-level institutional differences Journal of Sustainable Finance & Investment Pub Date : 2022-10-09 Seda Bilyay-Erdogan
ABSTRACT The purpose of this study is to examine: (i) the impact of corporate environmental, social, and governance (ESG) performance on asymmetric information and (ii) whether this relationship differs for countries with different legal and governance systems. Employing an extensive sample (covering 21 countries from Europe) for an extended time frame (2002-2019), we present evidence that overall
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Does political connection affect sharia non-compliance risk? Evidence from Indonesian and Malaysian Islamic banks Journal of Sustainable Finance & Investment Pub Date : 2022-10-05 Annisa Rizkia Syaputri, Yunieta Anny Nainggolan
ABSTRACT This study aims to investigate the impact of political connection on sharia non-compliance risk of Indonesian and Malaysian Islamic Banks. The analysis of this study was based on annual reports, including state-owned and private Islamic banks, from 2006 to 2016. The data was then evaluated using panel data regression. The results show that politically connected Islamic banks in Indonesia could
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Is the European Union (EU) Sustainable Finance Disclosure Regulation (SFDR) effective in shaping sustainability objectives? An analysis of investment funds' behaviour Journal of Sustainable Finance & Investment Pub Date : 2022-09-29 Chiara Cremasco, Leonardo Boni
ABSTRACT This paper investigates how investment funds behave in line with European Union (EU)'s Sustainable Finance Disclosure Regulation (SFDR). The SFDR requires investment funds to take a clear position with respect to sustainability objectives, aiming at addressing the threats of greenwashing. However, we still do not know whether investment funds are managed accordingly. We frame our study within
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Return and volatility spillovers between sustainability indexes: evidences from global, regional and domestic indexes Journal of Sustainable Finance & Investment Pub Date : 2022-09-29 Aykut Karakaya, Melih Kutlu
ABSTRACT In this study, we research the effect of volatility spillover between indexes, which is an indicator for issuing various new financial products such as assets based on sustainability principles to investors. We use the EGARCH model to research the asymmetric effect between the indexes, and we estimate by the Multivariate VAR-EGARCH analysis to test the integration and volatility spillover
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Busy outside directors and ESG performance Journal of Sustainable Finance & Investment Pub Date : 2022-09-21 Elizabeth W. Cooper, Hatice Uzun
ABSTRACT In this paper, we analyze whether a firm’s governance structure plays a role in corporate sustainability performance. Specifically, we study the impact of busy outside directors (outside directors who serve on multiple boards) on firms’ environmental, social, and governance (ESG) performance. By doing so, we are able to test the Overcommitment and the Reputation Hypotheses. We find a positive
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Does risk disclosure reporting quality reduce credit risk of GCC conventional and Islamic banks? Journal of Sustainable Finance & Investment Pub Date : 2022-09-19 Haitham Nobanee, Nejla Ould Daoud Ellili
ABSTRACT This study measures the degree of corporate risk disclosure and examines its impact on the credit risk of banks listed on the GCC financial markets during the period 2007–2021. The results of the content analysis show a low degree of overall risk disclosure index and sub-risk categories, except for financial risk disclosure, for all GCC-listed banks. The effect of the degree of risk disclosure
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Impact of financial performance on environmental sustainability in the presence of credit constraints: evidence from Indian manufacturing firms Journal of Sustainable Finance & Investment Pub Date : 2022-09-16 Debarati Ghosh, Abhishek Dutta, Meghna Dutta
ABSTRACT The purpose of the study is to examine the relationship between corporate environmental sustainability through the lens of energy intensity and the financial performance of firms in the presence of credit constraints. Employing panel data on Indian manufacturing firms, the study found an inverted U-shaped relationship between energy intensity and financial performance. While, credit-constraints
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Financial firm’s performance: a comparative analysis based on ESG metrics and net zero legislation Journal of Sustainable Finance & Investment Pub Date : 2022-09-11 Luz del Carmen Díaz-Peña, Victor Manuel Castillo Delgadillo, Contreras-Valdez Mario Iván
ABSTRACT For stock market investors, it is difficult to choose where to allocate their financial resources; furthermore, sustainable investment has become a choice to ensure better financial performance (FP). This research proves that countries and companies lined up with climate change laws are better options for investing and mitigating risks. The sample of the study is based on a net zero emission
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Nonlinear causality between CSR and firm performance using NARX model: evidence from France Journal of Sustainable Finance & Investment Pub Date : 2022-08-22 Karima Lajnef, Siwar Ellouz
ABSTRACT The aim of this paper is to understand the true dynamic link between corporate social responsibility and company performance. Importance is given to new models and methods to clarify the empirical link between CSR and FP. In fact, the sample of French non-financial listed companies is from 2004 to 2020, and the nonlinear autoregressive NARX model is considered as a new test method. At this
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ESG ratings: an industry in need of a major overhaul Journal of Sustainable Finance & Investment Pub Date : 2022-08-19 Ventura Charlin, Arturo Cifuentes, Jorge Alfaro
ABSTRACT The impetus for adopting ESG-sensitive investment policies has increased steadily since 2006, when the United Nations outlined its Principles of Responsible Investment (PRI). Recently, a new industry aimed at helping investors to make sound ESG-driven decisions has flourished: ESG rating agencies. We investigated the ratings provided by four leading rating agencies (ISS, MSCI, S&P, and Sustainalytics)
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Does sustainability generate better financial performance? review, meta-analysis, and propositions Journal of Sustainable Finance & Investment Pub Date : 2022-08-19 Ulrich Atz, Tracy Van Holt, Zongyuan Zoe Liu, Christopher C. Bruno
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
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Similarities among equities returns in multi-frequencies: insights from sustainable responsible investing Journal of Sustainable Finance & Investment Pub Date : 2022-08-11 Emmanuel Asafo-Adjei, Anokye Mohammed Adam, Clement Lamboi Arthur, Baba Adibura Seidu, Razak Mohammed Gyasi
ABSTRACT The degree to which corporations benefit from social welfare has induced increasing attention, enjoining corporations to act in a socially responsible manner. The sustainability investing landscape has witnessed rapid ramifications over the years, but with fewer empirical studies relative to the conventional way of investing. Regarding the extent of financial markets inefficiency, we probe
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Does the Coronavirus Crash affect green equity markets’ efficiency? A multifractal analysis Journal of Sustainable Finance & Investment Pub Date : 2022-08-02 Joaquim Ferreira, Flávio Morais
ABSTRACT This study assesses the multifractality and degree of efficiency regarding the following green equity markets: Dow Jones Sustainability Index, S&P Global Clean Energy, Nasdaq OMX Green Economy, and S&P Global 1200 Carbon Efficient. For that purpose, MF-DFA and three measures of efficiency analysis are applied. It is performed on two samples, corresponding to Full Sample and Full Sample without
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Clean energy indices and brown assets: an analysis of tail risk spillovers through the VAR for VaR model Journal of Sustainable Finance & Investment Pub Date : 2022-08-02 Eliana Angelini, Giuliana Birindelli, Helen Chiappini, Matteo Foglia
ABSTRACT This paper studies the dependence between the clean energy markets and brown assets (oil and Bitcoin) over the years 2011–2019. For this purpose, we use the VAR for VaR framework to capture the extreme dependence (tail risk). Moreover, we compute the Granger-causality in risk to study the impact of the Paris Agreement on these markets. We provide novel evidence of the relationship between
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Index construction for sustainable development investing Journal of Sustainable Finance & Investment Pub Date : 2022-08-02 Alexander Bassen, Christian Fieberg, Othar Kordsachia, Kerstin Lopatta, Bastian Nendza
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
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The nexus between financial inclusion and bank profitability: a dynamic panel approach Journal of Sustainable Finance & Investment Pub Date : 2022-07-28 Ibrahim Nandom Yakubu, Alhassan Musah
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 e...
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What drives Islamic banking customers’ satisfaction and loyalty: financial or spiritual benefits? Journal of Sustainable Finance & Investment Pub Date : 2022-07-27 Hafasnuddin, M. Shabri Abd. Majid
ABSTRACT This study empirically investigates the effects of financial and spiritual benefits on the satisfaction and loyalty of Islamic banking customers in Indonesia. It also attempts to explore the role of satisfaction as a mediator on the relationships between financial and spiritual benefits and loyalty of Islamic banking customers in Indonesia. A number of 148 Islamic banking customers in the
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Moderating role of corporate governance and ownership structure on the relationship of corporate sustainability performance and dividend policy Journal of Sustainable Finance & Investment Pub Date : 2022-07-19 Mustafa K. Yilmaz, Mine Aksoy, Ajab Khan
ABSTRACT The aim of this study is to investigate the influence of corporate governance and ownership structure on the relationship of corporate sustainability performance and dividend policy by using a panel dataset of 79 non-financial companies listed on Borsa Istanbul 100 Index for the years 2014–2020. We employed the panel logit, probit and tobit regression models for the analysis. The results indicate
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Green finance: the neglected consumer demand Journal of Sustainable Finance & Investment Pub Date : 2022-06-22 András Bethlendi, László Nagy, András Póra
ABSTRACT Household demand for green financial products is rarely investigated in the literature, except for ESG investments. This paper investigates the demand for a broader spectrum of finance (capital and banking markets together). The approach comes from data science in order to manage survey data's high dimensionality. Four consumer groups are formed regarding green demand based on clustering.
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Materiality in sustainability disclosures and investment portfolio performance in the Indian context Journal of Sustainable Finance & Investment Pub Date : 2022-06-14 Suveera Gill, Manika Kohli, Purnima Satija
ABSTRACT Premised on the notion that not all sustainable issues are equally relevant to all industries, the study provides early empirical evidence of the value implications of sustainable material and immaterial investments in the Indian context. The study sample consists of 203 listed companies on the S&P BSE 500 Index across eleven sectors. Materiality and immateriality indices were constructed
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A three-level analysis of values related to socially responsible retirement investments Journal of Sustainable Finance & Investment Pub Date : 2022-06-08 John Magnus Roos, Magnus Jansson, Tommy Gärling
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...
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Editorial: growing gender lens investing in emerging markets Journal of Sustainable Finance & Investment Pub Date : 2022-05-20 Carolina Robino, Edward T. Jackson
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
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The complementary nature of audited financial reporting and corporate social responsibility disclosure Journal of Sustainable Finance & Investment Pub Date : 2022-05-19 Damai Nasution, Devi S. Kalanjati
ABSTRACT The confirmation hypothesis posits that the quality of audited financial reporting and nonfinancial disclosures, including CSR disclosure, are complementary. This study investigates the relationships between Big 4 audit firms and audit fees and the level of corporate social responsibility (CSR) disclosure. Previous studies used the first two variables as proxies for higher commitment to financial
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Relationship between macroeconomic variables and sustainable stock market index: an empirical analysis Journal of Sustainable Finance & Investment Pub Date : 2022-05-12 Jasvinder Kaur, Rashmi Chaudhary
ABSTRACT This paper investigates the interaction between the sustainable stock market index and macroeconomic variables in emerging market India using monthly time series data from January 2013 to September 2020. The S&P BSE Carbonex index represents the sustainable market index, while for macroeconomics variables, proxies are Consumer Price Index, the exchange rate (USD/INR), foreign exchange reserves
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Effect of financial knowledge and information behavior on sustainable investments: evidence from India Journal of Sustainable Finance & Investment Pub Date : 2022-05-11 Karthikeyan Shanmugam, Vijayabanu Chidambaram, Satyanarayana Parayitam
ABSTRACT This study aims to explore the relationship between information behavior and sustainable investments in the Indian context. First, a conceptual model is developed and the relationship between information access and subjective financial knowledge and information behavior of investors. Then, after checking the psychometric properties of the survey instrument, data collected from 301 investors
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The influence of firm size on ESG score controlling for ratings agency and industrial sector Journal of Sustainable Finance & Investment Pub Date : 2022-05-04 Richard Paul Gregory
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 bet...
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Canadian banks and their responses to COVID-19 – stakeholder-oriented crisis management Journal of Sustainable Finance & Investment Pub Date : 2022-04-29 Eduardo Ordonez-Ponce, Truzaar Dordi, David Talbot, Olaf Weber
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. ...
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Dynamic portfolio decisions with climate risk and model uncertainty Journal of Sustainable Finance & Investment Pub Date : 2022-04-26 Alexey Rubtsov, Sally Shen
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