We examined the external ability of the loan loss provision (LLP) model to detect extreme cases of earnings management (EM). According to the literature, the LLP model is the most useful in examining EM in banking institutions. We used it herein to explore the time-series behaviour of a fraudulent business group in the Portuguese banking sector between 1992 and 2013 − the Banco Espírito Santo Group (GBES). We conclude that GBES did not make discretionary use of LLP (i.e., DLLP) in the fraud period (2008 to 2013) when compared with the pre-fraud years (1992 to 2007). However, the level of LLP was significantly higher in the latter period; this was consistent with the procyclical nature of GBES's LLP. The results of a difference-in-difference approach did not reveal any significant differences between GBES's DLLP and non-fraudulent banks in the fraud period. Interestingly, the full bank sample (including GBES) provided evidence of the procyclical nature of LLP. Additional tests did not support the hypothesis of income smoothing via LLP, either amongst the bank sample as a whole or by GBES. The proven facts of the fraud indicated a significant undervaluation of loans and financial instruments and an underestimation of LLP. Thus, we expected to find negative DLLP in the fraud period and significantly different DLLP between the pre-fraud period and the fraud period itself. The DLLP of GBES should also have been significantly different from non-fraudulent banks in the fraud period. The LLP model proved ineffective in detecting GBES fraud and assessing the decisions of the bank's leader and his team, while the use of DLLP was effective. The evidence collected in our study will be of benefit to scholars and banking regulators.
我们检验了贷款损失准备(LLP)模型检测盈余管理(EM)极端案例的外部能力。根据文献，LLP模型在检查银行机构的新兴市场方面最有用。我们在此使用它来探索1992年至2013年间葡萄牙银行业欺诈商业集团- Banco Espírito Santo group (GBES)的时间序列行为。我们得出结论，与欺诈前年份(1992年至2007年)相比，GBES在欺诈期间(2008年至2013年)没有酌情使用LLP(即DLLP)。而LLP水平在后期显著升高;这与GBES LLP的顺周期性质是一致的。差异中的差异方法的结果并没有揭示GBES的DLLP和非欺诈银行在欺诈期间的任何显著差异。有趣的是，整个银行样本(包括GBES)提供了LLP的顺周期性质的证据。额外的测试不支持通过LLP实现收入平滑的假设，无论是在整个银行样本中还是在GBES中。经证实的欺诈事实表明，贷款和金融工具的价值被严重低估，LLP的价值被低估。因此，我们期望在欺诈期间发现负的DLLP，并且在欺诈前期和欺诈期间之间发现显著不同的DLLP。GBES的DLLP在欺诈期间也应该与非欺诈银行有显著差异。LLP模型在检测GBES欺诈和评估银行领导及其团队的决策方面被证明是无效的，而DLLP的使用是有效的。本研究收集的证据将对学者和银行监管机构有益。
{"title":"Scandal in the Portuguese banking sector – how a banking specific earnings management model predicted the fall of a family business group","authors":"Tânia Menezes Montenegro, Filomena Antunes Brás","doi":"10.3934/gf.2022018","DOIUrl":"https://doi.org/10.3934/gf.2022018","url":null,"abstract":"We examined the external ability of the loan loss provision (LLP) model to detect extreme cases of earnings management (EM). According to the literature, the LLP model is the most useful in examining EM in banking institutions. We used it herein to explore the time-series behaviour of a fraudulent business group in the Portuguese banking sector between 1992 and 2013 − the Banco Espírito Santo Group (GBES). We conclude that GBES did not make discretionary use of LLP (i.e., DLLP) in the fraud period (2008 to 2013) when compared with the pre-fraud years (1992 to 2007). However, the level of LLP was significantly higher in the latter period; this was consistent with the procyclical nature of GBES's LLP. The results of a difference-in-difference approach did not reveal any significant differences between GBES's DLLP and non-fraudulent banks in the fraud period. Interestingly, the full bank sample (including GBES) provided evidence of the procyclical nature of LLP. Additional tests did not support the hypothesis of income smoothing via LLP, either amongst the bank sample as a whole or by GBES. The proven facts of the fraud indicated a significant undervaluation of loans and financial instruments and an underestimation of LLP. Thus, we expected to find negative DLLP in the fraud period and significantly different DLLP between the pre-fraud period and the fraud period itself. The DLLP of GBES should also have been significantly different from non-fraudulent banks in the fraud period. The LLP model proved ineffective in detecting GBES fraud and assessing the decisions of the bank's leader and his team, while the use of DLLP was effective. The evidence collected in our study will be of benefit to scholars and banking regulators.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"97 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252314","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pengzhen Liu, Yanmin Zhao, Jianing Zhu, Cunyi Yang
Technological progress, especially green innovation, is a key factor in achieving sustainable development and promoting economic growth. In this study, based on innovation value chain theory, we employ the location entropy, super-efficiency SBM-DEA model, and the improved entropy TOPSIS method to measure the technological industry agglomeration, two-stage green innovation efficiency, and development quality index in Yangtze River Delta city cluster, respectively. We then build a spatial panel simultaneous cubic equation model, focusing on the interaction effects among the three factors. The findings indicate: (1) There are significant spatial links between the technological industry agglomeration, green innovation efficiency, and development quality in city cluster. (2) The development quality and technological industry agglomeration are mutually beneficial. In the R&D stage, green innovation efficiency, development quality, and technological industry agglomeration compete with each other, while there is a mutual promotion in the transformation stage. (3) The spatial interaction among the three factors reveals the heterogeneity of two innovation stages. The positive geographical spillover effects of technological industry agglomeration, green innovation efficiency, and development quality are all related to each other. This paper can provide a reference for the direction and path of improving the development quality of city clusters worldwide.
{"title":"Technological industry agglomeration, green innovation efficiency, and development quality of city cluster","authors":"Pengzhen Liu, Yanmin Zhao, Jianing Zhu, Cunyi Yang","doi":"10.3934/gf.2022020","DOIUrl":"https://doi.org/10.3934/gf.2022020","url":null,"abstract":"Technological progress, especially green innovation, is a key factor in achieving sustainable development and promoting economic growth. In this study, based on innovation value chain theory, we employ the location entropy, super-efficiency SBM-DEA model, and the improved entropy TOPSIS method to measure the technological industry agglomeration, two-stage green innovation efficiency, and development quality index in Yangtze River Delta city cluster, respectively. We then build a spatial panel simultaneous cubic equation model, focusing on the interaction effects among the three factors. The findings indicate: (1) There are significant spatial links between the technological industry agglomeration, green innovation efficiency, and development quality in city cluster. (2) The development quality and technological industry agglomeration are mutually beneficial. In the R&D stage, green innovation efficiency, development quality, and technological industry agglomeration compete with each other, while there is a mutual promotion in the transformation stage. (3) The spatial interaction among the three factors reveals the heterogeneity of two innovation stages. The positive geographical spillover effects of technological industry agglomeration, green innovation efficiency, and development quality are all related to each other. This paper can provide a reference for the direction and path of improving the development quality of city clusters worldwide.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As an emerging financial tool, green bonds can broaden the financing channels of enterprises and stimulate the green innovation of enterprises. Based on the A-share data of Chinese listed companies from 2012 to 2020, this paper analyzes the impact of green bonds on green technology innovation by using a method of Difference in Difference with Propensity Score Matching (PSM-DID). We found that green bonds can significantly improve enterprise green technology innovation. Its positive impact is attributed to increases in media attention and R&D capital investment and a reduction in financing constraints. Green bonds play a greater role in the green innovation of strong financial constraints enterprises, non-SOEs and large-scale enterprises. Our findings have important reference significance for the improvement of the resource allocation role of green bonds and achievement of sustainable growth.
{"title":"How do green bonds affect green technology innovation? Firm evidence from China","authors":"Tao-Hung Lin, Mingyue Du, Siyu Ren","doi":"10.3934/gf.2022024","DOIUrl":"https://doi.org/10.3934/gf.2022024","url":null,"abstract":"As an emerging financial tool, green bonds can broaden the financing channels of enterprises and stimulate the green innovation of enterprises. Based on the A-share data of Chinese listed companies from 2012 to 2020, this paper analyzes the impact of green bonds on green technology innovation by using a method of Difference in Difference with Propensity Score Matching (PSM-DID). We found that green bonds can significantly improve enterprise green technology innovation. Its positive impact is attributed to increases in media attention and R&D capital investment and a reduction in financing constraints. Green bonds play a greater role in the green innovation of strong financial constraints enterprises, non-SOEs and large-scale enterprises. Our findings have important reference significance for the improvement of the resource allocation role of green bonds and achievement of sustainable growth.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252441","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Climate change is one of the most pressing issues of our time, and in the transition to a greener and more environmentally sustainable economy and financial system, banks and their supervisors and regulators play a key role. By giving preference to climate-friendly borrowers and green assets in their financing and investment decisions, banks have a huge leverage over economic actors and financial market participants, and thus can help the transition to a greener economy. At the same time, banks must assess and manage the physical and transition risks that emanate from climate change and impact their clients via various transmission channels, thereby affecting the banks themselves. This risk dimension is the focus of this paper. Based on the euro area perspective it answers from a mainly practical perspective the question whether voluntary action by banks is sufficient, or whether additional regulatory requirements and respective supervisory scrutiny are necessary to cope with climate and environmental risks. Furthermore, the paper assesses whether such regulatory requirements should generally be of a qualitative, or also of a quantitative nature, and also the likelihood that regulators will going forward amend the rulebook to allow supervisors to impose direct capital requirements on banks for climate-related risks.
{"title":"The supervision and regulation of climate risks for banks: overview from the perspective of a European practitioner","authors":"Patrick J. Hess","doi":"10.3934/gf.2022014","DOIUrl":"https://doi.org/10.3934/gf.2022014","url":null,"abstract":"Climate change is one of the most pressing issues of our time, and in the transition to a greener and more environmentally sustainable economy and financial system, banks and their supervisors and regulators play a key role. By giving preference to climate-friendly borrowers and green assets in their financing and investment decisions, banks have a huge leverage over economic actors and financial market participants, and thus can help the transition to a greener economy. At the same time, banks must assess and manage the physical and transition risks that emanate from climate change and impact their clients via various transmission channels, thereby affecting the banks themselves. This risk dimension is the focus of this paper. Based on the euro area perspective it answers from a mainly practical perspective the question whether voluntary action by banks is sufficient, or whether additional regulatory requirements and respective supervisory scrutiny are necessary to cope with climate and environmental risks. Furthermore, the paper assesses whether such regulatory requirements should generally be of a qualitative, or also of a quantitative nature, and also the likelihood that regulators will going forward amend the rulebook to allow supervisors to impose direct capital requirements on banks for climate-related risks.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70251730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Based on global 500 companies, this study examines whether the market incorporates the corporations' voluntary carbon emissions disclosures as part of their environmental sustainability efforts, thus increasing their market value. Proxies used to measure the corporations' ecological sustainability efforts include the choice of voluntary carbon disclosures, carbon emissions amounts, carbon intensity, and carbon disclosure quality. During the study period, those companies that chose to disclose their carbon information to the Carbon Disclosure Project (CDP), saw the market value their efforts towards environmental sustainability by increasing their market value. This study also compared the market value of disclosing and non-disclosing firms and found that non-disclosing companies had higher market value than did disclosing firms. However, this relationship was statistically insignificant. This study uses the more extensive data set, extended period, and more robust econometric approach (Difference GMM) and extends the boundaries of accounting research to incorporate environmental-related disclosures. Therefore, this most recent study can provide new insights to researchers, investors, and policymakers in the present context of environmental sustainability and business sustainability.
{"title":"Voluntary carbon information disclosures, corporate-level environmental sustainability efforts, and market value","authors":"J. Sra, A. Booth, Raymond A. K. Cox","doi":"10.3934/gf.2022009","DOIUrl":"https://doi.org/10.3934/gf.2022009","url":null,"abstract":"Based on global 500 companies, this study examines whether the market incorporates the corporations' voluntary carbon emissions disclosures as part of their environmental sustainability efforts, thus increasing their market value. Proxies used to measure the corporations' ecological sustainability efforts include the choice of voluntary carbon disclosures, carbon emissions amounts, carbon intensity, and carbon disclosure quality. During the study period, those companies that chose to disclose their carbon information to the Carbon Disclosure Project (CDP), saw the market value their efforts towards environmental sustainability by increasing their market value. This study also compared the market value of disclosing and non-disclosing firms and found that non-disclosing companies had higher market value than did disclosing firms. However, this relationship was statistically insignificant. This study uses the more extensive data set, extended period, and more robust econometric approach (Difference GMM) and extends the boundaries of accounting research to incorporate environmental-related disclosures. Therefore, this most recent study can provide new insights to researchers, investors, and policymakers in the present context of environmental sustainability and business sustainability.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70251973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Improving energy efficiency is critical to breaking the resource curse. Using the GML Productivity Index, we measured the China's green total factor energy efficiency (GTFEE) and systematically explored the effects of environmental regulations on GTFEE. This article focuses on the threshold effect of environmental regulation (ER) on GTFEE at different skill premium levels. The conclusion shows that the impact of ER on GTFEE is expressed as a U-shaped relationship. ER can not only directly increase the skill premium, but also indirectly improve the GTFEE by increasing the skill premium. In addition, the threshold effect analysis suggests that skills premiums can enhance the role of ER in promoting GTFEE. Based on a new perspective on labor skills premiums, this study analyzes the mechanisms of environmental regulation to promote GTFEE, which has enlightening significance for improving the pollution control effect of ER and promoting carbon neutrality in China.
{"title":"Path to green development: the role environmental regulation and labor skill premium on green total factor energy efficiency","authors":"Siyu Ren, Haitao Wu","doi":"10.3934/gf.2022019","DOIUrl":"https://doi.org/10.3934/gf.2022019","url":null,"abstract":"Improving energy efficiency is critical to breaking the resource curse. Using the GML Productivity Index, we measured the China's green total factor energy efficiency (GTFEE) and systematically explored the effects of environmental regulations on GTFEE. This article focuses on the threshold effect of environmental regulation (ER) on GTFEE at different skill premium levels. The conclusion shows that the impact of ER on GTFEE is expressed as a U-shaped relationship. ER can not only directly increase the skill premium, but also indirectly improve the GTFEE by increasing the skill premium. In addition, the threshold effect analysis suggests that skills premiums can enhance the role of ER in promoting GTFEE. Based on a new perspective on labor skills premiums, this study analyzes the mechanisms of environmental regulation to promote GTFEE, which has enlightening significance for improving the pollution control effect of ER and promoting carbon neutrality in China.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252325","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Various Multinational Corporations minimize their effective global tax rate, and hence their contribution to public services, through Corporate Tax Avoidance. Taxpaying citizens, however, cannot reap these benefits of country-specific legislation under the international tax system, and frequently carry the majority of the tax burden. Hence, corporations are subject to accusations of not paying a "fair share". Based on equity theory, our paper analyses citizens' perception of fairness in regard to corporate taxation. By executing a mediation analysis, we determine which corporate tax rate is perceived as fair, mediating the relationship between equity theory determinants (individuals' tax system satisfaction, a social comparison with other entities, and cultural value-based cognition) and possible system-supportive or detrimental consequences. We confirm that a perception of inequity is prevalent among the 218 participants in our survey, and "fair burden-sharing" is perceived to be non-existent. We contribute to theory by classifying the social comparison determinant as most relevant for the fairness perceptions among individuals towards questionable business practices. Moreover, we emphasize that CTA needs to be considered a possible legitimacy threat for societal and institutional functioning since it may increase citizens' tax avoidant behavior, and jeopardizes social cohesion. However, the cultural values of power distance and masculinity were found to mitigate these generally detrimental consequences of CTA. Our practical and institutional implications put great emphasis on further promoting fairness within the international tax system since the recently suggested global corporate tax rate of 15% is still not considered as fair by our survey participants.
{"title":"Do multinational corporations pay their \"Fair Share\"?","authors":"M. Conrad","doi":"10.3934/gf.2022005","DOIUrl":"https://doi.org/10.3934/gf.2022005","url":null,"abstract":"Various Multinational Corporations minimize their effective global tax rate, and hence their contribution to public services, through Corporate Tax Avoidance. Taxpaying citizens, however, cannot reap these benefits of country-specific legislation under the international tax system, and frequently carry the majority of the tax burden. Hence, corporations are subject to accusations of not paying a \"fair share\". Based on equity theory, our paper analyses citizens' perception of fairness in regard to corporate taxation. By executing a mediation analysis, we determine which corporate tax rate is perceived as fair, mediating the relationship between equity theory determinants (individuals' tax system satisfaction, a social comparison with other entities, and cultural value-based cognition) and possible system-supportive or detrimental consequences. We confirm that a perception of inequity is prevalent among the 218 participants in our survey, and \"fair burden-sharing\" is perceived to be non-existent. We contribute to theory by classifying the social comparison determinant as most relevant for the fairness perceptions among individuals towards questionable business practices. Moreover, we emphasize that CTA needs to be considered a possible legitimacy threat for societal and institutional functioning since it may increase citizens' tax avoidant behavior, and jeopardizes social cohesion. However, the cultural values of power distance and masculinity were found to mitigate these generally detrimental consequences of CTA. Our practical and institutional implications put great emphasis on further promoting fairness within the international tax system since the recently suggested global corporate tax rate of 15% is still not considered as fair by our survey participants.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70251856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using Green human resource management practices (HRMPs) as a multi-component construct, this study investigated the influence of bundle of Green HRMPs on pro-environmental behavior (Pro-EB) and organizational citizenship behavior towards the environment (OCBE), and examined the mediating effect of OCBE as a psychological mechanism that defines Green HRMPs and Pro-EB relationships. Data were obtained using self-administered questionnaires from a sample of 247 full-time academics working in public sector higher education institutions of Pakistan. The hypotheses were verified using partial least squares structural equation modelling (PLS-SEM). The results revealed that Green HRMPs bundle had a significant and positive effect on both Pro-EB and OCBE, and OCBE, in return, had a positive relationship with Pro-EB. It was further revealed that OCBE positively mediated the association between Green HRMPs bundles and Pro-EB. The originality of the study lies in conceptualizing Green HRMPs bundles as a multi-component construct and examining the relationships between Green HRMPs bundle, OCBE, and Pro-EB in the context of Pakistan's higher education institutions. Besides, exploring OCBE as a mediator between Green HRMPs bundles and Pro-EB is one of the novel contributions of this study. This study helps management and practitioners in developing Green strategies that can promote Green and Pro-EB among academics/faculty members.
{"title":"Exploring the impact of green HRM practices on pro-environmental behavior via interplay of organization citizenship behavior","authors":"Abdul Samad Kakar, Mrestyal Khan","doi":"10.3934/gf.2022013","DOIUrl":"https://doi.org/10.3934/gf.2022013","url":null,"abstract":"Using Green human resource management practices (HRMPs) as a multi-component construct, this study investigated the influence of bundle of Green HRMPs on pro-environmental behavior (Pro-EB) and organizational citizenship behavior towards the environment (OCBE), and examined the mediating effect of OCBE as a psychological mechanism that defines Green HRMPs and Pro-EB relationships. Data were obtained using self-administered questionnaires from a sample of 247 full-time academics working in public sector higher education institutions of Pakistan. The hypotheses were verified using partial least squares structural equation modelling (PLS-SEM). The results revealed that Green HRMPs bundle had a significant and positive effect on both Pro-EB and OCBE, and OCBE, in return, had a positive relationship with Pro-EB. It was further revealed that OCBE positively mediated the association between Green HRMPs bundles and Pro-EB. The originality of the study lies in conceptualizing Green HRMPs bundles as a multi-component construct and examining the relationships between Green HRMPs bundle, OCBE, and Pro-EB in the context of Pakistan's higher education institutions. Besides, exploring OCBE as a mediator between Green HRMPs bundles and Pro-EB is one of the novel contributions of this study. This study helps management and practitioners in developing Green strategies that can promote Green and Pro-EB among academics/faculty members.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70251664","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Raja Elyn Maryam Raja Ezuma, Nitanan Koshy Matthew
Growing concerns of climate crisis mitigation in Malaysia over the decades have created pressure for public listed companies and small and medium enterprises in the country to adopt a different approach in their business operations. Green financing schemes such as the Environmental,Social and Governance (ESG) indicator,the FTSE4Good index by the regulatory body Bursa Malaysia for public listed companies and the Green Technology Financing Scheme stemming from the National Green Technology Policy by the Malaysian Green Technology and Climate Change Centre,address the need to improve operations sustainably through financing. Based on interviews with government agencies and public listed companies,this paper presents the effectiveness of the guidelines and schemes in place from their perspectives. The value drivers,challenges and impact from adhering to the FTSE4Good index were discovered. Findings found that the government is a central player in ensuring the initiatives' effectiveness. Although there have been improvements over the years in the industry since its introduction,barriers are still lingering that may hamper the extent of the initiatives' effectiveness. Suggestions are made as a feedback mechanism for improved green financing towards Malaysia's aspiration on becoming a high-income nation by 2025 and in support of the Sustainable Development Goal 9: Industrial innovation and infrastructure. To realise that aspiration,every player in the industry plays a critical role in greener operations,including the small and medium enterprises.
{"title":"The perspectives of stakeholders on the effectiveness of green financing schemes in Malaysia","authors":"Raja Elyn Maryam Raja Ezuma, Nitanan Koshy Matthew","doi":"10.3934/gf.2022.2022022","DOIUrl":"https://doi.org/10.3934/gf.2022.2022022","url":null,"abstract":"Growing concerns of climate crisis mitigation in Malaysia over the decades have created pressure for public listed companies and small and medium enterprises in the country to adopt a different approach in their business operations. Green financing schemes such as the Environmental,Social and Governance (ESG) indicator,the FTSE4Good index by the regulatory body Bursa Malaysia for public listed companies and the Green Technology Financing Scheme stemming from the National Green Technology Policy by the Malaysian Green Technology and Climate Change Centre,address the need to improve operations sustainably through financing. Based on interviews with government agencies and public listed companies,this paper presents the effectiveness of the guidelines and schemes in place from their perspectives. The value drivers,challenges and impact from adhering to the FTSE4Good index were discovered. Findings found that the government is a central player in ensuring the initiatives' effectiveness. Although there have been improvements over the years in the industry since its introduction,barriers are still lingering that may hamper the extent of the initiatives' effectiveness. Suggestions are made as a feedback mechanism for improved green financing towards Malaysia's aspiration on becoming a high-income nation by 2025 and in support of the Sustainable Development Goal 9: Industrial innovation and infrastructure. To realise that aspiration,every player in the industry plays a critical role in greener operations,including the small and medium enterprises.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"1 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70251716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Electricity markets have been liberalized worldwide, but the success of country specific experiences varied widely. Consumers' behavior is among the key factors for successful liberalization experiences namely regarding the decision to switch operator. This decision has been shown to be influenced by a multiplicity of factors. The goal of this article is to explore the analysis of the drivers for switching operator in a liberalized electricity market. With that purpose, we focused on the residential Portuguese case using a questionnaire. The logit estimation showed that men are more likely to switch supplier than women and that larger families are less likely to do so probably, due to the perception of high information search costs. Other sociodemographic variables were not found to be statistically significant. Regarding specific determinants, our results showed that past experiences with a supplier, dissatisfaction with the current operator, and family and friends' experiences were the most important determining factor for the decision to switch operator. Hence, the price was not the most important determinant. We also explored if different income groups had differentiated responses regarding the main drivers but concluded that there was no evidence that the income group affected the importance given to the price or to the other determinants for the decision.
{"title":"Consumer's behavior determinants after the electricity market liberalization: the Portuguese case","authors":"Débora Maravilha, Susana Silva, Erika Laranjeira","doi":"10.3934/gf.2022021","DOIUrl":"https://doi.org/10.3934/gf.2022021","url":null,"abstract":"Electricity markets have been liberalized worldwide, but the success of country specific experiences varied widely. Consumers' behavior is among the key factors for successful liberalization experiences namely regarding the decision to switch operator. This decision has been shown to be influenced by a multiplicity of factors. The goal of this article is to explore the analysis of the drivers for switching operator in a liberalized electricity market. With that purpose, we focused on the residential Portuguese case using a questionnaire. The logit estimation showed that men are more likely to switch supplier than women and that larger families are less likely to do so probably, due to the perception of high information search costs. Other sociodemographic variables were not found to be statistically significant. Regarding specific determinants, our results showed that past experiences with a supplier, dissatisfaction with the current operator, and family and friends' experiences were the most important determining factor for the decision to switch operator. Hence, the price was not the most important determinant. We also explored if different income groups had differentiated responses regarding the main drivers but concluded that there was no evidence that the income group affected the importance given to the price or to the other determinants for the decision.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":"233 1","pages":""},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252386","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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