Pub Date : 2024-01-19DOI: 10.1080/20430795.2024.2306511
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 ...
{"title":"Are country-level political uncertainty and power distance important to the CSR-audit report lag nexus? Evidence from the GCC region","authors":"Mujeeb Saif Al-Absi, Redhwan Al-Dhamari, Hamid Abdulkhaleq Hasan Al-Wesabi, Khaldoon Albitar","doi":"10.1080/20430795.2024.2306511","DOIUrl":"https://doi.org/10.1080/20430795.2024.2306511","url":null,"abstract":"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 ...","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"85 1","pages":""},"PeriodicalIF":4.3,"publicationDate":"2024-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139561112","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}
Pub Date : 2024-01-18DOI: 10.1080/20430795.2024.2303501
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...
{"title":"Are clean and black energy exchange-traded funds driven by climate risk?","authors":"Vítor Gabriel, Carlos Pinho","doi":"10.1080/20430795.2024.2303501","DOIUrl":"https://doi.org/10.1080/20430795.2024.2303501","url":null,"abstract":"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...","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"212 1","pages":""},"PeriodicalIF":4.3,"publicationDate":"2024-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139561168","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}
Pub Date : 2023-11-01DOI: 10.1080/20430795.2023.2275212
Vangelis Malamas, Thomas K. Dasaklis, Veni Arakelian, Gregory Chondrokoukis
ABSTRACTBond issuance is a highly technical and complicated process, including disparate regulatory frameworks, limited traceability and auditability, settlement failures, and mutually untrusted stakeholders. Green bond issuance presents additional challenges, as the qualification of a bond as ‘green’, third-party verification is needed to guarantee that the proceeds fund environmentally beneficial projects. This implies additional administrative and compliance costs. Blockchain technology can address some of the issues mentioned above, to establish trust in impact reporting green bond processes. To this end, we propose a blockchain-enabled green bond issuance architecture that safeguards investors' confidence in the bond's green credentials while keeping the issuer from being accused of greenwashing. To adjust the process of bond issuance to a blockchain-enabled model, we tokenize the bonds. The digital token is created through a smart contract with a specific standard (in our case, ERC-20). Within the smart contracts developed, we use various functions to handle the prerequisites of validators and regulators' approval based on the documentation presented and the parameters of rate and maturity requested by the issuer. We use a separate smart contract to offer forensic-by-design services. The overall system also considers various regulatory compliance instruments and enhances the access of regulatory bodies to issuance records.KEYWORDS: Securities issuancegreen bond issuanceblockchaindigital tokenssmart contracts AcknowledgmentsThe views expressed are those of the authors and do not necessarily reflect those of the Piraeus Bank.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 https://commission.europa.eu/strategy-and-policy/eu-budget/eu-borrower-investor-relations/nextgenerationeu-green-bonds_en2 https://www.worldbank.org/en/news/press-release/2018/08/09/world-bank-mandates-commonwealth-bank-of-australia-for-worlds-first-blockchain-bond3 https://www.bis.org/about/bisih/topics/green_finance/genesis_2.htm4 https://nodejs.org/5 https://github.com/trufflesuite/ganache-cli6 http://truffleframework.com7 https://docs.openzeppelin.com/contracts/3.x/api/token/erc208 https://docs.soliditylang.org9 https://github.com/bagmalamas/Green-Bond-Issuance10 https://ipfs.io/
{"title":"A blockchain framework for digitizing securities issuance: the case of green bonds","authors":"Vangelis Malamas, Thomas K. Dasaklis, Veni Arakelian, Gregory Chondrokoukis","doi":"10.1080/20430795.2023.2275212","DOIUrl":"https://doi.org/10.1080/20430795.2023.2275212","url":null,"abstract":"ABSTRACTBond issuance is a highly technical and complicated process, including disparate regulatory frameworks, limited traceability and auditability, settlement failures, and mutually untrusted stakeholders. Green bond issuance presents additional challenges, as the qualification of a bond as ‘green’, third-party verification is needed to guarantee that the proceeds fund environmentally beneficial projects. This implies additional administrative and compliance costs. Blockchain technology can address some of the issues mentioned above, to establish trust in impact reporting green bond processes. To this end, we propose a blockchain-enabled green bond issuance architecture that safeguards investors' confidence in the bond's green credentials while keeping the issuer from being accused of greenwashing. To adjust the process of bond issuance to a blockchain-enabled model, we tokenize the bonds. The digital token is created through a smart contract with a specific standard (in our case, ERC-20). Within the smart contracts developed, we use various functions to handle the prerequisites of validators and regulators' approval based on the documentation presented and the parameters of rate and maturity requested by the issuer. We use a separate smart contract to offer forensic-by-design services. The overall system also considers various regulatory compliance instruments and enhances the access of regulatory bodies to issuance records.KEYWORDS: Securities issuancegreen bond issuanceblockchaindigital tokenssmart contracts AcknowledgmentsThe views expressed are those of the authors and do not necessarily reflect those of the Piraeus Bank.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 https://commission.europa.eu/strategy-and-policy/eu-budget/eu-borrower-investor-relations/nextgenerationeu-green-bonds_en2 https://www.worldbank.org/en/news/press-release/2018/08/09/world-bank-mandates-commonwealth-bank-of-australia-for-worlds-first-blockchain-bond3 https://www.bis.org/about/bisih/topics/green_finance/genesis_2.htm4 https://nodejs.org/5 https://github.com/trufflesuite/ganache-cli6 http://truffleframework.com7 https://docs.openzeppelin.com/contracts/3.x/api/token/erc208 https://docs.soliditylang.org9 https://github.com/bagmalamas/Green-Bond-Issuance10 https://ipfs.io/","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"42 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135271726","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}
Pub Date : 2023-07-07DOI: 10.1080/20430795.2023.2226791
Daniel Ofori‐Sasu, George Nana Agyekum Donkor, J. Abor
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.
{"title":"Do sustainability ethics explain the impact of country-level corporate governance on financial stability in developing economies?","authors":"Daniel Ofori‐Sasu, George Nana Agyekum Donkor, J. Abor","doi":"10.1080/20430795.2023.2226791","DOIUrl":"https://doi.org/10.1080/20430795.2023.2226791","url":null,"abstract":"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.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"1415 - 1450"},"PeriodicalIF":4.3,"publicationDate":"2023-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42658735","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}
Pub Date : 2023-06-24DOI: 10.1080/20430795.2023.2226792
N. Strauss, Jonathan Krakow, M. 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 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.
{"title":"It’s the news, stupid! The relationship between news attention, literacy, trust, greenwashing perceptions, and sustainable finance investment in Switzerland","authors":"N. Strauss, Jonathan Krakow, M. Chesney","doi":"10.1080/20430795.2023.2226792","DOIUrl":"https://doi.org/10.1080/20430795.2023.2226792","url":null,"abstract":"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.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"1480 - 1505"},"PeriodicalIF":4.3,"publicationDate":"2023-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45898001","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}
Pub Date : 2023-01-02DOI: 10.1080/20430795.2022.2061408
Gurinder Singh, S. Aggarwal, Vikas Garg, R. Goel
{"title":"From the desk of editor-in-chief","authors":"Gurinder Singh, S. Aggarwal, Vikas Garg, R. Goel","doi":"10.1080/20430795.2022.2061408","DOIUrl":"https://doi.org/10.1080/20430795.2022.2061408","url":null,"abstract":"","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"700 - 701"},"PeriodicalIF":4.3,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47299622","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}
Pub Date : 2023-01-02DOI: 10.1080/20430795.2021.1962661
Soumaya Ben Khelifa
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.
{"title":"Governance quality, social and macro-economic conditions: implications for financial inclusion","authors":"Soumaya Ben Khelifa","doi":"10.1080/20430795.2021.1962661","DOIUrl":"https://doi.org/10.1080/20430795.2021.1962661","url":null,"abstract":"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.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"23 1","pages":"463 - 476"},"PeriodicalIF":4.3,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59997222","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}
Pub Date : 2022-12-05DOI: 10.1080/20430795.2022.2150511
A. 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 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.
{"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","authors":"A. Alfalih","doi":"10.1080/20430795.2022.2150511","DOIUrl":"https://doi.org/10.1080/20430795.2022.2150511","url":null,"abstract":"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.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"1506 - 1533"},"PeriodicalIF":4.3,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46141072","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}
Pub Date : 2022-11-29DOI: 10.1080/20430795.2022.2150510
I. Mohd-Sabrun, R. 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 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.
{"title":"Do environmentally sensitive companies engage in lesser earnings management behaviour? evidence from Malaysia","authors":"I. Mohd-Sabrun, R. Muhamad","doi":"10.1080/20430795.2022.2150510","DOIUrl":"https://doi.org/10.1080/20430795.2022.2150510","url":null,"abstract":"ABSTRACT\u0000 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.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"1252 - 1276"},"PeriodicalIF":4.3,"publicationDate":"2022-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43144151","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：