Pub Date : 2021-12-26DOI: 10.1080/20430795.2021.2013152
Abdullah M. Al-Awadhi, Bader S. Alhashel, Ahmad Bash
{"title":"Social norms and information asymmetry: the effect of religion on informed trading","authors":"Abdullah M. Al-Awadhi, Bader S. Alhashel, Ahmad Bash","doi":"10.1080/20430795.2021.2013152","DOIUrl":"https://doi.org/10.1080/20430795.2021.2013152","url":null,"abstract":"","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47329913","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 : 2021-12-19DOI: 10.1080/20430795.2021.2012116
R. Aidis, Sarah Eissler, Nicole Etchart, Renata Truzzi de Souza
ABSTRACT Through laws and everyday practices, formal and informal institutions exert gendered effects that increase inequalities between women and men. Impact investing firms can act as catalysts for shifting informal norms and customs that negatively affect women as entrepreneurs, employees, and suppliers. Gender lens investing (GLI) plays a critical role in guiding investments with the objective of women's empowerment and more equitable workplaces and communities. Although various GLI metrics and screening tools exist, little research has examined how small impact investment firms can increase gender inclusive policies and practices in existing portfolios of social enterprises led by mixed gender founding teams. This paper presents a case study that chronicles the initial steps taken by NESsT, a small impact investing firm, in piloting gender inclusive policies and practices in its portfolio companies and internal operations. We discuss the pilot results, findings, key takeaways, and recommendations for integrating GLI into investment portfolios.
{"title":"Taking small steps together: incorporating a gender lens approach for small and growing businesses - a case study","authors":"R. Aidis, Sarah Eissler, Nicole Etchart, Renata Truzzi de Souza","doi":"10.1080/20430795.2021.2012116","DOIUrl":"https://doi.org/10.1080/20430795.2021.2012116","url":null,"abstract":"ABSTRACT Through laws and everyday practices, formal and informal institutions exert gendered effects that increase inequalities between women and men. Impact investing firms can act as catalysts for shifting informal norms and customs that negatively affect women as entrepreneurs, employees, and suppliers. Gender lens investing (GLI) plays a critical role in guiding investments with the objective of women's empowerment and more equitable workplaces and communities. Although various GLI metrics and screening tools exist, little research has examined how small impact investment firms can increase gender inclusive policies and practices in existing portfolios of social enterprises led by mixed gender founding teams. This paper presents a case study that chronicles the initial steps taken by NESsT, a small impact investing firm, in piloting gender inclusive policies and practices in its portfolio companies and internal operations. We discuss the pilot results, findings, key takeaways, and recommendations for integrating GLI into investment portfolios.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"12 1","pages":"724 - 751"},"PeriodicalIF":4.3,"publicationDate":"2021-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43972867","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 : 2021-12-14DOI: 10.1080/20430795.2021.2012117
Abdullah A. Aljughaiman, Ngan Duong Cao, Mohammed S. Albarrak
{"title":"The impact of greenhouse gas emission on corporate’s tail risk","authors":"Abdullah A. Aljughaiman, Ngan Duong Cao, Mohammed S. Albarrak","doi":"10.1080/20430795.2021.2012117","DOIUrl":"https://doi.org/10.1080/20430795.2021.2012117","url":null,"abstract":"","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45161049","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 : 2021-12-14DOI: 10.1080/20430795.2021.2012115
R. Avard, Moses Mukuru, M. Liesner
ABSTRACT Impact investors and development finance institutions are starting to proactively examine gendered impacts to ensure their investments progress the opportunities available to women instead of reproducing existing inequalities. In October 2020, we trialled the use of the Qualitative Impact Protocol (QuIP) method to measure empowerment changes created by an investment into a cotton company in Uganda. The QuIP method is a qualitative approach to impact evaluation which assesses whether an investment, is achieving its intended impact. We found that the method worked with the impact investing operating model, required minimal input from the investee company, reduced response bias, and addressed contribution without the need for a baseline. The trial generated lessons on investee selection, geographical scope and blindfolding which can improve the use of this method for impact investing. This trial has confirmed the value of a method that other investors can now consider when measuring the gendered impact of their work.
{"title":"Measuring the women’s economic empowerment generated by impact investing; testing the QuIP method on an investment in Uganda’s cotton sector","authors":"R. Avard, Moses Mukuru, M. Liesner","doi":"10.1080/20430795.2021.2012115","DOIUrl":"https://doi.org/10.1080/20430795.2021.2012115","url":null,"abstract":"ABSTRACT Impact investors and development finance institutions are starting to proactively examine gendered impacts to ensure their investments progress the opportunities available to women instead of reproducing existing inequalities. In October 2020, we trialled the use of the Qualitative Impact Protocol (QuIP) method to measure empowerment changes created by an investment into a cotton company in Uganda. The QuIP method is a qualitative approach to impact evaluation which assesses whether an investment, is achieving its intended impact. We found that the method worked with the impact investing operating model, required minimal input from the investee company, reduced response bias, and addressed contribution without the need for a baseline. The trial generated lessons on investee selection, geographical scope and blindfolding which can improve the use of this method for impact investing. This trial has confirmed the value of a method that other investors can now consider when measuring the gendered impact of their work.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"12 1","pages":"752 - 762"},"PeriodicalIF":4.3,"publicationDate":"2021-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43380264","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 : 2021-12-08DOI: 10.1080/20430795.2021.2006129
Franziska Schütze, Jan Stede
{"title":"The EU sustainable finance taxonomy and its contribution to climate neutrality","authors":"Franziska Schütze, Jan Stede","doi":"10.1080/20430795.2021.2006129","DOIUrl":"https://doi.org/10.1080/20430795.2021.2006129","url":null,"abstract":"","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48028659","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 : 2021-12-08DOI: 10.1080/20430795.2021.2012111
Umut Uzar
{"title":"Is finance a curse? reinvestigate the relationship between finance and economic growth","authors":"Umut Uzar","doi":"10.1080/20430795.2021.2012111","DOIUrl":"https://doi.org/10.1080/20430795.2021.2012111","url":null,"abstract":"","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"1 1","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41627421","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 : 2021-11-30DOI: 10.1080/20430795.2021.2001300
Tia Subramanian, A. Muirow, Joy Anderson
ABSTRACT We examine the quality of the gender lens investing field’s underlying gender analysis to assess how a field built to redress marginalization analyzes that marginalization. In examining the evolution of gender and queer theory, we question the validity of the dominant definition of gender used in investing. Since its institutionalization, gender studies has evolved on the grounds that gender experience is dynamic and must be understood through diverse lived experiences. Drawing on current theory in gender and queer studies from across the Global North and South, we find that a comprehensive understanding of gender encompasses gender identity and sexuality as well as social, economic, and geopolitical considerations. We find a significant gap between gender lens investing's primary modes of analysis and lessons from scholars. Acknowledging the challenge of translating theory into financial practice, we suggest steps towards an investment practice that better mirrors how gender operates in the world.
{"title":"Evolving the gender analysis in gender lens investing: moving from counting women to valuing gendered experience","authors":"Tia Subramanian, A. Muirow, Joy Anderson","doi":"10.1080/20430795.2021.2001300","DOIUrl":"https://doi.org/10.1080/20430795.2021.2001300","url":null,"abstract":"ABSTRACT We examine the quality of the gender lens investing field’s underlying gender analysis to assess how a field built to redress marginalization analyzes that marginalization. In examining the evolution of gender and queer theory, we question the validity of the dominant definition of gender used in investing. Since its institutionalization, gender studies has evolved on the grounds that gender experience is dynamic and must be understood through diverse lived experiences. Drawing on current theory in gender and queer studies from across the Global North and South, we find that a comprehensive understanding of gender encompasses gender identity and sexuality as well as social, economic, and geopolitical considerations. We find a significant gap between gender lens investing's primary modes of analysis and lessons from scholars. Acknowledging the challenge of translating theory into financial practice, we suggest steps towards an investment practice that better mirrors how gender operates in the world.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"12 1","pages":"684 - 703"},"PeriodicalIF":4.3,"publicationDate":"2021-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43283640","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 : 2021-11-26DOI: 10.1080/20430795.2021.1978918
Saeed Awadh Bin-Nashwan, Aishath Muneeza
ABSTRACT Although the sukuk market has maintained remarkable growth momentum over the recent years, the optimism has been significantly moderated by the abrupt shock due to the pervasive COVID-19 pandemic. However, sukuk can be used as an effective financing option by governments to overcome a fiscal deficit and to support those adversely affected by the pandemic. Sukuk Prihatin (SP), the first-ever digital sukuk issued by the Government of Malaysia, has launched to engage citizens to contribute to the country's recovery efforts in the wake of COVID-19. Therefore, this study aims to probe the motivation that influences retail investors’ inclination to invest in such innovative sukuk. Based on an integrated model of planned behavior (TPB) and social cognitive theories (SCT) and data gathered from 279 retail investors, this research found that attitude towards SP investment (SPI), social norms, perceived control regarding SPI, sukuk features and digitization are significant determinants of investors’ willingness to invest in SP. It also revealed that tax incentives-moderated interactions of social norms, perceived control and sukuk features on SPI intention are significant.
{"title":"Investment decisions in digital sukuk in the time of COVID-19: do tax incentives matter?","authors":"Saeed Awadh Bin-Nashwan, Aishath Muneeza","doi":"10.1080/20430795.2021.1978918","DOIUrl":"https://doi.org/10.1080/20430795.2021.1978918","url":null,"abstract":"ABSTRACT Although the sukuk market has maintained remarkable growth momentum over the recent years, the optimism has been significantly moderated by the abrupt shock due to the pervasive COVID-19 pandemic. However, sukuk can be used as an effective financing option by governments to overcome a fiscal deficit and to support those adversely affected by the pandemic. Sukuk Prihatin (SP), the first-ever digital sukuk issued by the Government of Malaysia, has launched to engage citizens to contribute to the country's recovery efforts in the wake of COVID-19. Therefore, this study aims to probe the motivation that influences retail investors’ inclination to invest in such innovative sukuk. Based on an integrated model of planned behavior (TPB) and social cognitive theories (SCT) and data gathered from 279 retail investors, this research found that attitude towards SP investment (SPI), social norms, perceived control regarding SPI, sukuk features and digitization are significant determinants of investors’ willingness to invest in SP. It also revealed that tax incentives-moderated interactions of social norms, perceived control and sukuk features on SPI intention are significant.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"589 - 613"},"PeriodicalIF":4.3,"publicationDate":"2021-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44096719","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 : 2021-11-18DOI: 10.1080/20430795.2021.1964813
Arshad Hasan, K. Hussainey, Doaa A Aly
ABSTRACT We investigate the determinants of corporate sustainability reporting decision. We use a logistic regression model to analyse data collected from a sample of 138 firms listed on the Pakistan Stock Exchange for the years 2009–2018. We find that firms with more gender-diverse boards, larger audit committees and higher institutional ownership are more likely to issue sustainability reports. We also find that concentrated ownership, managerial ownership, foreign ownership and audit committee independence negatively influence the firms' sustainability reporting decision. The findings provide valuable insight to Pakistani policymakers by identifying the attributes that require regulatory focus to achieve the public policy objective of sustainable development. We are the first to explore the determinants of sustainability reporting decision in Pakistan. It provides empirical evidence to regulators and policymakers in Pakistan and other emerging markets who have already adopted a governance framework and are considering sustainability reporting in their respective contexts.
{"title":"Determinants of sustainability reporting decision: evidence from Pakistan","authors":"Arshad Hasan, K. Hussainey, Doaa A Aly","doi":"10.1080/20430795.2021.1964813","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964813","url":null,"abstract":"ABSTRACT We investigate the determinants of corporate sustainability reporting decision. We use a logistic regression model to analyse data collected from a sample of 138 firms listed on the Pakistan Stock Exchange for the years 2009–2018. We find that firms with more gender-diverse boards, larger audit committees and higher institutional ownership are more likely to issue sustainability reports. We also find that concentrated ownership, managerial ownership, foreign ownership and audit committee independence negatively influence the firms' sustainability reporting decision. The findings provide valuable insight to Pakistani policymakers by identifying the attributes that require regulatory focus to achieve the public policy objective of sustainable development. We are the first to explore the determinants of sustainability reporting decision in Pakistan. It provides empirical evidence to regulators and policymakers in Pakistan and other emerging markets who have already adopted a governance framework and are considering sustainability reporting in their respective contexts.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"12 1","pages":"214 - 237"},"PeriodicalIF":4.3,"publicationDate":"2021-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46206017","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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