Pub Date : 2021-10-25DOI: 10.1080/20430795.2021.1990833
Vineet Kumar, V. Agrawal
ABSTRACT COVID-19 has a devastating impact on the global economy, particularly on robustness and resilience of emerging and developing economies’ (EMDE’s) economic-cum-financial systems. Reinventing banking practices with strategies are indispensable for sustainable growth. EMDEs like India have distinct country-specific business models. We aim to devise a sustainable model for augmenting banks’ other income; analyzing off-balance sheet (OBS) activities in India, which may be applied in EMDEs’ efficacy. We apply least-squares dummy variables and ordinary least squares models for fixed-effect regression analysis on OBS from 1996-2019. Regulatory determinants like capital adequacy, net non-performing assets, liquidity have more significant impact on OBS than bank-specific variables like bank size or macroeconomic like GDP. OBS can generate revenue is exemplified by strong relation to other income. Findings reveal that while assessing impact of COVID-19 on-balance sheets, banks should prioritize capital and contingency liquidity planning, focusing on OBS activities to augment other income in the revival strategy.
{"title":"Augmenting commercial banks’ other income through off-balance sheet activities in relation to their determinants in the Indian banking system","authors":"Vineet Kumar, V. Agrawal","doi":"10.1080/20430795.2021.1990833","DOIUrl":"https://doi.org/10.1080/20430795.2021.1990833","url":null,"abstract":"ABSTRACT COVID-19 has a devastating impact on the global economy, particularly on robustness and resilience of emerging and developing economies’ (EMDE’s) economic-cum-financial systems. Reinventing banking practices with strategies are indispensable for sustainable growth. EMDEs like India have distinct country-specific business models. We aim to devise a sustainable model for augmenting banks’ other income; analyzing off-balance sheet (OBS) activities in India, which may be applied in EMDEs’ efficacy. We apply least-squares dummy variables and ordinary least squares models for fixed-effect regression analysis on OBS from 1996-2019. Regulatory determinants like capital adequacy, net non-performing assets, liquidity have more significant impact on OBS than bank-specific variables like bank size or macroeconomic like GDP. OBS can generate revenue is exemplified by strong relation to other income. Findings reveal that while assessing impact of COVID-19 on-balance sheets, banks should prioritize capital and contingency liquidity planning, focusing on OBS activities to augment other income in the revival strategy.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"634 - 659"},"PeriodicalIF":4.3,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45140751","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 : 2021-10-25DOI: 10.1080/20430795.2021.1978919
Amina Mohamed Buallay, Meera Al Marri, N. Nasrallah, A. Hamdan, E. Barone, Qasim Zureigat
ABSTRACT This study investigates the relationship between the level of sustainability reporting and banks and financial services’ performance (operational, financial and market) across seven different regions (Asia, Europe, Mena, Africa, North and South America). Using data culled from 4458 observations from 60 different countries for 10 years (2008–2017), we investigate the effect of the Environment, Social and Governance score (ESG) and the three pillars on banks’ performance [Return on Assets (ROA), Return on Equity (ROE) and Tobin’s Q (TQ)]. We also control for bank-specific, macroeconomic and governance effects. The findings pinpoint a negative relationship between ESG on one hand and operational performance (ROA), financial performance (ROE) and market performance (TQ) on the other hand. From regional and pillar perspectives, the performance is differently affected following ESG, pillar and region perspectives. The novelty of this paper lies in the inclusion of different political and economic contexts. Our findings have significant theoretical implications for policy makers and academics at the international level. Banks and financial services sectors’ management lacunae manifest in terms of the weak nexus between ESG, pillars and banks and financial services’ performance.
{"title":"Sustainability reporting in banking and financial services sector: a regional analysis","authors":"Amina Mohamed Buallay, Meera Al Marri, N. Nasrallah, A. Hamdan, E. Barone, Qasim Zureigat","doi":"10.1080/20430795.2021.1978919","DOIUrl":"https://doi.org/10.1080/20430795.2021.1978919","url":null,"abstract":"ABSTRACT This study investigates the relationship between the level of sustainability reporting and banks and financial services’ performance (operational, financial and market) across seven different regions (Asia, Europe, Mena, Africa, North and South America). Using data culled from 4458 observations from 60 different countries for 10 years (2008–2017), we investigate the effect of the Environment, Social and Governance score (ESG) and the three pillars on banks’ performance [Return on Assets (ROA), Return on Equity (ROE) and Tobin’s Q (TQ)]. We also control for bank-specific, macroeconomic and governance effects. The findings pinpoint a negative relationship between ESG on one hand and operational performance (ROA), financial performance (ROE) and market performance (TQ) on the other hand. From regional and pillar perspectives, the performance is differently affected following ESG, pillar and region perspectives. The novelty of this paper lies in the inclusion of different political and economic contexts. Our findings have significant theoretical implications for policy makers and academics at the international level. Banks and financial services sectors’ management lacunae manifest in terms of the weak nexus between ESG, pillars and banks and financial services’ performance.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"776 - 801"},"PeriodicalIF":4.3,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44253497","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 : 2021-10-24DOI: 10.1080/20430795.2021.1992336
Wei Kuang
{"title":"The heterogeneity of the diversification effect of sustainable development goals related exchange-traded funds","authors":"Wei Kuang","doi":"10.1080/20430795.2021.1992336","DOIUrl":"https://doi.org/10.1080/20430795.2021.1992336","url":null,"abstract":"","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46743879","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 : 2021-10-21DOI: 10.1080/20430795.2021.1990834
Muhammad Safdar Sial, Jacob Cherian, Susana Álvarez-Otero, U. Comite, M. Shabbir, S. Gunnlaugsson, M. Tabash
We, the Editors and Publisher of the Journal of Sustainable Finance and Investment, have retracted the following article: Nexus between sustainable economic growth and foreign private investment: evidence from emerging and developed economies, DOI: 10.1080/20430795.2021.1990834 Subsequent to publication it has been determined that the article contains significant textual overlap with: Nexus between economic growth and foreign private investment: Evidence from Pakistan economy, DOI: 10.1080/23322039.2021.1956067 which was not cited or otherwise acknowledged. When approached for an explanation the following authors reported that they contributed to the article at the revision stage and were unaware of the overlap with the previously published article: Muhammad Safdar Sial, Jacob Cherian, Susana Alvarez-Otero, Ubaldo Comite, Stefan Gunnlaugsson, and Mosab Tabash. We have been informed in our decision-making by our policy on publishing ethics and integrity and the COPE guidelines on retractions. The retracted article will remain online to maintain the scholarly record, but it will be digitally watermarked on each page as ‘Retracted’.
{"title":"RETRACTED ARTICLE: Nexus between sustainable economic growth and foreign private investment: evidence from emerging and developed economies","authors":"Muhammad Safdar Sial, Jacob Cherian, Susana Álvarez-Otero, U. Comite, M. Shabbir, S. Gunnlaugsson, M. Tabash","doi":"10.1080/20430795.2021.1990834","DOIUrl":"https://doi.org/10.1080/20430795.2021.1990834","url":null,"abstract":"We, the Editors and Publisher of the Journal of Sustainable Finance and Investment, have retracted the following article: Nexus between sustainable economic growth and foreign private investment: evidence from emerging and developed economies, DOI: 10.1080/20430795.2021.1990834 Subsequent to publication it has been determined that the article contains significant textual overlap with: Nexus between economic growth and foreign private investment: Evidence from Pakistan economy, DOI: 10.1080/23322039.2021.1956067 which was not cited or otherwise acknowledged. When approached for an explanation the following authors reported that they contributed to the article at the revision stage and were unaware of the overlap with the previously published article: Muhammad Safdar Sial, Jacob Cherian, Susana Alvarez-Otero, Ubaldo Comite, Stefan Gunnlaugsson, and Mosab Tabash. We have been informed in our decision-making by our policy on publishing ethics and integrity and the COPE guidelines on retractions. The retracted article will remain online to maintain the scholarly record, but it will be digitally watermarked on each page as ‘Retracted’.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"12 1","pages":"I - XXI"},"PeriodicalIF":4.3,"publicationDate":"2021-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45826751","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 : 2021-10-18DOI: 10.1080/20430795.2021.1990832
Jessica Espinoza Trujano, L. Phiri
ABSTRACT This paper contributes to current debates in the field of entrepreneurship on the persistent gender gap in capital allocation to entrepreneurs. Drawing on recent theories of entrepreneurial belonging (Stead, V. 2017. “Belonging and Women Entrepreneurs: Women’s Navigation of Gendered Assumptions in Entrepreneurial Practice.” International Small Business Journal 35 (1): 61–77. doi:10.1177/0266242615594413; Birkner, S. 2020. “To Belong or Not to Belong, That Is the Question?! Explorative Insights on Liminal Gender States within Women’s STEMpreneurship.” International Entrepreneurship and Management Journal 16: 115–136. doi:10.1007/s11365-019-00605-5), we conducted narrative research to gain rare insights into the gendered challenges faced by female fund managers in private equity in Sub-Saharan Africa during the fundraising process. We discover a triple dissonance between the feminine normative frames of womanhood and the male normative frames of entrepreneurship and private equity, compounded by intersectional stereotypes of Africa. Our research offers novel, exploratory insights into what has been a blind spot in the emerging field of gender-lens investing: how gender bias in capital allocation to entrepreneurs is reinforced by gender bias in capital allocation to fund managers. We conclude that the field must move beyond viewing African women as beneficiaries of empowerment and put them in power of investment decisions.
{"title":"Triple dissonance: women-led funds. With a gender lens. In Africa.","authors":"Jessica Espinoza Trujano, L. Phiri","doi":"10.1080/20430795.2021.1990832","DOIUrl":"https://doi.org/10.1080/20430795.2021.1990832","url":null,"abstract":"ABSTRACT This paper contributes to current debates in the field of entrepreneurship on the persistent gender gap in capital allocation to entrepreneurs. Drawing on recent theories of entrepreneurial belonging (Stead, V. 2017. “Belonging and Women Entrepreneurs: Women’s Navigation of Gendered Assumptions in Entrepreneurial Practice.” International Small Business Journal 35 (1): 61–77. doi:10.1177/0266242615594413; Birkner, S. 2020. “To Belong or Not to Belong, That Is the Question?! Explorative Insights on Liminal Gender States within Women’s STEMpreneurship.” International Entrepreneurship and Management Journal 16: 115–136. doi:10.1007/s11365-019-00605-5), we conducted narrative research to gain rare insights into the gendered challenges faced by female fund managers in private equity in Sub-Saharan Africa during the fundraising process. We discover a triple dissonance between the feminine normative frames of womanhood and the male normative frames of entrepreneurship and private equity, compounded by intersectional stereotypes of Africa. Our research offers novel, exploratory insights into what has been a blind spot in the emerging field of gender-lens investing: how gender bias in capital allocation to entrepreneurs is reinforced by gender bias in capital allocation to fund managers. We conclude that the field must move beyond viewing African women as beneficiaries of empowerment and put them in power of investment decisions.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"12 1","pages":"763 - 784"},"PeriodicalIF":4.3,"publicationDate":"2021-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48856887","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 : 2021-10-14DOI: 10.1080/20430795.2021.1978917
Rifqi Muhammad, P. Nugraheni
{"title":"The effect of internal factors on the mudharabah financing of Indonesian Islamic banks","authors":"Rifqi Muhammad, P. Nugraheni","doi":"10.1080/20430795.2021.1978917","DOIUrl":"https://doi.org/10.1080/20430795.2021.1978917","url":null,"abstract":"","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46499868","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}
ABSTRACT This paper examines the sustainable financing of R&D activities in the cybersecurity industry as a long-term investment to generate future profits and protect societies from the consequences of uncertainty as an essential part of a nation’s security strategy. Since this study utilises a dynamic panel model, the hierarchy of financing sources for R&D activities is determined by controlling for specific fixed effects. The estimator's efficiency is improved by adopting the system Generalised Method of Moments (GMM), which relies on the current interaction of explanatory variables to achieve a future factor of returns using STATA. The study sample extracted from the Orbis database consists of 51 cybersecurity leaders in the US and the UK from 2016 to 2020. The findings indicate that cybersecurity leaders use external funds to finance R&D activities to achieve high future returns. Although uncertainty increases significantly in the short run, all other else being equal, average future returns are high.
{"title":"Sustainable finance in cybersecurity investment for future profitability under uncertainty","authors":"Herenia Gutiérrez Ponce, Julián Chamizo González, Manar Al-Mohareb","doi":"10.1080/20430795.2021.1985951","DOIUrl":"https://doi.org/10.1080/20430795.2021.1985951","url":null,"abstract":"ABSTRACT This paper examines the sustainable financing of R&D activities in the cybersecurity industry as a long-term investment to generate future profits and protect societies from the consequences of uncertainty as an essential part of a nation’s security strategy. Since this study utilises a dynamic panel model, the hierarchy of financing sources for R&D activities is determined by controlling for specific fixed effects. The estimator's efficiency is improved by adopting the system Generalised Method of Moments (GMM), which relies on the current interaction of explanatory variables to achieve a future factor of returns using STATA. The study sample extracted from the Orbis database consists of 51 cybersecurity leaders in the US and the UK from 2016 to 2020. The findings indicate that cybersecurity leaders use external funds to finance R&D activities to achieve high future returns. Although uncertainty increases significantly in the short run, all other else being equal, average future returns are high.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"614 - 633"},"PeriodicalIF":4.3,"publicationDate":"2021-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41773099","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 : 2021-09-26DOI: 10.1080/20430795.2021.1979926
B. Badru, Ameen Qasem
{"title":"Corporate social responsibility and dividend payments in the Malaysian capital market: the interacting effect of family-controlled companies","authors":"B. Badru, Ameen Qasem","doi":"10.1080/20430795.2021.1979926","DOIUrl":"https://doi.org/10.1080/20430795.2021.1979926","url":null,"abstract":"","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44869332","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 : 2021-09-22DOI: 10.1080/20430795.2021.1977576
Anum Ellahi, Hammna Jillani, Hesan Zahid
ABSTRACT Green banking is an emerging concept in Pakistan’s economy. The purpose of this paper is to identify the progress of green banking practices in the banking sector. It tries to examine the individual’s perception and response to the green practices as adopted by the banks. This research is exploratory in nature and attempts to find the association between green banking awareness and customers. Structural Equation Model (SEM) is used as a measurement model and 400 responses were obtained using convenience sampling technique. The result of the study shows that customers are receptive of the change brought on by the banks’ green initiative and are willing to adopt them. Education appears to have a significant positive impact on green banking awareness in the selected sample. The model determines that the green banking awareness is dependent on age, gender, occupation of the individual and is influenced by traits of sustainable banking practices.
{"title":"Customer awareness on Green banking practices","authors":"Anum Ellahi, Hammna Jillani, Hesan Zahid","doi":"10.1080/20430795.2021.1977576","DOIUrl":"https://doi.org/10.1080/20430795.2021.1977576","url":null,"abstract":"ABSTRACT\u0000 Green banking is an emerging concept in Pakistan’s economy. The purpose of this paper is to identify the progress of green banking practices in the banking sector. It tries to examine the individual’s perception and response to the green practices as adopted by the banks. This research is exploratory in nature and attempts to find the association between green banking awareness and customers. Structural Equation Model (SEM) is used as a measurement model and 400 responses were obtained using convenience sampling technique. The result of the study shows that customers are receptive of the change brought on by the banks’ green initiative and are willing to adopt them. Education appears to have a significant positive impact on green banking awareness in the selected sample. The model determines that the green banking awareness is dependent on age, gender, occupation of the individual and is influenced by traits of sustainable banking practices.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"1377 - 1393"},"PeriodicalIF":4.3,"publicationDate":"2021-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46620355","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 : 2021-09-22DOI: 10.1080/20430795.2021.1977577
Lan Sun, G. Small
ABSTRACT We study the impact of sustainability on the financial performance of exchange-traded funds (ETFs) in the period of COVID-19. Using a sample of 244 Australian ETFs rated by Morningstar in April 2020, we conducted the portfolio analysis and cross-sectional regression analysis, and the results show that ETF portfolios with lower carbon risk and fossil fuel exposure tend to outperform. However, ETF portfolios with higher social risk tend to deliver a better performance. We also find that ETF portfolios with high environmental risk, governance risk, carbon risk and fossil fuel exposure are more likely to experience high volatility in stock returns. The findings will serve as an important point of reference for investors, businesses and wider stakeholders. The sustainable investing is proving to be resilient during the COVID-19 and a closer look at ESG risks is a lens through which business leaders can build better and more resilient enterprises.
{"title":"Has sustainable investing made an impact in the period of COVID-19?: evidence from Australian exchange traded funds","authors":"Lan Sun, G. Small","doi":"10.1080/20430795.2021.1977577","DOIUrl":"https://doi.org/10.1080/20430795.2021.1977577","url":null,"abstract":"ABSTRACT We study the impact of sustainability on the financial performance of exchange-traded funds (ETFs) in the period of COVID-19. Using a sample of 244 Australian ETFs rated by Morningstar in April 2020, we conducted the portfolio analysis and cross-sectional regression analysis, and the results show that ETF portfolios with lower carbon risk and fossil fuel exposure tend to outperform. However, ETF portfolios with higher social risk tend to deliver a better performance. We also find that ETF portfolios with high environmental risk, governance risk, carbon risk and fossil fuel exposure are more likely to experience high volatility in stock returns. The findings will serve as an important point of reference for investors, businesses and wider stakeholders. The sustainable investing is proving to be resilient during the COVID-19 and a closer look at ESG risks is a lens through which business leaders can build better and more resilient enterprises.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"12 1","pages":"251 - 273"},"PeriodicalIF":4.3,"publicationDate":"2021-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47819296","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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