Green FinancePub Date : 2023-01-01DOI: 10.3934/gf.2023015
Sameh Halaoua, Sonia Boukattaya
{"title":"Does gender diversity in the audit committee influence corporate dividend policy? Evidence from French listed firms","authors":"Sameh Halaoua, Sonia Boukattaya","doi":"10.3934/gf.2023015","DOIUrl":"https://doi.org/10.3934/gf.2023015","url":null,"abstract":"The purpose of this paper is to investigate whether the gender diversity of audit committees has a significant impact on the level of a dividend payout ratio using a sample of French firms listed on the Société des Bourses Françaises 120 (SBF 120) index after quota law enactment (from 2012 to 2019). While previous studies examined the effect of board gender diversity on dividend policy, we focus on women representation on audit committees. In fact, women membership in board committees reflects their involvement in corporate governance and decision-making, especially in a context where gender diversity is enforced. Overall, our results are in line with the outcome hypothesis and show a positive effect of female representation in audit committees on corporate dividend payouts. Additionally, we show that the size and independence of audit committees are positively related to the dividend payout ratio. Our findings are robust for alternative measures of dividend payments.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252562","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}
Green FinancePub Date : 2023-01-01DOI: 10.3934/gf.2023012
Jacob Guinot, Zina Barghouti, Inmaculada Beltrán‐Martín, Ricardo Chiva
{"title":"Corporate social responsibility toward employees and green innovation: Exploring the link in the tourism sector","authors":"Jacob Guinot, Zina Barghouti, Inmaculada Beltrán‐Martín, Ricardo Chiva","doi":"10.3934/gf.2023012","DOIUrl":"https://doi.org/10.3934/gf.2023012","url":null,"abstract":"In recent years, the concept of corporate social responsibility toward employees (CSRE) has gained increasing importance, both in academic research and in managerial practice. This concept includes those human resource policies aimed at improving employee satisfaction. In this paper, we build on previous research on CSRE by examining its relationship with organizational learning capability (OLC). In addition, to shed light on the link between CSRE and OLC, we introduce explanatory variables such as organizational commitment. In turn, we analyze if OLC may simultaneously increase green innovation (GI). These relationships were tested using structural equation modeling on a sample of 300 companies in the tourism sector. Results confirm that organizational commitment mediates the relationship between CSRE and OLC, and this in turn positively affects GI. These findings uncover an unexplored route to create more sustainable business through organizational behaviors and attitudes promoted by CSRE.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252345","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}
Green FinancePub Date : 2023-01-01DOI: 10.3934/gf.2023005
L. Carlsen
{"title":"The state of the 'Prosperity' pillar by 2022: A partial ordering-based analysis of the sustainable development goals 7–11","authors":"L. Carlsen","doi":"10.3934/gf.2023005","DOIUrl":"https://doi.org/10.3934/gf.2023005","url":null,"abstract":"Based on the data provided in the 2022 Sustainable Development Report the so-called Prosperity pillar, i.e., the Sustainable Development Goals (SDGs) 7–11 is studied to elucidate the state of compliance as well as the trends in development for the 193 countries included in the report. To the extent that data for all five SDGs were available partial ordering methodology was applied to rank the countries according to their compliance as well as their trend toward compliance. The analyses took simultaneously data for all five SDGs into account to get an overall picture of the prosperity midway through the 15 years period for the 17 UN SDGs. It was disclosed that the ten top countries, i.e., presently best comply with the prosperity goals were Denmark > Austria = Finland = Sweden = Norway > Slovenia > Germany > Portugal > Japan > Iceland, respectively. In the case of the trends, the top ten countries were found to be Germany > Netherlands > Ecuador > Bhutan = Finland = Ireland = Slovak Republic > Czech Republic = Maldives = Malta, respectively. It was further disclosed that SDG 10 (Reduced inequalities) appeared as the most important indicator for the ranking, whereas SDG 9 (Industry, innovation, and infrastructure) appeared as the least important. A similar set of analyses was carried out for country regions. The top regions both in the case of states and trends were the OECD and the high-income countries whereas the bottom of the list was the low-income countries and Africa. The study unambiguously points to SDG 10 (reduced inequalities) as the main focus for the remaining period.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252530","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}
Green FinancePub Date : 2023-01-01DOI: 10.3934/gf.2023007
H. Bennink
{"title":"Prospects of green financing in democratic societies","authors":"H. Bennink","doi":"10.3934/gf.2023007","DOIUrl":"https://doi.org/10.3934/gf.2023007","url":null,"abstract":"<abstract> <p>Financing ecological and other grand global challenges is faced with intertwined issues at both the institutional side and the public side as elements of the tragedy of the quintuple horizons. These horizons are approached from a systemic perspective, with attention on the key players involved. Starting with (system) banks, their conservative attitude is explained in terms of the iron cage theory. Next, green challenges are pictured as 'very wicked' problems, varying in moral intensity. The conflicting roles of the public as citizens and as consumers are described in terms of Kohlberg's theory of cognitive moral development. Responsibilities for future generations are clarified by distinguishing the responsibility as accountability and the responsibility as virtue. Assignments for a green future are explored from the perspective of green financing with a focus on what should be expected from the public at large in multiparty democratic societies, keeping in mind that other societies are characterized by diverting economic and political dynamics, and hence, other modes of operating<sup>1</sup>.</p> <p><sup>1</sup> See, for instance, for China: <xref ref-type=\"bibr\" rid=\"b133\">Macaire & Naef (2022)</xref> and <xref ref-type=\"bibr\" rid=\"b128\">Liu, Wang, Zhang & Zhang (2019)</xref>.</p> </abstract>","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252113","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}
Green FinancePub Date : 2023-01-01DOI: 10.3934/gf.2023009
Ana J. Bellostas, C. Rio, Karen González-Álvarez, F. López-Arceiz
{"title":"Cultural context, organizational performance and Sustainable Development Goals: A pending task","authors":"Ana J. Bellostas, C. Rio, Karen González-Álvarez, F. López-Arceiz","doi":"10.3934/gf.2023009","DOIUrl":"https://doi.org/10.3934/gf.2023009","url":null,"abstract":"The collaboration of private companies in the fulfillment of the Sustainable Development Goals (SDGs) is key to address global challenges of climate change, social inequality and environmental degradation. This collaboration can also boost their own organizational performance. However, the research on the relationship between SDG commitment and organizational performance remains inconclusive. The diversity of findings could stem from cross-cultural differences in corporate environments. The aim of this study, therefore, was to analyze the interaction between SDG commitment and organizational performance and to examine how this interaction is influenced by cultural factors. Using simultaneous equation modeling on a sample of 3,420 companies from 30 countries for the period 2015 to 2020, our results show that engagement with SDGs has an impact on organizational performance levels which is further enhanced by the catalytic effect of certain cultural factors.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252199","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}
Green FinancePub Date : 2023-01-01DOI: 10.3934/gf.2023013
Muhammad Zubair Mumtaz, N. Yoshino
{"title":"Aftermarket performance of green IPOs and portfolio allocation","authors":"Muhammad Zubair Mumtaz, N. Yoshino","doi":"10.3934/gf.2023013","DOIUrl":"https://doi.org/10.3934/gf.2023013","url":null,"abstract":"This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors' participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for greenness measures. This study proposes the global aspects of green measure: the desired level of greenness a firm maintains. We find that IPOs in our sample are far below the global standards of greenness. This evidence suggests they must adopt the necessary actions to make the environment green. Another significant contribution of this study is to measure the performance of high and low-green IPOs in short- and long-run horizons. This study reveals that high-green IPOs are less underpriced. This study estimates the effect of greenness on initial returns and finds an inverse relationship suggesting that high-green IPOs are less underpriced due to lower risk associated with new issues. In terms of measuring longer-term performance, this study determines that high-green IPOs underperform less than low-green IPOs.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252359","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}
Green FinancePub Date : 2023-01-01DOI: 10.3934/gf.2023001
Yicong Huang, Kaidong Yu, Chao-Lun Huang
{"title":"Green finance engagement: An empirical study of listed companies on Chinese main board","authors":"Yicong Huang, Kaidong Yu, Chao-Lun Huang","doi":"10.3934/gf.2023001","DOIUrl":"https://doi.org/10.3934/gf.2023001","url":null,"abstract":"Using textual analysis, this paper divides green finance into green initiatives and green business activities. The former discusses whether environmental initiatives shall be signed, while the latter explores whether various emerging green commodities and services are provided. This paper investigates the influence of corporate size, the degree of internationalization, profits and competitiveness on the engagement degree of green finance, according to data collected from 410 Chinese listed companies on the Shanghai Stock Exchange. The results show that corporate size exerts a positive influence on green initiatives, and that the degree of internationalization, profits and corporate competitiveness of an enterprise each have a significant effect on green business activities. In addition, profits have a negative influence on green business activities. This paper provides insights and suggestions for developing green business activities in China.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70252476","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}
Green FinancePub Date : 2023-01-01DOI: 10.3934/gf.2023020
Jun Duan, Tingting Liu, Xiaoran Yang, Hua Yang, Yunwei Gao
{"title":"Financial asset allocation and green innovation","authors":"Jun Duan, Tingting Liu, Xiaoran Yang, Hua Yang, Yunwei Gao","doi":"10.3934/gf.2023020","DOIUrl":"https://doi.org/10.3934/gf.2023020","url":null,"abstract":"<abstract> <p>Sustainable development is a key issue of global concern, and countries around the world are striving to promote green development. From the perspective of financial asset allocation motivation, this paper explores the impact of financial asset allocation on green innovation based on the data of A-share listed non-financial companies from 2011 to 2021. First, there is an inverted U-shaped relationship between the proportion of financial asset allocation and the green innovation of physical enterprises, that is, as the proportion of financial asset allocation increases, the green innovation output of enterprises first increases and then decreases. After robustness testing, the conclusion still holds. Second, further testing of the intermediary mechanism shows that the moderate holding of short-term financial assets by real enterprises can increase the output of green innovation by alleviating financing constraints, which is manifested as the \"reservoir\" effect. The \"crowding out\" effect plays a leading role when overallocation of financial assets reduces liquidity supply and capital expenditure, which in turn reduces green innovation output. Third, in the test of financial asset allocation preference, it is found that the short-term financial assets held by enterprises mainly play a \"reservoir\" effect, that is, they tend to be \"preventive\" motives. Holding long-term financial assets mainly exerts a \"crowding out\" effect, that is, tends to \"seek profits\" motives. Finally, there are differences in the impact of financial asset allocation on green innovation output among enterprises with different property rights, different monetary policies and different social responsibilities.</p> </abstract>","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135158319","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}
Green FinancePub Date : 2023-01-01DOI: 10.3934/gf.2023021
Jun Duan, Tingting Liu, Xiaoran Yang, Hua Yang, Yunwei Gao
{"title":"Financial asset allocation and green innovation","authors":"Jun Duan, Tingting Liu, Xiaoran Yang, Hua Yang, Yunwei Gao","doi":"10.3934/gf.2023021","DOIUrl":"https://doi.org/10.3934/gf.2023021","url":null,"abstract":"<abstract> <p>With the aim of effectively preventing and controlling systemic risk, by stimulating the advancement of the green bond market, it is significant and imperative to help investors and policymakers adopt more effective measures, which will ensure them to maximize profit. We construct VAR, DCC-GARCH and Copula-CoVaR models, and study the spillover effect between the green bond market and traditional bond market from the three perspectives of mean spillover, volatility spillover and extreme risk spillover using the data on daily closing prices of green bond market and traditional bond market indices. The research findings of this paper are as follows: (1) There are three spillover effects of mean value, volatility and extreme risk among the green bond market, corporate bond market, enterprise bond market and conventional bond market. (2) From the perspective of mean spillover between markets, only the mean spillover between the conventional bond market and the green bond market is bidirectional, and there is the profoundest impact of spillover from the green bond market to the conventional bond market. (3) As far as the volatility spillover between markets is concerned, the volatility spillover between the three traditional bond market and the green bond markets are all positive. The volatility spillover between the conventional bond market and the green bond market is the largest, which is particularly obvious in the first half of 2018 and the first half of 2020. (4) In terms of inter-market extreme risk spillover, the risk spillover between the green bond market and the traditional bond market is positive. The green bond market contributes more to the risk spillover of the enterprise bond market, and it has a time-varying risk spillover effect on the traditional bond market.</p> </abstract>","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135211076","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}