Green Finance最新文献_第4页

Collecting silences: creating value by assetizing carbon emission mitigations and energy demand reductions 收集沉默:通过减少碳排放和减少能源需求的资产化创造价值

IF 8.6

Green Finance Pub Date : 2022-01-01 DOI: 10.3934/gf.2022007

Colin Nolden

{"title":"Collecting silences: creating value by assetizing carbon emission mitigations and energy demand reductions","authors":"Colin Nolden","doi":"10.3934/gf.2022007","DOIUrl":"https://doi.org/10.3934/gf.2022007","url":null,"abstract":"This paper reviews circumstances where governance arrangements and organizational innovations assign value to carbon emission mitigations or energy demand reductions. The creation of such value hinges upon 1) the effective governance of financial mechanisms to create demand; and 2) the ability of organizations to assetize and supply carbon emission mitigations and energy demand reductions as commodified private goods. To analyse the political and organizational governance of such demand and supply systems, this paper uses insights from transaction cost economics. On the demand side, transaction costs are reduced through the innovative governance of markets at national level, such as white certificate markets for energy savings, and international level, such as baseline-and-credit systems for carbon emissions reductions. Strict rules regarding accountability, transparency, measurement, reporting, verification, and inclusion reduce transaction costs for organizations to assetize reductions and mitigations on the supply side. Despite limited success to date, these innovations provide the basis for international carbon emissions mitigation governance through climate clubs based on Article 6 of the Paris Agreement. This paper concludes that such clubs provide the basis for creating consistent demand for carbon emission mitigations and associated energy demand reductions through the positive pricing of mitigation actions.","PeriodicalId":41466,"journal":{"name":"Green Finance","volume":null,"pages":null},"PeriodicalIF":8.6,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70251906","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}

引用次数: 1

Scandal in the Portuguese banking sector – how a banking specific earnings management model predicted the fall of a family business group 葡萄牙银行业的丑闻——一个银行业特定的盈余管理模型如何预测了一家家族企业集团的倒闭

IF 8.6

Green Finance Pub Date : 2022-01-01 DOI: 10.3934/gf.2022018

Tânia Menezes Montenegro, Filomena Antunes Brás

{"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":null,"pages":null},"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}

引用次数: 0

Technological industry agglomeration, green innovation efficiency, and development quality of city cluster 科技产业集聚、绿色创新效率与城市群发展质量

IF 8.6

Green Finance Pub Date : 2022-01-01 DOI: 10.3934/gf.2022020

Pengzhen Liu, Yanmin Zhao, Jianing Zhu, Cunyi Yang

{"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":null,"pages":null},"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}

引用次数: 14

How do green bonds affect green technology innovation? Firm evidence from China 绿色债券如何影响绿色技术创新?来自中国的确凿证据

IF 8.6

Green Finance Pub Date : 2022-01-01 DOI: 10.3934/gf.2022024

Tao-Hung Lin, Mingyue Du, Siyu Ren

引用次数: 9

Voluntary carbon information disclosures, corporate-level environmental sustainability efforts, and market value 自愿碳信息披露、企业层面的环境可持续性努力和市场价值

IF 8.6

Green Finance Pub Date : 2022-01-01 DOI: 10.3934/gf.2022009

J. Sra, A. Booth, Raymond A. K. Cox

{"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":null,"pages":null},"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}

引用次数: 4

Path to green development: the role environmental regulation and labor skill premium on green total factor energy efficiency 绿色发展之路:环境规制和劳动技能溢价对绿色全要素能源效率的影响

IF 8.6

Green Finance Pub Date : 2022-01-01 DOI: 10.3934/gf.2022019

Siyu Ren, Haitao Wu

引用次数: 6

Exploring the impact of green HRM practices on pro-environmental behavior via interplay of organization citizenship behavior 通过组织公民行为的相互作用，探索绿色人力资源管理实践对亲环境行为的影响

IF 8.6

Green Finance Pub Date : 2022-01-01 DOI: 10.3934/gf.2022013

Abdul Samad Kakar, Mrestyal Khan

{"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":null,"pages":null},"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}

引用次数: 1

The perspectives of stakeholders on the effectiveness of green financing schemes in Malaysia 利益相关者对马来西亚绿色融资计划有效性的看法

IF 8.6

Green Finance Pub Date : 2022-01-01 DOI: 10.3934/gf.2022.2022022

Raja Elyn Maryam Raja Ezuma, Nitanan Koshy Matthew

{"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":null,"pages":null},"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}

引用次数: 3

Do multinational corporations pay their "Fair Share"? 跨国公司是否支付了“公平份额”?

IF 8.6

Green Finance Pub Date : 2022-01-01 DOI: 10.3934/gf.2022005

M. Conrad

{"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":null,"pages":null},"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}

引用次数: 0

Consumer's behavior determinants after the electricity market liberalization: the Portuguese case 电力市场自由化后消费者行为的决定因素:葡萄牙案例

IF 8.6

Green Finance Pub Date : 2022-01-01 DOI: 10.3934/gf.2022021

Débora Maravilha, Susana Silva, Erika Laranjeira

{"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":null,"pages":null},"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}

引用次数: 1