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Responsible Minus Irresponsible - a determinant of equity risk premia? 负责减去不负责任——股票风险溢价的决定因素?
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2021-08-27 DOI: 10.1080/20430795.2021.1961557
T. Husse, Federico Pippo
{"title":"Responsible Minus Irresponsible - a determinant of equity risk premia?","authors":"T. Husse, Federico Pippo","doi":"10.1080/20430795.2021.1961557","DOIUrl":"https://doi.org/10.1080/20430795.2021.1961557","url":null,"abstract":"This study attempts to explain the relationship between ESG and financial performance. It utilises a new method for constructing an ESG portfolio with a high exposure towards ESG that eliminates the inherent correlation between size and ESG. In that perspective, a zero initial investment portfolio that goes long in responsible companies and short in irresponsible companies is adopted;hence, developing a 'Responsible Minus Irresponsible' (RMI) factor mimicking portfolio. A pricing anomaly test on this portfolio suggests that ESG exerts superior financial performance, mostly as a result of a significant lower market risk. Performing a cross-sectional analysis of different factor models on an international set of company returns indicates a negative effect of ESG on expected returns. However, the ESG factor becomes insignificant once multiple factors are introduced as explanatory variables. Consequently, ESG represents a pricing anomaly but does not act as an independent risk factor.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44989401","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
Factors of applying creative accounting and its impact on the quality of financial statements in Jordanian hotels, sustainable practices 应用创造性会计的因素及其对约旦酒店财务报表质量的影响，可持续的做法
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2021-08-25 DOI: 10.1080/20430795.2021.1962662
M. Saleh, O. Jawabreh, Enas Fakhri Mohammad Abu-Eker
{"title":"Factors of applying creative accounting and its impact on the quality of financial statements in Jordanian hotels, sustainable practices","authors":"M. Saleh, O. Jawabreh, Enas Fakhri Mohammad Abu-Eker","doi":"10.1080/20430795.2021.1962662","DOIUrl":"https://doi.org/10.1080/20430795.2021.1962662","url":null,"abstract":"ABSTRACT The study investigates the factors that influence creative appliances in Jordanian hotels, as well as sustainable practices and their financial impact. This study aims to assist hotel management in understanding the reasons for creative accounting and assessing the impact it has on the integrity of hotel financial statements. 345 chartered accountants were included in the research sample (auditors). Jordanian hotels use good creative accounts; in other words, the hotel's financial accounts are approved by auditors because data and financial statements are manipulated in accordance with accounting rules and standards. This article discusses each creative accounting technique that can be used in hotels, to demonstrate the potential of each creative accounting method in hotels, and to evaluate the impact of each creative accounting method on the quality of the financial statements. The researchers hoped that this study would shed some light on Jordan's hotel industry.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"1 8‐9","pages":"499 - 515"},"PeriodicalIF":4.3,"publicationDate":"2021-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41256479","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: 10
Do greener funds perform better? An analysis of open-end equity funds in China 环保基金表现更好吗？中国开放式股票基金分析
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2021-08-23 DOI: 10.1080/20430795.2021.1964808
Xingxing Chen, O. Weber, Xianzhong Song, Lidan Li
{"title":"Do greener funds perform better? An analysis of open-end equity funds in China","authors":"Xingxing Chen, O. Weber, Xianzhong Song, Lidan Li","doi":"10.1080/20430795.2021.1964808","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964808","url":null,"abstract":"ABSTRACT This study analyses how equity funds react to institutional pressure related to green finance. Based on the analysis of 378 open-end equity funds in China from 2010 to 2019, we examined the environmental performance of fund holdings to measure their level of green investment. In our analyses, we distinguished between funds with positive and negative screening strategies. Our results indicate that the funds’ green investments are gradually increasing. Furthermore, we found that green investment strategies help to increase the funds’ excess return. The positive connection to financial returns, however, is only valid for funds with negative screening strategies. Finally, we found that fund investors react negatively to funds using positive screening to identify green investments. The study contributes to theoretical and practical knowledge about factors influencing equity funds’ green and financial performance.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"387 - 405"},"PeriodicalIF":4.3,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44761172","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
Financial sustainability and outreach in microfinance institutions: evidence from MENA countries 小额信贷机构的财务可持续性和外联:来自中东和北非国家的证据
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2021-08-18 DOI: 10.1080/20430795.2021.1964814
Rami Mohammad Abu Wadi, Ala’ Bashayreh, Lubna Khalaf, Samer Abdelhadi
{"title":"Financial sustainability and outreach in microfinance institutions: evidence from MENA countries","authors":"Rami Mohammad Abu Wadi, Ala’ Bashayreh, Lubna Khalaf, Samer Abdelhadi","doi":"10.1080/20430795.2021.1964814","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964814","url":null,"abstract":"Microfinance Institutions (MFIs) have a significant role in filling the gap between the formal financial institutions and the poor people. This study aims at estimating the interaction between outr...","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47477749","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: 7
Disclosure violations: does governance matter? 披露违规:治理重要吗?
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2021-08-18 DOI: 10.1080/20430795.2021.1964815
Safaa Adnan AlSmadi, Ahmad Alkhataybeh, M. Shakhatreh
{"title":"Disclosure violations: does governance matter?","authors":"Safaa Adnan AlSmadi, Ahmad Alkhataybeh, M. Shakhatreh","doi":"10.1080/20430795.2021.1964815","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964815","url":null,"abstract":"ABSTRACT Since 2004, the Jordanian Securities Commission (JSC) has been publishing annually a list of firms that violate disclosure requirements; however, despite these publications, the level of violations is continuing to rise. We hypothesize that ownership structure and board features can affect the level of violations of manufacturing and service firms listed on the Amman Stock Exchange (ASE). The logit regression estimates assume that managerial and foreign ownership limit violation practices, while institutional ownership has no effect. It is also concluded that the characteristics of the board are not significantly related to the level of violations, apart from the audit committee and political connections, which have significant negative and positive impacts respectively.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"4 8","pages":"1354 - 1376"},"PeriodicalIF":4.3,"publicationDate":"2021-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41249828","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
Institutional framework of ESG disclosures: comparative analysis of developed and developing countries ESG披露的制度框架:发达国家与发展中国家的比较分析
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2021-08-16 DOI: 10.1080/20430795.2021.1964810
Monica Singhania, N. Saini
{"title":"Institutional framework of ESG disclosures: comparative analysis of developed and developing countries","authors":"Monica Singhania, N. Saini","doi":"10.1080/20430795.2021.1964810","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964810","url":null,"abstract":"ABSTRACT\u0000 With enhanced global scrutiny in the backdrop of climate change, we attempt to identify the importance of the ESG framework during Covid-19 pandemic to produce guidelines for future sustainability practices. A comprehensive review of literature on ESG regulatory frameworks for sample developed and developing country was performed leading to undertaking of a cross-country comparative ESG analysis. It was revealed that a country's social and governance disclosure were driven by either voluntary or by mandatory codes that could not be a standalone factor for uplifting the country's overall ESG level. Other governance measures like sustainability reporting and integrated reporting practices need to be considered in order to uplift the ESG practice. Country-level environmental commitment was vital for both developed and emerging markets for solving information asymmetry issues and establishment of resilient business operations and reporting practices, leading to an emerging sustainable practice which needs to be adopted. Our findings offer valuable insights for regulators, institutional investors and policymakers in terms of considering ESG practices adopted by developed countries and bridging the gap from unsustainability to sustainability in countries with least developed emerging ESG countries. The study encourages the regulators to devise disclosure policies as per the Triple ‘C’ framework namely policies that are convenient, credible and comparable with the flexibility to encompass black swan events like Covid-19. The purpose of such disclosures should be to resolve the information asymmetry problem which primarily exists when regulations are non-mandatory.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"516 - 559"},"PeriodicalIF":4.3,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48754010","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: 41
Perception of the digital transformation as a strategic advantage through the Covid 19 crisis? case of Tunisian banks 是否认为数字化转型是应对2019冠状病毒病危机的战略优势?突尼斯银行的案例
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2021-08-12 DOI: 10.1080/20430795.2021.1964809
Saliha Theiri, B. Alareeni
{"title":"Perception of the digital transformation as a strategic advantage through the Covid 19 crisis? case of Tunisian banks","authors":"Saliha Theiri, B. Alareeni","doi":"10.1080/20430795.2021.1964809","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964809","url":null,"abstract":"ABSTRACT Today, digital transformation as a worldwide phenomenon has taken a great deal in corporate strategies. The implementation of strict confinement has resulted in a quite cancelation of transactions and movements. Digital transformation, synonym to accessibility, rapidity and reliability has been widely triggered during the COVID-19 pandemic. In essence, this research explores the effect of digital transformation on the pandemic outcome through identifying how digitization embraces opportunity and innovative strategy. A research model was proposed and empirically tested with partial least squares path-modeling approach, based on the methodological survey completed with Tunisian banks’ CEO and operational service managing. The results have demonstrated the necessity of digitization as strategic planning to be deployed in both the short and long terms. It is considered a vector of innovation and sustainable development. It helps identify the essential aspects of business processes and how they should be employed to survive and thrive during crises.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"477 - 498"},"PeriodicalIF":4.3,"publicationDate":"2021-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46290612","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: 9
Source of fund, financial constraints, political instability, and firm innovation: empirical evidence from Arab Spring countries 资金来源、金融约束、政治不稳定和企业创新：来自阿拉伯之春国家的经验证据
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2021-08-11 DOI: 10.1080/20430795.2021.1964812
H. Ünlü, Ali Saleh Alshebami
{"title":"Source of fund, financial constraints, political instability, and firm innovation: empirical evidence from Arab Spring countries","authors":"H. Ünlü, Ali Saleh Alshebami","doi":"10.1080/20430795.2021.1964812","DOIUrl":"https://doi.org/10.1080/20430795.2021.1964812","url":null,"abstract":"ABSTRACT The purpose of this article is to examine the impact of financial constraints on innovation in countries experiencing the Arab Spring. It also looks at how the impact of financial constraints varies with the source of funding. The study uses 2013 BEEPS data. 2261 companies from 5 MENA countries were included in our sample. The recursive bivariate probit and extended probit models are used. Our findings show that financial constraints negatively affect the likelihood of enhancing a firm's innovative performance. Unlike the existing literature, the effect of financial barriers was not only directly examined, but also the region and fund structure of the company were examined together. Although bank loans directly negatively impact innovation performance, when this effect is considered together with financial barriers, it has been observed that the effects of financial barriers decrease. An even more significant decline is seen with the inclusion of the regional influence.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"12 1","pages":"195 - 213"},"PeriodicalIF":4.3,"publicationDate":"2021-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44289297","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: 2
Developing a green bond market in Kenya: perspectives from practitioners and lessons from developing markets 肯尼亚发展绿色债券市场：从业者的观点和发展中市场的经验教训
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2021-08-09 DOI: 10.1080/20430795.2021.1953930
Eric Gwandega Magale
{"title":"Developing a green bond market in Kenya: perspectives from practitioners and lessons from developing markets","authors":"Eric Gwandega Magale","doi":"10.1080/20430795.2021.1953930","DOIUrl":"https://doi.org/10.1080/20430795.2021.1953930","url":null,"abstract":"","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2021-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48713771","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
Financial literacy, financial capabilities, and sustainable business model practice among small business owners in Nigeria 尼日利亚小企业主的金融知识、金融能力和可持续商业模式实践
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2021-08-09 DOI: 10.1080/20430795.2021.1962663
A. Babajide, E. Osabuohien, P. Tunji-Olayeni, Hezekiah Falola, L. Amodu, F. Olokoyo, F. Adegboye, B. Ehikioya
{"title":"Financial literacy, financial capabilities, and sustainable business model practice among small business owners in Nigeria","authors":"A. Babajide, E. Osabuohien, P. Tunji-Olayeni, Hezekiah Falola, L. Amodu, F. Olokoyo, F. Adegboye, B. Ehikioya","doi":"10.1080/20430795.2021.1962663","DOIUrl":"https://doi.org/10.1080/20430795.2021.1962663","url":null,"abstract":"ABSTRACT The study investigates how financial literacy and financial capabilities influence small firms’ sustainability in Lagos and Ogun States, Nigeria. It employs a survey research design to collect data from 300 small business owners across the two States. Data collected were analysed using Structural Equation Modelling (SEM) technique. The study shows that environmental sustainability, financial sustainability and social responsibility are significant determinants of small firms’ sustainability in Nigeria. Financial literacy and financial capabilities practices also have a significant positive impact on firm sustainability. However, the use of savings product shows a significant adverse effect on firms’ sustainability. The findings imply that financial literacy knowledge and practice in small business operations enhance firms’ sustainability. The study recommends that small firms should incorporate sustainability models into their business operations and improve their financial knowledge to maintain sustainability. Small business owners should also invest their savings in an appropriate investment product that suits their risk tolerance.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"1670 - 1692"},"PeriodicalIF":4.3,"publicationDate":"2021-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42847810","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: 21
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