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Governance quality, social and macro-economic conditions: implications for financial inclusion 治理质量、社会和宏观经济条件:对普惠金融的影响
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2023-01-02 DOI: 10.1080/20430795.2021.1962661
Soumaya Ben Khelifa
{"title":"Governance quality, social and macro-economic conditions: implications for financial inclusion","authors":"Soumaya Ben Khelifa","doi":"10.1080/20430795.2021.1962661","DOIUrl":"https://doi.org/10.1080/20430795.2021.1962661","url":null,"abstract":"ABSTRACT This paper seeks to identify the key factors affecting financial inclusion in developed and developing countries. Considering six dimensions of financial inclusion and different indicators, several regressions have been performed to determine the key factors affecting financial inclusion. Particularly, using OLS regression model, we regress each financial inclusion indicator of each dimension on a set of variables related to social factors, macro-economic factors and institutional quality. Results suggest that institutional quality and social factors are significantly linked to financial inclusion. Our findings have an important policy implication in that institutional quality and social factors should be considered as vital drivers in enhancing the level of financial inclusion which is consistent with Sha’ban et al (2019). Particularly, governments have to implement efficient measures and increase their capacity to control corruption. Finally, our research offers findings of specific interest to identify policies to boost financial inclusion all over the world.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"23 1","pages":"463 - 476"},"PeriodicalIF":4.3,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59997222","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
ESG disclosure practices and financial performance: a general and sector analysis of SP-500 non-financial companies and the moderating effect of economic conditions ESG披露实践与财务绩效:标准普尔500非金融公司的一般和行业分析以及经济条件的调节作用
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2022-12-05 DOI: 10.1080/20430795.2022.2150511
A. Alfalih
{"title":"ESG disclosure practices and financial performance: a general and sector analysis of SP-500 non-financial companies and the moderating effect of economic conditions","authors":"A. Alfalih","doi":"10.1080/20430795.2022.2150511","DOIUrl":"https://doi.org/10.1080/20430795.2022.2150511","url":null,"abstract":"ABSTRACT This paper investigates the linear and non-linear impact of CSR initiatives, disaggregated into three sets of dimensions; environment, social, and governance (ESG), and their interaction effects with economic growth on short and long-term financial performance across SP-500 non-financial companies, and further separated into manufacturing and service sectors in the USA. We estimated a dynamic panel data model, using the System Generalized Method of Moments (SYS-GMM) technique on a final sample of 281 companies and a total of 2,829 observations from 2010 to 2019. The result showed that social and governance dimensions of ESG influence companies’ financial performance across the two measures of a firm's financial performance (ROA and Tobin's Q), while environmental dimension is significant with the Tobin's Q measure. The overall result indicated that ESG disclosure practices significantly impact corporate financial performance both directly and indirectly. In addition, our findings reported that economic conditions positively moderate the effects of different ESG disclosure practices on financial performance. The results found provide firm-level decision-makers with insight into the nature of the financial implications exerted by ESG disclosure and the role that economic conditions play in determining the magnitude of these effects. Finally, the industry/sector results indicate that the service sector is also very sensitive to environmental information disclosure therefore, managers in this sector should pay attention to environmental issues and disclosure as air and chemical pollution may not be all as it relates to the environment. The general interpretation and key conclusion are that ESG information disclosure does enhance corporate financial performance in the SP-500 index, in times of both normality and financial/socioeconomic crisis, which has significant meaning for investors, company management, policy makers, and industry regulators.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"1506 - 1533"},"PeriodicalIF":4.3,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46141072","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
Do environmentally sensitive companies engage in lesser earnings management behaviour? evidence from Malaysia 对环境敏感的公司是否会采取较少的盈余管理行为？来自马来西亚的证据
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2022-11-29 DOI: 10.1080/20430795.2022.2150510
I. Mohd-Sabrun, R. Muhamad
{"title":"Do environmentally sensitive companies engage in lesser earnings management behaviour? evidence from Malaysia","authors":"I. Mohd-Sabrun, R. Muhamad","doi":"10.1080/20430795.2022.2150510","DOIUrl":"https://doi.org/10.1080/20430795.2022.2150510","url":null,"abstract":"ABSTRACT\u0000 Past studies have examined the influence of environmental information on earnings management practices. However, these studies have reported mixed findings and failed to establish a conclusive conclusion. Therefore, rather than re-examining the relationship between environmental disclosure and earnings management, this research offers a new perspective on earnings management based on a company’s sector, specifically, environmentally sensitive (ES) and environmentally non-sensitive (EN) sectors. This study analysed ten years of data (2008–2017) on Malaysian public listed companies. It was found that ES sectors are more likely to be involved in earnings management than EN sectors. This study’s findings could initiate policy revisions leading to sustainable, ethical and responsible financial reporting practices in the future.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"1252 - 1276"},"PeriodicalIF":4.3,"publicationDate":"2022-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43144151","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
Progress and notions of progress in sustainable finance 可持续金融的进展和进展概念
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2022-11-28 DOI: 10.1080/20430795.2022.2148816
Syren Johnstone, Frederick J. Long, Abdullah Bin Azhar
{"title":"Progress and notions of progress in sustainable finance","authors":"Syren Johnstone, Frederick J. Long, Abdullah Bin Azhar","doi":"10.1080/20430795.2022.2148816","DOIUrl":"https://doi.org/10.1080/20430795.2022.2148816","url":null,"abstract":"The sustainable finance industry has boomed in the face of uncertainties ranging from its justification as a viable financial product to its impact in terms of sustainability outcomes. This article...","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"336 ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2022-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138504668","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 cost of insuring against underperformance of ESG screened index funds 防范ESG筛选指数基金表现不佳的保险成本
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2022-11-25 DOI: 10.1080/20430795.2022.2147778
Peter Løchte Jørgensen, Mathias Danielsen Plovst
{"title":"The cost of insuring against underperformance of ESG screened index funds","authors":"Peter Løchte Jørgensen, Mathias Danielsen Plovst","doi":"10.1080/20430795.2022.2147778","DOIUrl":"https://doi.org/10.1080/20430795.2022.2147778","url":null,"abstract":"<p><b>ABSTRACT</b></p><p>In recent years, investors have shown significant interest in responsible investment products, including sustainable and ESG screened index funds. A natural concern for prospective investors in such funds is that a sustainable fund might underperform its classical unscreened counterpart. This paper argues that this underperformance risk can be analyzed by way of an <i>option to exchange one asset for another</i>, and we derive a simple formula that quantifies the fair annual insurance premium for covering this risk. Only a single parameter is needed to apply the formula. This parameter – a relative index volatility – is readily estimated from market data. Our empirical work utilizes data from BlackRock's ETF (iShares) universe to estimate the cost of insuring against underperformance risk of some common ESG screened funds. We find that the fair cost of underperformance insurance typically corresponds to sacrificing in advance between 0.5% and 3.0% of the annual return.</p>","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"338 ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2022-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138504667","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
Gender diversity in the board room and sustainable growth rate: the moderating role of family ownership 董事会中的性别多样性与可持续增长率：家庭所有权的调节作用
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2022-10-28 DOI: 10.1080/20430795.2022.2138695
Ali Amin, Rizwan Ali, Ramiz ur Rehman, Ahmed A. Elamer
{"title":"Gender diversity in the board room and sustainable growth rate: the moderating role of family ownership","authors":"Ali Amin, Rizwan Ali, Ramiz ur Rehman, Ahmed A. Elamer","doi":"10.1080/20430795.2022.2138695","DOIUrl":"https://doi.org/10.1080/20430795.2022.2138695","url":null,"abstract":"ABSTRACT This study examines the impact of gender diversity on sustainability growth, and moderating role of family ownership in an emerging economy, Pakistan. We employed 3730 firm-year observations, comprising of 307 non-financial firms listed on Pakistan Stock Exchange, over a period 2008–2020. Using framework of agency theory, resource dependence theory and social identity theory, we report that gender diversity results in higher sustainable growth in our sample firms. Further, our results indicate that due to strong identification of family owners with their firms, their presence positively moderates this relationship. Overall, we report that despite of a weak corporate governance mechanism, the presence of female directors and family owners results in higher firm growth and low agency conflicts, which serve as positive signals for the investors. Our study provides empirical support to mandatory appointment of female directors on boards and urge the policymakers to focus on capacity building of female workforce.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"1577 - 1599"},"PeriodicalIF":4.3,"publicationDate":"2022-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49501555","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: 8
Does risk disclosure reporting quality reduce credit risk of GCC conventional and Islamic banks? 风险披露报告质量是否降低了海湾合作委员会传统银行和伊斯兰银行的信贷风险?
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2022-09-19 DOI: 10.1080/20430795.2022.2124835
Haitham Nobanee, Nejla Ould Daoud Ellili
{"title":"Does risk disclosure reporting quality reduce credit risk of GCC conventional and Islamic banks?","authors":"Haitham Nobanee, Nejla Ould Daoud Ellili","doi":"10.1080/20430795.2022.2124835","DOIUrl":"https://doi.org/10.1080/20430795.2022.2124835","url":null,"abstract":"<p><b>ABSTRACT</b></p><p>This study measures the degree of corporate risk disclosure and examines its impact on the credit risk of banks listed on the GCC financial markets during the period 2007–2021. The results of the content analysis show a low degree of overall risk disclosure index and sub-risk categories, except for financial risk disclosure, for all GCC-listed banks. The effect of the degree of risk disclosure on credit risk is examined by applying a robust generalized method of moment system estimation (GMM) to dynamic panel data. The results of the GMM show that the impact of disclosures of strategic risk, operational risk, financial risk, damage risk, and risk management vary from one country to another, but overall, they are positively associated with the financial stability of all GCC-listed banks. In terms of comparison, the results show overall significant differences in credit risk, strategic risk disclosure, operational risk disclosure, operational risk disclosure, firms’ damage risk disclosure, and risk management disclosure between conventional and Islamic banks as well across GCC countries.</p>","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"348 ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2022-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138504666","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
Index construction for sustainable development investing 可持续发展投资的指标构建
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2022-08-02 DOI: 10.1080/20430795.2022.2105790
A. Bassen, C. Fieberg, O. Kordsachia, K. Lopatta, Bastian Nendza
{"title":"Index construction for sustainable development investing","authors":"A. Bassen, C. Fieberg, O. Kordsachia, K. Lopatta, Bastian Nendza","doi":"10.1080/20430795.2022.2105790","DOIUrl":"https://doi.org/10.1080/20430795.2022.2105790","url":null,"abstract":"ABSTRACT We implement the definition for Sustainable Development Investing (SDI) developed by the Global Investors for Sustainable Development (GISD) Alliance to construct an investable global SDI-aligned equity index. To this end, we create a proprietary methodology to rate companies’ SDI contribution using the Sustainable Development Goals (SDGs) as the appropriate unit of measurement. We find that the inclusion of SDI preferences in a multi-objective portfolio yields similar risk-return characteristics as a benchmark portfolio. This article informs institutional investors and index providers about practical approaches to implement the SDI definition with recently developed commercial data solutions. In this context, we review and provide an overview of data availability for the classification of companies’ alignment to the SDGs based on their products and services.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"13 1","pages":"702 - 722"},"PeriodicalIF":4.3,"publicationDate":"2022-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44425152","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
Mitigating the destructive outcome of negative environmental stock market behaviours on environmental health security in China 缓解负面环境股票市场行为对中国环境健康安全的破坏性后果
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2022-07-03 DOI: 10.1080/20430795.2020.1809291
Henry Asante Antwi
{"title":"Mitigating the destructive outcome of negative environmental stock market behaviours on environmental health security in China","authors":"Henry Asante Antwi","doi":"10.1080/20430795.2020.1809291","DOIUrl":"https://doi.org/10.1080/20430795.2020.1809291","url":null,"abstract":"Environmental health security as a developmental goal is directly linked to environmental quality across the globe. China believes that maintaining an attractive, stable and profitable environmenta...","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"85 1","pages":"870 - 885"},"PeriodicalIF":4.3,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/20430795.2020.1809291","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59997158","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
Editorial: growing gender lens investing in emerging markets 社论:越来越多的性别视角投资于新兴市场
IF 4.3
Journal of Sustainable Finance & Investment Pub Date : 2022-05-20 DOI: 10.1080/20430795.2022.2070121
C. Robino, E. Jackson
{"title":"Editorial: growing gender lens investing in emerging markets","authors":"C. Robino, E. Jackson","doi":"10.1080/20430795.2022.2070121","DOIUrl":"https://doi.org/10.1080/20430795.2022.2070121","url":null,"abstract":"ABSTRACT The rapid scaling up of all forms of sustainable finance has become a priority of the international community. This task is especially crucial for gender lens investing (GLI), whose growth in low- and middle-income countries—though dynamic, innovative, and gaining momentum—remains too slow, fragmented, and Northern-driven, not only in terms of the origin of capital but also in its design and implementation. This special issue of multidisciplinary papers contributes to pushing the frontiers of GLI growth forward in five areas: the role and scope of GLI; the importance of the care economy; GLI implementation strategies; Southern-led, women-led capital mobilization; and the interactions of gender and performance in investee firms. Driven by reciprocal scholar-practitioner partnerships, future research on the growth of gender lens investing in emerging markets should be Southern directed, methodologically plural, anchored in open data, and actionable in real time.","PeriodicalId":45546,"journal":{"name":"Journal of Sustainable Finance & Investment","volume":"12 1","pages":"671 - 683"},"PeriodicalIF":4.3,"publicationDate":"2022-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44018320","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
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