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Sustainability
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Green Finance, ESG and Financial Risk Management
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Green Finance, ESG and Financial Risk Management

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (15 December 2020) | Viewed by 14288

Special Issue Editors

Prof. Dr. Hans Lööf

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Guest Editor
Centre of Excellence for Science and Innovation Studies (CESIS), Royal Institute of Technology (KTH), Stockholm, Sweden
Interests: innovation; econometrics; environmental economics
Prof. Dr. Andreas Stephan

E-Mail Website
Guest Editor
Centre for Entrepreneurship and Spatial Economics, Jönköping University, Jönköping International Business School, Jönköping, Sweden and DIW Berlin, Berlin, Germany
Interests: green finance; financial stability; regulation

Special Issue Information

Dear Colleagues,

Asset managers increasingly consider corporate social responsibility (CSR) as a safeguard for minimizing the financial risk of their investment. The application of ESG ratings to reflect corporate social responsibility and performance has received growing attention and is nowadays demanded by many financial investors. Recent studies have investigated how ESG measures are related to the financial risk of stocks. This relationship has implications not only for investors and creditors but also for firms as it might impact their cost of capital. This Special Issue is comprised of papers covering aspects of the financial risk implications of ESG. Papers that investigate how green finance does contribute to mitigate climate change are also included. The unit of the analysis can be that of investors, banks, corporations, or regulators. Broadly, we seek papers addressing issues related to climate and environmental risk management, sustainability of financial systems and the implications for financial stability, and how socially responsible investment and financial risks are related. Papers which study the link between environmental regulation and financial risk will also be considered for the Special Issue. We furthermore encourage submission of papers that relate green finance and financial risk management with innovation. We particularly welcome submissions that address policy questions related to green finance and financial risk.

Prof. Dr. Hans Lööf
Prof. Dr. Andreas Stephan
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • sustainable finance
  • ESG ratings
  • risk analysis
  • climate risks
  • bonds
  • equity markets
  • investors
  • portfolio management
  • corporate social responsibility

Published Papers (3 papers)

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Research

20 pages, 1379 KiB  
Article
The Effect of Air Quality and Weather on the Chinese Stock: Evidence from Shenzhen Stock Exchange
by Zhuhua Jiang, Rangan Gupta, Sowmya Subramaniam and Seong-Min Yoon
Sustainability 2021, 13(5), 2931; https://doi.org/10.3390/su13052931 - 8 Mar 2021
Cited by 9 | Viewed by 2281
Abstract
We investigated the impact of air quality and weather on the equity returns of the Shenzhen Exchange. To capture the air quality and weather effects, we used dummy variables created by employing a moving average and moving standard deviation. The important results are [...] Read more.
We investigated the impact of air quality and weather on the equity returns of the Shenzhen Exchange. To capture the air quality and weather effects, we used dummy variables created by employing a moving average and moving standard deviation. The important results are as follows. First, in the whole sample period (2005–2019), we find that high air pollution and extremely high temperature have significant and negative influence on the equity returns. In the sub-period I (2005–2012), the 11-day model and 31-day model show that high air pollution have significant and negative impacts on the Shenzhen stock returns. Second, the results of the quantile regression show that high air pollution have significant and negative effects during bullish market phase, and extremely high temperature have significant and negative effects during bearish market phase. This implies that the air quality and weather effects are asymmetric. Third, the weather effect of the abnormal temperature on the stock returns is greater in severe bearish market. Whereas the effect of the air pollution on the stock returns is greater in the bullish market. Fourth, the least squares method underestimates the air quality and weather effects compared to the quantile regression method, suggesting that the quantile regression method is more suitable in analyzing these effects in a very volatile emerging market such as the Shenzhen stock market. Full article
(This article belongs to the Special Issue Green Finance, ESG and Financial Risk Management)
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13 pages, 309 KiB  
Article
Stock Market Reactions to Pollution Information Disclosure: New Evidence from the Pollution Blacklist Program in China
by Yalin Zhou, Jing Cao and Yujia Feng
Sustainability 2021, 13(4), 2262; https://doi.org/10.3390/su13042262 - 19 Feb 2021
Cited by 9 | Viewed by 2393
Abstract
Public disclosure of environmental information has been widely used as an important instrument in green finance. In this paper, we examine a blacklist program of polluting firms and conduct an event study to evaluate how the stock market responds to the pollution news. [...] Read more.
Public disclosure of environmental information has been widely used as an important instrument in green finance. In this paper, we examine a blacklist program of polluting firms and conduct an event study to evaluate how the stock market responds to the pollution news. Our results show that the pollution disclosure indeed had a significant negative effect on the stock market performance of listed companies on the blacklists, but only when the overall market was under downward shocks, suggesting that the shareholders were more sensitive to the pollution news in bad times. When the stock market performed well or was relatively stable, the blacklist effects were not evident. Our heterogeneity analyses further revealed that the magnitude of the cumulative abnormal returns depended on the firm size. That is, the larger the firms are, the less they suffer from the pollution news release. Our findings show that pollution disclosure does penalize the polluting firms through stock market response mechanisms. Full article
(This article belongs to the Special Issue Green Finance, ESG and Financial Risk Management)
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17 pages, 549 KiB  
Article
Green Finance Development in Bangladesh: The Role of Private Commercial Banks (PCBs)
by Guang-Wen Zheng, Abu Bakkar Siddik, Mohammad Masukujjaman, Nazneen Fatema and Syed Shah Alam
Sustainability 2021, 13(2), 795; https://doi.org/10.3390/su13020795 - 15 Jan 2021
Cited by 65 | Viewed by 7906
Abstract
Green finance (GF) has been gaining significant attention in recent literature, owing to the rise in global actions against the climate change. It is conceptually ambiguous, with no conclusive agreement among researchers on its meaning. Therefore, the main purpose of the study is [...] Read more.
Green finance (GF) has been gaining significant attention in recent literature, owing to the rise in global actions against the climate change. It is conceptually ambiguous, with no conclusive agreement among researchers on its meaning. Therefore, the main purpose of the study is to identify the bankers’ perception of various dimensions of GF, and identify the major challenges affecting its implementation in Bangladesh. Besides, this study also reveals the status of GF in Bangladesh’s banks and non-bank financial institutions from 2014 to 2019. In order to define the key aspects of GF through the data obtained from 296 banking staffs of private commercial banks (PCBs) in Bangladesh, confirmatory factor analysis (CFA) was used. The study also used descriptive statistics to identify the major challenges hindering the development of GF in Bangladesh. The findings of this study show that, in comparison with other banks and non-bank financial institutions, the PCBs are the largest contributors to direct GF, accounting for 74.2% of the total GF in Bangladesh. The outcomes of the study also identify the “economic dimension” as the most significant dimension affecting the level of bankers’ perceptions of GF. Moreover, the bankers perceived the “social and environmental dimensions” as being the second and third most crucial factors influencing GF, followed by sources of green financing. The empirical findings indicate that bankers of PCBs deemed the level of awareness, beliefs and understanding of the major dimensions of GF and sources of green financing to be satisfactory for the implementation of GF in Bangladesh. In addition, the study also shows that high transaction costs, heavy default culture, operational self-insufficiency, improper appraisal of loan applications, and the absence of adequate accountability and transparency are the major barriers to the development of GF in Bangladesh. Therefore, major policy implications are further discussed. Full article
(This article belongs to the Special Issue Green Finance, ESG and Financial Risk Management)
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