Emerging Trends in Corporate Finance: ESG, Climate Risk, and Other Contemporary Issues

Special Issue Editor


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Guest Editor
School of Finance, Central University of Finance and Economics, Beijing 102206, China
Interests: empirical corporate finance; M&A; innovation; risk management

Special Issue Information

Dear Colleagues,

With the increasing complexity of corporate financial decision making, there is a growing need for empirical research to understand its impact on firm performance and economic stability. Firms face challenges such as market volatility, regulatory changes, climate risks, and evolving stakeholder expectations, requiring data-driven insights and strategic financial management. This Special Issue of IJFS focuses on advancing research in emerging trends in corporate finance, specifically ESG, climate risk, and other contemporary issues. It explores how firms integrate sustainability considerations, manage financial risks, optimize governance, and create long-term value. The scope of discussion includes, but is not limited to, the following:

  • Corporate governance, ESG, and sustainability performance;
  • Risk management, climate risk, and value creation in firms;
  • Capital structure decisions and financial constraints;
  • Mergers, acquisitions, and corporate restructuring in the ESG era;
  • Corporate investment, innovation financing, and green finance;
  • Behavioral corporate finance and managerial decision making;
  • Financial markets, corporate policies, and investor behavior in sustainable finance;
  • ESG finance, corporate social responsibility, and impact investing;
  • Private equity, venture capital, and sustainable entrepreneurial finance;
  • The impact of macroeconomic factors and climate policies on corporate financial decisions;
  • Empirical studies on financial and environmental regulations and their effects on firms;
  • Other related topics.

We welcome a diverse range of research paper submissions, including empirical studies, theoretical models with empirical validation, and comprehensive literature reviews. We encourage collaboration between academics and industry professionals to enhance the practical relevance of research findings.

Dr. Kai Wu
Guest Editor

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Keywords

  • emerging trends in corporate finance
  • corporate governance
  • risk management
  • climate risk
  • capital structure
  • mergers and acquisitions
  • ESG finance and financial regulations

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Published Papers (2 papers)

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Research

20 pages, 413 KB  
Article
The Effect of Financial Mismatch on Corporate ESG Performance: Evidence from Chinese A-Share Companies
by Xiaoli Li, Wenxin Heng, Hangyu Zeng and Chengyi Xian
Int. J. Financial Stud. 2025, 13(4), 184; https://doi.org/10.3390/ijfs13040184 - 2 Oct 2025
Abstract
This study examines the effect of financial mismatch on corporate ESG performance in the context of China’s developmental strategy and its dual-carbon goals. Using panel data for Chinese A-share firms spanning 2009–2023 and employing fixed-effects regression models, we find that financial mismatch significantly [...] Read more.
This study examines the effect of financial mismatch on corporate ESG performance in the context of China’s developmental strategy and its dual-carbon goals. Using panel data for Chinese A-share firms spanning 2009–2023 and employing fixed-effects regression models, we find that financial mismatch significantly weakens ESG performance. Further analysis reveals that this negative effect mainly operates through three channels: increased financing constraints, weakened internal control quality, and reduced innovation capability. The results remain robust across a series of alternative specifications and sensitivity tests. This study contributes to the literature by identifying financial mismatch as a key determinant of ESG outcomes and by clarifying the mechanisms through which it exerts influence. From a practical perspective, the findings suggest that alleviating financial mismatch by fostering patient capital, improving internal governance structures, and supporting firms’ green and sustainable investments is essential for enhancing corporate ESG performance and achieving China’s dual-carbon targets. Full article
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14 pages, 1268 KB  
Article
Debt, Equity, and the Pecking Order: Evidence from Financing Decisions of Dividend-Paying Firms
by Konstantinos Kakouris and Dimitrios Psychoyios
Int. J. Financial Stud. 2025, 13(3), 161; https://doi.org/10.3390/ijfs13030161 - 1 Sep 2025
Viewed by 623
Abstract
This study investigates whether, and to what extent, dividend-paying firms follow pecking order behavior when altering their capital structure. Using a panel of 3173 U.S. firms from 1960 to 2020 (49,424 firm-year observations), we examine four financing activities: equity and debt issuance under [...] Read more.
This study investigates whether, and to what extent, dividend-paying firms follow pecking order behavior when altering their capital structure. Using a panel of 3173 U.S. firms from 1960 to 2020 (49,424 firm-year observations), we examine four financing activities: equity and debt issuance under a financing deficit, and equity repurchases and debt redemptions under a financing surplus. We find that firms generally follow the pecking order when issuing or redeeming debt but deviate from it when issuing or repurchasing equity. Adherence to the pecking order also varies with issuance and repurchase size. Very large debt issues and redemptions are associated with lower pecking order coefficients, while large equity issues and repurchases are associated with higher pecking order coefficients, although equity coefficients remain below 0.7. Our findings provide novel evidence of how financing choices, along with issuance and repurchase magnitudes, shape pecking order behavior among dividend-paying firms, offering new insights into capital structure literature. Full article
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