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Sustainable Finance and Corporate Responsibility
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Sustainable Finance and Corporate Responsibility

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Sustainability and Finance".

Deadline for manuscript submissions: 30 September 2026 | Viewed by 4439

Special Issue Editors

Dr. Radosveta Krasteva-Hristova

E-Mail Website
Guest Editor
Department of Accounting, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria
Interests: accounting; management accounting; financial accounting; sustainability; digital transformation; sustainability reporting; ESG disclosure
Prof. Dr. Khaled Hussainey

E-Mail Website
Guest Editor
Bangor Business School, Bangor University, Gwynedd, Bangor LL57 2DG, UK
Interests: corporate narrative reporting; eXtensible Business Reporting Language (XBRL); corporate governance; earnings management; International Financial Reporting Standards (IFRS); accounting and auditing; Organization for Islamic Financial Institutions (AAOIFI); corporate investment efficiency; corporate finance; Islamic accounting and finance; big data; sustainability
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue, titled “Sustainable Finance and Corporate Responsibility”, focuses on the intersection of sustainable finance, corporate responsibility, and the transformative forces of innovation and digitalization. It explores how Environmental, Social, and Governance (ESG) principles are integrated into financial strategies, corporate governance frameworks, and business models in response to global sustainability challenges and the transition towards Industry 5.0.

The scope includes, but is not limited to, the following:

  • Sustainable finance instruments, green bonds, and impact investing;
  • ESG disclosure, sustainability accounting, and integrated reporting;
  • Corporate governance, ethics, and accountability;
  • Digital transformation and innovation in finance, accounting, and management;
  • Circular economy practices and Industry 5.0 applications;
  • Smart cities, green technologies, and sustainable tourism;
  • Public sector sustainability and policy frameworks;
  • Risk management and resilience in sustainable transitions.

Interdisciplinary approaches that combine economics, finance, management, accounting, and technology are especially welcome.

This Special Issue will provide a platform for high-quality, interdisciplinary research that bridges sustainability goals with innovation-driven economic transformation. It will also deliver actionable insights for policymakers, academics, and practitioners on leveraging innovation and digital tools to advance ESG integration, measure performance, and foster long-term value creation.

While sustainable finance and corporate responsibility have been widely studied, they are often examined in isolation from the accelerating processes of digitalization and innovation. This Special Issue will supplement the existing literature by integrating these dimensions, offering a holistic perspective on how financial sustainability and corporate ethics interact with technological and structural transformations. By including theoretical, empirical, and comparative studies across sectors, it will contribute fresh evidence and strategic pathways for aligning corporate and financial objectives with the evolving global sustainability agenda.

Dr. Radosveta Krasteva-Hristova
Prof. Dr. Khaled Hussainey
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 250 words) can be sent to the Editorial Office for assessment.

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. Journal of Risk and Financial Management is an international peer-reviewed open access monthly 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 1600 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
  • corporate responsibility
  • ESG reporting
  • sustainability accounting
  • circular economy
  • Industry 5.0
  • digital transformation
  • innovation management
  • green finance

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Further information on MDPI's Special Issue policies can be found here.

Published Papers (4 papers)

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Research

25 pages, 1475 KB  
Article
Do Environmental Taxes Stimulate Eco-Investments? Evidence from Seven EU Member States and the EU-27
by Vanya Georgieva
J. Risk Financial Manag. 2026, 19(4), 256; https://doi.org/10.3390/jrfm19040256 - 2 Apr 2026
Viewed by 565
Abstract
The European Green Deal places environmental taxation at the centre of decarbonisation policies. Nevertheless, empirical evidence of its effectiveness as a stimulus for capital eco-investments remains limited, particularly at the sectoral level. The present study analyses this relationship through a country–sector panel of [...] Read more.
The European Green Deal places environmental taxation at the centre of decarbonisation policies. Nevertheless, empirical evidence of its effectiveness as a stimulus for capital eco-investments remains limited, particularly at the sectoral level. The present study analyses this relationship through a country–sector panel of seven EU countries and four NACE Rev.2 sectors for the period 2014–2023. A six-step empirical strategy is employed, comprising: preliminary diagnostic tests (cross-sectional dependence, stationarity, cointegration), descriptive statistics, correlation analysis with relative indicators, fixed-effects panel regressions with control variables, a Granger causality test, and nine robustness checks. All monetary values are in real prices (base year 2015). The results reveal a clear scale effect—the correlation between the absolute values of environmental taxes and eco-investments is very high, but after normalisation by sectoral GVA it becomes practically zero and statistically insignificant. The panel regressions also find no statistically significant relationship, and the Granger test does not confirm causality in either direction. The addition of control variables (eco-expenditures, GVA growth) and sector interaction effects does not alter the result. Nine robustness checks confirm the stability of these findings. Within the sample under consideration, the analysis finds no robust direct relationship between environmental taxes and sectoral eco-investments. The results obtained suggest a need to rethink policy through a more targeted use of revenues, sectoral differentiation, and combining tax instruments with non-fiscal mechanisms for the more effective management of the financial risk of the transition. Full article
(This article belongs to the Special Issue Sustainable Finance and Corporate Responsibility)
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22 pages, 722 KB  
Article
Islamic Bankers’ Niyyah Toward Green Sukuk for Attaining Sustainable Finance: Evidence from Bangladesh
by Mohammad Ali Ashraf, Mir Rafiul Islam Ratul and Md. Kaium Hossain
J. Risk Financial Manag. 2026, 19(2), 159; https://doi.org/10.3390/jrfm19020159 - 20 Feb 2026
Viewed by 1151
Abstract
This study investigates the factors associated with niyyah (worshipful intention) of Islamic bankers toward issuing green sukuk (G-sukuk) investment instruments. In particular, it analyses how bankers’ empathy, moral and ethical responsibilities, and self-efficacy are related with environmental awareness, perceived social support, [...] Read more.
This study investigates the factors associated with niyyah (worshipful intention) of Islamic bankers toward issuing green sukuk (G-sukuk) investment instruments. In particular, it analyses how bankers’ empathy, moral and ethical responsibilities, and self-efficacy are related with environmental awareness, perceived social support, and green tech innovation, respectively. These factors then predicted bankers’ niyyah toward issuing G-sukuk. The present research employed the theory of bounded rational planned behavior as its theoretical foundation. Data were collected from 390 bankers employed in different Islamic banks. Random sampling technique was employed for this cross-sectional study and for analyzing data, this study applied structural equation modeling. Findings indicate that all predictors are statistically significant and positively associated with bankers’ niyyah toward G-sukuk for ensuring sustainable finance. Furthermore, G-sukuk initiatives can help to lower the carbon emissions and other harmful substances, which would improve overall environmental sustainability and ecological contexts related to SDG-13. There is limited empirical evidence available on the G-sukuk perspective in Bangladesh. This study will provide practical insights for the bankers and policymakers. Full article
(This article belongs to the Special Issue Sustainable Finance and Corporate Responsibility)
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23 pages, 412 KB  
Article
ESG Performance and Corporate Corruption Risk Management: The Moderating Role of Risk Management Committees in GCC Firms
by Krayyem Al-Hajaya
J. Risk Financial Manag. 2026, 19(1), 38; https://doi.org/10.3390/jrfm19010038 - 5 Jan 2026
Cited by 1 | Viewed by 1054
Abstract
This study investigates the impact of environmental, social, and governance (ESG) performance on corporate corruption risk management (CCRM) and examines the moderating role of the risk management committee (RMC) among non-financial firms in Gulf Cooperation Council (GCC) countries for the period spanning from [...] Read more.
This study investigates the impact of environmental, social, and governance (ESG) performance on corporate corruption risk management (CCRM) and examines the moderating role of the risk management committee (RMC) among non-financial firms in Gulf Cooperation Council (GCC) countries for the period spanning from 2015 to 2024. Building on agency and legitimacy theories, the study argues that ESG performance strengthens governance quality and ethical accountability, which is reflected in higher quality CCRM. Additionally, RMCs are expected to play a moderating role in enhancing oversight effectiveness, which boosts such a relationship. Using panel data derived from the Refinitiv Eikon database and employing Feasible Generalized Least Squares (FGLS) regression, the results reveal that firms with higher ESG performance exhibit significantly stronger corruption risk management practices. Moreover, the interaction between ESG performance and RMC presence positively amplifies this relationship, underscoring the committee’s role in institutionalizing ethical conduct and improving governance transparency. Robustness tests using alternative ESG and CCRM measures confirm the consistency of these findings. The study provides novel empirical evidence from the GCC context, highlighting how governance structures and sustainability practices jointly enhance corporate integrity. It offers theoretical, practical, and policy implications for promoting ethical governance and sustainable development in emerging markets. Full article
(This article belongs to the Special Issue Sustainable Finance and Corporate Responsibility)
24 pages, 535 KB  
Article
Environmental Auditing, Public Finance, and Risk: Evidence from Moldova and Bulgaria
by Luminita Diaconu, Biser Krastev, Elena Georgieva and Radosveta Krasteva-Hristova
J. Risk Financial Manag. 2025, 18(12), 683; https://doi.org/10.3390/jrfm18120683 - 2 Dec 2025
Cited by 2 | Viewed by 969
Abstract
The recent expansion of sustainability studies has reshaped corporate governance and public oversight with direct implications for financial exposure and risk management. In particular, environmental auditing generates decision-useful signals on environmental liabilities, remediation and compliance costs, and budgetary/fiscal risks that affect both corporate [...] Read more.
The recent expansion of sustainability studies has reshaped corporate governance and public oversight with direct implications for financial exposure and risk management. In particular, environmental auditing generates decision-useful signals on environmental liabilities, remediation and compliance costs, and budgetary/fiscal risks that affect both corporate financing conditions (e.g., cost of capital) and public finance resilience. This study conducts a comparative examination of environmental auditing practices in Moldova and Bulgaria over 2020–2025, asking how audit mandates, coverage, and disclosure practices inform banks, insurers, investors, and budget holders. Using documents from national legal databases and supervisory portals, we apply descriptive content analysis across structural, substantive, and procedural dimensions, with special attention to financial-risk channels (contingent liabilities, sanction risk, value-for-money and procurement risks). We find that Bulgaria exhibits stronger institutional implementation capacity, while Moldova shows legislative innovation; in both cases, stronger transparency, public participation, and digital audit analytics are needed to quantify fiscal and enterprise-level ESG risks. Overall, this paper positions environmental auditing as a governance lever linking sustainability oversight to finance- and risk-related outcomes, aligning with focus on sustainable finance, ESG disclosure, and governance. Full article
(This article belongs to the Special Issue Sustainable Finance and Corporate Responsibility)
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