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Behavioral Finance and Sustainable Green Investing
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Behavioral Finance and Sustainable Green Investing

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 13169

Special Issue Editor

Dr. Fakhrul Hasan

E-Mail Website
Guest Editor
Department of Finance, Newcastle Business School, Northumbria University, Newcastle, UK
Interests: pro-environmental attitude; environmental sustainability; behavioural finance; public finance; FinTech
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

In recent years, sustainable green investing has gained significant traction as individuals, institutions, and governments recognize the pressing need to address climate change and environmental degradation (Boubaker et al., 2024). At the same time, the field of behavioral finance—an area that combines psychology and economics to explain investor behavior—offers critical insights into how and why people make financial decisions that may deviate from traditional economic theory (Hasan and Al-Najjar, 2024). When combined, behavioral finance and sustainable investing create a dynamic interplay that influences the effectiveness and appeal of green financial products (Hasan and Al-Najjar, 2024).

Behavioral finance challenges the traditional notion of rational markets by introducing psychological influences on investor behavior (Baker and Wurgler, 2006). Key concepts include heuristics (mental shortcuts), overconfidence, loss aversion, and herding behavior. These biases often lead investors to make irrational or suboptimal decisions, such as panic selling during a market downturn or overinvesting in popular stocks. In the context of sustainable investing, these behavioral biases can both hinder and promote environmentally responsible investment decisions.

Sustainable investing involves integrating environmental, social, and governance (ESG) factors into financial decision-making. Green investing, a subset of ESG investing, focuses specifically on companies and projects that support environmental sustainability, such as renewable energy, clean technology, and carbon-neutral initiatives.

Investor interest in sustainable investments is driven by a combination of ethical motives, long-term risk mitigation, and financial returns. Many investors now recognize that companies with strong ESG practices may be better positioned for long-term success. However, emotional and psychological factors—rather than purely rational analysis—often drive these investment decisions.

I am writing to invite you to submit academic articles addressing the following topics, among others:

  • Investor psychology and green investment decisions;
  • Perception of risk and return in sustainable assets;
  • Social norms, values, and moral motivation;
  • Heuristics and decision-making under uncertainty;
  • Institutional behavior and green finance;
  • Information processing and ESG communication;
  • Behavioral factors in ESG fund performance;
  • Climate change, emotions, and investment behavior;
  • Financial literacy and sustainable investing;
  • Experimental and behavioral interventions.

References:

Baker, M., and Wurgler, J., 2006. Investor sentiment and the crosssection of stock return. Journal of Finance, 61(4), 1645–1680.

Boubaker, S., Choudhury, T., Hasan, F. and Nguyen, D.K., 2024. Firm carbon risk exposure, stock returns, and dividend payment. Journal of Economic Behavior & Organization, 221 (5), pp.248-276.

Hasan, F. and Al-Najjar, B., 2024. Exploring the connections: Dividend announcements, stock market returns, and major sporting events. Review of Quantitative Finance and Accounting, 63(3), pp.889-923.

Hasan, F. and Al-Najjar, B., 2024. Green investment and dividend payouts: An intercontinental perspective, Journal of Environmental Management, 370, 122626.

Dr. Fakhrul Hasan
Guest Editor

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

  • investor psychology
  • green investment
  • green finance
  • ESG
  • investor behavior
  • sustainable investing
  • sustainable assets

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Published Papers (4 papers)

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Research

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21 pages, 1084 KB  
Article
Encouraging SMEs’ Green Innovation Through Stakeholder Pressure: The Moderating and Mediating Role of Environmental Commitment and Ethics
by Umme Kulsum, Anamul Haque, Rubayet Hasan and Fakhrul Hasan
J. Risk Financial Manag. 2025, 18(12), 721; https://doi.org/10.3390/jrfm18120721 - 17 Dec 2025
Viewed by 1305
Abstract
This study investigates how stakeholder pressures (SSTPR) prompt SMEs to perform green innovation (GRNI) activities by grounding the analysis exclusively in stakeholder theory. It employs a survey questionnaire to gather information from 141 top- and mid-level executives working in various SME manufacturing firms [...] Read more.
This study investigates how stakeholder pressures (SSTPR) prompt SMEs to perform green innovation (GRNI) activities by grounding the analysis exclusively in stakeholder theory. It employs a survey questionnaire to gather information from 141 top- and mid-level executives working in various SME manufacturing firms (listed in DSE, CSE, foreign SMEs) in Bangladesh. The structural equation modeling (SEM) technique is used to analyze data and test hypotheses. The study’s findings reveal that SSTPR, both primary and secondary, have a significant positive impact on the firm’s degree of GRNI. Moreover, it has also been found that environmental commitment (ENVC) has a positive moderating effect on the relation between stakeholder influences and GRNI. On the other hand, environmental ethics (ENVE) has a partial mediation impact on this relationship. The results shed light on the crucial role of stakeholder influence, ENVC, and ENVE in promoting GRNI behavior. These findings will fill knowledge gaps on the factors that drive SMEs’ investments in GRNIs with insightful implications for regulators, managers, and policymakers. This study also assists Bangladesh’s sustainable agenda by bolstering green and sustainable innovation activities. Full article
(This article belongs to the Special Issue Behavioral Finance and Sustainable Green Investing)
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12 pages, 746 KB  
Article
SME, Crisis and Geopolitical Risk: Lessons from COVID-19 and War
by Tonmoy Choudhury, Amer Al Fadli, Nataly Butros and Abubaker Fadul
J. Risk Financial Manag. 2025, 18(11), 645; https://doi.org/10.3390/jrfm18110645 - 17 Nov 2025
Cited by 2 | Viewed by 1304
Abstract
This paper explores how geopolitical risk impacts small and medium-sized enterprises (SMEs), focusing on the COVID-19 pandemic and the Russia–Ukraine war. Using daily return data from the ECPI Italy SME Equity and Shenzhen SME Composite indexes, as well as the Global Geopolitical Risk [...] Read more.
This paper explores how geopolitical risk impacts small and medium-sized enterprises (SMEs), focusing on the COVID-19 pandemic and the Russia–Ukraine war. Using daily return data from the ECPI Italy SME Equity and Shenzhen SME Composite indexes, as well as the Global Geopolitical Risk Index, this study employs a Dynamic Conditional Correlation GARCH model to analyze how correlations change over time. The results show that Asian SMEs, represented by China, exhibit higher short-term volatility but stronger long-term resilience than their European counterparts. Notably, Asian markets react consistently across crises, while European markets distinguish between different events. These findings provide important insights for policymakers, suggesting the need for standardized crisis response frameworks and emphasizing short-term mitigation efforts. This study adds to SME theory by highlighting the complex relationship between geopolitical shocks and SME performance, with important implications for risk management and regulatory strategies in emerging economies. Full article
(This article belongs to the Special Issue Behavioral Finance and Sustainable Green Investing)
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24 pages, 710 KB  
Article
On Fintech and Financial Inclusion: Evidence from Qatar
by Ashwaq Al-Sharshani, Fatma Al-Sharshani and Ali Malik
J. Risk Financial Manag. 2025, 18(10), 586; https://doi.org/10.3390/jrfm18100586 - 15 Oct 2025
Cited by 1 | Viewed by 4094
Abstract
This study examines the role of fintech adoption in enhancing financial inclusion in Qatar, with a particular focus on the mediating influence of access barriers. A structured questionnaire was administered to 220 respondents, of which 200 valid responses were retained for analysis after [...] Read more.
This study examines the role of fintech adoption in enhancing financial inclusion in Qatar, with a particular focus on the mediating influence of access barriers. A structured questionnaire was administered to 220 respondents, of which 200 valid responses were retained for analysis after screening for completeness and outliers. The constructs of fintech adoption (FA), financial inclusion (FI), and access barriers (AB) were measured using validated multi-item scales adapted from prior literature. Measurement reliability and validity were confirmed through Cronbach’s alpha, composite reliability, and average variance extracted (AVE), alongside confirmatory factor analysis (CFA) for construct validity. A structural equation modeling (SEM) approach was employed to test the hypothesized relationships, using maximum likelihood estimation with bootstrap standard errors and confidence intervals. Model fit indices indicated excellent fit (χ2 = 48.983, df = 51, p = 0.554; CFI = 1.000; TLI = 1.003; RMSEA = 0.000; SRMR = 0.036). Factor loadings were all significant (p < 0.001), supporting convergent validity. However, the structural paths from FA to FI (β = −0.020, p = 0.827), AB to FI (β = −0.077, p = 0.394), and FA to AB (β = 0.054, p = 0.527) were not significant. The indirect mediation effect of AB was also statistically insignificant (β = −0.004, p = 0.700). Full article
(This article belongs to the Special Issue Behavioral Finance and Sustainable Green Investing)
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Review

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37 pages, 3528 KB  
Review
Exploring the Research Landscape of Impact Investing and Sustainable Finance: A Bibliometric Review
by Saurav Chandra Talukder, Zoltán Lakner and Ágoston Temesi
J. Risk Financial Manag. 2025, 18(10), 578; https://doi.org/10.3390/jrfm18100578 - 12 Oct 2025
Cited by 4 | Viewed by 5217
Abstract
Impact investing and sustainable finance are crucial in addressing social and environmental issues while developing a more resilient, equitable, and sustainable world. The purpose of this article is to analyze, synthesize, and evaluate the existing literature on the impact investing and sustainable finance [...] Read more.
Impact investing and sustainable finance are crucial in addressing social and environmental issues while developing a more resilient, equitable, and sustainable world. The purpose of this article is to analyze, synthesize, and evaluate the existing literature on the impact investing and sustainable finance research domain. Using PRISMA protocol, data was extracted from the Web of Science and Scopus databases, resulting in the compilation of 498 documents. Researchers use Biblioshiny and VOSviewer to analyze the bibliographic meta data. The findings show that the number of publications in this field has increased significantly over the last five years. In terms of journal productivity, Sustainability is the most prominent source, followed by Resources Policy and Journal of Cleaner Production. The results indicate that China published 189 articles, securing the first position, followed by India with 82 articles and the UK with 72 articles. Thematic map analysis underscores the significance of impact investing in renewable energy for sustainable economic growth. In addition, four research themes have emerged from the co-occurrence of keywords analysis. These themes are “sustainable finance for sustainable economic development”; “the rise of ESG investing in the changing world”; “corporate governance and CSR in enhancing firm performance”; and “mobilizing sustainable finance to tackle climate changes”. Furthermore, the research gives a complete summary of current research trends, future research directions and policy recommendations to assist academic researchers, investors, policymakers, business organizations and financial institutions in better understanding the impact investment and sustainable finance. Full article
(This article belongs to the Special Issue Behavioral Finance and Sustainable Green Investing)
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