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Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and...
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Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance

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 October 2025 | Viewed by 21399

Special Issue Editor

Dr. Hok Ko Pong

E-Mail Website
Guest Editor
Department of Hospitality and Business Management, Technological and Higher Education Institute of Hong Kong, Hong Kong, China
Interests: accounting and finance; investment; life education and value education; educational leadership and education administration; educational psychology

Special Issue Information

Dear Colleagues,

There is an increasing integration of Environmental, Social, and Governance factors in corporate strategies, which are now being adopted as integral to business performance and sustainability. It therefore becomes the reason businesses and investors stress sustainability, while trends in Corporate Social Responsibility, Green Finance, and Sustainable Development expand. In this respect, this Special Issue calls for papers that deal with the interface among these critical areas, with a particular emphasis on how business ethics, responsible investing, and sustainable corporate governance together lead to positive social and environmental impacts. We welcome both theoretical and empirical papers that deepen our understanding of the evolving role of corporate citizenship and sustainability initiatives, and their impacts on long-term value creation.

Topics of interest include, but are not limited to:

  • Environmental, Social, and Governance (ESG) integration;
  • Corporate Social Responsibility (CSR) practices;
  • Green Finance and investment strategies;
  • Sustainable Development goals and initiatives;
  • Ethical and responsible business practices;
  • Corporate Citizenship and stakeholder engagement;
  • Innovations in sustainable corporate governance.

Dr. Hok Ko Pong
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 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. 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 1400 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

  • environmental, social, and governance (ESG)
  • corporate social responsibility (CSR)
  • sustainability, green finance, corporate citizenship
  • corporate governance

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Published Papers (11 papers)

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Research

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21 pages, 2763 KiB  
Article
Predicting Environmental Social and Governance Scores: Applying Machine Learning Models to French Companies
by Sina Belkhiria, Azhaar Lajmi and Siwar Sayed
J. Risk Financial Manag. 2025, 18(8), 413; https://doi.org/10.3390/jrfm18080413 - 26 Jul 2025
Viewed by 321
Abstract
The main objective of this study is to analyse the relevance of financial performance as an accurate predictor of ESG scores for French companies from 2010 to 2022. To this end, Machine Learning techniques such as linear regression, polynomial regression, Random Forest, and [...] Read more.
The main objective of this study is to analyse the relevance of financial performance as an accurate predictor of ESG scores for French companies from 2010 to 2022. To this end, Machine Learning techniques such as linear regression, polynomial regression, Random Forest, and Support Vector Regression (SVR) were employed to provide more accurate and reliable assessments, thus informing the ESG rating attribution process. The results obtained highlight the excellent performance of the Random Forest method in predicting ESG scores from company financial variables. In addition, the approach identified specific financial variables (operating income, market capitalisation, enterprise value, etc.) that act as powerful predictors of companies’ ESG scores. This modelling approach offers a robust tool for predicting companies’ ESG scores from financial data, which can be valuable for investors and decision-makers wishing to assess and understand the impact of financial variables on corporate sustainability. Also, this allows sustainability investors to diversify their portfolios by including companies that are not currently rated by ESG rating agencies, that do not produce sustainability reports, as well as newly listed companies. It also gives companies the opportunity to identify areas where improvements are needed to enhance their ESG performance. Finally, it facilitates access to ESG ratings for interested external stakeholders. Our study focuses on using advances in artificial intelligence, exploring machine learning techniques to develop a reliable predictive model of ESG scores, which is proving to be an original and promising area of research. Full article
(This article belongs to the Special Issue Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance)
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24 pages, 315 KiB  
Article
Effect of ESG Financial Materiality on Financial Performance of Firms: Does ESG Transparency Matter?
by Adejayan Adeola Oluwakemi and Doorasamy Mishelle
J. Risk Financial Manag. 2025, 18(6), 315; https://doi.org/10.3390/jrfm18060315 - 9 Jun 2025
Viewed by 926
Abstract
Transparency in ESG financial materiality disclosure by corporations is now in doubt due to the inconsistent ESG framework that governs ESG disclosures, particularly in developing nations like South Africa. This is evident in the financial performance of banks and manufacturing firms as a [...] Read more.
Transparency in ESG financial materiality disclosure by corporations is now in doubt due to the inconsistent ESG framework that governs ESG disclosures, particularly in developing nations like South Africa. This is evident in the financial performance of banks and manufacturing firms as a result of the higher rate of susceptibility to ESG issues. Hence, this study empirically investigated the effect of ESG financial materiality disclosure on the financial performance of banks and manufacturing firms in South Africa from 2015 to 2024. Also, the moderating role of ESG transparency on the relationship between ESG financial materiality disclosure and financial performance was investigated. Descriptive analysis, a correlation matrix, and panel regression analysis were employed for analysis purposes. The financial metrics include ROA, ROE, and Tobin’s Q, while ESG financial materiality disclosure and the ESG disclosure score of the firms were the independent variable and moderating variable, respectively. The results show that ESG financial materiality exerts a significant adverse impact on ROA and ROE but an insignificant positive effect on Tobin’s Q in banks. For manufacturing firms, the impact is insignificant and negative on ROA, ROE, and Tobin’s Q. Also, the interactive effect of transparency insignificantly weakens the effect of ESG financial materiality disclosure on financial performance in both banks and manufacturing firms. This concludes that the transparency in ESG financial materiality disclosure is not sufficient to improve financial performance in both sectors but should be integrated in the core business objectives of firms. Also, it suggests that over-disclosure and greenwashing of ESG reports should be avoided. Full article
(This article belongs to the Special Issue Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance)
18 pages, 335 KiB  
Article
Factors Affecting CSR Disclosure by Takaful Insurance Companies During the Pandemic Crisis
by Sameh Hachicha, Samah Abu-Alhayja and Wael Hemrit
J. Risk Financial Manag. 2025, 18(5), 266; https://doi.org/10.3390/jrfm18050266 - 15 May 2025
Viewed by 607
Abstract
This study explores the key factors driving corporate social responsibility disclosure (CSR_DISC) by Takaful insurance companies (TKIs) in Saudi Arabia during and after the COVID-19 pandemic. We use content analysis and follow an unweighted scoring method to score the CSR_DISC index. Based on [...] Read more.
This study explores the key factors driving corporate social responsibility disclosure (CSR_DISC) by Takaful insurance companies (TKIs) in Saudi Arabia during and after the COVID-19 pandemic. We use content analysis and follow an unweighted scoring method to score the CSR_DISC index. Based on a sample of 26 Saudi-listed TKIs, for the period 2020–2024, we employ Poisson panel and negative binomial panel models to examine the interdependent relationships between CSR_DISCs and a set of corporate governance factors. We find that Saudi TKIs increased their CSR_DISCs in their financial reporting during and after the COVID-19 crisis. These findings confirm that board and firm size have a significant and negative effect on corporate CSR_DISC. However, the number of independent board members and female directors positively affect the extent of CSR_DISCs. Finally, the size of the audit committee and the Shariah supervisory board, frequency of board meetings, and profitability do not affect CSR_DISCs. Full article
(This article belongs to the Special Issue Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance)
28 pages, 349 KiB  
Article
Government Ownership as a Catalyst: Corporate Governance and Corporate Social Responsibility in Jordan’s Industrial Sector
by Abdelrazaq Farah Freihat and Renad Al-Hiyari
J. Risk Financial Manag. 2025, 18(5), 260; https://doi.org/10.3390/jrfm18050260 - 11 May 2025
Viewed by 814
Abstract
This research examines how corporate governance (CG) affects corporate social responsibility (CSR) disclosure with government ownership as a moderation factor by analyzing panel data from 30 industrial firms listed on the Amman Stock Exchange during 2018–2022. The study employed board of directors and [...] Read more.
This research examines how corporate governance (CG) affects corporate social responsibility (CSR) disclosure with government ownership as a moderation factor by analyzing panel data from 30 industrial firms listed on the Amman Stock Exchange during 2018–2022. The study employed board of directors and audit committee characteristics as independent variables to represent CG while developing a CSR disclosure index. The research controlled for company size and financial leverage in its model. The findings demonstrate that corporate governance dimensions affect CSR disclosure, while government ownership significantly enhances this relationship in a positive direction. Government ownership increases R2 values, which shows that corporate governance merged with government ownership modifies the corporate governance and CSR disclosure relationship by strengthening the impact when government stakes rise. Statistical analysis revealed that board independence, board duality, audit committee size and independence, along with audit committee meeting frequency, all had positive effects on CSR disclosure. The study found no statistically significant effect of board size, frequency of board meetings, or the financial expertise of audit committee members on CSR disclosure. Based on the findings, this study outlines recommendations to strengthen governance practices that support social disclosure. Full article
(This article belongs to the Special Issue Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance)
21 pages, 309 KiB  
Article
Family Business, ESG, and Firm Age in the GCC Corporations: Building on the Socioemotional Wealth (SEW) Model
by Khalil Nimer, Naser Abughazaleh, Yasean Tahat and Mohammed Hossain
J. Risk Financial Manag. 2025, 18(5), 241; https://doi.org/10.3390/jrfm18050241 - 1 May 2025
Viewed by 945
Abstract
This study investigates the relationship between private family control (excluding state and royal) and Environmental, Social, and Governance (ESG) performance among publicly listed firms in the Gulf Cooperation Council (GCC), focusing specifically on the moderating role of firm age. Employing multivariate POLS regression [...] Read more.
This study investigates the relationship between private family control (excluding state and royal) and Environmental, Social, and Governance (ESG) performance among publicly listed firms in the Gulf Cooperation Council (GCC), focusing specifically on the moderating role of firm age. Employing multivariate POLS regression analysis on data from 2016 to 2021 and controlling for established firm-specific variables, we find a robust negative association between private family control and ESG performance, consistent with Socioemotional Wealth (SEW) perspectives where family-centric goals may override broader stakeholder interests. Critically, our results demonstrate that firm age significantly and positively moderates this negative relationship; the detrimental impact of family control on ESG performance attenuates considerably as family firms mature. This attenuation likely reflects the development of sophisticated governance structures, a heightened focus on long-term reputation and SEW preservation, and potential generational shifts towards sustainability values within older firms. Providing the first empirical test of this age moderation effect within the under-researched GCC context, this research extends SEW theory by highlighting the dynamic evolution of family firm sustainability engagement over the lifecycle in a non-Western setting and contributes novel insights to the accounting literature. These findings underscore the need for targeted policies and interventions to foster ESG adoption, particularly among younger private family firms in the GCC, offering valuable insights for regulators, investors, family business owners, and practitioners aiming to foster responsible sustainability practices. Full article
(This article belongs to the Special Issue Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance)
22 pages, 783 KiB  
Article
Nexus Between Green Financing and Carbon Emissions: Does Increased Environmental Expenditure Enhance the Effectiveness of Green Finance in Reducing Carbon Emissions?
by Martin Kamau Muchiri, Szilvia Erdei-Gally and Maria Fekete-Farkas
J. Risk Financial Manag. 2025, 18(2), 90; https://doi.org/10.3390/jrfm18020090 - 6 Feb 2025
Cited by 1 | Viewed by 3211
Abstract
This study investigates the nexus between green financing (GB) and carbon emissions across 29 countries distributed worldwide with full data on green financing measured as the sum of bonds issued for the period 2018–2021. GDP per capita, population, and environmental expenditure (EP) are [...] Read more.
This study investigates the nexus between green financing (GB) and carbon emissions across 29 countries distributed worldwide with full data on green financing measured as the sum of bonds issued for the period 2018–2021. GDP per capita, population, and environmental expenditure (EP) are used as control variables in the study. An interaction term between GB and EP is also included in the study. This study utilized the Panel Robust Fixed Effect Model (PRFEM) to investigate the nexus between green financing and carbon emissions and how EP enhances the effectiveness of green financing in reducing carbon emissions. The study concludes that green finance is effective in reducing carbon emissions; this relationship remains the same regardless of country-specific factors such as the GDP per capita, EP, and population. Increases in environmental protection (EP) expenditure promote the effectiveness of green financing in reducing carbon emissions. This study recommends policies that promote the green transition including tax exemptions for investors in green bonds, the enactment of rules and regulations that require companies and institutions to provide information about their green projects, and lastly, the establishment of standards that help in measuring the impacts of the projects that are being funded through green bonds. The synergic potential between EP and green financing justifies the need for policies supporting the collaboration of public and private collaboration in attracting green capital flows from the private sectors. By enhancing the green bond market, these steps will contribute toward realizing low carbon economy goals by channeling funds to sustainable and environmentally friendly projects. Full article
(This article belongs to the Special Issue Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance)
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15 pages, 249 KiB  
Article
Do ESG Risk Scores and Board Attributes Impact Corporate Performance? Evidence from Saudi-Listed Companies
by Ines Chaabouni, Noura Ben Mbarek and Ezer Ayadi
J. Risk Financial Manag. 2025, 18(2), 83; https://doi.org/10.3390/jrfm18020083 - 5 Feb 2025
Viewed by 1468
Abstract
This research examines the link between environmental, social, and governance (ESG) risk ratings and board characteristics on corporate performance. Using 2023 data from 117 companies on the Saudi Stock Exchange, the study employs Ordinary Least Squares (OLS) regression and Python for data analysis. [...] Read more.
This research examines the link between environmental, social, and governance (ESG) risk ratings and board characteristics on corporate performance. Using 2023 data from 117 companies on the Saudi Stock Exchange, the study employs Ordinary Least Squares (OLS) regression and Python for data analysis. Our findings reveal a negative effect of ESG risk scores on financial performance measures, indicating that higher ESG risks hinder firm performance measured by ROE and ROIC. Furthermore, both the size and independence of the board decrease corporate performance in Saudi firms. Family-controlled ownership structures often limit the effectiveness of independent directors in enhancing performance. In Saudi firms, women’s board participation shows an insignificant impact on corporate performance, suggesting that the Tokenism Theory may apply. It is recommended that firms empower women in leadership roles and develop robust ESG risk management frameworks to mitigate risks and enhance financial performance. Full article
(This article belongs to the Special Issue Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance)
23 pages, 361 KiB  
Article
Whistleblowing Disclosure as a Shield Against Earnings Management: Evidence from the Insurance Sector
by Ines Belgacem
J. Risk Financial Manag. 2025, 18(2), 65; https://doi.org/10.3390/jrfm18020065 - 30 Jan 2025
Viewed by 1493
Abstract
One of the fundamental components of internal controls, a whistleblowing system (WBS) is crucial for preventing fraud, addressing irregularities, and enhancing good governance. The purpose of this study is to investigate the impact of whistleblower disclosures on earnings management in Saudi Arabia’s Takaful [...] Read more.
One of the fundamental components of internal controls, a whistleblowing system (WBS) is crucial for preventing fraud, addressing irregularities, and enhancing good governance. The purpose of this study is to investigate the impact of whistleblower disclosures on earnings management in Saudi Arabia’s Takaful Insurance (TKI) sector between 2017 and 2023. To this end, a whistleblowing index was constructed as a tool to evaluate the whistleblowing framework’s effectiveness. Using the Dynamic Generalized Method of Moments (GMM) to account for endogeneity, it was found that most Saudi insurance companies increased their efforts to disclose information about whistleblowers, which significantly reduced earnings management practices. Specifically, the study concludes that the size of the audit committee (ACS) significantly and negatively affects how insurance businesses manage their earnings when a whistleblower system is in place. Additionally, there is a notable and adverse effect on earnings management from board size (BSZ), the percentage of non-executive independent members (PNIM), and Shariah board size (SBS). However, it was found that earnings management is unaffected by the frequency of board meetings (BMFR). This study adds to the body of knowledge by demonstrating how corporate governance enhances the effectiveness of the whistleblowing system. Full article
(This article belongs to the Special Issue Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance)
16 pages, 296 KiB  
Article
Employee Engagement and Green Finance: An Analysis of Indonesian Banking Sustainability Reports
by Iwan Suhardjo and Meiliana Suparman
J. Risk Financial Manag. 2024, 17(12), 575; https://doi.org/10.3390/jrfm17120575 - 20 Dec 2024
Cited by 2 | Viewed by 2256
Abstract
Green finance has emerged as a critical driver of sustainable development for the banking industry. Engaging employees is essential for the successful implementation of green finance initiatives. This study aims to examine the employee engagement strategies of leading Indonesian banks and compare them [...] Read more.
Green finance has emerged as a critical driver of sustainable development for the banking industry. Engaging employees is essential for the successful implementation of green finance initiatives. This study aims to examine the employee engagement strategies of leading Indonesian banks and compare them with non-banking financial institutions. By analyzing sustainability reports and ESG risk ratings, this study identifies key employee engagement practices in the green finance context, compares them with those of non-banking institutions, and explores the link between green finance, employee engagement, and ESG risk ratings. Drawing on stakeholder theory and an ethical sustainability governance framework, this content analysis study reveals that Indonesian banks primarily focus on training, labor rights, and diversity as key employee engagement practices. While these practices are consistent across materiality, strategy, and performance, they may not fully capture the nuances of employee engagement in the context of green finance. When compared to non-banking institutions, Indonesian banks exhibit a stronger focus on all employee engagement parameters. However, a potential link between green finance, employee engagement, and ESG risk ratings is not evident. The current ESG rating methodologies may prioritize the quantity and quality of sustainability reporting over the actual implementation of impactful sustainable practices, particularly in employee engagement practices and green finance. Full article
(This article belongs to the Special Issue Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance)
18 pages, 1731 KiB  
Article
Anti-Competition and Anti-Corruption Controversies in the European Financial Sector: Examining the Anti-ESG Factors with Entropy Weight and TOPSIS Methods
by Georgia Zournatzidou, George Sklavos, Konstantina Ragazou and Nikolaos Sariannidis
J. Risk Financial Manag. 2024, 17(11), 492; https://doi.org/10.3390/jrfm17110492 - 31 Oct 2024
Cited by 13 | Viewed by 2318
Abstract
(1) Background: This research aims to investigate the impact of environmental, social, and governance (ESG) factors on European banking corruption. Thus, its novelty is based on considering anti-competitive concerns as a major component that may considerably impact fraud and bribery in corruption investigations. [...] Read more.
(1) Background: This research aims to investigate the impact of environmental, social, and governance (ESG) factors on European banking corruption. Thus, its novelty is based on considering anti-competitive concerns as a major component that may considerably impact fraud and bribery in corruption investigations. (2) Methods: To approach the research question, we conducted an examination of anti-competitive practices at 344 financial institutions headquartered in Europe throughout the period 2018 to 2022 using the entropy weight and TOPSIS methods. (3) Results: This study reveals that anti-competitive actions are typified by environmental debate and genuine policy competition. Analysing the results prompted us to reach this conclusion. The present study’s findings reveal that financial institutions in Scandinavian nations demonstrate the most significant anti-competitive activity. (4) Conclusions: This research is the first study to underscore the concept of anti-competition disputes and their impact on the emergence of corruption, extortion, and fraud in the European banking sector. Although anti-competitive and corrupt practices may appear to be distinct concepts, they both lead to the financial sector acquiring disproportionate control over the market. Full article
(This article belongs to the Special Issue Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance)
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Review

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26 pages, 5316 KiB  
Review
The Role of Digital Technologies in Corporate Sustainability: A Bibliometric Review and Future Research Agenda
by Sajead Mowafaq Alshdaifat, Noor Hidayah Ab Aziz, Mushtaq Yousif Alhasnawi, Esraa Esam Alharasis, Fatima Al Qadi and Hamzeh Al Amosh
J. Risk Financial Manag. 2024, 17(11), 509; https://doi.org/10.3390/jrfm17110509 - 14 Nov 2024
Cited by 19 | Viewed by 4676
Abstract
This study aims to analyze trends, pioneers, emerging issues, and potential future research in the field of digital technologies such as blockchain, artificial intelligence, big data, fintech, and digital transformation for corporate sustainability. Using VOSviewer, R-studio, and BiblioMagika, this bibliometric review analyses 1251 [...] Read more.
This study aims to analyze trends, pioneers, emerging issues, and potential future research in the field of digital technologies such as blockchain, artificial intelligence, big data, fintech, and digital transformation for corporate sustainability. Using VOSviewer, R-studio, and BiblioMagika, this bibliometric review analyses 1251 articles published between 1995 and 2024 from the Scopus database. It highlights gaps in the knowledge and possible areas for further research in digital technologies and sustainability. Based on the findings, it can be determined that recent scholarly work has focused on topics such as digitalisation and sustainability, AI and sustainable development, blockchain and environmental technology, financial technology and green innovation, and energy policy and carbon emissions. This study is useful in helping emerging scholars identify and understand current trends in digital technologies and sustainability. Full article
(This article belongs to the Special Issue Environmental, Social, and Governance (ESG), Corporate Social Responsibility (CSR), and Green Finance)
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