Special Issue "Green and Sustainable Finance"

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

Deadline for manuscript submissions: 30 June 2020.

Special Issue Editors

Prof. Dr. Sabri Boubaker
E-Mail Website
Guest Editor
EM Normandie Business School, Paris, France
Interests: Corporate governance; Corporate social responsibility; Corporate finance
Prof. Dr. Pierre Chollet
E-Mail Website
Guest Editor
Institut Montpellier Management, University of Montpellier, Montpellier, France
Interests: Corporate social responsibility; Finance; Social responsible investment
Prof. Dr. Souad Lajili-Jarjir
E-Mail Website
Guest Editor
Institut de Recherche en Gestion , IRG (EA 2354), Université Paris-Est, UPEC, F-94000, Créteil, France
Interests: Asset pricing, Anomalies, Factor models, Corporate social responsibility

Special Issue Information

Dear Colleagues,

Green and sustainable finance are more important nowadays that even before. They are gaining increasing worldwide attention from financial markets, political actors and the broader public alike. Their objective is to take into account environmental, social or governance (ESG) criteria when making financial decisions and designing financial services, thus expanding the benefit beyond investors to the whole society. Academics and practitioners are questioning the role that green and sustainable finance plays, which goes beyond the primary function of finance as funding the economy. Aware of the importance of extra-financial issues, the investment community has noted a shift in focus from shareholders’ to stakeholders’ values. A new approach of finance is thus needed to answer questions related to green and sustainable finance. Financial markets, corporate finance and corporate governance have to integrate extra-financial aspects into financial decision making processes. Many issues remain unresolved and questions unanswered: How to allocate funds optimally in terms of financial and non-financial performance, how to finance the economy and satisfy a variety of objectives of stakeholders (firms, investors and society) from a more global point of view? What are the consequence of this fund allocation in terms of risk management for corporations and investors? Which asset pricing methods can be proposed to value these innovative financial instruments? What is the role of policy makers in developing green and sustainable finance?

This Special Issue aims to answer these questions and address the theoretical and empirical issues related to recent developments and new directions in green and sustainable finance. It will advance our understanding of how financial products support investments in projects that benefit the environment and promote a carbon-free economy. It will also contribute to the development of a more comprehensive analysis of the role of green and sustainable finance in shaping firm and investor decisions. Papers will draw on recent theoretical and empirical research that explores the reasons, importance, and implications of business ethics, corporate social responsibility (CSR), and socially responsible investing. These will be of interest and relevance to academics, practitioners and policy makers. The Special Issue welcomes contributions from a broad range of fields related to finance.

Topics considered include, but are not limited to, innovative instruments to finance the energetic transition and green energy; innovations in private equity; green lending products; innovations in asset management (whatever the underlying assets); impacts of climate change and sustainable challenges on risk management and asset valuation; measuring the impact of ESG on portfolios; the design of common methods of impact measurement on firms and portfolio-level credit for sustainable projects, the relevance and governance of SRI labels; CSR and corporate governance; doing well by doing good, socially responsible banking, ethics in corporate finance and financial markets, and greenwashing and greenhushing.

Prof. Dr. Sabri Boubaker
Prof. Dr. Pierre Chollet
Prof. Dr. Souad Lajili-Jarjir
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 papers will be 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 1000 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

  • Green finance
  • Sustainable finance
  • Ethical finance
  • Sustainable investing and sustainable funds
  • Impact investing
  • Active ownership
  • Corporate social responsibility
  • Environmental, social and governance (ESG) performance
  • ESG impact measures of portfolios
  • Green bonds, climate bonds and social bonds
  • Innovative financial instruments
  • Socially responsible investments
  • Microfinance

Published Papers (3 papers)

Order results
Result details
Select all
Export citation of selected articles as:

Research

Open AccessArticle
How Do Corporate Social Responsibility and Corporate Governance Affect Stock Price Crash Risk?
J. Risk Financial Manag. 2020, 13(2), 30; https://doi.org/10.3390/jrfm13020030 - 07 Feb 2020
Abstract
We investigate the impact of corporate social responsibility (CSR) and corporate governance on stock price crash risk in manufacturing sector of India and Pakistan. We collect data of nine years from 2010 to 2018 from DataStream of 353 manufacturing firms. We apply the [...] Read more.
We investigate the impact of corporate social responsibility (CSR) and corporate governance on stock price crash risk in manufacturing sector of India and Pakistan. We collect data of nine years from 2010 to 2018 from DataStream of 353 manufacturing firms. We apply the Generalized Method of Moments (GMM) to the analysis of the data. We find that when firms actively engage in CSR activities, they lead to reduced stock price crash risk. We further find that managerial ownership has a significant positive impact on stock price crash risk, while board size and CEO duality show a significant and negative impact on stock price crash risk. Full article
(This article belongs to the Special Issue Green and Sustainable Finance)
Open AccessArticle
Corporate Green Bond Issuances: An International Evidence
J. Risk Financial Manag. 2020, 13(2), 25; https://doi.org/10.3390/jrfm13020025 - 04 Feb 2020
Abstract
: Using an international sample of corporate Green bond issuances over the recent period, this paper highlights the potential consequences of the issuance of a Green bond on the issuer’s financial performance. Starting with a first sample of 2079 Green bond issuances of [...] Read more.
: Using an international sample of corporate Green bond issuances over the recent period, this paper highlights the potential consequences of the issuance of a Green bond on the issuer’s financial performance. Starting with a first sample of 2079 Green bond issuances of 190 unique issuers from 2009 to 2018, we investigate only corporate green bond issuances. Our final sample contains 475 green bonds issued by 145 unique firms. We find that the market reacts negatively to the announcement of green bond issuances. In particular, results show that the stock market reacts on the day of the green bond announcement date and the day after, and that the cumulative abnormal return is between −0.5% and −0.2%, depending on the asset pricing model (CAPM, the 3-factor Fama and French models, and the 4-factor Carhart models). This effect is mainly noticeable at the first Green Bond issuance and in developed markets. Our results provide evidence that the investors react in the same manner for Green bonds as for conventional or convertible bonds. This evidence suggests that green debt offerings convey unfavorable information about the issuing firms. Full article
(This article belongs to the Special Issue Green and Sustainable Finance)
Open AccessArticle
The Effects of Environmental Regulation on the Singapore Stock Market
J. Risk Financial Manag. 2019, 12(4), 175; https://doi.org/10.3390/jrfm12040175 - 24 Nov 2019
Abstract
This study examines the impact of environmental regulation on the Singapore stock market using the event study methodology. Several asset pricing models are used to estimate sectoral abnormal returns. Additionally, we estimate the change in systematic risk after the introduction of the carbon [...] Read more.
This study examines the impact of environmental regulation on the Singapore stock market using the event study methodology. Several asset pricing models are used to estimate sectoral abnormal returns. Additionally, we estimate the change in systematic risk after the introduction of the carbon tax and related regulation. We conduct various robustness tests, including the Corrado non-parametric ranking test, the Chesney non-parametric conditional distribution approach, a representation of market integration, and Fama–French five-factor model. We find evidence showing that the environmental regulations tend to achieve their desired effects in Singapore in which several big polluters (including industrial metals and mining, forestry and papers, and electrical equipment and services) were negatively affected by the announcements of environmental regulations and carbon tax. In addition, our results indicate that the electricity sector, one of the biggest polluters, was negatively affected by the announcement of environmental regulations and carbon tax. We also find that environmental regulations seem to boost the performance of environmentally-friendly sectors whereby we find the alternative energy industry (focusing on new renewable energy technologies) experienced a sizeable positive reaction following the announcements of these regulations. Full article
(This article belongs to the Special Issue Green and Sustainable Finance)
Show Figures

Figure 1

Back to TopTop