Sustainable Finance and Capital Market

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: 1 December 2025 | Viewed by 839

Special Issue Editors


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Guest Editor
Faculty of Economics and Business, University of Rijeka, 51000 Rijeka, Croatia
Interests: sustainable finance; financial stability; regulation and supervision

E-Mail Website
Guest Editor
Faculty of Economics and Business, University of Rijeka, 51000 Rijeka, Croatia
Interests: financial management; economics; business

Special Issue Information

Dear Colleagues,

We are witnessing numerous environmental problems that face the modern world, and climate change is one of the greatest challenges. Due to the negative effects on the environment and society, as well as the systemic risks to the financial system, awareness of environmental protection and sustainable economic development in line with ESG criteria has become a global goal. The syntagma of sustainable development was formulated in 1968 by the economist Barbara Ward, and the need for its implementation was highlighted at the Earth Summit in Rio de Janeiro in 1992. This indicates the long-term actuality of the mentioned topic and the interest of scientists, governments, regulatory authorities, financial systems, investors, companies, and the general public. The financial markets have adapted to the sustainable development paradigm by issuing sustainable financial instruments since 2007, of which green bonds are the most common. Investment processes as financial instruments are aligned with ESG criteria, which are crucial for the realization of successful financial projects and the analysis of corporate performance.

This Special Issue aims to highlight the challenges facing financial markets in a dynamic contemporary environment. It emphasizes the importance and necessity of applying sustainable development, circular economy, socially responsible business, and ESG investing.

Dr. Stella Suljić Nikolaj
Dr. Bojana Olgić Draženović
Guest Editors

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Keywords

  • ESG
  • sustainable financial instruments
  • regulation
  • social responsibility

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Published Papers (1 paper)

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Research

14 pages, 1152 KB  
Article
Financial Swing for Well-Being: Jazz Economy and Modelling the Social Return of Sustainable Capital Markets
by Sonja Brlečić Valčić, Anita Peša and Dijana Čičin-Šain
J. Risk Financial Manag. 2025, 18(10), 568; https://doi.org/10.3390/jrfm18100568 - 7 Oct 2025
Viewed by 337
Abstract
This paper examines how shifts in sustainable capital markets influence societal well-being through the lens of a “Jazz Economy”, highlighting improvisation and adaptability in financial systems while grounding the analysis in empirical modelling. A panel of EUROSTAT indicators for 27 EU member states [...] Read more.
This paper examines how shifts in sustainable capital markets influence societal well-being through the lens of a “Jazz Economy”, highlighting improvisation and adaptability in financial systems while grounding the analysis in empirical modelling. A panel of EUROSTAT indicators for 27 EU member states (2019–2022) was analyzed, including green bond issuance, market capitalization, environmental taxation, social spending, life expectancy, and subjective life satisfaction. Hierarchical clustering grouped these indicators into coherent patterns of “financial swings”, which were then linked to a composite quality-of-life index through an Adaptive Neuro-Fuzzy Inference System (ANFIS), with results benchmarked against linear regression and random forests. The inclusion of time lags between fiscal, financial, and social indicators strengthens the causal interpretation of the results, moving beyond simple correlations. Findings show that higher public environmental protection spending combined with a strong net international investment position consistently predicts greater life satisfaction, whereas income and longevity alone do not guarantee improvements in subjective well-being, reflecting nonlinear interactions among fiscal, financial, and social variables. Robustness checks, including the exclusion of pandemic years, confirm the stability of outcomes. The study concludes that cohesive fiscal–financial strategies, integrating environmental policy and macro-financial resilience, are essential for enhancing quality of life and that sustainable finance can deliver tangible social benefits beyond metaphorical framing. Full article
(This article belongs to the Special Issue Sustainable Finance and Capital Market)
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