Search for Articles:
Title / Keyword
Author / Affiliation / Email
Journal
Article Type
 
 
Advanced Search
 
Section
Special Issue
Volume
Issue
Number
Page
 
5.0
Journals
JRFM
Special Issues
Sustainable Finance and ESG Investment
share announcement

Sustainable Finance and ESG Investment

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: 31 December 2025 | Viewed by 4215

Special Issue Editors

Prof. Dr. Yiuman Tse

E-Mail Website
Guest Editor
College of Business Administration, University of Missouri-St. Louis, One University of Blvd, St. Louis, MO 63121, USA
Interests: international financial markets and investments; market microstructure; time series analysis; futures and options; corporate finance; risk management
Special Issues, Collections and Topics in MDPI journals
Dr. Weiqiang Tan

E-Mail Website
Guest Editor
Department of Social Sciences, Education University of Hong Kong, 10 Lo Ping Road, Tai Po, Hong Kong, China
Interests: corporate finance; corporate governance; bank loan contracting; CSR and sustainable finance; China financial market; institutional investor behavior; household finance

Special Issue Information

Dear Colleagues,

Sustainable finance refers to financial services that take environmental, social, and governance (ESG) considerations into investment decisions to promote sustainable economic growth and long-term financial stability. Finance managers and investors are increasingly incorporating sustainability risks in their investment processes. Investors use ESG to evaluate a company’s long-term corporate sustainability and risk-return profile. Companies that have high ratings on environmental factors (e.g., climate change and resource use), social factors (e.g., inequality and inclusiveness), and governance (e.g., board and management diversity and execution remuneration) may have lower financial risks and higher longer-term financial stability.

This Special Issue encourages papers examining, but not limited to, the following topics:

  • The role of public policy in motivating investment in sustainability;
  • The relations between ESG scores and firm performance;
  • The complex relations between ESG issues and financial markets;
  • Metrics of ESG scores;
  • Investor and manager motivations for ESG investing;
  • Challenges and opportunities of ESG impacts through financial services;
  • Country cultural differences in ESG investment;
  • Shareholder activism on ESG issues;
  • Sustainable finance that considers the investment chain, asset classes, and different business expertise;
  • Fintech in sustainable finance;
  • Current government regulations and politics of sustainable finance and ESG.

This Special Issue publishes empirical and theoretical research articles that greatly impact Sustainable Finance and ESG.

Prof. Dr. Yiuman Tse
Dr. Weiqiang Tan
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 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

  • sustainable finance
  • ESG
  • investment in sustainability

Benefits of Publishing in a Special Issue

  • Ease of navigation: Grouping papers by topic helps scholars navigate broad scope journals more efficiently.
  • Greater discoverability: Special Issues support the reach and impact of scientific research. Articles in Special Issues are more discoverable and cited more frequently.
  • Expansion of research network: Special Issues facilitate connections among authors, fostering scientific collaborations.
  • External promotion: Articles in Special Issues are often promoted through the journal's social media, increasing their visibility.
  • Reprint: MDPI Books provides the opportunity to republish successful Special Issues in book format, both online and in print.

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

Published Papers (3 papers)

Download All Papers
Order results
Result details
Show export options expand_more Show export options expand_less
Select all
Export citation of selected articles as:

Research

16 pages, 933 KiB  
Article
Decoding ESG: Consumer Perceptions, Ethical Signals and Financial Outcomes
by Stacie F. Waites
J. Risk Financial Manag. 2025, 18(7), 361; https://doi.org/10.3390/jrfm18070361 - 1 Jul 2025
Viewed by 643
Abstract
This study investigates how consumers respond to firm communications emphasizing Environmental, Social and Governance (ESG) dimensions. Through experimental design, how consumers distinguish among ESG components and how each affects behavioral finance outcomes, including purchase intentions, willingness to buy and brand trust is assessed. [...] Read more.
This study investigates how consumers respond to firm communications emphasizing Environmental, Social and Governance (ESG) dimensions. Through experimental design, how consumers distinguish among ESG components and how each affects behavioral finance outcomes, including purchase intentions, willingness to buy and brand trust is assessed. Results confirm that consumers perceive the ESG dimensions as distinct from a non-ESG control message. However, the Social and Governance dimensions are perceived as closely related. Importantly, all three dimensions—Environmental, Social, and Governance—significantly improved behavioral outcomes, supporting the persuasive power of ESG messaging. Mediation analyses reveal that perceived ethicality drives these effects across all dimensions, while perceived authenticity plays a stronger mediating role for social messaging. These findings contribute to finance literature by illuminating the consumer-level mechanisms through which ESG communication influences firm value and offer strategic insights for both practitioners and investors seeking to leverage ESG as a market signal. Full article
(This article belongs to the Special Issue Sustainable Finance and ESG Investment)
►▼ Show Figures

Figure 1

22 pages, 3010 KiB  
Article
Carbon Intensity, Volatility Spillovers, and Market Connectedness in Hong Kong Stocks
by Eddie Y. M. Lam, Yiuman Tse and Joseph K. W. Fung
J. Risk Financial Manag. 2025, 18(7), 352; https://doi.org/10.3390/jrfm18070352 - 25 Jun 2025
Viewed by 803
Abstract
This paper examines the firm-level carbon intensity of 83 constituent stocks in the Hang Seng Index, constructs two distinct indexes from the 20 firms with the highest and lowest carbon intensities, and analyzes the connectedness of their annualized daily volatilities with four key [...] Read more.
This paper examines the firm-level carbon intensity of 83 constituent stocks in the Hang Seng Index, constructs two distinct indexes from the 20 firms with the highest and lowest carbon intensities, and analyzes the connectedness of their annualized daily volatilities with four key external factors over the past 15 years. Our findings reveal that low-carbon stocks—often represented by high-tech and financial firms—tend to exhibit higher volatility, reflecting their more dynamic business environments and greater sensitivity to changes in revenue and profitability. In contrast, high-carbon companies, such as those in the utilities and energy sectors, display more stable demand patterns and are generally less exposed to abrupt market shocks. We also find that oil price shocks result in greater volatility spillovers for low-carbon stocks. Among external influences, the U.S. stock market and Treasury yield exert the most significant spillover effects, while crude oil prices and the U.S. dollar–Chinese yuan exchange rate act as net volatility recipients. Full article
(This article belongs to the Special Issue Sustainable Finance and ESG Investment)
►▼ Show Figures

Figure 1

25 pages, 5249 KiB  
Article
The Impact of Public Environmental Concern on Corporate ESG Performance
by Tsun Se Cheong, Shuaiyi Liu, Ning Ma and Tingting Han
J. Risk Financial Manag. 2025, 18(2), 82; https://doi.org/10.3390/jrfm18020082 - 5 Feb 2025
Cited by 1 | Viewed by 2237
Abstract
Utilizing an advanced machine learning algorithm, particularly the Artificial Neural Network (ANN) framework, this study reveals a significant nonlinear and even cyclical relationship between public concern about environmental issues and the ESG performance of Chinese A-share listed companies, covering the period from 2004 [...] Read more.
Utilizing an advanced machine learning algorithm, particularly the Artificial Neural Network (ANN) framework, this study reveals a significant nonlinear and even cyclical relationship between public concern about environmental issues and the ESG performance of Chinese A-share listed companies, covering the period from 2004 to 2020. The findings highlight the effectiveness of the Self-Organizing Map (SOM)-ANN framework in elucidating the empirical relationship between these variables. We contend that robust public monitoring can enhance companies’ ESG initiatives, and we recommend that policymakers implement a series of measures to safeguard and promote public involvement in decision-making processes. Furthermore, our analysis of the combined effects of public concern and various performance metrics on firms’ ESG outcomes indicates that the diversity among firms is crucial for determining the most appropriate level of public participation in their sustainable development efforts. Therefore, managers and policymakers should focus on firm-specific attributes instead of adopting a “one-size-fits-all” approach to maximize the benefits of public engagement. Full article
(This article belongs to the Special Issue Sustainable Finance and ESG Investment)
►▼ Show Figures

Figure 1

Show export options expand_more Show export options expand_less
Select all
Export citation of selected articles as:
 
Displaying articles 1-3
Back to TopTop