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Harnessing Sustainability to Corporate Finance and Financial Institutions
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Harnessing Sustainability to Corporate Finance and Financial Institutions

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (31 December 2021) | Viewed by 41531

Special Issue Editor

Prof. Dr. Haizhi Wang

E-Mail Website
Guest Editor
Stuart School of Business, Illinois Institute of Technology, Chicago, IL 60661, USA
Interests: corporate finance; financial institutions and markets; entrepreneurial finance; corporate social responsibility;

Special Issue Information

Dear Colleagues,

This special issue will comprise papers covering a wide range of topics related to sustainability, corporate finance and financial institutions. Sustainability has three critical pillars: economic, environmental, and social, which highlight the importance of “meeting the needs of the present without compromising the ability of the future generations to meet their needs” (the World Commission on Environment and Development, 1987). Therefore, the main goal of this special issue is to uncover decision-makings integrating these critical pillars in the context of corporate finance and financial institutions.

Although voluminous studies have been conducted to shed light on sustainability and its integration with business operations and decisions, many issues remain unclear and necessitate further exploration. To this end, this special issue calls for papers to make contribution along this line. A series of suggestive but not exhaustive topics are listed as follows. This special issue welcomes papers investigating social issues (e.g., sustainability, corporate social responsibility) in corporate finance, entrepreneurial finance and financial institutions. Studies focusing on the antecedents and consequences of CSR activities in the context of corporate finance and financial institutions will surely advance our understanding of sustainability issues. Papers selected for this special issues also address the methodological issues including measuring ESG/CSR ratings and relating these scores to business operations and decisions.  

Prof. Dr. Haizhi Wang
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. Sustainability is an international peer-reviewed open access semimonthly 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 2400 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

  • Decision-makings on sustainability strategies
  • Sustainable grwoth and firm performance
  • Social issues
  • CSR and financail institutions
  • Antecedents and consequences of CSR activities
  • ESG/CSR ratings

Published Papers (15 papers)

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Research

18 pages, 812 KiB  
Article
Determinants of Financial Sustainability in Chinese Firms: A Quantile Regression Approach
by Li Zhao, Zhengqiao Liu, Thi Huong Giang Vuong, Huu Manh Nguyen, Florin Radu, Alina Iuliana Tăbîrcă and Yang-Che Wu
Sustainability 2022, 14(3), 1555; https://doi.org/10.3390/su14031555 - 28 Jan 2022
Cited by 9 | Viewed by 2996
Abstract
Our research investigates the connection between firm characteristics and leverage based on a sample of firms listed in the Chinese Stock Index 300. We aim to examine the sustainability of the financial structure of Chinese enterprises covering the period 2010–2019. We employ a [...] Read more.
Our research investigates the connection between firm characteristics and leverage based on a sample of firms listed in the Chinese Stock Index 300. We aim to examine the sustainability of the financial structure of Chinese enterprises covering the period 2010–2019. We employ a conditional quantile regression that discloses the behavior of regressions across the leverage distribution and compares its results for different leverage levels with those achieved by the linear regression model. The results confirm the effects of the determinants of capital structure change since the quantile of leverage varies. We find that both the trade-off theory (TOT) and the pecking order theory (POT) confirm the validity of Chinese firms’ financing decisions at different quantiles of leverage. Specifically, the empirical results support the POT more over the TOT at higher levels of the quantile. Furthermore, the relationship between firm size and leverage strongly switches to support the POT at the highest quantile. All empirical results are obtained from quantile regression, consistent with the prediction for an increase in asymmetric information of the POT when Chinese firms employ more debt in their capital structure. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
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16 pages, 283 KiB  
Article
Corporate Social Responsibility and Bond Price at Issuances: U.S. Evidence
by Hong Zhao, Wei Du, Hao Shen and Xinting Zhen
Sustainability 2021, 13(23), 13123; https://doi.org/10.3390/su132313123 - 26 Nov 2021
Cited by 4 | Viewed by 1838
Abstract
Bondholders are arm’s-length lenders with limited insider information. In this paper, we explore whether corporate social responsibility (CSR) activities could work as an information channel for bondholders to better understand the riskiness of bond-issuing firms. We find a significant negative relation between CSR [...] Read more.
Bondholders are arm’s-length lenders with limited insider information. In this paper, we explore whether corporate social responsibility (CSR) activities could work as an information channel for bondholders to better understand the riskiness of bond-issuing firms. We find a significant negative relation between CSR scores and corporate bond yield spread, especially for firms which invest heavily in diversity and community relations, suggesting that CSR firms are less risky. The result is robust to different model specifications and endogeneity issues. In addition, the negative relation between the CSR score and bond yield spread is significant only if a firm has a strong internal governance mechanism. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
16 pages, 301 KiB  
Article
Corporate Social Responsibility and Firm Liquidity Risk: U.S. Evidence
by Hong Zhao, Zixuan Jiao, Jianrong Wang and Amina Kamar
Sustainability 2021, 13(22), 12894; https://doi.org/10.3390/su132212894 - 22 Nov 2021
Cited by 2 | Viewed by 2276
Abstract
In this study, we empirically investigate whether and to what extent corporate social responsibility (CSR) may affect firm liquidity risk. We define liquidity risk as the covariance between market-wide liquidity shocks and individual firms’ stock returns and employ two methods to estimate firm [...] Read more.
In this study, we empirically investigate whether and to what extent corporate social responsibility (CSR) may affect firm liquidity risk. We define liquidity risk as the covariance between market-wide liquidity shocks and individual firms’ stock returns and employ two methods to estimate firm liquidity risk. We find a negative association between CSR and firm liquidity risk after controlling for various firm characteristics, i.e., year and industry fixed effects. Our results are robust to possible endogeneity issues when we adopt two-stage lease square estimator and dynamic GMM estimator. In addition, we document that the negative relation between CSR and firm liquidity risk is more pronounced when firms have higher reliance on external financing. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
20 pages, 483 KiB  
Article
How Does Digital Finance Affect Carbon Emissions? Evidence from an Emerging Market
by Hui Zhao, Yaru Yang, Ning Li, Desheng Liu and Hui Li
Sustainability 2021, 13(21), 12303; https://doi.org/10.3390/su132112303 - 08 Nov 2021
Cited by 57 | Viewed by 4846
Abstract
The existing literature finds that finance has a significant impact on carbon emissions, but there is a lack of theoretical explanation on whether and how digital finance, an important new financial form, affects carbon emissions. This paper uses balanced panel data at the [...] Read more.
The existing literature finds that finance has a significant impact on carbon emissions, but there is a lack of theoretical explanation on whether and how digital finance, an important new financial form, affects carbon emissions. This paper uses balanced panel data at the provincial level in China from 2011 to 2018 as a sample to empirically test the relationship between digital finance and carbon emissions and introduces three exogenous events to test the impact of policy shocks. The results show that digital finance has a significant inhibitory effect on carbon emissions; the implementation of the policies of ‘G20 High-Level Principles for Digital Financial Inclusion’, ‘Environmental Protection Tax Law of the People’s Republic of China’, and ‘Interim measures for the management of greenhouse gas voluntary emission reduction’ strengthens the suppression of carbon emissions by digital finance, and the robustness test also supports the protection of digital finance. The research conclusions of this article provide theoretical evidence for understanding the relationship between digital finance and other new financial formats and carbon emissions and provide an empirical basis for policy-makers to promote the development of digital finance to reduce carbon emissions. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
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20 pages, 1940 KiB  
Article
Corporate Social Responsibility Development and Climate Change: Regional Evidence of China
by Shouhao Li, Weiquan Cheng, Jingjing Li and Hao Shen
Sustainability 2021, 13(21), 11859; https://doi.org/10.3390/su132111859 - 27 Oct 2021
Cited by 5 | Viewed by 5111
Abstract
This study analyzed Chinese companies’ behavior regarding corporate social responsibility (CSR) disclosure, and its impact on national and regional climate change measured by carbon emissions. CSR disclosure, supported by existing theories, is considered a powerful tool to curb climate change issues. We combined [...] Read more.
This study analyzed Chinese companies’ behavior regarding corporate social responsibility (CSR) disclosure, and its impact on national and regional climate change measured by carbon emissions. CSR disclosure, supported by existing theories, is considered a powerful tool to curb climate change issues. We combined data of companies’ publicly traded annual financial reports and CSR reports from the China Stock Market and Accounting Research (CSMAR) database and provincial macroeconomic statistics from the Chinese National Bureau of Statistics to run panel regressions. The results verify the following: (a) China is in a relatively early stage of CSR development, and Chinese firms’ internal incentives to adopt CSR projects are low since none of the internal factors researched contribute to CSR disclosure. (b) External factors work slightly better for CSR practices, but at the same time, the CSR regulations still need further improvement. (c) The current CSR disclosure practices do not have a clear impact on carbon emission reduction, contrary to some predictions that CSR could help reduce carbon emissions. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
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13 pages, 1965 KiB  
Article
Inclusive Green Growth and Regional Disparities: Evidence from China
by Zhangsheng Liu, Ruixin Li, Xiaotian Tina Zhang, Yinjie Shen, Liuqingqing Yang and Xiaolu Zhang
Sustainability 2021, 13(21), 11651; https://doi.org/10.3390/su132111651 - 21 Oct 2021
Cited by 12 | Viewed by 1978
Abstract
It is determined that inclusive green growth comprises processes of economic development and inclusiveness as a system of inclusions, taking into account the anthropogenic burden on the ecosystem, as well as the relational nature of socio-economic transformations. This article is an evaluation of [...] Read more.
It is determined that inclusive green growth comprises processes of economic development and inclusiveness as a system of inclusions, taking into account the anthropogenic burden on the ecosystem, as well as the relational nature of socio-economic transformations. This article is an evaluation of this issue in the context of a contemporary Chinese society beset by regional inequalities that uses the Yangtze River basin as a case study. An index system has been constructed for inclusive green growth measurement, and kernel density and the Dagum Gini coefficient are used to analyze and describe characteristics regarding the distribution and spatial disparities within and between city clusters. The article then concludes that all city clusters are developing towards an inclusive green economy. There are still significant inequalities in inclusive growth among city clusters. Most city clusters are converging so slow that it will take a long time for weaker cites to catch up with stronger cites. City clusters also suffer major inner imbalances and gaps are widening. This paper argues that the profession needs to be more proactive in promoting strategic and targeted policies within such an unequal growth context. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
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17 pages, 296 KiB  
Article
Innovation Vouchers and the Sustainable Growth of High-Tech SMEs: Evidence from China
by Di Tian, Xiaohan Guo and Peng Wang
Sustainability 2021, 13(20), 11176; https://doi.org/10.3390/su132011176 - 10 Oct 2021
Cited by 4 | Viewed by 2338
Abstract
Innovation has become an essential source of sustainable growth for most firms, especially small- and medium-sized enterprises (SMEs). Governments around the world widely implement innovation vouchers to promote innovation in SMEs. This study empirically explores the effects of innovation vouchers in stimulating patentable [...] Read more.
Innovation has become an essential source of sustainable growth for most firms, especially small- and medium-sized enterprises (SMEs). Governments around the world widely implement innovation vouchers to promote innovation in SMEs. This study empirically explores the effects of innovation vouchers in stimulating patentable innovation and ultimately enhancing firms’ financial performance. Using a panel of 1274 listed SMEs from the Small and Medium Enterprise Board (SMEB) and the Growth Enterprise Board (GEB), we find that innovation vouchers lead firms to utilize knowledge-intensive services and significantly increase their financial performance. We further document that patentable innovations mediate the relationship between innovation vouchers and firms’ financial performance. We report that the effects of innovation vouchers on financial performance are more prominent for SMEs with limited external informational resources. We believe that our study yields novel evidence and sheds further light on the important policy implications of innovation vouchers to facilitate the sustainable growth of SMEs. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
14 pages, 292 KiB  
Article
Access to Digital Financial Services and Green Technology Advances: Regional Evidence from China
by Zhangsheng Liu, Xiaolu Zhang, Liuqingqing Yang and Yinjie Shen
Sustainability 2021, 13(9), 4927; https://doi.org/10.3390/su13094927 - 28 Apr 2021
Cited by 15 | Viewed by 1867
Abstract
Using data of 265 Chinese cities from 2010 to 2017, we studied the impact of access to digital financial services on green technology advances in the context of regional competition. We found that access to digital financial services significantly promotes green technology advances [...] Read more.
Using data of 265 Chinese cities from 2010 to 2017, we studied the impact of access to digital financial services on green technology advances in the context of regional competition. We found that access to digital financial services significantly promotes green technology advances within the region but inhibits those in other regions. We also found that modest regional competition can promote green technology advances, whereas excessive competition impairs the positive relationship between access to digital financial services and green technology advances. We identified a significantly positive spatial spillover effect for green technology advances. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
18 pages, 299 KiB  
Article
Social Trust and Green Technology Innovation: Evidence from Listed Firms in China
by Yaru Yang, Desheng Liu, Luxiu Zhang and Yingkai Yin
Sustainability 2021, 13(9), 4828; https://doi.org/10.3390/su13094828 - 25 Apr 2021
Cited by 11 | Viewed by 2503
Abstract
Green Technology innovation intends to enable the advancement of technologies toward the goals of human health, natural resource sustainability and social equity. Green technology innovation has become an important driving force for the sustainable growth of the global economy. In this study, building [...] Read more.
Green Technology innovation intends to enable the advancement of technologies toward the goals of human health, natural resource sustainability and social equity. Green technology innovation has become an important driving force for the sustainable growth of the global economy. In this study, building upon the theories on informal institutions, we empirically investigate the effects of social trust on green technology innovation. Using a sample of companies listed in A-share markets in China from 2012 to 2017, we find that social trust has a significant positive impact on the performance of green technology innovation. We employ an instrumental variable approach through two-stage-least square estimator, and report consistent results. Further heterogeneity analysis finds that with higher levels of policy uncertainty and lower levels of intellectual property rights protection, the effect of social trust on firms’ green technology innovation is more significant. Further, the effect of social trust on firms’ green technology of non-SOEs innovation is larger than SOEs. In addition, the positive effect of social trust on green technology innovation in firms is an effective supplement for formal systems to promote green technology innovation in said firms, which provides a new theoretical reference for promoting firms’ green technology innovation and achieving high-quality development. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
24 pages, 3502 KiB  
Article
The Impact of Marketization on Sustainable Economic Growth—Evidence from West China
by Tingying Chen, Haitian Lu, Rong Chen and Lina Wu
Sustainability 2021, 13(7), 3745; https://doi.org/10.3390/su13073745 - 27 Mar 2021
Cited by 12 | Viewed by 2793
Abstract
In this paper, we aim to study the relation between the marketization level in the western region of China and its economic development, and to provide policy guidance for the economic development of underdeveloped regions. Mixed methods data analysis was conducted using panel [...] Read more.
In this paper, we aim to study the relation between the marketization level in the western region of China and its economic development, and to provide policy guidance for the economic development of underdeveloped regions. Mixed methods data analysis was conducted using panel data from 82 prefecture-level cities in west China from 2003 to 2017. The overall regression results show that the level of marketization has a significant role in promoting economic growth. At the same time, regional heterogeneity analyses show that the sub-indicators of marketization have different degrees of influence on economic growth in the southwest and northwest of China, whereas the overall level indicator plays a significant role in both regions. In addition, the threshold panel model was used to test whether the influence of marketization on economic growth in the western region had interval characteristics. Through the self-sampling method, it was found that there are double thresholds. In terms of the gradual progress of the marketization level range, it shows a trend of first increasing, then decreasing and then increasing again. The results show that the level of marketization in west China has significantly promoted the economic development of the western region. Additionally, the impact of marketization on economic development in relatively backward regions is gradually increasing and surpassing that of relatively developed regions. Underdeveloped areas in west China can stimulate their advantages by continuously promoting the construction of marketization and improving the level of economic organization, so as to gradually narrow the development gap between regions. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
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21 pages, 305 KiB  
Article
The Value of CSR in Acquisitions: Evidence from China
by Kun Li, Chaohua He, Wassim Dbouk and Ke Zhao
Sustainability 2021, 13(7), 3721; https://doi.org/10.3390/su13073721 - 26 Mar 2021
Cited by 5 | Viewed by 2961
Abstract
In this paper, we aim to test whether and how corporate social responsibility (CSR) is valued in merger and acquisition (M&A) transactions. Employing multiple regression and logistic regression methods to examine the CSR in China’s domestic M&A market from 2007 to 2018, we [...] Read more.
In this paper, we aim to test whether and how corporate social responsibility (CSR) is valued in merger and acquisition (M&A) transactions. Employing multiple regression and logistic regression methods to examine the CSR in China’s domestic M&A market from 2007 to 2018, we reveal the following: (i) acquisition targets with higher social performance can attain higher acquisition valuation, especially when the acquirers are also socially responsible; (ii) high-CSR acquirers are inclined to choose equity payments, while high-CSR acquisition targets prefer to be paid in cash; (iii) high CSR performance boosts M&A success rate. The findings are robust, due to adopting two-stage least squares method to tackle endogeneity, substituting variable measures and data sources, and winsorizing variables at high levels to eliminate outliers. The value of CSR in M&As possibly results from the role of CSR in reducing information frictions, agency concerns, and corporate risks and is primarily associated with activities which are friendly to suppliers, customers, shareholders, public welfare, and natural environment, as well as being higher in developed regions and irrelevant to corporate ownership and nature. The study is of vital significance to the valuation and decision making in M&A deals. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
14 pages, 267 KiB  
Article
Executive Gender and Firm Environmental Management: Evidence from CFO Transitions
by Bo Wang, Zehui Wang, Jun Wen and Xiaotian Tina Zhang
Sustainability 2021, 13(7), 3653; https://doi.org/10.3390/su13073653 - 25 Mar 2021
Cited by 8 | Viewed by 2228
Abstract
We investigate whether female executives influence corporate environmental management (green management). Based on a difference-in-difference approach, our study provides evidence that female CFOs conduct more environmentally responsible activities, and the effects are more prominent when firms are of high risks. Female CFOs are [...] Read more.
We investigate whether female executives influence corporate environmental management (green management). Based on a difference-in-difference approach, our study provides evidence that female CFOs conduct more environmentally responsible activities, and the effects are more prominent when firms are of high risks. Female CFOs are more likely to involve in environmental management voluntarily. Further, environmental management improves firm performance such as debt cost saving. This research advances the gender diversity literature and suggests that female executives play an important role in corporate decisions and firm performance. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
27 pages, 352 KiB  
Article
Do Affiliated Bankers on Board Enhance Corporate Social Responsibility? US Evidence
by Iftekhar Hasan, Hui Li, Haizhi Wang and Yun Zhu
Sustainability 2021, 13(6), 3250; https://doi.org/10.3390/su13063250 - 16 Mar 2021
Cited by 5 | Viewed by 1976
Abstract
In this study, we examine whether and to what extent affiliated bankers on board may affect firms’ corporate social performance. Using a propensity score-matched sample from 2002 to 2016, we find that board directors from affiliated banks exert significantly positive influence on firms’ [...] Read more.
In this study, we examine whether and to what extent affiliated bankers on board may affect firms’ corporate social performance. Using a propensity score-matched sample from 2002 to 2016, we find that board directors from affiliated banks exert significantly positive influence on firms’ corporate social performance. Furthermore, board of directors from affiliated banks are negatively associated with firm investments in corporate social responsibility (CSR) activities when firms experience financial distress. Finally, we find that the effect of affiliated bankers on board on firms’ CSR performance depends on the affiliated banks’ CSR orientation, as affiliated banker directors from banks with higher CSR orientation have a stronger influence on firms’ investments in CSR activities. The results suggest that improving firm’s CSR performance is consistent with the affiliated banks’ interests. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
22 pages, 700 KiB  
Article
Business Friendliness: A Double-Edged Sword
by Mengyin Li, Phillip H. Phan and Xian Sun
Sustainability 2021, 13(4), 1819; https://doi.org/10.3390/su13041819 - 08 Feb 2021
Cited by 1 | Viewed by 2062
Abstract
In this paper, we test the hypothesis that business-friendly local-government policies combined with weak legal institutions lead to lower economic welfare in the form of greater fraud activity. Using data of almost 3000 failed peer-to-peer (P2P) lending platforms in China, labeled as “runaways”, [...] Read more.
In this paper, we test the hypothesis that business-friendly local-government policies combined with weak legal institutions lead to lower economic welfare in the form of greater fraud activity. Using data of almost 3000 failed peer-to-peer (P2P) lending platforms in China, labeled as “runaways”, we find that they are more prevalent in provinces with business-friendly policies with weak law-enforcement regimes. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
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22 pages, 372 KiB  
Article
Employment Protection and Banking Power: Evidence from Adoption of Wrongful Discharge Laws
by Desheng Yin and Xinting Zhen
Sustainability 2021, 13(4), 1635; https://doi.org/10.3390/su13041635 - 03 Feb 2021
Viewed by 2045
Abstract
Human capital and labor costs are crucial for the sustainable growth of organizations, and take a vital role in affecting bank efficiency and banking power. This research empirically investigates whether labor employment protection affects banking power. The analysis exploits the staggered adoption of [...] Read more.
Human capital and labor costs are crucial for the sustainable growth of organizations, and take a vital role in affecting bank efficiency and banking power. This research empirically investigates whether labor employment protection affects banking power. The analysis exploits the staggered adoption of Wrongful Discharge Laws (WDLs) as a quasi-exogenous shock to employment protection. A Difference-In-Difference research design is implemented to study the impacts of WDLs on banking power, and the main results show that there exists a decline of banking power for commercial banks headquartered in states that adopt employment protection. This study further tests the main mechanism through which WDLs affect banking power and finds that the impaired banking power is primarily due to cost inefficiency but not profit inefficiency. Moreover, the adoption of wrongful discharge laws increases commercial banks’ labor costs and induces bank risk-taking. Full article
(This article belongs to the Special Issue Harnessing Sustainability to Corporate Finance and Financial Institutions)
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