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New Challenges in Sustainable Finance
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New Challenges in Sustainable Finance

A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: closed (1 August 2022) | Viewed by 17086

Special Issue Editors

Dr. Agnieszka Bem

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Guest Editor
Department of Corporate and Public Finance, Wrocław University of Economics and Business, Wrocław, Poland
Interests: Health Economics; Corporate Finance; Public Finance
Dr. Paulina Ucieklak-Jeż

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Guest Editor
Faculty of Law and Economics, Jan Dlugosz University in Czestochowa, Czestochowa, Poland
Interests: Health Economics; Inequalities
Dr. Paweł Prędkiewicz

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Guest Editor
Department of Finance, Wrocław University of Economics and Business, Wrocław, Poland
Interests: Health Economics; Corporate Finance; Financial Markets
Dr. Rafał Siedlecki

E-Mail Website
Guest Editor
Department of Corporate and Public Finance, Wrocław University of Economics and Business, Wrocław, Poland
Interests: Corporate Finance

Special Issue Information

Dear colleagues,

Sustainable finance as an area of research is relatively new. This interest began after the 2008 economic crisis when criticism of the dominant liberal growth-oriented economic system arose. Previously, finance was a tool to support the implementation of the concept of maximizing profit, generating negative environmental and social externalities. The preceding economic model, derived from neoclassical economy, is turning towards a model supporting sustainable development, a green low-carbon economy, and adaptation to climate change. We are, therefore, witnessing a multilevel transformation of the economic, technological, and social systems towards a more environmentally sustainable and socially just model. We are moving towards a new resource-efficient economy based on technological and social innovation.

The guest editors invite researchers from academia, business, and other stakeholders to submit both theoretical and applied research papers in the area of sustainable finance. Preferable topics include, but are not limited to, the following:

  • financial aspects of environmental and social governance;
  • sustainable finance and law;
  • finance for climate change;
  • financial aspects of innovative technologies;
  • sustainable investments;
  • funds for sustainable projects;
  • financial markets in the context of sustainability;
  • sustainable insurance;
  • sustainable banking;
  • sustainable taxation;
  • social justice;
  • sustainable financing of public goods and services;
  • inequalities as a target of sustainable financing;
  • finance in sustainable healthcare systems—bridging health and finance perspectives;
  • sustainable financing of sin companies and population health;
  • tools and policy levers to meet fiscal sustainability challenges; and
  • coronavirus and sustainable financing.

Dr. Agnieszka Bem
Dr. Paulina Ucieklak-Jeż
Dr. Paweł Prędkiewicz
Dr. Rafał Siedlecki
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. 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

  • sustainable finance
  • sustainable insurance and banking
  • sustainable financial markets
  • sustainable investing
  • inequalities
  • sustainable taxation
  • sustainable public services
  • sin companies
  • sustainable healthcare system

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

Published Papers (3 papers)

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Research

21 pages, 337 KiB  
Article
The Relationship between ESG Scores and Firm-Specific Risk of Eurozone Banks
by Doga Izcan and Eralp Bektas
Sustainability 2022, 14(14), 8619; https://doi.org/10.3390/su14148619 - 14 Jul 2022
Cited by 14 | Viewed by 4173
Abstract
This paper investigates the relationship between corporate social responsibility and the idiosyncratic risk of Eurozone banks. Idiosyncratic risk represents firm-specific risks for banks, and the Carhart four-factor model is used for 31 Eurozone banks from 2002 to 2019 to determine the idiosyncratic risk. [...] Read more.
This paper investigates the relationship between corporate social responsibility and the idiosyncratic risk of Eurozone banks. Idiosyncratic risk represents firm-specific risks for banks, and the Carhart four-factor model is used for 31 Eurozone banks from 2002 to 2019 to determine the idiosyncratic risk. Thomson Reuters ESG scores are used to determine the ESG scores of these banks during the same period, and the effects of the environmental, social, and governance dimensions are investigated separately. The quantile regression method reveals a relationship between ESG and idiosyncratic risk over different risk levels. A significant negative relationship has been found between the overall ESG scores and the idiosyncratic risk of banks for medium- to high-risk levels. The effect becomes stronger as the riskiness of the banks increases. Similar to the overall ESG score, the governance and environmental dimensions have a negative impact on banks with medium- to high-risk levels. No significant relationship could be identified between the social dimension and the idiosyncratic risk of banks. Full article
(This article belongs to the Special Issue New Challenges in Sustainable Finance)
13 pages, 2445 KiB  
Article
Impact of Digital Inequality on the COVID-19 Pandemic: Evidence from European Union Countries
by Marta Borda, Natalia Grishchenko and Patrycja Kowalczyk-Rólczyńska
Sustainability 2022, 14(5), 2850; https://doi.org/10.3390/su14052850 - 1 Mar 2022
Cited by 8 | Viewed by 3863
Abstract
One of the consequences of the COVID-19 pandemic is the relationship between social distancing measures and increased use of the Internet, electronic services, and digital devices. How does digital inequality in the context of social distancing affect the COVID-19 pandemic? In this article, [...] Read more.
One of the consequences of the COVID-19 pandemic is the relationship between social distancing measures and increased use of the Internet, electronic services, and digital devices. How does digital inequality in the context of social distancing affect the COVID-19 pandemic? In this article, we assessed the impact of existing digital inequality as the cause of the changing number of cases of COVID-19 in the EU. We assessed the relationship between the increase in COVID-19 cases between the first and second waves in 2020 and the presence of digital inequality in Internet use and digital skills across sociodemographic factors: gender, age, education, generation, marital status, and place of residence. We applied the ordinary least squares method to data from the 2019 Eurobarometer survey, which reveals the digital maturity of EU citizens, and from the European Center for Disease Prevention and Control in 2020, which tracks COVID-19 cases. We found that the strongest relationship between the number of COVID-19 cases and digital inequality is related to Internet use rather than digital skills. The digital divide by age, between generations, and the geographic digital divide in Internet use show a strong positive relationship with the changing incidence of COVID-19 cases. The gender digital gap shows a negative relationship for both Internet use and digital skills, indicating the social role of women in households in the pandemic, caring for children and the elderly. A negative relation was also found in digital inequality by marital status for digital skills, which reflects preferences regarding living alone during the pandemic. These findings prove the importance of universal access to the Internet for older people and those living in rural areas. The results can contribute to policies aimed at reducing digital inequalities in the face of the ongoing COVID-19 pandemic. Full article
(This article belongs to the Special Issue New Challenges in Sustainable Finance)
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15 pages, 283 KiB  
Article
A Classification of Different Approaches to Green Finance and Green Monetary Policy
by Ewa Dziwok and Johannes Jäger
Sustainability 2021, 13(21), 11902; https://doi.org/10.3390/su132111902 - 28 Oct 2021
Cited by 18 | Viewed by 6978
Abstract
In recent years, green finance has emerged as a commonly used strategy for dealing with environmental problems. However, it still remains to be seen whether green finance deals effectively with current global environmental problems. More recently, proposals regarding greening monetary policy have emerged. [...] Read more.
In recent years, green finance has emerged as a commonly used strategy for dealing with environmental problems. However, it still remains to be seen whether green finance deals effectively with current global environmental problems. More recently, proposals regarding greening monetary policy have emerged. The goal of this paper is to provide a conceptual framework that helps to distinguish between different forms of green finance and monetary policy. We systematically analyse forms, tools and measures of green finance and monetary policy against different theoretical backgrounds. In so doing, we fill a research gap by providing an appropriate classification that is intended to facilitate future academic research. We provide different categories and distinguish, on an abstract level, between neoliberal, reformist and progressive forms of green finance. Furthermore, we provide sub-categories on a more concrete level of abstraction. With this, we focus on both financial market regulation and monetary policy strategies. Against the background of our categorisation, the different focuses on green finance and green monetary policy and the (often implicitly) underlying theoretical assumptions become transparent. The classification has significant implications for the evaluation of different perspectives and is, therefore, important for academic debate. The classification also potentially represents a basis for policy related discussions. We conclude that neoliberal forms of green finance and monetary policy that rely on the assumption of the effectiveness of markets for contributing to sustainability tend to neglect or abstract from potentially adverse distributional effects. Reformist forms of green finance and monetary policy are more skeptical of the effectiveness of market processes and, therefore, consider a greater role for government policies. In addition, reformist approaches are more concerned about the potentially adverse distributional effects of environmental policies. Finally, progressive green finance and monetary policy adopts a more global perspective on environmental issues and links the discussion intrinsically with questions of global inequality and socio-ecological transformation. Moreover, progressive approaches are skeptical of global capitalism at a systemic level and therefore demand global rules and financial and monetary regimes that allow for solutions of environmental problems based on global solidarity and a democratic economic governance. Full article
(This article belongs to the Special Issue New Challenges in Sustainable Finance)
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