Sustainable Financing for Companies under COVID-19

Dear Colleagues,

COVID-19 has caused changes and blockages in economic activities, resulting in the hibernation of financial resources [1]. After an initial period of ordinary management of the "black swan" event, numerous institutions at various levels experimented with innovative financing instruments [2]. This occurred both at the supranational level with programs of an extraordinary nature [3] and at the national and local level through various initiatives, such as significant funding through the issuance of equity and bond instruments [4], crowdfunding [5], impact finance or even public interventions aimed at increasing bank credit [6]. These and other tools have been applied indiscriminately in multiple sectors and modalities, such as traditional finance and Islamic finance [7].

The discovery of new financial sources has only partially satisfied the actual financial need; for some, these resources merely represent the need for change and growth. COVID-19 has also led to a change in business models, which require further study in the face of new funding needs  [8,9]. However, the public and private financing processes have advantages and disadvantages in absorbing or generating resources, necessitating careful evaluations [10,11]. Some industrial sectors, more than others, require greater resources; numerous questions have arisen regarding the type and amount of funding obtained in each state for the survival or development of some sectors [8].

Considering the current challenges in sustainable finance and the ongoing pandemic, albeit the recent availability of health tools to control it, this Special Issue aims to contribute to the scholarly debate on financing during the COVID-19 period by presenting original research articles, case studies, reviews and critical perspectives for current and new applied approaches. Topics of interest include (not are limited to):

• New corporate finance tools in the COVID-19 era;
• The impact of funding on industrial sectors in each state;
• The role of impact finance during COVID-19;
• The role of Islamic finance during COVID-19;
• The new challenges in sustainable finance during COVID-19;
• The impact of financing on the business model;
• The establishment of new public and private financing schemes during the pandemic;
• The role of crowdfunding and waqf during COVID-19;
• The absorption or destruction of funding and resources during COVID-19.

References:

[1] Didier, T., Huneeus, F., Larrain, M., & Schmukler, S. L. (2021). Financing firms in hibernation during the COVID-19 pandemic. Journal of Financial Stability, 53, 100837.
[2] Romagosa, F. (2020). The COVID-19 crisis: Opportunities for sustainable and proximity tourism. Tourism Geographies, 22(3), 690-694.
[3] Nabuurs, G. J., Verweij, P., Van Eupen, M., Pérez-Soba, M., Pülzl, H., & Hendriks, K. (2019). Next-generation information to support a sustainable course for European forests. Nature Sustainability, 2(9), 815-818.
[4] Ciner, C. (2021). Stock return predictability in the time of COVID-19. Finance Research Letters, 38, 101705.
[5] Cumming, D. J., Martinez-Salgueiro, A., Reardon, R. S., & Sewaid, A. (2021). COVID-19 bust, policy response, and rebound: equity crowdfunding and P2P versus banks. The Journal of Technology Transfer, 1-22.
[6] Hamed, M. M. (2020). The role of Islamic social finance in mitigating humanitarian crises. European Journal of Islamic Finance, (16).
[7] Biancone, P., Secinaro, S., Calandra, D. and Chmet, F. (2022), "COVID-19 and Islamic Finance: A Practitioners' View and Financial Accounting Investigation", Hassan, M.K., Muneeza, A. and Sarea, A.M. (Ed.) Towards a Post-Covid Global Financial System, Emerald Publishing Limited, Bingley, pp. 51-69.
[8] Campra, M., Esposito, P., & Brescia, V. (2020). “State of the art of COVID-19 and business, management, and accounting sector. A bibliometrix analysis”. International Journal of Business and Management, 16(1), 2021.
[9] Biancone, P. P., Brescia, V., Lanzalonga, F., & Alam, G. M. (2022). “Using bibliometric analysis to map innovative business models for vertical farm entrepreneurs”. British Food Journal.
[10] Esposito, P.; Dicorato, S.L. Sustainable Development, Governance and Performance Measurement in Public Private Partnerships (PPPs): A Methodological Proposal. Sustainability 2020, 12, 5696.
[11] Esposito, P., Brescia, V., Fantauzzi, C., & Frondizi, R. (2021). Understanding social impact and value creation in hybrid organizations: The case of Italian civil service. Sustainability, 13(7), 4058.

Prof. Dr. Paolo Biancone
Dr. Valerio Brescia
Guest Editors

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