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Sustainability and Corporate Financial Environment
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Sustainability and Corporate Financial Environment

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (30 September 2018) | Viewed by 9949

Special Issue Editors

Dr. Yun Zhu

E-Mail Website
Guest Editor
The Peter J. Tobin College of Business, St. John's University, 8000 Utopia Parkway, Queens, NY 11439, USA
Interests: risk management; corporate social responsibility; socially responsible investment; accounting transparency; micro-financing and public finance management; sustainability in financial regulation and policy; emerging markets and human rights
Dr. Partha Gangopadhyay

E-Mail Website
Guest Editor
School of Business, Western Sydney University, Sydney, Australia
Interests: behavioural finance; corporate governance; banking; financial regulations

Special Issue Information

Dear Colleagues,

The idea of sustainability, originated from the concept of sustainable development in 1980s, attracts tremendous amount of attention in the recent years. It has thus become an important factor in economic development, policy making, democracy advancement, etc. In academia, a growing body of works in economics, finance and business ethics has been developed and dedicated to further the understanding of sustainability in the business environment. Meanwhile, the emergence of the literature brings out more questions to be answered. For example, at the macro level, to explore the policy and regulations that contribute to the democracy in accessing the capital, to the improvement of income equality, to human rights protection in emerging market, etc.; at micro level, to investigate a firm’s involvement in the corporate social responsibility projects, risk management practices that enhances firm value and ensure stable growth, the practices that foster accounting transparency and quality of financial reports, etc.

To promote the academic exploration of the contemporary issues related with sustainability, the International Journal of Financial Studies (IJFS) has devoted a Special Issue, “Sustainability and Corporate Financial Environment”, to bringing together significant research works in finance and business areas.  We seek strong papers from scholars in all fields of finance with sustainability related topics. The topics cover but are not restricted to: risk management, corporate social responsibility, socially responsible investment, accounting transparency, micro-financing and public finance management, sustainability in financial regulation and policy, emerging markets and human rights, Islamic Finance.

Dr. Yun Zhu
Prof. Partha Gangopadhyay
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. International Journal of Financial Studies is an international peer-reviewed open access quarterly 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 1800 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

  • Risk Management
  • Corporate Social Responsibility
  • Socially Responsible Investment
  • Accounting Transparency
  • Micro-Financing
  • Financial Regulation and Policy

Published Papers (3 papers)

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Research

20 pages, 637 KiB  
Article
Understanding Cash Sharing: A Sustainability Model
by Leire San-Jose, Ana Beraza and Jose Luis Retolaza
Int. J. Financial Stud. 2019, 7(1), 17; https://doi.org/10.3390/ijfs7010017 - 20 Mar 2019
Viewed by 3205
Abstract
Traditionally, corporate treasury management has been strategically based on the idea of advancing collections and delaying payments, which has been regulated through the intermediation of financial entities using, for example, credit accounts. New technologies applied to the financial field facilitate direct interaction between [...] Read more.
Traditionally, corporate treasury management has been strategically based on the idea of advancing collections and delaying payments, which has been regulated through the intermediation of financial entities using, for example, credit accounts. New technologies applied to the financial field facilitate direct interaction between companies and reduce the transaction costs, because they allow adjustment of the flows of needs, but high confidence is required. The current ease of access to credit does not promote the incorporation of new financial relationship systems, but the operation of these systems should be studied, since a future credit restriction, like that known in Europe at the end of the 2000s, could change the situation. The aim of this paper was to identify the factors involved in this relationship among companies and establish the main conditions for cash sharing between companies to achieve a successful financial function. The investigation is based on a Delphi analysis used to analyze the successful experiences of shared cash (Mondragon Corporation, Trocobuy, and Arboribus), the needed variables, and their context. Then, our model was created from that exploratory knowledge. Our model is called mutual cash holding and its relevance and reliability were contrasted using structural equations based on a questionnaire administered to financial managers of large- and medium-sized Spanish companies. The result generates knowledge that articulates a new collaborative tool that expands the possibilities for treasury management among companies. Full article
(This article belongs to the Special Issue Sustainability and Corporate Financial Environment)
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23 pages, 1332 KiB  
Article
Do Firm’s Organisational Slacks Influence the Relationship between Corporate Lobbying and Corporate Financial Performance? More Is Not Always Better
by Woon Leong Lin
Int. J. Financial Stud. 2019, 7(1), 2; https://doi.org/10.3390/ijfs7010002 - 28 Dec 2018
Cited by 4 | Viewed by 3407
Abstract
A political involvement in any organisation has often proved to be profitable for such firms that are seeking support and favourable regulatory conditions. Though many studies have investigated the effect of the corporate lobbying activities on the organisations, no clear results have been [...] Read more.
A political involvement in any organisation has often proved to be profitable for such firms that are seeking support and favourable regulatory conditions. Though many studies have investigated the effect of the corporate lobbying activities on the organisations, no clear results have been achieved. In this study, we have investigated the lobbying expenditure of some of the most famous United States (US)-based companies, which support the U.S. government during 2007–2016. Primarily, we tested the relationship between the corporate lobbying and the Corporate Financial Performance (CFP), with the help of a dynamic panel data analysis, which is based on the System Generalised Methods of the Moment (SYS-GMM). The results of this study indicated that the corporate lobbying did not increase the probability of gaining more support from the government in comparison to the firms that did not use any lobbying techniques. Furthermore, the findings showed that corporate lobbying is a component of the zero-sum political agenda that cannot be accurately evaluated and does not contribute towards the improvement of the CFP. This study introduced the important component of organisational slack and noted that the corporate lobbying could significantly destroy the CFP if the organisational slack was high. Full article
(This article belongs to the Special Issue Sustainability and Corporate Financial Environment)
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18 pages, 328 KiB  
Article
Corporate Social Responsibility and Rule 144A Debt Offerings: Empirical Evidence
by Wassim Dbouk, Dawei Jin, Haizhi Wang and Jianrong Wang
Int. J. Financial Stud. 2018, 6(4), 94; https://doi.org/10.3390/ijfs6040094 - 20 Nov 2018
Cited by 4 | Viewed by 2832
Abstract
Rule 144A allows a firm to issue securities without a public registration statement with the Securities and Exchange Commission, and only qualified institutional investors can purchase such securities. In this study, focusing on corporate bonds issued under Rule 144A, we empirically investigate the [...] Read more.
Rule 144A allows a firm to issue securities without a public registration statement with the Securities and Exchange Commission, and only qualified institutional investors can purchase such securities. In this study, focusing on corporate bonds issued under Rule 144A, we empirically investigate the relationship between the corporate social responsibility (CSR) of issuing firms and the bond yield spread at issuance. We document a significant and positive relation between CSR concerns, whereas CSR strengths seem to play an insignificant role in determining bond yield spread. Our main findings are robust to the instrumental variable approach and simultaneous equation estimation to address the potential endogeneity issues. We further explore the time-series changes in issuing firms’ CSR profiles, and report that institutional investors demand a higher bond yield spread when issuing firms’ exposure to higher social, environmental, and stakeholder concerns. Our analyses reveal that the main sources of such risk exposure are stakeholder conflict and concerns from primary stakeholder groups. Full article
(This article belongs to the Special Issue Sustainability and Corporate Financial Environment)
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