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Journal of Risk and Financial Management

Journal of Risk and Financial Management is an international, peer-reviewed, open access journal on risk and financial management, published monthly online by MDPI.

Open Access— free for readers, with article processing charges (APC) paid by authors or their institutions.
High Visibility: indexed within Scopus, EconBiz, EconLit, RePEc, and other databases.
Journal Rank: CiteScore - Q1 (Business, Management and Accounting (miscellaneous))
Rapid Publication: manuscripts are peer-reviewed and a first decision is provided to authors approximately 20.5 days after submission; acceptance to publication is undertaken in 4.6 days (median values for papers published in this journal in the first half of 2025).
Recognition of Reviewers: reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in any MDPI journal, in appreciation of the work done.

Imprint Information Journal Flyer Open Access ISSN: 1911-8074

Latest Articles

31 pages, 367 KB

Open AccessArticle

The Role of Artificial Intelligence in Enhancing ESG Outcomes: Insights from Saudi Arabia

by Amina Hamdouni

J. Risk Financial Manag. 2025, 18(10), 572; https://doi.org/10.3390/jrfm18100572 - 8 Oct 2025

This study investigates the relationship between artificial intelligence (AI) adoption and environmental, social, and governance (ESG) performance among 100 listed Saudi Arabian firms over the period 2015–2024. Drawing on panel data regression techniques, including fixed effects models with Driscoll–Kraay standard errors, pooled OLS [...] Read more.

This study investigates the relationship between artificial intelligence (AI) adoption and environmental, social, and governance (ESG) performance among 100 listed Saudi Arabian firms over the period 2015–2024. Drawing on panel data regression techniques, including fixed effects models with Driscoll–Kraay standard errors, pooled OLS with industry and year controls, and dynamic panel estimations using system GMM, the analysis reveals a significant and positive association between AI implementation and overall ESG scores. Disaggregated analysis shows that AI adoption is particularly associated with improvements in the environmental and social dimensions, with a more moderate relationship to governance practices. To address potential issues of cross-sectional dependence and heterogeneity, the study applies the Common Correlated Effects Mean Group (CCEMG) and Mean Group (MG) estimators as robustness checks, which confirm the consistency of the main findings. In addition, the Dumitrescu–Hurlin panel Granger causality test indicates that AI adoption Granger-causes ESG performance—especially in the environmental and social dimensions—while no reverse causality is observed. The results suggest that AI technologies are positively linked to firms’ sustainability strategies and performance, supporting the integration of digital transformation into national and corporate ESG agendas, particularly in emerging markets like Saudi Arabia. Full article

(This article belongs to the Special Issue Artificial Intelligence and Machine Learning in Transforming Business and Finance Across Different Sectors)

20 pages, 311 KB

Open AccessArticle

ESG Compliance in Greek Real Estate: Current Gaps and Future Directions

by Kornilios Vezyroglou and Fotios Siokis

J. Risk Financial Manag. 2025, 18(10), 571; https://doi.org/10.3390/jrfm18100571 - 8 Oct 2025

This study analyzes the ESG (Environmental, Social, and Governance) reporting practices of Greek Real Estate Investment Companies (REICs). Our findings reveal significant variation in compliance levels. This can be attributed to loose regulations, combined with a lack of self-commitment. Environmental performance is the [...] Read more.

This study analyzes the ESG (Environmental, Social, and Governance) reporting practices of Greek Real Estate Investment Companies (REICs). Our findings reveal significant variation in compliance levels. This can be attributed to loose regulations, combined with a lack of self-commitment. Environmental performance is the least reported ESG pillar. We further explore the quality of Greek REICs’ ESG reporting. The results indicate that reporting per se does not necessarily ensure adherence to globally acknowledged reporting principles. Our work highlights that Greek REICs should be either motivated or enforced by law to align their ESG practices with broader market trends and regulatory developments. At the same time, our study is a call to policymakers for clear ESG guidelines. Despite the plethora of legislation and principles, the elephant in the room remains: many firms continue to do less than needed, or even the bare minimum, just because they can. Full article

(This article belongs to the Section Sustainability and Finance)

29 pages, 1631 KB

Open AccessArticle

Bitcoin Supply, Demand, and Price Dynamics

by Murray A. Rudd and Dennis Porter

J. Risk Financial Manag. 2025, 18(10), 570; https://doi.org/10.3390/jrfm18100570 - 8 Oct 2025

We refine a bottom-up, quantity-clearing framework of Bitcoin price formation that couples its fixed 21-million-coin cap with plausible demand growth and execution behavior. This approach relies on first-principles economic supply-and-demand dynamics rather than assumptions about anticipated Bitcoin price appreciation, its price history, or [...] Read more.

We refine a bottom-up, quantity-clearing framework of Bitcoin price formation that couples its fixed 21-million-coin cap with plausible demand growth and execution behavior. This approach relies on first-principles economic supply-and-demand dynamics rather than assumptions about anticipated Bitcoin price appreciation, its price history, or its potential effectiveness in demonetizing other asset classes. We considered five key high-level factors that may affect price determination: level of market demand; intertemporal investment preferences; fiat-denominated withdrawal sensitivity; initial liquid supply; and daily withdrawal levels from liquid supply. With a goal of both increasing understanding of the impacts of price drivers and developing probabilistic forecasts, we show two models: (1) a baseline to assess the impacts of parameter changes, alone and in combination, on Bitcoin price trajectories and liquid supply over time and (2) a Monte Carlo simulation that incorporates uncertainty across a range of uncertain parameterizations and presents probabilistic price and liquid supply forecasts to 2036. Our baseline model highlighted the importance of liquid supply and withdrawal sensitivity in price impacts. The Monte Carlo simulation results suggest a 50% likelihood that Bitcoin price will exceed USD 5.17 M by April 2036. Generally, prices from the low single millions to the low tens of millions per Bitcoin by 2036 emerge under broad parameter sets; hyperbolic paths to higher price levels are relatively rare and concentrate when liquid supply falls near or below BTC 2 M and withdrawal sensitivity is low. Our results help locate where right-tail risk and disorderly market outcomes concentrate and suggest that policy tools are available to help guide trajectories. Full article

(This article belongs to the Section Financial Technology and Innovation)

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17 pages, 402 KB

Open AccessArticle

From Toxic to Transparent: The Effect of Greenpeace’s Detox Campaign on Market Volatility

by Antonios Sarantidis, Vasileios Bougioukos, Fotios Mitropoulos and Konstantinos Kollias

J. Risk Financial Manag. 2025, 18(10), 569; https://doi.org/10.3390/jrfm18100569 - 7 Oct 2025

In the contemporary structure of political economy, one of the leading actors is Non-Governmental Organisations (NGOs). Some of these organisations, to promote their goals, often engage in public disputes with enterprises that have publicly traded shares on the stock market. Consequently, they serve [...] Read more.

In the contemporary structure of political economy, one of the leading actors is Non-Governmental Organisations (NGOs). Some of these organisations, to promote their goals, often engage in public disputes with enterprises that have publicly traded shares on the stock market. Consequently, they serve as channels for negative information relevant to these enterprises that falls within their discourse. In this paper, we examine the impact on the share price volatility of these enterprises due to the public debate initiated by an NGO aiming to change the enterprise’s behaviour on a particular matter (e.g., using more eco-friendly materials). Data from Greenpeace’s Detox Campaign are used to examine its influence on several enterprises. Using GARCH, OLS, and Difference-in-Differences models, we find that volatility increased significantly during the campaign for firms like Burberry (13.71%), Adidas (5.40%), and VFC Group (3.96%). After companies complied, volatility declined, notably in Burberry (−16.84%), Marks & Spencer (−3.24%), and VFC Group (−4.88%). These results highlight how NGO activism can heighten investor uncertainty in the short term but stabilise markets once companies respond, offering key insights for policymakers on the financial impact of civil Society’s engagement. Full article

(This article belongs to the Special Issue AI and Sustainable Growth in Economics and Finance: Global Trends and Challenges)

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14 pages, 1152 KB

Open AccessArticle

Financial Swing for Well-Being: Jazz Economy and Modelling the Social Return of Sustainable Capital Markets

by Sonja Brlečić Valčić, Anita Peša and Dijana Čičin-Šain

J. Risk Financial Manag. 2025, 18(10), 568; https://doi.org/10.3390/jrfm18100568 - 7 Oct 2025

This paper examines how shifts in sustainable capital markets influence societal well-being through the lens of a “Jazz Economy”, highlighting improvisation and adaptability in financial systems while grounding the analysis in empirical modelling. A panel of EUROSTAT indicators for 27 EU member states [...] Read more.

This paper examines how shifts in sustainable capital markets influence societal well-being through the lens of a “Jazz Economy”, highlighting improvisation and adaptability in financial systems while grounding the analysis in empirical modelling. A panel of EUROSTAT indicators for 27 EU member states (2019–2022) was analyzed, including green bond issuance, market capitalization, environmental taxation, social spending, life expectancy, and subjective life satisfaction. Hierarchical clustering grouped these indicators into coherent patterns of “financial swings”, which were then linked to a composite quality-of-life index through an Adaptive Neuro-Fuzzy Inference System (ANFIS), with results benchmarked against linear regression and random forests. The inclusion of time lags between fiscal, financial, and social indicators strengthens the causal interpretation of the results, moving beyond simple correlations. Findings show that higher public environmental protection spending combined with a strong net international investment position consistently predicts greater life satisfaction, whereas income and longevity alone do not guarantee improvements in subjective well-being, reflecting nonlinear interactions among fiscal, financial, and social variables. Robustness checks, including the exclusion of pandemic years, confirm the stability of outcomes. The study concludes that cohesive fiscal–financial strategies, integrating environmental policy and macro-financial resilience, are essential for enhancing quality of life and that sustainable finance can deliver tangible social benefits beyond metaphorical framing. Full article

(This article belongs to the Special Issue Sustainable Finance and Capital Market)

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32 pages, 990 KB

Open AccessArticle

Explaining the Determinants of International Financial Reporting Standard (IFRS) Disclosure: Evidence from Latin American Countries

by Rosa Isabel González Muñoz, Yeny Esperanza Rodríguez and Stella Maldonado

J. Risk Financial Manag. 2025, 18(10), 567; https://doi.org/10.3390/jrfm18100567 - 7 Oct 2025

This study investigates the firm- and country-level determinants that influence the extent of financial disclosure under International Financial Reporting Standards (IFRS) in selected Latin American Organisation for Economic Co-operation and Development (OECD) members or countries in the accession process in the period under [...] Read more.

This study investigates the firm- and country-level determinants that influence the extent of financial disclosure under International Financial Reporting Standards (IFRS) in selected Latin American Organisation for Economic Co-operation and Development (OECD) members or countries in the accession process in the period under analysis. Using a sample of 168 publicly listed companies from Argentina, Chile, Colombia, Mexico, and Peru, we construct a self-developed disclosure index based on compliance with International Accounting Standards IAS 16 (Property, Plant and Equipment) and IAS 2 (Inventories). These standards were selected due to their relevance across a broad range of sectors in emerging markets. Drawing on agency theory, stakeholder theory, institutional theory, signaling theory, and legitimacy theory, we examine how internal firm characteristics, macroeconomic performance, and institutional quality impact disclosure practices. Our empirical findings show that firm size, leverage, Gross Domestic Product (GDP) growth, and shareholder protection have a positive and statistically significant influence on the level of IFRS disclosure. However, not all institutional variables are equally effective, highlighting the complex interplay between regulatory environments and corporate reporting behavior in developing countries. The study contributes to the ongoing debate on the applicability and effectiveness of IFRS in emerging economies by offering evidence from underexplored Latin American markets and emphasizing the need for context-specific policy and regulatory interventions. Full article

(This article belongs to the Special Issue Financial Reporting and Auditing)

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20 pages, 3181 KB

Open AccessArticle

The Causal Impact of Board Structure on Firm Profitability: Evidence from a Crisis

by Azin Sharifi, Shiva Zamani and Luis Seco

J. Risk Financial Manag. 2025, 18(10), 566; https://doi.org/10.3390/jrfm18100566 - 7 Oct 2025

This study investigates the causal impact of board governance structures on firm profitability. We develop the Board Structure Influence (BSI) index, a composite metric that captures board independence, diversity, and role distribution—which we conceptualize as three structural pillars of Separation, Variety, and Disparity—to [...] Read more.

This study investigates the causal impact of board governance structures on firm profitability. We develop the Board Structure Influence (BSI) index, a composite metric that captures board independence, diversity, and role distribution—which we conceptualize as three structural pillars of Separation, Variety, and Disparity—to provide a comprehensive measure of governance effectiveness. Using a Difference-in-Differences (DiD) framework centered on the COVID-19 pandemic as an exogenous shock, we identify firms with strong governance and top BSI quartiles and compare their financial performance—measured by net profit margin—against firms with weaker board structures. Our results demonstrate that firms with higher BSI scores experience a statistically significant increase in profitability post-COVID-19. A Causal Forest analysis further reveals that this positive effect is heterogeneous, with the largest firms benefiting most significantly from strong board governance. Robustness checks—including placebo tests, parallel trends validation, and a SUTVA test—affirm the credibility of our findings. This research highlights the strategic importance of board structure for firm resilience during crises. It provides management insights for corporate leaders, investors, and policymakers aiming to align governance reform with financial profitability. Full article

(This article belongs to the Section Business and Entrepreneurship)

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21 pages, 1287 KB

Open AccessArticle

The US Reciprocal Tariff Announcement: An Analysis of Market Reactions

by Caner Özdurak and Pelin Yantur

J. Risk Financial Manag. 2025, 18(10), 565; https://doi.org/10.3390/jrfm18100565 - 6 Oct 2025

This paper examines the high-frequency impact of tariff rhetoric on financial markets, a topic largely unexplored in existing literature. Unlike previous studies that focus on the long-term, macroeconomic effects of enacted trade policies, our research utilizes a novel, sentiment-based proxy variable for non-legislated [...] Read more.

This paper examines the high-frequency impact of tariff rhetoric on financial markets, a topic largely unexplored in existing literature. Unlike previous studies that focus on the long-term, macroeconomic effects of enacted trade policies, our research utilizes a novel, sentiment-based proxy variable for non-legislated tariff announcements. We demonstrate that political communication itself—not just formal policy changes—is a potent source of investor uncertainty and market volatility. Our analysis, employing a multi-model framework including VAR and EGARCH models, reveals several key findings. We find that trade-related shocks contribute significantly to market volatility by altering investor expectations and increasing perceived risk. A key discovery is a unique unidirectional causality where shocks to the S&P 500 preceded changes in our tariff variable, suggesting that market movements can influence policy rhetoric. Furthermore, our EGARCH analysis uncovers distinct volatility characteristics across asset classes, including an atypical positive asymmetry in the Chinese CSI 300. These results collectively provide robust empirical evidence that tariff rhetoric has a measurable and significant impact on asset prices and disproportionately increases market volatility, highlighting the need for policymakers to consider the financial market implications of their public statements. Full article

(This article belongs to the Section Economics and Finance)

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36 pages, 610 KB

Open AccessArticle

Top Management Team Educational Background and Stock Liquidity: Evidence from China

by Jingyu Wu, Shaun McDowell, Cagri Berk Onuk and Jianing Zhang

J. Risk Financial Manag. 2025, 18(10), 564; https://doi.org/10.3390/jrfm18100564 - 6 Oct 2025

Using a panel of 3515 Chinese listed firms from 2011 to 2023, this study shows that the education level of the top management team (TMT) positively influences firm stock liquidity. The beneficial effect of TMT education on stock liquidity is stronger in settings [...] Read more.

Using a panel of 3515 Chinese listed firms from 2011 to 2023, this study shows that the education level of the top management team (TMT) positively influences firm stock liquidity. The beneficial effect of TMT education on stock liquidity is stronger in settings with lower industry competition, higher information disclosure quality, and bull market periods. Mediation analysis indicates that analyst coverage provides a weak channel through which TMT education affects stock liquidity. Endogeneity concerns are alleviated by reverse causality tests, two-stage least squares regressions, propensity score matching, and generalized method of moments. The results are also robust to alternative liquidity measures and alternative definitions of TMT education. This study offers practical implications for investors, corporate executives, and policymakers seeking to promote market efficiency and liquidity. Full article

(This article belongs to the Section Financial Technology and Innovation)

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25 pages, 3228 KB

Open AccessArticle

Sustainable vs. Non-Sustainable Assets: A Deep Learning-Based Dynamic Portfolio Allocation Strategy

by Fatma Ben Hamadou and Mouna Boujelbène Abbes

J. Risk Financial Manag. 2025, 18(10), 563; https://doi.org/10.3390/jrfm18100563 - 3 Oct 2025

This article aims to investigate the impact of sustainable assets on dynamic portfolio optimization under varying levels of investor risk aversion, particularly during turbulent market conditions. The analysis compares the performance of two portfolio types: (i) portfolios composed of non-sustainable assets such as [...] Read more.

This article aims to investigate the impact of sustainable assets on dynamic portfolio optimization under varying levels of investor risk aversion, particularly during turbulent market conditions. The analysis compares the performance of two portfolio types: (i) portfolios composed of non-sustainable assets such as fossil energy commodities and conventional equity indices, and (ii) mixed portfolios that combine non-sustainable and sustainable assets, including renewable energy, green bonds, and precious metals using advanced Deep Reinforcement Learning models (including TD3 and DDPG) based on risk and transaction cost- sensitive in portfolio optimization against the traditional Mean-Variance model. Results show that incorporating clean and sustainable assets significantly enhances portfolio returns and reduces volatility across all risk aversion profiles. Moreover, the Deep Reinforcing Learning optimization models outperform classical MV optimization, and the RTC-LSTM-TD3 optimization strategy outperforms all others. The RTC-LSTM-TD3 optimization achieves an annual return of 24.18% and a Sharpe ratio of 2.91 in mixed portfolios (sustainable and non-sustainable assets) under low risk aversion (λ = 0.005), compared to a return of only 8.73% and a Sharpe ratio of 0.67 in portfolios excluding sustainable assets. To the best of the authors’ knowledge, this is the first study that employs the DRL framework integrating risk sensitivity and transaction costs to evaluate the diversification benefits of sustainable assets. Findings offer important implications for portfolio managers to leverage the benefits of sustainable diversification, and for policymakers to encourage the integration of sustainable assets, while addressing fiduciary responsibilities. Full article

(This article belongs to the Special Issue Sustainable Finance for Fair Green Transition)

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15 pages, 482 KB

Open AccessArticle

Environmental Certifications as Strategic Assets? Evidence from Italian Chemical and Pharmaceutical Firms

by Massimo Ruberti and Stefano Calciolari

J. Risk Financial Manag. 2025, 18(10), 562; https://doi.org/10.3390/jrfm18100562 - 3 Oct 2025

Environmental sustainability reporting is increasingly adopted by firms, yet its actual impact on economic performance remains unclear, raising the question of whether such disclosures represent genuine strategic resources or merely symbolic practices. This study examines the relationship between environmental disclosure and economic performance, [...] Read more.

Environmental sustainability reporting is increasingly adopted by firms, yet its actual impact on economic performance remains unclear, raising the question of whether such disclosures represent genuine strategic resources or merely symbolic practices. This study examines the relationship between environmental disclosure and economic performance, in the Italian chemical and pharmaceutical industries. Adopting the Resource-Based View (RBV), we evaluate the effectiveness of certified environmental practices as strategic assets that can enhance firm performance. We utilized an AI-based content analysis of financial reports from non-listed, non-SME Italian chemical and pharmaceutical companies between 2012 and 2020 to determine the level of firms’ generic environmental disclosures (without third-party verification) and on specific environmental certifications. We then examine the relationship between economic performance and the type of environmental disclosure observed. Using financial data at the firm level as moderators, we found that generic environmental disclosures have no significant impact on economic performance. In contrast, disclosures on environmental certifications are positively associated with higher economic performance in the chemical sector. Certifications may provide a competitive advantage in environmentally intensive sectors but appear to be less relevant in innovation-driven sectors such as the pharmaceutical industry. Our findings emphasize the strategic value of reliable, externally validated environmental practices, and highlight the limitations of symbolic disclosure. Full article

(This article belongs to the Special Issue ESG Investments and Risks: Corporate, Financial Institutions and Public Policies)

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40 pages, 773 KB

Open AccessArticle

Exploring AI-ESG-Driven Synergies in M&A Transactions: Open Innovation and Real Options Approaches

by Andrejs Čirjevskis

J. Risk Financial Manag. 2025, 18(10), 561; https://doi.org/10.3390/jrfm18100561 - 3 Oct 2025

This study aims to explore the intersection of Artificial Intelligence (AI), Environmental, Social, and Governance (ESG) factors, and Open Innovation (OI) within the context of mergers and acquisitions (M&A). As ESG considerations increasingly influence corporate strategy and valuation, integrating AI offers powerful tools [...] Read more.

This study aims to explore the intersection of Artificial Intelligence (AI), Environmental, Social, and Governance (ESG) factors, and Open Innovation (OI) within the context of mergers and acquisitions (M&A). As ESG considerations increasingly influence corporate strategy and valuation, integrating AI offers powerful tools for enhancing due diligence, reducing risks, and creating long-term value. Building on the ARCTIC framework, an extension of the VRIO framework and real options theory, this paper introduces a new method for measuring AI-ESG-OI-driven synergies in mergers and acquisitions. It highlights the crucial role of Open Innovation in facilitating cross-boundary knowledge exchange, federated learning, and collaborative ESG data analysis. Based on recent advances in AI-ESG-enabled OI practices, such as multi-agent systems, synthetic data, and decentralized innovation, this paper shows how companies can address ESG complexity and cultural integration challenges. The findings indicate that incorporating OI principles into AI-ESG strategies not only enhances decision-making but also aligns M&A activities with evolving investor expectations and sustainability goals. The study concludes with practical insights and directions for future research in AI-driven, ESG-aligned corporate innovation. Full article

(This article belongs to the Special Issue Finance, Risk and Sustainable Development)

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17 pages, 275 KB

Open AccessArticle

Digital Finance Adoption in Brazil: An Exploratory Analysis on Financial Apps and Digital Financial Literacy

by Natali Morgana Cassola, Kalinca Léia Becker, Kelmara Mendes Vieira, Maria Fernanda da Silveira Feldmann, Mariana Rodrigues Chaves, Iasmin Camile Berndt and Anna Febe Machado Arruda

J. Risk Financial Manag. 2025, 18(10), 560; https://doi.org/10.3390/jrfm18100560 - 3 Oct 2025

Digital transformation has fundamentally altered how individuals manage their finances. The expansion of financial technologies and the digitalization of banking services underscore the need for digital financial literacy, defined as the ability to safely use financial applications and make informed decisions within virtual [...] Read more.

Digital transformation has fundamentally altered how individuals manage their finances. The expansion of financial technologies and the digitalization of banking services underscore the need for digital financial literacy, defined as the ability to safely use financial applications and make informed decisions within virtual environments. This study examined the perceptions of financial application use across age groups and their corresponding level of digital financial literacy. This exploratory study used a convenience sample of 41 semi-structured interviews conducted in 2025. The data were analyzed using content analysis and descriptive statistics. The findings indicated that most participants prioritized digital apps over traditional channels and expressed confidence in their use, although concerns about data security remained. Participants identified key advantages, including convenience, efficiency, and centralized access, yet few used apps for financial planning. Most respondents demonstrated an intermediate level of digital knowledge, with limited proficiency in executing complex financial tasks. Perceptions revealed both optimism and apprehension: while participants valued the practicality of digital tools, they also recognized risks such as fraud, exclusion of vulnerable groups, and technological dependence. The limited and non-representative sample limits generalization, suggesting the need for broader surveys. Enhanced public policies promoting digital financial education in Brazil are recommended. Full article

(This article belongs to the Special Issue The New Horizons of Global Financial Literacy)

51 pages, 466 KB

Open AccessArticle

The Impact of Organizational Capital on Cost Stickiness: Evidence from Japanese Firms

by Shoichiro Hosomi and Gongye Ge

J. Risk Financial Manag. 2025, 18(10), 559; https://doi.org/10.3390/jrfm18100559 - 2 Oct 2025

This study examined the impact of organizational capital (OC) on the cost stickiness of Japanese firms and analyzed whether this effect varies with the magnitude of sales changes. Using 12,727 firm-year observations from Tokyo Stock Exchange-listed firms between 2007 and 2024, we estimated [...] Read more.

This study examined the impact of organizational capital (OC) on the cost stickiness of Japanese firms and analyzed whether this effect varies with the magnitude of sales changes. Using 12,727 firm-year observations from Tokyo Stock Exchange-listed firms between 2007 and 2024, we estimated the economic value of OC by capitalizing and amortizing selling, general, and administrative (SG&A) expenses, then classified firms into high- and low-OC groups based on the median. Cost stickiness was then compared across groups using the basic, ABJ, and extended models, with robustness checks based on adjusted OC and two-way fixed effects models. The results indicate that high-OC firms exhibit stronger cost stickiness, while low-OC firms display weaker or insignificant stickiness. The effect depends on the magnitude of sales fluctuations: stickiness is pronounced under small changes but diminishes or disappears under larger shocks. Overall, this study contributes by highlighting the role of organizational resources in shaping asymmetric cost behavior, extending explanations beyond adjustment costs or managerial incentives, and providing novel evidence from Japan, where firms generally exhibit cost stickiness regardless of OC level, reflecting institutional and cultural contexts. Full article

(This article belongs to the Special Issue Innovations and Challenges in Management Accounting)

21 pages, 492 KB

Open AccessArticle

The Impact of Green Banking Activities on Environmental Performance: A Youth-Driven Perception Study in Indonesian Financial Institutions

by Maharestu Setyorini and Dzikri Firmansyah Hakam

J. Risk Financial Manag. 2025, 18(10), 558; https://doi.org/10.3390/jrfm18100558 - 2 Oct 2025

Green banking is a significant financial strategy for balancing environmental sustainability with economic progress. Banks can help address Indonesia’s environmental concerns by promoting sustainable behavior, financing green projects, and implementing environmentally friendly regulations. This study investigates how green banking practices affect perceived environmental [...] Read more.

Green banking is a significant financial strategy for balancing environmental sustainability with economic progress. Banks can help address Indonesia’s environmental concerns by promoting sustainable behavior, financing green projects, and implementing environmentally friendly regulations. This study investigates how green banking practices affect perceived environmental performance and financial sustainability, with a particular emphasis on the involvement of young Indonesian bankers. A structured questionnaire was issued to 314 young bankers from various parts of Indonesia, using Likert-scale measures of three domains: banks’ perceived environmental performance, green banking activities, and sources of green finance. The findings show high perceived links between green banking operations and banks’ environmental performance, with green financing serving as a crucial mediator. Specific methods, such as paper reduction, internet banking, and supporting sustainable initiatives, were thought to improve bank performance. The findings underline the importance of younger generations in supporting and carrying out green activities, emphasizing their role in encouraging long-term change. Using Structural Equation Modelling (SEM), the study demonstrates that green finance improves perceived environmental performance and promotes sustainable banking practices. These findings emphasize the importance of incorporating green principles into banking strategy in order to achieve both financial and environmental sustainability in developing countries. Full article

(This article belongs to the Special Issue Banking Practices, Climate Risk and Financial Stability)

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25 pages, 1665 KB

Open AccessArticle

Navigating the Green Frontier: Dynamic Risk and Return Transmission Between Clean Energy ETFs and ESG Indexes in Emerging Markets

by Mariem Bouzguenda and Anis Jarboui

J. Risk Financial Manag. 2025, 18(10), 557; https://doi.org/10.3390/jrfm18100557 - 2 Oct 2025

This study is designed to investigate the dynamic risk transmission processes between clean energy ETFs and ESG indices in the BRICS countries—Brazil, India, China, and South Africa—while excluding Russia due to the lack of consistent data availability during the study period, which coincides [...] Read more.

This study is designed to investigate the dynamic risk transmission processes between clean energy ETFs and ESG indices in the BRICS countries—Brazil, India, China, and South Africa—while excluding Russia due to the lack of consistent data availability during the study period, which coincides with the Russia–Ukraine conflict. The analysis is conducted on daily data obtained from DataStream, spanning from 27 October 2021 to 5 January 2024. By applying a time-varying parameter vector autoregression (TVP-VAR) modeling framework, we considered examining the global market conditions and economic shocks’ effects on these indices’ interconnectedness, including COVID-19 and geopolitical tensions. In this context, clean energy ETFs turned out to stand as net shock transmitters throughout volatile market spans, while ESG indices proved to act as net receivers. Moreover, we undertook to estimate both of the minimum variance and minimum connectedness portfolios’ hedging efficiency and performance. The findings highlight that introducing clean energy indices into investment strategies helps boost financial outcomes while maintaining sustainability goals. Indeed, the minimum connectedness portfolio consistently delivers superior risk-adjusted returns across varying market circumstances. In this respect, the present study provides investors, regulators, and policymakers with practical insights. Investors may optimize their portfolios by integrating clean energy and ESG indexes, useful for achieving financial and sustainability aims. Similarly, regulators might apply the findings to establish reliable green investment norms and strategies. Thus, this work underscores the crucial role of dynamic portfolio management in optimizing risk and return in the globally evolving green economy. Full article

(This article belongs to the Special Issue ESG and Sustainability Finance: Addressing Climate Change and Climate Risk)

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20 pages, 677 KB

Open AccessArticle

CEO Attributes and Corporate Performance in Frontier Markets: The Case of Jordan

by Mohammad Q.M. Momani and Aya Hashem AlZboon

J. Risk Financial Manag. 2025, 18(10), 556; https://doi.org/10.3390/jrfm18100556 - 2 Oct 2025

The objective of this study is to examine the impact of Chief Executive Officer (CEO) attributes on corporate performance in Jordan, a representative frontier market. The analysis focuses on four key CEO attributes, comprising two socio-demographic variables—age and educational—and two corporate governance-related ones—tenure [...] Read more.

The objective of this study is to examine the impact of Chief Executive Officer (CEO) attributes on corporate performance in Jordan, a representative frontier market. The analysis focuses on four key CEO attributes, comprising two socio-demographic variables—age and educational—and two corporate governance-related ones—tenure and origin. Return on assets (ROA) and return on equity (ROE) are used as proxies for firm performance. Using a sample of 416 firm-year observations from companies listed on the Amman Stock Exchange (ASE) during 2015–2023, the study employs the system GMM methodology to estimate dynamic panel data models, addressing potential endogeneity and capturing the dynamic nature of firm performance. The results show that CEO age has a positive but insignificant effect, whereas CEO education and tenure significantly enhance firm performance. Conversely, CEO origin has a statistically negative impact on firm performance, reflecting the value of insider CEOs. The significant effects of CEO education, tenure, and origin—observed within the models that also incorporated firm- and country-level controls—reflect their incremental contribution to firm performance in frontier markets. Robustness checks, including controls for the COVID-19 pandemic and industry effects, confirm these findings. The study contributes to the literature by demonstrating the applicability of established theories—namely Upper Echelons, Stewardship, Resource Dependence, and Human Capital Theories—while identifying the CEO traits that drive success in frontier markets. It also offers practical guidance for shareholders, board directors, and policymakers in designing effective leadership and governance strategies. Full article

(This article belongs to the Section Sustainability and Finance)

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22 pages, 293 KB

Open AccessArticle

G-Token Implications and Risks for the Financial System Under State-Issued Digital Instruments in Thailand

by Narong Kiettikunwong and Wanida Sangsarapun

J. Risk Financial Manag. 2025, 18(10), 555; https://doi.org/10.3390/jrfm18100555 - 2 Oct 2025

As governments increasingly explore digital financial instruments to diversify funding channels and expand citizen participation, Thailand’s G-Token represents an early attempt to integrate blockchain technology into sovereign debt issuance. This study examines its potential implications through a multi-dimensional risk and governance framework, situating [...] Read more.

As governments increasingly explore digital financial instruments to diversify funding channels and expand citizen participation, Thailand’s G-Token represents an early attempt to integrate blockchain technology into sovereign debt issuance. This study examines its potential implications through a multi-dimensional risk and governance framework, situating the analysis within both domestic regulatory structures and international benchmarks. The evaluation considers macroeconomic effects—such as potential shifts in monetary policy transmission, bank disintermediation risks, and systemic liquidity impacts—alongside micro-level concerns involving investor protection, market integrity, and financial literacy. Using comparative analysis with the European Union, Singapore, and United States regulatory approaches, the paper identifies critical gaps in legal classification, oversight maturity, and structural safeguards. Findings indicate that while Thailand’s design—particularly its separation from payment systems—supports monetary coherence, its ad hoc legal integration, reliance on administrative investor protections, and early-stage market infrastructure pose vulnerabilities if adoption scales. The study concludes that achieving long-term viability will require explicit statutory authorization, enhanced disclosure and governance standards, strengthened interagency oversight, and inclusive market access strategies. These insights provide a structured basis for emerging economies seeking to adopt government-backed tokenized instruments without undermining financial stability or public trust. Full article

(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)

43 pages, 1840 KB

Open AccessSystematic Review

Investigation of the Antecedents of Personal Saving Behavior: A Systematic Literature Review Using TCM-ADO Framework

by Shilpi Batham, Hitesh Arora and Vibhuti Gupta

J. Risk Financial Manag. 2025, 18(10), 554; https://doi.org/10.3390/jrfm18100554 - 1 Oct 2025

This paper reviews the current research landscape on Personal Saving Behavior, focusing on its antecedents and outcomes. Using bibliographic analysis of publication trends—highlighting productive authors, journals, countries, and keywords—the literature is synthesized. A framework-based systematic review is conducted to understand factors influencing saving [...] Read more.

This paper reviews the current research landscape on Personal Saving Behavior, focusing on its antecedents and outcomes. Using bibliographic analysis of publication trends—highlighting productive authors, journals, countries, and keywords—the literature is synthesized. A framework-based systematic review is conducted to understand factors influencing saving behavior and its effects, employing the TCM framework to analyze theory, context, and methods across selected studies. Additionally, the ADO framework is used to discuss antecedents, decisions, and outcomes related to personal saving behavior. The review consolidates 112 articles from 2000 to 2025, grouping unique antecedents into nine categories. It also examines how specific antecedents positively or negatively impact saving decisions and outcomes. Finally, using the TCM and ADO frameworks, the study identifies research gaps and discusses future directions, especially from the perspectives of behavioral economics and critical incidents. Full article

(This article belongs to the Special Issue Behavioral Finance and Financial Management)

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3 pages, 134 KB

Open AccessEditorial

Editorial: Financial Technology (Fintech) and Sustainable Financing, 3rd Edition

by Sisira Colombage

J. Risk Financial Manag. 2025, 18(10), 553; https://doi.org/10.3390/jrfm18100553 - 1 Oct 2025

It is an honor to serve as the Guest Editor for this Special Issue, “Financial Technology (Fintech) and Sustainable Financing [...] Full article

(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing, 3rd Edition)

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