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A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Sustainability and Finance".

Deadline for manuscript submissions: closed (31 July 2025) | Viewed by 6347

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Special Issue Editors

Dr. Sana Ben Abdallah

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Guest Editor

Faculty of Economic Sciences and Management of Sfax, University of Sfax, Sfax, Tunisia
Interests: sustainable finance; corporate social responsibility; banking and finance; business ethics
Special Issues, Collections and Topics in MDPI journals

Prof. Dr. Dhafer Saïdane

E-Mail Website
Guest Editor

SKEMA Business School, Université Côte d’Azur, Paris, France
Interests: banking; money and finance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue on "Sustainable Finance for Fair Green Transition" explores the crucial intersection of finance, sustainability, and fairness for a green transition. As the world faces the urgent challenges of climate change and environmental degradation, sustainable finance has become a key driver in mobilizing sources for a green transition. However, for a sustainable and green transition, it must also be fair, inclusive, and consider the needs and specifics of marginalized groups.

This Special Issue focuses on research on how economic and financial mechanisms, policies, regulation, and innovations can support a sustainable transition that focuses not only on environmental issues but also on social and governance dimensions.

Topics include, but are not limited to, the following:

Green bonds;
Impact investing;
ESG (Environmental, Social, and Governance) performance;
ESG efficiency;
Financial market and carbon trading markets;
Sustainability risks;
Sustainable banking;
Environmental regulation;
Fintech innovation and ESG investment;
Accounting for sustainability.

Dr. Sana Ben Abdallah
Prof. Dr. Dhafer Saïdane
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. Journal of Risk and Financial Management is an international peer-reviewed open access monthly 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 1400 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

green transition
ESG
sustainability
CSR

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Published Papers (6 papers)

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Research

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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

Viewed by 471

Abstract

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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21 pages, 554 KB

Open AccessArticle

Assessing the Environmental Impact of Fiscal Consolidation in OECD Countries: Evidence from the Panel QARDL Approach

by Ameni Mtibaa and Foued Badr Gabsi

J. Risk Financial Manag. 2025, 18(9), 529; https://doi.org/10.3390/jrfm18090529 - 22 Sep 2025

Viewed by 434

Abstract

Concerns about ensuring a sustainable environment are growing, attracting major attention from policy professionals worldwide. Therefore, this study investigates the nonlinear impacts of fiscal consolidation on CO₂ emissions in 17 OECD countries from 1978 to 2020. To probe the short- and long-term connections across various quantiles of CO₂ emissions, we adopted panel QARDL frameworks. The Granger non-causality test was used to investigate the variables’ association with CO₂ emission. The study’s main findings confirm the overall beneficial effect of fiscal consolidation on carbon emissions. It reduces CO₂ emissions at almost all quantiles in the short run. By contrast, in the long run, the effect is positive at lower quantiles and turns negative at upper quantiles. Furthermore, a causality analysis identified a bidirectional causal relationship between fiscal consolidation and CO₂ emissions, confirming the existence of mutual influence. While Keynesian theory links fiscal consolidation to economic recession, our findings support the non-Keynesian view, showing that such policy can foster economic growth and thereby contribute to reducing CO₂ emissions in the short run. Thus, OECD countries are orienting public spending and carbon taxation toward environmentally friendly practices while ensuring environmental protection and deficit reduction. Nonetheless, the identified mixed effect in the long run highlights the need for sustained consolidation policies by enhancing expenditure efficiency and adopting targeted taxation measures to achieve lasting emission reductions and support the transition to cleaner energy, even when emissions are relatively low. Full article

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

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22 pages, 1528 KB

Open AccessArticle

Assessing the Implementation and Impact of Inclusivity and Accessibility in the Free State South African Banking Sector

by Prosper Kweku Hoeyi, Tshililo Ruddy Farisani and Jabulani Simon Tshabalala

J. Risk Financial Manag. 2025, 18(9), 474; https://doi.org/10.3390/jrfm18090474 - 26 Aug 2025

Viewed by 542

Abstract

The implementation and impact of inclusivity and accessibility in the banking sector are crucial to the banking sector’s participation of any country in achieving the United Nations’ Sustainable Development Goals (SDGs) 1, 4, 5, 8, 10, 11, 16 and 17. This study examines the implementation and impact of inclusivity and accessibility in the South African banking sector, with a focus on the Free State province. Guided by the Sustainable Livelihoods Framework (SLF) and Institutional Theory, this research employs a quantitative, deductive approach to assess two core objectives: (1) the alignment of fintech banking practices with selected Sustainable Development Goals (SDGs), and (2) the identification of barriers to inclusivity and accessibility for women and youth. A stratified random sample of 208 banking professionals—comprising front-line employees, supervisors, and managers—was surveyed using a Likert-type questionnaire. Data were analysed using SPSS version 21. The findings reveal significant progress toward SDGs 1, 4, 5, 8, 10, 11, 16, and 17, reflected in a female-majority workforce, a youthful and educated employee base, and a nationally oriented employment strategy. These attributes signal a strong institutional commitment to inclusive growth and sustainable development. The sector also demonstrates readiness for fintech innovation, supported by high levels of training adequacy, relevance, and accessibility, indicating robust human capital and institutional adaptability to the Fourth Industrial Revolution (4IR) and AI-driven transformation. However, persistent structural barriers—particularly in leadership representation and digital access for women and youth—highlight the need for targeted policy interventions. Integrating inclusive fintech strategies, equitable training frameworks, and development programs is essential to sustaining progress and achieving the goals of the National Development Plan (NDP) and the SDGs. The Free State banking sector offers a promising model for inclusive institutional transformation aligned with global sustainability agendas. Full article

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

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21 pages, 328 KB

Open AccessArticle

Impact of Digitalization on Sustainable Development: A Comparative Analysis of Developed and Developing Economies

by Nahed Zghidi and Riadh Trabelsi

J. Risk Financial Manag. 2025, 18(7), 359; https://doi.org/10.3390/jrfm18070359 - 1 Jul 2025

Viewed by 777

Abstract

The role of digitization in promoting Sustainable Development (SD), as a key topic in recent scientific research, remains a subject of debate. In order to investigate this, a panel dataset covering 28 developed and 27 developing countries from 2000 to 2020 was used to assess the impact of the digital economy on SD. The findings show that while digital indicators have varying effects on the Human Development Index (HDI), factors like mobile subscriptions, internet users, and broadband access significantly influence human development, with impacts differing by country’s development level. These results offer nuanced insights for policymakers, highlighting that digital transformation must be supported by adequate infrastructure, institutional quality, and inclusive policies to effectively contribute to sustainable development in developing countries. Full article

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

15 pages, 285 KB

Open AccessArticle

Relationship Between Socio-Efficiency, Eco-Efficiency, and Financial Performance of European Companies: A Sector Study

by Bochra Issa, Sana Ben Abdallah and Foued Badr Gabsi

J. Risk Financial Manag. 2025, 18(4), 171; https://doi.org/10.3390/jrfm18040171 - 24 Mar 2025

Viewed by 1587

Abstract

This study aims to assess the impact of socio- and eco-efficiency on the financial performance of 180 European companies from 2010 to 2022. Data Envelopment Analysis (DEA) was used to measure the companies’ socio- and eco-efficiency, while their financial performance was assessed using the equitable weighting approach. The analysis revealed a positive relationship between socio-efficiency, eco-efficiency, and financial performance. The findings not only confirm the positive relationship but also provide practical recommendations for integrating sustainability into business strategies without compromising profitability. Full article

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

Other

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19 pages, 527 KB

Open AccessSystematic Review

The Role of Environmental Accounting in Mitigating Climate Change: ESG Disclosures and Effective Reporting—A Systematic Literature Review

by Moses Nyakuwanika and Manoj Panicker

J. Risk Financial Manag. 2025, 18(9), 480; https://doi.org/10.3390/jrfm18090480 - 28 Aug 2025

Cited by 1 | Viewed by 1594

Abstract

Climate change poses an existential threat, spurring businesses and financial markets to integrate environmental accounting and ESG (Environmental, Social, and Governance) disclosures into decision-making. This study aims to examine how environmental accounting practices and ESG reporting contribute to climate change mitigation in organizations. It seeks to highlight the significance of these tools in enhancing transparency and accountability, thereby driving more sustainable corporate behavior. By synthesizing the recent literature, the study contributes a comprehensive overview of best practices and challenges at the intersection of accounting and climate action, addressing a noted gap in consolidated knowledge. We conducted a systematic literature review (SLR) following PRISMA guidelines. A broad search (2010–2024) across Scopus, Web of Science, and Google Scholar identified 73 records, which were rigorously screened and distilled to 47 relevant peer-reviewed studies. These studies span global contexts and include both conceptual and empirical work, providing a robust dataset for analysis. Environmental accounting was found to play a pivotal role in measuring and managing corporate carbon footprints, effectively translating climate impacts into quantifiable metrics. Firms that implement rigorous carbon accounting and internalize environmental costs tend to set more precise emission reduction targets and justify mitigation investments through a cost–benefit analysis. ESG disclosure frameworks emerged as critical external tools: a high-quality climate disclosure is linked with greater stakeholder trust and even financial benefits such as lower capital costs. Leading companies aligning reports with standards like TCFD or GRI often enjoy enhanced credibility and investor confidence. However, the review also uncovered challenges, like the lack of standardized reporting, risks of greenwashing, and disparities in adoption across regions, that impede the full effectiveness of these practices. The findings underscore that while environmental accounting and ESG reporting are powerful means to drive corporate climate action, their impact depends on improving consistency, rigor, and integration. Harmonizing global reporting standards and mandating disclosures are identified as key steps to improve data comparability. Strengthening the credibility of ESG disclosures and embedding environmental metrics into core decision-making are essential to leverage accounting as a tool for climate change mitigation. The study recommends that policymakers accelerate moves toward mandatory, standardized ESG reporting and urges organizations to proactively enhance their environmental accounting systems that will support global climate objectives and further research on actual emission outcomes. Full article

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

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