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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: 21 November 2024 | Viewed by 66592

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Prof. Dr. Tomas Kliestik

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Faculty of Operation and Economics of Transport and Communications, University of Zilina, Univerzitna 1, 010 26 Zilina, Slovakia
Interests: financial management; behavioral finance; econometric models; credit risk
Special Issues, Collections and Topics in MDPI journals

Dr. Maria Kovacova

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Faculty of Operation and Economics of Transport and Communications, University of Zilina, Univerzitna 1, 010 26 Zilina, Slovakia
Interests: financial markets; financial econometrics; bankruptcy prediction; credit risk
Special Issues, Collections and Topics in MDPI journals

Dr. Katarina Valaskova

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Faculty of Operation and Economics of Transport and Communications, University of Zilina, Univerzitna 1, 010 26 Zilina, Slovakia
Interests: international financial markets; behavioural decision making; risk modelling; risk analysis; financial statistics
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

There has been an ongoing debate over the financial viability of economic sustainability. Critics argue that pursuing environmental goals hurts profitability and growth and is an added cost of doing business—responsible financial management and sustainability, they claim, are incompatible. Supporters argue sustainability and economic growth are compatible and potentially symbiotic. There is a growing sentiment that sustainably also promotes innovation in product and process design.

Therefore, economic sustainability is currently one of the main drivers of the economy, the financial growth of societies, and technological advancement, and their “ups and downs” influence business cycles. In this context, it is important to assess the impact of financial management of eneterprises on international trends and economic sustainability on emerging markets.

This Special Issue will publish papers in various areas related to international trends and economic sustainability on emerging markets. The issue is particularly interested in (1) economic sustainability in emerging markets; (2) regions and economic resilience; and (3) corporate social responsibility and sustainable strategies.

We invite investigators to contribute original research articles in theory, practice, and applications on international trends and economic sustainability on emerging markets. All submissions must contain original unpublished work not being considered for publication elsewhere.

Dr. Maria Kovacova
Dr. Katarina Valaskova
Prof. Dr. Tomas Kliestik
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

Economic progress in emerging countries
Macroeconomic framework of emerging countries
Corporate finance and governance
Mathematical modeling in economics and management
Corporate social responsibility on emerging markets
Public responsibility and ethics in connection to economic sustainability
Consumer behavior on emerging markets
Supply change management
Public administration and small business entrepreneurship
Regional economic growth
Entrepreneurship in small and medium-sized enterprises
Labor economics
Economic development of regions and international studies
Economic impact of migration

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Related Special Issue

International Trends and Economic Sustainability on Emerging Markets I in Journal of Risk and Financial Management (13 articles)

Published Papers (13 papers)

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Research

18 pages, 365 KiB

Open AccessArticle

Assessing Institutional Dynamics of Governance Compliance in Emerging Markets: The GCC Real Estate Sector

by Rekha Pillai, Husam-Aldin N. Al-Malkawi and M. Ishaq Bhatti

J. Risk Financial Manag. 2021, 14(10), 501; https://doi.org/10.3390/jrfm14100501 - 18 Oct 2021

Cited by 6 | Viewed by 3306

Abstract

The real estate sector has emerged as the bedrock of the Gulf Cooperation Council (GCC) economies, and it has remained resilient despite the various unprecedented micro- and macro-economic shocks devouring the world’s economies. However, wavering investor attitudes and minimal exposure to real estate investment vehicles, coupled with weak regulatory frameworks, have led to dramatic downturns in the sector. Transparency about what is happening in real estate is imperative if the success of high-profile initiatives is to continue and much depends on good corporate governance (CG) in the sector. Using the most recent data from 2019, the current study applies the CG Index (CGI) and CG Deviation Index (CGDI) constructs to the real estate (RE) sector in the GCC in an effort to develop vital indicators for future RE investment decisions in the GCC region. The results indicate that the highest CG adherence levels are being achieved in Dubai, followed by Abu Dhabi and Saudi Arabia. The authors attribute these countries’ success in CG adherence to the entrepreneurial identity of them RE firms as well as to their governance capacity, their socio-cognitive capability, and the level of regulatory enforcement within the context of their dominant governance logic. It should be noted that there are variations in adherence levels throughout each region. The results also agree with prior literature that a higher CGS leads to a lower CGD score, and vice versa. At this point, encouraging more real estate investment trust (REIT) formations in the GCC could ensure value propositions, such as liquidity, to both investors and RE companies as well as solid governance fundamentals. This is strongly recommended for increasing the RE presence and its contribution to the GDP of each country. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

15 pages, 330 KiB

Open AccessArticle

The Determinants of Green Bond Issuance in the European Union

by Anamaria Dan and Adriana Tiron-Tudor

J. Risk Financial Manag. 2021, 14(9), 446; https://doi.org/10.3390/jrfm14090446 - 16 Sep 2021

Cited by 18 | Viewed by 9813

Abstract

Green bonds are a new financial tool that has developed rapidly in the context of climate change risks. Their proceeds are used to finance only environmentally friendly projects. This paper aims to examine the determinant factors of the green bonds issue in the context of the European Union countries. Using linear regression, we explore the impact of environmental, social, governance, and macroeconomic indicators on the level of green bond issues in the period 2014–2019. The results reveal that rating, ESG index; fiscal balance, inflation rate, and population have a significant impact and lead to a higher volume of green bond issuances. Our findings provide valuable insights into the development of the green bond market. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

23 pages, 1220 KiB

Open AccessArticle

A Gap in Brain Gain for Emerging Countries: Evidence of International Immigration on Non-Resident Patents

by Bolortuya Enkhtaivan, Jorge Brusa and Zagdbazar Davaadorj

J. Risk Financial Manag. 2021, 14(1), 7; https://doi.org/10.3390/jrfm14010007 - 24 Dec 2020

Cited by 5 | Viewed by 3495

Abstract

Immigration is a controversial topic that draws much debate. From a human sustainability perspective, immigration is disadvantageous for home countries causing brain drains. Ample evidence suggests the developed host countries benefit from immigration in terms of diversification, culture, learning, and brain gains, yet less is understood for emerging countries. The purpose of this paper is to examine the presence of brain gains due to immigration for emerging countries, and explore any gaps as compared to developed countries. Using global data from 88 host and 109 home countries over the period from 1995 to 2015, we find significant brain gains due to immigration for emerging countries. However, our results show that there is still a significant brain gain gap between emerging and developed countries. A brain gain to the developed host countries is about 5.5 times greater than that of the emerging countries. The results hold after addressing endogeneity, self-selection, and large sample biases. Furthermore, brain gain is heterogenous by immigrant types. Skilled or creative immigrants tend to benefit the host countries about three times greater than the other immigrants. In addition, the Top 10 destination countries seem to attract the most creative people, thus harvest the most out of the talented immigrants. In contrast, we find countries of origin other than the Top 10 seem to send these creative people to the rest of the world. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

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14 pages, 807 KiB

Open AccessArticle

Bankruptcy Prediction Models Based on Value Measures

by Andrzej Jaki and Wojciech Ćwięk

J. Risk Financial Manag. 2021, 14(1), 6; https://doi.org/10.3390/jrfm14010006 - 24 Dec 2020

Cited by 12 | Viewed by 3692

Abstract

In the existing studies devoted to predicting bankruptcy, the authors of such models only used book measures. Considering the fact that the evolution of corporate measure efficiency (in addition to book measures) brought into existence and exposed the importance of cash measures, market measures, and measures based on the economic profit concept, it is justified to carry out research into the possibility of using these measures as variables within the discriminant function. The studied dataset was divided into a training set and a testing set based on two variants of the sample division. The assessment of the statistical significance of the built discriminant functions as well as the diagnostic variables was conducted using the STATISTICA package. The research was conducted separately for each variant. In the first step, a total of 30 discriminant models were created. This enabled us to select 20 diagnostic variables that were considered within the two models that were characterised by the highest predictive abilities—one for each variant. The discriminant function that was estimated for the first variant was based on the use of eight diagnostic variables, and 13 diagnostic variables were used in the function that was estimated for the second variant. The conducted analysis has proven that shareholder value measures are a useful tool that can be applied for the needs of corporate risk management in the area of the assessment of a firm’s bankruptcy risk. Using two variants of the division of the research sample into the training and testing sets, it turned out that the division affects the predictive efficiency of the discriminant functions. At the same time, the obtained findings tend to claim that the presence of the value measures from all four of the studied groups in the output set of the diagnostic variables is necessary for possibly building the most efficient tool for the early warning signs of bankruptcy risk. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

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22 pages, 363 KiB

Open AccessArticle

Does Short-Termism Influence the Market Value of Companies? Evidence from EU Countries

by Małgorzata Janicka, Aleksandra Pieloch-Babiarz and Artur Sajnóg

J. Risk Financial Manag. 2020, 13(11), 272; https://doi.org/10.3390/jrfm13110272 - 6 Nov 2020

Cited by 5 | Viewed by 4878

Abstract

This paper fits into the stream of current research on the concept of short-termism and its importance for economic sustainability, especially sustainable finance. Short-termism focuses on short time horizons by both corporate managers and the financial markets, and prioritizes short-time shareholder return over the long-term growth of the company’s value. This study engages the short-termism discussion by examining the effect of quarterly reporting on the long-term market value of listed companies. The aim of the article is to determine whether European companies experience the negative effects of short-termism, precisely, whether public companies that prepare quarterly reports, and which focus mainly on achieving the short-term goals of stock exchange investors, are seeing a decline in their market value in the long-term. We have not proven the existence of such a dependence, the increase in reporting frequency of public companies does not contribute to a decline in their long-term market value. In the case of the EU-15 the results of regression model estimation indicate a positive and statistically significant impact of the time of regular quarterly reporting on the buy-and-hold rates of return, in the “new” EU member states this relationship is not observed. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

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19 pages, 438 KiB

Open AccessArticle

Culture of Sustainability and Marketing Orientation of Indian Agribusiness in implementing CSR Programs—Insights from Emerging Market

by Anup Raj, Andrei Kuznetsov and Thankom Gopinath Arun

J. Risk Financial Manag. 2020, 13(11), 269; https://doi.org/10.3390/jrfm13110269 - 2 Nov 2020

Cited by 2 | Viewed by 3285

Abstract

The debate regarding the suitability of market orientation or culture of sustainability for corporate social responsibility (CSR) implementation and economic sustainability deserve much more scholarly attention as globalization and competition in emerging markets increases. Using qualitative content analysis of interviews with 28 senior managers of large agribusiness firms in India, this empirical article explores how market orientation or culture of sustainability affects CSR implementation, or vice versa? The findings of the study identify factors such as the nature of a firm’s business, sensitivity, commitment towards sustainable development, and pressure on profitability that prompt firms to adopt sustainability dominant, market dominant, and sustainability–market mixed corporate culture. Culture of sustainability dominant firms are likely to implement CSR more smoothly and effectively compared to firms that are driven by market orientation. Moreover, firms committed to substantial and consistent CSR are likely to induce culture of sustainability in firms. Finally, the study offers a framework that provides insights into how CSR program implementation and a culture of sustainability are complementary and could strengthen the economic sustainability of firms in emerging markets. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

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20 pages, 639 KiB

Open AccessArticle

The Economic Resilience of the Austrian Agriculture since the EU Accession

by Erika Quendler and Mangirdas Morkūnas

J. Risk Financial Manag. 2020, 13(10), 236; https://doi.org/10.3390/jrfm13100236 - 1 Oct 2020

Cited by 21 | Viewed by 4019

Abstract

Ensuring sustainable and economically viable agriculture requires economic resilience before, throughout, and after a shock. This paper studies the economic resilience of Austrian agriculture within the period of 1995 to 2019. However, methods for tracking changes in economic resilience have so far seen only limited application in agriculture. The index for the analysis and measurement of economic resilience is based on four areas: financial flexibility, stability in following the development path, diversification of activities, and diversification of export markets. As results show, Austrian agriculture is of interest because of the very high level of economic resilience, ranging from 0.83 to 0.92 in the period researched, thereby displaying a high capacity to absorb shocks. Generally, these results indicate that Austrian agriculture is forgiving of shocks and thus very economically resilient. These results provide context for developing generalizations on economic resilience in agriculture and its fundamental function for producing effective food security within a sustainable transition path. Some concluding suggestions propose possible future areas of research. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

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17 pages, 273 KiB

Open AccessArticle

Adjusted Net Savings of CEE and Baltic Nations in the Context of Sustainable Economic Growth: A Panel Data Analysis

by Batrancea Larissa, Rathnaswamy Malar Maran, Batrancea Ioan, Nichita Anca, Rus Mircea-Iosif, Tulai Horia, Fatacean Gheorghe, Masca Ema Speranta and Morar Ioan Dan

J. Risk Financial Manag. 2020, 13(10), 234; https://doi.org/10.3390/jrfm13100234 - 1 Oct 2020

Cited by 50 | Viewed by 5032

Abstract

The article investigates the contribution of adjusted net savings to sustainable economic growth for 10 Central and Eastern European and Baltic nations, which are former Soviet bloc nations known as transition economies, using panel data analysis for the period 2005–2016. Our results indicated that adjusted net savings impacted on the GDP across the 10 countries analyzed. Nevertheless, national authorities are called on to implement policy changes in these countries to achieve sustainable economic growth and make an efficient transition from a brown economy towards a green economy. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

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19 pages, 272 KiB

Open AccessArticle

A Panel Data Analysis on Sustainable Economic Growth in India, Brazil, and Romania

by Batrancea Ioan, Rathnaswamy Malar Kumaran, Batrancea Larissa, Nichita Anca, Gaban Lucian, Fatacean Gheorghe, Tulai Horia, Bircea Ioan and Rus Mircea-Iosif

J. Risk Financial Manag. 2020, 13(8), 170; https://doi.org/10.3390/jrfm13080170 - 1 Aug 2020

Cited by 37 | Viewed by 9408

Abstract

The study investigated the impact of factors such as non-performing loans, CO₂ emissions, bank credit, and inflation on the variable sustainable economic growth for India, Brazil, and Romania during the period 2005–2017, through a panel data analysis. Specifically, we investigated the timeline before, during, and after economic turmoil, with a special focus on the global financial crisis. Our empirical results are valuable for both developing and developed nations. As a first result, we showed that CO₂ emissions increased the level of economic growth, but in this context, authorities should design suitable policies to limit its impact on the overall society. In addition, a single supervision mechanism increased the level of sustainable economic growth. Last but not the least, the period during and after the global financial crisis, sustainable economic growth decreased under the influence of bank credit, inflation, and non-performing loans. Within this framework, public authorities are called to design efficient economic, fiscal, and monetary policies. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

16 pages, 882 KiB

Open AccessArticle

Financial Compass for Slovak Enterprises: Modeling Economic Stability of Agricultural Entities

by Katarina Valaskova, Pavol Durana, Peter Adamko and Jaroslav Jaros

J. Risk Financial Manag. 2020, 13(5), 92; https://doi.org/10.3390/jrfm13050092 - 7 May 2020

Cited by 38 | Viewed by 5915

Abstract

The risk of corporate financial distress negatively affects the operation of the enterprise itself and can change the financial performance of all other partners that come into close or wider contact. To identify these risks, business entities use early warning systems, prediction models, which help identify the level of corporate financial health. Despite the fact that the relevant financial analyses and financial health predictions are crucial to mitigate or eliminate the potential risks of bankruptcy, the modeling of financial health in emerging countries is mostly based on models which were developed in different economic sectors and countries. However, several prediction models have been introduced in emerging countries (also in Slovakia) in the last few years. Thus, the main purpose of the paper is to verify the predictive ability of the bankruptcy models formed in conditions of the Slovak economy in the sector of agriculture. To compare their predictive accuracy the confusion matrix (cross tables) and the receiver operating characteristic curve are used, which allow more detailed analysis than the mere proportion of correct classifications (predictive accuracy). The results indicate that the models developed in the specific economic sector highly outperform the prediction ability of other models either developed in the same country or abroad, usage of which is then questionable considering the issue of prediction accuracy. The research findings confirm that the highest predictive ability of the bankruptcy prediction models is achieved provided that they are used in the same economic conditions and industrial sector in which they were primarily developed. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

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14 pages, 290 KiB

Open AccessArticle

Size of the Company as the Main Determinant of Talent Management in Slovakia

by Radovan Savov, Drahoslav Lančarič and Jana Kozáková

J. Risk Financial Manag. 2020, 13(3), 50; https://doi.org/10.3390/jrfm13030050 - 6 Mar 2020

Cited by 9 | Viewed by 4313

Abstract

Nowadays, all sources in the reproduction process are easily substituted, thus the most important factors in reaching a competitive advantage are human resources. Talent management is the process oriented to enrich higher the ability of employers to increase their quality and productivity. Globalization has changed the structure of the companies in Slovakia, depending on the size of the company. This paper compares how the size of the company influences the main phases of the talent management process (strategy, identification, assessment, development, retaining). A scaled questionnaire was applied as a tool for data collection in 381 companies operating business in Slovakia. Questionnaire reliability was verified by Cronbach’s alpha. To verify the existence of statistically significant differences between individual groups of respondents, ANOVA was used. We found that the main differences between small and large companies were identified in the phases of talent identification and talent development. In bigger companies, management is more focused on HR plans that include talent identification and acquisition and have more possibilities to develop talented individuals. On the other side we could see that small companies were more successful in the process of retaining the talents. Talented people in small companies are more loyal to the employers and stay in the company for longer periods than talented individuals in large companies. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

10 pages, 1238 KiB

Open AccessArticle

Mainstreaming Global Sustainable Development Goals through the UN Global Compact: The Case of Visegrad Countries

by Štěpánka Zemanová and Radka Druláková

J. Risk Financial Manag. 2020, 13(3), 41; https://doi.org/10.3390/jrfm13030041 - 28 Feb 2020

Cited by 9 | Viewed by 4585

Abstract

Since 2016, the United Nations Global Compact (UNGC), one of the most prominent worldwide corporate social responsibility and sustainability initiatives, has been linked to the Sustainable Development Goals (SDGs). However, despite the enormous scholarly interest in the UNGC since the very beginning, its impact on the integration of the SDGs into the business activities, risk management and reporting of its participants remains understudied. This paper examines support and action for the SDGs among companies from the Visegrad Four (V4) countries. It attempts to find out whether the recent UNGC efforts result in their mobilisation towards the SDGs’ implementation or merely creates a new space for instrumental adoption to improve image and reputation. The paper adopts qualitative content analysis of 42 Communications of Progress (COPs), submitted by 25 companies from the V4 in 2017–2019. The related self-assessments in the UNGC Participation Database were also used. It reveals that the companies obviously fulfil their obligation to report their activities related to SDGs but fail to provide relevant details. Moreover, divergences between the challenges faced by V4 countries and the priorities of the companies related to individual SDGs are also identified. This raises serious concerns about the UNGC’s practical effects. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

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37 pages, 17289 KiB

Open AccessArticle

Local Extremes of Selected Industry 4.0 Indicators in the European Space—Structure for Autonomous Systems

by Milena Botlíková and Josef Botlík

J. Risk Financial Manag. 2020, 13(1), 13; https://doi.org/10.3390/jrfm13010013 - 7 Jan 2020

Cited by 11 | Viewed by 3478

Abstract

In the past, the social and economic impacts of industrial revolutions have been clearly identified. The current Fourth Industrial Revolution (Industry 4.0) is characterized by robotization, digitization, and automation. This will transform the production processes, but also the services or financial markets. Specific groups of people and activities may be replaced by new information technologies. Changes represent an extreme risk of economic instability and social change. The authors described available published sources and selected a group of indicators related to Industry 4.0. The indicators were divided into five groups and summarized by negative or positive impact. The indicators were analyzed by precedence analysis. Extremes in the geographical dislocation of factor values were found. Furthermore, spatial dependencies in the distribution of these extremes were found by calculating multiple (long) precedencies. European countries were classified according to individual groups of indicators. The results were compared with the real values of the indicators. The indicated extremes and their distribution will allow to predict changes in the behavior of the population given by changes in the socio-economic environment. The behavior of the population can be described by the behavior of autonomous systems on selected infrastructure. The paper presents research related to the creation of a multiagent model for the prediction of spatial changes in population distribution induced by Industry 4.0. Full article

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)

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