Finance, Risk and Sustainable Development

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: 30 January 2025 | Viewed by 1214

Special Issue Editor


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Guest Editor
Faculty of Economics and Business, Business Administration Department, University of Oviedo, 33071 Oviedo, Spain
Interests: corporate investment; mutual funds; IPOs; CSR; sustainable finance

Special Issue Information

Dear Colleagues,

Climate change and environmental deterioration pose a severe threat to the existence of human society. Finance plays a crucial role in changing this situation and this fact incorporates risk. Since the turn of the previous century, the globe has confronted major environmental concerns, such as environmental degradation due to human activity coupled with energy consumption that creates dangerous emissions. This situation has made policymakers and academics concerned enough to advocate for measures to eliminate or minimize carbon from the environment by reengineering activities responsible for CO2 emissions and engaging in eco-friendly practices. The Paris Climate Change Agreement (COP26) has played a pivotal role in mitigating the effects of climate change and kicking off a low-carbon global economy. The overall focus of this Special Issue is to provide an update analysis, from theoretical and empirical points of view, to improve and achieve sustainable development through the appropriate way in which to finance projects in order to reach the Sustainable Development Goals.

In this Special Issue, original research articles and reviews are welcome. Research areas may include (but are not limited to) the following:

  • Finance, climate change, and sustainability.
  • Risk and climate change.
  • How sustainable finance can help to reach sustainable development.
  • Effects of the adequate use of finance on the Sustainable Development Goals.
  • CSR, finance, and the Sustainable Development Goals.

I look forward to receiving your contributions.

Dr. Susana Álvarez-Otero
Guest Editor

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

  • finance
  • climate change
  • sustainable finance
  • Sustainable Development Goals
  • CSR

Published Papers (1 paper)

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Research

15 pages, 2456 KiB  
Article
Renewable Energy Stocks’ Performance and Climate Risk: An Empirical Analysis
by Lingyu Li, Xianrong Zheng and Shuxi Wang
J. Risk Financial Manag. 2024, 17(3), 121; https://doi.org/10.3390/jrfm17030121 - 18 Mar 2024
Viewed by 1037
Abstract
This article studies the relationship between renewable energy stocks’ performance and climate risk. It shows that publicly held renewable energy stocks underperform as a reaction to climate policy information releases, modeled by feed-in tariff (FIT) legislation announcements. The study examined stock price behaviors [...] Read more.
This article studies the relationship between renewable energy stocks’ performance and climate risk. It shows that publicly held renewable energy stocks underperform as a reaction to climate policy information releases, modeled by feed-in tariff (FIT) legislation announcements. The study examined stock price behaviors 2 days before and 30 days after FIT policy announcements. The stock sample used in the study has 3702 firm-day combinations, which included 180 cleantech firms and 32 events from 2007 to 2017. Based on the residual analysis of the sample’s abnormal return, it indicated that the FIT announcements are associated with significant declines in returns. The cumulative abnormal return until Day 18 was a significant −0.83%, while the average abnormal return on the day was −0.16% at normal levels. The study partially excluded the likelihood of a transitory result by varying the measurement horizon. It also adopted both the market model and the Fama–French three-factor models to rule out model misspecification when estimating abnormal returns and thus increased the robustness. In fact, the results were stable to changes in estimating the model’s specifications. In addition, the study compared the portfolio’s performance with mimicking portfolios in terms of size, book-to-market equity (BE/ME), and the firms’ geographic location. It demonstrated that the documented anomaly of the portfolio of renewable energy companies is robust. Full article
(This article belongs to the Special Issue Finance, Risk and Sustainable Development)
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