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Sustainability
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Current Developments in Sustainable Corporate Finance and Financial Innovations
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Current Developments in Sustainable Corporate Finance and Financial Innovations

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: 26 November 2024 | Viewed by 6024

Special Issue Editor

Dr. Cuong Nguyen

E-Mail Website
Guest Editor
Department of Financial and Business Systems, Lincoln University, Lincoln, New Zealand
Interests: financial econometrics; financial markets; finance; international economics

Special Issue Information

Dear Colleagues,

In recent years, there has been increasing recognition of the urgent need for sustainable development in various aspects of society. One area where sustainability has gained significant importance is in corporate finance and financial innovation. As businesses and financial institutions play a crucial role in shaping economies and societies, studies on Current Developments in Sustainable Corporate Finance and Financial Innovations are of paramount importance. Such studies potentially provide directions to allocate resources towards environmentally friendly initiatives; encourage transparency, accountability, and responsible decision making within organizations; as well as unlock economic opportunities, thus potentially driving positive change and contributing to a more sustainable future.

This Special Issue aims to present the state of the art, current challenges, and future trends in all areas of sustainable corporate finance and financial innovations.

We invite researchers and practitioners to submit original research papers, case studies, and theoretical perspectives that contribute to the following themes:

  • Sustainable corporate finance innovation;
  • Risk management;
  • Sustainable supply chain ethics;
  • Institutional monitoring;
  • Sustainable stakeholder engagement;
  • Emissions trading schemes;
  • Sustainable competitive advantages;
  • Responsible investing;
  • Circular economy;
  • Sustainability disclosures;
  • Corporate social performance;
  • Carbon emissions;
  • Sustainable development;
  • Eco-innovation and related political issues.

Dr. Cuong Nguyen
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. Sustainability is an international peer-reviewed open access semimonthly 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 2400 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

  • sustainable corporate finance innovation
  • corporate social performance
  • sustainable development
  • sustainable finance

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Further information on MDPI's Special Issue polices can be found here.

Published Papers (5 papers)

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Research

14 pages, 660 KiB  
Article
The Impact of Sustainability Considerations on Investment Intentions—The Case of Generation Y
by Keno Hinrichs and Iwona Sobol
Sustainability 2024, 16(19), 8441; https://doi.org/10.3390/su16198441 - 27 Sep 2024
Viewed by 571
Abstract
When investing, the investment motives of return, liquidity, and risk play a role in decision-making. However, due to the increasing relevance of environmental and social issues and the higher availability of sustainable investments, sustainability is an additional investment motive. The attitude of an [...] Read more.
When investing, the investment motives of return, liquidity, and risk play a role in decision-making. However, due to the increasing relevance of environmental and social issues and the higher availability of sustainable investments, sustainability is an additional investment motive. The attitude of an individual toward sustainability has implications for other investment motives. This paper examines the interplay between the established financial investment motives of return, liquidity, and risk on the one hand and sustainability considerations on the other hand, with a view to the Generation Y cohort. A questionnaire approach was used to collect data from randomly selected Generation Y retail banking customers from Germany. The data were analyzed using correlation and regression methods. The findings of the paper confirm that there is a negatively directed relationship between the profit maximization motive and the green tradeoff intention. Furthermore, education moderates the relationship between the risk minimization motive and the green tradeoff intention. The paper contributes to different stakeholders. Practical implications result for retail banks and investment firms, which could continue to motivate Generation Y customers for sustainable investments and generate stronger financial education through targeted marketing and information campaigns. Full article
(This article belongs to the Special Issue Current Developments in Sustainable Corporate Finance and Financial Innovations)
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30 pages, 2054 KiB  
Article
Sustainable Finance Meets FinTech: Amplifying Green Credit’s Benefits for Banks
by Zhitao Li and Ping Chen
Sustainability 2024, 16(18), 7901; https://doi.org/10.3390/su16187901 - 10 Sep 2024
Viewed by 935
Abstract
In recent years, green credit has significantly supported the development of the sustainable economy. However, the existing literature presents differing views on the impact of green credit on bank performance, which is crucial for the sustainability of green credit business. Meanwhile, FinTech is [...] Read more.
In recent years, green credit has significantly supported the development of the sustainable economy. However, the existing literature presents differing views on the impact of green credit on bank performance, which is crucial for the sustainability of green credit business. Meanwhile, FinTech is comprehensively empowering green credit business. This paper investigates whether FinTech influences the effect of green credit on bank performance. Based on an analysis of data from 127 Chinese commercial banks from 2007 to 2022, we find that green credit significantly enhances bank performance, and FinTech further amplifies this positive effect. This finding partially explains the conflicting views in the existing literature, as the impact of green credit on bank performance varies under different levels of FinTech. We believe that FinTech exerts its influence through three mechanisms: cost reduction, reputation enhancement, and risk mitigation. Heterogeneity analysis reveals that the impact of FinTech is more pronounced in city commercial banks, in samples with better green credit development, and during banking industry downturns. Finally, we recommend that banks actively develop FinTech and apply it to green credit businesses to maximize the positive effects of green credit. Simultaneously, regulators and governments should provide necessary support for banks. Full article
(This article belongs to the Special Issue Current Developments in Sustainable Corporate Finance and Financial Innovations)
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20 pages, 1101 KiB  
Article
How Can Financial Innovation Curb Carbon Emissions in China? Exploring the Mediating Role of Industrial Structure Upgrading from a Spatial Perspective
by Jiaji An and He Di
Sustainability 2024, 16(11), 4618; https://doi.org/10.3390/su16114618 - 29 May 2024
Viewed by 698
Abstract
Within the sustainability framework, technological innovation’s impact is acknowledged. However, the environmental implications of institutional innovation, a crucial component of the innovation system, remain unclear, necessitating further research. This paper focuses on financial innovation as a representative of institutional innovation, exploring its relationship [...] Read more.
Within the sustainability framework, technological innovation’s impact is acknowledged. However, the environmental implications of institutional innovation, a crucial component of the innovation system, remain unclear, necessitating further research. This paper focuses on financial innovation as a representative of institutional innovation, exploring its relationship with carbon emissions. Utilizing panel data from 30 Chinese provinces spanning 2011 to 2022, we establish a spatial Durbin model and a mediating effects model to delve into the intricate relationships among financial innovation, industrial structure upgrading, and carbon emissions. Our findings reveal that: (1) Financial innovation significantly contributes to the upgrading of industrial structures both locally and in neighboring regions; (2) Both financial innovation and industrial structure upgrading effectively mitigate carbon emissions, with the latter playing a mediating role; (3) All three studied factors exhibit spatial clustering effects; (4) The suppressive effect of financial innovation on carbon emissions exhibits a notable spatial spillover. Compared to recent studies, this work innovatively explores the mediating impact mechanism of financial innovation suppressing carbon emissions, particularly demonstrating the spatial spillover characteristics of the mediating effect among the three variables. As China is a major carbon emitter and emerging economy, these insights offer valuable insights for global carbon governance. Full article
(This article belongs to the Special Issue Current Developments in Sustainable Corporate Finance and Financial Innovations)
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26 pages, 3179 KiB  
Article
Systemic Risk Arising from Shadow Banking and Sustainable Development: A Study of Wealth Management Products in China
by Hongjie Pan and Hong Fan
Sustainability 2024, 16(10), 4280; https://doi.org/10.3390/su16104280 - 19 May 2024
Viewed by 1165
Abstract
Shadow banking is a main way for the financial market to serve the real economy today, and this process is closely related to systemic risk. This study examines the impact of shadow banking associated with sustainable development in China’s banking on systemic risk. [...] Read more.
Shadow banking is a main way for the financial market to serve the real economy today, and this process is closely related to systemic risk. This study examines the impact of shadow banking associated with sustainable development in China’s banking on systemic risk. We analyze the data obtained from a rich sample of 31 listed commercial banks in China and shadow banking represented by wealth management products (WMPs) by constructing a dynamic complex interbank network model. The results show that the risks and vulnerabilities generated by shadow banking spread out through the interbank network and cause systemic risk to increase. The effect operates through increasing the number of default banks, reducing banks’ survival rate and profit, and forcing central bank bailout funds expansion. However, it has a positive impact in terms of augmenting liquidity and enhancing investment opportunities. Furthermore, the variability in the influence of different categories of shadow banking is assessed, emphasizing that short-term shadow banking exerts a more pronounced impact on systemic risk. In addition, the heterogeneity of the shadow banking effect on different types of commercial banks is explored, revealing that local and rural commercial banks experience a more conspicuous effect compared to state-owned and joint-stock banks. Our findings highlight that improving external supervision, promoting financial internal governance, and constraining credit linkages are vital for alleviating the increase in risks in shadow banking and maintaining the sustainable development of banking. Full article
(This article belongs to the Special Issue Current Developments in Sustainable Corporate Finance and Financial Innovations)
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19 pages, 306 KiB  
Article
Revolutionizing Chinese Manufacturing: Uncovering the Nexus of Intelligent Transformation and Capital Market Information Efficiency
by Qiuyue Zhang and Yu Cao
Sustainability 2023, 15(19), 14429; https://doi.org/10.3390/su151914429 - 2 Oct 2023
Cited by 2 | Viewed by 1617
Abstract
Intelligent transformation plays a crucial role in advancing sustainable development in manufacturing while also enhancing the information environment. This study examines the role of intelligent transformation in China’s manufacturing sector, spanning theoretical and empirical dimensions and being anchored in the context of capital [...] Read more.
Intelligent transformation plays a crucial role in advancing sustainable development in manufacturing while also enhancing the information environment. This study examines the role of intelligent transformation in China’s manufacturing sector, spanning theoretical and empirical dimensions and being anchored in the context of capital market information efficiency. The theoretical framework highlights how intelligent transformation mitigates information asymmetry, aligning a firm’s valuation with its intrinsic value, thereby elevating the information efficiency of capital markets. Leveraging annual reports from China’s A-share manufacturing firms, this study employs textual analysis to construct indicators assessing the extent of intelligent transformation across these entities. The empirical findings of this study harmonize with the theoretical constructs. Notably, intelligent transformation emerges as a pivotal driver in enhancing information efficiency in capital markets, substantiated by a negative correlation between intelligent transformation and stock price synchronicity within the manufacturing domain. This correlation withstands a battery of robustness tests and endogeneity treatment. The mechanism driving this transformative impact lies in intelligent transformation’s ability to enhance productivity and magnify market attention, thereby positively influencing capital market information efficiency. The insights not only provide empirical support but also offer practical guidance for improving real-world company operations and developing high-quality capital markets. Full article
(This article belongs to the Special Issue Current Developments in Sustainable Corporate Finance and Financial Innovations)
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