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Risk Management Challenges for Sustainability and Wellbeing—2nd Edition
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Risk Management Challenges for Sustainability and Wellbeing—2nd Edition

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Social Ecology and Sustainability".

Deadline for manuscript submissions: 31 December 2025 | Viewed by 12716

Special Issue Editors

Prof. Dr. Simon Grima

E-Mail Website1 Website2
Guest Editor
1. Department of Insurance and Risk Management, Faculty of Economics, Management and Accountancy, University of Malta, MSD 2080 Msida, Malta
2. Faculty of Economics and Social Science, University of Latvia, LV-1050 Riga, Latvia
Interests: financial technologies; financial management and asset management; risk management; compliance and regulations; corporate finance; corporate governance; audit management; financial services; behavioral economics
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Eleftherios I. Thalassinos

E-Mail Website
Guest Editor
1. Faculty of Maritime and Industrial Studies, University of Piraeus, 185-33 Piraeus, Greece
2. Faculty of Economics, Management and Accountancy, University of Malta, 2080 Msida, Malta
Interests: sustainability; risk management; finance and financial institutions; business models
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Inna Romānova

E-Mail Website
Guest Editor
Faculty of Business, Management and Economics, University of Latvia, LV-1050 Riga, Latvia
Interests: financial technologies; financial management; asset management
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue aims to continue the work of the previous Issue entitled “Risk Management Challenges for Sustainability and Wellbeing”.

The great challenge of our time is to create a sustainable and desirable future—one that the achieves the Sustainable Development Goals (SDGs). In today’s “Anthropocene” world, human impacts on ecological life support systems are increasingly complex and far-reaching. At the same time, there are increased demands on the planet’s life support functions to maintain living standards in developed nations and to reduce poverty in developing nations. In this “full” world, the emphasis in research, education, and policy needs to shift from addressing problems in isolation to studying whole, complex, and interconnected systems and the dynamic interactions between their parts. Several scholars have focused on how the concepts of vulnerability and resilience may be employed in the analysis of future sustainability and wellbeing. Various approaches have been proposed to address different fields of application, raning from environmental concerns to financial settings. While much of the existing literature on vulnerability and resilience is sector- or country-specific, in this volume we propose a more holistic approach that allows for the sustainability of human well-being to be analyzed as a whole. Our understanding is that well-being, which involves multiple linked domains, equates to sustainability. Moreover, while the majority of studies consider vulnerability and resilience as aspects of the sustainability of a “system”, i.e., a society, a country, an organization, or even the whole planet, this volume’s focus is on the interrelated dimension of well-being. In particular, this publication considers the exposure to risk and the ability to manage it. We are seeking the use of both objective and subjective indicators of well-being in case studies, theory, and practice.

Prof. Dr. Simon Grima
Prof. Dr. Eleftherios I. Thalassinos
Prof. Dr. Inna Romānova
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. 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

  • air pollution
  • climate change
  • water pollution and sanitation
  • pandemics, finance and the economy
  • industrial development
  • energy crisis
  • toxic chemicals and hazardous and radioactive wastes
  • population explosion and urbanization
  • impact of globalization
  • degradation of ecosystems and species
  • education
  • health

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Published Papers (6 papers)

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Research

27 pages, 1825 KiB  
Article
Sustainability of Public Social Spending: Asymmetric Effects and Financialization
by Dionysios Kyriakopoulos, John Yfantopoulos and Theodoros V. Stamatopoulos
Sustainability 2025, 17(7), 3047; https://doi.org/10.3390/su17073047 - 29 Mar 2025
Viewed by 224
Abstract
We investigate the sustainability of the asymmetric public social spending (PSS)–financialization relationship in the Eurozone over the period of 1995q1–2023q4. We follow the theoretical endogenous nexus of PSS with the financial fragility hypothesis (FFH) and finance-led growth regime; the nonlinear autoregressive distributed lag [...] Read more.
We investigate the sustainability of the asymmetric public social spending (PSS)–financialization relationship in the Eurozone over the period of 1995q1–2023q4. We follow the theoretical endogenous nexus of PSS with the financial fragility hypothesis (FFH) and finance-led growth regime; the nonlinear autoregressive distributed lag (NARDL) model and cointegration are applied for this purpose. The analysis suggests the following: (1) The selected determinants of the three stages of the FFH affect dependent PSS asymmetrically in the long run (as well as in the short run, sometimes); meanwhile, more often than not, significantly larger effects tended to be negative changes. (2) The asymmetric shocks of explanatories gently increase PSS in many cases but also decrease it strongly in others. (3) The “automatic stabilizer” role of PSS is proven, whereas the contrary is not rejected; that is, PSS was also used as a “counter-automatic stabilizer” tool. (4) This leads to “ratchet effects”; the direction of these effects is unclear, but it seems to decline over time. (5) The financialization of the PSS phenomenon is revealed and discussed using relevant economic interpretations for certain determinants, such as credits to nonfinancial corporations, relative profitability, domestic borrowing from abroad, and the snowball effect; all of these have long-term effects on PSS, comprising negative changes, with asymmetric dynamics towards a new equilibrium at a horizon of between 4 and 16 quarters. Policy implications are related to the sustainability of PSS through the control of the economy’s financialization. We contribute to the literature by analyzing—for the first time as far as we know—the endogenous nonlinear long- and short-run dynamics of PSS based on a comprehensive model of the FFH and the finance-led growth regime. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing—2nd Edition)
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29 pages, 22458 KiB  
Article
Balancing Poverty Alleviation and Ecosystem Vulnerability Reduction: Implication from China’s Targeted Interventions
by Wei Li, Zhenbang Ma, Ruisi Luo, Yiying Hong, Sijian Wang, Xing Ma and Qiong Bao
Sustainability 2025, 17(6), 2490; https://doi.org/10.3390/su17062490 - 12 Mar 2025
Viewed by 746
Abstract
The coordination between poverty alleviation and ecological protection is both a crucial requirement and a long-standing challenge for sustainable development. China’s implementation of a targeted poverty alleviation strategy has completed the task of eliminating extreme poverty. However, the evaluation of the corresponding ecosystem [...] Read more.
The coordination between poverty alleviation and ecological protection is both a crucial requirement and a long-standing challenge for sustainable development. China’s implementation of a targeted poverty alleviation strategy has completed the task of eliminating extreme poverty. However, the evaluation of the corresponding ecosystem changes in the entire poverty-alleviated areas is still insufficient. This study investigated the spatiotemporal changes in ecosystem vulnerability across China’s 832 national poverty-stricken counties from 2005 to 2020. A habitat–structure–function framework was applied to develop an evaluation index, along with a factor analysis of environmental and socio-economic indicators conducted through the Geodetector model. Finally, the implications of China’s practices to balance poverty alleviation and ecological protection were explored. The results show that ecosystem vulnerability decreased from 2005 to 2020, with an even greater decrease observed after 2013, which was twice the amount of the decrease seen before 2013. The post-2013 changes were mainly brought about by the enhancement of the ecosystem function in critical zones such as the Qinghai–Tibet Plateau Ecoregion, Yangtze River and Sichuan–Yunnan Key Ecoregion, and Yellow River Key Ecoregion. From 2013 to 2020, the influence of the gross domestic product (GDP) surpassed that of other factors, playing a significant positive role in diminishing ecosystem vulnerability in the three regions mentioned. The results suggest that China’s poverty-alleviated areas have found a “win–win” solution for poverty alleviation and ecological protection, that is, they have built a synergistic mechanism that combines government financial support with strict protection policies (e.g., more ecological compensation, eco-jobs, and ecological public welfare positions for poor areas or the poor). These findings elucidate the mechanisms behind China’s targeted poverty alleviation outcomes and their ecological implications, establishing a practical framework for coordinated development and environmental stewardship in comparable regions. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing—2nd Edition)
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22 pages, 3690 KiB  
Article
The Influence of Factors in Consumer Sustainable Auto-Enrolment Pensions
by Beata Świecka, Patrycja Kowalczyk-Rólczyńska, Sylwia Pieńkowska-Kamieniecka, Jakub Śledziowski and Paweł Terefenko
Sustainability 2025, 17(3), 1340; https://doi.org/10.3390/su17031340 - 6 Feb 2025
Cited by 1 | Viewed by 822
Abstract
As pension benefits from statutory public schemes become less generous, and many countries face pension-savings crises, the willingness to participate in supplementary retirement saving instruments becomes crucial for sustainable financial well-being. The main objective of this article is to present how trust and [...] Read more.
As pension benefits from statutory public schemes become less generous, and many countries face pension-savings crises, the willingness to participate in supplementary retirement saving instruments becomes crucial for sustainable financial well-being. The main objective of this article is to present how trust and financial literacy influence the choice of sustainable auto-enrolment pension scheme as a private and supplementary pension savings. The study highlighted factors influencing participation in auto-enrollment and private supplementary pension savings. The study focuses mainly on financial literacy and trust. We used the CAWI method with 857 interviews in Poland—the first country in Central and Eastern Europe to introduce an auto-enrolment pension system. Our study uses multivariable data-mining tools, and several regression models were applied. We used Logistic Regression (LR), Multivariate Linear Regression (MLR), and Factor Analysis of Mixed Data (FAMD) to support the LR analysis. We propose four regression models. Our findings present that: 1. The lower the consumer’s knowledge level, the more their decisions are based on trust. 2. Trust in the state, rather than trust in financial institutions, plays a crucial role for people with low financial literacy, which is a critical factor in choosing the auto-enrolment option for pension savings. 3. Men had higher odds of auto-enrolment pension saving than women. 4. Employees of economic universities and academics had higher odds of participating in capital pension plans than those of general universities and non-academics. Our findings can signal to governments and policymakers about factors influencing the choice of auto-enrolment supplementary retirement savings. These findings strengthen the role of sustainable economic education. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing—2nd Edition)
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20 pages, 470 KiB  
Article
Risk Challenges and Their Impact on the Sustainable Food Security System: Lessons Learned from the COVID-19 Pandemic
by Katarzyna Boratyńska
Sustainability 2025, 17(1), 226; https://doi.org/10.3390/su17010226 - 31 Dec 2024
Viewed by 1946
Abstract
The aim of this study is to indicate and evaluate the main risk challenges for the food security system from the perspective of a sustainability and adaptation pillar of the Global Food Security Index (GFSI) in the COVID-19 pandemic. The study contributes to [...] Read more.
The aim of this study is to indicate and evaluate the main risk challenges for the food security system from the perspective of a sustainability and adaptation pillar of the Global Food Security Index (GFSI) in the COVID-19 pandemic. The study contributes to both theory and practice in addressing contemporary global challenges. The study systematically identifies and evaluates the multidimensional risks to sustainable food security systems caused by the COVID-19 pandemic, emphasizing the role of Sustainable Development Goals (SDGs). It employs innovative methodologies such as the integration of the Global Food Security Index (GFSI) and the PESTLE framework, extending the latter with governance considerations within the ESG concept, a novel approach in this context. The findings provide actionable insights into building resilience in food supply chains and adapting policies for future crises, thereby filling critical gaps in the literature. Moreover, the study focuses on the intersection of sustainability, risk challenges, and well-being, fostering research that drives sustainable development globally. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing—2nd Edition)
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28 pages, 1699 KiB  
Article
Defining the Total CSR Z-Score: A Methodological Approach Using Regulations, Standards and Guidelines Through Application to the Greek Market
by Foteini I. Pagkalou, Konstantinos I. Liapis and Eleftherios I. Thalassinos
Sustainability 2024, 16(23), 10379; https://doi.org/10.3390/su162310379 - 27 Nov 2024
Viewed by 1035
Abstract
Corporate responsibility is a complex and multidimensional concept, and this is what makes it difficult to quantify. The main purpose of this article is to construct a composite, but easily applicable and interpretable index for measuring the corporate social responsibility of companies. By [...] Read more.
Corporate responsibility is a complex and multidimensional concept, and this is what makes it difficult to quantify. The main purpose of this article is to construct a composite, but easily applicable and interpretable index for measuring the corporate social responsibility of companies. By combining existing legislation, reporting and measurement standards, as well as reward criteria, we have created 44 variables which cover all dimensions of CSR, including sustainability, and apply to the whole range of business activities. In order to collect values for the remaining qualitative variables, a prototype questionnaire was drawn up and completed by the 100 largest companies operating in Greece for a period of 3 fiscal years. Through the categorical principal components analysis procedure, we converted the above variables from the increasing categorical type to quantitative. We then performed the elbow technique to find the optimal number of clusters in which the companies and organizations in the sample could be integrated, and then we applied a hierarchical cluster. The above is a necessary procedure to be able to perform discriminant analysis, and through it, to calculate the Total CSR (ESG and Internal CSR) z-score for each new company. The equation generated by the discriminant analysis to calculate the z-score can calculate the “Total CSR Z-Score” for the companies. The contribution of our work is to establish the variables that shape corporate social responsibility and, through them, to determine a comprehensive summary index for its calculation. The practical value of the article is that it proposes a quantitative measurement of the level of corporate responsibility of each company, allowing comparisons between companies. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing—2nd Edition)
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20 pages, 1089 KiB  
Article
Transport-Related Emissions and Transition Strategies for Sustainability—A Case Study of the Fast Fashion Industry
by Alina Matuszak-Flejszman, Anna Preisner and Joanna Katarzyna Banach
Sustainability 2024, 16(17), 7749; https://doi.org/10.3390/su16177749 - 5 Sep 2024
Cited by 1 | Viewed by 5913
Abstract
The fast fashion industry significantly impacts the environment at every stage of a product’s life cycle. The transport of products to wholesalers and stores, as one of the stages of the product life cycle, is often overlooked during the analysis of their carbon [...] Read more.
The fast fashion industry significantly impacts the environment at every stage of a product’s life cycle. The transport of products to wholesalers and stores, as one of the stages of the product life cycle, is often overlooked during the analysis of their carbon footprint. Therefore, research is needed on the impact of fast fashion on the environment through its logistics and transport, especially in relation to air emissions. This article attempts to determine how extensively fast fashion companies disclose the impact of their transport operations on their overall corporate carbon footprint, determine the proportion of total emissions attributed to transport, and evaluate the effectiveness of companies’ efforts to mitigate their transport-related environmental impact. This research used a case study method on selected brands (H&M Group, Inditex, Shein), using secondary data available in non-financial reports for 2023. As a result of the analysis of their non-financial reports on transport emissions, several key findings have been presented. Companies predominantly rely on external frameworks and standards, particularly the Global Reporting Initiative. However, the level of detail of the data presented varies. The priority for the surveyed companies is to reduce emissions from significant sources, such as production processes. The data disclosed in the reports (scope 1, 2, 3) must be clearly formulated and can be used to calculate the level of their CO2 emission reduction or increase. Companies should improve their environmental reporting by including indicators of their transport-related emissions. This approach provides a comprehensive view of their environmental impact, highlighting absolute values and efficiency metrics. Full article
(This article belongs to the Special Issue Risk Management Challenges for Sustainability and Wellbeing—2nd Edition)
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