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Banking, Corporate Finance and Sustainability
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Banking, Corporate Finance and Sustainability

A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: closed (31 August 2021) | Viewed by 21973

Special Issue Editor

Prof. Dr. Kwangwoo Park

E-Mail Website
Guest Editor
Graduate School of Finance, Korea Advanced Institute of Science and Technology, Seoul, Korea
Interests: banking; corporate finance; sustainable finance; fintech

Special Issue Information

Dear Colleagues,

This Special Issue will bring highlight issues on sustainability related to banking and corporate finance across the globe. The issue of climate change and the environment has emerged as one of the most important factors for managerial decision-making in recent years. In banking and corporate finance practices, corporate environmental responsibility (CER) has become a crucial part of managerial concerns for firms around the world in addition to examining diverse aspects of corporate social responsibility (CSR). CSR and CER have become widely documented in management literature over the past three decades, but only recently the issues have gained significant attention in finance academia, especially in banking and corporate finance.

This Special Issue is devoted to empirical and theoretical banking and corporate finance studies of sustainability issues, both positive and normative. The Special Issue will also focus on understanding the role of CEOs and boards of directors, financial institutions, institutional investors, and financial markets in the context of sustainability. While submissions from a wide range of perspectives are welcome, special interest is given to the effect of ESG (environmental, social, and governance) issues and environmental management on firm risk and valuation, and international comparisons of institutional, legal (especially contractual), and market structures that foster ESG activities and the consequences around the world.

Prof. Dr. Kwangwoo Park
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

  • corporate social responsibility (CSR)
  • corporate environmental responsibility (CER)
  • ESG (environmental, social, and governance)
  • environmental management
  • firm performance
  • firm risk
  • climate finance
  • green finance
  • sustainable finance

Published Papers (4 papers)

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Research

27 pages, 2462 KiB  
Article
Factors Affecting the Sustainability Performance of Financial Institutions in Bangladesh: The Role of Green Finance
by Guang-Wen Zheng, Abu Bakkar Siddik, Mohammad Masukujjaman and Nazneen Fatema
Sustainability 2021, 13(18), 10165; https://doi.org/10.3390/su131810165 - 10 Sep 2021
Cited by 77 | Viewed by 11337
Abstract
Despite the increasing popularity of green finance and sustainable investment in the field of Sustainable Development Goals (SDGs), very few studies have investigated the effect of green finance dimensions on the sustainable performance of banks. Therefore, this study attempts to examine the dimensions [...] Read more.
Despite the increasing popularity of green finance and sustainable investment in the field of Sustainable Development Goals (SDGs), very few studies have investigated the effect of green finance dimensions on the sustainable performance of banks. Therefore, this study attempts to examine the dimensions of green finance and their effects on the sustainability performance of financial institutions in developing economies such as Bangladesh. The study also depicts the level of green financing adoption among the banks and non-bank financial institutions in the country between 2015 and 2020. Considering the nature of the dataset, the structural equation modeling technique was employed in this study to fulfil the research objectives. Amongst banks and non-bank financial institutions, the study highlighted private commercial banks as being the highest contributor to green financing, accounting for 78.12% of the total green financing in Bangladesh. In addition, the empirical findings revealed that the dimensions of green finance are related to the economic, social, and environmental aspects of the SDGs. Furthermore, empirical findings indicated that the dimensions of green finance—social, economic, and environmental—have a strong positive effect on the sustainability performance of banks. The study also discovered that approximately 95% of bankers identify green financing as an essential element in the short- and long-term development of banking strategies in Bangladesh. Consequently, this study adds to the body of knowledge on green finance development and the sustainability performance of banks and financial institutions in emerging economies such as Bangladesh. Therefore, major managerial policy implications are discussed. Full article
(This article belongs to the Special Issue Banking, Corporate Finance and Sustainability)
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35 pages, 400 KiB  
Article
Impact of Environmental Disaster Movies on Corporate Environmental and Financial Performance
by Henry Hyun-Do Kim and Kwangwoo Park
Sustainability 2021, 13(2), 559; https://doi.org/10.3390/su13020559 - 8 Jan 2021
Cited by 7 | Viewed by 3541
Abstract
Using a unique United States box office data set, we investigate the impact of environmental sentiment on corporate environmental and financial performance of the United States listed firms. The influence of mass media on public and investor sentiments is well documented in the [...] Read more.
Using a unique United States box office data set, we investigate the impact of environmental sentiment on corporate environmental and financial performance of the United States listed firms. The influence of mass media on public and investor sentiments is well documented in the existing literature. However, little is known about the effect of movies, although they may influence the public more than other mass media because people, regardless of age and gender, enjoy watching movies. Using the event study methodology and multivariable regression analysis, we show that the release of anthropogenic environmental disaster movie(s) creates environmental sentiment and influences corporate behaviors. Specifically, firms significantly increase their environmental performance in the subsequent year of strong environmental sentiment after the release of environmental movies. More importantly, the positive effect of corporate environmental performance on financial performance is stronger when the environmental sentiment is stronger. Full article
(This article belongs to the Special Issue Banking, Corporate Finance and Sustainability)
22 pages, 466 KiB  
Article
Environmental Regulation and Financial Performance in China: An Integrated View of the Porter Hypothesis and Institutional Theory
by Eunmi Lee
Sustainability 2020, 12(23), 10183; https://doi.org/10.3390/su122310183 - 6 Dec 2020
Cited by 19 | Viewed by 3827
Abstract
The link between environmental regulations and financial performance has long been studied, but whether command and control environmental regulation or voluntary instruments induce better results is an unsettled question. By drawing on the Porter Hypothesis, this paper examines whether both approaches to environmental [...] Read more.
The link between environmental regulations and financial performance has long been studied, but whether command and control environmental regulation or voluntary instruments induce better results is an unsettled question. By drawing on the Porter Hypothesis, this paper examines whether both approaches to environmental protection boost forms of environmental protection regulations that have positive impacts on financial performance. By integrating institutional theory, this study also examines whether ownership structures moderate the relationship between environmental regulation and financial performance. The results from data on 183 firms listed on the Shanghai and Shenzhen Stock Exchanges confirmed that both command and control environmental regulation and voluntary instruments positively affect financial performance. This paper also found that ownership structure strengthens the relationship between command and control environmental regulation and financial performance. The findings enrich the Porter Hypothesis and contribute to environmental research by revealing that properly designed environmental regulations have positive impacts on financial performance. By drawing on institutional theory, this study further contributes to business and management studies by confirming that the specific moderator, China’s state-owned enterprises, is a crucial contributor in achieving robust financial results. Full article
(This article belongs to the Special Issue Banking, Corporate Finance and Sustainability)
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15 pages, 1079 KiB  
Article
Approaching Monetary Integration in the Context of the Imperative to Ensure the Sustainable Growth in the EU
by Ionel Bostan, Otilia-Roxana Oprea and Ovidiu Stoica
Sustainability 2020, 12(17), 7065; https://doi.org/10.3390/su12177065 - 30 Aug 2020
Cited by 1 | Viewed by 2203
Abstract
Sustainable economic growth is an essential objective at the European Union level. The purpose of this paper is to investigate the impact of monetary integration on economic growth, assuming that the introduction of the euro significantly stimulated the process of European financial integration. [...] Read more.
Sustainable economic growth is an essential objective at the European Union level. The purpose of this paper is to investigate the impact of monetary integration on economic growth, assuming that the introduction of the euro significantly stimulated the process of European financial integration. We used a fixed-effects methodology for panel data for the EU 28 countries for the period 2004–2018. We find that the main factors through which monetary integration contributessignificantly and positively to economic growth areeconomic growth Single Euro Payments Area (SEPA)cards, trade, monetary freedom, convergence of interest rates, convergence of exchange rates and cross-border holdings of short-term debt, with significant differences between Eurozone and non-euro countries, which confirms the hypothesis that the introduction of the euro had a significant impact on economic and financial integration. Full article
(This article belongs to the Special Issue Banking, Corporate Finance and Sustainability)
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