Search Results (113)

The study presents a comprehensive approach to reviewing achievements in sustainable finance, identifying research trends and directions, key problem areas, the geographical origins of publications, keyword clusters, and the research methods applied by scholars in this field. The analysis is based on a dataset of 9218 publications indexed in the Web of Science and Scopus databases covering the period 2012–2025. The methodological framework combines bibliometric analysis, text mining, and topic modelling techniques, including the Latent Dirichlet Allocation (LDA) method, supported by visualization tools. These methods enable the identification of publication dynamics, the geographic distribution of research activity, thematic clusters, and the dominant research methods used in the literature. The results indicate a significant increase in academic interest in sustainable finance, particularly after 2018. The main research trends identified include green finance, climate finance, renewable energy financing, ESG investing, sustainability reporting, and the development of green financial instruments. The analysis also highlights the growing role of innovation and financial institutions in supporting sustainability transitions. In addition, the study identifies emerging research areas such as blue finance and green banking, providing a broader perspective on the evolving structure of sustainable finance research. To the best of our knowledge, this is the only review paper that approaches sustainable finance in such a comprehensive manner, particularly by incorporating the emerging concept of blue finance. Full article

Given the urgent need for corporate green transformation in the context of global climate governance, the sustainable development goals, and China’s dual carbon goals, this study examines the spillover effects of venture capital networks formed through common shareholder ties on green technology innovation from a complex network perspective. Based on regression analysis of panel data from Chinese A-share STAR and ChiNext Market listed companies between 2015 and 2023, we find the following: (1) Within venture capital networks, enterprises with higher centrality and structural hole positions exhibit more significant green technology innovation performance. (2) This facilitation effect varies across firm types. Private enterprises, foreign-invested enterprises and enterprises with weaker ESG performance rely more heavily on network advantage for innovation. (3) The mechanism analysis shows that occupying advantageous positions in venture capital networks enables firms to increase R&D personnel and R&D expenditure, thereby strengthening their ability to absorb external knowledge and transform innovation resources, which further enhances green technology innovation output. Full article

The contemporary global landscape is undergoing a profound reconfiguration driven by the structural synergy between digital transformation and long-term sustainability goals. Central to this evolution is the “twin transition”, where the digital economy serves as a critical catalyst for environmental responsibility and economic resilience. This research investigates the nexus between innovative entrepreneurship and sustainable growth across Central and Eastern Europe (CEE), with a specific emphasis on Romania’s development trajectory during the 2020–2024 period. By utilising a multi-dimensional statistical analysis of the Global Entrepreneurship Monitor (GEM), Digital Economy and Society Index (DESI), Global Innovation Index (GII), and European Innovation Scoreboard (EIS), the study evaluates how digital maturity influences innovation performance. The findings underscore that fostering sustainable entrepreneurship requires the cultivation of dynamic capabilities and a robust digital infrastructure to support an inclusive, knowledge-driven economy. While Romania exhibits a steady upward trend in its digital indicators, a significant performance gap persists compared to regional leaders such as Poland and Hungary. This discrepancy is largely attributed to structural bottlenecks in digital human capital and a deficit in local research and development investment. Ultimately, the study proposes a strategic roadmap focused on green-tech incentives and interdisciplinary educational ecosystems to bridge existing gaps and unlock Romania’s innovation potential within the framework of the European digital decade. Full article

This study examines whether and under what conditions the digital economy (DGE) improves the green development efficiency of China’s tourism industry. Drawing on panel data for 30 Chinese provinces from 2012 to 2023, we develop a multidimensional index of the DGE that captures digital infrastructure, digital industrialization, and industrial digitalization. To evaluate tourism green development efficiency, we employ a non-radial, non-angular super-efficiency slacks-based measure (SBM) model that incorporates both desirable outputs and undesirable environmental externalities. From a theoretical perspective, we extend the Cobb–Douglas production framework by embedding DGE-induced technological progress, showing that digitalization can improve green efficiency through two complementary pathways: it expands expected output while reducing carbon intensity. Empirically, the baseline two-way fixed-effects results show that DGE significantly promotes tourism green development efficiency ($\beta$ = 0.0153, p < 0.05), and this result remains robust in instrumental-variable (IV) estimation ($\beta$ = 0.0383, p < 0.05). We further show that this relationship is conditioned by three important external conditions. First, environmental regulation strengthens the enabling effect of digitalization, consistent with a compliance-induced Porter effect. Second, tourism industry agglomeration enhances the benefits of digital transformation by deepening knowledge spillovers and network complementarities. Third, green finance relaxes financing constraints and creates more favorable conditions for digital investment. By integrating a formal theoretical model with panel-data evidence, this study provides a unified explanation of both the mechanism and the boundary conditions through which the DGE promotes tourism green development efficiency. Overall, the findings suggest that the DGE is an important driver of sustainable tourism development and offer useful policy implications for coordinated digital and green transformation. Full article

Organizations increasingly invest in sustainability, yet limited knowledge exists regarding the psychological and leadership mechanisms through which Green Human Resource Management (GHRM) fosters employees’ green innovative behavior. This study addresses this scientific problem by examining how GHRM relates to green innovation through sequential psychological processes and under which leadership conditions these relationships become stronger. Using multi-source data from 300 employee–supervisor dyads across three industries in the Greek private sector, the study tests a serial mediation model linking GHRM to green innovative behavior through psychological safety and work engagement, as well as the moderating role of Green Transformational Leadership (GTL). Structural equation modelling supports all hypothesized associations: GHRM is positively related to psychological safety, which predicts work engagement, which in turn strongly predicts green innovative behavior. GTL strengthens the relationship between GHRM and psychological safety, resulting in a stronger indirect effect on green innovation. The findings provide an integrative understanding of how HR systems, psychological conditions, and leadership jointly support employee-driven environmental innovation. Full article

Environmental, social, and governance (ESG) information is increasingly vital in driving capital markets to promote sustainable development. However, significant barriers remain in effectively transforming ESG information into intelligence that supports investor decision-making. Drawing upon information chain theory and intelligence transformation theory, this study constructs an ESG intelligence transformation model tailored for investor decision-making, aiming to address relevant challenges within China’s unique capital market environment. Through a mixed deductive-inductive content analysis of analyst reports issued by Chinese securities firms, this study identifies underlying issues in current ESG information utilization: excessive focus on social dimensions at the expense of integrated consideration of environmental and governance issues; inadequate conversion of environmental and governance data into decision-relevant information; and incomplete pathways for transforming ESG knowledge into intelligence supporting investment decisions. These constraints significantly undermine the potential of ESG information to guide sustainable investment strategies and support green economic transformation. To bridge these gaps, this study proposes an integrated multi-stakeholder optimization strategy encompassing: enhanced disclosure standards by regulators; greater corporate emphasis on environmental and governance disclosures; more sophisticated assessment techniques by rating agencies; and optimized information channels between corporations and investors by financial institutions. This study provides a theoretical foundation and practical pathways for enhancing the quality and utility of ESG information, contributing to sustainable finance research. Full article

Green technological innovation is a core driving force for firms’ low-carbon transformation. However, because critical green technologies and knowledge are often dispersed across upstream and downstream partners within supply chains, firms’ green transformation faces substantial challenges. Previous studies have primarily focused on internal drivers at the firm level while overlooking the empowering role of green collaborative cooperation among supply chain partners. To address this gap, this study introduces empowerment theory to systematically examine how supply chain green strategic alliances enhance firms’ green innovation capability. Using a sample of Chinese A-share listed firms from 2011 to 2023, we construct a firm-level indicator of supply chain green strategic alliances based on textual analysis and machine learning techniques and empirically test its impact on green innovation. The results show that participation in green strategic alliances significantly promotes firms’ green innovation. Mechanism analyses further reveal that this effect operates through the reconstruction of green knowledge, increased environmental investment, and improved green governance. Moreover, the positive effect is more pronounced in regions with stronger intellectual property protection, greater green credit support, and stricter environmental regulation, as well as among firms with closer supply chain relationships. This study identifies supply chain green strategic alliances as a key inter-organizational empowerment mechanism and provides important practical implications for leveraging supply chain collaboration to accelerate sustainable development and firms’ green transformation. Full article

Optimizing public investment in urban green infrastructure under water scarcity is a core challenge in resource economics. Against the backdrop of global climate change—characterized by rising temperatures, increased frequency and intensity of droughts, and altered precipitation patterns—this study addresses the critical knowledge gap in quantifying the economic returns on the physiological adaptations of urban trees, which are central to their value as natural capital. We integrated dual-water isotope (δ²H, δ¹⁸O) and leaf carbon isotope (δ¹³C) analyses to mechanistically decode the water use strategy of Machilus yunnanensis (M. yunnanensis) in drought-prone Kunming, China. The results show strategic seasonal plasticity: a shift from shallow soil water (10–50 cm) in the wet season to deeper soil sources (50–90 cm) and stem reserves in the dry season, coupled with a dynamic, diurnally variable water use efficiency (WUE_13C). We then constructed a transparent economic valuation model translating these traits into three quantifiable benefit streams: (1) operational cost savings (EV₁) from reduced irrigation demand; (2) enhanced marginal productivity of water (EV₂) in ecosystem service generation; and (3) climate resilience value (EV₃) via mitigated mortality risk. Our “Water–Carbon–Economy” nexus framework provides a generalizable methodology for assessing the cost-effectiveness and risk-adjusted returns of urban forest species, demonstrating that tree selection based on such eco-efficient traits is not merely an ecological choice but a sound economic investment, offering direct implications for budget-constrained municipalities seeking to maximize green infrastructure benefits under climate uncertainty. Full article

This study delves into how the literature conceptualizes banking efficiency as a capability shaping sustainability-oriented pathways under conditions of systemic uncertainty, including recurrent economic–financial disruptions and geopolitical shocks. Using records indexed in the Web of Science Core Collection, the study combines bibliometric mapping with conceptual structuring to examine publication dynamics, collaboration networks, and the thematic evolution of research linking bank efficiency, green finance intermediation, sustainable digital innovation, and risk governance. The study reveals a multidimensional knowledge base organized around two converging streams: (i) research on efficiency, stability, and crisis transmission emphasizing intermediation quality, performance under stress, and prudential responses; and (ii) sustainability and innovation scholarship focusing on how financial systems enable eco-innovation diffusion and low-carbon transition through capital allocation, governance mechanisms, and digitally enabled transformation. Across these streams, banking efficiency is increasingly discussed not merely as a performance ratio, but as a strategic capability that becomes particularly salient in crisis environments: it can reduce intermediation frictions when funding conditions tighten, strengthen screening and monitoring of green projects amid elevated uncertainty, and support the continuity and scaling of eco-innovations by improving decision speed and resource allocation through digital tools. Collaboration patterns indicate growing interdisciplinary engagement—especially among European and Asian institutions—where crisis, sustainability, and innovation perspectives are integrated into systems-based approaches to green finance. Building on these insights, the article outlines a research agenda oriented toward innovation outcomes in turbulent contexts, emphasizing (a) measurement strategies that connect efficiency to eco-innovation diffusion and adoption rates during stress periods; (b) comparative analyses of how policy incentives and green market signals interact with bank efficiency across crisis episodes; and (c) hybrid methodological designs combining econometric identification, network analytics, scenario-based stress framing, and AI-enabled analytical tools to capture nonlinear dynamics in efficiency–innovation linkages. Overall, the study clarifies how banking efficiency may condition the capacity of financial institutions to sustain green investment intermediation and advance eco-innovation pathways when uncertainty is systemic rather than episodic. Full article

This study systematically analyzed research trends in aquaculture wastewater treatment from 2000 to 2024 using bibliometric methods. Through knowledge mapping and keyword co-occurrence analysis conducted with Citespace6.1 software on the Web of Science Core Collection and the CNKI (China National Knowledge Infrastructure) Core Journal Database, we aimed to elucidate the distribution characteristics, evolution of research hotspots, and differences in technological pathways within the existing research landscape, while identifying gaps in integrated knowledge synthesis and cross-regional comparative analysis. The results indicate: (1) China’s publication output in this field over the past five years has significantly surpassed international levels, reflecting an imbalance in regional research activity; (2) antibiotics, nitrogen and phosphorus, organic pollutants, and heavy metals constitute the primary pollutant categories, with increasing attention focused on antibiotic and heavy metal pollution in recent years; (3) domestic research demonstrates a preference for natural ecological treatment technologies, whereas international research is predominantly oriented toward biological treatment technologies. By integrating Chinese- and English-language literature data with visual analytics, this study addresses the existing gap in systematic knowledge mapping and comparative analysis of regional technological pathways, and highlights the ongoing paradigm shift from pollution elimination toward resource recovery. The findings provide an empirical basis for formulating differentiated regional governance policies and guiding investments in low-carbon and environmentally friendly technology research and development, thereby promoting the transition of the aquaculture industry toward green and sustainable development. Full article

Globalization, climate change and the energy crisis are having a negative impact on the agricultural sector. Moreover, in Greece, producers need to invest in modernizing their farms, introducing innovations, achieve digital transformation and increase productivity. Incentives are available for green investments, thus facilitating the adoption of innovations. This paper examines the attitudes and perceptions of winegrowers in Western Macedonia regarding environmental protection and organic farming. Specifically, with the help of the k-means algorithm, respondents are divided into two groups. The first group consists of producers who have a negative attitude towards environmental issues and have a lower level of education, while the second group consists of those who have a positive attitude. In the first group in particular, most respondents do not seem to have a good knowledge of environmental protection issues, believe that cross-compliance is very stringent and do not have a high level of education. This means that policy measures must be taken to adequately inform and educate farmers belonging to this group to achieve the goal of environmental protection. The results of the second group include producers with a positive attitude, who are expected to play an important role in the development of sustainable viticulture by creating conditions for a better future at an individual, regional and social level. Full article

Construction firms struggle to implement sustainable practices, delivering triple bottom line benefits despite growing environmental pressures. While research examines isolated sustainability drivers, the understanding of how organizational factors integrate to enable successful implementation remains fragmented. This systematic literature review synthesizes 249 articles (2010–2025) to develop an integrated framework explaining how internal capabilities drive sustainable innovation and performance in construction. This thematic synthesis reveals three critical insights. First, successful sustainability requires integrated configuration across green innovation capabilities, organizational learning, environmental governance responses, and performance measurement, not isolated initiatives. Second, construction’s project-based discontinuity, fragmented supply chains, and regulatory heterogeneity require capability configurations absent from manufacturing-focused sustainability theories. Third, cross-domain synergies create reinforcing feedback loops where capabilities enable compliance, measurement accelerates innovation, and governance catalyses development. This research provides practitioners an actionable framework identifying critical capability investments and interdependencies for sustainability implementation. Theoretically, we extend the Natural Resource-Based View and the Dynamic Capability View through three construction-specific mechanisms: temporal knowledge discontinuity paradox, distributed capability configuration, and regulatory complexity multipliers. These extensions advance sustainability theory beyond manufacturing, providing a foundation for understanding sustainable competitive advantage in project-based, fragmented industries. Full article

This study investigates how stakeholder pressures (SSTPR) prompt SMEs to perform green innovation (GRNI) activities by grounding the analysis exclusively in stakeholder theory. It employs a survey questionnaire to gather information from 141 top- and mid-level executives working in various SME manufacturing firms (listed in DSE, CSE, foreign SMEs) in Bangladesh. The structural equation modeling (SEM) technique is used to analyze data and test hypotheses. The study’s findings reveal that SSTPR, both primary and secondary, have a significant positive impact on the firm’s degree of GRNI. Moreover, it has also been found that environmental commitment (ENVC) has a positive moderating effect on the relation between stakeholder influences and GRNI. On the other hand, environmental ethics (ENVE) has a partial mediation impact on this relationship. The results shed light on the crucial role of stakeholder influence, ENVC, and ENVE in promoting GRNI behavior. These findings will fill knowledge gaps on the factors that drive SMEs’ investments in GRNIs with insightful implications for regulators, managers, and policymakers. This study also assists Bangladesh’s sustainable agenda by bolstering green and sustainable innovation activities. Full article

The main objective of this article is to conduct a literature review on the use of open innovation (OI) for green transition to identify tools and methods that can make green transition more effective, efficient, and socially acceptable. This review is accompanied by an attempt to answer the following research questions: R1. How can open innovation be used in the economy and by individual entities to achieve the goals of the green transition? R2. How can individual stakeholders be activated and motivated to participate in the process of creating open innovation for the green transition? and R3. What are the real effects of using open innovation on a macroeconomic, social, and individual scale? The results allow concluding that OI is used by enterprises, cities, regions, and entire economies. Among the methods of activating and motivating individual stakeholders to engage in the process of creating OI for green transition, the following can be selected: (1) internal resources and competencies (knowledge management, internal programs, open leadership, trust, complementarity of resources); (2) partnership characteristics (modern business models, involvement of partnership intermediaries, strengthening relationships with suppliers and customers, involvement of prosumers, cooperation with universities and research institutions); (3) external legal and regulatory conditions (protection of intellectual property rights, pro-innovation and pro-environmental education systems, creation of a legal framework for cooperation between science and business); and (4) external technical and organizational solutions (online platforms, social media, Living Labs, external sources of knowledge). The most frequently mentioned individual effects of open innovation in the energy sector include: improved efficiency, effectiveness and competitiveness in environmental management and the implementation of sustainable development, as well as the use of modern technologies. At the economic level, OI supports investment and economic growth. It can also have a positive impact on reducing energy poverty and developing renewable energy sources, including in emerging economies. This form of innovation also promotes social integration and the creation of social values. The findings of this review can be utilized by scholars to identify current and future research directions. They may also prove valuable for practitioners as both an incentive to engage in open innovation and guidance for its design and implementation. Furthermore, the results can contribute to disseminating knowledge about open innovation and its role in the green transformation. Full article

Environmental awareness is widely recognized as a key factor of environmentally friendly behavior, especially as human activities persist in exacerbating global environmental issues. While previous research has largely focused on environmental regulations to promote green technology, such approaches often fall short in developing countries due to weak enforcement mechanisms and the prominence of informal economic activities. This study takes a different approach by exploring how environmental awareness can foster the adoption of green technology in informal manufacturing enterprises, thereby enhancing both environmental and social outcomes. Enterprise-level survey data, collected from a major city in a developing country, serves as the basis for this analysis. The survey captures information related to knowledge attitudes and the behavioral practices of owners or managers with respect to the environment, as well as pollution and its management. Utilizing the collected data, and guided by established theoretical frameworks, the study develops an environmental awareness (EA) index. This index is then applied in probit and logit models to estimate its effect on the likelihood of adopting pollution-reducing technologies. The marginal effect analysis reveals that informal SMEs with a higher environmental awareness are 28.5% more likely to adopt green technologies. This probability increases to 30.1% when demographic- and business-related variables are incorporated into the model. Based on empirical findings, this study recommends targeted investments in awareness building initiatives, alongside long-term educational and training programs for enterprise owners and managers to instill environmental values and practices across operations. Given the financial constraints faced by informal enterprises, this study also recommends both public and private sector support to make this transition feasible and sustainable. Full article