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Research Handbook of Finance and Sustainability
The severe consequences of the global financial crisis 2008-2009 and numerous accounting frauds and financial scandals over the last fifteen years have let to calls for more ethical and responsible actions in all economic activities including consumption, investing, governance and regulation. Despite the fact that ethics in business and corporate social responsibility rules have been adopted in various countries, more efforts have to be devoted to motivate and empower more actors to integrate ethical behavior and rules in making business and managerial decisions. The Research Handbook of Finance and Sustainability will provide the readers but particularly investors, managers, and policymakers with comprehensive coverage of the issues at the crossroads of finance, ethics and sustainable development as well as proposed solutions, while focusing on three different levels: corporations, investment funds, and financial markets.
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Critical Acclaim
Contributors
Contents
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Sustainability is now an essential objective for all organizations, enabling them to resist adverse shocks and thrive in a disruptive world. This Research Handbook provides expert coverage and practical tips on a wide array of pertinent issues related to current finance and sustainability research.
Comprising 31 chapters written by over 60 eminent experts, this Research Handbook provides readers with the latest ideas and propositions regarding finance and sustainability. This includes the significance of corporate social responsibility, environmental and entrepreneurial finance, crowdsourcing, governance and fraud. Despite ethical business practices and corporate social responsibility rules being adopted in various countries, the contributors demonstrate that further efforts are needed to motivate and empower actors to integrate ethical behavior into all business and managerial decisions.
Multidisciplinary in reach, this comprehensive Research Handbook features forward-thinking academic and professional literature on corporate social responsibility, sustainability and finance for post-graduate students, researchers and practitioners to explore the forthcoming paths for research.
Comprising 31 chapters written by over 60 eminent experts, this Research Handbook provides readers with the latest ideas and propositions regarding finance and sustainability. This includes the significance of corporate social responsibility, environmental and entrepreneurial finance, crowdsourcing, governance and fraud. Despite ethical business practices and corporate social responsibility rules being adopted in various countries, the contributors demonstrate that further efforts are needed to motivate and empower actors to integrate ethical behavior into all business and managerial decisions.
Multidisciplinary in reach, this comprehensive Research Handbook features forward-thinking academic and professional literature on corporate social responsibility, sustainability and finance for post-graduate students, researchers and practitioners to explore the forthcoming paths for research.
Critical Acclaim
‘The Research Handbook of Finance and Sustainability, edited by Sabri Boubaker, Douglas Cumming and Duc Khuong Nguyen, all prominent members of the field of finance, gathers contributions from many well accomplished authors of finance worldwide. This book provides a superb panorama on the recent developments in the finance literature. In particular, it adventures into and explores topics on corporate social responsibility, the connection between environmental and entrepreneurial finance, how sustainable finance is linked to governance and the relationship between sustainability, fraud and agency problems. This book is a must-read for the finance profession.’
– Balázs Égert, OECD, Paris, France
‘The Handbook is organized into four excellent sections that examine corporate social responsibility, environmental and entrepreneurial finance, governance and sustainable finance, and fraud, governance and agency problems. I would encourage anyone with an interest in these topics to read this book.’
– William L. Megginson, The University of Oklahoma, US
‘We seem to be living in particularly turbulent times. Environmental issues, sustainability, corporate social responsibility and corporate fraud raise major challenges for economic stability at the macro level and for governance and financial investors at the firm level. These challenges are worldwide and relate to the huge variety of firms from the largest corporations to micro-enterprises. Sabri Boubaker, Douglas Cumming, and Duc Khuong Nguyen have put together a timely and highly insightful collection that provides an excellent resource for researchers, policymakers and even the informed general reader on these important topics.’
– Mike Wright, Imperial College London, UK
‘The Research Handbook of Finance and Sustainability is highly recommended to faculty and students of graduate business schools and researchers. It is recommended for purchase by academic libraries supporting advanced degrees in business administration.''
– American Reference Books Annual
– Balázs Égert, OECD, Paris, France
‘The Handbook is organized into four excellent sections that examine corporate social responsibility, environmental and entrepreneurial finance, governance and sustainable finance, and fraud, governance and agency problems. I would encourage anyone with an interest in these topics to read this book.’
– William L. Megginson, The University of Oklahoma, US
‘We seem to be living in particularly turbulent times. Environmental issues, sustainability, corporate social responsibility and corporate fraud raise major challenges for economic stability at the macro level and for governance and financial investors at the firm level. These challenges are worldwide and relate to the huge variety of firms from the largest corporations to micro-enterprises. Sabri Boubaker, Douglas Cumming, and Duc Khuong Nguyen have put together a timely and highly insightful collection that provides an excellent resource for researchers, policymakers and even the informed general reader on these important topics.’
– Mike Wright, Imperial College London, UK
‘The Research Handbook of Finance and Sustainability is highly recommended to faculty and students of graduate business schools and researchers. It is recommended for purchase by academic libraries supporting advanced degrees in business administration.''
– American Reference Books Annual
Contributors
Contributors: D. AL-Ghamdi, Y. Alperovych, S. Bajic, W. Ben-Amar, R. Bianchini, B. Bolton, S. Boubaker, H. Byström, R. Calcagno, D. Coldwell, J. Creedy, D. Cumming, P. Desrochers, A. Florio, S. Gatti, P. Geiler, G. Gianfrate, G. Gokcek, J. Hazelton, H. Hoang, S. Kim, D. Lee, Z. (Frank) Li, H. Liang, C. López-Gutiérrez, K. Maas, S. Marsat, P. McIlkenny, K. Mhedhbi, I. Moosa, A. Ng, D.K. Nguyen, H. Nguyen Anh Pham, C. Niehaus, T.M. Nisar, M. Nurul Houqe, M. Pagano, P. Perego, S. Perkiss, G. Pijourlet, S. Pope, G. Prabhakar, E. Queinnec, V. Ramiah, A. Rebérioux, L. Renneboog, Z. Rezaee, G. Roudaut, S. Ryu, I. Sainz-Fernandez, M. Scarlata, C. Schellhorn, G. Sinclair, J.A.F. Stoner, L. Strakova, B. Torre-Olmo, T. van Zijl, E. Velayutham, J. Walske, F.M. Werner, B. Williams, T. Yang, B.B. Yurtoglu, A. Zacharakis, Z. Zuraida
Contents
Contents
PART I Corporate Social Responsibility
1. The Horn that Didn’t Toot: The Surprisingly Weak Relationship from Advertising to CSR
Shawn Pope
2. CSR, Market Value, and Profitability: International Evidence
Stevan Bajic and B. Burcin Yurtoglu
3. Is Corporate Social Responsibility an Agency Problem?
Hao Liang and Luc Renneboog
4. Disentangling Financial and Ethical Effects of Corporate Social Responsibility on Firm Value
Sylvain Marsat, Guillaume Pijourlet and Benjamin Williams
5. How Useful are CSR Reports for Investors? The Problems of Comparing Environmental and Social Disclosures
James Hazelton and Stephanie Perkiss
6. Corporate Social Responsibility and Firm Innovation
Dongyoung Lee
7. A Survey of Corporate Social Responsibility and Corporate Governance
Zhichuan (Frank) Li
8. The Birth of Environmental Finance
Huy Nguyen Anh Pham and Vikash Ramiah
9. Can Entrepreneurship be Sustainable without being Sustainability-driven? Some Historical Perspective.
Erwan Queinnec and Pierre Desrochers
10. Sustainability and the Evolution of the Shareholder Wealth Maximization Paradigm
Frank M. Werner and James A.F. Stoner
11. Issue spread determinants in the green bond market: the role of second party reviewers and of the Green Bond Principles
Stefano Gatti and Andrea Florio
12. Structured Microfinance in China
Hans Byström
13. Microfinance and Joint-liability Lending
John Creedy and Hien Hoang
14. Microfinance as an Alternative to the Imperfections of the Financial System
Isabel Sainz-Fernandez, Begoña Torre-Olmo and Carlos López-Gutiérrez
15. Comparing Founders’ Specific Human Capital in Traditional Versus Philanthropic Venture Capital Firms
Jennifer Walske, Mariarosa Scarlata and Andrew Zacharakis
16. Examination of the Relationship between Venture Capital and Economic Growth in Emerging Markets
Guldem Gokcek
PART II Governance and Sustainable Finance
17. What Explains Voluntary Corporate Carbon Disclosures In Emerging Markets?
Walid Ben-Amar, Philip McIlkenny and Karim Mhedhbi
18. Understanding ESG Ratings and ESG Indexes
Michael Pagano, Graham Sinclair and Tina Yang
19. Environmental Regulation, Financial Regulation and Sustainability
Imad Moosa and Vikash Ramiah
20. Impact Investing in Social Enterprises
Brian Bolton and Carolyn Niehaus
21. The Low-Carbon Transition and Financial System Stability
Carolin Schellhorn
22. Environment, Economics and Ethics: Towards an integrated model of ‘strong’ corporate sustainability
David Coldwell
23. Climate Risk and the Practice of Corporate Valuation
Roberto Bianchini and Gianfranco Gianfrate
24. Value Relevance of Environmental, Social, and Governance Disclosure
Zuraida Zuraida, Muhammad Nurul Houqe and Tony van Zijl
25. The Emergence of Business Sustainability: Educational, Practical and Research Implications
Anthony Ng and Zabihollah Rezaee
PART III Fraud, Governance and Agency Problems
26. Corporate Governance and Fraud: Causes and Consequences
Yan Alperovych, Riccardo Calcagno and Philipp Geiler
27. Sustainability Disclosure and Earnings Management
Eswaran Velayutham
28. The Effect of Publication, Format, and Content of Integrated Reports on Analysts’ Earnings Forecasts
Suhee Kim, Karen Maas and Paolo Perego
29. Crowdfunding as a Two-Sided Platform: Development of a Crowdfunding Participation Model
Sunghan Ryu
30. Crowdsourcing, Co-creation and Crowdfunding in the Video-Game Industry
Dina AL-Ghamdi, Tahir M Nisar, Guru Prabhakar and Lubica Strakova
31. How to foster responsible corporate governance? Voluntary versus legislative approaches
Antoine Rebérioux and Gwenael Roudaut
Index
PART I Corporate Social Responsibility
1. The Horn that Didn’t Toot: The Surprisingly Weak Relationship from Advertising to CSR
Shawn Pope
2. CSR, Market Value, and Profitability: International Evidence
Stevan Bajic and B. Burcin Yurtoglu
3. Is Corporate Social Responsibility an Agency Problem?
Hao Liang and Luc Renneboog
4. Disentangling Financial and Ethical Effects of Corporate Social Responsibility on Firm Value
Sylvain Marsat, Guillaume Pijourlet and Benjamin Williams
5. How Useful are CSR Reports for Investors? The Problems of Comparing Environmental and Social Disclosures
James Hazelton and Stephanie Perkiss
6. Corporate Social Responsibility and Firm Innovation
Dongyoung Lee
7. A Survey of Corporate Social Responsibility and Corporate Governance
Zhichuan (Frank) Li
8. The Birth of Environmental Finance
Huy Nguyen Anh Pham and Vikash Ramiah
9. Can Entrepreneurship be Sustainable without being Sustainability-driven? Some Historical Perspective.
Erwan Queinnec and Pierre Desrochers
10. Sustainability and the Evolution of the Shareholder Wealth Maximization Paradigm
Frank M. Werner and James A.F. Stoner
11. Issue spread determinants in the green bond market: the role of second party reviewers and of the Green Bond Principles
Stefano Gatti and Andrea Florio
12. Structured Microfinance in China
Hans Byström
13. Microfinance and Joint-liability Lending
John Creedy and Hien Hoang
14. Microfinance as an Alternative to the Imperfections of the Financial System
Isabel Sainz-Fernandez, Begoña Torre-Olmo and Carlos López-Gutiérrez
15. Comparing Founders’ Specific Human Capital in Traditional Versus Philanthropic Venture Capital Firms
Jennifer Walske, Mariarosa Scarlata and Andrew Zacharakis
16. Examination of the Relationship between Venture Capital and Economic Growth in Emerging Markets
Guldem Gokcek
PART II Governance and Sustainable Finance
17. What Explains Voluntary Corporate Carbon Disclosures In Emerging Markets?
Walid Ben-Amar, Philip McIlkenny and Karim Mhedhbi
18. Understanding ESG Ratings and ESG Indexes
Michael Pagano, Graham Sinclair and Tina Yang
19. Environmental Regulation, Financial Regulation and Sustainability
Imad Moosa and Vikash Ramiah
20. Impact Investing in Social Enterprises
Brian Bolton and Carolyn Niehaus
21. The Low-Carbon Transition and Financial System Stability
Carolin Schellhorn
22. Environment, Economics and Ethics: Towards an integrated model of ‘strong’ corporate sustainability
David Coldwell
23. Climate Risk and the Practice of Corporate Valuation
Roberto Bianchini and Gianfranco Gianfrate
24. Value Relevance of Environmental, Social, and Governance Disclosure
Zuraida Zuraida, Muhammad Nurul Houqe and Tony van Zijl
25. The Emergence of Business Sustainability: Educational, Practical and Research Implications
Anthony Ng and Zabihollah Rezaee
PART III Fraud, Governance and Agency Problems
26. Corporate Governance and Fraud: Causes and Consequences
Yan Alperovych, Riccardo Calcagno and Philipp Geiler
27. Sustainability Disclosure and Earnings Management
Eswaran Velayutham
28. The Effect of Publication, Format, and Content of Integrated Reports on Analysts’ Earnings Forecasts
Suhee Kim, Karen Maas and Paolo Perego
29. Crowdfunding as a Two-Sided Platform: Development of a Crowdfunding Participation Model
Sunghan Ryu
30. Crowdsourcing, Co-creation and Crowdfunding in the Video-Game Industry
Dina AL-Ghamdi, Tahir M Nisar, Guru Prabhakar and Lubica Strakova
31. How to foster responsible corporate governance? Voluntary versus legislative approaches
Antoine Rebérioux and Gwenael Roudaut
Index
