This study examines the effect of mandatory Corporate Social Responsibility (CSR) reporting on the Climate Risk Index (CRI) of European countries, a measure of global warming (SDG-13), where CSR reporting is mandated for a subset of large firms from 2012 to 2022. The objective is to assess the...

We studied the relationship between sustainable investment indexes and examine whether this relationship varies in bullish, bearish, and stable financial markets. To understand this issue more deeply, we analyzed the connectedness between three indexes-the Sustainable Impact investments,...

In today's investment landscape, the integration of environmental, social, and governance (ESG) factors with data-driven strategies is pivotal. This study delves into this fusion, employing sophisticated statistical techniques and Python programming to unveil insights often overlooked by...

The average yield differential between a green and a matched conventional bond ("greenium") amounts to minus 3 basis points. We decompose this greenium along the bonds' ownership structure and document that investment funds, banks and insurance companies pay most of it. Dissecting further, the...

We investigate the occurrence of greenwashing in the US mutual fund industry. Using panel regression methods, we test whether there exist differences in the portfolio investment behaviors of active equity funds that are self-declared to be driven by ESG motives when compared to all other funds....

Climate change, trade wars, supply-chain disruptions, and geopolitical uncertainty - one may characterize the post-COVID era as such. The Circular Economy, with its focus on a circular production process, is a framework that addresses exactly these drivers of heightened uncertainty. We propose...

This study examined how ESG has influenced credit growth across MENA countries/regions and investigated the extent to which bank size and Islamic banking influence this relationship. Using panel data from 42 listed banks across 10 MENA countries (367 bank-year observations from 2010-2023), the...

We provide empirical evidence that the pricing of green bonds tends to be highly sophisticated and based on a two-tiered approach. When buying a green bond, investors do not look only at the presence of a green label, but also consider additional characteristics of the bond that involve the...

Fulfilling social responsibilities within the ESG framework has gradually become a core competitive advantage for sustainable corporate development that also serves to enhance future returns. Charitable donations constitute a crucial method through which corporations fulfill social...

This study explores a new channel through which environmental, social and governance (ESG) reporting mandates implemented in one country can influence firms' ESG performance in another country, focusing on returnee CEOs in China who studied or worked abroad. We find that compared with Chinese...

Drawing on agency theory, this study explores how the geographical distribution of institutional shareholders affects corporate ESG rating disagreements. A higher geographical concentration of institutional shareholders is found to correlate with reduced ESG rating disagreements, as...

This paper examines the impact of firms' voluntary ESG disclosures on social media on ESG rating divergence using data from China's Sina Weibo. The results show that social media disclosure of ESG information alleviates ESG rating divergence, supporting the information effect hypothesis rather...

This study explores how investor behavioural biases influence sustainable (high-ESG) and non-sustainable (low-ESG) firms in the United States, using the behavioural three-factor model introduced by Daniel, Hirshleifer and Sun (2020). The model includes two behavioural factors: limited attention...

Objective: The objective of the article is to explore and assess whether the SFDR legal framework creates a legitimate, effective, and efficient mechanism that supports a genuinely sustainable investment and eliminates greenwashing and other trade-offs. It targets the Regulation (EU) 2019/2088...

This study examines the effect of mandatory Corporate Social Responsibility (CSR) reporting on the Climate Risk Index (CRI) of European countries, a measure of global warming (SDG-13), where CSR reporting is mandated for a subset of large firms from 2012 to 2022. The objective is to assess the...

This study investigates the asymmetric responses of AI and ESG Exchange Traded Funds (ETFs) to geopolitical and financial uncertainty, with a focus on resilience across market regimes. The NASDAQ-100 and MSCI ESG Leaders indices are used as proxies for thematic ETFs, and their dynamic...

This study develops an integrated risk modeling framework to assess capital adequacy and optimize portfolio performance for Thai life and non-life insurers. Leveraging ARMA-GJR-GARCH models with skewed Student-t innovations, extreme value theory, and dynamic R-vine copulas, the framework...

Many studies have examined the relationship between environmental, social and governance performance (ESGP) and financial performance (FP) across various sectors. However, the statistical results of previous studies exhibit variability, including significant and insignificant positive or...

The growing global emphasis on Environmental, Social, and Governance (ESG) practices has placed increasing pressure on emerging economies, including Vietnam, to integrate sustainability into key industries such as logistics. However, ESG implementation in Vietnam's logistics sector faces...

In the process of allocating capital, investors are increasingly considering environmental, social, and governance (ESG) ratings and green development. To investigate the effect of differences in agencies' ESG ratings on stock liquidity, we examine data from A-share firms listed on the Shanghai...

This study explores dynamic interconnectedness and volatility spillovers among four asset clusters-brown (fossil fuels), green (clean energy), blue (water-related), and orange (technology)-from April 2014 to October 2024, incorporating major geopolitical events, such as COVID-19, the...

We examine the impact of ESG rating disagreement on the relationship between ESG ratings and firm performance. We find that ESG ratings are negatively associated with firm performance. Moreover, ESG rating disagreement positively moderates the relationship between ESG ratings and firm...

This study examines changes in the environmental, social, and governance (ESG)-return relationship in terms of sentiment and national culture using a large international sample for the 2005-2023 period. First, we confirm that portfolios with higher ESG scores exhibit lower expected returns based...

Given the expanding role of green finance in developing economies, this study investigates green banking strategies utilized by Turkish banks as a case study. Data constitutes banks included in Borsa İstanbul's BIST 100 Index as of 2023. Content analysis and purposive sampling methods are...