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Is the financial industry ready for circular economy and sustainable development goals? A case of a developing country

Muhammad Zahid (Department of Management Sciences, City University of Science and Information Technology, Peshawar, Pakistan and Bahria Business School, Bahria University, Islamabad, Pakistan)
Mutahar Hayat (Department of Management Sciences, City University of Science and Information Technology, Peshawar, Pakistan)
Haseeb Ur Rahman (Interdisciplinary Research Center for Finance and Digital Economy, King Fahd University of Petroleum and Minerals, Dhahran, Saudi Arabia)
Wajahat Ali (Department of Economics, College of Business and Public Management, Wenzhou-Kean University, Wenzhou, China)

Qualitative Research in Financial Markets

ISSN: 1755-4179

Article publication date: 6 February 2024

151

Abstract

Purpose

This study aims to examine the role of Pakistan’s banking industry in the transition toward a circular economy (CE) and the implementation of sustainable development goals (SDGs).

Design/methodology/approach

This study uses a qualitative content analysis technique on 75 annual reports of 25 Pakistani banks. Data has been collected from websites and annual reports of concerned banks incorporating CE practices and SDGs in their annual reports. In addition, the data collected from the annual reports of concern sample is based on three dimensions of sustainable development (environmental, social and governance) along with the leading practices of CE to reduce, reuse, recycle, redesign, restructure, and recover.

Findings

The findings show that most firms have reported CE and SDGs. Also, the study explores the level and linkage of CE and SDGs practices among the sample firms.

Research limitations/implications

This study provides important insights for the regulators, policymakers, State Bank of Pakistan, commercial banks and stakeholders in Pakistan’s banking industry. It adds significant value to the CE and SDGs, especially in developing economies like Pakistan.

Originality/value

The study has explored and examined the ever-investigated dimensions of SDGs and CE in the banking industry of Pakistan.

Keywords

Acknowledgements

Conflicts of interest: The authors declare no conflict of interest.

Citation

Zahid, M., Hayat, M., Rahman, H.U. and Ali, W. (2024), "Is the financial industry ready for circular economy and sustainable development goals? A case of a developing country", Qualitative Research in Financial Markets, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/QRFM-06-2023-0135

Publisher

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Emerald Publishing Limited

Copyright © 2024, Emerald Publishing Limited

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