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Green sukuk (GS) is an emerging financial tool that has gained momentum in recent years owing to increased attention being given to Islamic finance, socially responsible investing (SRI) and sustainability agendas. Yet, GS studies are fragmented, dispersed and lack comprehensive reviews. As a response to this gap in academia, this paper aims to synthesize the knowledge on GS into thematic clusters, providing a more comprehensive understanding of the subject and offering guidelines for future research.

This study implemented a systematic literature review approach to analyse studies on GS that were published prior to and including June 2023. The PRISMA 2020 protocol was used in the sample selection process. A total of 62 peer-reviewed journal articles from six databases were identified and categorized into various themes.

The results suggest that previous research has predominantly focused on the areas of GS advantages, drivers, market development and potential sectors, along with challenges and recommendations to improve the market. However, it was found that some other aspects, including GS pricing, performance and purchasing intention, require further research attention. The analysis also indicated that the use of theories in the GS context was limited, with only five theories employed in just four out of the 62 articles examined. Moreover, this paper’s findings revealed that the studies employing quantitative and empirical analysis methods were limited to four articles. Geographically, most of the studies were conducted in Indonesia and Malaysia, while other countries with high-potential markets (e.g. GCC) had limited GS practices and studies.

The results of this study have several practical implications. For investors, a review of GS will provide greater insight into the understanding of the GS market, helping them make better investment decisions. For policymakers, this paper empowers them with the knowledge to make informed decisions regarding GS markets by highlighting key recommendations identified in the literature. Finally, the proposed guidelines can be used in future research.

While Green Bonds have received significant attention, there is a dearth of research on GS and those that exist are fragmented. A systematic literature review is necessary to identify knowledge gaps for future research.

We examined the dynamic volatility connectedness and diversification strategies among US real estate investment trusts (REITs) and green finance indices.

The DCC-GARCH dynamic connectedness framework and he DCC-GARCH t-copula model were employed in this study.

Using daily data from 2,206 observations spanning from 2 January 2015 to 31 January 2023 this paper presents the following findings: (1) cross-market spillovers exhibited a high correlation and significant fluctuations, particularly during extreme events; (2) our analysis confirmed that REIT acted as net receivers from other green indices, with the S&P North America Large-MidCap Carbon Efficient Index dominating the in-network volatility spillover; (3) this observation suggests asymmetric spillovers between the two markets and (4) a portfolio analysis was conducted using the DCC-GARCH t-copula framework to estimate hedging ratios and portfolio weights for these indices. When REIT and the Dow Jones US Select ESG REIT Index were simultaneously added to a risk-hedged portfolio, our findings indicated that no risk-hedging effect could be achieved. Moreover, the cost and performance of hedging green assets using REIT were found to be comparable.

We first examined the dynamic volatility connectedness and diversification strategies among US REITs and green finance indices. The outcomes of this study carry practical implications for market participants.

Green sukuk (Islamic bonds) is one of Islamic financial instrument as an alternative financing source for supporting green finance projects in several sectors such as renewable energy or climate change problems. The aim of study is to present an understanding of the issues, explore the lesson for government policy and identify the potential for future studies directions.

This study conducted a literature review on green sukuk or Islamic bonds based on eight journal databases. The authors have carried out a strict selection of journals that are only indexed by Scopus and are protected from predatory journals.

This study has selected 7 of 118 published articles on green topics. This study has found that 50% of green sukuk research is dominated by a theoretical qualitative approach. While research that uses a quantitative or empirical approach is still below 30%, followed by using mixed methods. This study finds that research discusses green sukuk on Sustainable Development Goals (SDGs) or environmental issues, especially climate change, COVID-19 issues and green financial reporting. In addition, in the existing literature, this study found that green sukuk has main advantages instead of green bonds where green sukuk must comply with sharia principles, namely, being free from usury, interest and uncertainty.

This study analyzes two important implications, namely, first, the implications of government policies regarding the potential for issuing green sukuk in supporting all programs on the agenda for the 2030 SDGs, especially controlling and preventing the adverse impacts of global climate change; second, the implications for further research, further researchers can refer to the results of this review to make it easier to find new research things about the relationship of green sukuk with SGDs.

To the best of the authors’ knowledge, this paper is the first review paper that structurally reviews the previous literature on green sukuk (Islamic bonds) based on reputable publisher journals that have been indexed by Scopus.

This study aims to investigate the impact of green marketing strategy (GMS) and firms’ decision to invest in or divest from green marketing activities during a crisis on business performance.

The study collected survey data from 245 Greek firms during the 2015 Eurozone crisis to investigate the impact of GMS and green marketing investments on firm resilience during crisis. Time-lagged, objective performance data for a subset of these firms helped examine the impact of GMS on postcrisis financial performance.

Pursuing a GMS builds resilience, especially for companies that decided not to reduce resources allocated to green marketing activities during a recession. Beyond resilience, firms investing in GMS during the crisis experienced improved financial performance in the long run. Finally, this research proposes a typology of GMS responses during a crisis.

This study does not specify which types of green marketing activities lead to more investment or divestment during a crisis.

The study offers insights for allocating resources to green marketing during recessions. Supporting GMSs during unpredictable times is important to successfully navigate performance both during and after a crisis. Six crisis response profiles are offered: green-nonbelievers, dis-investors, reluctants and cautious-, opportunistic- and strategic-green investors.

The study proposes a balanced approach to environmental sustainability, marketing strategy and firm performance during a crisis.

The study argues that GMSs enable firms to survive a crisis and recover from financial shocks.

This study aims to respond to the latest research calls to precisely revisit the nexus between corporate green innovation (CGI) and financial decisions through deeply investigating the mediating effect of corporate environmental performance measured by the effectiveness of emission reduction.

This study analyzes nonfinancial-listed firms on the Australian Securities Exchange from 2002 to 2019 using multiple regression analysis on a panel data set. Initially, different static panel data approaches were used. To account for the potential endogeneity issue and generate robust outcomes, the authors apply the one-step system generalized method of moment, two-stage least squares and lagged model approaches.

The results provide a clear indication that the practices of green innovation can favorably contribute to the level of environmental performance, which in turn affect the firm’s ability in opening the new financial doors and shape solid capital structure. In this context, the effective environmental performance fully mediates the nexus between CGI and capital structure of a firm. More importantly, the outcomes are robust and coherent across different estimation techniques.

The originality of this study lies in its utilization of mediation analysis to explore the relationship between CGI and a firm's financial structure. This approach distinguishes it from previous research by offering a thorough and nuanced understanding of how green innovation practices influence the financing decisions of a firm.

This study aims to assess the spread of environmental literacy graduation requirements at public universities in the USA, and to highlight factors that mediate the adoption of this curriculum innovation.

The author analyzed the undergraduate general education curriculum requirements at all 549 public BA-granting higher education institutions in the USA between 2020 and 2022.

The study found that only 27 US public universities out of 540 have an environmental literacy graduation requirement, which represents 5% of universities and is substantially lower than previous estimates.

First, this study provides a more complete, more reliable and more current assessment of the graduation requirement’s presence at US tertiary institutions, and shows the number of universities that have implemented this innovation is lower than was estimated a decade ago. Second, it draws from the scholarship on the infusion of sustainability into the university curriculum to provide a comprehensive discussion of factors that mediate the pursuit and implementation of the graduation requirement. As well, it identifies factors that played a key role in one pertinent case.

This study was conducted to review the overview of green growth and examine the role of financial inclusion as well as economic integration and other variables on green growth in Association of Southeast Asian Nations (ASEAN) countries.

Principal component analysis (PCA) was used to construct financial inclusion variables and panel data regression analysis to examine the effect of financial inclusion and economic integration on green growth in 10 ASEAN countries from 2010 to 2021.

The results showed that financial inclusion had played a role in supporting green growth in ASEAN. The rapid development of green finance and green bonds promoted the implementation of better green growth. The variables of export diversification and trade openness had a significant effect on green growth. Therefore, there is a need for appropriate policies to prevent negative effects on the environment and the behavior of ASEAN countries.

The findings of this study suggest that policymakers in ASEAN countries not only focus on gaining economic benefits from financial inclusion and economic integration activities but also pay attention to environmental impacts. Moreover, the ASEAN region is actively developing strategic steps in providing easy access to capital and finance as well as expanding international trade activities through ASEAN Free Trade Area (AFTA). Therefore, it is hoped that apart from being able to establish sustainable policies, this region will also encourage and optimize previous policies to make them more environmentally friendly.

This study used a green growth approach with the Index by the Global Green Growth Institute. This index considered aspects of green economic opportunities and social inclusion that have not been applied in previous studies. In addition, this study contributed to review the activities of economic integration and financial inclusion and the sustainability of green growth in ASEAN countries. Until now, there has been no research focused on ASEAN; even though ASEAN has long carried out economic integration and encouraged financial inclusion policies, this region is vulnerable to environmental degradation issues.

This paper aims to investigate the impact of China’s Green Credit Guidelines (GCG) policy on the environmental, social and governance (ESG) scores of restricted enterprises and examine firm’s speculative behavior in response to the policy.

This paper views the GCG policy proposed in 2012 as a quasinatural experiment and uses difference-in-differences (DID) model to evaluate its influence on the ESG scores of Chinese nonfinancial A-share listed enterprises from 2007 to 2019. Robustness tests include the propensity score matching (PSM)–DID method and permutation tests.

The GCG policy significantly increases the ESG scores of restricted enterprises, particularly enhancing environmental (E) performance. However, it only improves the social (S) and governance (G) performance of firms heavily reliant on bank credit, indicating speculative behavior by enterprises. Increased Government attention, a higher proportion of female executives and more developed local green finance reduce speculative behavior, while executives with financial backgrounds promote it.

Governments should mandate standardized ESG reporting and monitor restricted enterprises, banks should monitor speculative behavior and firms should integrate ESG into their long-term strategies to support sustainable development.

The results provide evidence of the effectiveness of implementing the GCG policy in China and offer guidance for better promoting green credit policy in developing countries, contributing to the transition toward a more sustainable future.

To the best of the authors’ knowledge, this paper is the first to explore if the GCG policy’s asymmetric effects on ESG components are due to enterprise speculative behavior and examines the factors influencing this behavior, providing insights for regulators to better implement the GCG policy to promote sustainable development.

Transport and logistics companies (TLCs) have adopted green practices to reduce their emission and waste in support of environmental protection requirements. However, not all green practices of TLCs have resulted in green performance (GP) because of inherent variations in internal abilities and external factors affecting firms in different operational environments. Using institutional (INT) and resource-based view (RBV) theories we develop a model that shows how institutional pressures and internal abilities impact TLCs’ GP.

Underpinned by INT and RBV theories, this study utilised structural equation modelling on a cross-sectional survey of 222 TLC firms operating in the Philippines.

The study reveals that TLCs’ regulatory compliance, social obligations and competitor pressures have significant direct effects on TLCs’ GP while supplier integration and resource capabilities serially mediate the relationships. The findings indicate that institutional pressures and internal abilities that shape firms’ environmental policies and procedures explain TLCs’ GP.

As a result of the cross-sectional nature of our data, findings may be time, population and prevailing situation dependent. The long-term validity of the research can be improved if longitudinal design is employed. We collected data from a single respondent considered as the best respondent. However, with time and resource availability, a jury of executives for each company would have been a better alternative respondent.

The findings of this research provide TLC managers, policymakers and other stakeholders with much-needed guidance for crafting policies and strategies for handling the challenges of caring for the planet and maintaining sustainable operations.

Improving green practices of TLCs to enable waste and emission reductions is critical to the health and well-being of people and the planet. An environment free of pollution will result in fewer health challenges, fewer medical/insurance-related expenses, and, above all, enable a higher quality of life and a more productive workforce.

Studies have extensively explored the green practices of TLCs as well as the influences of both institutional pressures and internal abilities of TLCs on their green practices. This study identifies critical factors that significantly affect the GP of TLCs and provides a conceptual framework for a better understanding of the dynamics of strategic, tactical and operational issues that TCLs may face in their effort at greening the sector.

This chapter focuses on cycle tourism using Bambike (Bamboo Bike) as sustainable transportation in the heritage site of Intramuros to promote cultural awareness and environmental preservation. Bambike is a bicycle where parts are made from natural bamboo and abaca with aircraft grade alloys tested for durability that passed the standards in the industry. The purpose of this chapter is to determine the value of cycle tourism using Bambike to promote green tourism in Intramuros and preserve its attractions. Its significance and benefits as to economic, environmental, and sociocultural impacts have been analyzed. The information source and data collection for this research was from the selected local and international tourists in Intramuros who have experienced and booked a trip with Bambike. An interview with structure questionnaire was done for the tourists and Bambike staff. It was concluded that Bambike can contribute to create site awareness leading to desire to preserve the heritage sites of Intramuros.