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Open Access
Article
Publication date: 26 February 2024

Luca Pedini and Sabrina Severini

This study aims to conduct an empirical investigation to assess the hedge, diversifier and safe-haven properties of different environmental, social and governance (ESG) assets…

Abstract

Purpose

This study aims to conduct an empirical investigation to assess the hedge, diversifier and safe-haven properties of different environmental, social and governance (ESG) assets (i.e. green bonds and ESG equity index) vis-à-vis conventional investments (namely, equity index, gold and commodities).

Design/methodology/approach

The authors examine the sample period 2007–2021 using the bivariate cross-quantilogram (CQG) analysis and a dynamic conditional correlation (DCC) multivariate generalized autoregressive conditional heteroskedasticity (GARCH) experiment with several extensions.

Findings

The evidence shows that the analyzed ESG investments exhibit mainly diversifying features depending on the asset class taken as a reference, with some potential hedging/safe-haven qualities (for the green bond) in peculiar timespans. Therefore, the results suggest that investors might consider sustainable investing as a new measure of risk reduction, which has interesting implications for both portfolio allocation and policy design.

Originality/value

To the best of the authors’ knowledge, this study is the first that empirically investigates at once the dependence between different ESG investments (i.e. equity and green bond) with different conventional investments such as gold, equity and commodity market indices over a large sample period (2007–2021). Well-suited methodologies like the bivariate CQG and the DCC multivariate GARCH are used to capture the spillover effect and the hedging/diversifying nature, even in temporary contexts. Finally, a global perspective is used.

Details

Studies in Economics and Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1086-7376

Keywords

Open Access
Article
Publication date: 28 August 2024

Leya Paulsy and Madhu Lal M

The study aims to identify the trends in the scholarly works on investors preference toward sustainable investments by synthesizing their knowledge structures.

Abstract

Purpose

The study aims to identify the trends in the scholarly works on investors preference toward sustainable investments by synthesizing their knowledge structures.

Design/methodology/approach

A systematic search approach using PRISMA protocol on the Scopus database was used to generate a sample of 403 publications for the purpose of bibliometric analysis. The study performed a range of analyses, including three-field plot analysis, thematic mapping and cluster analysis using the VOSviewer and Biblioshiny software.

Findings

The key findings comprise the identification of four clusters within the subject, namely, corporate social responsibility and environmental, social and governance (ESG) investing, ethical investing, green finance and socially responsible investments. This study offers a clear picture of the publishing advancement and research diversification of four selected clusters' research themes, and cluster subthemes.

Practical implications

The research reveals the social and intellectual structure of the field, which provides the future researchers an insights into emerging themes and provides them opportunities for collaboration as well. The outcomes of the research hold significance for policymakers, governing bodies, aspiring scholars, advocates for the environment and investors. It offers an insightful framework for implementing sustainable practices, balancing profits, and environmental risks and creating value from environmentally conscious research and practice.

Originality/value

The future direction and extensiveness of research work have been explored using the themes generated. To the best of the authors’ knowledge, this study, which combines the VOSviewer and Biblioshiny tools, is likely the first attempt to provide a thorough bibliometric analysis in the research sphere of investors preferences toward sustainable investments.

Details

Vilakshan - XIMB Journal of Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0973-1954

Keywords

Open Access
Article
Publication date: 26 August 2024

Sung Suk Kim, Vina Nugroho and Liza Handoko

This study aimed to explore the determining factors for green bond markets in ASEAN plus three countries. In contrast to previous publications that primarily examined the…

Abstract

Purpose

This study aimed to explore the determining factors for green bond markets in ASEAN plus three countries. In contrast to previous publications that primarily examined the incentives for green bonds and institutional differences among economies, the analysis focused on the role of competition among sub-financial sectors in fostering the growth of green bond markets.

Design/methodology/approach

This study adopted Driscoll and Kraay fixed effect panel methods to account for country-level heterogeneity and enhance efficiency, using quarterly data from 2016 to 2022.

Findings

The findings showed that healthy competition among sub-financial sectors was crucial for the growth of green bond markets. Growth in specific sub-financial sectors such as brown corporate bond and stock markets as well as banks contributed positively to these markets. Variables related to market microstructure also had no significant impact on green bonds but macroeconomic factors did.

Practical implications

The findings suggested that governments should promote healthy competition among sub-financial sectors and implement diverse policies to ensure the sustainable growth of green bond markets.

Originality/value

This study further pioneered the importance of competition among sub-financial sectors for the development of green bond markets.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

Open Access
Article
Publication date: 2 January 2023

Shakir Ullah, Usman Khan, Abida Begum, Heesup Han and Abdullah Mohamed

This paper explores the indigenous climate knowledge (ICK) of the Gwadar fishing community in Pakistan. The main purpose of this paper is to explore the accuracy of ICK and how…

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Abstract

Purpose

This paper explores the indigenous climate knowledge (ICK) of the Gwadar fishing community in Pakistan. The main purpose of this paper is to explore the accuracy of ICK and how climatic change brings changes to it and the social lives of local fishers.

Design/methodology/approach

Qualitative research methods, including participant observation, in-depth interviews and oral histories, were used to collect the data.

Findings

Finding from this long fieldwork shows that this fishing community has a harmonious relationship with nature and local ecology. Their knowledge of local ecology enables them to have equal access to natural resources, sustainable resource management, disaster risk reduction and strong social organization on the coast of Gwadar. Recently their deep relationship with local ecology and sociocultural organization has been disturbed due to huge climate changes caused by human manipulation of the environment. Their ability to foresee climatic events has been reduced. They are finding it impossible to estimate fish availability due to massive climate changes. Local communities are losing their traditional livelihoods and socioeconomic autonomy as a result of growing climate change. Climatic change adds to the existing poverty situation and increases political instability in the region.

Practical implications

The study suggests using the fishermen’s valuable indigenous knowledge of local ecology, climate and its ties to local traditions, culture and resource management for a scientific understanding of climate change and marine resource management in Gwadar, Pakistan.

Originality/value

This is an ethnographic study based on a long term field work. Fishing community is passing through catastrophic climatic changes in the region. This community has been ignored by both government and researchers to record their problems and bring them to academia and media. Therefore, this study will help them raise their voices.

Details

International Journal of Climate Change Strategies and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1756-8692

Keywords

Open Access
Article
Publication date: 30 April 2024

Claudio De Moraes and André Pinto Bandeira de Mello

This work analyzes, through social-environmental reports, whether banks with higher transparency in social-environmental policies better safeguard financial stability in Brazil.

Abstract

Purpose

This work analyzes, through social-environmental reports, whether banks with higher transparency in social-environmental policies better safeguard financial stability in Brazil.

Design/methodology/approach

The analysis is carried out through a panel database analysis of the 42 largest Brazilian banks, representing 98% of the Brazilian financial system. Seeking to avoid spurious results, we followed rigorous methodological standards. Hence, we conducted an empirical analysis using a dynamic panel data model, we used the difference generalized method of moments (D-GMM) and the system generalized method of moments (S-GMM).

Findings

The results show that the higher the transparency of social-environmental policies, the lower the chance of possible stress on the financial stability of Brazilian banks. In sum, this study builds evidence that disclosing risks related to policies about sustainability can enhance financial stability. It is essential to highlight that social-environmental transparency does not have as direct objective financial stability.

Originality/value

The manuscript submitted represents an original work that analyzes whether banks with higher transparency in social-environmental policies better safeguard financial stability. Some countries, such as Brazil, have their potential for sustainable policies spotlighted due to their green territory and diverse natural ecosystems. Besides having green potential, Brazil is a developing country with a well-developed financial system. These characteristics make Brazil one of the best laboratories for studying the relationship between transparency in social-environmental policies and financial stability.

Details

EconomiA, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1517-7580

Keywords

Open Access
Article
Publication date: 24 July 2024

Zhenhua Qin and Xiao-Lin Li

This paper explores whether fintech paves the way for the transition to carbon neutrality in the context of China’s climate policy uncertainty (CCPU) and the influence of the…

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Abstract

Purpose

This paper explores whether fintech paves the way for the transition to carbon neutrality in the context of China’s climate policy uncertainty (CCPU) and the influence of the ocean carbon sink market.

Design/methodology/approach

We apply a novel wavelet analysis technique to investigate the time-frequency dependence between the CCPU index, the CSI (China Securities Index) Fintech Theme Index (CFTI) and the Carbon Neutral Concept Index (CNCI).

Findings

The empirical results show that CCPU and CFTI have a detrimental effect on CNCI in high-frequency bands. Furthermore, in low-frequency domains, the development of CFTI can effectively promote the realization of carbon neutrality.

Practical implications

Our findings show that information from the CCPU and CFTI can be utilized to forecast the movement of CNCI. Therefore, the government should strike a balance between fintech development and environmental regulation and, hence, promote the use of renewable energy to reduce carbon emissions, facilitating the orderly and regular development of the ocean carbon sink market.

Originality/value

The development of high-quality fintech and positive climate policy reforms are crucial for achieving carbon neutrality targets and promoting the growth of the marine carbon sink market.

Details

Marine Economics and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2516-158X

Keywords

Open Access
Article
Publication date: 22 August 2024

Aine Lyons, Jóhanna Gísladóttir and Matthias Kokorsch

Globally, climate change is exacerbating the impacts of climate-related, natural hazards including avalanches. However, there is limited knowledge about how small and remote…

Abstract

Purpose

Globally, climate change is exacerbating the impacts of climate-related, natural hazards including avalanches. However, there is limited knowledge about how small and remote communities are affected by and perceive the effects of a changing climate with hazards that increase in intensity and/or frequency. Consequently, there is a call for more actionable and interdisciplinary climate adaptation research, which takes its starting point in understanding the local concerns of people living in small remote communities.

Design/methodology/approach

This paper test the photovoice method to gather respondents’ perceptions of the place in which they live and the hazards they face through personal narratives of photographs.

Findings

Despite its limitations, the photovoice method was found to be a suitable tool for gaining valuable insights into the communities while ensuring comfort and enjoyment for both participants and the researcher.

Research limitations/implications

The findings also show that despite its limitations photovoice is a useful method for shedding light on risk perception, place attachment and resiliency in communities facing the risk of natural hazards. The study found that place attachment is an important factor to consider in disaster risk management, policy and decision making.

Originality/value

The paper adds to a growing body of literature surrounding the relationship between place attachment and community resilience to climate-related natural hazards. The authors examined the impact of place attachment on community resilience, focusing on two rural and remote villages located in the Westfjords in Iceland – Patreksfjörður and Flateyri. Societal aspects of natural hazards have hitherto been hardly addressed in Iceland and to our knowledge the applied method has not been tested before in such a setting. The photovoice method is tested to gather respondents’ perceptions of the place in which they live and the hazards they face through personal narratives of photographs.

Details

Disaster Prevention and Management: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0965-3562

Keywords

Open Access
Article
Publication date: 23 September 2024

Richard Beach

This paper posits the need for English language arts (ELA) teachers to foster students’ use of languaging about their relations with ecosystems and peers, leading to their…

Abstract

Purpose

This paper posits the need for English language arts (ELA) teachers to foster students’ use of languaging about their relations with ecosystems and peers, leading to their engaging in collective action to critique and transform status-quo systems impacting the climate crisis.

Design/methodology/approach

This paper reviews the current theory of languaging theory and research that focuses on the use of languaging to enact relations with ecosystems and others and voice emotions for transforming communities and reducing emissions contributing to climate change.

Findings

This review of languaging theory/research leads to identifying examples of teachers having students critique the use of languaging constituting status quo energy and community/transportation systems, respond to examples of characters using languaging in literary texts, using languaging in discussing or writing about the need to address climate change, critiquing languaging in media promoting consumption, using media to interact with audiences and using languaging through engaging in role-play activities.

Originality/value

This focus on languaging in ELA classrooms is a unique perspective application of languaging theory, leading students to engage in collective, communal action to address the climate crisis.

Details

English Teaching: Practice & Critique, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1175-8708

Keywords

Open Access
Article
Publication date: 14 August 2023

Ismail Fasanya and Oluwatomisin Oyewole

As financial markets for environmentally friendly investment grow in both scope and size, analyzing the relationship between green financial markets and African stocks becomes an…

Abstract

Purpose

As financial markets for environmentally friendly investment grow in both scope and size, analyzing the relationship between green financial markets and African stocks becomes an important issue. Therefore, this paper examines the role of infectious disease-based uncertainty on the dynamic spillovers between African stock markets and clean energy stocks.

Design/methodology/approach

The authors employ the dynamic spillover in time and frequency domains and the nonparametric causality-in-quantiles approach over the period of November 30, 2010, to August 18, 2021.

Findings

These findings are discernible in this study's analysis. First, the authors find evidence of strong connectedness between the African stock markets and the clean energy market, and long-lived but weak in the short and medium investment horizons. Second, the BDS test shows that nonlinearity is crucial when examining the role of infectious disease-based equity market volatility in affecting the interactions between clean energy stocks and African stock markets. Third, the causal analysis provides evidence in support of a nonlinear causal relationship between uncertainties due to infectious diseases and the connection between both markets, mostly at lower and median quantiles.

Originality/value

Considering the global and recent use of clean energy equities and the stock markets for hedging and speculative purposes, one may argue that rising uncertainties may significantly influence risk transmissions across these markets. This study, therefore, is the first to examine the role of pandemic uncertainty on the connection between clean stocks and the African stock markets.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Open Access
Article
Publication date: 14 April 2023

Francisco Fermín Mallén-Broch, Ricardo Chiva, Alma Rodríguez-Sánchez and Jacob Guinot

The paper analyzes and develops Chiva's (2014) proposal on the common welfare HRM system and uncovers its relationship with innovativeness, using altruism as a mediator.

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Abstract

Purpose

The paper analyzes and develops Chiva's (2014) proposal on the common welfare HRM system and uncovers its relationship with innovativeness, using altruism as a mediator.

Design/methodology/approach

The common welfare HRM system implies a certain human and organizational development of the classic control and commitment HRM systems, and its main goal is to promote innovation through a prosocial approach. To this end, the authors investigated its HRM practices, developed a measurement instrument and provided initial illustrative evidence of some of its main implications for innovativeness and altruism. They tested these relationships on a sample of 269 Spanish firms using structural equations and bootstrapping to confirm the significance of the mediated effect.

Findings

Results confirm the study’s hypotheses, thus supporting the common welfare HRM system as a relevant tool for developing innovativeness through the power of altruism. This paper therefore provides empirical evidence of these relationships.

Practical implications

This study has implications that can help managers to increase innovativeness through a specific HRM system. The findings reveal that a coherent set of HRM practices based on common welfare principles and a high level of consciousness creates a climate of altruism that results in innovativeness.

Originality/value

This research shows that humanistic HRM practices also have an impact on performance variables such as innovativeness, through altruistic employees' behaviors. It also develops a measurement instrument for the common welfare HRM system and provides some initial illustrative evidence of some of its main implications.

研究目的

本文分析並發展Chiva (2014) 關於共同福祉人力資源管理系統的建議;同時,擬以利他主義為中介變量、揭示共同福祉人力資源管理系統與創新意念之間的關係。

研究設計/方法/理念

共同福祉人力資源管理系統暗示了典型的管制和承諾型人力資源管理系統的人類與組織發展;而共同福祉人力資源管理系統的主要目的是以親社會理念去鼓勵創新。為此,我們探討了共同福祉人力資源管理措施,制訂了測量儀器,並為共同福祉人力資源管理可幫助帶來創新意念和利他主義的啟示,提供了初步的例證。研究的樣本為269間西班牙公司;我們以結構方程去檢測共同福祉人力資源管理與創新意念和利他主義之間的關係,並創造環境,俾能確認有關之中介效應的重要性。

研究結果

研究結果證實了我們的假設,就是說,研究結果確認了透過利他主義的影響力,共同福祉人力資源管理系統是可以成為促進創新意念的工具的。就此而言,本文提供了關於這些關係的經驗證據。

研究的原創性

本研究顯示了人文主義的人力資源管理措施,亦可透過僱員無私的行為,影響著各個績效變量,像是創新意念。研究亦為共同福祉人力資源管理系統制訂了測量儀器,並提供了初步的例證,確認了該人力資源管理系統所給予我們的主要啟示。

實務方面的啟示

本研究為管理人員提供了啟示,協助他們透過特定的人力資源管理系統去增強創新意念。研究結果顯示、建基於共同福祉的原則和高度意識水平的一整套連貫的人力資源管理措施,能創造一個引來創新意念的利他主義氣氛。

Details

European Journal of Management and Business Economics, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2444-8451

Keywords

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