FinTech, Islamic Banking & Finance, Corporate Governance & Sustainability

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Technology and Innovation".

Deadline for manuscript submissions: closed (30 June 2023) | Viewed by 64344

Special Issue Editors


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Guest Editor
School of Economics, Finance and Marketing, RMIT University, Melbourne, Australia
Interests: corporate finance, FinTech; Islamic banking & finance; corporate governance; climate change finance
Massey Business School, Palmerston North, New Zealand
Interests: capital markets; accounting policy reforms; financial reporting; sustainability reporting and corporate governance

Special Issue Information

Dear Colleagues,

We are pleased to announce a Call for Papers for a Special Issue in the Journal of Risk and Financial Management (JFRM) on “FinTech, Islamic Banking and Finance, Corporate Governance and Sustainability”. We solicit a variety of paper types and lengths with the primary goal of receiving papers that will add to the growing literature on corporate governance and sustainability, FinTech, and Islamic banking and finance. We welcome papers on all aspects of this topic, including papers examining the topic from both empirical and theoretical perspectives. Papers may involve research including but not be limited to the impact of corporate governance and sustainability on firm performance and financial policies, determinants of corporate sustainability, and the role of FinTech and Islamic banking and finance in corporate performance sustainability.

Dr. Muhammad Safiullah
Dr. Noor Houqe
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

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Keywords

  • fintech
  • Islamic banking and finance
  • corporate governance
  • sustainability

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Published Papers (6 papers)

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Research

12 pages, 681 KiB  
Article
The Impact of Fintech and Digital Financial Services on Financial Inclusion in India
by Mohammad Asif, Mohd Naved Khan, Sadhana Tiwari, Showkat K. Wani and Firoz Alam
J. Risk Financial Manag. 2023, 16(2), 122; https://doi.org/10.3390/jrfm16020122 - 15 Feb 2023
Cited by 40 | Viewed by 44428
Abstract
India’s financial inclusion has significantly improved during the last several years. In recent years, there has been a rise in the number of Indians who have bank accounts, with this figure believed to be close to 80% at present. Fintech businesses in India [...] Read more.
India’s financial inclusion has significantly improved during the last several years. In recent years, there has been a rise in the number of Indians who have bank accounts, with this figure believed to be close to 80% at present. Fintech businesses in India are progressively becoming more noticeable as the Government of India (GoI) continues to strive for expanding financial services to the underbanked sector of the population. To reach the underbanked segments of the population and provide a stable operating environment for fintech businesses, India must seek to increase financial inclusion. In this study, regression and correlation were employed, together with secondary data gathered from the RBI, to analyze this influence. The aim was to determine the impact of fintech and digital financial services on financial inclusion in India. According to the results, fintech businesses have significantly aided financial inclusion in this nation, especially for the middle class. These findings will be helpful for policy-makers working hard to bring every individual in this country into an organized financial system. Full article
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17 pages, 320 KiB  
Article
Institutional Ownership and Firm Performance: Evidence from an Emerging Economy
by Syeda Humayra Abedin, Humaira Haque, Tanjina Shahjahan and Md Nurul Kabir
J. Risk Financial Manag. 2022, 15(12), 567; https://doi.org/10.3390/jrfm15120567 - 30 Nov 2022
Cited by 8 | Viewed by 4799
Abstract
Using the Ordinary Least Square (OLS) estimation technique based on a sample of 180 listed firms from 2008 to 2018, this study investigates the impact of institutional ownership on firm performance in the Bangladeshi setting. Consistent with the “active monitoring” view, the results [...] Read more.
Using the Ordinary Least Square (OLS) estimation technique based on a sample of 180 listed firms from 2008 to 2018, this study investigates the impact of institutional ownership on firm performance in the Bangladeshi setting. Consistent with the “active monitoring” view, the results indicate that both domestic and foreign institutional investors have a positive effect on firm performance measured by Tobin’s Q and Return on Asset (ROA). In addition, this study explores whether the other corporate governance attributes—board size and board independence—operate as mediators between institutional ownership and firm performance. Our findings indicate that both board size and board independence have a significant positive impact on the relationship between institutional ownership and firm performance. Full article
24 pages, 413 KiB  
Article
God’s Stewards: A Global Overview of Christian-Influenced Mutual Fund Providers
by Joel Diener and André Habisch
J. Risk Financial Manag. 2022, 15(12), 547; https://doi.org/10.3390/jrfm15120547 - 23 Nov 2022
Cited by 2 | Viewed by 3509
Abstract
Despite a large amount of assets under management and a strong influence on the sustainable investment movement, very little is known about what ethical investing looks like from a Christian perspective. We therefore analyzed the ethical investment policies of a unique dataset of [...] Read more.
Despite a large amount of assets under management and a strong influence on the sustainable investment movement, very little is known about what ethical investing looks like from a Christian perspective. We therefore analyzed the ethical investment policies of a unique dataset of Christian-influenced mutual fund providers using a structured–thematic content analysis. In detail, we looked at investment screens, investment techniques, and the public presentation of non-financial investment objectives. We note that, by and large, there is no “Christian investing” in the sense of an ethical investment policy that most fund providers have similarly implemented. The proposed explanation for the diversity is that the policies are determined by differing approaches to interpreting biblical texts and by divergent social and political influence factors. However, we have detected a unifying element among most Christians-influenced mutual fund providers: the intention to positively influence their portfolio companies’ sustainability indicators. Full article
23 pages, 574 KiB  
Article
How Does Market Competition Affect Shareholder Voting? Evidence from Branching Deregulation in the U.S. Banking Market
by Karel Hrazdil, Jeong-Bon Kim, Lijing Tong and Min Zhang
J. Risk Financial Manag. 2022, 15(9), 387; https://doi.org/10.3390/jrfm15090387 - 30 Aug 2022
Viewed by 1773
Abstract
Exploiting interstate branching deregulations during 1994–2005 as exogenous shocks to banking market competition, we examine the impact of increased market competition on shareholder voting in the U.S. banking industry. Voting is one of the primary mechanisms through which shareholders participate in corporate governance [...] Read more.
Exploiting interstate branching deregulations during 1994–2005 as exogenous shocks to banking market competition, we examine the impact of increased market competition on shareholder voting in the U.S. banking industry. Voting is one of the primary mechanisms through which shareholders participate in corporate governance and “voice” their opinions to company management, yet little is known about how external market environments shape shareholder voting behavior. Using a difference-in-differences design, and a sample of 596 banks (17,783 bank-year proposals), we are the first to provide large-sample, systematic evidence that the intensification of market competition leads to an increase in rates of disapproval for management proposals. We further document that the relation between the two is more pronounced among states with higher degrees of deregulation and weaker levels of pre-deregulation competition. Overall, our findings are consistent with the notion that increased competition among U.S. banks induces more shareholders to vote against management proposals. Full article
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17 pages, 344 KiB  
Article
The Effects of Carbon Emissions and Agency Costs on Firm Performance
by Muhammad Nurul Houqe, Solomon Opare, Muhammad Kaleem Zahir-ul-Hassan and Kamran Ahmed
J. Risk Financial Manag. 2022, 15(4), 152; https://doi.org/10.3390/jrfm15040152 - 28 Mar 2022
Cited by 12 | Viewed by 4484
Abstract
Carbon emissions and agency costs can have an impact on firms’ financial performance. However, limited attention has been paid to the combined and gradual effects of these two factors on firms’ performance. We explore the separate and combined effects of carbon emissions and [...] Read more.
Carbon emissions and agency costs can have an impact on firms’ financial performance. However, limited attention has been paid to the combined and gradual effects of these two factors on firms’ performance. We explore the separate and combined effects of carbon emissions and agency costs on firms’ financial performance by utilizing data from 2323 US firms that disclosed their environmental information to CDP from 2007 to 2016. The results indicate that firms with higher carbon emissions experience lower performance as the market reacts negatively. Further, firms with both higher carbon emissions and higher agency costs have lower performance. We also investigated year-on-year change in firm performance and found that, keeping agency costs constant, a change in carbon emissions leads to lower performance. Overall, the findings suggest that when the market responds negatively to firms’ environmental decisions, high agency costs exacerbate the adverse effect of high carbon emissions on firm performance. Full article
26 pages, 797 KiB  
Article
An Intergenerational Issue: The Equity Issues Due to Public–Private Partnerships; The Critical Aspect of the Social Discount Rate Choice for Future Generations
by Abeer Al Yaqoobi and Marcel Ausloos
J. Risk Financial Manag. 2022, 15(2), 49; https://doi.org/10.3390/jrfm15020049 - 21 Jan 2022
Cited by 1 | Viewed by 3345
Abstract
This paper investigates the impact of Social Discount Rate (SDR) choice on intergenerational equity issues caused by Public–Private Partnerships (PPPs) projects. Indeed, more PPPs mean more debt being accumulated for future generations leading to a fiscal deficit crisis. The paper draws on how [...] Read more.
This paper investigates the impact of Social Discount Rate (SDR) choice on intergenerational equity issues caused by Public–Private Partnerships (PPPs) projects. Indeed, more PPPs mean more debt being accumulated for future generations leading to a fiscal deficit crisis. The paper draws on how the SDR level taken today distributes societies on the Social Welfare Function (SWF). This is done by answering two sub-questions: (i) What is the risk of PPPs’ debts being off-balance sheet? (ii) How do public policies, based on the envisaged SDR, position society within different ethical perspectives? The answers are obtained from a discussion of the different SDRs (applied in the UK for examples) according to the merits of the pertinent ethical theories, namely libertarian, egalitarian, utilitarian and Rawlsian. We find that public policymakers can manipulate the SDR to make PPPs looking like a better option than the traditional financing form. However, this antagonises the Value for Money principle. We also point out that public policy is not harmonised with ethical theories. We find that at present (in the UK), the SDR is somewhere between weighted utilitarian and Rawlsian societies in the trade-off curve. Alas, our study finds no evidence that the (UK) government is using a sophisticated system to keep pace with the accumulated off-balance sheet debts. Thus, the exact prediction of the final state is hardly made because of the uncertainty factor. We conclude that our study hopefully provides a good analytical framework for policymakers in order to draw on the merits of ethical theories before initiating public policies like PPPs. Full article
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