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

Deadline for manuscript submissions: closed (31 January 2023) | Viewed by 33244

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Special Issue Editors

Prof. Dr. Xiaoming Li

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Guest Editor

School of Economics, Massey University, Auckland 0745, New Zealand
Interests: macroeconomics; energy economics; economic policy uncertainty; foreign exchange markets; corporate finance; asset pricing; applied econometrics
Special Issues, Collections and Topics in MDPI journals

Dr. George Wu

E-Mail Website
Guest Editor

School of Economics and Finance, Massey University, 0745 Auckland, New Zealand
Interests: financial anomalies; empirical asset pricing; corporate social responsibility; economic policy uncertainty; corporate finance; corporate innovation; finance history

Special Issue Information

Dear Colleagues,

Sustainability risk refers to uncertain and adverse economic, social, or environmental conditions under which businesses operate. Over the recent years, events such as the global financial crisis, international trade frictions, the COVID-19 pandemic, and climate change have unprecedentedly impacted the world economy, elevating both the short-term and long-term sustainability risk facing firms, households, and policymakers. This Special Issue will address different subjects related to the broad topic of managing sustainability risk. We aim to publish novel research on the various factors of sustainability risk, including macro or micro factors or interaction between them; the integrative approach to managing the risk; and the new opportunities that may be available to companies and investors because of changing economic, social, or environmental conditions. Theoretical and empirical research papers focusing on one or more of the above-listed issues are welcome, whether from an economics or a finance perspective or from both. Contributions that have important policy and practical implications for managing sustainability risk are of particular interest.

Prof. Dr. Xiaoming Li
Dr. George Wu
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.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

sustainability
uncertainty
financial risk
non-financial risk
macro–micro integrative approach
macro–micro prudent policy
climate resilience
green economy
disastrous shocks
corporate social responsibility
international trade friction

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Published Papers (6 papers)

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Research

48 pages, 2666 KiB

Open AccessArticle

The Blue Bond Market: A Catalyst for Ocean and Water Financing

by Pieter Bosmans and Frederic de Mariz

J. Risk Financial Manag. 2023, 16(3), 184; https://doi.org/10.3390/jrfm16030184 - 8 Mar 2023

Cited by 13 | Viewed by 15470

Abstract

The blue bond market has emerged as one of the latest additions in the sustainable debt market. Its goal is to channel funding toward sustainable blue economy projects related to the ocean and freshwater. While the protection of hydric resources has gained importance within the problem of climate change, Sustainable Development Goals linked to water remain the most underfunded. Since the issuance of the first blue bond in the Seychelles in 2018, multiple public and private organizations have turned to the blue bond market to raise funds. However, unlike the green bond market, no comprehensive market overview exists, preventing stakeholders from judging whether this label has been effective in protecting water resources and drawing conclusions on its future potential. This paper draws on an extensive review of academic research and complements it with a unique and comprehensive analysis of blue bonds issued to date, providing a contribution to the literature on sustainable finance. Between 2018 and 2022, 26 blue bond transactions took place, amounting to a total value of USD 5.0 billion, with a 92% CAGR between those years. Currently, blue bonds represent less than 0.5% of the sustainable debt market. The use of proceeds has mostly focused on waste management, biodiversity, and sustainable fisheries, but also ranges across other areas of the sustainable blue economy. Only two-thirds of blue bond issuers report on impact metrics, providing further opportunity to add detail and rigor. We draw comparisons to the more mature green bond market and conclude that a lack of standardized definitions, metrics, and expertise by issuers and investors are significant barriers to the blue bond market. Resolving these barriers is crucial to attract corporations and ensure continued growth of the blue bond market. Full article

(This article belongs to the Special Issue Managing Sustainability Risk)

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22 pages, 1677 KiB

Open AccessArticle

Role of Governance in Developing Disaster Resiliency and Its Impact on Economic Sustainability

by Stavros Kalogiannidis, Dimitrios Kalfas, Fotios Chatzitheodoridis and Efthymios Lekkas

J. Risk Financial Manag. 2023, 16(3), 151; https://doi.org/10.3390/jrfm16030151 - 24 Feb 2023

Cited by 21 | Viewed by 5842

Abstract

This study explores the role played by governance in developing disaster resiliency and its impact on economic sustainability in Greece. Descriptive research was undertaken, and data were collected from 180 local governance leaders in Western Macedonia, Greece, to gain a deeper understanding of the role of governance in developing disaster resiliency and economic sustainability. The study confirmed the hypothesis that the focus of governance in developing disaster resiliency positively affects economic sustainability. The ability of governance to develop disaster resiliency and economic sustainability is mostly through leadership, engaging civil society, and international cooperation. These roles played by governance are also influenced by different political, economic, cultural, and social aspects, which all have an impact on the risk governance systems that cut across levels of resource assurance, technical support, and disaster risk management. Governance may have a significant impact on the overall design of rules and systems, including legislation, different decision-making procedures, and policy-implementation mechanisms, via political leadership. In terms of economics, the primary responsibility of governance is to support disaster risk-reduction systems. Governance must encourage risk awareness on a national basis through intensive disaster risk research, technological development, disaster-reduction education, and emergency response skills practice. Full article

(This article belongs to the Special Issue Managing Sustainability Risk)

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38 pages, 432 KiB

Open AccessArticle

Retirement Income Sufficiency: A Comparison Study in Australia and New Zealand

by Xiaobo Xu, Martin Young, Liping Zou and Jiali Fang

J. Risk Financial Manag. 2023, 16(2), 124; https://doi.org/10.3390/jrfm16020124 - 15 Feb 2023

Viewed by 1945

Abstract

We use the 2018 survey data from the Household, Income, and Labour Dynamic (HILDA) in Australia and the Household Economic Survey (HES) in New Zealand to investigate the retirement income sufficiency in Australia and New Zealand. Our baseline results indicate that the annuitized net wealth is greater for Australian retirees than for New Zealand retirees. However, New Zealand retirees enjoy a higher level of life satisfaction than Australian retirees. Further analysis reveals a significant greater pre- and postretirement income for the top 10% of wealthy Australian retirees, mainly due to the higher level of homeownership in Australia within this group. Our study fills the gap in the existing literature, which studies the macro- and microlevel influences on Australia and New Zealand retirees, and it also offers important policy implications. Full article

(This article belongs to the Special Issue Managing Sustainability Risk)

21 pages, 375 KiB

Open AccessArticle

Does Corporate Social Responsibility Affect the Timeliness of Audited Financial Information? Evidence from “100 Best Corporate Citizens”

by Ebenezer K. Lamptey, Jin Dong Park and Isaac Bonaparte

J. Risk Financial Manag. 2023, 16(2), 60; https://doi.org/10.3390/jrfm16020060 - 17 Jan 2023

Cited by 7 | Viewed by 3493

Abstract

Companies are under immense pressure to integrate activities that will improve society and the environment with their business objectives. Such integration is likely to introduce complexity into the firms’ activities and impact the timeliness of the financial statements. Audit report lag is significant to investors as it directly impacts investor decision-making and investment fortunes. This study examines the association between corporate social responsibility (CSR) and audit report lag. We measure CSR activities using a composite variable representing a firm’s inclusion on or exclusion from the annual list of “100 Best Corporate Citizens.” In the robust regression analyses with a sample of 3661 firm-year observations from 2011 to 2016, we found a positive and significant association between CSR activities and audit report lag after controlling for extraneous variables potentially influencing audit report lag. Furthermore, the additional results with the six CSR components in the list confirm our finding that, except for governance, all the other components, such as environment, climate change, human rights, employee relations, and philanthropy, have a positive and significant association with audit report lag. Our findings suggest that CSR activities introduce audit complexities and risks that compel auditors to assess a high risk of material misstatements, translating into more audit effort and longer times to complete audits. Full article

(This article belongs to the Special Issue Managing Sustainability Risk)

16 pages, 3771 KiB

Open AccessArticle

Sustainable versus Conventional Cryptocurrencies in the Face of Cryptocurrency Uncertainty Indices: An Analysis across Time and Scales

by Inzamam UI Haq and Elie Bouri

J. Risk Financial Manag. 2022, 15(10), 442; https://doi.org/10.3390/jrfm15100442 - 29 Sep 2022

Cited by 8 | Viewed by 3003

Abstract

Are conventional and sustainable cryptocurrencies effective hedging instruments for high cryptocurrency uncertainty? This paper examines co-movements between conventional (Bitcoin, Ethereum, Binance Coin, Tether) and sustainable (Cardano, Powerledger, Stellar, Ripple) cryptocurrencies and two cryptocurrency uncertainty indices (UCRY price and UCRY policy). Using weekly returns from 1 October 2017 to 30 March 2021, the paper employs the bivariate wavelet coherence method considering three investment horizons, short-term, medium-term, and long-term. The results confirm that conventional and sustainable cryptocurrencies show consistent positive and identical co-movements with both cryptocurrency uncertainty indices at the short-term horizon during COVID-19 and negative co-movement at the medium-term investment horizon, suggesting the short-term hedging ability of dirty/green cryptocurrencies for high UCRY price and policy. Evidence of negative coherences shows that higher cryptocurrency prices and policy uncertainties lead to lower cryptocurrency returns, reflecting the adverse impact of higher uncertainties on the trust of crypto traders and investors. Weak co-movement is found between dirty/green cryptocurrencies and UCRY price/policy indices, which suggests the possible role of dirty/green cryptocurrencies as a weak hedge for UCRY price and policy indices. These findings provide potential avenues to hedge cryptocurrency uncertainties using conventional and sustainable cryptocurrencies across multiple investment horizons. Full article

(This article belongs to the Special Issue Managing Sustainability Risk)

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36 pages, 2903 KiB

Open AccessArticle

Effect of Structural Economic Vulnerability on the Participation in International Trade

by Sena Kimm Gnangnon

J. Risk Financial Manag. 2022, 15(9), 417; https://doi.org/10.3390/jrfm15090417 - 19 Sep 2022

Viewed by 2608

Abstract

This paper investigates the effect of countries’ structural economic vulnerability (EVI) on their participation in international trade using an unbalanced panel dataset of 118 countries from 1996 to 2018 and the two-step system generalized method of moments estimator. It has revealed several findings. Higher EVI leads to lower participation in international trade, and this negative effect is more pronounced in countries that face higher trade costs. This is particularly the case for landlocked developing countries and the least developed countries. Development aid contributes to dampening the negative effect of EVI on countries’ participation in international trade. Moreover, this negative impact may turn out to be positive for high amounts of development aid. The policy implications of this analysis have been discussed. Full article

(This article belongs to the Special Issue Managing Sustainability Risk)

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