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Sustainable Corporate Finance and Financial Management

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (26 January 2024) | Viewed by 18322

Special Issue Editors

Prof. Dr. Dengkui Si

E-Mail Website
Guest Editor
Department of Finance, School of Economics, Qingdao University, Qingdao 266061, China
Interests: corporate finance; international finance; China economy
Dr. Wei Yang

E-Mail Website
Guest Editor
Department of Accounting, School of Business, East China University of Science and Technology, Shanghai 200237, China
Interests: CSR; ESG; human capital

Special Issue Information

Dear Colleagues,

Sustainable development (e.g., CSR, ESG, and environmental protection) has become an increasingly important topic in the last decade. The roles of firms’ behaviors in sustainable development are important for society as a whole, including policymakers, social activists, investors, and potential employees. However, related studies from the micro perspective are rare. To better understand the driving forces of sustainable development, it is necessary to explore the firm’s incentives, motivations, and decisions in the sustainable development of the economy.

We are thus pleased to invite you to submit studies that advance our understanding of firms' behaviors in the sustainable development of the economy. Both theoretical and empirical papers are encouraged in areas that include, but are not limited to, the following:

  • How sustainable development changes firms’ interaction with other stakeholders such as government, employees, customers, communities, and suppliers.
  • Social performance evaluation on corporate decisions.
  • The consequences of sustainable development practice at the firm level.
  • The incentives of firms’ decisions on CSR, ESG, or environmental investment.
  • The economic consequences of green financing policy.
  • The determinants or consequences of firms’ social responsibility disclosure.

We look forward to receiving your contributions.

Prof. Dr. Dengkui Si
Dr. Wei Yang
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. Sustainability is an international peer-reviewed open access semimonthly 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 2400 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

  • CSR
  • ESG
  • green financing
  • green bonds
  • sustainable corporate finance
  • social  responsibility investing
  • environmental investment
  • pollution emission
  • air pollution

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Further information on MDPI's Special Issue polices can be found here.

Published Papers (6 papers)

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Research

23 pages, 702 KiB  
Article
Digital Finance Promotes Corporate ESG Performance: Evidence from China
by Yalin Mo, Yuchen Che and Wenqiao Ning
Sustainability 2023, 15(14), 11323; https://doi.org/10.3390/su151411323 - 20 Jul 2023
Cited by 5 | Viewed by 3596
Abstract
Whether and how digital finance can promote corporate environmental, social, and governance (ESG) development has become an important issue. Based on panel data from listed companies in the Shanghai and Shenzhen stock markets from 2011 to 2017, this paper investigates whether and how [...] Read more.
Whether and how digital finance can promote corporate environmental, social, and governance (ESG) development has become an important issue. Based on panel data from listed companies in the Shanghai and Shenzhen stock markets from 2011 to 2017, this paper investigates whether and how digital finance can promote the ESG performance of Chinese companies. The empirical results indicate that digital finance not only promotes the ESG performance of Chinese companies but also indirectly facilitates it by alleviating their financing constraints. Channel tests reveal that digital finance predominantly facilitates corporate ESG development through the promotion of social performance and corporate governance performance, but it does not contribute to corporate ESG development by promoting corporate environmental performance. Further research finds that digital finance more strongly promotes ESG in enterprises in the eastern region, state-owned enterprises, small enterprises, and polluting enterprises. Finally, this article puts forward some policy recommendations for high-quality economic development in China, such as driving “ESG financial innovation” to make full use of the enabling role of digital finance in corporate ESG development, effectively bringing enterprises’ attention to environmental performance development and guiding digital finance to promote ESG development in the western region and in non-state-owned enterprises. Full article
(This article belongs to the Special Issue Sustainable Corporate Finance and Financial Management)
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20 pages, 1089 KiB  
Article
More Green, Better Funding? Exploring the Dynamics between Corporate Bank Loans and Trade Credit
by Qi’ang Du, Hongbo Li, Yanyan Fu, Xintian Fu, Rui Wang and Tingting Jia
Sustainability 2023, 15(13), 10050; https://doi.org/10.3390/su151310050 - 25 Jun 2023
Cited by 1 | Viewed by 1658
Abstract
As a critical aspect of corporate financing strategies, high-quality trade credit has been acknowledged as a favorable indicator for external stakeholders. Given the increasing prominence of sustainable development, it is worthwhile to explore whether an advanced environmental management system facilitates the attainment of [...] Read more.
As a critical aspect of corporate financing strategies, high-quality trade credit has been acknowledged as a favorable indicator for external stakeholders. Given the increasing prominence of sustainable development, it is worthwhile to explore whether an advanced environmental management system facilitates the attainment of financing for business operations. Therefore, to respond to this question, this study utilizes panel data spanning from 2012 to 2021, comprising Chinese listed firms in four energy and environment-related sectors, with the environmental dimension score of the CSI ESG scoring system employed for categorizing the sample into high and low environmental governance groups. The results reconcile the conflicting studies and find an inverted U-shaped effect between trade credit and corporate bank loans with lower levels of environmental governance. Within the domain characterized by higher environmental governance, the two are substituted for each other. In addition, this study introduces the Shapely decomposition method for the first time to quantify the contribution of trade credit to corporate bank loans. Drawing from these findings, we proposed practical advice to firms, financial institutions, and the government on how to choose between bank loans and trade credit against the background of sustainable development. Full article
(This article belongs to the Special Issue Sustainable Corporate Finance and Financial Management)
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17 pages, 466 KiB  
Article
How Can the Sustainable Motivational Effect of Equity Incentives on Corporate Performance Be Exploited?—A Study Based on the Moderating Effect of Aspiration Level
by Lu Tang, Shihan Zhang, Chenhui Ding and Jinyao Huan
Sustainability 2022, 14(24), 16485; https://doi.org/10.3390/su142416485 - 9 Dec 2022
Viewed by 3033
Abstract
How equity incentives affect corporate performance has become a consensus. However, the question of how to maximize the sustainable incentive effect of equity incentives on corporate performance and avoid “short-sighted” behavior under equity incentives has not yet been resolved. This research re-examines the [...] Read more.
How equity incentives affect corporate performance has become a consensus. However, the question of how to maximize the sustainable incentive effect of equity incentives on corporate performance and avoid “short-sighted” behavior under equity incentives has not yet been resolved. This research re-examines the sustainable incentive of equity incentives and examines the moderating role of aspiration levels based on the behavioral theory of the firm and the prospect theory. Applying panel data comprised 9588 observations from Chinese A-share listed companies spanning the period from 2011 to 2019, this study found that there is an inverted U-shaped relationship between equity incentives and corporate performance. Aspiration surplus negatively moderates the curvilinear inverted U-shaped relationship. As the level of aspiration surplus changes from low to high, the curvilinear relationship between equity incentives and corporate performance is weakened. Aspiration loss positively moderates the curvilinear inverted U-shaped relationship. As the level of aspiration loss changes from low to high, the curvilinear relationship between equity incentives and corporate performance is enhanced. This study demonstrates the importance of aspiration level between equity incentives and corporate performance, guiding firms to focus on the implementation scenario as an influencing factor in order to improve the sustainable incentive effect of equity incentives. Full article
(This article belongs to the Special Issue Sustainable Corporate Finance and Financial Management)
14 pages, 267 KiB  
Article
Performance Compensation Commitment in Mergers and Acquisitions
by Na Qin and Yiping Liu
Sustainability 2022, 14(23), 16081; https://doi.org/10.3390/su142316081 - 1 Dec 2022
Cited by 3 | Viewed by 2513
Abstract
The impact of performance compensation commitments on mergers and acquisitions (M&As) has been widely discussed, but has no consistent conclusions. By investigating M&A events among A-share firms from 2011–2015, we found an inverted U-shaped relationship between performance compensation commitments and M&A performance. The [...] Read more.
The impact of performance compensation commitments on mergers and acquisitions (M&As) has been widely discussed, but has no consistent conclusions. By investigating M&A events among A-share firms from 2011–2015, we found an inverted U-shaped relationship between performance compensation commitments and M&A performance. The PSM is firstly used to select a paired sample of firms’ signing performance compensation commitments, which is used to test the incentive effect of signing performance compensation commitments. Secondly, the different impact paths of performance compensation commitment on M&A performance are tested empirically. The study found that: (1) the signing of performance compensation commitment agreements is more likely to increase the M&A price, resulting in a “high premium”; (2) M&A premiums and performance compensation commitments are helpful to improve the short-term effect of M&A performance. However, in the long run, M&A premiums and performance compensation commitments reduce M&A performance, which means that performance commitments have an inverted U-shaped effect on M&A performance. This study enriches our understanding about the impact of performance compensation commitments on M&A performance and has important implications for institutional construction and the protection of small and medium-sized businesses. Full article
(This article belongs to the Special Issue Sustainable Corporate Finance and Financial Management)
22 pages, 319 KiB  
Article
Social Insurance Burden and Corporate Environmental Performance: Evidence from China
by Nai-Chun Wang, Deng-Kui Si and Chun-Feng Dong
Sustainability 2022, 14(19), 12104; https://doi.org/10.3390/su141912104 - 25 Sep 2022
Cited by 3 | Viewed by 2264
Abstract
Appropriate social insurance contribution rates are crucial for the green development of firms. While the existing literature lacks an exploration of the relationship between social insurance policy and corporate environmental performance, this paper empirically examines the impact of social insurance contributions on corporate [...] Read more.
Appropriate social insurance contribution rates are crucial for the green development of firms. While the existing literature lacks an exploration of the relationship between social insurance policy and corporate environmental performance, this paper empirically examines the impact of social insurance contributions on corporate environmental performance using unbalanced panel data of 2947 A-share listed firms in China from 2008 to 2019. Our study shows that there is an inverted-U-shaped relationship between the social insurance burden and firms’ environmental performance, and the result remains robust after changing the measurements of core variables, replacing estimation method, and controlling endogenous problems. The inverted-U-shaped relationship is more pronounced in non-heavily polluting industries, non-labor-intensive industries, and non-state-owned enterprises (non-SOEs). In addition, corporate innovation and digital transformation can positively moderate the inverted-U-shaped effect of social insurance burden on corporate environmental performance, and firms should grasp the “double-edged sword” effect of innovation and digital transformation in different periods of social insurance burden. Further analysis reveals that a reasonable social insurance burden can enhance firm value and risk taking through improving firms’ environmental performance, whereas an excessive social insurance burden is not conducive to the improvement of firms’ environmental performance, internal value creation, and risk taking. Full article
(This article belongs to the Special Issue Sustainable Corporate Finance and Financial Management)
14 pages, 557 KiB  
Article
The Quality of Fair Revaluation of Fixed Assets and Additional Calculations Aimed at Facilitating Prospective Investors’ Decisions
by Sarfraz Hussain, Mohammad Enamul Hoque, Perengki Susanto, Waqas Ahmad Watto, Samina Haque and Pradeep Mishra
Sustainability 2022, 14(16), 10334; https://doi.org/10.3390/su141610334 - 19 Aug 2022
Cited by 3 | Viewed by 3453
Abstract
The main objective of this study is to find out why sugar companies’ revaluation of their fixed assets has no direct financial impact. The purpose of this financial statement analysis of the sugar sector is to help potential investors make better decisions. It [...] Read more.
The main objective of this study is to find out why sugar companies’ revaluation of their fixed assets has no direct financial impact. The purpose of this financial statement analysis of the sugar sector is to help potential investors make better decisions. It can also be used to address information asymmetries and alert investors. Fixed assets form a major part of a company’s value. During 2013–2018, 19 selected enterprises of Pakistan’s sugar sector adopted the International Accounting Standards Board’s international accounting standard 16 for fixed assets. Ordinary least squares, fixed effects, and random effects methods were used as a static panel, a panel-corrected standard errors method was used for the robust standard error and the system generalized method of moments was used as a dynamic panel. The surplus had a negative impact on operative income on revaluation of fixed assets in sugar businesses. As expected, revaluation by fixed asset firms resulted in changes in potential outcomes, as measured by cash in operating income and revenue, both of which were extremely negative. The return on assets was also linked to revaluation balance. The debt over the proportion of assets resulted in a strong correlation between revaluations, which meant that motivation affected how the volatility in asset value reflected the revaluation. Relationships were generally worse and more uncertain for listed companies at a time of strong economic volatility. Investors should not consider such accounting justice. The price-earnings ratio had a beneficial effect on operative income. The statistics support the idea that external concerns help the revaluation of assets. Full article
(This article belongs to the Special Issue Sustainable Corporate Finance and Financial Management)
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