Journal•ISSN: 2043-0809
Journal of Sustainable Finance and Investment
About: Journal of Sustainable Finance and Investment is an academic journal. The journal publishes majorly in the area(s): Corporate governance & Corporate social responsibility. Over the lifetime, 367 publications have been published receiving 3893 citations.
Topics: Corporate governance, Corporate social responsibility, Investment (macroeconomics), Institutional investor, Sustainable development
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TL;DR: In this article, the authors present a comprehensive overview of academic research on the relationship between environmental, social, and governance (ESG) criteria and corporate financial performance (CFP) and show that the business case for ESG investing is empirically very well founded.
Abstract: The search for a relation between environmental, social, and governance (ESG) criteria and corporate financial performance (CFP) can be traced back to the beginning of the 1970s. Scholars and investors have published more than 2000 empirical studies and several review studies on this relation since then. The largest previous review study analyzes just a fraction of existing primary studies, making findings difficult to generalize. Thus, knowledge on the financial effects of ESG criteria remains fragmented. To overcome this shortcoming, this study extracts all provided primary and secondary data of previous academic review studies. Through doing this, the study combines the findings of about 2200 individual studies. Hence, this study is by far the most exhaustive overview of academic research on this topic and allows for generalizable statements. The results show that the business case for ESG investing is empirically very well founded. Roughly 90% of studies find a nonnegative ESG–CFP relation. More impor...
1,200 citations
TL;DR: In 2014, green bond issuance reached USD 36.6 billion, more than threefold its previous year's total as discussed by the authors, and the green bond market experienced a compound growth rate of 50% annually.
Abstract: Since its inception in 2007, the green bond market has experienced a compound growth rate of 50% annually. In 2014, green bond issuance totaled USD 36.6 billion, more than threefold its previous ye...
174 citations
TL;DR: In this article, the authors examine the potential of green bonds in mobilizing adaptation and mitigation finance for developing countries and identify the key drivers of the green bonds' potential in this area.
Abstract: This paper examines the potential of green bonds in mobilizing adaptation and mitigation finance for developing countries. Building upon a theoretical approach, it identifies the key drivers of the...
158 citations
TL;DR: In this paper, the authors review cases where theory of change has, in fact, been used to good effect at various levels of the impact investing industry and discuss a range of qualitative and quantitative methods which could be usefully blended with the theory-of-change approach, and affirms the equally important imperatives of accountability and learning across all combinations of methods.
Abstract: How is impact investing evaluated? How can and should it be evaluated? Over the past 5 years, there has been solid progress in developing social impact metrics at the industry-wide, firm and investment levels and the industry is becoming increasingly data-rich. Nevertheless, evaluation practices still tend to focus on counting inputs and outputs, and telling stories. Moreover, an important element is too often underdeveloped, invisible, not explicit or missing altogether. That element is theory of change, an approach and tool drawn from the field of program evaluation. This article reviews cases where theory of change has, in fact, been used to good effect at various levels of the impact investing industry. It also discusses a range of qualitative and quantitative methods which could be usefully blended with the theory of change approach, and affirms the equally important imperatives of accountability and learning across all combinations of methods. The article concludes that a more comprehensive applicat...
148 citations
TL;DR: A few academic studies have been conducted on green bonds as mentioned in this paper, and these studies have focused on the use of green bonds in the area of sustainable finance, however, to date there have only been a few studies on the green bonds.
Abstract: Green bonds are one of the most prominent innovations in the area of sustainable finance over the past decade. However, to date there have only been a few academic studies on green bonds, and these...
120 citations