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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 (31 January 2022) | Viewed by 24164

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Special Issue Editor

Prof. Dr. Sajid Anwar

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Guest Editor

School of Business and Creative Industries, University of the Sunshine Coast, Sippy Downs, QLD 4556, Australia
Interests: international national trade and finance; supply chain; carbon emissions; circular economy
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Economic and financial upheaval faced by businesses, individuals, and governments worldwide in the aftermath of COVID-19 highlights the need for the development of sustainable business practices. The purpose of this Special Issue is to publish high-quality research which expands the existing literature on various aspects of economic, financial, and health-sector-related sustainability.

The topics covered in the Special Issue may include but are not limited to:

Sustainable financial practices (green finance, corporate debt, free-floating shares, liquidity) under external shocks (i.e., COVID-19, other types of crises, or general uncertainty);
Sustainable economic development strategies (i.e., unemployment, export performance, domestic demand for goods and services including healthcare) under external shocks (i.e., COVID-19, other types of crises, or general uncertainty);
Sustainable entrepreneurship (i.e., general entrepreneurship, firm sales/revenue, profitability, productivity, and survival) in the presence of external shocks (i.e., COVID-19, other types of crises, or general uncertainty).

Both theoretical and empirical studies are welcome. Potential authors are welcome to contact the guest editor if they want to discuss any topic which is relevant but not explicitly mentioned in the above list.

Prof. Dr. Sajid Anwar
Guest Editor

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

sustainable finance
green finance practices
entrepreneurship under conditions of uncertainty
sustainable economic development
economic, financial and/or health crises
external shocks
uncertainty

Published Papers (7 papers)

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Research

23 pages, 300 KiB

Open AccessArticle

Do Social Networks of Listed Companies Help Companies Recover from Financial Crises?

by Szu-Hsien Lin, Tzu-Pu Chang, Huei-Hwa Lai and Zi-Ying Lu

Sustainability 2022, 14(9), 5044; https://doi.org/10.3390/su14095044 - 22 Apr 2022

Cited by 1 | Viewed by 1088

Abstract

This study aims to examine how the social networks of top management affect the recovery of their companies when facing a financial crisis. We mainly use the logit and Cox regression models to investigate whether social networks help overcome the financial distress and shorten the crisis duration. The empirical findings suggest that companies with characteristics of low degree centrality of the chairman’s bank networks and high closeness centrality of the general manager’s general networks and bank networks are more likely to overcome financial distress and get back to normal status. Furthermore, for companies with characteristics of low degree centrality of the chairman’s personal general networks, low closeness centrality of the financial executive’s personal general networks, and high degree centrality of the financial executive’s personal bank networks, it was easier to shorten the crisis duration. The practical implication is that companies need to prioritize quality over quantity in order to survive or shorten the crisis. All company top managers should not look only at the size of the company but consider how the social network is configured. Full article

(This article belongs to the Special Issue Sustainable Business Finance, Economic Development and Entrepreneurship under Uncertainty)

19 pages, 486 KiB

Open AccessEditor’s ChoiceArticle

Immigrant Diversity, Institutional Quality, and GVC Position

by Ying Zhou and Sajid Anwar

Sustainability 2022, 14(4), 2129; https://doi.org/10.3390/su14042129 - 13 Feb 2022

Cited by 1 | Viewed by 1601

Abstract

This paper investigates the effect of immigrant diversity on a country’s position in global value chains (GVCs) and how this effect depends on the institutional quality of destination countries. We investigate this issue using data on 19 manufacturing sectors of 18 OECD countries over the 2000–2014 period. Fixed effects estimation results show that the impact of immigrant diversity on the GVC position is significantly influenced by the institutional quality of destination countries. Specifically, in countries with high (low) institutional quality, immigrant diversity is positively (negatively) associated with the GVC position. Moreover, the interaction effect of immigrant diversity and institutional quality on the GVC position is heterogeneous across immigrant groups and institutional dimensions. This study not only enriches the literature on the relationship between immigrant diversity and GVC position but also discusses new ideas that can promote GVC positions of real economics, which is essential for sustainable economic development. Full article

(This article belongs to the Special Issue Sustainable Business Finance, Economic Development and Entrepreneurship under Uncertainty)

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13 pages, 266 KiB

Open AccessArticle

Supply Chain Management Strategy and Capital Structure of Global Information and Communications Technology Companies

by Insung Son and Sihyun Kim

Sustainability 2022, 14(3), 1844; https://doi.org/10.3390/su14031844 - 05 Feb 2022

Cited by 1 | Viewed by 8238

Abstract

Supply chain management (SCM) plays an important role in international work distribution mechanisms. This phenomenon has shifted to an SCM-to-SCM competition rather than corporate-to-corporate competition in the global market. Apple and Samsung Electronics are the two major global information and communications technology (ICT) companies, each choosing different SCM strategies to stabilize production while minimizing inventory and maintaining ongoing partnerships with suppliers. To analyze the relationship between strategic differences in SCM structure of the ICT companies and capital, while employing the generalized method of moments, this study analyzed partnerships with suppliers from a financial perspective for long-term growth and stable production. Results identified that the target debt ratio of Apple’s parts suppliers was 38%, which was slightly higher than that of US companies (33%). In the relationship between capital structure and SCM structures, the company’s debt ratio decreases if the strength of the strategic alliance and the strength of the horizontal integration of global parts suppliers are higher. Specifically, Apple’s parts suppliers with non-equity alliances, such as technological and R&D alliances, have reduced debt ratios more than companies with equity alliances. In the case of Samsung Electronics’ parts suppliers, primary vendors had a lower debt ratio than secondary vendors. These results indicates that if the strength of the vertical integration with the international strategic alliances is greater, they are more likely to adopt a lower debt ratio policy. Identifying the relationship between SCM strategic difference and capital structure, this study provides valuable insights for corporate sustainability. Full article

(This article belongs to the Special Issue Sustainable Business Finance, Economic Development and Entrepreneurship under Uncertainty)

12 pages, 298 KiB

Open AccessArticle

Entrepreneurship Recovery in Romania after the Great Recession. A Dynamic Spatial Panel Approach

by Zizi Goschin, Mihai Antonia and Horia Tigau

Sustainability 2021, 13(19), 10702; https://doi.org/10.3390/su131910702 - 26 Sep 2021

Cited by 8 | Viewed by 1984

Abstract

Entrepreneurship plays a key role in transforming the economy and society by stimulating economic development, testing innovative ideas, creating new jobs, and by enriching the quality of life and human existence. Entrepreneurship dynamics depend upon a series of local and national economic factors, but are also affected by the international environment, such as the current COVID-19 pandemic. Statistical data show that new businesses are created at a slower rate during an economic crisis, when the economic climate is harsh, and business opportunities are scarce. Nevertheless, there are local differences in the reaction to crises, and new business formation tends to decline with variable intensity from one region to another, even in the same country. The crises are acting as a trigger for some opportunity-driven entrepreneurs, and resilient regions can thrive even in times of crisis or recover faster after a depression. To capture spatial interactions, as well as spatial short- and long-term effects, the method employed in our analysis relies on the estimation of dynamic spatial panel models. We tested the potential impact of a large variety of social and economic indicators on the creation of new firms and found that the most consequential factors of influence are the economic crisis (expressed through a binary variable), GDP per capita, FDI per capita, inflation, unemployment, and education. Our results convey a powerful policy message for both national and regional decision makers. We believe that, while putting entrepreneurial initiative to the test, the current COVID-19 crisis might act as a catalyst that leads to innovation and reshapes the economy and society. Full article

(This article belongs to the Special Issue Sustainable Business Finance, Economic Development and Entrepreneurship under Uncertainty)

22 pages, 1324 KiB

Open AccessArticle

Is the Aurora Borealis an Inspiration to the Performance of Nordic Economic Sustainability?

by Manuel Carlos Nogueira and Mara Madaleno

Sustainability 2021, 13(17), 9961; https://doi.org/10.3390/su13179961 - 06 Sep 2021

Viewed by 2295

Abstract

The Nordic countries are well positioned in the main international economic, social, and sustainability indices, and the scientific literature that supports these indices argues that a rise in these rankings promotes economic growth. With this unprecedented empirical study, we intended to assess whether, in the case of the Nordic countries, the long term maintenance of high positions translates into sustainable economic growth. The period considered was between 2004 and 2008, and we used the ARDL methodology to assess time series. The ARDL methodology has the advantage of providing us with short and long term coefficients. Using five of the leading international indices, we conclude that, for the Nordic countries, economic freedom is not important for economic growth, while business friendly regulation is the most important variable. Three important findings of our study (in which Granger causality complemented the ARDL methodology) are that these countries were able to adapt perfectly to the globalization process, entrepreneurship makes an important contribution to the continued economic and social success of these countries (allowing them to continue to enjoy their “Nordic welfare states” in these uncertain times), and corruption harms the Nordic economy. These variables have contributed to the countries’ economic and social sustainability. Full article

(This article belongs to the Special Issue Sustainable Business Finance, Economic Development and Entrepreneurship under Uncertainty)

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32 pages, 4599 KiB

Open AccessFeature PaperArticle

The Short-Term Cost of Greening the Global Fleet

by Orestis Schinas and Niklas Bergmann

Sustainability 2021, 13(16), 9439; https://doi.org/10.3390/su13169439 - 23 Aug 2021

Cited by 7 | Viewed by 4838

Abstract

Decarbonizing maritime transport is among the top priorities of regulators and continuously attracts significant research attention. However, the cost of renewing and greening the fleet has not been explored in detail. To address this gap, the paper provided a bottom-to-top estimation of the financial need associated with decarbonizing the global shipping fleet for the next 5 years, i.e., until 2026. By developing a model focusing on the main asset classes, the paper approximated the expenditure implied in the short-term fleet renewal (newbuilding and vessel demolition) as well as the expenditure linked to retrofitting the existing fleet. The results indicated an aggregate financial need of USD 317 billion until 2026. Thereof, USD 235 billion are associated with building new ships, while USD 114 billion are allocated to retrofitting. Furthermore, proceeds of USD 33 billion can be generated via demolition sales of old tonnage, reducing the total financial burden. The results entail important policy implications, as they document the monetary impact on investors, lenders, and shipping companies regarding distinct segments of the fleet. Considering the declining overall supply of capital towards shipping, the given results provide a transparent account of the absolute financial implications of decarbonization policies. Full article

(This article belongs to the Special Issue Sustainable Business Finance, Economic Development and Entrepreneurship under Uncertainty)

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16 pages, 248 KiB

Open AccessArticle

Company Reputation, Implied Cost of Capital and Tax Avoidance: Evidence from Korea

by Imhyeon Kim, Jinsoo Kim and Jeongyeon Kang

Sustainability 2020, 12(23), 9997; https://doi.org/10.3390/su12239997 - 30 Nov 2020

Cited by 6 | Viewed by 2450

Abstract

This study aims to investigate the relationship between company reputation and the implied cost of capital in Korean companies from 2003 to 2016, based on research by Cao et al. (2015). In addition, we would like to examine the effect of tax avoidance. Company reputation increases corporate sustainability and enables sustainable management. In this study, Brandstock Top Index (BSTI), which represents Korea’s top 100 brands, was used as an interest variable representing company reputation. To examine the relationship between company reputation and implied cost of capital, the multiple linear regression analysis was conducted using various measures of implied cost of capital as a dependent variable. As a result of empirical analysis, company reputation and implied cost of capital showed a significant negative relationship. The higher the company’s reputation, the less information asymmetry in the stock market, indicating that the implied cost of capital decreases. A significant negative relationship between company reputation and implied cost of capital was not found in a group that was aggressive in tax avoidance. The contributions of this study are as follows. First, we presented the empirical result that company reputation and implied cost of capital were negatively related in Korea. It showed empirically the importance of company reputation in the Korean stock market. Second, in addition to the relationship between company reputation and implied cost of capital, prior research was expanded considering tax avoidance. Full article

(This article belongs to the Special Issue Sustainable Business Finance, Economic Development and Entrepreneurship under Uncertainty)

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