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Sustainability
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The 4th Industrial Revolution, Financial Markets and Economic Development
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The 4th Industrial Revolution, Financial Markets and Economic Development

A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: closed (31 May 2021) | Viewed by 19542

Special Issue Editors

Prof. Dr. Joon Ho Hwang

E-Mail Website
Guest Editor
Business Administration, Korea University Business School, Seoul 02841, Republic of Korea
Interests: fintech; corporate finance; investments
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Doowon Ryu

E-Mail Website
Guest Editor
College of General Education, Kookmin University, 77 Jeongneung-ro, Seongbuk-gu, Seoul, 02707, Republic of Korea
Interests: product market competition; CSR; corporate finance; financial economics; Fourth Industrial Revolution; fintech

Special Issue Information

Dear Colleagues,

The world economy has gone through a significant transformation in the past century. The Fourth Industrial Revolution is expected to bring yet another fundamental change in our everyday lives, including the financial market. As academic scholars, we need to stay at the forefront of such major change in the economy. In this Special Issue, we aim to bring together unique research ideas on how the Fourth Industrial Revolution will impact the financial markets and economic development around the world. Any topics in the field of economy or finance that relate to the Fourth Industrial Revolution or future socio-economic issues are welcome. Possible areas include but are not limited to the following: corporate sustainability, sustainability of the financial market, sustainbility of the macroeconomic sector, sustainability in the labor market, risk in the financial market, information (and misinformation) transformation, corporate governance (and who are the relevant stakeholders?), CSR,  innovation such as fintech, and the gig economy. We hope to bring together meaningful research that can add value not just to the academic literature but also to the practical needs of future generations.

Prof. Dr. Joon Ho Hwang
Prof. Dr. Doowon Ryu
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

  • The Fourth Industrial Revolution
  • sustainability, fintech
  • CSR

Published Papers (3 papers)

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Research

11 pages, 610 KiB  
Article
Investor Sentiment and Price Discrepancies between Common and Preferred Stocks in Korea
by Heejin Yang and Doowon Ryu
Sustainability 2021, 13(10), 5539; https://doi.org/10.3390/su13105539 - 15 May 2021
Cited by 3 | Viewed by 2014
Abstract
We examine whether investor sentiment affects price discrepancies between preferred and common stocks, based on a sample of Korean firms that issue preferred stocks. While most research has focused on corporate finance features such as voting rights, we examine price discrepancies as a [...] Read more.
We examine whether investor sentiment affects price discrepancies between preferred and common stocks, based on a sample of Korean firms that issue preferred stocks. While most research has focused on corporate finance features such as voting rights, we examine price discrepancies as a behavioral finance feature from a new perspective. Based on the investor sentiment index, as investor sentiment increases, price discrepancies between preferred and common stocks widen in the KOSPI market. These findings confirm that investor sentiment—not merely voting premiums, cash flow rights, and liquidity—is a significant factor in explaining price discrepancies between preferred and common stocks in Korea. Full article
(This article belongs to the Special Issue The 4th Industrial Revolution, Financial Markets and Economic Development)
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21 pages, 576 KiB  
Article
Digital Financial Inclusion and Sustainable Growth of Small and Micro Enterprises—Evidence Based on China’s New Third Board Market Listed Companies
by Liu Yang and Youtang Zhang
Sustainability 2020, 12(9), 3733; https://doi.org/10.3390/su12093733 - 5 May 2020
Cited by 70 | Viewed by 9608
Abstract
The United Nations’ 2030 Agenda for Sustainable Development aims to promote inclusive and sustainable economic growth and encourage the formalization and growth of micro, small, and medium enterprises through access to financial services. This study examines the impact and mechanism of the digital [...] Read more.
The United Nations’ 2030 Agenda for Sustainable Development aims to promote inclusive and sustainable economic growth and encourage the formalization and growth of micro, small, and medium enterprises through access to financial services. This study examines the impact and mechanism of the digital financial inclusion on the sustainable growth of small and micro enterprises in China. For this purpose, it uses the data from China’s New Third Board Market listed companies from 2011 to 2018 and the digital financial inclusion index of Peking University. The results show that the development of digital financial inclusion helps promote the sustainable growth of small and micro businesses, particularly in private, high-tech industries, and competitive markets. The impact mechanism of this development prevents any financial crisis caused by the capital structure imbalance and capital liquidity problems of small and micro enterprises by alleviating the financing constraints, thus promoting their sustainable growth. The research results show that, under the background of high-quality development of China’s economy, continuous promotion of digital financial inclusion and reshaping of the ecological pattern of the financial industry can provide steady financial support for the sustainable growth of small and micro enterprises, and realize the healthy development of micro enterprises and macro economy. Full article
(This article belongs to the Special Issue The 4th Industrial Revolution, Financial Markets and Economic Development)
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12 pages, 6028 KiB  
Article
Volatility Spillovers between Equity and Green Bond Markets
by Daehyeon Park, Jiyeon Park and Doojin Ryu
Sustainability 2020, 12(9), 3722; https://doi.org/10.3390/su12093722 - 4 May 2020
Cited by 59 | Viewed by 7054
Abstract
This study examines the market for green bonds, which have been in the spotlight as an eco-friendly investment product. We analyze the volatility dynamics and spillovers between the equity and green bond markets. As the return dynamics of financial products typically exhibit asymmetric [...] Read more.
This study examines the market for green bonds, which have been in the spotlight as an eco-friendly investment product. We analyze the volatility dynamics and spillovers between the equity and green bond markets. As the return dynamics of financial products typically exhibit asymmetric volatility, we check whether green bonds also share this property. Our analyses confirm that although green bonds do exhibit the asymmetric volatility phenomenon, their volatility, unlike that of equity, is also sensitive to positive return shocks. An analysis of the association between the green bond and equity markets confirms that although the two markets have some volatility spillover effects, neither responds significantly to negative shocks in the other market. Full article
(This article belongs to the Special Issue The 4th Industrial Revolution, Financial Markets and Economic Development)
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