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Financial Market Regulation and Sustainable Development
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Financial Market Regulation and Sustainable Development

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: 30 June 2024 | Viewed by 7788

Special Issue Editors

Dr. Erdinç Akyildirim

E-Mail Website
Guest Editor
Department of Banking and Finance, University of Zurich, Zurich, Switzerland
Interests: sustainable finance; fintech; machine learning in finance
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Ahmet Faruk Aysan

E-Mail Website
Guest Editor
Islamic Finance and Economy Program, College of Islamic Studies, Qatar Foundation, Hamad Bin Khalifa University, Doha 34110, Qatar
Interests: fintech; cryptocurrencies; blockchain; macroeconomics; banking; islamic finance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Sustainable development is defined as development that meets the needs of the present without compromising the ability of future generations to meet their own needs (International Institute for Sustainable Development). The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet and ensure that by 2030, all people can enjoy peace and prosperity. These goals are, in turn, also shaping both global and local financial markets. In particular, policymakers have introduced financial market regulations to manage investments' environmental, social and governmental risks. The importance of strengthening the regulatory framework for sustainable development further to increase the transparency and accountability of financial institutions has also been recognized by investors and firms.

This Special Issue calls for empirical studies to provide a wide range of investigations related to “Sustainable Development and Financial Markets”. The Special Issue calls for studies tackling a wide scope of topics, including but not limited to:

  • Fostering Green Finance for Sustainable Development;
  • Mechanisms for Sustainable Finance toward Sustainable Development;
  • Green Funds for Research and Technological Development;
  • Improving the Regulation of the Derivatives Market for Sustainable Development;
  • The Role of Central Banks in Promoting Sustainable Development;
  • Digitalization and Sustainable Finance;
  • The role of Fintech in Sustainable Finance;
  • Central banking and sustainability, resilience and finance;
  • Unconventional monetary policies and sustainable finance;
  • Narratives in sustainable finance and sustainable development;
  • Sustainable finance, sustainability and Islamic finance and economy;
  • FinTech in the pandemic and post-pandemic area and sustainability;
  • Digitalization of corporate finance and sustainability;
  • Crowdfunding and sustainability;
  • FinTech and the disruption of the financial sector and sustainability;
  • FinTech from disruption to maturity and sustainability;
  • FinTech and Big data and sustainability;
  • Growth of P2Pas an alternative service provider;
  • Cryptocurrencies markets and sustainability;
  • Blockchain, Fintech and sustainability;
  • Portfolio construction with cryptocurrencies and sustainable finance;
  • Environmental issues and sustainable finance;
  • Legal issues, financial regulations and sustainability;
  • Blockchain applications and implementation and sustainability;
  • Decentralized financing and payments and sustainability;
  • Token Swaps Offerings, Initial Exchange Offerings, Initial Coin Offerings and sustainability;
  • The financial services industry case studies and sustainability;
  • Climate Risks/uncertainties/crisis and sustainability;
  • Governance and regulation of sustainability;
  • Central Bank Digital Currencies and sustainability;
  • Economic impacts of FinTech and Blockchain and sustainability;
  • New developments in FinTech, sustainable development goals;
  • Financial inclusion, Fintech and sustainability;
  • Blockchain and Sustainable Development Goals;
  • Sustainable Development goals and organizational practices;
  • Integrated reporting and sustainability;
  • Integrated approach in financial markets and sustainability;
  • Alternative financing and sustainability;
  • Islamic finance and economy and sustainability;
  • Sustainable policy practices and sustainability;
  • Global policy coordination and sustainability;
  • Energy and financial market issues in sustainability;
  • Resilience and sustainability;
  • Global macroeconomics and sustainability;
  • Political economy of and sustainability.

Dr. Erdinç Akyildirim
Prof. Dr. Ahmet Faruk Aysan
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

  • sustainable devolopment
  • financial markets
  • environmental sustainability
  • corporate social responsibility
  • fintech
  • blockchain
  • greenfunds
  • political economy
  • macroeconomics
  • alternative financing

Published Papers (4 papers)

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Research

17 pages, 316 KiB  
Article
The Effect of the Security and Exchange Commission’s Investigations into Corporate Social Responsibility Performance
by Karel Hrazdil, Jeong-Bon Kim and Xin Li
Sustainability 2023, 15(19), 14378; https://doi.org/10.3390/su151914378 - 29 Sep 2023
Viewed by 824
Abstract
We examine the effect of the Security and Exchange Commission’s (SEC) investigations into firms’ corporate social responsibility (CSR) performance. Adopting a staggered event study setting and analyzing all public and private SEC investigations into possible violations of federal securities laws, we find that [...] Read more.
We examine the effect of the Security and Exchange Commission’s (SEC) investigations into firms’ corporate social responsibility (CSR) performance. Adopting a staggered event study setting and analyzing all public and private SEC investigations into possible violations of federal securities laws, we find that firms reduce their investment in ESG-related activities and experience significantly lower CSR performance while being investigated by the SEC. This baseline finding is more pronounced among firms that appoint a large auditor or force their CEO to resign. To address concerns about potential endogeneity, we also conduct a multiperiod dynamic analysis and estimate our baseline regressions using the propensity-score-matched sample. Our results further reveal that the negative effect of SEC investigations on CSR performance manifests in CSR activities related to corporate governance and firms’ products. Overall, we highlight some unintended consequences of SEC investigations. Full article
(This article belongs to the Special Issue Financial Market Regulation and Sustainable Development)
20 pages, 816 KiB  
Article
Customer Experience in Open Banking and How It Affects Loyalty Intention: A Study from Saudi Arabia
by Ibrahim Mutambik
Sustainability 2023, 15(14), 10867; https://doi.org/10.3390/su151410867 - 11 Jul 2023
Cited by 2 | Viewed by 3372
Abstract
The concept of open banking has emerged only recently within the fintech sector, and it is rapidly becoming popular in many regions across the world. Currently, there are very few studies on the relationship between customer experience and intention to use fintech apps, [...] Read more.
The concept of open banking has emerged only recently within the fintech sector, and it is rapidly becoming popular in many regions across the world. Currently, there are very few studies on the relationship between customer experience and intention to use fintech apps, none of which focus on open banking. This relationship is significant for a number of reasons, one of which is the emerging importance of the connection between fintech and an environmentally sustainable economy. This paper seeks to add to our understanding of the factors that shape the customer experience and that determine loyalty levels toward open banking brands and apps. We propose a model in which a number (six) of affective and cognitive factors influence customer experience, which ultimately determines loyalty intention. The model is tested using data collected via a quantitative (survey) methodology involving open banking users in Saudi Arabia. The results show that customer experience is affected by all of the proposed factors (ease of use, perceived value, quality of support, reliability, perceived risk and ability to innovate). These factors, in turn, actively influence the level of customer loyalty. The study contributes to the current literature by identifying the various cognitive and affective determinants of customer experience, which therefore influences loyalty intention in open banking, and provides valuable insights into how both new and established brands should integrate customer experience into promotional and development strategies. Full article
(This article belongs to the Special Issue Financial Market Regulation and Sustainable Development)
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16 pages, 579 KiB  
Article
Digital Finance and Corporate Sustainability Performance: Promoting or Restricting? Evidence from China’s Listed Companies
by Sumin Hu, Qi Zhu, Xia Zhao and Ziyue Xu
Sustainability 2023, 15(13), 9855; https://doi.org/10.3390/su15139855 - 21 Jun 2023
Cited by 1 | Viewed by 1275
Abstract
The development of internet platforms and information technology has accelerated the transformation of conventional finance. Emerging digital finance is expected to optimize the allocation of credit resources and thereby promote a sustainable transition for corporations. However, whether, and to what extent, digital finance [...] Read more.
The development of internet platforms and information technology has accelerated the transformation of conventional finance. Emerging digital finance is expected to optimize the allocation of credit resources and thereby promote a sustainable transition for corporations. However, whether, and to what extent, digital finance empirically affects this process is still not well understood. This paper investigates the role of digital finance in promoting corporate sustainability performance by exploring its impact on green enterprise innovation and its mechanism using a two-way fixed effects model and a mediating effects model. The findings suggest the following: (i) The impact of digital finance on the sustainable performance of enterprises follows a U-shaped (coef. = 0.00, t = 2.43) pattern, where digital finance initially restricts and then promotes the sustainable performance of enterprises. This conclusion remains robust even after considering endogeneity. (ii) The mechanism analysis indicates that digital finance enhances sustainability performance by reducing corporate financial volatility (coef. = −0.00, t = −4.06) and promoting long-term performance growth (coef. = 6.69, t = 4.88). (iii) The positive effects of digital finance on sustainability performance are more significant for non-state-owned firms (coef. = 0.00, t = 5.42), firms located in cities with a lower GDP per capita (coef. = 0.00, t = 2.40), and smaller firms (coef. = −0.00, t = −2.59) in their initial stages. These results imply that China should accelerate digitization in the financial markets and thus further develop its potential for sustainable development. Full article
(This article belongs to the Special Issue Financial Market Regulation and Sustainable Development)
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37 pages, 431 KiB  
Article
New Horizons in Bank Mergers: A Quantum Spherical Fuzzy Decision-Making Framework for Analyzing Islamic and Conventional Bank Mergers and Enhancing Resilience
by Tamy Al-Binali, Ahmet Faruk Aysan, Hasan Dinçer, Ibrahim Musa Unal and Serhat Yüksel
Sustainability 2023, 15(10), 7822; https://doi.org/10.3390/su15107822 - 10 May 2023
Cited by 1 | Viewed by 1504
Abstract
This study explores the implications of merging two fundamentally different types of banks: Islamic and conventional banks. The research aims to provide insight into the unique opportunities and challenges presented by such a merger and to offer strategic guidance for future mergers. A [...] Read more.
This study explores the implications of merging two fundamentally different types of banks: Islamic and conventional banks. The research aims to provide insight into the unique opportunities and challenges presented by such a merger and to offer strategic guidance for future mergers. A balanced scorecard-based strategic analysis using a Quantum Spherical Fuzzy Decision-Making Approach was used to develop short- and long-term strategic plans for the merged bank. The balanced scorecard included 12 key performance indicators (KPIs) in 4 groups, and the methodology incorporated several questions to guide the analysis. The results of the study offer valuable insights into the potential opportunities and challenges of merging these two types of banks, as well as strategic recommendations for stakeholders at all levels. The study serves as a useful guideline for future mergers between similar or different types of banks. Overall, the findings suggest that a well-planned merger strategy is essential for avoiding challenges and maximizing the benefits of merging Islamic and conventional banks. By integrating the strengths of both types of banks, a merged entity could create a competitive advantage and potentially improve financial performance. However, this requires careful consideration of cultural differences, regulatory challenges, and other factors that could impact on the success of the merger. Full article
(This article belongs to the Special Issue Financial Market Regulation and Sustainable Development)
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