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Social and Environmental Accounting and Sustainable Finance
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Social and Environmental Accounting and Sustainable Finance

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 (10 July 2022) | Viewed by 39448

Special Issue Editors

Dr. Ana Fialho

E-Mail Website
Guest Editor
Department of Management, CEFAGE, University of Évora, 7000-645 Évora, Portugal
Interests: financial accounting; social and environmental accounting; corporate social responsibility (CSR); financial reporting; non-financial reporting; sustainability reporting; impression management; sustainable finance
Dr. Graça Azevedo

E-Mail Website
Guest Editor
1. Research Centre on Accounting and Taxation (CICF), Escola Superior de Gestão, IPCA, 4750-821 Barcelos, Portugal
2. Higher Institute of Accounting and Administration, Aveiro University, 3810-193 Aveiro, Portugal
Interests: accounting standards; disclosure of financial and non-financial information; social responsibility; integrated reporting; impression management; sustainability; corporate governance; intellectual capital; Era 5.0
Special Issues, Collections and Topics in MDPI journals
Dr. Teresa Eugénio

E-Mail Website
Guest Editor
CARME—Centre of Applied Research in Management and Economics, School of Technology and Management, Polytechnic of Leiria, 2411-901 Leiria, Portugal
Interests: financial accounting; social and environmental accounting; corporate social responsibility (CSR); non-financial reporting information; SDGs; sustainability education and auditing
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue focuses on the relationship between social and environmental accounting (SEA) and sustainable finance. The purpose of this Special Issue is to motivate research that links these two areas and presents evidence of their interconnections and of their relationship with the United Nations Agenda 2030 Sustainable Development Goals (SDGs). Papers that answer research questions applied to companies in the private and public sector and companies in the non-profit sector are welcome to be submitted for publication in this Special Issue.

Sustainable Finance comprises any financial service or product that incorporates Sustainability criteria in its characteristics; specifically, with the inclusion of Environmental, Social, or Corporate Governance (ESG) factors in the business models or decisions of private, public, or third sector organizations (Non-Governmental Organizations). The introduction of ESG factors in the decisions of companies and investors, together with the economic–financial factor, seeks to contribute to reduce financial risks (for example, those associated with polluting industries), preserving the market and enhancing financial return and business development and markets.

Sustainable Finance thus aims to contribute to Sustainable Development, financing, for example, society's needs for innovation, conservation, and infrastructure, and promoting an efficient economy in the use of resources, minimizing negative impacts on the Environment (for example, favoring low carbon emissions) and in Society (for example, at the level of local communities). At the same time, Sustainable Finance aims to contribute to the stability of financial markets, through the consideration of social, environmental, and corporate governance risks associated with the activities of agents in those markets. Sustainable Development alerts us to the need to include environmental and social impacts in the way economic and financial return is generated.

In 2015, the United Nations established 17 SDGs to promote Sustainable Development. The SDGs are part of a global model of corporate governance that focuses on individuals, human rights, responding to social inequalities, and central issues such as peace, security, and climate change. The reference to the inclusive, balanced, and sustainable use of financial resources runs through the SDGs. The recent European Commission sustainable finance strategy—which will contribute to the objectives of the European green deal investment plan, in particular creating an enabling framework for private investors and the public sector to facilitate sustainable investments—enhances the need for academia to provide answers and contribute with appropriate solutions to the objectives defined for this strategy.

There is already a vast literature on the issue of social and environmental accounting and its relationship with sustainable development; however, the articulation with sustainable finance remains a little-explored domain. In addition, research on the relationship between SEA, sustainable finance, and the SDGs is important to achieve the desired sustainable economic development.

Dr. Ana Fialho
Dr. Graça Maria do Carmo Azevedo
Dr. Teresa Eugénio
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

  • social and environmental accounting
  • sustainable finance
  • sustainable development goals (SDGs)
  • financial risks
  • financial markets
  • environmentally sustainable investments
  • sustainable economy development
  • private sector sustainable development
  • public sector sustainable development

Published Papers (6 papers)

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13 pages, 249 KiB  
Article
Non-Financial Information in Hotel Companies
by Dubravka Vlašić and Katarina Poldrugovac
Sustainability 2022, 14(16), 10009; https://doi.org/10.3390/su141610009 - 12 Aug 2022
Cited by 1 | Viewed by 1624
Abstract
The enactment of EU Directive 2014/95/EU and EU Guidelines 2017/C215/01 for large European public interest entities with more than 500 employees recognised the importance of non-financial information and made its disclosure mandatory. The importance of disclosing non-financial information for the hospitality industry is [...] Read more.
The enactment of EU Directive 2014/95/EU and EU Guidelines 2017/C215/01 for large European public interest entities with more than 500 employees recognised the importance of non-financial information and made its disclosure mandatory. The importance of disclosing non-financial information for the hospitality industry is significant, as it is an industry that is highly sensitive and connected to the environment and social interactions. The aim of this paper is to investigate the content of non-financial information disclosed by Croatian hotel companies that list their shares on the financial market since this became mandatory. For this reason, the following research questions were posed: Is the non-financial information presented in the reports of Croatian hotel companies sufficient? If this information is insufficient, how can its content be improved? To answer these research questions, a content analysis of non-financial information in relation to general information, emissions and pollution prevention, sustainability, other environmental information, and EU Directive requirements from publicly available sources of hotel companies was conducted. The research results show that Croatian hotel companies mainly publish satisfactory levels of non-financial information related to waste management and recycling, as well as energy and water consumption, while the content of other non-financial information should be improved. The research results will be used in defining and improving the content of non-financial information for hotel companies as guidelines for publishing non-financial information specifically tailored to the hospitality industry. Full article
(This article belongs to the Special Issue Social and Environmental Accounting and Sustainable Finance)
22 pages, 872 KiB  
Article
Social Responsibility and SDG 8 during the First Wave of the COVID-19 Pandemic: The Role of Chartered Accountants in Portugal
by Ana Clara Borrego, Francisco Alegria Carreira, Pedro Pardal and Rute Abreu
Sustainability 2022, 14(14), 8625; https://doi.org/10.3390/su14148625 - 14 Jul 2022
Cited by 3 | Viewed by 2547
Abstract
The fragility of the Portuguese economy, the weight of sectors that were especially vulnerable to the crisis caused by the pandemic, and the small size of enterprises meant that their economic and financial structure was not capable of supporting the effects of the [...] Read more.
The fragility of the Portuguese economy, the weight of sectors that were especially vulnerable to the crisis caused by the pandemic, and the small size of enterprises meant that their economic and financial structure was not capable of supporting the effects of the economic crisis, jeopardizing the achievement of the SDG 8. This research explores the perception of chartered accountants about their role in supporting small and medium-sized enterprises during the first wave of the COVID-19 pandemic in Portugal, based on a literature review and on a questionnaire. The results show that 70% of professionals consider that their clients evaluated their work positively during the first wave of the pandemic. However, most chartered accountants did not charge their clients for their extra-work and expenses and 30% even decreased their monthly fees. Portuguese chartered accountants, confronted with the economic–financial problem caused by the pandemic, focused on saving most of their clients from collapse and safeguarding many jobs. This research highlights the public utility and social responsibility of chartered accountants’ work, in the pandemic context in Portugal, as well as their central role for the efficient application of Government economic policies to maintain economic growth and decent work (SDG 8). Full article
(This article belongs to the Special Issue Social and Environmental Accounting and Sustainable Finance)
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12 pages, 607 KiB  
Article
Performance of E-Banking and the Mediating Effect of Customer Satisfaction: A Structural Equation Model Approach
by Mohammed Arshad Khan and Hamad A. Alhumoudi
Sustainability 2022, 14(12), 7224; https://doi.org/10.3390/su14127224 - 13 Jun 2022
Cited by 18 | Viewed by 7758
Abstract
Online payment is a trend that is gaining momentum globally. As a result of digitisation, the advent of online banking has increasingly made its way into the modern marketplace, serving not only customers but also corporations. The primary data were gathered from 287 [...] Read more.
Online payment is a trend that is gaining momentum globally. As a result of digitisation, the advent of online banking has increasingly made its way into the modern marketplace, serving not only customers but also corporations. The primary data were gathered from 287 participants. Stratified random sampling was used. Structure Equation Modelling (SEM), reliability, convergent, discriminate validity and model fitness were achieved through SmartPLS 3 (Christian M. Ringle, Germany). The findings reveal that efficiency, reliability and service quality have a significant direct effect on customer satisfaction and customer retention. It also shows the significant effect of efficiency, reliability and service quality when using customer satisfaction as a mediator for customer retention. It is possible that the data gathered may be valuable for both banks and enterprises interested in entering the Indian market. This research also specifies four main components of E-banking: efficiency, reliability, service quality and customer satisfaction. Full article
(This article belongs to the Special Issue Social and Environmental Accounting and Sustainable Finance)
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15 pages, 870 KiB  
Article
Circular Economy for Cities and Sustainable Development: The Case of the Portuguese City of Leiria
by João Cesar Cadima Antunes, Teresa Eugénio and Manuel Castelo Branco
Sustainability 2022, 14(3), 1726; https://doi.org/10.3390/su14031726 - 02 Feb 2022
Cited by 4 | Viewed by 2764
Abstract
The principles of the circular economy play a central role in the global economy, and its application is suggested in the context of business and urban development for creating cities capable of reinventing themselves in the long term. The main objective of this [...] Read more.
The principles of the circular economy play a central role in the global economy, and its application is suggested in the context of business and urban development for creating cities capable of reinventing themselves in the long term. The main objective of this study is to assess the perception of the inhabitants of the city of Leiria (Portugal) regarding the concept of the circular economy and the acceptance of circular actions and projects, gathering their opinions and motivations, and understanding the challenges they perceive for implementing the circular economy. This study is relevant because, to date, no work has analyzed the circular practices of citizens and consequent projects for a city. The adopted methodology consisted of a mixed qualitative and quantitative approach, which was materialized in the administration of an online questionnaire to the inhabitants, workers, or students of the Municipality of Leiria. We obtained a sample of 547 answers. These results underwent statistical analysis, and it was concluded that the familiarization of study participants with the circular economy is low, but that they have a positive predisposition to engage in rental, reuse, article repair, and recycling activities. The municipality should continue to invest in the extension and promotion of circular economy initiatives in the city, since there is a predisposition of respondents towards using them, which may lead to the conclusion that they would support their implementation. This is an initial step that should promote further research into understanding the perception of citizens regarding circular economy initiatives and actions, followed by how it might be supported to achieve its full potential in cities. Full article
(This article belongs to the Special Issue Social and Environmental Accounting and Sustainable Finance)
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17 pages, 2157 KiB  
Article
What Do We Mean by Sustainable Finance? Assessing Existing Frameworks and Policy Risks
by Marco Migliorelli
Sustainability 2021, 13(2), 975; https://doi.org/10.3390/su13020975 - 19 Jan 2021
Cited by 69 | Viewed by 17700
Abstract
I observe that the sustainable finance landscape as it stands today is featured by an overabundance of heterogeneous concepts, definitions, industry and policy standards. I argue that such heterogeneity may hinder the smooth development of the conceptual thinking underpinning sustainable finance and originates [...] Read more.
I observe that the sustainable finance landscape as it stands today is featured by an overabundance of heterogeneous concepts, definitions, industry and policy standards. I argue that such heterogeneity may hinder the smooth development of the conceptual thinking underpinning sustainable finance and originates specific risks that may harm the credibility of the nascent market. These risks include green and sustainable washing, the rebranding of financial flows without additionality, the disordered adjustment in the cost of capital spreads between industries. I argue that to reflect the actual industry and policy context as wells as to steer conceptual and applied practice sustainable finance should be today referred to as “finance for sustainability”. To this extent, both its definition and implementing standards should make clear reference to the relevant sustainability dimensions (in particular in line with the Sustainable Development Goals and the Paris Agreement) and to the sectors or activities that positively contribute to these dimensions. Full article
(This article belongs to the Special Issue Social and Environmental Accounting and Sustainable Finance)
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22 pages, 675 KiB  
Case Report
Enforcing Double Materiality in Global Sustainability Reporting for Developing Economies: Reflection on Ghana’s Oil Exploration and Mining Sectors
by Artie W. Ng, Sally Mingle Yorke and Jatin Nathwani
Sustainability 2022, 14(16), 9988; https://doi.org/10.3390/su14169988 - 12 Aug 2022
Cited by 7 | Viewed by 4242
Abstract
While the development of globally accepted sustainability reporting standards initiated by the IFRS Foundation has largely engaged stakeholders in developed economies, the stakes for developing economies could be compromised without an explicit consideration of their sustainability issues within this standard-setting framework. This paper [...] Read more.
While the development of globally accepted sustainability reporting standards initiated by the IFRS Foundation has largely engaged stakeholders in developed economies, the stakes for developing economies could be compromised without an explicit consideration of their sustainability issues within this standard-setting framework. This paper examines the need to develop global sustainability reporting standards based on the principle of double materiality to warrant that both the target towards carbon net-zero by 2050 under the Paris Agreement and the subsequent promise to accelerate under COP26 are achieved with efficacy. Adopting a multiple-case study approach, this paper reveals the limitations of existing sustainability reporting in the absence of double materiality in a developing economy. Specifically, the analyses reveal limited climate-related disclosures among selected cases in Ghana. Available disclosures connote increasing GHG emissions over the period under consideration. This study also shows weak disclosure comparability across the companies following similar reporting standards. Overall, it argues that enforcement of double materiality to embrace sustainability issues impacting both developed and developing economies is necessary for an effective transformation towards a low-carbon global economy. It contributes to the existing body of knowledge by elucidating double materiality as a pertinent interdisciplinary concept and devising a holistic framework for the emerging global sustainability reporting system to underscore governance accountability for external costs to the environment. Global sustainability reporting standards with a myopic focus on conventional financial matters in the absence of double materiality remain a disclosure system with implausible impact on climate change. Full article
(This article belongs to the Special Issue Social and Environmental Accounting and Sustainable Finance)
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