Topic Editors

School of Business, Universiti Teknologi Brunei, Gadong, Brunei
School of Accounting and Finance, Nilai University, Nilai, Malaysia

Environmental Social Governance (ESG) Disclosure and Financial Markets

Abstract submission deadline
closed (31 July 2023)
Manuscript submission deadline
closed (24 December 2023)
Viewed by
5880

Topic Information

Dear Colleagues,

The Environmental, Social and Governance (ESG) activities of a firm are becoming increasingly important to investors; hence, there is increasing demand for the disclosure of these activities. When firms disclose their ESG activities, they are able to reduce the information asymmetry between the firm’s management and its stakeholders. Prior studies have found that the disclosure of ESG information has a significant impact on a firm’s financial and non-financial outcomes, such as lower cost of capital, better access to finance and increased firm valuation. As ESG disclosure can be used as a strategy to gain legitimacy, the characteristics of a firm may in turn determine the level of ESG information a firm may wish to disclose. Most studies have so far focused on ESG performance and its competitiveness in the form of lower costs of financing, improvement in supply chain management and regulatory reforms. Less attention has been paid to the accountability of the ESG reporting and its disclosures. Although there has been a growth in the number of firms disclosing their ESG information, the growth is still slow due to the inadequacy and lack of clarity of accounting standards related to the disclosure of this information. A lack of studies pertaining to ESG measurement and assurance has led to the existence of greenwashing companies. This has severe repercussions for the accuracy and reliability of ESG disclosures. The purpose of this Special Issue is to encourage studies on ESG disclosure and to shed light on the issues related to ESG disclosure. This Special Issue welcomes both empirical and theoretical studies covering themes related to ESG disclosure. Submissions that address (but are not limited to) the following topics are welcomed:

  • The relationship between ESG practices and ESG disclosure.
  • Differences in ESG disclosure practices across industries and countries.
  • The impact of laws and regulations on the disclosure of ESG information and the existence of greenwashing activities.
  • The impact of accounting standards on the disclosure of ESG information.
  • The influence of ESG disclosure on firm outcomes such as cost of capital, access to finance, performance, valuation, etc.
  • The influence of ESG disclosure on firm risk.
  • The importance of firm characteristics and firm outcomes in influencing ESG disclosure practices in firms.
  • The materiality issues in ESG disclosures and the increase in greenwashing activities.

Dr. Shaista Wasiuzzaman
Dr. Wan Masliza Wan Mohammad
Topic Editors

Participating Journals

Journal Name Impact Factor CiteScore Launched Year First Decision (median) APC
Economies
economies
2.6 3.2 2013 21.4 Days CHF 1800
International Journal of Financial Studies
ijfs
2.3 3.2 2013 27.6 Days CHF 1800
Journal of Risk and Financial Management
jrfm
- 2.8 2008 20.5 Days CHF 1400
Sustainability
sustainability
3.9 5.8 2009 18.8 Days CHF 2400

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Published Papers (3 papers)

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25 pages, 3436 KiB  
Article
The Efficiency of Alternative and Conventional Energy Exchange-Traded Funds: Are Clean Energy Exchange-Traded Funds a Safer Asset?
by Carla Oliveira Henriques, Maria Elisabete Neves and João Jorge Couceiro
Int. J. Financial Stud. 2024, 12(1), 4; https://doi.org/10.3390/ijfs12010004 - 12 Jan 2024
Viewed by 1256
Abstract
This paper examines the efficiency of alternative energy equity Exchange-Traded Funds (ETFs) and conventional energy equity ETFs from 2018 to 2020, utilizing a combination of an output-oriented Slack-Based Data Envelopment Analysis (DEA) model and cluster analysis. In the context of an output-oriented DEA [...] Read more.
This paper examines the efficiency of alternative energy equity Exchange-Traded Funds (ETFs) and conventional energy equity ETFs from 2018 to 2020, utilizing a combination of an output-oriented Slack-Based Data Envelopment Analysis (DEA) model and cluster analysis. In the context of an output-oriented DEA model, efficiency is defined as the ability of an ETF to maximize its outputs (annualized average return; environmental, social responsibility, and corporate governance; and net asset value) given a fixed level of inputs (expense ratio and beta). The findings indicate that alternative energy ETFs have the potential for long-term outperformance compared to conventional energy ETFs in terms of efficiency. However, during financial crises, the performance differences between the two types of ETFs diminish, with no significant outperformance observed in either category. The expense ratio and net asset value are identified as key factors influencing the efficiency of both ETF types. Additionally, social and governance metrics have a notably stronger positive impact on conventional energy ETFs relative to alternative energy ETFs, highlighting the increasing significance of these factors in financial asset performance. Full article
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17 pages, 812 KiB  
Article
Antecedent Configurations of ESG Disclosure: Evidence from the Banking Sector in China
by Jialing Wu, Daojuan Wang, Xiaoxia Fu and Weina Meng
Sustainability 2023, 15(17), 13234; https://doi.org/10.3390/su151713234 - 04 Sep 2023
Viewed by 1321
Abstract
This study examines the complex joint effect of firm and board characteristics on environmental, social, and governance (ESG) disclosure by Chinese listed banks, viewed from a configurational perspective. By utilizing fuzzy-set qualitative comparative analysis (fsQCA) on a sample of 33 Chinese listed banks [...] Read more.
This study examines the complex joint effect of firm and board characteristics on environmental, social, and governance (ESG) disclosure by Chinese listed banks, viewed from a configurational perspective. By utilizing fuzzy-set qualitative comparative analysis (fsQCA) on a sample of 33 Chinese listed banks from 2020, we obtained results that explain some of the inconsistent findings in the current literature and suggest that four specific configurations of firm and board characteristics are equally conducive to high levels of ESG disclosure. Specifically, bank attributes (i.e., size, state ownership, and cross-listing) are the most salient aspects of promoting ESG disclosure, but the final effect relies on a combination of these attributes and other board characteristics (i.e., board size, independence, gender diversity, and a corporate social responsibility committee). We demonstrate the significance of employing configurational thinking to evaluate corporate governance in relation to ESG disclosure. Our findings indicate that the connection between board characteristics and high levels of ESG disclosure varies according to bank attributes. Full article
23 pages, 836 KiB  
Article
Financial Market Sustainability in a Dual-Track System: Venture Capital and Startups’ Speed of Passing
by Sunyang Hu, Yichen Jiang and Xianlong Wang
Sustainability 2023, 15(14), 11134; https://doi.org/10.3390/su151411134 - 17 Jul 2023
Viewed by 901
Abstract
The government’s intervention under the approval system seriously affects the healthy and sustainable development of the financial market. An IPO is an important way for a venture capitalist (VC) to gain income, which impacts the efficiency of resource allocation in the capital market. [...] Read more.
The government’s intervention under the approval system seriously affects the healthy and sustainable development of the financial market. An IPO is an important way for a venture capitalist (VC) to gain income, which impacts the efficiency of resource allocation in the capital market. From the perspective of resource allocation efficiency, this paper compares the influence of venture capital on the IPO process of startup enterprises under registration and approval systems. The findings are as follows: (1) after the trial registration system, the speed of passing and listing of VC-owned startup enterprises can be significantly accelerated. (2) Venture capitalists can accelerate the startup enterprises’ speed of passing by sending directors to startup enterprises and improving the level of risk disclosure, which is only significant under the registration and issuance system. (3) Further research shows that VC-supported startups perform better after listing. (4) VCs can help startup enterprises to choose hot season listing, which has a good timing effect. The conclusion of this text study is still robust after using propensity score matching (PSM) and Heckman to eliminate endogeneity. The conclusion of this study provides a theoretical basis and empirical support for emerging market countries to promote market-oriented reform. Full article
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