Cardiff Sustainable Finance Research Group
We aim to be a frontier institute in international arena that cultivates a vibrant and collaborative environment for innovative and impactful research on sustainability and finance.
The World Bank (2021) defines ‘Sustainable Finance’ as “the process of taking due account of environmental, social and governance (ESG) considerations when making investment decisions in the financial sector, leading to increased longer-term investments into sustainable economic activities and projects.”
Cardiff Sustainable Finance Research Group invites scholars working on different areas of sustainability as well as finance and promotes collaborative and transformative research to bridge the gap between broad fields of those studies. By doing so, the group engages in academic activities that directly support Cardiff Business School’s ‘Public Value’ ethos.
Aims
- facilitate interdisciplinary research on sustainability and finance across sections, schools, and universities
- support Cardiff Business School’s ‘Public Value’ philosophy by connecting the group’s members with outside stakeholders to inform them about their research on sustainable finance
- promote Cardiff Business School as one of the world-leading centres for research on sustainability and finance
- support scholars in achieving high quality and impactful research that contributes in various subject areas of sustainable finance
Selected publications
- Tosun, O. and Eshraghi, A. 2022. Corporate decisions in times of war: Evidence from the Russia-Ukraine Conflict. Finance Research Letters 48 102920. (10.1016/j.frl.2022.102920)
- Tosun, O. K. , El Kalak, I. and Hudson, R. 2022. How female directors help firms to attain optimal cash holdings. International Review of Financial Analysis 80 , pp.1-20. 102034. (10.1016/j.irfa.2022.102034)
- Hu, X. , Lin, D. and Tosun, O. K. 2022. The effect of board independence on firm performance - new evidence from product market conditions. European Journal of Finance (10.1080/1351847X.2022.2049448)
- Tosun, O. K. , Eshraghi, A. and Muradoglu, G. 2021. Staring death in the face: the financial impact of corporate exposure to prior disasters. British Journal of Management 32 (4), pp.1284-1301. (10.1111/1467-8551.12539)
- Tosun, O. K. and Senbet, L. W. 2020. Does internal board monitoring affect debt maturity?. Review of Quantitative Finance and Accounting 54 (1), pp.205-245. (10.1007/s11156-018-00787-z)
- Tosun, O. K. 2017. Is corporate social responsibility sufficient enough to explain the investment by socially responsible funds?. Review of Quantitative Finance and Accounting 49 , pp.697-726. (10.1007/s11156-016-0605-x)
Director
Academic staff

Professor Arman Eshraghi
Professor of Finance and Investment, Deputy Head of Section for Research, Impact and Innovation
- eshraghia@cardiff.ac.uk
- +44 (0)29 2251 0880

Dr Izidin El Kalak
Senior Lecturer (Associate Professor) in Finance
- elkalaki@cardiff.ac.uk
- +44 (0)29 2087 4961

Professor Peter Morgan
Professor of Quantitative Analysis
- morganph@cardiff.ac.uk
- +44 (0)29 2087 5727

Dr Qian (Jan) Li
Lecturer in Sustainable Business Operations
- liq50@cardiff.ac.uk
- +44 (0)29 2087 9247

Professor Sue Bartlett
Head of Accounting and Finance, Professor of Accounting and Finance
- bartlett@cardiff.ac.uk
- +44 (0)29 2087 5193
Postgraduate students
Useful resources
- United Nations Sustainable Development: THE 17 GOALS | Sustainable Development (un.org)
News
- Conferences on Sustainability – Finance/Accounting/Management