Cardiff Sustainable Finance Research Group

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

Publications

• Agoraki, M. K., Giaka, M., Konstantios, D. and Patsika, V. 2023. Firms' sustainability, financial performance, and regulatory dynamics: Evidence from European firms. Journal of International Money and Finance 131, 102785.
• Alolo, M., Azevedo, A. and El Kalak, I. 2020. The effect of the feed-in-system policy on renewable energy investments: evidence from the EU countries. Energy Economics 92, 104998.
• Arfin, R., Peng, N., and Bowen, F. 2022. The Wealth Effect of Corporate Water Actions: How Past Corporate Responsibility and Irresponsibility Influence Stock Market Reactions Journal of Business Ethics 180, 105-124.
• Arikan, O., Reinecke, J., Spence, C., and Morrell, K. 2017. Signposts or Weathervanes? The Curious Case of Corporate Social Responsibility and Conflict Minerals. Journal of Business Ethics, 146(3), 469-484.
• Atkins, J. and Maroun, W. 2018. Integrated extinction accounting and accountability: building an ark. Accounting, Auditing & Accountability Journal, 31, 750-786. https://doi.org/10.1108/AAAJ-06-2017-2957
• Atkins, J., Maroun, W., Atkins, B.C. and Barone, E. 2018. From the Big Five to the Big Four? Exploring extinction accounting for the rhinoceros. Accounting, Auditing & Accountability Journal, 31, 674-702. https://doi.org/10.1108/AAAJ-12-2015-2320
• Austmann, L. M. and Vigne, S.A. 2021. Does environmental awareness fuel the electric vehicle market? A Twitter keyword analysis. Energy Economics 101, 105337
• Baeckström, Y., Marsh, I. W., and Silvester, J. 2021. Financial advice and gender: Wealthy individual investors in the UK. Journal of Corporate Finance. 71, 101882.
• Baeckström, Y., Silvester, J., and Pownall, R. A. J. 2018. Millionaire investors: financial advisors, attribution theory and gender differences: financial advisors, attribution theory and gender differences. European Journal Of Finance 24, 1333-1349.
• Chen, Y., Wei, Y., Bai, L., and Zhang, J. 2023. Can Green Economy stocks hedge natural gas market risk? Evidence during Russia-Ukraine conflict and other crisis periods. Finance Research Letters, 53, 103632.
• Del Gaudio, B.L.,  Previtali, D., Sampagnaro, G., Verdoliva, V. and Vigne, S.A. 2022. Syndicated green lending and lead bank performance. Journal of International Financial Management & Accounting 33 (3), 412-427
• Dongyang, Z. 2022. Green financial system regulation shock and greenwashing behaviors: Evidence from Chinese firms. Energy Economics. 111. 106064. 10.1016/j.eneco.2022.106064.
• Dongyang, Z. and Du, Pengcheng, D. 2020. How China’s Going Green Impacts on Corporate Performance. Journal of Cleaner Production. 258. 120604. 10.1016/j.jclepro.2020.120604.
• Dongyang, Z. and Qunxi, K. 2022. Green energy transition and sustainable development of energy firms: An assessment of renewable energy policy. Energy Economics. 111. 106060. 10.1016/j.eneco.2022.106060.
• Dowling, M., Cummins, M., Lucey, B.M. 2016. Psychological barriers in oil futures markets, Energy Economics, 53, 293 – 304.
• Farag, H. and Mallin, C.A (2018). The influence of CEO Demographic Characteristics on Corporate Risk -Taking: Evidence from Chinese IPOs,  European Journal of Finance, 24(16), 1528-1551.
• Farag, H., & Mallin, C. (2017). Board diversity and financial fragility: Evidence from European banks. International Review of Financial Analysis, 49, 98-112.
• Farag, H. and Mallin, C.A (2016). The Impact of the Dual Board Structure and Board Diversity: Evidence from Chinese Initial Public Offerings (IPOs), Journal of Business Ethics,  139, 333–349
• Farag, H., Qing, M., and Mallin, C.A. (2015). The Social, Environmental and Ethical Performance of Chinese Companies: Evidence from the Shanghai Stock Exchange, International Review of Financial Analysis, 42, 53–63.
• Farag, H., Mallin, C.A., and Ow-Yong, K., (2014), Corporate Social Responsibility and financial performance in Islamic banks, Journal of Economic Behavior & Organization, 103, 21-38
• Gounopoulos, D., Loukopoulos, G. and Loukopoulos, P. 2021. CEO Education and the Ability to Raise Capital. Corporate Governance: An International Review. 29,  67-99.
• Gounopoulos, D., Loukopoulos, G., Loukopoulos, P. and Wood, G. 2022. Corporate Political Activities and the SEC’s Oversight Role in the IPO Process. Journal of Management Studies https://doi.org/10.1111/joms.12892
• Gounopoulos, D., Mazouz, K. and Wood, G. 2021. The consequences of political donations for IPO premium and performance. Journal of Corporate Finance 67, 5, 101888.
• Guedhami, O., Knill, A., Megginson, W.L., and Senbet, L. 2022. The dark side of globalization: Evidence from the impact of COVID-19 on multinational companies. Journal of International Business Studies 53, 1603–1640. https://doi.org/10.1057/s41267-022-00540-8
• Harjoto, M. A., Hoepner, A., Andreas G. F., and Li, Q. 2021. Corporate social irresponsibility and portfolio performance: a cross-national study. Journal of International Financial Markets, Institutions and Money 70, 101274.
• Harjoto, M., Hoepner, A., and Li, Q. 2022. A stakeholder resource-based view of corporate social irresponsibility: Evidence from China. Journal of Business Research 144,  830-843.
• 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)
• Jones, M.J. and Solomon, J.F. 2013. Problematising accounting for biodiversity. Accounting, Auditing & Accountability Journal, Vol. 26, 668-687. https://doi.org/10.1108/AAAJ-03-2013-1255
• Lotfi, M., Walker, H. and Rendon-Sanchez, J. 2021. Supply chains’ failure in workers’ rights with regards to the SDG compass: a doughnut theory perspective. Sustainability 13, article number: 12526.
• Lotfi, M., Akram, Y. and Jafari, S. 2018. The effect of emerging green market on green entrepreneurship and sustainable development in knowledge-based companies. Sustainability 10, article number: 2308.
• Lucey, B.M., Carron, B. 2011. The effect of gender on stock price reaction to the appointment of directors: The case of the FTSE 100, Applied Economics Letters, 18, (13), 1225-1229.
• Karim, S., Lucey, B.M., Naeem, M.A. and Vigne, S.A. 2023. The dark side of Bitcoin: do Emerging Asian Islamic markets help subdue the ethical risk? Emerging Markets Review 54, 100921.
• Maroun, W. and Atkins, J. 2018. The emancipatory potential of extinction accounting: Exploring current practice in integrated reports. Accounting Forum, 42:1, 102-118, DOI: 10.1016/j.accfor.2017.12.001
• Nguyen, D. . D., Hagendorff, J. and Eshraghi, A. 2018. Does a CEO's cultural heritage affect performance under competitive pressure?. Review of Financial Studies 31(1), pp. 97-141.
• Nguyen, D. D., Hagendorff, J. and Eshraghi, A. 2019. Misconduct in banking: Governance and the board of directors. In: Alexander, C. and Cumming, D. eds. Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation. Wiley
• Patsika, V. and Huang, C. 2023. Mandatory greenhouse gas emissions reporting and firm environmental litigation risk. Accounting Forum (10.1080/01559982.2022.2158519)
• Rhianon Edgley, C., Jones, M.J. and Solomon, J.F. 2010. Stakeholder inclusivity in social and environmental report assurance. Accounting, Auditing & Accountability Journal, 23, 532-557. https://doi.org/10.1108/09513571011041615
• Situ, H. and Tilt, C. 2018. Mandatory? Voluntary? A discussion of corporate environmental disclosure requirements in China. Social and Environmental Accountability Journal 38(2), pp. 131-144.
• Situ, H., Tilt, C. and Seet, P. 2020. The influence of the Chinese government's political ideology in the field of corporate environmental reporting. Accounting, Auditing and Accountability Journal 34(9), pp. 1-28.
• Solomon, J.F., Solomon, A., Joseph, N. L., Norton, S. 2013. Impression management, myth creation and fabrication in private social and environmental reporting: Insights from Erving Goffman. Accounting, Organizations and Society, 38, 195-213.
• Solomon, J.F., Solomon, A., Norton, S.D. and Joseph, N.L. 2011. Private climate change reporting: an emerging discourse of risk and opportunity?. Accounting, Auditing & Accountability Journal, 24, 1119-1148. https://doi.org/10.1108/09513571111184788
• 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.
• Tosun, O. K. 2021. Cyber-attacks and stock market activity. International Review of Financial Analysis 76, article number: 101795.
• 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., article number: 102034.
• Tosun, O. and Eshraghi, A. 2022. Corporate decisions in times of war: Evidence from the Russia-Ukraine Conflict. Finance Research Letters 48, article number: 102920.
• 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.
• Tosun, O. K. and Senbet, L. W. 2020. Does internal board monitoring affect debt maturity?. Review of Quantitative Finance and Accounting 54(1), 205-245.
• Wang, Y., Lucey, B., Vigne, S.A. and Yarovaya, L. 2022. An index of cryptocurrency environmental attention (ICEA). China Finance Review International, 12, 378-414. https://doi.org/10.1108/CFRI-09-2021-0191
• Wang, Y, Farag, H, and Ahmad, W (2021). Corporate Culture and Innovation: A Tale from an Emerging Market, British Journal of Management, 32, 1121-1140.
• Wei, Y., Nan, H. and Wei, G. 2020. The impact of employee welfare on innovation performance: Evidence from China's manufacturing corporations. International Journal of Production Economics, 228, 107753.
• Wen, X., Guo, Y., Wei, Y., and Huang, D. 2014. How do the stock prices of new energy and fossil fuel companies correlate? Evidence from China. Energy Economics, 41, 63-75.
• Zhang, D. and Vigne, S.A. 2021. The causal effect on firm performance of China's financing–pollution emission reduction policy: Firm-level evidence, Journal of Environmental Management 279, 111609.
• Zhang, D., Zhang, Z., Ji, Q., Lucey, B. and Liu, J. 2021. Board characteristics, external governance and the use of renewable energy: International evidence, Journal of International Financial Markets, Institutions and Money, p101317
• Zhu, D., Hodgkinson, L. and Wang, Q. 2021. Interaction and decomposition of gender difference in financial risk perception. Journal of Behavioral and Experimental Finance 30, 100464.

News and resources

Useful resources

• United Nations Sustainable Development: THE 17 GOALS | Sustainable Development (un.org)

News

• Conferences on Sustainability – Finance/Accounting/Management
  • CINSC - Ljubljana June 2023 / Future Conferences | Future Finance and Economics Association (ffea.eu)
  • 3rd Annual Conference 2023 - ASFAAG