nach oben

Journal of Business Economics

Erschienen in:

01.07.2013 | Original Paper

The integration of sustainability into the theory and practice of finance: an overview of the state of the art and outline of future developments

verfasst von: Astrid Juliane Salzmann

Erschienen in: Journal of Business Economics | Ausgabe 6/2013

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

The purpose of this paper is to provide a comprehensive view of the current state of the literature in sustainable issues in financial research. Progress in these areas has generally been slow, and the concept of sustainable finance has not yet fully settled in the academic literature. We introduce corporate social responsibility as the underlying framework for sustainable finance and review key strands from the diverse literature on sustainability in finance. We suggest how this research field might advance in the future and propose a number of open questions that require further analysis.

Vorheriger Artikel Editorial

Nächster Artikel Strategic sustainability and financial performance: exploring abnormal returns

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Journal of Business Economics

From January 2013, the Zeitschrift für Betriebswirtschaft (ZfB) is published in English under the title Journal of Business Economics (JBE). The Journal of Business Economics (JBE) aims at encouraging theoretical and applied research in the field of business economics and business administration, promoting the exchange of ideas between science and practice.

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Aboody D, Lev B (2000) Information asymmetry, R&D, and insider gains. J Financ 55(6):2747–2766CrossRef

Aguilera RV, Rupp DE, Williams CA, Ganapathi J (2007) Putting the S back in corporate social responsibility: a multi-level theory of social change in organizations. Acad Manag Rev 32(3):836–863CrossRef

Aktas N, de Bodt E, Cousin JG (2011) Do financial markets care about sri? evidence from mergers and acquisitions. J Bank Financ 35:1753–1761CrossRef

Bagnoli M, Watts S (2003) Selling to socially responsible consumers: competition and the private provision of public goods. J Econ Manag Strat 12(3):419–445CrossRef

Baker HK, Nofsinger JR (2012) Socially responsible finance and investing: financial institutions, corporations, investors, and activists. Wiley, HobokenCrossRef

Bear LA, Maldonado-Bear R (2002) The securities industry and the law. J Bank Financ 26:1867–1888CrossRef

Becker G (1993) Nobel lecture: the economic way of looking at behavior. J Polit Econ 101(3):385–409CrossRef

Benson KL, Humphrey JE (2008) Socially responsible investment funds: investor reaction to current and past returns. J Bank Financ 32:1850–1859CrossRef

Bettis JC, Bizjak JM, Lemmon ML (2001) Managerial ownership, incentive contracting, and the use of zero-cost collars and equity swaps by corporate insiders. J Financ Quant Anal 36(3):345–370CrossRef

Bollen NPB (2007) Mutual fund attributes and investor behavior. J Financ Quant Anal 42(3):683–708CrossRef

Bowen HR (1953) Social responsibilities of the businessman. Harper & Row, New York

Brickley JA, Smith CW Jr, Zimmerman JL (2002) Business ethics and organizational architecture. J Bank Financ 26:1821–1835CrossRef

Brief AP, Aldag RJ (1977) The intrinsic-extrinsic dichotomy: toward conceptual clarity. The Acad Manag Rev 2(3):496–500

Caroll AB (1991) The pyramid of corporate social responsibility: toward the moral management of organizational stakeholders. Business Horizons 34(4):39–48

Chami R, Cosimano TF, Fullenkamp C (2002) Managing ethical risk: how investing in ethics adds value. J Bank Financ 26:1697–1718CrossRef

Chemmanur TJ, Hu G, Huang J (2010) The role of institutional investors in initial public offerings. Rev Financ Stud 23(12):4496–4540CrossRef

Cheng S, Nagar V, Rajan MV (2007) Insider trades and private information: the special case of delayed-disclosure trades. Rev Financ Stud 20:1833–1864CrossRef

Chernykh L (2008) Ultimate ownership and control in Russia. J Financ Econ 88:169–192CrossRef

Clarke J, Dunbar C, Kahle KM (2001) Long-run performance and insider trading in completed and canceled seasoned equity offerings. J Financ Quant Anal 36(4):415–430CrossRef

Davidson WN, Worrell DL, El-Jelly A (1995) Influencing managers to change unpopular corporate behavior through boycotts and divestitures: a stock market test. Bus Soc 34(2):171–196CrossRef

Derwall J, Koedijk K, Horst JT (2011) A tale of values-driven and profit-seeking social investors. J Bank Financ 35:2137–2147CrossRef

Djankov S, La Porta R, Lopez-de-Silanes F, Shleifer A (2008) The law and economics of self-dealing. J Financ Econ 88:430–465CrossRef

Donaldson T, Dunfee TW (2002) Ties that bind in business ethics: social contracts and why they matter. J Bank Financ 26:1853–1865CrossRef

Donaldson T, Preston LE (1995) The stakeholder theory of the corporation: concepts, evidence, and implications. Acad Manag Rev 20(1):65–91

Dunfee TW (2008) Stakeholder theory: managing corporate social responsibility in a multiple actor context. In: Crane Andrew, McWilliams Abagail, Matten Dirk, Moon Jeremy, Siegel Donald S (eds) The oxford handbook of corporate social responsibility. Oxford University Press, New York, pp 346–362

Dyck A, Volchkova N, Zingales L (2008) The corporate governance role of the media: evidence from Russia. J Financ 63(3):1093–1135CrossRef

Dyck A, Morse A, Zingales L (2010) Who blows the whistle on corporate fraud? J Financ 65(6):2213–2253CrossRef

Dyckhoff H, Kirchgeorg M (2012) Nachhaltigkeitsmanagment und BWL. DBW 72(4):269–275

Eesley C, Lenox MJ (2006) Firm responses to secondary stakeholder action. Strateg Manag J 27(8):765–781CrossRef

Freeman RE (1984) Strategic management: a stakeholder approach. Pitman, Boston

Friedman M (1970) The social responsibility of business is to increase its profits. New York Times 13(32–33):122–126

Galema R, Plantinga A, Scholtens B (2008) The stocks at stake: return and risk in socially responsible investment. J Bank Financ 32:2646–2654CrossRef

Garfinkel JA, Nimalendran M (2003) Market structure and trader anonymity: an analysis of insider trading. J Financ Quant Anal 38(3):591–610CrossRef

Garmaise MJ, Moskowitz TJ (2006) Bank mergers and crime: the real and social effects of credit market competition. J Financ 61(2):495–538CrossRef

Garriga E, Melé D (2004) Corporate social responsibility theories: mapping the territory. J Bus Ethics 53:51–71CrossRef

Goss A, Roberts GS (2011) The impact of corporate social responsibility on the cost of bank loans. J Bank Financ 35:1794–1810CrossRef

Graafland J, Kaptein M, Mazereeuw C (2010) Motives of socially responsible business conduct. SSRN Working Paper

Greening D, Turban DB (2000) Corporate social performance as a competitive advantage in attracting a quality workforce. Bus Soc 39(3):254–280CrossRef

Haigh M, Hazelton J (2004) Financial markets: a tool for social responsibility? J Bus Ethics 52:59–71CrossRef

Haigh M, Jones M (2006) The drivers of corporate social responsibility: a critical review. Bus Rev 5(2):245–251

Hargreaves Heap SP (2009) Rationality. In: Peil Jan, van Staveren Irene (eds) Handbook of economics and ethics. Edward Elgar, Cheltenham, pp 416–425

Harvey B (1995) Ethical banking: the case of the Co-Operative Bank. J Bus Ethics 14:1005–1013CrossRef

Hausman DM (2002) Trustworthiness and self-interest. J Bank Financ 26:1767–1783CrossRef

Heal G (2004) Corporate social responsibility—an economic and financial framework. SSRN Working Paper

Heinkel R, Kraus A, Zechner J (2001) The effect of green investment on corporate behavior. J Financ Quant Anal 36(4):431–449CrossRef

Holderness CG, Sheehan DP (1991) Monitoring an owner. The case of turner broadcasting. J Financ Econ 33:325–346CrossRef

Jenter D (2005) Market timing and managerial portfolio decisions. J Financ 60(4):1903–1949CrossRef

Jeucken MHA (2002) Banking and sustainability: slow starters are gaining pace. Int Financ Inst 2:12–16

Jeucken MHA, Bouma JJ (1999) The changing environment of banks. Greener Manag Int 27:21–35

Jones TM (1995) Instrumental stakeholder theory: a synthesis of ethics and economics. Acad Manag Rev 20(4):404–437

Kane EJ (2002) Using deferred compensation to strengthen the ethics of financial regulation. J Bank Financ 26:1919–1933CrossRef

Kang JK, Liu WL (2007) Is universal banking justified? Evidence from bank underwriting of corporate bonds in Japan. J Financ Econ 84:142–186CrossRef

Kaustia M, Torstila S (2011) Stock market aversion? political preferences and stock market participation. J Financ Econ 100:98–112CrossRef

Khorana A, Wahal S, Zenner M (2002) Agency conflicts in closed-end funds: the case of rights offerings. J Financ Quant Anal 37(2):177–200CrossRef

Kitzmueller M, Shimshack J (2012) Economic perspectives on corporate social responsibility. J Econ Lit 50(1):51–84CrossRef

Kouwenberg R, Ziemba WT (2007) Incentives and risk taking in hedge funds. J Bank Financ 31:3291–3310CrossRef

Kurtz LS (2012) Stakeholder analysis. In: Baker KH, Nofsinger JR (eds) Socially responsible finance and investing: financial institutions, corporations, investors, and activists. Wiley, Hoboken, pp 17–38

Levine R (2005) Finance and growth: theory and evidence. In: Aghion Philippe, Durlauf Steven (eds) Handbook of economic growth. Elsevier, Amsterdam, pp 865–934

Louis H, White H (2007) Do managers intentionally use repurchase tender offers to signal private information? Evidence from firm financial reporting behavior. J Financ Econ 85:205–233CrossRef

Lowry M, Murphy KJ (2007) Executive stock options and IPO underpricing. J Financ Econ 85:39–65CrossRef

Margolis JD, Elfenbein HA (2008) Do well by doing good? Don’t count on it. Harvard Bus Rev 86(1):19–20

Margolis JD, Walsh JP (2003) Misery loves companies: rethinking social initiatives by business. Adm Sci Q 48:268–305CrossRef

Matten D, Moon J (2008) “Implicit” and “Explicit” CSR: a conceptual framework for a comparative understanding of corporate social responsibility. Acad Manag Rev 33(2):404–424CrossRef

Matvos G, Ostrovsky M (2008) Cross-ownership, returns, and voting in mergers. J Financ Econ 89:391–403CrossRef

McWilliams A, Siegel D (2000) Corporate social responsibility and financial performance: correlation or misspecification? Strateg Manag J 21(5):603–609CrossRef

Mehran H, Stulz RM (2007) The economics of conflicts of interest in financial institutions. J Financ Econ 85:267–296CrossRef

Morduch J (1999) The microfinance promise. J Econ Lit 37(4):1569–1614CrossRef

Moshirian F (2008) The significance of a World Government in the process of Globalization in the 21st Century. J Bank Financ 32:1432–1439CrossRef

Norman W, MacDonald C (2004) Getting to the bottom of triple bottom line. Bus Ethics Q 14(2):243–262CrossRef

Paul CM, Siegel D (2006) Corporate social responsibility and economic performance. J Prod Anal 26(3):207–211CrossRef

Perotti EC, von Thadden EL (2003) Strategic transparency and informed trading: will capital market integration force convergence of corporate governance? J Financ Quant Anal 38(1):61–85CrossRef

Perry T, Peyer U (2005) Board seat accumulation by executives: a Shareholder’s perspective. J Financ 60(4):2083–2123CrossRef

Renneboog L, Horst JT, Zhang C (2008a) Socially responsible investments: institutional aspects, performance, and investor behavior. J Bank Financ 32:1723–1742CrossRef

Renneboog L, Horst JT, Zhang C (2008b) The price of ethics and stakeholder governance: the performance of socially responsible mutual funds. J Corp Financ 14:302–322CrossRef

Roman RM, Hayibor S, Agle BR (1999) the relationship between social and financial performance: repainting a portrait. Bus Soc 38:109–125CrossRef

Rose-Ackerman S (2002) ‘‘Grand’’ corruption and the ethics of global business. J Bank Financ 26:1889–1918CrossRef

Sanders DR, Irwin SH (2010) A speculative bubble in commodity futures prices? Cross-sectional evidence. Agric Econ 41:25–32CrossRef

Scholtens B (2006) Finance as a driver of corporate social responsibility. J Bus Ethics 68(1):19–33CrossRef

Schwartz MS, Carroll AB (2008) Integrating and unifying competing and complementary frameworks: the search for a common core in the business and society field. Bus Soc 47(2):148–186CrossRef

Schwartz MS, Saiia D (2012) Should firms go “Beyond Profits”? Milton Friedman versus Broad CSR. Bus Soc Rev 117(1):1–31CrossRef

Sen A (1993) Capability and well-being. In: Nussbaum MC, Sen A (eds) The quality of life. Clarendon Press, Oxford, pp 30–53CrossRef

Sengupta R, Aubuchon CP (2008) The microfinance revolution: an overview. Fed Reserve Bank St. Louis Rev 90(1):9–30

Sohn W (2010) Market response to bank relationships: evidence from Korean Bank reform. J Bank Financ 34:2042–2055CrossRef

Swanson DL (1999) Toward an integrative theory of business and society: a research strategy for corporate social performance. Acad Manag Rev 24(3):521–596

Szado E (2011) Defining speculation: the first step toward a rational dialogue. J Altern Invest 14(1):75–82CrossRef

Tsyplakov S (2008) Investment frictions and leverage dynamics. J Financ Econ 89:423–443CrossRef

Van Bommel J (2003) Rumors. J Financ 58(4):1499–1519CrossRef

Waddock SA, Graves SB (1997) The corporate social performance-financial performance link. Strateg Manag J 18(4):303–319CrossRef

Wright P, Ferris S (1997) Agency conflict and corporate strategy: the effect of divestment on corporate value. Strateg Manag J 18:77–83CrossRef

Titel: The integration of sustainability into the theory and practice of finance: an overview of the state of the art and outline of future developments
verfasst von: Astrid Juliane Salzmann
Publikationsdatum: 01.07.2013
Verlag: Springer Berlin Heidelberg
Erschienen in: Journal of Business Economics / Ausgabe 6/2013
Print ISSN: 0044-2372
Elektronische ISSN: 1861-8928
DOI: https://doi.org/10.1007/s11573-013-0667-3

Springer Professional

Abstract

Bitte loggen Sie sich ein, um Zugang zu Ihrer Lizenz zu erhalten.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Journal of Business Economics

Springer Professional "Wirtschaft"

Weitere Artikel der Ausgabe 6/2013

Corporate sustainability and risk

Foreign ownership in Latin American microfinance institutions: evidence and impact

Strategic sustainability and financial performance: exploring abnormal returns

Valuation effects of corporate strategic transactions in the cleantech industry

Editorial

Premium Partner