Table Of ContentPALGRAVE STUDIES IN IMPACT FINANCE
Contemporary Issues
in Sustainable Finance
Exploring Performance,
Impact Measurement and
Financial Inclusion
Edited by
Mario La Torre · Sabrina Leo
Palgrave Studies in Impact Finance
Series Editor
Mario La Torre, Department of Management, Sapienza University of
Rome, Rome, Italy
The Palgrave Studies in Impact Finance series provides a valuable scien-
tific ‘hub’ for researchers, professionals and policy makers involved in
Impact finance and related topics. It includes studies in the social, polit-
ical, environmental and ethical impact of finance, exploring all aspects
of impact finance and socially responsible investment, including policy
issues, financial instruments, markets and clients, standards, regulations
and financial management, with a particular focus on impact investments
and microfinance.
Titles feature the most recent empirical analysis with a theoretical
approach, including up to date and innovative studies that cover issues
which impact finance and society globally.
·
Mario La Torre Sabrina Leo
Editors
Contemporary Issues
in Sustainable Finance
Exploring Performance, Impact Measurement and
Financial Inclusion
Editors
Mario La Torre Sabrina Leo
Management Department Management Department
Sapienza University of Rome Sapienza University of Rome
Rome, Italy Rome, Italy
ISSN 2662-5105 ISSN 2662-5113 (electronic)
Palgrave Studies in Impact Finance
ISBN 978-3-031-22538-3 ISBN 978-3-031-22539-0 (eBook)
https://doi.org/10.1007/978-3-031-22539-0
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About This Book
This book addresses three crucial perspectives of sustainable finance:
measurement, performance, and financial inclusion, looking at the theo-
retical and empirical relationship between business models and non-
financial effects, mainly environmental and social.
v
Contents
1 Introduction 1
Mario La Torre a nd Sabrina L eo
Part I Measurement
2 How to Scale Impact Measurement? Evaluating
the Application of the Synthetic Control Method
in Impact Measurement 9
Sina Sauer, Rahel Becker, and Volker Then
3 Impact Investments Measurement: Bridging Research
and Practice 33
Eugenia Strano, Alessandro Rizzello, and Annarita Trotta
4 ESG Ratings, Scores, and Opinions: The State
of the Art in Literature 61
Mario La Torre, Mavie Cardi, Sabrina Leo,
and Jacopo Schettini Gherardini
Part II Performance
5 Corporate Financial Performance and ESG
Performance: Which One Leads European Banks? 105
Mario La Torre, Sabrina Leo, and Ida Claudia Panetta
vii
viii CONTENTS
6 Is Performance the Key Issue in SRI Funds?
Conclusion and Lessons Learned from Three Decades
of Studies 139
Susana Martínez Meyers, Maria Jesús Muñoz Torres,
and Idoya Ferrero Ferrero
7 The Financial Side of the Social Impact Bond: The
Determinants of the Returns 171
Rachele Hyerace, Maria Mazzuca, and Sabrina Ruberto
8 Catastrophe Bonds: A Mitigation Opportunity
in Turmoil Period 187
Massimo Mariani, Alessandra Caragnano,
Francesco D’Ercole, Raffaele Didonato,
and Domenico Frascati
Part III Financial Inclusion
9 Collaboration or Community? The Impact
of the Institutional Forces in Promoting Social
Crowdfunding 231
Minguzzi Antonio, Modina Michele, Filomeni Stefano,
and Bredice Marilena
10 Financial Inclusion and the Gender Gap Across
Islamic and Non-Islamic Countries 259
Latifah Baeshen, Claudia Girardone, and Anna Sarkisyan
Index 285
Notes on Contributors
Prof. Minguzzi Antonio is Associate Professor of Management at the
University of Molise, Italy. His research interests include the manage-
ment of social enterprises and small business development. He has been
studying and working in the social sector for over twenty years, covering
various roles. He collaborated with disability centres of several universi-
ties for projects aimed at the inclusion of disabled people in university
study paths. He has been the administrator of social enterprises and was
the managing director of cultural foundations and microcredit companies.
From 2015 to 2019 he was the General Manager of a Grant Banking
Foundations.
Latifah Baeshen is a Ph.D. researcher at Essex Business School, Univer-
sity of Essex. She holds M.Sc. degree in Finance. Her research interests
include financial inclusion, Fintech, and bank stability.
Rahel Becker works as advisor for Anna Kassautzki, member of the
German Parliament and vice-chairwoman of the digital committee of
the German Bundestag. Sociologist by education and data specialist by
training, she worked as data scientist at SAP before.
Rahel Becker holds two bachelor’s degrees and one and a half master’s
degrees in quantitative sociology and data science. Apart from her
professional engagement she also helped building the data4good NGO
CorrelAid to make data science more accessible for the non-profit sector.
ix
x NOTESONCONTRIBUTORS
Alessandra Caragnano obtained her Ph.D. in “Economics and Manage-
ment of Natural Resources” at LUM Giuseppe Degennaro University and
now she is Junior Researcher in Corporate Finance and Real Estate at
SDA Bocconi, School of Management for the REPAiR Hub.
She has worked for over 6 years on Sustainable Finance, Energy
Transition and Economic Development. Her research topics include the
relationship between environmental and financial performance—cost of
capital and GHG emissions.
She has spent a visiting period at the School of Business and
Economics, Maastricht University—Finance Department.
She has published in different International Academic Journals, such
as the Journal of Applied Accounting Research, the Journal of Corpo-
rate Social Responsibility and Environmental Management, Journal of
Business Strategy and the Environment.
In 2019 she has gained the Best Paper Award for the paper “Do GHG
emissions impact the cost of debt financing of European large compa-
nies?” with her co-authors Mariani M., Pizzutilo F., Zito M. at the 3rd
Social Impact Investments International Conference, held in Rome.
Mavie Cardi is Associate Professor of Economics of Financial Intermedi-
aries at the Link Campus University of Rome; she holds a Ph.D. in Law
and Economics at the Luiss-Guido Carli University. She is member of the
Scientific Committee of the Ph.D. course in “New technologies for law,
economy and social development”, Link Campus University.
She is the author of books on “Financial Institutions” and “Banking
Crises”. Her main research, published in various essays and articles,
deals with banking regulation, risk management, financial markets and
intermediaries, sustainable finance and ESG ratings.
Francesco D’Ercole is a Ph.D. Student in Economics and Management
of Sustainability and Innovation at LUM Giuseppe Degennaro University.
His research activity is focused on Corporate Finance, Sustainable
Finance, Climate Finance topics. In this line, he took part in the following
conferences, namely European Real Estate Society Conference, the Inter-
national Risk Management Conference, the World Finance Conference
and the Social Impact Investment International Conference.
Furthermore, he is currently Teaching Assistant for Corporate Finance,
Corporate Valuation and Sustainable Finance courses.
