Table Of ContentRESEARCH HANDBOOK OF FINANCE AND
SUSTAINABILITY
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Research Handbook of Finance and
Sustainability
Edited by
Sabri Boubaker
South Champagne Business School, France
Douglas Cumming
Schulich School of Business, York University, Canada
Duc Khuong Nguyen
IPAG Business School, France
Cheltenham, UK • Northampton, MA, USA
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© Sabri Boubaker, Douglas Cumming and Duc Khuong Nguyen 2018
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or
transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or
otherwise without the prior permission of the publisher.
Published by
Edward Elgar Publishing Limited
The Lypiatts
15 Lansdown Road
Cheltenham
Glos GL50 2JA
UK
Edward Elgar Publishing, Inc.
William Pratt House
9 Dewey Court
Northampton
Massachusetts 01060
USA
A catalogue record for this book
is available from the British Library
Library of Congress Control Number: 2017955177
This book is available electronically in the
Business subject collection
DOI 10.4337/9781786432636
ISBN 978 1 78643 262 9 (cased)
ISBN 978 1 78643 263 6 (eBook)
Typeset by Servis Filmsetting Ltd, Stockport, Cheshire
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Contents
About the editors viii
List of contributors x
Introduction to the Research Handbook of Finance and Sustainability
Sabri Boubaker, Douglas Cumming and Duc Khuong Nguyen xxix
PART I CORPORATE SOCIAL RESPONSIBILITY
1 The horn that didn’t toot: The surprisingly weak relationship from
advertising to CSR 3
Shawn Pope
2 CSR, market value and profitability: International evidence 29
Stevan Bajic and Burcin Yurtoglu
3 Is corporate social responsibility an agency problem? 54
Hao Liang and Luc Renneboog
4 Disentangling financial and ethical effects of corporate social responsibility
on firm value 72
Sylvain Marsat, Guillaume Pijourlet and Benjamin Williams
5 How useful are CSR reports for investors? The problems of comparing
environmental and social disclosures 93
James Hazelton and Stephanie Perkiss
6 Corporate social responsibility and firm innovation 110
Dongyoung Lee
7 A survey of corporate social responsibility and corporate governance 126
Zhichuan (Frank) Li
PART II ENVIRONMENTAL AND ENTREPRENEURIAL FINANCE
8 The birth of environmental finance 141
Huy Pham and Vikash Ramiah
9 Can entrepreneurship be sustainable without being sustainability-driven?
Some historical perspective 160
Erwan Queinnec and Pierre Desrochers
10 Sustainability and the evolution of the shareholder wealth maximization
paradigm 179
Frank M. Werner and James A.F. Stoner
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vi Research handbook of fi nance and sustainability
11 Issue spread determinants in the green bond market: The role of second
party reviews and of the Green Bond Principles 206
Stefano Gatti and Andrea Florio
12 Structured microfinance in China 225
Hans Byström
13 Microfinance and joint liability lending 241
John Creedy and Hien Hoang
14 Microfinance as an alternative to the imperfections of the financial system 268
Isabel Sainz-Fernández, Begoña Torre-Olmo and Carlos López-Gutiérrez
15 Comparing founders’ specific human capital in traditional versus
philanthropic venture capital firms 287
Jennifer Walske, Mariarosa Scarlata and Andrew Zacharakis
16 Examination of the relationship between venture capital and economic
growth in emerging markets 304
Guldem Gokcek
PART III GOVERNANCE AND SUSTAINABLE FINANCE
17 What explains voluntary corporate carbon disclosures in emerging markets? 319
Walid Ben-Amar, Philip McIlkenny and Karim Mhedhbi
18 Understanding ESG ratings and ESG indexes 339
Michael S. Pagano, Graham Sinclair and Tina Yang
19 Environmental regulation, financial regulation and sustainability 372
Imad Moosa and Vikash Ramiah
20 Impact investing in social enterprises 386
Brian Bolton and Carolyn Niehaus
21 The low-carbon transition and financial system stability 410
Carolin Schellhorn
22 Environment, economics and ethics: Towards an integrated model of ‘strong’
corporate sustainability 421
David A.L. Coldwell
23 Climate risks and the practice of corporate valuation 436
Roberto Bianchini and Gianfranco Gianfrate
24 Value relevance of environmental, social and governance disclosure 458
Zuraida Zuraida, Muhammad Nurul Houqe and Tony van Zijl
25 The emergence of business sustainability: Educational, practical and
research implications 484
Anthony Ng and Zabihollah Rezaee
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Contents vii
PART IV FRAUD, GOVERNANCE AND AGENCY PROBLEMS
26 Corporate governance and fraud: Causes and consequences 513
Yan Alperovych, Riccardo Calcagno and Philipp Geiler
27 Sustainability disclosure and earnings management 532
Eswaran Velayutham
28 The effect of publication, format and content of Integrated Reports on
analysts’ earnings forecasts 550
Suhee Kim, Karen Maas and Paolo Perego
29 Crowdfunding as a two-sided platform: Development of a Crowdfunding
Participation Model 573
Sunghan Ryu
30 Crowdsourcing, co-creation and crowdfunding in the video-game industry 587
Dina Al-Ghamdi, Tahir M. Nisar, Guru Prakash Prabhakar and
Lubica Strakova
31 How to foster responsible corporate governance? Voluntary versus legislative
approaches 604
Antoine Rebérioux and Gwenaël Roudaut
Index 627
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About the editors
Sabri Boubaker is Professor of Finance at Champagne School of Management (Groupe
ESC Troyes en Champagne, France) and Research Fellow at the Institut de Recherche
en Gestion (University of Paris-Est). He holds a PhD in Finance from the University of
Paris-Est (2006) and an HDR (Habilitation à diriger des recherches – Accreditation to
Supervise [Doctoral] Research) degree in 2010 from the same university. He has recently
published several academic papers in international refereed journals, including Journal
of Corporate Finance, Journal of Banking & Finance, Journal of International Money and
Finance, Financial Management, International Review of Financial Analysis, European
Financial Management Journal, Review of Quantitative Accounting and Finance, and
Journal of International Financial Markets, Institutions & Money. Dr Boubaker has also
edited several books on corporate finance and financial markets and serves on editorial
boards of several peer-reviewed finance journals. He is the co-founder (with Duc Khuong
Nguyen) of the Paris Financial Management Conference and Vietnam Symposium in
Banking and Finance (VSBF).
Douglas Cumming, J.D., PhD, CFA, is a Professor of Finance and Entrepreneurship
and the Ontario Research Chair at the Schulich School of Business, York University,
in Toronto, Canada. Dr Cumming has published over 150 articles in leading refereed
academic journals in finance, management and law and economics, such as the Academy
of Management Journal, Journal of Financial Economics, Review of Financial Studies,
Journal of International Business Studies, and Journal of Empirical Legal Studies.
He is the Managing Editor-in-Chief of the Journal of Corporate Finance, effective
January 2018. He is the Founding Editor of Annals of Corporate Governance and previ-
ously served as a Co-editor of Finance Research Letters and Entrepreneurship Theory
and Practice. Dr Cumming is the co-author of Venture Capital and Private Equity
Contracting (Elsevier Academic Press, 2nd Edition, 2013) and Hedge Fund Structure,
Regulation and Performance around the World (Oxford University Press, 2013). He is
the Editor of the Oxford Handbook of Entrepreneurial Finance (Oxford University
Press, 2013), the Oxford Handbook of Private Equity (Oxford University Press, 2013),
the Oxford Handbook of Venture Capital (Oxford University Press, 2013), the Oxford
Handbook of Sovereign Wealth Funds (Oxford University Press, 2017), and the Oxford
Handbook of IPOs (Oxford University Press, 2018). Douglas’s work has been reviewed in
numerous media outlets, including The Economist, The New York Times, the Wall Street
Journal, the Globe and Mail, Canadian Business, the National Post, and The New Yorker.
Duc Khuong Nguyen is Professor of Finance and Deputy Director for Research at
IPAG Business School (France). He holds a PhD in Finance from the University of
Grenoble II (France) and an HDR (Habilitation à diriger des recherches – Accreditation
to Supervise [Doctoral] Research) degree in Management Science from the University
of Cergy-Pontoise (France), and completed an executive education programme in
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About the editors ix
‘Leadership in Development’ at Harvard Kennedy School (United States). He is also
a Non-Resident Research Fellow at the School of Public and Environmental Affairs,
Indiana University (United States) and a Research Associate at the Department of
Finance, Centre d’Economie de la Sorbonne, University of Paris 1 Panthéon-Sorbonne.
His research articles are published in various refereed journals such as Journal of Banking
& Finance, Journal of International Money and Finance, Journal of International Financial
Markets, Institutions & Money, Quarterly Review of Economics and Finance, and Review
of International Economics. Dr Nguyen has edited several books on corporate finance
and financial markets issues and serves as subject and associate editor of several finance
journals. He is the co-founder (with Sabri Boubaker) of the Paris Financial Management
Conference and Vietnam Symposium in Banking and Finance (VSBF).
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