The notion of sustainable development is applied to financial activities through sustainable finance. As a result, sustainable finance attempts to produce long-term value by allocating capital to projects that, in addition to providing economic benefits, are furthermore beneficial to society and do not burden the environment.This book sheds light on contemporary challenges in sustainable finance, addressing two key perspectives: measurement and performance, and products and business models. In particular, the volume examines theoretically and empirically the relations between business models and non-financial impact, both environmental and social; as for the social goals, a special focus of the book is dedicated to the gender gap.
Author(s): Mario La Torre, Sabrina Leo
Series: Palgrave Studies in Impact Finance
Publisher: Palgrave Macmillan
Year: 2023
Language: English
Pages: 307
City: Cham
About This Book
Contents
Notes on Contributors
List of Figures
List of Tables
1 Introduction
References
Part I Measurement
2 How to Scale Impact Measurement? Evaluating the Application of the Synthetic Control Method in Impact Measurement
Introduction
Defining Impact Investing
Development of Impact Measurement Methods
Context and Objectives
Synthetic Control Method
Application
Discussion
Conclusion
References
3 Impact Investments Measurement: Bridging Research and Practice
Impact Measurement Practices in the Impact Investing Field: Challenges, Critical Issues and Perspectives
Method and Materials
Deepening Practices of Impact Measurement Tools: An Exploration of SROI and BSC
Case Analysis
Case 1—Tomorrow’s People’s Getting Out to Work (GOTW) Initiative—Merseyside (UK)
Case 2—Incofin Investment Management–Emerging and Developing Countries
Discussion and Conclusions
References
4 ESG Ratings, Scores, and Opinions: The State of the Art in Literature
Introduction
Research Methodology
The Bibliometric Analysis
Systematic Analysis
Studies That Address Issues of a Broader Nature, Evaluating Their ESG Implications
Studies That Use ESG Information as a Proxy for Performance Evaluations
Studies That Specifically Focus on ESG Rating Characteristics and Methodologies
Conclusion
Appendix A
References
Part II Performance
5 Corporate Financial Performance and ESG Performance: Which One Leads European Banks?
Introduction
Background and Research Question Definition
Research Design
Dependent Variable (yi)
Independent (Xi) and Control Variables (zi)
Sample and Data Collection
Results and Discussion
Conclusions
Appendix A. Data Panel Descriptive Statistic
Appendix B. Correlation Matrix
References
6 Is Performance the Key Issue in SRI Funds? Conclusion and Lessons Learned from Three Decades of Studies
Introduction
Theories that Support Underperformance of SRI Funds
Theories that Support Outperformance of SRI Funds
Previous Literature
Data
Data Collection
Sample Description
Results
Evolution and Trends
Best Practices that Have Been Evolving Through the Literature
Discussion
Are SRI Funds Really SRI? the Need for Clearer Definitions and Regulation
Are All SRI Funds Equal? What About Greenwashing? the Need for Benchmarks of Disclosures
The Screening Process May Be the Key
Do SRI Funds Exhibit Different Characteristics?
Looking Forward: Is Performance the Key Issue for SRI Investment?
Conclusion
Appendix
References
7 The Financial Side of the Social Impact Bond: The Determinants of the Returns
Introduction
Empirical Strategy
Sample and Variables
Estimating Model
The Determinants of the Returns: Results and Discussion
Concluding Remarks
References
8 Catastrophe Bonds: A Mitigation Opportunity in Turmoil Period
Introduction
Literature Review and Hypothesis Development
Data
Methodology
Regression Analysis and Mean–Variance Spanning Test
Portfolios Simulation
Results and Discussion
Descriptive Statistics
Regression Analysis and Mean–Variance Spanning Tests
Portfolio Diversification Analysis
Conclusions
References
Part III Financial Inclusion
9 Collaboration or Community? The Impact of the Institutional Forces in Promoting Social Crowdfunding
Introduction
Conceptual Framework: The Italian Philanthropic System
The Role of Foundations of Banking Origin (FBO)
The Foundation of Bank of Naples, the Meridonare Platform and Its Operating Model
Literature Review
Research Design
Data and Descriptive Statistics
Empirical Methodology
Results
Main Findings
Discussion and Conclusions
References
10 Financial Inclusion and the Gender Gap Across Islamic and Non-Islamic Countries
Introduction
Selected Literature
Determinants of Financial Inclusion
Islamic Banking and Financial Inclusion
Financial Inclusion and the Gender Gap
Data, Variables, and Descriptive Analysis
Data and Variables
Descriptive Analysis
Concluding Remarks
References
Index
