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This paper offers a bibliometric analysis of the scientific literature on social finance. It provides an overview of the research field by identifying gaps in the existing academic literature and presenting future research directions.

The study uses co-word analysis and visualization mapping techniques.

This study's findings show that the social finance research field comprises five main research clusters and four main research hotspots—impact investing, social entrepreneurship, social impact bonds, and social innovation—which represent the core of this research domain. The authors also identify the researchers and the research institutions that have contributed to the development of social finance. In addition, emerging research areas are mapped and discussed.

Compared with most previous literature reviews, this work provides a more complete and objective analysis of the entire social finance landscape by revealing the trends and evolving dynamics that characterize its development. To this end, clear terminological boundaries have not yet been established in social finance. The field appears immature because only a few researchers have contributed to it, and papers have yet to be published by top finance journals. Finally, the findings of this research provide directions for future studies.

This paper analyzes the connection between the sustainability performance of Chinese banks and their financial indicators to explore whether sustainability regulations can be implemented without decreasing the financial performance of the banking sector.

The study examined reports and websites of Chinese banks, categorized different corporate sustainability aspects and conducted panel regression and Granger causality to analyze cause and effect variables.

The environmental and social performance of Chinese banks increased significantly between 2009 and 2013. Furthermore, a bi-directional causality between financial performance and sustainability performance of Chinese banks has been found. Based on institutional theory, this interaction may be influenced by the Chinese Green Credit Policy.

The findings suggest that corporate sustainability performance and financial performance are not a trade-off but correlate positively. Further research is needed to analyze the effect of financial regulations, such as the Chinese Green Credit Policy.

According to the good management theory by Waddock and Graves (1997) that claims a positive impact of corporate social performance on financial performance, Chinese banks can invest in corporate sustainability to increase their financial success and re-invest parts of the additional returns – also called slack resources – in sustainability activities.

Chinese banks are able to influence the economy to become greener and less polluting without sacrificing financial returns.

This is the first study to explore the sustainability performance of Chinese banks, including their products and services.

With the recent conclusion of the United Nations Conference of the Parties (COP) 28 in the United Arab Emirates, this study aims to investigate the tweeting behaviour of firms surrounding COP events. The authors analyse the environmental, social and governance (ESG) tweets from the COP 26 and COP 27 events, aiming to deepen the understanding of the complex relationships between social media communication, industry characteristics and financial performance. This timely analysis is critical for assessing how the latest global discussions on climate change are influencing corporate communication strategies on sustainability, offering fresh insights into the evolving dynamics of ESG engagement in the context of these pivotal international meetings.

In this study, the authors embrace a grounded theory approach to gain insights into the ESG and sustainability initiatives presented by companies on social media, with an intensified focus on climate change discourse. Leveraging advanced social media analytics, this study expands its scope by conducting a thorough examination of ESG-related tweets from Standard and Poor’s (S&P) 500 companies. In addition, the authors explore the relationships between such communication efforts and financial performance, applying an advanced cumulative abnormal returns (CARs) model. This methodological enhancement enables a more sophisticated understanding of how ESG communication on Twitter correlates with, and potentially influences, a firm’s market valuation and financial health, offering invaluable insights into the strategic importance of digital sustainability discourse.

The research findings introduce four novel distinct groups – Unengaged, Catalysts, Cautious and Shapers – based on firms’ proactive or reactive sustainability communication patterns. The results explore the potential impact of COP event locations on tweeting behaviour, proposing that conferences held in different regions, such as Asia versus Europe, may elicit varied reactions from S&P 500 firms. Despite no significant inter-industry differences in tweeting habits, the authors discover a significant link between firms’ financial metrics, specifically CARs, and their categorised communication styles. The results challenge the simplistic view that higher social media engagement leads to positive financial outcomes, suggesting instead that lower financial performance may drive firms to adopt more extreme communication patterns, possibly as a strategic move to enhance corporate legitimacy.

This study offers new insights into how companies use social media during significant climate change events, namely, COP events. By classifying firms according to their ESG communication approaches, the results reveal uncharted correlations between how companies communicate on social media, namely, Twitter, and the correlation to financial performance.

This paper aims to examine the Canadian financial sector’s reaction to opportunities and risks created by the green bond market in a low-carbon and climate-resilient (LCR) economy.

The authors used a concurrent mixed methodological approach that undertakes an online survey and semistructured interviews with critical green bond market stakeholders.

The most significant market driver in Canada is the reputational benefit for stakeholders, i.e. its ability to meet the high demand for sustainable finance and the marketing potential of its green credentials. The major market barriers are transactional costs, i.e. additional tracking required for reporting purposes, lack of market liquidity and identification of environmental impact or additionality. Canadian green bonds are also more likely to be evaluated on their green impact than their global market peers.

Limitations of this study include its focus on Canada, which may exclude or not apply to drivers and barriers in other green bond markets.

The paper helps create an accounting-based conceptual framework for key motivations and barriers that affect financial decision-making regarding green bonds.

The authors identify economic and policy-related barriers and drivers for green bonds, addressing the financing gap for the LCR economy.

To the best of the authors’ knowledge, this study is the first to identify and compare Canadian green bond market drivers and barriers and to examine relevant stakeholder- and policy-related approaches that can be targeted to scale this market effectively.

This paper aims to analyze the market efficiency of socially responsible investment in Korea. The authors used the daily price of the Dow Jones Sustainability Index Korea between January 2006 and December 2015.

To analyze the unpredictability of the returns, the authors conducted runs tests, such as the Dickey–Fuller test, the Philip–Perron test, the variance ratio test and autocorrelation tests. These tests investigate whether the future price of socially responsible investment in Korea is dependent on its previous price. If the relationship is dependent, this will violate the theory of weak form of efficient market hypothesis which explains that the past price movements and data do not affect stock prices. Therefore, investors cannot gain any abnormal return by extrapolating the historical data.

The results suggest that the weak form of the efficient market hypothesis is not valid for the Dow Jones Sustainability Index Korea. This implies that the future price of the index is correlated with past prices. Hence, the future movement of socially responsible investment in Korea can be predicted and enables socially responsible investors to gain abnormal returns.

This is the first study to investigate the market efficiency of socially responsible investment in Korea.

We investigate the integration of the United Nation's Sustainable Development Goals (SDGs) into the Global Reporting Initiative (GRI)– based reporting thus exploring the factors that influence the adoption of the SDGs by organizations.

We analyzed the GRI dataset provided by the GRI data secretariat. We analyzed 14,308 reports provided by 9,397 organizations between 2016 and 2017.

Larger organizations are more likely to integrate the SDGs into their reporting than smaller organizations. Secondly, publicly listed firms are more likely to address the SDGs. Thirdly, industries with higher sustainability impacts are more likely to address the SDGs in their reporting. Fourthly, our data confirm a regional effect with regard to SDG reporting. Moreover, organizations that follow international sustainability guidelines and standards such as becoming a member of the GRI Gold Community or using the GRI Content Index services and having external assurance are more likely to report on the SDGs.

Corporations play an essential role in the achievement of the SDGs, which shape the future of the world's sustainable development. Nevertheless, SDGs reporting needs more research to analyze the factors that can influence it. The study contributed to the academic literature on CSR and legitimacy theory by analyzing institutional and regional factors that impact SDGs reporting.

The study provides insights about the integration of the SDGs into organizational reporting and accounting, including the adoption of the SDGs by small and medium enterprises (SMEs) and the benefits of the SDGs as a framework for strategic corporate sustainability.

A global sustainability framework, such as the SDGs can be integrated into organizations sustainability reporting and accounting in a meaningful way.

This is the first study that analyzes the integration of the SDGs into GRI-based reporting. The study contributes to legitimacy theory by highlighting the factors, which contribute to the legitimacy-based adoption of the SDGs, including organizational size, being publicly listed, being from high-impact industries and certain global regions, etc. SDG reporting can help firms increase their organizational legitimacy across their stakeholders.

The purpose of this study is to map the intellectual structure of sustainable finance and accounting (SFA) literature by identifying the influential aspects, main research streams and future research directions in SFA.

The results are obtained using bibliometric citation analysis and content analysis to conduct a bibliometric review of the intersection of sustainable finance and sustainable accounting using a sample of 795 articles published between 1991 and November 2023.

The most influential factors in the SFA literature are identified, highlighting three primary areas of research: corporate social responsibility and environmental disclosure; financial and economic performance; and regulations and standards.

SFA has experienced rapid development in recent years. The results identify the current research domain, guide potential future research directions, serve as a reference for SFA and provide inspiration to policymakers.

SFA typically encompasses sustainable corporate business practices and investments. This study contributes to broader social impacts by promoting improved corporate practices and sustainability.

This study expands on previous research on SFA. The authors identify significant aspects of the SFA literature, such as the most studied nations, leading journals, authors and trending publications. In addition, the authors provide an overview of the three major streams of the SFA literature and propose various potential future research directions, inspiring both academic research and policymaking.

It is becoming increasingly clear that as the pressures of climate change increase around the world, all nations must strive to lower their carbon footprint through conservation. If the growth trend of green building and infrastructure construction is to be continued and improved upon, then evidence must be collected as to the benefits they bring about, and the level of support they enjoy in the market. The purpose of this paper is to shed light on the economic performance of green buildings by evaluating whether LEED for Homes and BOMA-BEST properties capture higher market valuations and lower vacancy rates. These types of research questions have not been investigated to a great deal in the Canadian context. The primary analysis concerning municipal market valuation of green buildings was conducted using robust ordinary least squares and logistic regression models. Commercial vacancy rates were compared through the use of χ² tests. Our analysis did not lead to conclusive evidence that there exists a “green” premium in the real estate market with respect to municipal market valuations. The authors argue that this may largely be due to municipal appraisal methods that currently do not incorporate sustainability factors. As such, they may not adequately reflect market tastes and trends. Furthermore, while the vacancy rates of green commercial buildings were, on the whole, lower than their non-green counterparts, the differences were not statistically significant. Given these results, the authors propose a set of research activities that the academic community should pursue.

Statistical techniques are utilized test whether green certification (LEED/BOMA-BEST) leads to higher municipal valuation for both commercial and residential green properties, using regression analysis. Furthermore, χ² tests are conducted to evaluate whether certification leads to lower vacancy rates for commercial properties.

In terms of valuation, certification does not exert (on average) a positive role in terms of higher valuations for both commercial and residential properties. However, with respect to vacancy rates, there is a tendency towards lower vacancy rates for green properties, but the relationship is not statistically significant.

The next set of research needs to gather greater amount of data with respect to how municipal evaluations are performed since the results are counter-intuitive. Greater tracking of the financial performance of green buildings should be conducted and made available for both public and private bodies. Particularly, rental and sale prices of green buildings need to be tracked in an organized manner.

The valuation techniques utilized by the municipal authorities need revision as green properties are being assessed without appropriate guidance from educational institutions. Furthermore, the limited amount of “green” valuation techniques in existence may not be applied.

This is the first Canadian-based research looking into the valuation of green certification using rigorous quantitative statistical techniques and original and publicly available data. Furthermore, it holds important lessons for municipal authorities with respect to green building valuation beyond Canada as the limitations of current practice go mostly likely beyond the North American context.

While in recent years the aspect of operation ecology is already widely introduced into the daily business of many banks, the issue of considering environmental aspects in external business relations as a part of sustainable business practice is a rather new and more difficult task. While the incorporation of environmental issues in credit management and investment funds becomes practice in some European and US banks, guidelines for the consideration of sustainability aspects in structured trade and commodity finance are rather more rare. This paper is an attempt to evaluate the existing opportunities to include environmental concerns into these two business sectors and to analyse which environmental criteria might be practicable. Above all the study is based on the consideration of financing trade with unsustainable or environmentally harmful substances. Concerning the sustainability aspects of these substances we revealed four criteria which will render substances as unsustainable. These are substances that are not degradable or only degradable over a long period of time, substances that are harmful to the environment and human health, and those that appear on regulatory or recommended negative lists. To give practical advice for banks, we identified products containing problematic substances and production processes causing problematic emissions. As a result we derived substance and product lists that may be used to help the organisational philosophy towards sustainability. The implementation of these lists would be a good starting point for financial institutions entering into a new area of sustainable business.

The purpose of this paper is to review the literature on Islamic finance vis-à-vis legal and Sharīʿah non-compliance risks in its transactions and judicial dispute resolution in Nigeria. This is with a view to putting forward direction for future studies on the duo of legal and Sharīʿah non-compliance risks and their impact in Islamic finance.

This review is designed as an exploratory study and qualitative methodology is used in examining relevant literature comprising of primary and secondary data while identifying legal risk and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. Using the doctrinal approach together with content analysis, relevant Nigerian laws and judicial precedents applicable to Islamic finance practice and related publications were examined in determining the identified risks.

Undeveloped laws, the uncertainty of Sharīʿah governance and enforceability issues are identified as legal gaps for Islamic finance under the Nigerian legal system. The gaps are inimical to and undermine investor confidence in Nigeria’s Islamic finance industry. The review reveals the necessity of tailor-made Sharīʿah-based regulations in addition to corresponding governance and oversight for a legally safe and Sharīʿah-compliant Islamic finance practice. It brings to light the imperative for mitigating the legal and Sharīʿah non-compliance risks associated with Islamic finance operations as crucial for Islamic finance businesses, Islamic finance institutions and their sustainable development.

Based on content analysis, the review is wholly doctrinal and does not involve empirical data. Legal safety and Sharīʿah compliance are not to be compromised in Islamic finance operations. The review would assist relevant regulators and investors in Islamic financial enterprises to understand and determine the impact and potential ramifications of legal safety and Sharīʿah non-compliance on Islamic Finance Institutions.

This study provides an insight into the dimensions and ramifications of legal and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. This study is premised on the imperative for research studies whose outcome would inform regulations that strike a balance between establishing Islamic financial institution/business and ensuring legal certainty and Sharīʿah compliance of their operations. This study paves way for this kind of research studies.

The findings and discussions provide a guide for regulators and researchers on the identification and mitigation of legal and Sharīʿah non-compliance risks in Islamic finance via a literature review. This study, the first of its kind in Nigeria, advances the idea that research into legal and Sharīʿah non-compliance risks of Islamic financial entities is key to mitigating the risks and fostering the entities and their businesses.