Edited by Sabri Boubaker, EM Normandie Business School, France, Douglas Cumming, Professor of Finance and Steven Shulman ’62 Endowed Chair for Business Leadership, Stevens Institute of Technology School of Business, US and Duc Khuong Nguyen, Professor of Finance, IPAG Business School, France

'The Research Handbook of Finance and Sustainability, edited by Sabri Boubaker, Douglas Cumming and Duc Khuong Nguyen, all prominent members of the field of finance, gathers contributions from many well accomplished authors of finance worldwide. This book provides a superb panorama on the recent developments in the finance literature. In particular, it adventures into and explores topics on corporate social responsibility, the connection between environmental and entrepreneurial finance, how sustainable finance is linked to governance and the relationship between sustainability, fraud and agency problems. This book is a must-read for the finance profession.'--Balázs Égert, OECD, Paris, France'The Handbook is organized into four excellent sections that examine corporate social responsibility, environmental and entrepreneurial finance, governance and sustainable finance, and fraud, governance and agency problems. I would encourage anyone with an interest in these topics to read this book.'--William L. Megginson, The University of Oklahoma, US'We seem to be living in particularly turbulent times. Environmental issues, sustainability, corporate social responsibility and corporate fraud raise major challenges for economic stability at the macro level and for governance and financial investors at the firm level. These challenges are worldwide and relate to the huge variety of firms from the largest corporations to micro-enterprises. Sabri Boubaker, Douglas Cumming, and Duc Khuong Nguyen have put together a timely and highly insightful collection that provides an excellent resource for researchers, policymakers and even the informed general reader on these important topics.'--Mike Wright, Imperial College London, UK

• ContentsPART I Corporate Social Responsibility1. The Horn that Didn’t Toot: The Surprisingly Weak Relationship from Advertising to CSRShawn Pope2. CSR, Market Value, and Profitability: International EvidenceStevan Bajic and B. Burcin Yurtoglu3. Is Corporate Social Responsibility an Agency Problem?Hao Liang and Luc Renneboog4. Disentangling Financial and Ethical Effects of Corporate Social Responsibility on Firm ValueSylvain Marsat, Guillaume Pijourlet and Benjamin Williams5. How Useful are CSR Reports for Investors? The Problems of Comparing Environmental and Social DisclosuresJames Hazelton and Stephanie Perkiss6. Corporate Social Responsibility and Firm InnovationDongyoung Lee7. A Survey of Corporate Social Responsibility and Corporate GovernanceZhichuan (Frank) Li8. The Birth of Environmental FinanceHuy Nguyen Anh Pham and Vikash Ramiah9. Can Entrepreneurship be Sustainable without being Sustainability-driven? Some Historical Perspective.Erwan Queinnec and Pierre Desrochers10. Sustainability and the Evolution of the Shareholder Wealth Maximization ParadigmFrank M. Werner and James A.F. Stoner11. Issue spread determinants in the green bond market: the role of second party reviewers and of the Green Bond PrinciplesStefano Gatti and Andrea Florio12. Structured Microfinance in ChinaHans Byström13. Microfinance and Joint-liability LendingJohn Creedy and Hien Hoang14. Microfinance as an Alternative to the Imperfections of the Financial SystemIsabel Sainz-Fernandez, Begoña Torre-Olmo and Carlos López-Gutiérrez15. Comparing Founders’ Specific Human Capital in Traditional Versus Philanthropic Venture Capital FirmsJennifer Walske, Mariarosa Scarlata and Andrew Zacharakis16. Examination of the Relationship between Venture Capital and Economic Growth in Emerging MarketsGuldem GokcekPART II Governance and Sustainable Finance17. What Explains Voluntary Corporate Carbon Disclosures In Emerging Markets? Walid Ben-Amar, Philip McIlkenny and Karim Mhedhbi18. Understanding ESG Ratings and ESG IndexesMichael Pagano, Graham Sinclair and Tina Yang19. Environmental Regulation, Financial Regulation and SustainabilityImad Moosa and Vikash Ramiah20. Impact Investing in Social EnterprisesBrian Bolton and Carolyn Niehaus21. The Low-Carbon Transition and Financial System StabilityCarolin Schellhorn22. Environment, Economics and Ethics: Towards an integrated model of ‘strong’ corporate sustainabilityDavid Coldwell23. Climate Risk and the Practice of Corporate ValuationRoberto Bianchini and Gianfranco Gianfrate24. Value Relevance of Environmental, Social, and Governance DisclosureZuraida Zuraida, Muhammad Nurul Houqe and Tony van Zijl25. The Emergence of Business Sustainability: Educational, Practical and Research ImplicationsAnthony Ng and Zabihollah RezaeePART III Fraud, Governance and Agency Problems26. Corporate Governance and Fraud: Causes and ConsequencesYan Alperovych, Riccardo Calcagno and Philipp Geiler27. Sustainability Disclosure and Earnings ManagementEswaran Velayutham28. The Effect of Publication, Format, and Content of Integrated Reports on Analysts’ Earnings ForecastsSuhee Kim, Karen Maas and Paolo Perego29. Crowdfunding as a Two-Sided Platform: Development of a Crowdfunding Participation ModelSunghan Ryu30. Crowdsourcing, Co-creation and Crowdfunding in the Video-Game IndustryDina AL-Ghamdi, Tahir M Nisar, Guru Prabhakar and Lubica Strakova31. How to foster responsible corporate governance? Voluntary versus legislative approaches Antoine Rebérioux and Gwenael RoudautIndex

Edited by Sabri Boubaker, EM Normandie Business School, France, Douglas Cumming, Professor of Finance and Steven Shulman ’62 Endowed Chair for Business Leadership, Stevens Institute of Technology School of Business, US and Duc Khuong Nguyen, Professor of Finance, IPAG Business School, France

'The Research Handbook of Finance and Sustainability, edited by Sabri Boubaker, Douglas Cumming and Duc Khuong Nguyen, all prominent members of the field of finance, gathers contributions from many well accomplished authors of finance worldwide. This book provides a superb panorama on the recent developments in the finance literature. In particular, it adventures into and explores topics on corporate social responsibility, the connection between environmental and entrepreneurial finance, how sustainable finance is linked to governance and the relationship between sustainability, fraud and agency problems. This book is a must-read for the finance profession.'--Balázs Égert, OECD, Paris, France'The Handbook is organized into four excellent sections that examine corporate social responsibility, environmental and entrepreneurial finance, governance and sustainable finance, and fraud, governance and agency problems. I would encourage anyone with an interest in these topics to read this book.'--William L. Megginson, The University of Oklahoma, US'We seem to be living in particularly turbulent times. Environmental issues, sustainability, corporate social responsibility and corporate fraud raise major challenges for economic stability at the macro level and for governance and financial investors at the firm level. These challenges are worldwide and relate to the huge variety of firms from the largest corporations to micro-enterprises. Sabri Boubaker, Douglas Cumming, and Duc Khuong Nguyen have put together a timely and highly insightful collection that provides an excellent resource for researchers, policymakers and even the informed general reader on these important topics.'--Mike Wright, Imperial College London, UK

• ContentsPART I Corporate Social Responsibility1. The Horn that Didn’t Toot: The Surprisingly Weak Relationship from Advertising to CSRShawn Pope2. CSR, Market Value, and Profitability: International EvidenceStevan Bajic and B. Burcin Yurtoglu3. Is Corporate Social Responsibility an Agency Problem?Hao Liang and Luc Renneboog4. Disentangling Financial and Ethical Effects of Corporate Social Responsibility on Firm ValueSylvain Marsat, Guillaume Pijourlet and Benjamin Williams5. How Useful are CSR Reports for Investors? The Problems of Comparing Environmental and Social DisclosuresJames Hazelton and Stephanie Perkiss6. Corporate Social Responsibility and Firm InnovationDongyoung Lee7. A Survey of Corporate Social Responsibility and Corporate GovernanceZhichuan (Frank) Li8. The Birth of Environmental FinanceHuy Nguyen Anh Pham and Vikash Ramiah9. Can Entrepreneurship be Sustainable without being Sustainability-driven? Some Historical Perspective.Erwan Queinnec and Pierre Desrochers10. Sustainability and the Evolution of the Shareholder Wealth Maximization ParadigmFrank M. Werner and James A.F. Stoner11. Issue spread determinants in the green bond market: the role of second party reviewers and of the Green Bond PrinciplesStefano Gatti and Andrea Florio12. Structured Microfinance in ChinaHans Byström13. Microfinance and Joint-liability LendingJohn Creedy and Hien Hoang14. Microfinance as an Alternative to the Imperfections of the Financial SystemIsabel Sainz-Fernandez, Begoña Torre-Olmo and Carlos López-Gutiérrez15. Comparing Founders’ Specific Human Capital in Traditional Versus Philanthropic Venture Capital FirmsJennifer Walske, Mariarosa Scarlata and Andrew Zacharakis16. Examination of the Relationship between Venture Capital and Economic Growth in Emerging MarketsGuldem GokcekPART II Governance and Sustainable Finance17. What Explains Voluntary Corporate Carbon Disclosures In Emerging Markets? Walid Ben-Amar, Philip McIlkenny and Karim Mhedhbi18. Understanding ESG Ratings and ESG IndexesMichael Pagano, Graham Sinclair and Tina Yang19. Environmental Regulation, Financial Regulation and SustainabilityImad Moosa and Vikash Ramiah20. Impact Investing in Social EnterprisesBrian Bolton and Carolyn Niehaus21. The Low-Carbon Transition and Financial System StabilityCarolin Schellhorn22. Environment, Economics and Ethics: Towards an integrated model of ‘strong’ corporate sustainabilityDavid Coldwell23. Climate Risk and the Practice of Corporate ValuationRoberto Bianchini and Gianfranco Gianfrate24. Value Relevance of Environmental, Social, and Governance DisclosureZuraida Zuraida, Muhammad Nurul Houqe and Tony van Zijl25. The Emergence of Business Sustainability: Educational, Practical and Research ImplicationsAnthony Ng and Zabihollah RezaeePART III Fraud, Governance and Agency Problems26. Corporate Governance and Fraud: Causes and ConsequencesYan Alperovych, Riccardo Calcagno and Philipp Geiler27. Sustainability Disclosure and Earnings ManagementEswaran Velayutham28. The Effect of Publication, Format, and Content of Integrated Reports on Analysts’ Earnings ForecastsSuhee Kim, Karen Maas and Paolo Perego29. Crowdfunding as a Two-Sided Platform: Development of a Crowdfunding Participation ModelSunghan Ryu30. Crowdsourcing, Co-creation and Crowdfunding in the Video-Game IndustryDina AL-Ghamdi, Tahir M Nisar, Guru Prabhakar and Lubica Strakova31. How to foster responsible corporate governance? Voluntary versus legislative approaches Antoine Rebérioux and Gwenael RoudautIndex

Edited by Sabri Boubaker, EM Normandie Business School, France, Douglas Cumming, Professor of Finance and Steven Shulman ’62 Endowed Chair for Business Leadership, Stevens Institute of Technology School of Business, US and Duc Khuong Nguyen, Professor of Finance, IPAG Business School, France

'The Research Handbook of Finance and Sustainability, edited by Sabri Boubaker, Douglas Cumming and Duc Khuong Nguyen, all prominent members of the field of finance, gathers contributions from many well accomplished authors of finance worldwide. This book provides a superb panorama on the recent developments in the finance literature. In particular, it adventures into and explores topics on corporate social responsibility, the connection between environmental and entrepreneurial finance, how sustainable finance is linked to governance and the relationship between sustainability, fraud and agency problems. This book is a must-read for the finance profession.'--Balázs Égert, OECD, Paris, France'The Handbook is organized into four excellent sections that examine corporate social responsibility, environmental and entrepreneurial finance, governance and sustainable finance, and fraud, governance and agency problems. I would encourage anyone with an interest in these topics to read this book.'--William L. Megginson, The University of Oklahoma, US'We seem to be living in particularly turbulent times. Environmental issues, sustainability, corporate social responsibility and corporate fraud raise major challenges for economic stability at the macro level and for governance and financial investors at the firm level. These challenges are worldwide and relate to the huge variety of firms from the largest corporations to micro-enterprises. Sabri Boubaker, Douglas Cumming, and Duc Khuong Nguyen have put together a timely and highly insightful collection that provides an excellent resource for researchers, policymakers and even the informed general reader on these important topics.'--Mike Wright, Imperial College London, UK

• ContentsPART I Corporate Social Responsibility1. The Horn that Didn’t Toot: The Surprisingly Weak Relationship from Advertising to CSRShawn Pope2. CSR, Market Value, and Profitability: International EvidenceStevan Bajic and B. Burcin Yurtoglu3. Is Corporate Social Responsibility an Agency Problem?Hao Liang and Luc Renneboog4. Disentangling Financial and Ethical Effects of Corporate Social Responsibility on Firm ValueSylvain Marsat, Guillaume Pijourlet and Benjamin Williams5. How Useful are CSR Reports for Investors? The Problems of Comparing Environmental and Social DisclosuresJames Hazelton and Stephanie Perkiss6. Corporate Social Responsibility and Firm InnovationDongyoung Lee7. A Survey of Corporate Social Responsibility and Corporate GovernanceZhichuan (Frank) Li8. The Birth of Environmental FinanceHuy Nguyen Anh Pham and Vikash Ramiah9. Can Entrepreneurship be Sustainable without being Sustainability-driven? Some Historical Perspective.Erwan Queinnec and Pierre Desrochers10. Sustainability and the Evolution of the Shareholder Wealth Maximization ParadigmFrank M. Werner and James A.F. Stoner11. Issue spread determinants in the green bond market: the role of second party reviewers and of the Green Bond PrinciplesStefano Gatti and Andrea Florio12. Structured Microfinance in ChinaHans Byström13. Microfinance and Joint-liability LendingJohn Creedy and Hien Hoang14. Microfinance as an Alternative to the Imperfections of the Financial SystemIsabel Sainz-Fernandez, Begoña Torre-Olmo and Carlos López-Gutiérrez15. Comparing Founders’ Specific Human Capital in Traditional Versus Philanthropic Venture Capital FirmsJennifer Walske, Mariarosa Scarlata and Andrew Zacharakis16. Examination of the Relationship between Venture Capital and Economic Growth in Emerging MarketsGuldem GokcekPART II Governance and Sustainable Finance17. What Explains Voluntary Corporate Carbon Disclosures In Emerging Markets? Walid Ben-Amar, Philip McIlkenny and Karim Mhedhbi18. Understanding ESG Ratings and ESG IndexesMichael Pagano, Graham Sinclair and Tina Yang19. Environmental Regulation, Financial Regulation and SustainabilityImad Moosa and Vikash Ramiah20. Impact Investing in Social EnterprisesBrian Bolton and Carolyn Niehaus21. The Low-Carbon Transition and Financial System StabilityCarolin Schellhorn22. Environment, Economics and Ethics: Towards an integrated model of ‘strong’ corporate sustainabilityDavid Coldwell23. Climate Risk and the Practice of Corporate ValuationRoberto Bianchini and Gianfranco Gianfrate24. Value Relevance of Environmental, Social, and Governance DisclosureZuraida Zuraida, Muhammad Nurul Houqe and Tony van Zijl25. The Emergence of Business Sustainability: Educational, Practical and Research ImplicationsAnthony Ng and Zabihollah RezaeePART III Fraud, Governance and Agency Problems26. Corporate Governance and Fraud: Causes and ConsequencesYan Alperovych, Riccardo Calcagno and Philipp Geiler27. Sustainability Disclosure and Earnings ManagementEswaran Velayutham28. The Effect of Publication, Format, and Content of Integrated Reports on Analysts’ Earnings ForecastsSuhee Kim, Karen Maas and Paolo Perego29. Crowdfunding as a Two-Sided Platform: Development of a Crowdfunding Participation ModelSunghan Ryu30. Crowdsourcing, Co-creation and Crowdfunding in the Video-Game IndustryDina AL-Ghamdi, Tahir M Nisar, Guru Prabhakar and Lubica Strakova31. How to foster responsible corporate governance? Voluntary versus legislative approaches Antoine Rebérioux and Gwenael RoudautIndex