Harald Heinrichs · Pim Martens Gerd Michelsen · Arnim Wiek Editors
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Conclusions The sustainable fi nance approach connects sustainability with fi nancial issues. It is beyond dispute that capital is needed to enable sustainable development. The world has become painfully aware of how strong the infl uence of the fi nancial industry is on all aspects of the economy and society during the recent fi nancial crisis. However, the industry is able to channel capital into activities that benefi t society as well. Therefore, the integration of the fi nancial industry and the fi nancial market into the sustainable development discussion will be crucial for the success of sustainable development. 10 Finance and Sustainability 126 More broadly, the presented perspective throws fi nancial and economic aspects into sustainability science. These aspects, though essential for sustainable develop- ment, have not been taken into consideration in sustainability science so far. • Task : Analyze the sustainability science literature, for instance, papers pub- lished in Sustainability Science, with respect to the integration of fi nancial issues. References 1 Bauer R, Koedijk K, Otten R (2005) International evidence on ethical mutual fund performance and investment style. J Bank Financ 29:1751–1767 *Bugg-Levine A, Emerson J (2011) Impact Investing – transforming how we make money while making a difference. Jossey-Bass, San Francisco Caouette JB et al (1998) Managing credit risk: the next great fi nancial challenge. Wiley, New York Carroll AB (1999) Corporate social responsibility – evolution of a defi nitional construct. Bus Soc 38(3):268–295 de Graaf FJ, Stoelhorst JW (2009) The role of governance in corporate social responsibility: les- sons from Dutch fi nance. Bus Soc. doi: 10.1177/0007650309336451 Elkington J (1998) Cannibals with forks: the triple bottom line of 21st century business. New Society Publishers, Gabriola Island *Emerson J (2003) The blended value proposition: integrating social and fi nancial returns. Calif Manag Rev 45(4):35–51 Esty BC (2004) Why study large projects? An introduction to research on project fi nance. Eur Financ Manage 10(2):213–224. doi: 10.1111/j.1354-7798.2004.00247.x Fitch TP (1997) Dictionary of banking terms. Barron’s, Hauppauge Galema R, Plantinga A, Scholtens B (2008) The stocks at stake: return and risk in socially respon- sible investment. J Bank Financ 32:2646–2654 Geobey S, Weber O (2013) Lessons in operationalizing social fi nance: the case of Vancouver City Savings Credit Union. J Sustain Financ Invest 3:124–137 Geobey S, Westley FR, Weber O (2012) Enabling social innovation through developmental social fi nance. J Soc Entrep 3(2):151–165. doi: 10.1080/19420676.2012.726006 Goss A, Roberts GS (2011) The impact of corporate social responsibility on the cost of bank loans. J Bank Financ 35(7):1794–1810 Greider W (2011) Needles in a Haystack, Comment, The Nation Hadfi eld-Hill S (2007) The greening of project fi nance. Geogr Compass 1(5):1058–1075. doi: 10.1111/j.1749-8198.2007.00050.x Hamilton S, Jo H, Statman M (1993) Doing well by doing good? The investment performance of socially responsible mutual funds. Finan Anal J 49:62–66 Herzig C, Moon J (2013) Discourses on corporate social ir/responsibility in the fi nancial sector. J Bus Res (0). doi: http://dx.doi.org/10.1016/j.jbusres.2013.02.008 Ingham M, Grafé-Buckens A, Tihon A (2013) Bank-based microfi nance: from peripheral to inte- grated responsibility toward sustainability. Strateg Chang 22(1–2):107–119. doi: 10.1002/ jsc.1925 *Jeucken MHA (2004) Sustainability in fi nance. Eburon, Delft Korslund D (2012) Strong and straightforward: the business case for sustainable banking. Global Alliance for Banking on Values, Zeist, p 16 Lawrence RF, Thomas WL (2004) The equator principles and project fi nance: sustainability in practice? Nat Resour Environ 19(2):20 1 The sources highlighted with an asterisk (*) are recommended as further readings. O. Weber 127 Matten D, Moon J (2005) Corporate social responsibility. J Bus Ethics 54(4):323–337. doi: 10.1007/ s10551-004-1822-0 Missbach A (2004) The equator principles: drawing the line for socially responsible banks? An interim review from an NGO perspective. Development 47(3):78–84 Morduch J (1999) The microfi nance promise. J Econ Lit 37(4):1569–1614. doi: 10.2307/2565486 Nicholls A (2009) ‘We do good things, don’t we?’: ‘Blended value accounting’ in social entrepre- neurship. Acc Organ Soc 34(6–7):755–769. doi: 10.1016/j.aos.2009.04.008 Ong D (2011) International environmental principles and project fi nance. In: Leader S, Ong D (eds) Global project fi nance, human rights and sustainable development. Cambridge University Press, New York, pp 67–104 Porter ME, Kramer MR (2006) Strategy & society: the link between competitive advantage and corporate social responsibility. [Article]. Harv Bus Rev 84(12):78–92 Rogge KS, Schneider M, Hoffmann VH (2011) The innovation impact of the EU emission trading system – fi ndings of company case studies in the German power sector. Ecol Econ 70(3):513– 523. doi: 10.1016/j.ecolecon.2010.09.032 Royal Bank of Canada (2012) RBC announces $20 million in commitments to new social and environmental initiative. Retrieved 13 Feb 2012, from http://www.rbc.com/ newsroom/2012/0124-social-fi nance.html Saunders A (1999a) Credit risk measurement: new approaches to value at risk and other para- digms. Wiley, New York Saunders A (1999b) Credit risk measurement: new approaches to value at risk and other para- digms. Wiley, New York Schmidheiny S, Zorraquin F (1996) Financing change: the fi nancial community, eco-effi ciency, and sustainable development. MIT Press, Cambridge, MA Social Investment Forum Foundation (2013) Report on socially responsible investing trends in the United States – executive summary. Social Investment Forum Foundation, Washington, DC, p 19 Stern S (2004) International project fi nance: the Ilisu dam project in 2004 and the development of common guidelines and standards for export credit agencies. [Article]. J Struct Proj Financ 10(1):46–54 The Global Reporting Initiative (2011) Sustainability reporting guidelines & fi nancial services sector supplement. The Global Reporting Initiative, Amsterdam van Gelder JW, Scheire C, Kroes H, Denie S (2008) Financing of fossil fuels and renewable energy by Canadian banks. Profundo, Amsterdam, p 294 *Vandekerckhove W, Leys J, Alm K, Scholtens B, Signori S, Schäfer H (2011) Responsible invest- ment in times of turmoil. Springer, New York Weber O (2005) Sustainability benchmarking of European banks and fi nancial service organiza- tions. Corp Soc Responsib Environ Manag 12:73–87 Weber O (2006) Investment and environmental management: the interaction between environmen- tally responsible investment and environmental management practices. Int J Sustain Dev 9(4):336–354 Weber O (2011) Social banking: products and services. In: Weber O, Remer S (eds) Social banks and the future of sustainable fi nance. Routledge, London, pp 96–121 Weber O (2012) Environmental credit risk management in banks and fi nancial service institutions. Bus Strateg Environ 21(4):248–263. doi: 10.1002/bse.737 Weber O (2013) Measuring the impact of socially responsible investing. Retrieved from http://ssrn. com/abstract=2217784 ; doi: 10.2139/ssrn.2217784 *Weber O, Remer S (eds) (2011) Social banks and the future of sustainable fi nance. Routledge, London Weber O, Scholz RW, Michalik G (2010) Incorporating sustainability criteria into credit risk man- agement. Bus Strateg Environ 19(1):39–50. doi: 10.1002/bse.636 Wiek A, Weber O (2014) Sustainability challenges and the ambivalent impacts of the fi nancial sector. J Sustain Financ Invest 4(1):9–20 World Council of Credit Unions (2012) 2011 statistical report. World Council of Credit Unions, Madison, p 4 10 Finance and Sustainability |
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