The Role of Sustainable Finance in Achieving Sustainable Development Goals

• Autorzy: Dalia Streimikiene , Asta Mikalauskiene , Greta Burbaite
• Języki publikacji: EN

Abstrakty

EN

In the article, the analysis of scientific literature leads to the definition of sustainable finance and identification of its types. This distinction allows for a more detailed examination of sustainable finance in different contexts, especially when only one type of sustainable finance is considered. The empirical study that has been carried out in the Baltic Sea states confirms that sustainable finance has an impact on the implementation of sustainable development goals. The countries that use more sustainable finance have better results in terms of the SDGs. The created research model reflects the sequence of data collection and the process of determining the relationship between sustainable development and sustainable finance. The correlation between the two is confirmed by the conducted research. The more sustainable is the country's financial model, the better is the implementation of sustainable development goals. (original abstract)

Słowa kluczowe

EN

Finance; Sustainable development

PL

Finanse; Rozwój zrównoważony

• Czasopismo: Economics & Sociology
• Rocznik: 2023
• Tom: 16
• Numer: nr 1
• Strony: 271--298

Twórcy

autor

Dalia Streimikiene

• Vilnius University, Kaunas, Lithuania

autor

Asta Mikalauskiene

• Vilnius University, Kaunas, Lithuania

autor

Greta Burbaite

• Vilnius University, Kaunas, Lithuania

Bibliografia

• Adda, G., Dokor, G. A. B., Azigwe, J. B., & Odai, N. A. (2021). Management commitment and corporate sustainability integration into small and medium-scale enterprises: A mediation effect of strategic decision-making. Economics, Management and Sustainability, 6(2), 6-20. https://doi.org/10.14254/jems.2021.6-2.1
• Addis Ababa Action Agenda. (2015). The Third International Conference on Financing for Development. Access on the internet: https://sustainabledevelopment.un.org/index.php?page=view&type=400&nr=2051&menu=35.
• Alawaqleh, Q. A., Hamdan, M., Al-Jayousi, A., Airout, R. (2022). The moderating role of IFRS in the relationship between risk management and financial disclosure in Jordanian banks. Banks and Bank Systems, 17(3), 167-176. https://doi.org/10.21511/bbs.17(3).2022.14
• Aliamutu, K. F., Bhana, A., Suknunan, S. (2023). The impact of environmental costs on financial performance: An explorative analysis of two plastic companies. Environmental Economics, 14(1), 13-23. https://doi.org/10.21511/ee.14(1).2023.02
• Aspinall, N. G., Jones, S. R., McNeil, E. H., Werner, R. A., Zalk, T. (2018). Sustainability and the Financial Systems Review of Literature 2015. British Actuarial Journal, 23. https://doi.org/10.1017/S1357321718000028.
• Benedek, D., Gemayel, E. R., Senhadji, A. S., Tieman, A. F. (2021). A Post-Pandemic Assessment of the Sustainable Development Goals. IMF Staff Discussion Note. Access on the internet: https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2021/04/27/A-Post-Pandemic-Assessment-of-the-Sustainable-Development-Goals-460076.
• Cavagnetto, S., Makarenko, I., Brož, V., Rivera, L., Filatova, H. (2022). The sustainability transparency index of sovereign wealth funds: their asset size, SDG country rankings and cross-region comparison. Investment Management and Financial Innovations, 19(4), 218-231. https://doi.org/10.21511/imfi.19(4).2022.18
• Chen, S. (2013). Green Finance and Development of Low Carbon Economy. In F. Chen, Y. Liu and G. Hua. LTLGB 2012: Proceedings of International Conference on Low-carbon Transportation and Logistics, and Green Buildings, 457-461. https://link.springer.com/book/10.1007/978-3-642-34651-4.
• Cochen, L., Manion, L., Morrison, K. (2007). Research Methods in Education. London: Routledge.
• EU HLEG (2018). Financing a Sustainable European Economy: Final Report 2018. Access on the internet: https://ec.europa.eu/info/sites/default/files/180131-sustainable-finance-final-report_en.pdf.
• Eurostat. (2021). Sustainable development indicators. Main tables. Access on the internet: https://ec.europa.eu/eurostat/web/sdi/main-tables [accessed on 2021-08-15; 2021-11-05].
• Finance Denmark. (2021). Danish financial sector has launched its first sustainability report. Access on the internet: https://financedenmark.dk/news/2021/danish-financial-sector-has-launched-its-first-sustainability-report/ [accessed on 2021-12-09].
• Fullwiler, S. T. (2015). Sustainable Finance: Building a More General Theory of Finance. Global Institute for Sustainable Prosperity, 106. Access on the internet: http://www.global-isp.org/wp-content/uploads/WP-106.pdf.
• Gaspar, V., Amaglobeli, D., Garcia-Escribano, M., Prady, D., Soto, M. (2019). Fiscal Policy and Development: Human, Social, and Physical Investment for the SDGs. IMF Staff Discussion Note. Access on the internet: https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2019/01/18/Fiscal-Policy-and-Development-Human-Social-and-Physical-Investments-for-the-SDGs-46444.
• Gester, R. (2011). Sustainabe Finance: Achievements, Challenges, Outlook. Striking a balance ahead of Rio+20 in 2012. Access on the internet: http://www.gersterconsulting.ch/docs/sustainable_finance_final_11.02.10.pdf.
• Govender, K K., Hassen-Bootha, R. (2022). Enterprise risk management and company ethics: The case of a short-term insurer in South Africa. Insurance Markets and Companies, 13(1), 1-10. https://doi.org/10.21511/ins.13(1).2022.01
• Hazudin, S. F., Sabri, M F., Kader, M. A. R. A., Saripin, M. S., Ridzuan, M. R. (2022). Social capital, entrepreneurial skills, and business performance among rural micro-enterprises in times of crisis. Knowledge and Performance Management, 6(1), 75-86. https://doi.org/10.21511/kpm.06(1).2022.07
• Jarrah, M. AL, Jarah, B., Altarawneh, I. (2022). Toward successful project implementation: Integration between project management processes and project risk management. Problems and Perspectives in Management, 20(3), 258-273. https://doi.org/10.21511/ppm.20(3).2022.21
• Jubril, B., Olubiyi, T. O., Sojinu, O. S., & Ngari, R. (2022). Strengthening gender equality in small business and achieving sustainable development goals (SDGs): Comparative analysis of Kenya and Nigeria. Economics, Management and Sustainability, 7(2), 19-31. https://doi.org/10.14254/jems.2022.7-2.2
• Kardelis, K. (2016). Mokslinių tyrimų metodologija ir metodai: vadovėlis. Vilnius: Mokslo ir enciklopedijų leidybos centras.
• Kim, L., Chouykaew, T., Pongsakornrungsilp, S., Jindabot, T., Lee, S. (2023). How to promote repurchase intention toward Covid-19 antigen test kits: Evidence from Thai consumers. Innovative Marketing, 19(1), 186-196. https://doi.org/10.21511/im.19(1).2023.16
• Levine, R. (2005). Finance and Growth: Theory and Evidence. In P. Aghion and S. N. Durlauf. Handbook of Economic Growth, p. 869. https://doi.org/10.1016/S1574-0684(05)01012-9.
• Maltais, A., Sjostrom, E. (2021). Sweden issues its first green bond. Stockholm Sustainable Finance. Access on the internet: https://www.stockholmsustainablefinance.com/sweden-issues-its-first-green-bond/ [accessed on 2021-12-09].
• NGFS. (2019). Network of central banks and supervisors for greening the financial system. Access on the internet: https://www.ngfs.net/en/about-us/governance/origin-and-purpose [accessed on 2021-04-28].
• Nyangon, J. (2016). Environmental finance and investments: a review. Financial Analyst Journal 12(1). Access on the internet: https://www.researchgate.net/publication/311886657_Environmental_Finance_and_Investments_A_Review.
• Petrushenko, M., Shevchenko, H., Khumarova, N., Krivenceva, A. (2022). Financing of tourism and recreation in municipal programs during the pandemic period: the case of Odesa. Public and Municipal Finance, 11(1), 63-78. https://doi.org/10.21511/pmf.11(1).2022.06
• Pisano, U., Martinuzzi, A., Bruckner, B. (2012). The Financial Sector and Sustainable Development: Logics, principles and actors. ESDN Quarterly Report No. 27. Access on the internet: https://www.researchgate.net/publication/312495549_Pisano_U_A_Martinuzzi_B_Bruckner_2012_The_Financial_Sector_and_Sustainable_Development_Logics_principles_and_actors_ESDN_Quarterly_Report_N27.
• Ravi, S. (2012). Microfinance in India: challenges and opportunities. International Journal of Commerce and Management 3(12), pp. 46-49. Access on the internet: https://www.researchgate.net/publication/291350396_MICROFINANCE_IN_INDIA_CHALLENGES_AND_OPPORTUNITIES.
• Robeco. (2021). What are the most sustainable countries in the world? Access on the internet: https://www.robeco.com/en/key-strengths/sustainable-investing/country-ranking/[accessed on 2021-11-18].
• Sachs, J. D., Kroll, C., Lafortune, G., Fuller, G., Woelm, F. (2021). Sustainable Development Report 2021. The Decade of Action for the Sustainable Development Goals. Access on the internet: https://s3.amazonaws.com/sustainabledevelopment.report/2021/2021-sustainable-development-report.pdf.
• Sachs, J. D., Schmidt-Traub, G., Kroll, C., Lafortune, G., Fuller, G., Woelm, F. (2020). The sustainable development goals and COVID-19. Sustainable Development Report 2020. Cambridge: Cambridge University Press.
• Schoenmaker, D. (2017). Investing for the Common Good: A Sustainable Finance Framework. Brugel Essay and Lecture Series. Access on the internet: https://www.bruegel.org/wp-content/uploads/2017/07/From-traditional-to-sustainable-finance_ONLINE.pdf.
• Schoenmaker, D., Schramade, W. (2019). Principles of sustainable finance. Oxford University Press. Access on the internet: https://www.researchgate.net/publication/330359025_Principles_of_Sustainable_Finance.
• Scholtens, B. (2006). Finance as a Driver of Corporate Social Responsibility. Journal of Business Ethics, 68, 19-33. https://doi.org/10.1007/s10551-006-9037-1.
• Scholtens, B., Cerin, P., Hassel, L. (2008). Sustainable development and socially responsible finance and investing. Sustainable Development, 16(3), 137-140. https://doi.org/10.1002/sd.359.
• Simon, G. L., Bumpus, A. G., Mann, P. (2012). Win-win scenarios at the climate - development interface: challenges and opportunities for stove replacement programs through carbon finance. Global Environmental Change, 22(1), 275-287. https://doi.org/10.1016/j.gloenvcha.2011.08.007.
• Solability. (2021). The Global Sustainable Competitiveness Index 2019. Access on the internet: https://solability.com/global-sustainable-competitiveness-index/the-global-sustainable-competitiveness-index-2019 [accessed on 2021-11-18].
• Soppe, A. (2009). Sustainable finance as a connection between corporate social responsibility and social responsible investing. Indian School of Business WP Indian Management Research Journal, 1(3), pp. 13-23. Access on the internet: https://ssrn.com/abstract=1336182.
• Spečiūnas, V. (2021). Baltijos valstybės. Visuotinė Lietuvių enciklopedija. Access on the internet: https://www.vle.lt/straipsnis/baltijos-valstybes/ [accessed on 2021-10-17].
• Sustainable Development Report. (2019). Rankings and Scores. Access on the internet: https://sdgindex.org/reports/sustainable-development-report-2019 [accessed on 2021-11-18].
• Tierney, M. J., Nielson, D. L., Hawkins, D. G., Roberts, J. T., Findley, M. G., Powers, R. M., Parks, B., Wilson, S, E., Hicks, R. L. (2011). More dollars than sense: refining our knowledge of development finance using AidData. World Development, 39(11), 1891-1906. https://doi.org/10.1016/j.worlddev.2011.07.029.
• Vandekerckhove, W., Leys, J. (2012). Dear Sir, we are not an NGO. Journal of Sustainable Finance and Investment, 2(2), 152-161. Access on the internet: https://www.tandfonline.com/doi/citedby/10.1080/20430795.2012.688795?scroll=top&needAccess=true.
• Wang, Y., & Zhi, Q. (2016). The role of green finance in environmental protection: two aspects of market mechanism and policies. Energy Procedia, 104, 311-316. https://doi.org/10.1016/j.egypro.2016.12.053.
• Wilson, C. (2010). Why should sustainable finance be given priority?: lessons from pollution and biodiversity degradation. Accounting Research Journal 23. Access on the internet: https://www.researchgate.net/publication/227348626_Why_should_sustainable_finance_be_given_priority_Lessons_from_pollution_and_biodiversity_degradation.
• Ziolo, M., Bak, I., & Cheba, K. (2020). The role of sustainable finance in achieving sustainable development goals: does it work? Technological and Economic Development of Economy, 27(1), 45-70. https://doi.org/10.3846/tede.2020.13863.
• Ziolo, M., Filipiak, B. Z., Bak, I., Cheba, K., Tirca, D. M., & Novo-Corti, I. (2019). Finance, sustainability and negative externalities. an overview of the European context. Sustainability, 11(15). https://doi.org/10.3390/su11154249.
• Zorlu, P. (2018). Transforming the financial system for delivering sustainable development: A High-level overview. IGES Discussion Paper, Institute for Global Environmental Strategies. Access on the internet: https://www.jstor.org/stable/resrep21811.

Identyfikatory

DOI

10.14254/2071-789X.2023/16-1/17