From sustainability accounting to a green financing system: Institutional legitimacy and market heterogeneity in a global financial centre
By Artie Ng. Journal of Cleaner Production, 2018
197 citations recorded by the source corpus.
Abstract This study aims to explore the phenomenon of the adoption of sustainability accounting, sustainable financing and relevant regulatory measures for the development of a green financing system in an emerging global financial centre under the influence of sustainable global development. As Hong Kong, the Global Financial Centre of China (GFCC), emerges as a regional green finance hub, a framework of the circumstantial developments that contribute to the development of a green financing system is illustrated. It suggests a top-down approach of institutional legitimacy for sustainability influenced by a national policy and enhanced through a market-based finance approach in the GFCC. Adopting a multiple-case study approach, this paper reveals three cases of sizable listed enterprises notable for their heterogeneous approaches to embracing risk governance, sustainable accounting and financing in their issuance of green bonds. A theoretical framework is proposed over the mutually reinforcing effects of legitimate policy and market-based finance that engender the convergence of a green financing system. The implications for the integrity of a green financing system in relation to sustainability controls and cleaner production are articulated.
Subfields: Marketing, Strategy and Management
View Paper: https://www.semanticscholar.org/paper/b3831fe57c7a1d171cd82a11e95579b6f22a55fd
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Citations in the corpus
- Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research (2022, unknown): “…indicated that the integration of green financial systems in traditional financial system can lead to sustainability controls and cleaner production (Ng, 2018), and that the incorporation of green governance structures can assist in lower financing constraints (Li et al., 2020), which suggest that…”
- What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market? (2020, background): “Investors can better support their investment strategies with additional information on issuers’ sustainability plans (Ng 2018) and increase their exposure to less volatile instruments (Veys 2010), which is appealing to both traditional profit-seeking investors and socially responsible investors…”