IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i15p11966-d1210072.html
   My bibliography  Save this article

Analysis of Financial Outsourcing Management in Regional Environmental Systems

Author

Listed:
  • Viktor Koval

    (Department of Business and Tourism Management, Izmail State University of Humanities, 68600 Izmail, Ukraine)

  • Piotr Olczak

    (Mineral and Energy Economy Research Institute of the Polish Academy of Sciences, 31-261 Krakow, Poland)

  • Mira Hakova

    (Department of Tourism and Hotel and Restaurant Business, Dnipro Humanitarian University, 49033 Dnipro, Ukraine)

  • Mykhailo Bilyi

    (Finance Department, Vasyl Stefanyk Precarpathian National University, 76000 Ivano-Frankivsk, Ukraine)

  • Dmitry Kretov

    (Banking Department, Odesa National Economic University, 65000 Odesa, Ukraine)

  • Olga Laktionova

    (Department of Finance and Banking, Pryazovskyi State Technical University, 49000 Dnipro, Ukraine)

Abstract

This study contributes to the creation of a model of effective economic relations by the organizer—the outsourcer between the participants of the regional ecological financial system—financial services clients, creditors, investors, insurers, and municipalities. This study proposes to reduce the financial limitations of business entities that are environmentally active by forming a regional ecological financial system, organized by an outsourcer for the provision of financial services. The outsourcer attracts financial instruments (FIs), including special environmental financial instruments (GFIs) and financial management mechanisms (FMs), to accelerate capital turnover. When calculating the financing models, the well-known concept of the innovation life cycle was used. Research on the relationship between variables “revenues from environmental taxation by country” and “the sum of all environmental revenues” in the EU27 budget for the period 2012–2021 made it possible to determine the Pearson coefficient, according to which countries were distributed according to the degree of connection strength according to the Chaddock scale: 32% of countries had a very high connection (0.9–1.0) during the study period, and 53% of EU countries had a noticeable and moderate connection (0.7–0.9). The proposed method for studying the relationship can be useful in managing financial flows attracted to the ecological financial system by an outsourcer.

Suggested Citation

  • Viktor Koval & Piotr Olczak & Mira Hakova & Mykhailo Bilyi & Dmitry Kretov & Olga Laktionova, 2023. "Analysis of Financial Outsourcing Management in Regional Environmental Systems," Sustainability, MDPI, vol. 15(15), pages 1-24, August.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:15:p:11966-:d:1210072
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/15/11966/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/15/11966/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Rausch, Sebastian & Yonezawa, Hidemichi, 2023. "Green technology policies versus carbon pricing: An intergenerational perspective," European Economic Review, Elsevier, vol. 154(C).
    2. Raziyeh Reza-Gharehbagh & Ashkan Hafezalkotob & Ahmad Makui & Mohammad Kazem Sayadi, 2022. "Financing green technology development and role of digital platforms: Insourcing vs. outsourcing," Post-Print hal-03697825, HAL.
    3. Eduardo Abi Jaber & Enzo Miller & Huy^en Pham, 2020. "Markowitz portfolio selection for multivariate affine and quadratic Volterra models," Papers 2006.13539, arXiv.org, revised Jan 2021.
    4. Viktor Koval & Olga Laktionova & Dzintra Atstāja & Janis Grasis & Iryna Lomachynska & Roman Shchur, 2022. "Green Financial Instruments of Cleaner Production Technologies," Sustainability, MDPI, vol. 14(17), pages 1-17, August.
    5. Ma, Ning & Li, Huajiao & Zhang, Jinwei & Han, Xiaodan & Feng, Sida & Arif, Asma, 2021. "The short-term price effects and transmission mechanism of CO2 cost pass-through in China: A partial transmission model," Resources Policy, Elsevier, vol. 70(C).
    6. Reza-Gharehbagh, Raziyeh & Hafezalkotob, Ashkan & Makui, Ahmad & Sayadi, Mohammad Kazem, 2022. "Financing green technology development and role of digital platforms: Insourcing vs. outsourcing," Technology in Society, Elsevier, vol. 69(C).
    7. Olha Prokopenko & Radosław Miśkiewicz, 2020. "Perception of "Green Shipping" in the contemporary conditions," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(2), pages 269-284, December.
    8. Ka Leung Lok & Alex Opoku & David Baldry, 2018. "Design of Sustainable Outsourcing Services for Facilities Management: Critical Success Factors," Sustainability, MDPI, vol. 10(7), pages 1-15, July.
    9. Maira Magnani & Daniel Sanfelici, 2023. "The Financial Industry Sets Sights on Institutional Investors: A Relational Approach to Property Investment Outsourcing," Economic Geography, Taylor & Francis Journals, vol. 99(3), pages 285-311, May.
    10. Jens Horbach & Christian Rammer, 2020. "Circular economy innovations, growth and employment at the firm level: Empirical evidence from Germany," Journal of Industrial Ecology, Yale University, vol. 24(3), pages 615-625, June.
    11. Ioan I. ANDONE & Vasile Daniel PAVALOAIA, 2010. "Outsourcing the Business Services," Informatica Economica, Academy of Economic Studies - Bucharest, Romania, vol. 14(1), pages 163-171.
    12. Gillan, Stuart L. & Koch, Andrew & Starks, Laura T., 2021. "Firms and social responsibility: A review of ESG and CSR research in corporate finance," Journal of Corporate Finance, Elsevier, vol. 66(C).
    13. Faeze Rezazade & Susannah Minutillo & Nirmal Patel, 2023. "Accounting outsourcing and its relationship with financial performance of SMEs: Manager and employee perspectives," South African Journal of Accounting Research, Taylor & Francis Journals, vol. 37(2), pages 106-121, May.
    14. Xiuping Li & Ye Yang, 2022. "Does Green Finance Contribute to Corporate Technological Innovation? The Moderating Role of Corporate Social Responsibility," Sustainability, MDPI, vol. 14(9), pages 1-17, May.
    15. Kamrul Hasan Bhuiyan & Israt Jahan & Nurul Mohammad Zayed & Khan Mohammad Anwarul Islam & Sayma Suyaiya & Olena Tkachenko & Vitalii Nitsenko, 2022. "Smart Tourism Ecosystem: A New Dimension toward Sustainable Value Co-Creation," Sustainability, MDPI, vol. 14(22), pages 1-14, November.
    16. Hui Zhao & Yaru Yang & Ning Li & Desheng Liu & Hui Li, 2021. "How Does Digital Finance Affect Carbon Emissions? Evidence from an Emerging Market," Sustainability, MDPI, vol. 13(21), pages 1-20, November.
    17. Galyna Trypolska & Oleksiy Riabchyn, 2022. "Experience and Prospects of Financing Renewable Energy Projects in Ukraine," International Journal of Energy Economics and Policy, Econjournals, vol. 12(1), pages 134-143.
    18. Christoph Böhringer & Jan Schneider & Marco Springmann, 2021. "Economic and environmental impacts of raising revenues for climate finance from public sources," Climate Policy, Taylor & Francis Journals, vol. 21(4), pages 546-562, April.
    19. Grace Mubako, 2019. "Internal Audit Outsourcing: A Literature Synthesis and Future Directions," Australian Accounting Review, CPA Australia, vol. 29(3), pages 532-545, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Viktor Koval & Olga Laktionova & Dzintra Atstāja & Janis Grasis & Iryna Lomachynska & Roman Shchur, 2022. "Green Financial Instruments of Cleaner Production Technologies," Sustainability, MDPI, vol. 14(17), pages 1-17, August.
    2. Zhang, Lixia & Sun, Huaping & Pu, Tianlong & Sun, Hui & Chen, Zhenling, 2024. "Do green finance and hi-tech innovation facilitate sustainable development? Evidence from the Yangtze River Economic Belt," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 1430-1442.
    3. Denis E. Matytsin & Valentin A. Dzedik & Galina A. Markeeva & Saglar B. Boldyreva, 2023. "“Smart” outsourcing in support of the humanization of entrepreneurship in the artificial intelligence economy," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-8, December.
    4. Du, Mengfan & Zhang, Yue-Jun, 2023. "The impact of producer services agglomeration on green economic development: Evidence from 278 Chinese cities," Energy Economics, Elsevier, vol. 124(C).
    5. Wei, Shuang & Liu, Weihua & Choi, Tsan-Ming & Dong, Jing-xin & Long, Shangsong, 2024. "The influence of key components and digital technologies on manufacturer's choice of innovation strategy," European Journal of Operational Research, Elsevier, vol. 315(3), pages 1210-1220.
    6. Chen, Lifeng & Khurram, Muhammad Usman & Gao, Yuying & Abedin, Mohammad Zoynul & Lucey, Brian, 2023. "ESG disclosure and technological innovation capabilities of the Chinese listed companies," Research in International Business and Finance, Elsevier, vol. 65(C).
    7. Guo, Xiaohong & Tu, Yongqian, 2023. "How digital finance affects carbon intensity–The moderating role of financial supervision," Finance Research Letters, Elsevier, vol. 55(PA).
    8. Hua Tang, 2022. "The Effect of ESG Performance on Corporate Innovation in China: The Mediating Role of Financial Constraints and Agency Cost," Sustainability, MDPI, vol. 14(7), pages 1-21, March.
    9. Eduardo Abi Jaber, 2022. "The characteristic function of Gaussian stochastic volatility models: an analytic expression," Working Papers hal-02946146, HAL.
    10. Fang, Mingyue & Nie, Huihua & Shen, Xinyi, 2023. "Can enterprise digitization improve ESG performance?," Economic Modelling, Elsevier, vol. 118(C).
    11. Michalski, Lachlan & Low, Rand Kwong Yew, 2024. "Determinants of corporate credit ratings: Does ESG matter?," International Review of Financial Analysis, Elsevier, vol. 94(C).
    12. Eduardo Abi Jaber, 2022. "The characteristic function of Gaussian stochastic volatility models: an analytic expression," Finance and Stochastics, Springer, vol. 26(4), pages 733-769, October.
    13. Trinh, Vu Quang & Trinh, Hai Hong & Nguyen, Thi Hong Hanh & Vo, Xuan Vinh, 2023. "Board gender diversity and firm-level climate change exposure: A global perspective," Finance Research Letters, Elsevier, vol. 55(PB).
    14. Wan, Lihong & Zhang, Panpan & Lin, Qi, 2023. "The loss of political connections and corporate financialization," Finance Research Letters, Elsevier, vol. 57(C).
    15. Meles, Antonio & Salerno, Dario & Sampagnaro, Gabriele & Verdoliva, Vincenzo & Zhang, Jianing, 2023. "The influence of green innovation on default risk: Evidence from Europe," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 692-710.
    16. Al-Shaer, Habiba & Uyar, Ali & Kuzey, Cemil & Karaman, Abdullah S., 2023. "Do shareholders punish or reward excessive CSR engagement? Moderating effect of cash flow and firm growth," International Review of Financial Analysis, Elsevier, vol. 88(C).
    17. Chung, Yessica C.Y. & Kunene, Noxolo & Chang, Hung-Hao, 2024. "Renewable energy certificates and firm value: Empirical evidence in Taiwan," Energy Policy, Elsevier, vol. 184(C).
    18. Wong, Jin Boon & Zhang, Qin, 2022. "Stock market reactions to adverse ESG disclosure via media channels," The British Accounting Review, Elsevier, vol. 54(1).
    19. Lina Mao & Guangfan Sun & Yining He & Huixia Chen & Changwei Guo, 2024. "Culture and Sustainability: Evidence from Tea Culture and Corporate Social Responsibility in China," Sustainability, MDPI, vol. 16(10), pages 1-17, May.
    20. Ferriani, Fabrizio, 2023. "Issuing bonds during the Covid-19 pandemic: Was there an ESG premium?," International Review of Financial Analysis, Elsevier, vol. 88(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:15:p:11966-:d:1210072. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.