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Does green finance facilitate firms in achieving corporate social responsibility goals?

Author

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  • Zhuo Wang
  • Muhammad Sadiq Shahid
  • Nguyen Binh An
  • Mohsin Shahzad
  • Zulkiflee Abdul-Samad

Abstract

Socio-economic and environment-friendly initiatives are imperative to ensure sustainable development. And corporate social responsibility (CSR) emerged as a solution to create a balance in society through sustainable business performance. However, organizations need plentiful resources to comply with the philosophies of sustainability and CSR. Therefore, the current study explores the role of green financing that covers the social, environmental, and economic aspects of green financing for achieving, excelling and enhancing CSR in the banking sector. Through the employment of survey methodology and the application of Partial Least Square-Structural Equation Modelling (PLS-SEM), the data confirms the contributing role of green finance and its respective dimensions (Environmental, Economics, and Social) in enhancing the multiple facets of CSR. Based on these findings, it is recommended that the banking sector should allocate additional financial resources to promote CSR attributes.

Suggested Citation

  • Zhuo Wang & Muhammad Sadiq Shahid & Nguyen Binh An & Mohsin Shahzad & Zulkiflee Abdul-Samad, 2022. "Does green finance facilitate firms in achieving corporate social responsibility goals?," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 5400-5419, December.
    • Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:5400-5419
    DOI: 10.1080/1331677X.2022.2027259
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    Citations

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    Cited by:

    1. Mohsin Shahzad & Abaid Ullah Zafar & Maoran Ye & Xiangan Ding, 2024. "Harmony in flux: Unraveling the green innovation with organizational forgetting, absorptive capacity, and the jazz of organizational improvisation," Business Strategy and the Environment, Wiley Blackwell, vol. 33(5), pages 4145-4161, July.
    2. Husain, Afzol & Karim, Sitara & Sensoy, Ahmet, 2024. "Financial fusion: Bridging Islamic and Green investments in the European stock market," International Review of Financial Analysis, Elsevier, vol. 94(C).
    3. Rahman, Md. Hasanur & Tanchangya, Tipon & Rahman, Junaid & Aktar, Most. Asikha & Majumder, Shapan Chandra, 2024. "Corporate social responsibility and green financing behavior in Bangladesh: Towards sustainable tourism," Innovation and Green Development, Elsevier, vol. 3(3).
    4. Wang, Pei & Xue, Weixian & Wang, Zhuan, 2024. "Fog and haze control and enterprise green total factor productivity - evidence from China," Finance Research Letters, Elsevier, vol. 65(C).
    5. Jia, Junsheng & He, Xiaoyu & Zhu, Taiyu & Zhang, Eryu, 2023. "Does green finance reform promote corporate green innovation? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    6. Faozi A. Almaqtari & Najib H. S. Farhan & Hamood Mohammed Al-Hattami & Tamer Elsheikh, 2023. "The moderating role of information technology governance in the relationship between board characteristics and continuity management during the Covid-19 pandemic in an emerging economy," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-16, December.
    7. Ali Nazarian & Mohsin Shahzad & Xiangan Ding & Andrea Appolloni, 2024. "Do TQM Instigate Sustainable Development: Identifying the Key Role of Green Innovation and Knowledge Management," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 2499-2524, March.
    8. Xin Xie & Shabnam Khan & Saqib Rehman & Shumaila Naz & Syed Arslan Haider & Umar Nawaz Kayani, 2024. "Ameliorating sustainable business performance through green constructs: a case of manufacturing industry," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(9), pages 22655-22687, September.
    9. Zhang, Zhaoting & Zhang, Lei, 2024. "Government green procurement policies and corporate green total factor productivity," Finance Research Letters, Elsevier, vol. 65(C).

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