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Towards a Global Financial System for Sustainability: Implications for an Emerging Global Financial Center

In: Corporate Social Responsibility, Ethics and Sustainable Prosperity

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  • Artie W. Ng
  • Vincent T. Law

Abstract

Despite the global initiatives for sustainable development, the environmental sustainability of the world has not been improved significantly with allocation of financial capital into responsible investments intended to reduce the world’s current unsustainability. This chapter aims to look into the emergence of a global financial system that attempts to enhance environmental and social sustainability while enabling financial sustainability with a balanced approach for economic development. Through the case of Hong Kong as the global financial center of China — the next economic and political power house — it suggests a convergence of institutional endorsement in addressing local and international stakeholders’ concerns over sustainability. However, the idealism of a global financial market taking an effective role to fully align investments for sustainability with a long-term prospect is yet to be realized.

Suggested Citation

  • Artie W. Ng & Vincent T. Law, 2019. "Towards a Global Financial System for Sustainability: Implications for an Emerging Global Financial Center," World Scientific Book Chapters, in: Sabri Boubaker & Duc Khuong Nguyen (ed.), Corporate Social Responsibility, Ethics and Sustainable Prosperity, chapter 10, pages 285-304, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811206887_0010
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    More about this item

    Keywords

    Corporate Social Responsibility; Ethics; Sustainable Prosperity; Corporate Decision Making; Corporate Social Performance; Fraud; Microfinance Institutions; Financial Institutions; Environmental Performance; Corporate Governance; Value Creation; Circular Economy; Asian Infrastructure Investment Bank; Green Finance; Sustainable Value Money; Turkish Banking Sector; Lending Decisions;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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