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Abstract
Sustainable corporate finance is an attractive field of study in sustainability literature; however, the literature lacks systematic bibliometric analysis that provides a comprehensive review to clarify state-of-the-art sustainable corporate finance and that discusses new opportunities and potential instructions for further studies. To address this gap, this study adopts a literature review, bibliometric analysis, network analysis and co-wording technique to systematically investigate the Scopus database. In total, 30 keywords listed at least three times are used and are divided into six clusters considering six fields of research, namely, corporate finance in corporate sustainability, sustainable competitive advantages, sustainable stakeholder engagement, circular economy, sustainable corporate finance innovation and risk management and sustainable supply chain ethics. This study contributes to examining the sustainable corporate finance bibliometric status to provide directions for future studies and practical accomplishment. The sustainable corporate finance knowledge gaps are (1) corporate finance in sustainability; (2) sustainable competitive advantages; (3) sustainable stakeholder engagement; (4) circular economy; (5) sustainable corporate finance innovation and risk management; and (6) sustainable supply chain ethics. The knowledge gaps and future directions are also discussed.
Highlights
Sustainable corporate finance (SCF) is a multi-indicator approach to finance a corporation in a way such that all social, environmental and financial factors are interconnected and integrated into an explicit system developed between current and future generations (Soppe 2009). Johnsen (2003) and Peylo (2012) suggested that SCF is precisely interrelated to social responsibility investments through the sustainable and conventional optimization of synthesis financing aimed at achieving higher environmental and social performance while preserving and bringing back additional income
SCF has been examined in the literature, systematic methods that form firms’ corporate finance practices are lacking (Chan et al 2019)
SCF has been examined in the literature, it is still an underdeveloped concept
Summary
Sustainable corporate finance (SCF) is a multi-indicator approach to finance a corporation in a way such that all social, environmental and financial factors (triple bottom line, TBL) are interconnected and integrated into an explicit system developed between current and future generations (Soppe 2009). Johnsen (2003) and Peylo (2012) suggested that SCF is precisely interrelated to social responsibility investments through the sustainable and conventional optimization of synthesis financing aimed at achieving higher environmental and social performance while preserving and bringing back additional income. Sertsios (2020) proposed organizational structures directly linked to initial SCF preferences because firms have internal financing advantages in markets integrated with sustainability drivers that help create sustainable long-term cash flows. Galaz et al (2018) explored the relationship between financial aspects and nonlinear corporate changes to develop a methodology that allowed financing activities to be linked to economic performance to sustain the Earth’s climate system. Siegrist et al (2020) integrated a conceptual SCF framework with risk management, intangible assets and cost reduction by proficient resource utilization and revenue improvement to highlight how firms could utilize environmental sustainability in their long-term financial decision-making frameworks. Sertsios (2020) combined corporate finance, industrial organizations and corporation economics to emphasize sustainable developments in market competition, customer-supplier integrations, ownership structures and organizational forms and initial financial policies’ interactions. SCF has been examined in the literature, systematic methods that form firms’ corporate finance practices are lacking (Chan et al 2019)
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