The transition to a low-carbon economy, central to achieving Paris Agreement targets and Sustainable Development Goal 13 (Climate Action), requires unprecedented public and private investment. A significant climate financing gap persists, however, exacerbated by corporate practices that erode the public revenue base. This paper investigates a critical, yet often overlooked, component of corporate responsibility: tax avoidance. We examine the impact of firm-level sustainable development goal (SDG) disclosure on corporate tax avoidance using an international sample of 7213 firms operating in 81 countries over the period 2019-2023. Our analysis reveals a robust inverse relationship between SDG disclosure and corporate tax avoidance, suggesting that firms more engaged with sustainability are also more responsible in their fiscal conduct. This result holds when using alternative model specifications and controlling for endogeneity concerns through a two-stage least squares (2SLS) model. In line with stakeholder theory, these findings indicate that socially responsible firms view tax avoidance as an illegitimate activity, aligning their financial practices with their public commitments. By demonstrating that SDG-conscious firms contribute more equitably to public finances, this study frames tax responsibility as a tangible and essential element of corporate climate action. It provides crucial evidence for policymakers and investors that encouraging comprehensive SDG engagement can strengthen the financial foundations for a sustainable transition.

ABSTRACT Nature and biodiversity loss have recently gained prominence as a critical dimension of environmental risk for the financial sector. Unlike climate change, integrating biodiversity considerations into financial decision‐making is far more intricate and methodologically heterogeneous. This paper presents a systematic literature review (SLR) of 22 peer‐reviewed studies published between 2011 and 2025, synthesizing the current state of knowledge on how financial institutions identify, assess, and manage nature‐related risks. The evidence reveals limited but increasing attention to biodiversity within banks, insurers, and asset managers, predominantly driven by regulatory developments, reputational concerns and internal capabilities. Empirical studies suggest that biodiversity loss can generate both physical and transition risks, with potential systemic implications for financial stability. At the same time, financial intermediaries are gradually developing tools and frameworks to integrate nature‐related risks into disclosure, risk management and investment strategies. This review identifies financial institutions as active players whose capital‐allocation decisions can accelerate the transition toward biodiversity conservation and outlines key priorities for future research.

This paper offers a novel dynamic learning-based perspective to explain why some banks engage with biodiversity. Drawing on the Organisational Learning Theory and Dynamic Capabilities Theory, we suggest that repetitive use over time of sustainable governance tools fosters long-term internal capabilities that enhance responses to complex environmental challenges. Using a fixed-effects panel regression on 3614 bank-year observations from 671 banks operating in 66 countries from 2016 to 2023, we find that sustainability experience - measured as the number of years a bank has adopted ESG-linked compensation or sustainability committees - is positively associated with biodiversity engagement in the banking industry. The effect emerges only after an 8-year threshold, suggesting a cumulative learning process. Robustness checks, including alternative dependent variables, a two-stage least squares model, propensity score matching and entropy balance, support the validity of the results. We also show that this relationship is stronger and emerges earlier in megadiverse countries, where ecological pressures are more salient. Overall, our results call for a shift in evaluating environmental sustainability: managers should embed it into decision-making routines as part of a long-term learning journey, supported by ongoing leadership commitment.

In the practice of sustainable development, greenwashing has garnered increasing attention in both academic and corporate realms. Although various studies have examined corporate behavior in this context, the role of disciplinary effects-mechanisms that impose constraints and punitive measures on companies due to loss of interests, such as fines, reputational damage, or management changes-remains underexplored. This study investigates the relationship between greenwashing and disciplinary effects, with a particular focus on corporate liquidity, defined as a company's ability to convert assets into cash to meet its short-term obligations. Analyzing data from 165 companies across the N-11 countries from emerging markets, our findings reveal a negative relationship between greenwashing and disciplinary effects, indicating that higher levels of greenwashing are associated with weaker disciplinary mechanisms. Furthermore, this study confirms that corporate liquidity significantly moderates this relationship, with its impact varying based on the liquidity levels and the degree of greenwashing. These findings contribute to the existing body of research on greenwashing and offer valuable insights to regulatory agencies and policymakers.

Purpose This study aims to investigate how knowledge management (KM) influences the achievement of sustainable objectives in new ventures, considering the mediating roles of board composition and financial performance. Design/methodology/approach This study considers primary and secondary data from 177 Italian start-ups. Data collection involved a standardized questionnaire to assess KM processes and sustainable practices, supplemented with secondary data on financial performance and the gender composition of the board of directors (BoD). The analysis was conducted using partial least squares structural equation modeling to evaluate the relationships between KM practices, gender diversity, financial performance, and sustainable outcomes. Findings The results reveal a significant positive impact of KM on firms’ sustainable practices. Specifically, gender diversity within the BoD and higher financial performance were identified as mediators in start-ups’ sustainability programs. Our study supports the hypothesis that KM practices influence sustainability, highlighting the critical role of specific practices such as knowledge transfer. Originality/value This study highlights the significance of KM in improving the sustainability performance of start-ups, addressing a research gap in the intersection between KM and environmental, social and governance (ESG) considerations in new ventures. Furthermore, it highlights the pivotal roles of gender diversity and financial performance as critical factors mediating the relationship between KM and ESG practices.

This study investigates the relation between environmental, social and governance (ESG) scores and M&A deal premiums by also introducing the moderating effect of the target's financial distress. The analysis is based on a final sample of 426 transactions worldwide from the beginning of 2014 to the end of 2023. We find a negative and significant relationship between ESG and trading premiums, mainly driven by the environmental and social pillars. Furthermore, we observe that the financial difficulty of the target positively moderates the negative relationship between ESG and trade premium. In terms of practical implications, the analysis shows that acquirers, should make use of appropriate ESG performance measurement tools, since they mainly consider environmental and social aspects when pricing the offer. On the other hand, the more the target companies are financially distressed, the more they should improve their environmental performance to increase their attractiveness and obtain a higher price in the deal.

The global services sector faces unique Corporate Social Responsibility (CSR) challenges that differ substantially from those encountered by manufacturing multinational enterprises (MNEs). This introductory paper examines the importance of understanding CSR in international service firms, highlighting the distinctive characteristics that make CSR implementation more complex in the global services context. We introduce the six papers that address these challenges and are part of this focused issue. The key emergent challenges for the service sectors are identified, and we provide a roadmap for both scholars and practitioners navigating the complex landscape of responsible business practices in service industries.

PurposeThis study investigates the relationship between the individual's levels of innovativeness (ILI) and the individual's intention to finance (IIF) an equity crowdfunding campaign to understand whether and to what extent individuals' personalities (IP) can foster crowdfunding success.Design/methodology/approachOLS models are applied based on survey data collected from 385 US and UK citizen respondents. Further, the baseline relationship between ILI and IIF is broken down on the basis of the interactions with two behavioral characteristics: proactive personality (PP) and openness to experience (OE).FindingsResults show a positive relationship between individual's levels of innovativeness and the individual's intention to finance an equity crowdfunding campaign. Furthermore, this relationship continues to be positive when moderators are introduced in the models, demonstrating that PP and OE are personal traits that strengthen the main relationship.Originality/valueOur findings contribute to enriching the stream of literature according to which equity crowdfunding is a helpful tool not only able to bridge the financial gap of companies during the first phase of their life cycle. The findings also contribute to the development of the innovation process, creating also a social identity within the crowdfunding community.

Ownership concentration (OC) has garnered scholarly attention because it may affect firms' governance, transparency and disclosure of issues related to the sustainable development goals (SDGs). This paper thus investigated the effect of the OC of institutional investors on the disclosure and transparency of firms' SDGs practices. To do so, a balanced data panel is employed; the sample is composed of 353 European listed companies and 1412 observations for the period 2018–2021. The results obtained underline the significant effects that various categories of institutional investors have on the disclosure and transparency of companies' SDGs practices and endeavours. Specifically, there appears to be a positive relationship between financial institutions' OC and SDG disclosure and transparency, as well as a negative relationship between the OC of foreign institutional investors, governments, cross-holdings and pension funds and organizations' SDGs disclosure and transparency. This study contributes to the growing literature on SDGs and institutional investors. Regarding managerial implications, this research highlights the role of institutional investors when seeking to promote environmental, social and ethical practices. The need for norms and legislation to foster adherence to companies' disclosure practices concerning SDGs is also highlighted.

PurposeThe purpose of this paper is to systematically examine and organize the literature that has explored the effects of several environmental conditions (ECs) on mergers and acquisitions (M & As), in particular highlighting the increasing role of protectionism.Design/methodology/approachThe systematic literature review methodology was applied for the purpose of identifying, analyzing and interrelating specific ECs that affect M & As, thereby underlining and elucidating the requisite role of protectionism. Specifically, this research is based on 51 methodically selected peer-reviewed articles published from 1991 to 2020.FindingsThe research summarizes and assesses the current state of relevant literature through comprehensive and coherent descriptive and thematic analysis. The proposed conceptual framework allows us to recognize the connections between M & As and external conditions, highlighting varying degrees of study and in-depth analysis across the different areas under consideration.Originality/valueThis study contributes to original and significant knowledge, by developing a conceptual framework that descriptively classifies existing knowledge; by defining refining and explicating the theoretical foundations for scholars to build on; by identifying the research gaps and proposing effective avenues for impactful further research; and by presenting practitioners and policymakers with a practical guide to implementation.

Purpose The purpose of this paper is to explore the connection between initial public offerings (IPOs) and knowledge management (KM). Specifically, the manuscript critically examines the literature on IPOs and KM underlying how KM practices influence the IPO processes of companies. Design/methodology/approach The authors employ a systematic literature review methodology to identify and thematically investigate 21 articles published in journals by the Chartered Association of Business Schools (ranked 2, 3, 4, 4*). Findings This research sheds new light on the relevance of KM practices in the context of IPOs. Specifically, the authors identify four crucial aspects concerning companies that opt for an IPO: (i) reasons for IPO and the role of KM; (ii) IPO process and the role of KM; (iii) underpricing and the role of KM; (iv) post-IPO and the role of KM. Originality/value This paper shows the pivotal role of effective KM strategies in fostering a successful IPO. Additionally, it provides practical recommendations for companies seeking to effectively harness their intellectual assets during the IPO process.

This paper investigates the relationship between Environmental, Social, and Governance (ESG) practices and firms’ payout policy (PP). . The sample analyzed 3207 European firms from 2018 to 2022. The investigation reveals a positive and significant effect of ESG practices on firm’s PP, suggesting that companies prioritizing sustainability distribute higher dividends to shareholders. The results remain robust across different model specifications. This study offers valuable contributions to both theoretical and practical domains, enhancing the understanding of how sustainable concerns influence companies’ strategic decisions and highlighting the possible trade-off that managers face between investing in sustainability initiatives and distributing dividends.

eSport is revolutionising the video games and sport industry in the era of Digital Transformation. Applying the Theory of Planned Behaviour (TPB) and the Technology Acceptance Model (TAM), this study aims to investigate the links between eSport-associated individual motivation and financial behaviour in reward-crowdfunding. A survey has been conducted among 327 people to investigate their psychological and behavioural aspects related to eSport and subsequent funding decisions. The results demonstrate the preponderant role of personal, nonfinancial motivations in participating in reward-crowdfunding campaigns. The paper thus contributes to validating and applying TPB and TAM in the context of eSport and reward-crowdfunding.

Drawing on the stewardship theory (ST) and socio-emotional wealth (SEW) perspective, this study investigates the role of sustainable activities within family firms (FFs) and the effect of marketing strategic decisions in improving their corporate social responsibility performance. To achieve the research aims, we analysed a sample of 730 American and European listed companies from 2015 to 2020. The results show that family businesses are more socially responsible than non-family businesses due to the presence of stewards. However, strategic marketing decisions have unclear effects in achieving these outcomes. This study expands the literature on ST and SEW in FFs, integrating them with sustainable principles. We also contribute to the sustainability debate and marketing literature related to FFs.

Purpose The paper aims to empirically test the impact of intellectual capital (IC) on a firm's dividend policy. Further, the authors investigate the moderator effect of Chief Executive Officer's (CEO) characteristics (gender, age and education) on this relationship. Design/methodology/approach The research was carried out on the main Chinese listed companies reported on the CSI 100 Index from 2016 to 2018. To assess the impact of IC on the dividend policy and then the moderating effect of the characteristics of the CEOs, the authors used a fixed effects panel data analysis. Findings The results suggest a positive impact of IC on dividend policies. In addition, this relationship is enhanced when the CEO is a woman, and the lower the age the higher the effect is. Originality/value To the best of the authors' knowledge, this is the first empirical study that explores the effect of IC on a firm's dividend policy in an emerging country. Specifically, this paper demonstrates the impact that IC has on the creation of shareholder value. Furthermore, considering the characteristics of the CEOs, this study tests new moderating effects in the relationship between IC and value creation and highlights how IC, dividends and CEO characteristics can be useful in aligning interests between ownership and management, enriching the debate on agency theory.

This study aims to explore the impact of corporate social performance (CSP) on firm risk, and it proposes the moderating role of corporate governance (CG) among this relationship. Although the literature on corporate social responsibility is extensive, there is still a lack of knowledge about how CSP influences firm risks, as well as the role of CG in this relationship. To fill this gap, we have empirically tested the impact of CSP on a firm's risk through a longitudinal analysis on S&P 500 firms from 2015 to 2019. Results show a significant negative relationship between CSP and firm risks, which is positively moderated by CG mechanisms. Our study contributes to the empirical research on corporate social responsibility and it provides insights for managerial decisions to encourage managers to pursue environmental and social practices that reduce the firm risk, with positive impacts on the firm value.

PurposeThe aim of this study is to analyse the relationship between firms' sustainable practices and corporate financial performance during the COVID-19 pandemic. Specifically, this study aims to analyse the effect of sustainable practices on firms' stock returns during and after the first COVID-19 pandemic emergency.Design/methodology/approachA quantitative study was conducted to determine the impact of sustainable practices on firms' stock returns, using a sample of 1,418 European listed firms. In particular, we tested the effect of environmental (E) and social (S) scores, providing a multi-sectoral analysis in order to consider sector specificities.FindingsThe empirical outcomes indicate the existence of a negative (weak) or null relationship between sustainable practices and stock returns, failing to provide evidence that these practices are able to protect shareholders value during times of crisis.Practical implicationsThe results obtained made it possible to highlight significant implications for investors and practitioners. They may have particular attention in evaluating firm's sustainable practices trying to understand more precisely the value that such practices can have for the company and its shareholders.Originality/valueThis article is part of the stream of studies that analysed the impact of sustainable practices on stock returns during a period of crisis in order to contribute to filling the gap due to the lack of consensus and the mixed results in the literature.

The purpose of this paper is to extend the Resource Based View (RBV) theory of companies, integrating it into a multidisciplinary context of analysis. Authors tested an empirical model in which corporate venture capital (CVC) impacts on corporate social responsibility (CSR) performance with the aim of creating a sustainable competitive advantage. The authors performed a longitudinal analysis, based on the Generalized Least Square (GLS) model, on 100 American and European companies reported in the Fortune Global 500 ranking from 2015 to 2019. The findings reveal that CVC programs have a positive impact on firm’s environmental and social outcomes. They also broaden the boundaries of RBV theory analysis and contribute to corporate venture capital and corporate social responsibility literature. Additionally, authors develop insights applicable to practitioners to successfully implement CVC practices and CSR strategies jointly.