8x new research on digital SDG support, sustainable compliance, shareholder engagement, divestments, sustainable illiteracy, sustainable theory, and sustainable finance in general
Zusammenfassung
8x new research on digital SDG support, sustainable compliance, shareholder engagement, divestments, sustainable illiteracy, sustainable theory, and sustainable finance in general
Green signaling: 8x new research on digital SDG support, sustainable compliance, shareholder engagement, divestments, sustainable illiteracy, sustainable theory, and sustainable finance in general (#shows the number of SSRN full paper downloads as of July 10th, 2025)
Social and ecological research
Digital pro SDG: Digital transformation and SDG’s: A systematic review of synergies and risks by Carluys Suescum Coelho, Car-Emyr Suescum Coelho, Carlysmar Suescum Coelho, Carelys Suescum Coelho, and Carmen María Coelho Freitas as of June 20th, 2025 (#8): “…a systematic review of recent literature … show(s) that digital transformation contributes significantly to the SDGs in areas such as economic growth, sustainable industry, inclusion, environmental sustainability, public services and governance, education, and employment. This contribution depends on an inclusive and sustainable approach. Challenges include resistance to change, digital divides, and infrastructure limitations” (abstract).
Sustainable compliance: From anti-bribery lawyer to holistic ESG manager: The changing role of the Chief Compliance Officer in multinational corporations by Stefan Schembera and Armando Castro as of June 13th, 2025 (#9): “… we illustrate the shifting role of the CCO from an anti-bribery lawyer (around the 2010s) to an SDG and ESG manager (since the early 2020s) embedded in and actively shaping multi-stakeholder networks and global regulatory processes” (abstract).
SDG and impact investing (in: Green signaling)
Green signaling power: Does Shareholder Signaling Matter for Corporate Strategy? A Study of ESG- and Carbon-Related Proposals by Timo Busch, Lisa Scheitza, Tobias Bauckloh, and Christian Klein as of July 4th, 2025: “Based on more than 7,000 shareholder proposals, this article argues that firms targeted by environmental, social, and governance (ESG)–related proposals subsequently improve their ESG performance. We reach the same conclusion in the climate change context. Surprisingly, we find no evidence that withdrawn proposals are more or less impactful than proposals that were omitted or those that were brought to a vote. … we find evidence that the more shareholder proposals a firm receives, the stronger the effect on ESG performance …” (abstract).
My comment: See Neues Research: Einsatz von Stimmrechten | CAPinside
Divestment issues: Sustainable Finance Regulation, Funds’ Portfolio Reallocation and Real Effects by Andrea Fabiani, Raffaele Gallo, Francesco Columba, and Giorgio Meucci from the Bank of Italy as of June 12th, 2025 (#33): “We show that sustainable investment by mutual funds influences non-financial firms‘ stock prices and real outcomes. … Funds disclosing a mild commitment reduce exposure to high ESG risk („brown“) stocks, relatively to those with no commitment. Differently, strongly committed funds do not adjust, being already perceived as sustainable and facing little incentive to further signal their ESG strategy. The divestment of brown firms occurs independently of their prior sustainability pledges and reduces their stock prices. This reduction is in turn associated with lower environmental spending and higher carbon emissions” (abstract).
My comment: If stock prices decline, brown investments are unattractive. But investors cannot cure everything. If emissions are costly enough, negative effects of divestments can be mitigated.
Sustainable finance in general
Sustainable illiteracy: Educate or automate – The role of sustainable finance literacy and default nudges in sustainable investing by Marcel Seifert, Stefan Palan, Florian Spitzer, Erich Kirchler, and Katharina Gangl as of June 16th, 2025 (#41): “We conduct a large-scale framed field experiment online (N = 1,790) to compare just-in-time sustainable finance literacy (SFL) education with an automated default nudge. Brief educational interventions – quiz, video, brochure – increase literacy by up to 15 percentage points and boost sustainable investments; video and quiz furthermore increased stock market participation. In contrast, the default nudge shifts behavior without improving understanding, and reduces self-efficacy. Higher SFL predicts lower investment in greenwashed products, yet many participants fail to react to greenwashing disclosures” (abstract).
Sustainable theory? The Limits of Sustainable Finance: A Systems Framework for Evaluating Transformative Change by Willem Klok as of July 1st, 2025 (#13): “… I present a framework for ex ante assessment of the extent to which sustainable finance initiatives (e.g. green bonds, ESG ratings and carbon taxes) contribute to-or hinder-the emergence of transformative niches. The findings reveal that, despite their short-term potential for greening the economy, common sustainable finance practices and policies reinforce unsustainable system dynamics and ultimately undermine longterm sustainability goals. A critical research gap lies in identifying pathways for deep, systemic change through high-leverage intervention points” (abstract).
My comment: Compare the article by Fred Luks see „30 viewpoints“ below
Sustainable finance overview: Sustainable Finance by Astrid Zabel, Judith Schäli, Roger Bär, Isabelle Providoli, Vong Nanhthavong, Onintsoa Ravaka Andriamihaja, and Elisabeth Bürgi Bonanomi as of July 1st, 2025 (#7): “This working paper provides an in-depth overview of the sustainable finance landscape, emphasizing its role in driving global sustainability transitions. It outlines key actors, investment strategies, and governance mechanisms within both public and private sectors. Through a structured review of funds, indices, ESG assessment tools, and impact finance approaches, the paper identifies how financial markets can contribute to or hinder sustainable development goals. Special attention is given to gaps in sustainable investment in low-income countries and the risk of greenwashing. The study also maps current academic research and networks, offering insights for future work in this evolving field” (abstract).
30 Viewpoints: Sustainable Finance – Die Zukunft nachhaltigen Investierens – ein interdisziplinärer Ausblick von CRIC e.V. vom Juli 2025: „Der … Sammelband – bestehend aus 30 Beiträgen … ist in drei Abschnitte gegliedert: Im ersten Abschnitt geht es darum, das Thema Sustainable Finance aus der Perspektive unterschiedlicher wissenschaftlicher Einzeldisziplinen zu beleuchten … Der zweite Abschnitt widmet sich den Schnittstellen von Sustainable Finance zu übergeordneten Fragestellungen, etwa zu unterschiedlichen Konzepten von Nachhaltigkeit, globaler Gerechtigkeit, (geo)politischen Steuerungssystemen, Taxonomien oder Wirtschaftsmodellen … um die Praxis ethisch-nachhaltiger Geldanlagen selbst geht es im dritten Abschnitt des Buches. Dieser Abschnitt ist wiederum in drei Teile gegliedert. Der erste Teil bietet Praxisbeispiele aus Investorensicht … Im zweiten Teil des dritten Abschnittes stehen dann aktuelle Themen des nachhaltigen Investierens im Zentrum … Zum Abschluss dieses dritten Abschnitts wagen die Herausgeber einen Ausblick auf die künftige Entwicklung von Sustainable Finance bzw. des nachhaltigen Investierens“ (S. 20-22).
Mein Kommentar: Das Buch enthält viele lesenswerte Beiträge und Gedanken. Interessant fand ich speziell die Beiträge zum Thema Postwachstum von Fred Luks, die Operationalisierung von Externalitäten von Andreas Gintschel und Christian Wiehenkamp, die anderen Praxisbeispiele und die Beiträge zu Impact Investing.
Werbung (in: Green signaling)
Unterstützen Sie meinen Researchblog, indem Sie in den von mir beratenen globalen Small-/Mid-Cap-Investmentfonds FutureVest Equity Sustainable Development Goals R investieren und/oder ihn empfehlen.
Der Fonds konzentriert sich auf die UN-Ziele für nachhaltige Entwicklung mit durchschnittlich einzigartig hohen 99% SDG-vereinbaren Umsätzen der Portfoliounternehmen und sehr hohen E-, S- und G-Best-in-Universe-Scores sowie einem besonders umfangreichen Aktionärsengagement.
Zum Vergleich: Ein traditioneller globaler Small-Cap-ETF hat eine SDG-Umsatzvereinbarkeit von etwa 5 %, ein diversifizierter Gesundheits-ETF 13 %, Artikel 9 Fonds circa 20%, liquide Impactfonds oder ein ETF für erneuerbare Energien ungefähr 40 % (vgl. Maximale Portfolio-Nachhaltigkeit: Was geht?).
Insgesamt hat der von mir beratene Fonds seit der Auflage im August 2021 eine ähnliche Performance wie traditionelle globale Small- und Mid-Cap-Fonds (vgl. z.B. Fonds-Portfolio: Mein Fonds | CAPinside). Mein besonders nachhaltiger Fonds war also bisher ein Nachhaltigkeits „Free Lunch“. Vergangene Performance ist allerdings kein guter Indikator für künftige Performance.
