Research Handbook of Finance and Sustainability
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Research Handbook of Finance and Sustainability

Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen

The severe consequences of the global financial crisis 2008-2009 and numerous accounting frauds and financial scandals over the last fifteen years have let to calls for more ethical and responsible actions in all economic activities including consumption, investing, governance and regulation. Despite the fact that ethics in business and corporate social responsibility rules have been adopted in various countries, more efforts have to be devoted to motivate and empower more actors to integrate ethical behavior and rules in making business and managerial decisions. The Research Handbook of Finance and Sustainability will provide the readers but particularly investors, managers, and policymakers with comprehensive coverage of the issues at the crossroads of finance, ethics and sustainable development as well as proposed solutions, while focusing on three different levels: corporations, investment funds, and financial markets.
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Chapter 19: Environmental regulation, financial regulation and sustainability

Imad Moosa and Vikash Ramiah

Abstract

While it is customary to deal with environmental regulation and financial regulation separately as if they are not related, we depart from this tradition by demonstrating that the generic theories of regulation are applied to environmental and financial regulation. We suggest that the arguments for and against regulation are equally valid for both, and so is the principle that regulation is a response to market failure. We also argue that it is not only that environmental regulation is relevant to sustainability but that financial regulation is also relevant. We consider the issues of integrating sustainability criteria in the risk assessment and decision making of financial institutions and how financial regulation can help mobilize capital for sustainability, arguing that financial stability affects and is affected by sustainability.

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