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This book is about what Mark Carney has called ‘the social licence for financial markets’ and how it can point us towards a more sustainable future. Author David Rouch argues that what it reveals contrasts sharply with the usual portrayals of markets as places of unrestrained financial self-interest. Drawing attention to a more complex reality and the presence of justice-focused aspirations in finance can positively impact individual, institutional, and systemic behaviour: change, not imposed by regulators, but emerging from the very substance of market relationships. The finance sector should have a key role in addressing humanity’s increasingly pressing sustainability challenges. Yet the relationship between finance and society has not recovered from the 2008 crisis and the scandals and austerity that followed. The Covid-19 pandemic and its economic fallout is sharpening some of the issues and creating new ones. Recognising that financial markets operate subject to a social licence has the potential to galvanise market participants in tackling these challenges, strengthening social solidarity on which markets also depend, and to provide coordinates for navigating a way through the post-pandemic social, political and economic landscape.
In The Social Life of Financial Derivatives Edward LiPuma theorizes the profound social dimensions of derivatives markets and the processes, rituals, and belief systems that drive them. In response to the 2008 financial crisis and drawing on his experience trading derivatives, LiPuma outlines how they function as complex devices that organize speculative capital as well as the ways derivative-driven capitalism not only produces the conditions for its own existence, but also penetrates the fabric of everyday life. Framing finance as a form of social life and highlighting the intrinsically social character of financial derivatives, LiPuma deepens our understanding of derivatives so that we may someday use them to serve the public well-being.
Despite growing discussions on the relationship between sustainability and finance, so far little attention has been given to the relation linking sustainability-related risks and financial risks. Climate change, environmental degradation and social inequality, among others factors, may indeed have considerable adverse impacts on financial actors and markets, and even have the potential to harm financial stability. Shedding light on the importance of the nexus between sustainability and financial risks, this book addresses the need for new industry and policy approaches. With insights from a skilled set of scholars in the finance field, this edited collection explores the effects of climate risks on the banking and insurance industries, the problem of stranded assets, the possible corporate risk management frameworks that could be used to control sustainability-related risks, the role of non-financial disclosure in fostering market discipline, and the policy actions needed to integrate sustainability considerations into prudential supervision. Tackling an interdisciplinary topic, this book will appeal to academics and practitioners within the finance, business and sustainability fields.
Sustainable development is necessary to counteract and mitigate the impact of socially harmful forces in a globalized world. However, sustainable development and its organizations must ensure the effective management of their funds and beneficial financial frameworks in order to best realize their sustainable goals. There is a need for studies that seek to understand how to connect sustainable development and the financial world in order to maximize the economic and environmental wellbeing of the world. Social, Economic, and Environmental Impacts Between Sustainable Financial Systems and Financial Markets is a pivotal reference source that examines the funding and monetary utilization of environmental and socially-responsible entities. Featuring research on topics such as green taxes, intergenerational equity, and shadow economy, this book is ideally designed for government officials, policymakers, economists, financial managers, sustainability developers, and academicians seeking current research on the relationship between new sustainable financial phenomena and negative global externalities.
The global financial crisis evidenced the corrosive effects of unethical behaviour upon the banking industry. The recurrence of misbehaviour in the financial sector, including fraud and manipulations of market indices, suggests the need to establish a banking culture that conforms to the highest standards of ethical and professional behaviour. This Research Handbook on Law and Ethics in Banking and Finance focuses on the role that law should play and the effectiveness of newly introduced regulations and supervisory actions as a driver for ethical conduct so as to reconnect the interests of bankers and financiers with the interests of society.
This book weaves together a comprehensive legal analysis of sustainable finance regimes governing Environment, Social and Governance (ESG) derivatives, with insightful sociological perspectives on risks and uncertainties. Sustainable finance offers a unique chance to channel capital towards sustainability goals, with ESG derivatives emerging as potent catalysts for a transition to a more sustainable economy. Beyond amplifying capital flow, they strategically align with effective ESG risk and uncertainty management. The book explores how integrating ESG derivatives can strategically serve sustainable investment, offering insights into optimal risk management. The work not only outlines challenges but presents potential solutions, highlighting ESG derivatives’ role in addressing market failures affecting sustainable finance, which is an aspect often overlooked by regulators in the EU, the UK, and the US. Serving as a strategy guide for countries adopting a diverse sustainable finance portfolio, the book targets policy practitioners and advocacy specialists, catering to a broad multidisciplinary audience amid the increasing interest in ESG-related products. The book’s dual emphasis on financial derivatives for ESG risk management and sociological perspectives positions it as an ideal resource for scholars, experts, practitioners, researchers, and curious minds across law, business, management, and sociological studies.
The role of Corporate Social Responsibility in the business world has developed from a fig leaf marketing front into an important aspect of corporate behavior over the past several years. Sustainable strategies are valued, desired and deployed more and more by relevant players in many industries all over the world. Both research and corporate practice therefore see CSR as a guiding principle for business success. The “Encyclopedia of Corporate Social Responsibility” has been conceived to assist researchers and practitioners to align business and societal objectives. All actors in the field will find reliable and up to date definitions and explanations of the key terms of CSR in this authoritative and comprehensive reference work. Leading experts from the global CSR community have contributed to make the “Encyclopedia of Corporate Social Responsibility” the definitive resource for this field of research and practice.
What is the social licence to operate, and what are its ethical risks and promises? This collection explores these questions from a range of perspectives.
This book explores the role of law and regulation in sustaining financial markets in both developed and developing countries, particularly the European Union, United States and China. The central argument of this book is that law matters for the operation of financial markets, which, in turn, significantly influences the performance of firms, industries, and economies. The Role of Law and Regulation in Sustaining Financial Markets is divided into four parts. Part one addresses the connection between law, financial development, and economic growth. Part two deals with the role of financial regulation, which can be used to correct market failures, such as negative externalities, information asymmetries, and monopolies. Part three focuses on the design, functioning, and performance of different financial instruments. Part four examines the topic of Corporate Social Responsibility. This book contributes to the ‘law and finance’ literature by studying certain conventional issues, such as the relationship between finance and economic growth, and the effects of regulatory quality on financial development, from new perspectives and/or with new evidence, data, and cases. It also explores novel topics, such as project finance contracts, insurance and climate change, the shadow banking system, that have been overlooked in current literature. This book is meaningful not only for the EU and the US, which have suffered considerably from the financial crisis of 2008, but also for China, which is struggling to build a sound institutional infrastructure to govern its increasingly complicated financial system. By comparing the regulatory philosophies and practices of the EU, the US and China, this book will help the reader to understand the diverse nature of the global ‘law and finance’ nexus and avoid succumbing to the myth of "one size fits all".
This book provides an interdisciplinary analysis of trade relations with the Middle East and Arab countries from the perspectives of law, business, policy and culture in the Middle East and the Arab world and their interaction with the wider world, particularly Western countries. The rapidly evolving economy of the Middle East and the Arab region is undergoing significant change, and establishing modern foreign ownership law, robust company, business and investment regulations, modern legal professions while keeping its basic traditional and Islamic principles. This book covers a number of important theoretical and practical aspects of commercial and trade relationships and law. It examines case studies of trade and investment relations between Arab and Middle Eastern countries and Western Countries, such as Australia, UK and US, touching on such topics as corporation law, arbitration and foreign judgments, future mobility and disruptive technology law, financial services law, charity law, trusts and cultural law. Exploring emerging trade and investment ties between Arab and Middle Eastern countries and Western countries, it will be of interest to students, academics and practitioners with an interest in international trade and investment law.