Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Companies are now expected to publish non-financial reports in the form of CSR reports,
integrated reports, sustainable development reports, social reports, etc. within the new Directive
on non-financial reporting. Institutional investors with social concerns are the main
beneficiaries. They are interested in both financial and non-financial criteria when making an
investment decision, especially concerning: socially responsible investment. Companies sense
the need to engage themselves to promote their Corporate Social Responsibility (CSR) through
this non-financial reporting. For that reason, institutional investors potentially have an
important leverage effect on the CSR of companies for their social and environmental impacts.
However, a lot of companies still do not meet institutional investors’ expectations.
According to our meta-analysis, companies, unfortunately, face several obstacles, both internal
and external. Internally, companies still have to learn how to overcome a "positivity bias".
Highlighting compliance in the report is easy but it becomes more problematic for enterprises
to explain non-compliance. Externally, companies are faced with sometimes conflicting
expectations from regulators on the one hand (what should and should not be published) and
investors on the other (who expect very accurate information to be published).
This report first analyses the needs expressed by the institutional investors on non-financial
reporting and the way they assess companies on this matter. It then gives insights on how nonfinancial reporting could become more homogeneous, with high quality and transparency.
Several recommendations are the development of a standard(s) to ensure the materiality of
comparable, reliable, and relevant non-financial information disclosed and also assurance
through external control for extra-financial information.
Companies are proving to be rather reticent in the face of the change driven by the new Directive
on non-financial reporting. In fact, it requires them to make significant changes to their
reporting methods. They must now communicate on their performance and the level of
integration of social, environmental, and societal issues into their overall corporate strategy.
In conclusion, the dynamic of progress remains to be confirmed over the next few years.

Institutional investors --- Socially responsible investment --- Non-financial reporting --- Sciences économiques & de gestion > Economie sociale

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The objective of this paper is to determine whether the supply of sustainable investments meets the demand in terms of product quantity and investor preference. Indeed, this kind of investment keeps growing increasingly.
In the first part of this master thesis, we start by giving a definition and identifying the origins of the concept of Socially Responsible Investment (SRI). Then, we made an analysis of the entire market, including the evolution of the offer, the market distribution and the motivations and obstacles to SRI. Afterwards, we talked about some of the points that we thought were important in the European Union's action plan. Indeed, some actions will have a greater impact on SRI supply and demand than others. After that, we proceeded to a definition of the different sustainable strategies. And we ended this part by discussing financial performance and the supply and demand for SRI.
In the second part of this paper, we conducted two surveys in order to answer the question raised above. The first survey concerned the demand for SRI and was therefore conducted among investors residing in the Grand Duchy of Luxembourg. Secondly, different from Luxembourg such as banks and asset management companies responded to our second survey on SRI offerings. Thanks to this, we were able to analyze the SRI market in Luxembourg and compare our results with the SRI market from EU that we described in our first part.
Finally, after writing this thesis, we can conclude that there is sufficient supply in terms of quantity but that investor preferences are not sufficiently assessed by financial advisors. Indeed, very few investors are aware of the concept of sustainable investment, but this will change thanks to the EU action plan. One of the aims of the Action Plan will be to oblige advisors to integrate sustainable aspects into the investor profile. Financial advisors will therefore be obliged to include sustainability in discussions with their clients.

SRI --- Sustainable Investment --- ESG criteria --- EU Action Plan --- Sustainable Finance --- Socially Responsible Investment --- Sciences économiques & de gestion > Finance

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This book comprises a collection of empirical and theoretical studies covering a wide range of themes related to bank management, finance and sustainability. Sustainability represents an opportunity for banks as it contributes to improvements in trust in the banking system. However, sustainable business models must be financially viable so that they can have a positive impact on banks’ profitability, stimulating the long-term growth and resilience of the banking industry and overall financial stability.Banks are widely acknowledged as playing a crucial role in achieving the Sustainable Development Goals (SDGs), as they can promote responsible investments and integrate environmental and social criteria into lending and investment strategies. Financial intermediaries can support projects and activities that create a measurable positive economic, social and environmental impact by providing easier access to capital. Furthermore, they can have an active role in improving the financial awareness, inclusion and resilience of the most vulnerable individuals in society.

Coins, banknotes, medals, seals (numismatics) --- firm’s financial performance --- sustainability practices --- Islamic corporate governance --- mobile money --- SMEs --- financial performance --- payments and receipts --- Douala, Cameroon --- human capital --- social capital --- credit availability --- propensity score matching --- China --- risk tolerance --- risk aversion --- risk-taking --- MiFID II --- MiFIR --- suitability assessment --- households --- risky financial assets --- financial institutions --- financial advisory --- portfolio management --- financial constraints --- sustainable development --- ownership structure --- state subsidies --- former communist bloc --- institutional environment --- financial system --- corporate social responsibility --- CSR rating --- bank loan spread --- European syndicated loan market --- content analysis --- ethical banking --- global financial crisis --- hierarchical cluster analysis --- inductive category development --- in-depth interviews --- social banking --- socially responsible investment --- environmental performance --- climate change --- gender diversity --- board of directors --- banking sector --- external support --- environmental practices --- resource efficiency --- sustainable entrepreneurship --- firm size --- financial knowledge --- overconfidence --- underconfidence --- sustainable financial behavior --- financial market participation --- investment fraud --- over-indebtedness --- ethical financial companies --- ESG --- sustainable development goals (SDGs) --- bank efficiency --- bank cost --- stochastic frontier analysis --- stochastic metafrontier analysis --- high-net-worth individuals (HNWIs) --- qualitative research --- reference group theory --- socially responsible investing (SRI) --- firm’s financial performance --- sustainability practices --- Islamic corporate governance --- mobile money --- SMEs --- financial performance --- payments and receipts --- Douala, Cameroon --- human capital --- social capital --- credit availability --- propensity score matching --- China --- risk tolerance --- risk aversion --- risk-taking --- MiFID II --- MiFIR --- suitability assessment --- households --- risky financial assets --- financial institutions --- financial advisory --- portfolio management --- financial constraints --- sustainable development --- ownership structure --- state subsidies --- former communist bloc --- institutional environment --- financial system --- corporate social responsibility --- CSR rating --- bank loan spread --- European syndicated loan market --- content analysis --- ethical banking --- global financial crisis --- hierarchical cluster analysis --- inductive category development --- in-depth interviews --- social banking --- socially responsible investment --- environmental performance --- climate change --- gender diversity --- board of directors --- banking sector --- external support --- environmental practices --- resource efficiency --- sustainable entrepreneurship --- firm size --- financial knowledge --- overconfidence --- underconfidence --- sustainable financial behavior --- financial market participation --- investment fraud --- over-indebtedness --- ethical financial companies --- ESG --- sustainable development goals (SDGs) --- bank efficiency --- bank cost --- stochastic frontier analysis --- stochastic metafrontier analysis --- high-net-worth individuals (HNWIs) --- qualitative research --- reference group theory --- socially responsible investing (SRI)

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper studies the role of morality in the decision to repay debts. Using a field experiment with a large Islamic bank in Indonesia, the paper finds that moral appeals strongly increase credit card repayments. In this setting, all of the banks late-paying credit card customers receive a basic reminder to repay their debt one day after they miss the payment due date. In addition, two days before the end of a ten-day grace period, clients in a treatment group also receive a text message that cites an Islamic religious text and states that "non-repayment of debts by someone who is able to repay is an injustice." This message increases the share of customers meeting their minimum payments by nearly 20 percent. By contrast, sending either a simple reminder or an Islamic quote that is unrelated to debt repayment has no effect on the share of customers making the minimum payment. Clients also respond more strongly to this moral appeal than to substantial financial incentives: receiving the religious message increases repayments by more than offering a cash rebate equivalent to 50 percent of the minimum repayment. Finally, the paper finds that removing religious aspects from the quote does not change its effectiveness, suggesting that the moral appeal of the message does not necessarily rely on its religious connotation.

Access to credit --- Adverse selection --- Arrears --- Assets --- Bank indonesia --- Banking --- Bankruptcy and resolution of financial distress --- Banks and banking reform --- Borrowers --- Checking account --- Collect debts --- Collections --- Communications --- Consumer choice --- Consumer choices --- Credit card --- Credit card debt --- Credit control --- Credit market --- Current debt --- Customer service --- Customers --- Debt --- Debt forgiveness --- Debt markets --- Debt relief --- Debt repayment --- Debtor --- Debts --- Default --- Deposit --- E-Business --- Emerging markets --- Equity --- Equity fund --- Estate private sector development --- Ethical behavior --- Ethical global equity --- Ethical global equity fund --- Exchange --- Fair trade --- Finance and financial sector development --- Financial development --- Financial products --- Forgiveness --- Gambling --- Global equity --- Goods --- Grace period --- Grants --- Human capital --- Human rights --- Income --- Indebted --- Indebted poor countries --- Insurance --- Interest --- Interest rate --- Interest rates --- Interested party --- International bank --- Investment --- Investment management --- Investor --- Islamic bank --- Islamic law --- Late payment --- Law --- Liquidity --- Liquidity constraint --- Loan --- Loan repayment --- Moral hazard --- Moral suasion --- Mortgage --- New credit --- Outsourcing --- Outstanding debt --- Partner bank --- Payment --- Payments --- Peer pressure --- Penalties --- Penalty --- Political economy --- Portfolio --- Price --- Pricing --- Property --- Public debt --- Real estate --- Repayment --- Repayment behavior --- Repayment of debt --- Repayment of debts --- Repayment rate --- Repayment rates --- Responsible investment --- Restructuring --- Revenue --- Risk --- Saving --- Savings --- Savings account --- Savings accounts --- Services --- Share --- Shares --- Socially responsible investment --- Sovereign debt --- Stocks --- Student debt --- Student loans --- Trade --- Usury laws

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper studies the role of morality in the decision to repay debts. Using a field experiment with a large Islamic bank in Indonesia, the paper finds that moral appeals strongly increase credit card repayments. In this setting, all of the banks late-paying credit card customers receive a basic reminder to repay their debt one day after they miss the payment due date. In addition, two days before the end of a ten-day grace period, clients in a treatment group also receive a text message that cites an Islamic religious text and states that "non-repayment of debts by someone who is able to repay is an injustice." This message increases the share of customers meeting their minimum payments by nearly 20 percent. By contrast, sending either a simple reminder or an Islamic quote that is unrelated to debt repayment has no effect on the share of customers making the minimum payment. Clients also respond more strongly to this moral appeal than to substantial financial incentives: receiving the religious message increases repayments by more than offering a cash rebate equivalent to 50 percent of the minimum repayment. Finally, the paper finds that removing religious aspects from the quote does not change its effectiveness, suggesting that the moral appeal of the message does not necessarily rely on its religious connotation.

Access to credit --- Adverse selection --- Arrears --- Assets --- Bank indonesia --- Banking --- Bankruptcy and resolution of financial distress --- Banks and banking reform --- Borrowers --- Checking account --- Collect debts --- Collections --- Communications --- Consumer choice --- Consumer choices --- Credit card --- Credit card debt --- Credit control --- Credit market --- Current debt --- Customer service --- Customers --- Debt --- Debt forgiveness --- Debt markets --- Debt relief --- Debt repayment --- Debtor --- Debts --- Default --- Deposit --- E-Business --- Emerging markets --- Equity --- Equity fund --- Estate private sector development --- Ethical behavior --- Ethical global equity --- Ethical global equity fund --- Exchange --- Fair trade --- Finance and financial sector development --- Financial development --- Financial products --- Forgiveness --- Gambling --- Global equity --- Goods --- Grace period --- Grants --- Human capital --- Human rights --- Income --- Indebted --- Indebted poor countries --- Insurance --- Interest --- Interest rate --- Interest rates --- Interested party --- International bank --- Investment --- Investment management --- Investor --- Islamic bank --- Islamic law --- Late payment --- Law --- Liquidity --- Liquidity constraint --- Loan --- Loan repayment --- Moral hazard --- Moral suasion --- Mortgage --- New credit --- Outsourcing --- Outstanding debt --- Partner bank --- Payment --- Payments --- Peer pressure --- Penalties --- Penalty --- Political economy --- Portfolio --- Price --- Pricing --- Property --- Public debt --- Real estate --- Repayment --- Repayment behavior --- Repayment of debt --- Repayment of debts --- Repayment rate --- Repayment rates --- Responsible investment --- Restructuring --- Revenue --- Risk --- Saving --- Savings --- Savings account --- Savings accounts --- Services --- Share --- Shares --- Socially responsible investment --- Sovereign debt --- Stocks --- Student debt --- Student loans --- Trade --- Usury laws