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Sustainable Financial Innovation Centre Annual Conference 2023

The world is currently experiencing significant economic and geopolitical instability. As ESG objectives become a key focus in asset management, the reallocation of capital has significant implications for portfolio selection and asset pricing. However, ESG investors often face significant uncertainty about a company's true ESG performance e.g. the significant variation in ESG ratings across rating agencies. Moreover, in the wake of geopolitical and economic instability, analysts’ reports show that in 2022, investors withdrew more money from sustainable funds than they invested for the first time in over a decade.

The Sustainable Financial Innovation Research Centre (SFiC) held its annual conference in the University of Birmingham, Dubai during 25-26 Nov, 2023. The conference theme was ESG in the era of geopolitical and economic instability. Lord Edward Lister- co Chair of the UAE-UK Business council opened the conference. The opening session includes speeches by H.E . Dr. Maryam Al Suwaidi, CEO, Securities and Commodities Authority (SCA), UAE and H.E Dr. Abdulrahman Al Hamidy, Director General Chairman of the Board, Arab Monetary Fund (AMF).

A memorandum of Understanding (MoU) between the University of Birmingham and the Securities and Commodities Authority (SCA) was signed during the conference with the aim of helping to boost the reliability, competitiveness, and sustainability of the UAE’s capital market, further increasing investor confidence in the UAE. This collaboration underlines our position as a strategic knowledge and research partner to support SCA’s capacity building efforts through leveraging our international network of experts and academics to address real world challenges in capital markets.

Sustainable Financial Innovation Centre Annual Conference 2022

Friday 25 - Saturday 26 November 2022, Birmingham Business School, Dubai, United Arab Emirates

View the Gallery of images from the event

Conference Programme

Day 1: Friday 25^th November 2022
Refreshments and registration: Harvard Lecture Theatre	8.30-9.00
Welcome Address Douglas Cumming, Hisham Farag and Sofia Johan	9.00-9.05
Opening Address Ben Bailey, Director of Dubai Campus Operations	9.05-09.15
Parallel Session 1-A: Harvard Lecture Theatre Institutional Investors and Corporate Sustainability Chair: Douglas Cumming, Florida Atlantic, USA Zoom link: https://bham-ac-uk.zoom.us/j/84145266520	09:15-10.45
Institutional Investors and Corporate Environmental Costs Omrane Guedhami, Moore School of Business, University of South Carolina, USA Sadok El Ghoul, Campus Saint-Jean, University of Alberta, Canada Wolfgang Drobetz, Hamburg Business School, University of Hamburg, Germany Zhengwei Fu, University of South Carolina, USA Discussant: Wenxuan Hou, University of Edinburgh, UK	09.15-09.45
Passive Investors and Corporate Social Responsibility: A Risk-Management Xiaoyu Zhang Vrijie Universiteit Amsterdam, Netherlands Wenxuan Hou, University of Edinburgh, UK Discussant: Vu Thuy Linh - ESADE Business School, Spain	09.45-10:15
The impact of CSR Performance on Stock Return for Different Institutional Investors Vu Thuy Linh - ESADE Business School, Spain Discussant: Zhengwei Fu, University of South Carolina, USA	10:15-10:45

Parallel Session 1-B: Seminar Room 0209 ESG and Corporate Risk-Taking Chair: Sofia Johan, , Florida Atlantic, USA Zoom link: https://bham-ac-uk.zoom.us/j/89378623357	09:15-10.45
Does ESG reputational risk affect investment efficiency? Dimitrios Gounopoulos, University of Bath Ioannis Chasiotis, University of the Peloponnese, Greece Dimitrios Konstantios, University of Piraeus, Greece Vasilios-Christos Naoum, University of Piraeus, Greece Victoria Patsika, Cardiff University, UK Discussant: Yuanyuan Wu, University of Sussex, UK	09.15-09.45
Does Mandatory CSR Expenditure Regulation Induce Corporate Risk-Taking? Sandeep Rao, Dublin City University Business School, Ireland Partha P. Roy, University of Strathclyde, UK Discussant: Dimitrios Gounopoulos, University of Bath
How does ESG Disclosure Affect Corporate Risk-Taking Faek Menla Ali, University of Sussex, UK Xiaoxiang Zhang, University of Sussex. UK Yuanyuan Wu, University of Sussex, UK Discussant: Sandeep Rao, Dublin City University Business School, Ireland	10:15-10:45
Refreshment Break	10:45-11:00

Parallel Session 2-A: Harvard Lecture Theatre Blockchain, Cryptos and ESG Chair: Hisham Farag, University of Birmingham, UK Zoom link: https://bham-ac-uk.zoom.us/j/86108605757	11:00-12:30
Is Bitcoin ESG Compliant? Denis Schweizer, Concordia University, Canada Discussant: Yu Zhige, The University of Hong Kong	11:00-11:30
Disruptive Innovation on ESG: Evidence from Blockchain Exposure in Conference Calls Yu Zhige, The University of Hong Kong Discussant: Rébecca Cardot, Grenoble Ecole de Management, France	11:30-12:00
Investment in Blockchain and the Environmental and Social Performance of Firms Jamil Jaballah, Grenoble Ecole de Management, France Carole Bernard, Vrije Universiteit Brussel, Belgium Rébecca Cardot, Grenoble Ecole de Management, France Discussant: Denis Schweizer, Concordia University, Canada	12:00-12:30

Parallel Session 2-B: Seminar Room 0209 Green Bonds Chair: Sabri Boubaker, EM Normandie Business School, France Zoom link: https://bham-ac-uk.zoom.us/j/85041891718	11:00-12:30
Public Sector Green Bonds: What Drives Proceeds’ Investments and Performance Across Issuer Types? Francesco Baldi, University of Turin, Italy Giovanni Ferri, LUMSA University, Italy Discussant: Sitara Karim, The University of Nottingham, Malaysia	11:00-11:30
Extreme Risk Dependence Between Green Bonds and Financial Markets Muhammad Abubakr Naeem, United Arab Emirates University, UAE. Sitara Karim, The University of Nottingham, Malaysia. Brian Lucey, School of Business, Trinity College Dublin, Ireland Larisa Yarovaya, University of Southampton, UK Discussant: Niklas Dahlen (HHL Leipzig Graduate School of Management, Germany	11:30-12:00

Making Green Bonds Work - How Payoff Structures Shape Incentives Rieke Fehrenkötter (HHL), Leipzig Graduate School of Management, Germany Dr. Maximilian Schreiter (HHL), Leipzig Graduate School of Management, Germany Louisa Heiduk (HHL), Leipzig Graduate School of Management, Germany Niklas Dahlen (HHL Leipzig Graduate School of Management, Germany Discussant: Francesco Baldi, University of Turin, Italy	12:00-12:30
Lunch	12.30-13.30
Keynote Speech: Harvard Lecture Theatre Technical Progress and the Climate Crisis Professor Marcin Kacperczyk, Professor of Finance, Imperial College , London	13:30-15:00
Refreshment Break	15:00-15:15
Parallel Session 3-A: Harvard Lecture Theatre Corporate Environmental Behaviour Chair: Wenxuan Hou , University of Edinburgh, UK Zoom link: https://bham-ac-uk.zoom.us/j/81388767182	15:15-16:45
Environmental Tax Incentives and Corporate Environmental Behaviour: An Unintended Consequence from a Natural Experiment in China Sabri Boubaker, EM Normandie Business School, France & Swansea University, UK Feiyang Cheng, Tianjin University, China, Jing Liao, Massey University, New Zealand Shuai Yue, Massey University, New Zealand Discussant: Wendi Huang, The University of Hong Kong	15:15-15:45
Sustainable Investing and Sustainability of Pension Assets Adam Abdulrahman, Carleton University, Canada Jun Wang, Western University, Canada Isaac Otchere, Carleton University, Canada Discussant: Sabri Boubaker, EM Normandie Business School, France & Swansea University, UK	15:45-16:15
Green Public Procurement and Corporate Environment Policies Wendi Huang, The University of Hong Kong Discussant: Isaac Otchere, Carleton University, Canada	16:15-16-45

Parallel Session 3-B: Seminar Room 0209 ESG Disclosure Chair: Dimitrios Gounopoulos, University of Bath, UK Zoom link https://bham-ac-uk.zoom.us/j/88665585167	15:15-16:45
Does Climate Change Regulation Affect the Maturity Structure of Corporate Debt? Tiancheng Yu, the University of Manchester, UK Viet Anh Dang, the University of Manchester, UK Ning Gao the University of Manchester, UK Discussant: Charilaos Mertzanis, Abu Dhabi University, UAE	15:15-15:45
National Culture and Green Bond Issuance around the World Charilaos Mertzanis, Abu Dhabi University, UAE Imen Tebourbi, University of Birmingham, Dubai, UAE Discussant: Rizwan Ahmed, University of Kent, UK	15:45-16:15
Reform or Friction? International ESG Disclosure Regulations and Unintended M&A Consequence Santosh Koirala, University of Birmingham, UK Sandeep Rao, Dublin City University Business School, Ireland Rizwan Ahmed, University of Kent, UK Discussant: Tiancheng Yu, the University of Manchester, UK	16:15-16:45

Gala Dinner- The H Dubai Hotel	19:00-23:00

Day 2: Saturday 26^th November 2022
Refreshments and registration:	8.30-9.00
Parallel Session 4-A: Seminar Room 0410 Chair: Sofia Brito-Ramos, ESSEC Business School Socially Responsible Financial Institutions Zoom link: https://bham-ac-uk.zoom.us/j/83610644349	09.00-10.30
Socially Responsible Banking: Weathering the Covid-19 Storm Claudia Girardone -University of Essex Laura Chiaramonte, University of Verona, Italy Alberto Dreassi, University of Trieste, Italy Stefano Piserà, University of Genova, Italy Discussant: Alper Kara, Huddersfield Business School, University of Huddersfield, UK	09.00-09.30
Are Banks Really Committed to Environmental Sustainability? Evidence from pricing of large corporate loans Yener Altunbas Bangor University, UK Tianshu Zhao, University of Birmingham, UK Alper Kara, Huddersfield Business School, University of Huddersfield, UK Discussant: Sofia Brito-Ramos, ESSEC Business School	09.30-10:00
Divergence in Mutual Fund Sustainability Labelling Sofia Brito-Ramos, ESSEC Business School Maria Céu Cortez, University of Minho Florinda Silva, University of Minho Discussant: Claudia Girardone -University of Essex	10:00-10:30

Parallel Session 4-B: Seminar Room 0209 Chair: Juliane Proelss, Concordia University, Canada Implications for Going Green Zoom link: https://bham-ac-uk.zoom.us/j/85607544460	09.00-10.30
The Price of Being Green Juliane Proelss, Concordia University, Canada Discussant: Rabab Abouarab, University of Southampton, UK	09.00-09.30
Go Green: Does Macroeconomic Uncertainty Matter? Md Rajib Kamal, Norwegian University of Science and Technology, Norway Syed Riaz Mahmood Ali, University of Turku, Finland Kaysul Islam Anik, University of Turku, Finland; Ranik Raaen Wahlstrøm, Norwegian University of Science and Technology, Norway Discussant: Juliane Proelss, Concordia University, Canada	09.30-10:00
Spotting Portfolio Greenwashing in Sustainable Funds Rabab Abouarab, University of Southampton, UK Simon Wolfe, University of Southampton, UK Tapas Mishra, University of Southampton, UK Discussant: Md Rajib Kamal, Norwegian University of Science and Technology, Norway	10:00-10:30
Refreshment Break	10:30-10:45

Parallel Session 5-A: Seminar Room 0410 Chair: Bing Liang, UMass Amherst, USA Climate Change Innovationhttps://bham-ac-uk.zoom.us/j/85384839087	10.45-12.15
Real Effects of Shareholder Proposals: Innovation in the Context of Climate Change Rebel Cole, Florida Atlantic University, USA David Javakhadze, Florida Atlantic University, USA Greg Tindall,Palm Beach Atlantic University, USA Discussant: Gül Yüksel, University of Bremen, Germany	10:45-11:15
Climate-Related Innovations: Economic Value and Risk Mitigation Huan Kuang, UMass Amherst, USA Bing Liang, UMass Amherst, USA Discussant: Greg Tindall,Palm Beach Atlantic University, USA	11:15-11:45
The Performance of Socially Responsible Investments: A Meta-Analysis Lars Hornuf (University of Bremen, Germany Gül Yüksel, University of Bremen, Germany Discussant: Bing Liang, UMass Amherst, USA	11:45-12:1

Parallel Session 5-B: Seminar Room 0209 Chair: Md Safiullah, RMIT University, Australia Political Connections and Environmental Violations Zoom link: https://bham-ac-uk.zoom.us/j/82036616074	10.45-12.15
Political Connections, Environmental Violations and Punishment: Evidence from Heavily Polluting Firms in China Jingjing Wang, University of Liverpool, UK Chris Florackis, University of Liverpool, UK Xi Fu, University of Liverpool, UK Discussant: Art Durnev, University of Iowa, USA	10:45-11:15
General Counsel in Top Management and Carbon Risk Md Safiullah, RMIT University, Australia Md Al Mamun, La Trobe University, Australia Discussant: Jingjing Wang, University of Liverpool, UK	11:15-11:45
Disaster Risk, Politicians, Firms and Capital Exuding: A New Role of Stock Market Participation Brooke Wang, University of Iowa,USA Art Durnev, University of Iowa, USA Discussant: Md Safiullah, RMIT University, Australia	11:45-12:15
Lunch	12.15-13.30

Parallel Session 6-A: Seminar Room 0410 Chair: Mohammed Benlemlih, EM Normandie Business School, France Corporate Policies and Extreme Weather Zoom link: https://bham-ac-uk.zoom.us/j/88548490286	13.30-15.00
Does Extreme Weather Induce Corporate Borrowings? Evidence from Excess Rain Deviations in India Anand Kumar Dublin City University, Ireland Santosh Koirala, University of Birmingham, UK Discussant: Mohammed Benlemlih, EM Normandie Business School, France	13.30-14.00
Market Reaction To Extreme Weather Events In The Electricity Sector Vincenzo Butticè - Politecnico di Milano, Italy Roberto Bianchini - Politecnico di Milano, Italy Discussant: Santosh Koirala, University of Birmingham, UK	14.00-14:30
Economic Policy Uncertainty and Climate Change: Evidence from CO2 Emission Çiğdem Vural Yavaş, Nyenrode Business University, Netherlands Mohammed Benlemlih, EM Normandie Business School, France Discussant: Roberto Bianchini - Politecnico di Milano, Italy	14.30-15.00

Parallel Session 6-B: Seminar Room 0209 Chair: Ye Zhang, Stockholm School of Economics, Sweden Sustainable Investments and Venture Capital Zoom link: https://bham-ac-uk.zoom.us/j/82205579625	13.30-15.00
Does Impact Investing Help VC Funds to Attract Startups? Experimental Evidence Ye Zhang, Stockholm School of Economics, Sweden Discussant: Yomna Abdulla, University of Bahrain, Bahrain	13.30-14.00
Climate Legacy of Corporate Resilience to Crises Ruoran Zhao, the University of Edinburgh, UK Wenxuan Hou, the University of Edinburgh, UK Discussant: Ye Zhang, Stockholm School of Economics, Sweden	14.00-14:30
Going green: The Effect of Sustainable Investments on Venture Capital Fund Performance Fatima Shuwaikh, Léonard de Vinci Pôle Universitaire Paris La Défense, France Ramzi Benkraiem Audencia Business School, Nantes, France Emmanuelle Dubocage, Paris Est Creteil, France. Philip Scherbaum Catolica Lisbon School of Business and Economics, Portugal Discussant: Ruoran Zhao, the University of Edinburgh, UK	14.30-15.00
Refreshment Break	15.00-15.15

Parallel Session 7-A: Seminar Room 0410 Chair: Milos Vulanovic - EDHEC Business School, France Sustainability Bonds and Corporate Policies Zoom link: https://bham-ac-uk.zoom.us/j/83490997187	15.15-16.45
Climate risk, ESG and Firm performance Ahmed Jawad-University of Bahrain, Bahrain Yomna Abdulla, University of Bahrain, Bahrain Discussant: Milos Vulanovic - EDHEC Business School, France	15.15-15.45
The Economics of Sustainability Linked Bonds Tony Berrada, University of Geneva Rajna Gibson Brandon, University of Geneva Philipp Krueger, University of Geneva Leonie Engelhardt University of Geneva Discussant: Fatima Shuwaikh, Léonard de Vinci Pôle Universitaire Paris La Défense, France	15.45-16.15
Green SPACs Milos Vulanovic - EDHEC Business School, France Nebojsa Dimic - University of Vaasa, Finland John Goodell, University of Akron, USA Vanja Piljak - University of Vaasa, Finland Discussant: Leonie Engelhardt University of Geneva	16.15-16.45
Closing remarks and next steps Seminar Room 0410 Zoom link: https://bham-ac-uk.zoom.us/j/82959012382	16.45-17.00