The Regulatory Dynamics of Sustainable Finance: Paradoxical Success and Limitations of EU Reforms
| Autor: | Hanna Ahlström, David Monciardini |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
Economics and Econometrics
Civil society Process (engineering) Archival research Institutional logics Arts and Humanities (miscellaneous) Sustainable finance Political science 0502 economics and business Business and International Management Finance Original Paper 050208 finance business.industry 05 social sciences EU policy General Business Management and Accounting Transformative learning Framing (social sciences) Dynamics (music) Sustainability Responsible investors Business ethics business Law 050203 business & management |
| Zdroj: | Journal of Business Ethics |
| ISSN: | 1573-0697 0167-4544 |
| Popis: | The financial sector has seen a transformation towards ‘sustainable’ finance particularly in Europe, driven also by unprecedented regulatory reforms. At the same time, many are sceptical about the real impact of these reforms, fearing that they are triggering a paradoxical financialisation of sustainability. Building on recent research on institutional logics and institutional fields formation, we examine changes in the EU regulatory dynamics as characterised by shifts in framing the relationship between sustainability and finance. Deploying a longitudinal approach (2009–2019), consisting of archival data and semi-structured interviews, we explore the development of EU sustainable finance regulation as an extended, interactive and contested process. Specifically, we suggest that regulatory dynamics depend on the hybrid configuration of the social constituencies supporting sustainable finance reforms and on shifts in the overall prevalence of the financial logic in society. Our paper sheds light on the inherent contradictions and limitations of sustainable finance as a means for transformative sustainability reforms. Supplementary Information The online version contains supplementary material available at 10.1007/s10551-021-04763-x. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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