In this study, we explore climate justice with specific reference to vulnerability at the level of different sectors in 90 developing countries in Asia, Africa and Europe, over a period from 2010 to 2019. The paper seeks to advance the discussion on the idea that adaptation financing is allocated according to the level of need in the recipient country and sector. By considering five crucial sectors (food, water, health, infrastructure and habitat), we explore the linear and quadratic effect of the vulnerability of each sector on the allocated endowment. The study is based on a dynamic panel regression method based on the Generalized Method of Moments (GMM) in the system model. Our findings reveal that vulnerability is an important consideration in funding allocation. The results suggest that the relationship between adaptation funding and vulnerability is sector-dependent. We also observe that this relationship is non-linear, providing further evidence of distributive justice in terms of allocating more funding to the most vulnerable sectors. Climate justice begins to emerge when vulnerability reaches a certain threshold. However, it appears that the infrastructure sector is dysfunctional in terms of adaptation financing needs and investments undertaken. Overall, the regulations put in place should further integrate climate risk parameters into technical and procedural standards to make projects more effective and climate justice more widespread.

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This work investigates the impact that the ownership structure of small- and medium-sized enterprises (SMEs) in Organization for Economic Co-operation and Development (OECD) countries exerts on the level of corporate carbon emissions, as well as the moderating effect of innovation on this relationship. Based on panel data from 32 OECD countries during 2015–2020, a pooled least-square panel model was developed for estimation. The results show that public, foreign, and institutional investors have a significant negative effect on carbon emissions. Conversely, strategic investors contribute to increasing carbon emissions. Moreover, findings provide evidence of mixed moderating effects of innovation on the relationship between types of owners and carbon emissions. Hence, strategic shareholders contribute to implementing environmental policies through innovation, while public and foreign investors incur Research and Development expenditures to boost firms’ economic activity, ignoring social and environmental commitments. Our results confirm the relationship between ownership structure and carbon emissions and the moderating effects of innovation on this association. Environmental innovation allows for improving worldwide firms’ competitiveness and long-term performance.

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We study the rating impact on American stock market during crisis period by distinguishing expected versus surprise announcements. If unexpected ratings generate stronger reaction than expected ones, which means that rating agencies maintain credibility and influence on investors’ decisions. Otherwise, they have to revise their methodologies and procedures in order to recover place on financial markets. Results show that during crisis period market reaction to bad and neutral expected rating announcements is negative and more accentuated than reaction to surprise announcements; on contrary to good news that produce a short positive impact when they are unexpected and are not perceived by the market otherwise. Results reflect once more market distrust to rating agencies and faith loss towards announcements.