Environmental Hazards and Risk Management in the Financial Sector: A Systematic Literature Review

Breitenstein, Miriam; Nguyen, Duc Khuong; Walther, Thomas

doi:10.1111/joes.12411

Cited by 48 publications

(29 citation statements)

References 64 publications

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“…Specifically, starting from the sample of studies identified with the keyword search, the research verified the possible presence of additional studies suitable for inclusion, which could have been erroneously excluded and/or not included by the software used for research (e.g., Wohlin, 2014). The snowball search is a wellestablished practice in the systematic literature review procedures and has usually a complementary nature to the main literature search carried out by keywords (see, for example, Christensen et al, 2020;Breitenstein et al al., 2021). As for the keyword search, the snowballing search was also carried out following specific and clearly identifiable research phases.…”

Section: Snowballing Searchmentioning

confidence: 99%

The Debt and Non-Debt Tax Shields Trade-Off: A Review

Gabrielli¹

2023

IJARAFMS

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The trade-off between debt and non-debt tax shields has gained momentum among scholars and policymakers, especially in the current economic environment affected by the pandemic and the energy crisis. The literature on the tax shields trade-off arises from the theoretical framework by DeAngelo and Masulis (1980) and has developed over time in a fragmented manner in various disciplinary fields such as accounting, finance, and economics. Using a systematic literature review approach, this study provides an up-to-date survey of the theoretical and empirical literature examining the trade-off between classes of tax shields and its consequences for a firm's capital structure. The systematic analysis of the results of 46 studies supports the existence of an inverse relationship between debt and non-debt tax shields, consistent with a debt substitution hypothesis. However, conflicting evidence remains regarding this trade-off, as well as on its consequences for the corporate capital structure. More recent research also highlights the importance of considering several moderating factors when examining the relationship between debt and non-debt tax shields. This study encourages further research on the topic. Further investigation on the role of free cash flow and agency conflicts in explaining the tax avoidance-capital structure relationship is needed. Moreover, future studies may consider exploiting the exogenous shock provided by the recent Covid-19 crisis for an in-depth analysis of the impact of non-debt tax shield policies on the corporate capital structure.

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Section: Snowballing Searchmentioning

confidence: 99%

The Debt and Non-Debt Tax Shields Trade-Off: A Review

Gabrielli¹

2023

IJARAFMS

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“…Stranded asset risk has, over the last decade, gained increased attention with growing topicality of climate change emergency, climate policy uncertainty, and financial implications through environmental hazards (Bloomberg New Energy Finance, 2013;Breitenstein et al, 2019;Caldecott, 2017). Beyond this, companies faced with the risk of valueless assets draw attention towards financial assets that will be directly affected.…”

Section: Literature Review On Stranded Assets Assessmentmentioning

confidence: 99%

“…Our study, while focusing on stranded asset risks for the German coal industry, argues that the estimation of the extent of negative implications for the valuation of industry-specific financial assets is a necessary step to further advance research on stranded assets. Doing so thus stresses on the necessity of institutional investors, asset manager, and asset owners to incorporate climate risks into their overall governance and risk management frameworks (Breitenstein et al, 2019;Ernst & Young, 2016).…”

Section: Literature Review On Stranded Assets Assessmentmentioning

confidence: 99%

Stranded Asset Risk and Political Uncertainty: The Impact of the Coal Phase-Out on the German Coal Industry

Breitenstein¹,

Anke²,

Nguyen³

et al. 2022

The Energy Journal

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We assess the value of stranded coal-fired power plants in Germany due to the critical phaseout by 2038. Within a Monte Carlo simulation, the scenarios under consideration (a slow decommissioning at the end of the technical lifetime in 2061, the highly probable phase-out by 2038, and an accelerated phase-out by 2030) are additionally assigned distributions to display the uncertainty of future developments. The results show an overall stranded asset value of €0.4 billion given the phase-out by 2038 and additional €14.3 billion if the phase-out is brought forward by eight years. This study also depicts the impacts of carbon pricing and the feed-in from renewable energy sources on the merit order and eventually the deterioration in economic conditions for hard coal and lignite power plants. Lastly, we illustrate immediate concerns for share prices of affected companies and contributes to closing the research gap between stranded physical and financial assets.

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“…There has not been any study performing the systemic literature review on the relationship between default risk and corporate social responsibility. However, the work of (Breitenstein et al, 2021) is somewhat closer to this study as it discusses the general environmental responsibility for a firm's risk.…”

Section: Introductionmentioning

confidence: 99%

Does being socially good save firms from bankruptcy? A systematic literature review and bibliometric analysis

Mushafiq

Prusak

2023

EiS

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The purpose of the review was to find out, does being responsible saves firms from bankruptcy? What is the relationship between corporate social responsibility and default risk? What methods and measures are used in the literature to evaluate this relationship? And what is the theoretical underpinning of the studies? Moreover, to explore what are the gaps for future work, Web of Science and Scopus databases were utilised to obtain the relevant articles for review. A total of 24 articles were reviewed using PRISMA systematic literature review and bibliometrics. This review finds that the literature has an unidirectional inverse relationship between corporate social responsibility and default risk. Moreover, most literature utilises the stakeholder perspective as the theoretical framework. A research gap exists in explaining the relationship between different theories and extending the model with various aspects of macro- and micro-economics as well as finance. This article contributes to the theoretical aspect by classifying methods, proxies, and theoretical underpinnings used in the research for corporate social responsibility and default risk.

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Environmental Hazards and Risk Management in the Financial Sector: A Systematic Literature Review

Cited by 48 publications

References 64 publications

The Debt and Non-Debt Tax Shields Trade-Off: A Review

The Debt and Non-Debt Tax Shields Trade-Off: A Review

Stranded Asset Risk and Political Uncertainty: The Impact of the Coal Phase-Out on the German Coal Industry

Does being socially good save firms from bankruptcy? A systematic literature review and bibliometric analysis

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