The purpose of this research is to consider if the growing popularity of sustainable investment does not create additional risks in investing. Different views on sustainable investments were analyzed to identify different approaches to the main risks. A quantitative analysis was carried out to investigate the possible benefits and advantages of sustainable investment. Without taking into account the social perks of investing in sustainable funds, this study evaluates the performance and economic returns of both sustainable and traditional funds. The research was carried out in two parts by comparing samples of 30 sustainable and 30 traditional funds. Firstly, such methods as annual returns, standard deviations, Sharpe ratios, skewness, and kurtosis were calculated and analyzed. The Capital Asset Pricing Model (CAPM), Fama–French three-factor model and Carhart four-factor model were used to value different market portfolios. The findings of this study suggest that sustainable funds are less risky than traditional funds. However, at the same time, we want to point to pay attention to the period of our analysis and to have in mind that an increasing demand of social responsible assets increases risks as well. However, no clear evidence was found to confirm that sustainable funds can generate higher returns compared to traditional piers or benchmark index. Moreover, after studying different methods the study reveals that the Fama–French three-factor model was the most suitable for explaining the traditional and sustainable funds’ results.

This paper investigated the impact of employee quality on corporate social responsibility (CSR). Based on data from China A-share-listed companies for the years 2012–2016 and using ordinary least squares, our empirical results show that the educational level of the workforce, as a proxy for employee quality, is positively associated with CSR, which suggests that higher education can promote CSR implementation. Additional analyses found that this positive relationship is more pronounced in non-state-owned enterprises, enterprises in regions with lower marketisation processes, and firms with lower proportions of independent directors. This study extends the literature on human capital at the level of firms’ entire workforce and CSR by elaborating the positive effect of employee quality on CSR in the context of an emerging economy (China). The results suggest that it is necessary to consider the educational level of employees when analysing CSR, which is of strategic significance for corporate sustainable development.

Studying the driving factors of environmental pollution is of great importance for China. Previous literature mainly focused on the cause of national aggregate emission changes. However, research about the effect of fiscal expenditures on science and technology (FESTs) on environmental pollution is rare. Considering the large gap among cities in China, it is necessary to investigate whether and how FESTs affect environmental pollution among cities. We adopted three kinds of typical environmental pollutants including sulfur dioxide (SO₂) emissions, wastewater emission, and atmospheric particulate matter less than 2.5 micrometers in diameter (PM_2.5). Using the data of 260 prefecture-level cities over ten years in China, we found that FESTs play a significantly positive role in reducing sulfur dioxide (SO₂) emissions and PM_2.5 concentrations, but fail to alleviate wastewater emissions. Specifically, for every 1% increase in FESTs, SO₂ emissions were reduced by 5.317% and PM_2.5 concentrations were reduced by 5.329%. Furthermore, we found that FESTs reduced environmental pollution by impeding fixed asset investments and by promoting research and development activities (R&D). Moreover, the impacts of FESTs on environmental pollution varied across regions and sub-periods. Our results are robust to a series of additional checks, including alternative econometric specifications, generalized method of moments (GMM) analysis and overcoming potential endogeneity with an instrumental variable. Our findings confirm that government efforts can be effective on pollution control in China. Hence, all governments should pay more attention to FESTs for sustainable development and environmental quality improvements.

Investors’ beliefs are the driving force behind the trading of stocks and, hence, sustainable stock returns. Although investors’ beliefs are usually unobservable, this study develops a new approach to estimate investors beliefs. Following well-established rational learning and market microstructure models, it is assumed that informed traders submit market orders according to their beliefs, whereas market makers/uninformed traders make Bayesian inferences about the informed traders’ private signals after observing the total order flows. By fitting intraday transaction data to this model, we can estimate the daily belief uncertainties of informed and uninformed investors; this estimation is performed on S&P 500 stocks. The belief parameters estimated by this approach have incremental explanatory power to bid-ask spreads. The findings show that market makers’ belief uncertainty plays a more important role in determining sustainable stock returns than informed traders’. Implications of these findings include: (a) the larger market maker group is influencing the market trends; (b) this dominant group is making decisions based on diverse types of data; and (c) increased understanding of the diversity of belief parameters may facilitate strategies to enhance sustainable returns, however, stock trading is still significantly influenced by emotive factors worthy of further research.

The coronavirus disease 2019 (COVID-19) pandemic has exacerbated the labour shortage, and promoting entrepreneurship to spur job creation is one of the most effective strategies to address this problem. Entrepreneurs must lengthen their employment or start-up cycles due to COVID-19 normalisation. Consequently, the impact of career willingness to delay satisfaction on entrepreneurial ambition is investigated in this research via an online survey in Jiangsu Province, China. The findings show that students with a high level of career delayed contentment has a higher level of entrepreneurial intention (EI), implying that career delayed contentment intention influences EI positively. Psychological capital (PC) modifies this process, increasing the influence of job delayed satisfaction on EI by strengthening PC. PC’s significant components are self-efficacy, hope, optimism, and flexibility. This study combines the willingness to wait for satisfaction with the willingness to start a business, providing a valuable reference for reducing the work condition caused by the COVID-19 epidemic.

We undertook an autopsy of the drivers of individual foreign real estate investment ‘bust’ in Australia through a new theoretical lens of ‘habitus’. Our autopsy data drew contours around the individual foreign real estate capital ‘boom and bust’ cycle, as well as the long-term commitment of professionals in the real estate sector to Australia’s real estate market. More specifically, we showed that the foreign capital ‘boom and bust’ cycle began in earnest in about 2010 (starting at A$8.7 billion), grew to A$72.4 billion in 2016–2017, and then declined to A$12.5 billion in 2017–2018. This decline in foreign capital into Australian real estate occurred within a domestic real estate market in Sydney that also started to slow in 2017. Based on 20 semi-structured interviews with real estate professionals in Sydney and public material culture data, we found out that the off-the-plan apartment sales and global policy landscape changes contributed to the decline of foreign real estate investment in Australia. The three possible implications for Sydney’s future residential real estate development: (1) The loss of investors, (2) the evolution of the labor force, and (3) the diversification of housing products, have been raised as part of a future research road map.