نشریه علمی «تحقیقات مالی اسلامی»

اوراق بهادار اسلامی سرمایه‌گذاری با مسئولیت اجتماعی: مروری نظام‌مند بر ادبیات علمی

نوع مقاله : علمی - پژوهشی (ابزارهای تأمین مالی اسلامی)

نویسندگان

1 دانش‎آموخته دکتری، مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق علیه‌السلام، تهران، ایران

2 استادیار، مدیریت مالی، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق علیه‌السلام، تهران، ایران

3 دانشیار، مدیریت مالی، گروه مدیریت مالی، دانشکده معارف اسلامی و مدیریت، دانشگاه امام صادق علیه‌السلام، تهران، ایران

4 استاد، مدیریت، گروه مدیریت صنعتی، دانشکده مدیریت و اقتصاد، دانشگاه تربیت مدرس، تهران، ایران

چکیده

یکی از پیشرفت‌های اخیر بازار اوراق بهادار اسلامی، انتشار اوراق سرمایه‌گذاری با مسئولیت اجتماعی (SRI) است که بر مسائل زیست-محیطی، اجتماعی و حاکمیتی (ESG) تمرکز دارد. علی ‌رغم رشد چشمگیر این اوراق در چند سال گذشته، تنها تعداد معدودی از مطالعات به این مسئله پرداخته‌اند. از اینرو، هدف این مطالعه بررسی سیستماتیک ادبیات اوراق بهادار اسلامی سرمایه‌گذاری با مسئولیت اجتماعی به منظور ارائه راهنمایی جامع برای تحقیقات آینده است. در مجموع، تعداد 383 مقاله از پایگاه شبکه علم و اسکوپوس برای تجزیه و تحلیل مطالعات کتاب شناسی در طول سال‌های 2000 تا مِی 2021 انتخاب شد.

پژوهش حاضر نشان می‌دهد که ادبیات اوراق SRI عمدتاً در 10 حوزه (1) تعریف اوراق SRI (2) رقابت‌پذیری (3) انواع (4) ماهیت ریسک و بازدهی (5) شرایط و ویژگی‌های طرح‌ها و پروژه‌های واجد شرایط (6) راهبردهای مورد نظر در انتخاب پروژه‌های واجد شرایط (7) معیارها و شاخص‌های اثربخشی (8) بازیگران بالقوه (9) سیاست‌های انگیزشی و (10) شیوه نظارت و گزارش‌دهی تعریف می‌شود. با وجود این، مطالعات در زمینه معیارها و شاخص‌های اثربخشی و شرایط و ویژگی‌های طرح‌ها و پروژه‌های واجد شرایط این نوع اوراق بسیار اندک است.

پژوهش‌ها همچنین نشان می‌دهند که کشورهای ایالات متحده آمریکا، انگلستان، چین، آلمان، استرالیا و ایتالیا بیشترین مطالعات را در زمینه اوراق سرمایه‌گذاری با مسئولیت اجتماعی به عمل آورده‌اند.

کلیدواژه‌ها

عنوان مقاله [English]

Socially Responsible Investment Sukuk: A Systematic Review of the Scientific Literature

نویسندگان [English]

  • Reza Yarmohammadi 1
  • Ali Salehabadi 2
  • Mohammad Tahidi 3
  • Adel Azar 4

1 PhD Student, Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran

2 Assistant Professor, Financial Management, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran

3 Associate Professor, Financial Management, Department of Financial Management, Faculty of Islamic Studies and Management, Imam Sadiq University, Tehran, Iran

4 Professor, Management, Department of Industrial Management, Faculty of Management and Economics, Tarbiat Modares University, Tehran, Iran

چکیده [English]

One of the recent developments in the Islamic securities market is the issuance of Socially Responsible Investment Sukuk (SRI), which focuses on environmental, social and governance (ESG) issues. Despite the dramatic growth of these papers over the past few years, only a handful of studies have addressed this issue. Therefore, the purpose of this study is to systematically review the literature on Islamic securities investment with social responsibility in order to provide comprehensive guidance for future research. A total of 383 articles from the Science and Scopus Network database were selected for analysis of bibliographic studies during the years 2000 to May 2021. The present study shows that the literature of SRI Sukuk is mainly in 10 areas: (1)definition of SRI Sukuk, (2)competitiveness, (3)types, (4)nature of risk and return, (5)terms and characteristics of plans and projects Eligible, (6)Defines strategies for selecting eligible projects, (7)Measures and indicators of effectiveness, (8)Potential actors, (9)Motivational policies and (10)Monitoring and reporting methods. However, there are very few studies on the criteria and indicators of effectiveness and the conditions and characteristics of eligible designs and projects of this type of sukuk. Research also shows that the United States, the United Kingdom, China, Germany, Australia, and Italy have done the most research on socially responsible investment sukuk.

کلیدواژه‌ها [English]

  • Socially Responsible Investment Sukuk
  • Risk Sharing
  • Financing
  • Islamic Finance
  • Systematic Review of Literature
  • برامکی یزدی، حجت‌اله (1387). جایگاه سرمایه اجتماعی در اقتصاد اسلامی و تأثیرات آن بر توسعه. همایش اقتصاد اسلامی و توسعه، مشهد، ایران.
  • Baramaki, H., (2008). The Place of Social Capital in Islamic Economic and its Effects on Development. Islamic Economics and Development Conference, Mashhad, Iran. (In Pesian).
  • عاقلی، لطفعلی؛ و صادقی، حسین (1380). روند تخریب زیست­محیطی در ایران (کاربرد منطق فازی). اقتصاد کشاورزی و توسعه. 9(36)، 174-220.
  • Agheli, L., & Sadeghi, H. (2001). The Process of Environmental Destruction in Iran (The Use of Fuzzy Logic). Agricultural Economics and Development, 9 (36), 174-220. (In Pesian).
  • Afik, Z., Katz, H., Levy, A., & Yosef, R. (2021). New Development: Does Investment in Social Impact Bonds Affect Equity Prices? An Event Studies. Public Money & Management, 41(3), 272–275.
  • Agliardi, E., & Agliardi, R. (2019). Financing Environmentally-Sustainable Projects with Green Bonds. Environment and Development Economics, 24(6), 608–623.
  • Agrawal, A., & Hockerts, K. (2021). Impact Investing: Review and Research Agenda. Journal of Small Business & Entrepreneurship, 33(2), 153–181.
  • Alonso-Conde, A.-B., & Rojo-Suárez, J. (2020). On the Effect of Green Bonds on the Profitability and Credit Quality of Project Financing. Sustainability, 12(16), 6695.
  • Anh Tu, C., Sarker, T., & Rasoulinezhad, E. (2020). Factors Influencing The Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis. Journal of Risk and Financial Management, 13(6), 126.
  • Ballestero, E., Pérez-Gladish, B., & Garcia-Bernabeu, A. (2015). The Ethical Financial Question and the MCDM Framework. In Socially Responsible Investment, 3–22. Springer.
  • Batrancea, I., Batrancea, L., Maran Rathnaswamy, M., Tulai, H., Fatacean, G., & Rus, M.-I. (2020). Greening the Financial System in USA, Canada and Brazil: A Panel Data Analysis. Mathematics, 8(12), 2217.
  • Bauer, R., Otten, R., & Rad, A. T. (2006). Ethical Investing in Australia: Is there a Financial Penalty? Pacific-Basin Finance Journal, 14(1), 33–48.
  • Bocken, N. M. (2015). Sustainable Venture Capital–Catalyst for Sustainable Start-up Success? Journal of Cleaner Production, 108, 647–658.
  • Cummings, L. S. (2000). The Financial Performance of Ethical Investment Trusts: An Australian Perspective. Journal of Business Ethics, 25(1), 79–92.
  • Deschryver, P., & De Mariz, F. (2020). What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market? Journal of Risk and Financial Management, 13(3), 61.
  • Garcia-Bernabeu, A., Salcedo, J. V., Hilario, A., Pla-Santamaria, D., & Herrero, J. M. (2019). Computing The Mean-Variance-Sustainability Nondominated Surface by Ev-MOGA. Complexity..
  • Hassan, A., Chachi, A., & Munshi, M. R. (2020). Performance Measurement of Islamic Mutual Funds Using DEA Method. Journal of Islamic Accounting and Business Research.
  • Jackson, E. T. (2013). Evaluating Social Impact Bonds: Questions, Challenges, Innovations, and Possibilities in Measuring Outcomes in Impact Investing. Community Development, 44(5), 608–616.
  • Jansson, M., & Biel, A. (2011). Motives to Engage in Sustainable Investment: A Comparison Between Institutional and Private Investors. Sustainable Development, 19(2), 135–142.
  • Kajiita, R. M., & Murote kang’ethe, S. (2020). Investing in People and Communities for Social Change: Lessons from Social Enterprises in South Africa. Journal of Progressive Human Services, 31(2), 126–143.
  • Karpf, A., & Mandel, A. (2018). The Changing Value of the Green Label on the US Municipal Bond Market. Nature Climate Change, 8(2), 161–165.
  • Kassim, S., & Abdullah, A. (2017). Pushing the Frontiers of Islamic Finance Through Socially Responsible Investment Sukuk. Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilization (ISTAC), 187–213.
  • Ketkar, S. L., & Ratha, D. (2011). Diaspora bonds for funding education. Migration Letters, 8(2), 153.
  • Kreander, N., Beattie, V., & McPhail, K. (2009). Putting our Money Where Their Mouth is: Alignment of Charitable Aims with Charity Investments–Tensions in Policy and Practice. The British Accounting Review, 41(3), 154–168.
  • Lainer-Vos, D. (2013). The Practical Organization of Moral Transactions: Gift Giving, Market Exchange, Credit, and The Making of Diaspora Bonds. Sociological Theory, 31(2), 145–167.
  • Li, G., Shi, X., Yang, Y., & Lee, P. K. (2020). Green Co-Creation Strategies Among Supply Chain Partners: A Value Co-Creation Perspective. Sustainability, 12(10), 4305.
  • Liaw, K. T. (2020). Survey of Green Bond Pricing and Investment Performance. Journal of Risk and Financial Management, 13(9), 193.
  • Losse, M., & Geissdoerfer, M. (2021). Mapping Socially Responsible Investing: A Bibliometric and Citation Network Analysis. Journal of Cleaner Production, 296, 126376.
  • Maltais, A., & Nykvist, B. (2020). Understanding the Role of Green Bonds in Advancing Sustainability. Journal of Sustainable Finance & Investment, 1–20.
  • Meyskens, M., & Bird, L. (2015). Crowdfunding and Value Creation. Entrepreneurship Research Journal, 5(2), 155–166.
  • Michelson, G., Wailes, N., Van Der Laan, S., & Frost, G. (2004). Ethical Investment Processes and Outcomes. Journal of Business Ethics, 52(1), 1–10.
  • Moher D, Shamseer L, Clarke M, Chersi D, Liberati A, Petticrew M. (2015). Preferred Reporting Items for Systematic Review and Meta-Analysis Protocols (PRISMA-P) Systematic Reviews; 4:1.
  • Mokhov, V. G., Chebotareva, G. S., & Khomenko, P. M. (2018). Modelling of" Green" Investments Risks. Вестник Южно-Уральского Государственного Университета. Серия: Математическое Моделирование и Программирование, 11(2), 154–159.
  • Nakamura, E. (2015). The Bidirectional CSR Investment–Economic Performance Relationship. Journal of Global Responsibility.
  • Renneboog, L., Ter Horst, J., & Zhang, C. (2008). Socially Responsible Investments: Institutional Aspects, Performance, and Investor Behavior. Journal of Banking & Finance, 32(9), 1723–1742.
  • Schrader, U. (2006). Ignorant Advice–Customer Advisory Service for Ethical Investment Funds. Business Strategy and the Environment, 15(3), 200–214.
  • Schueth, S. (2003). Socially Responsible Investing in the United States. Journal of Business Ethics, 43(3), 189–194.
  • Shamseer L, Moher D, Clarke M, Ghersi D, Liberati A, Petticrew M, Shekelle P, Stewart L, PRISMA-P Group. (2015). Preferred Reporting Items for Systematic Review and Meta-Analysis Protocols (PRISMA-P): Elaboration and Explanation. BMJ. 2;349(jan02 1): g7647.
  • Sparkes, R & Cowton, C. The Maturing of Socially Responsible Investment: A Review of the Developing Link with Corporate Social Responsibility, Journal of Business Ethics, 52, 45-57 (2004).
  • Strauss A, Corbin J. Basics of Qualitative Research Techniques: Sage Publications Thousand Oaks, CA; 1998.
  • Taghizadeh-Hesary, F., & Yoshino, N. (2020). Sustainable Solutions for Green Financing and Investment in Renewable Energy Projects. Energies, 13(4), 788.
  • Tang, D. Y., & Zhang, Y. (2020). Do Shareholders Benefit from Green Bonds? Journal of Corporate Finance, 61, 101427.
  • Tippet, J. (2001). Performance of Australia’s Ethical Funds. Australian Economic Review, 34(2), 170–178.
  • Trelstad, B. (2016). Impact Investing: A Brief History. Capitalism & Society, 11(2).
  • Tu, C. A., Rasoulinezhad, E., & Sarker, T. (2020). Investigating Solutions for the Development of a Green Bond Market: Evidence from Analytic Hierarchy Process. Finance Research Letters, 34, 101457.
  • Wagemans, F. A., Koppen, C. (Kris) van, & Mol, A. P. (2013). The Effectiveness of Socially Responsible Investment: A Review. Journal of Integrative Environmental Sciences, 10(3–4), 235–252.
  • Wang, M., Li, X., & Wang, S. (2021). Discovering Research Trends and Opportunities of Green Finance and Energy Policy: A Data-Driven Scientometric Analysis. Energy Policy, 154, 112295.
  • Wins, A., & Zwergel, B. (2015). Private Ethical Fund Investors Across Countries and Time: A Survey-Based Review. Qualitative Research in Financial Markets.
  • Wirth, E. (2018). The Norwegian Government Pension Fund Global, Corporate Social Responsibility and Climate Change.
  • Zain, N. S., & Sori, Z. M. (2020). An Exploratory Study on Musharakah SRI Sukuk for the Development of Waqf Properties/Assets in Malaysia. Qualitative Research in Financial Markets.
  • Zhou, X., Zhang, R., & Polochova, V. (2021). The Dependence of Chinese Green and Conventional Bond Markets Under Extreme and Normal Market Conditions. Environmental Science and Pollution Research, 28(38), 53208–53223.
  • Батракова, Т. І., Кушнір, С. О., & Басенко, К. О. (2017). The Activation of Regulatory Policy Towards the Development of Social Investment.
نشریه علمی «تحقیقات مالی اسلامی»
دوره 12، شماره 3 - شماره پیاپی 25
اردیبهشت 1402
صفحه 515-556
  • تاریخ دریافت: 06 اردیبهشت 1401
  • تاریخ بازنگری: 23 مرداد 1401
  • تاریخ پذیرش: 10 شهریور 1401