Article: Does sustainable banking facilitate reducing the SDG-10 in weak rule of law setting?
2024 Volume 10, Issue 2, Page(s) e24128
Abstract: Facilitating economic opportunities is a critical function of the financial sector, and this contributes significantly towards the attainment of Sustainable Development Goals 10 (SDG-10), which aims to reduce income inequality. This research examines the ...
Abstract | Facilitating economic opportunities is a critical function of the financial sector, and this contributes significantly towards the attainment of Sustainable Development Goals 10 (SDG-10), which aims to reduce income inequality. This research examines the role of sustainable banking practices in reducing income inequality and achieving SDG-10 under weak rule of law settings. We employed a panel cluster regression model to examine the data collected from 890 banks across 49 nations over a nine-year period (2014-2022). Specifically, we opted to cluster the observations based on industry and year to produce unbiased standard error. The findings reveal that sustainable banking practices are more effective in reducing income inequality, especially in settings with weak rule of law. They also contribute to combating money laundering, which is a significant barrier to achieving SDG-10. The study highlights the importance of transparent and responsible financial transactions in promoting investment opportunities that contribute to sustainable development. Moreover, we find that sustainable banking can accelerate the impact of Fintech in reducing income inequality in weak rule of law settings. The use of Fintech in the financial industry can improve transparency, accountability, and fairness, which are essential for progress towards achieving SDG-10. These findings have significant implications for the expansion of sustainable banking practices in regions with weak institutional frameworks. |
---|---|
Language | English |
Publishing date | 2024-01-09 |
Publishing country | England |
Document type | Journal Article |
ZDB-ID | 2835763-2 |
ISSN | 2405-8440 |
ISSN | 2405-8440 |
DOI | 10.1016/j.heliyon.2024.e24128 |
Database | MEDical Literature Analysis and Retrieval System OnLINE |
More links
Kategorien
Order via subito
This service is chargeable due to the Delivery terms set by subito. Orders including an article and supplementary material will be classified as separate orders. In these cases, fees will be demanded for each order.