Ethical finance involves financial practices that consider environmental, social, and governance (ESG) factors affecting a borrower and/or its assets. This approach extends beyond traditional financial metrics, aiming to align investments and lending with principles promoting sustainability,...

In light of the growing interest in corporate social responsibility (CSR), there is still controversy regarding its impact on firms’ performance. In this paper, we examine the impact of CSR initiatives, as a marketing investment, on firms’ performance. We treat CSR initiatives as investment...