GREEN BANKING EVOLUTION: MAPPING THE STATE-OF-THE-ART OF LITERATURE
Keywords:
Bibliometric Analysis, Citation Network, Green Banking, Scopus, Systematic Literature Review.
Abstract
The urgency to address environmental degradation and climate change has placed significant pressure on financial institutions to adopt sustainable practices. As a primary facilitator of economic activity, the banking sector can mitigate its environmental impact through green banking initiatives. However, despite the increasing importance of sustainable finance, research on the trends, key contributors, and development of green banking still needs to be completed and expanded. This study addresses such issues by investigating the evolution of the green banking literature over an extended period from 1996 to 2021 to map the field's intellectual structure. Adopting an established bibliometric approach, this study uses a bibliometric analysis to identify research trends, publication patterns, key authors, and gaps in green banking. A dataset of 115 documents was sourced from the Scopus database, covering areas such as economics, finance, and environmental science. Using tools such as Harzing's Publish or Perish and VOSviewer, citation and co-authorship networks were examined along with keyword co-occurrences. The results show that green banking research has grown exponentially, with most contributions from Asia, particularly Malaysia. The analysis identified nine research clusters, highlighting key themes such as sustainable development and corporate social responsibility. Furthermore, the findings reveal limited collaboration between researchers and suggest that more cross-country studies are needed to enhance global understanding of green banking practices. Overall, this study provides the first comprehensive bibliometric review of green banking, offering insights for researchers and policymakers into this growing field's current state and future directions.
JEL Classification Codes: G21, Q56, Q58.
References
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Bose, S. H. Z., Rashid, A., & Islam, S. (2018). What drives green banking disclosure? An institutional and corporate governance perspective. Asia Pacific Journal of Management, 35, 501–527. https://doi.org/10.1007/s10490-017-9528-x
Bukhari, S. A. A., Hashim, F., & Amran, A. (2019). Determinants of green banking adoption: A theoretical framework. KnE Social Sciences, 3(22), 1–14. https://doi.org/10.18502/kss.v3i22.5041
Castriotta, M., Loi, M., Marku, E., & Naitana, L. (2019). What’s in a name? Exploring the conceptual structure of emerging organizations. Scientometrics, 118(2), 407–437. https://doi.org/10.1007/s11192-018-2977-2
Chowdhury, M. A. A., & Dey, M. (2016). Green banking practices in Bangladesh. The Cost and Management, 44(2), 34–39.
Curcio, D., Gianfrancesco, I., & Vioto, D. (2023). Climate change and financial systemic risk: Evidence from US banks and insurers. Journal of Financial Stability, 66, 101132. https://doi.org/10.1016/j.jfs.2023.101132
Deepa, P., & Karpagam, C. R. (2018). A study on customer’s awareness on green banking in selected public and private sector banks with reference to Tirupur. International Journal of Advanced Research and Development, 3(1), 58-63.
Ibe-Enwo, G., Garanti, Z., & Popoola, T. (2019). Assessing the relevance of green banking practices on bank loyalty: The mediating effect of green image and bank trust. Sustainability, 11(17), 4651. https://doi.org/10.3390/su11174651
Islam, M. A., Yousuf, S., Hossain, K. H., & Islam, M. R. (2014). Green financing in Bangladesh: Challenges and opportunities - A descriptive approach. International Journal of Green Economics, 8(1), 74 – 91. https://doi.org/10.1504/IJGE.2014.064469
Islam, M. S., & Das, P. C. (2013). Green banking practices in Bangladesh. IOSR Journal of Business and Management, 8(3), 39-44. https://doi.org/10.9790/487X-0833944
Julia, T., & Kassim, S. (2020). Green banking. In Banking and Finance. IntechOpen. https://doi.org/10.5772/intechopen.93294
Khairunnessa, F., Vazquez-Brust, D. A., & Yakovleva, N. (2021). A review of the recent developments of green banking in Bangladesh. Sustainability, 13(4), 1904. https://doi.org/10.3390/su13041904
Kurowski, Ł., Rutecka-Góra, J., & Smaga, P. (2022). Is knowledge on climate change a driver of consumer purchase decisions in Poland? The case of grocery goods and green banking. Journal of Cleaner Production, 369, 133444. https://doi.org/10.1016/j.jclepro.2022.133444
Laskowska, A. (2018). Green banking as the prospective dimension of banking in Poland. Ecological Questions, 29(1), 129–135. https://doi.org/10.12775/EQ.2018.011
Li, Y. (2023). Role of banking sector in green economic growth: empirical evidence from South Asian economies. Economic Change and Restructuring, 56(4), 2437-2454. https://doi.org/10.1007/s10644-023-09499-4
Li, C., Wu, K., & Wu, J. (2017). A bibliometric analysis of research on haze during 2000–2016’, Environmental Science and Pollution Research, 24(32), 24733–24742. https://doi.org/10.1007/s11356-017-0440-1
Manolas, E., Tsantopoulos, G., & Dimoudi, K. (2017). Energy saving and the use of “green” bank products: the views of the citizens. Management of Environmental Quality: An International Journal, 28(5), 745–768. https://doi.org/10.1108/MEQ-05-2016-0042
Masukujjaman, M., Siwar, C., Mahmud, M. R., & Alam, S. S. (2016). Bankers' perception of green banking: Learning from the experience of Islamic banks in Bangladesh. Malaysian Journal of Society and Space, 12(2), 144-153. Retrieved from https://ejournal.ukm.my/gmjss/article/view/17745
Miah, M. D., Rahman, S. M., & Mamoon, M. (2021). Green banking: The case of commercial banking sector in Oman. Environment, Development and Sustainability, 23, 2681-2697. https://doi.org/10.1007/s10668-020-00695-0
Miroshnichenko, O. S., & Mostovaya, N. A. (2019). Green loan as a tool for green financing. Finance: Theory and Practice, 23(2), 31-43. https://doi.org/10.26794/2587-5671-2019-23-2-31-43
Mirza, N., Umar, M., Afzal, A., & Firdousi, S. F. (2023). The role of fintech in promoting green finance, and profitability: Evidence from the banking sector in the euro zone. Economic Analysis and Policy, 78, 33-40. https://doi.org/10.1016/j.eap.2023.02.001
Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & PRISMA Group*, T. (2009). Preferred reporting items for systematic reviews and meta-analyses: the PRISMA statement. Annals of internal medicine, 151(4), 264-269. https://doi.org/10.7326/0003-4819-151-4-200908180-00135
Najera-Sanchez, J. J. (2020). A systematic review of sustainable banking through a co-word analysis. Sustainability, 12(1), 278. https://doi.org/10.3390/su12010278
Nasution, A. H., Nasution, B., & Saidin, O. K. (2021). Agricultural sector financing to realise green banking in Indonesia. IOP Conference Series: Earth and Environmental Science, 782(3), 032052. https://doi.org/10.1088/1755-1315/782/3/032052
Nenavath, S. (2022). Impact of fintech and green finance on environmental quality protection in India: By applying the semi-parametric difference-in-differences (SDID). Renewable Energy, 193, 913-919. https://doi.org/10.1016/j.renene.2022.05.020
Ng, A. W. (2018). From sustainability accounting to a green financing system: Institutional legitimacy. Journal of Cleaner Production, 195, 585–592. https://doi.org/10.1016/j.jclepro.2018.05.250
Omar, N. B., & Amran, A. (2017). Corporate governance and climate change reporting in Malaysia. International Journal of Academic Research in Business and Social Sciences, 7(12), 222-240.
Persson, O., Danell, R., & Schneider, J. W. (2009). How to use Bibexcel for various types of bibliometric analysis. Celebrating scholarly communication studies: A Festschrift for Olle Persson at his 60th Birthday, 5(2009), 9-24.
Rachman, A. A., & Saudi, M. H. (2021). Green banking and profitability (Banks registered on the Sri-Kehati Index in Indonesia Stock Exchange 2015 - 2019). Turkish Journal of Computer and Mathematics Education, 12(8), 473-486.
Rifat, A., Nisha, N., Iqbal, M., & Suviitawat, A. (2016). The role of commercial banks in green banking adoption: A Bangladesh perspective. International Journal of Green Economics, 10(3-4), 226-251. https://doi.org/10.1504/IJGE.2016.081906
Rodrigues, L. F., Oliveira, A., & Rodrigues, H. (2023). Technology management has a significant impact on digital transformation in the banking sector. International Review of Economics & Finance, 88, 1375-1388. https://doi.org/10.1016/j.iref.2023.07.040
Ruan, S., Wan, G., Le, X., Zhang, S., & Yu, C. (2023). Combining the role of the banking sector and natural resource utilization on green economic development: Evidence from China. Resources Policy, 83, 103671. https://doi.org/10.1016/j.resourpol.2023.103671
Sinha, A., Mishra, S., Sharif, A., & Yarovaya, L. (2021). Does green financing help to improve the environmental and social eesponsibility? Designing SDG framework through advanced quantile modelling. Journal of Environmental Management, 292, 112751. https://doi.org/10.1016/j.jenvman.2021.112751
Tan, L. H., Chew, B. C., & Hamid, S. R. (2017). A holistic perspective on sustainable banking operating system drivers: A case study of Maybank group. Qualitative Research in Financial Markets, 9(3), 240–262. https://doi.org/10.1108/QRFM-12-2016-0052
Torre Olmo, B., Cantero Saiz, M., & Sanfilippo Azofra, S. (2021). Sustainable banking, market power, and efficiency: Effects on banks’ profitability and risk. Sustainability, 13(3), 1298. https://doi.org/10.3390/su13031298
Tunger, D., & Eulerich, M. (2018). Bibliometric analysis of corporate governance research in German-speaking countries: Applying bibliometrics to business research using a custom-made database. Scientometrics, 117, 2041–2059. https://doi.org/10.1007/s11192-018-2919-z
Uddin, M. N., & Ahmmed, M. (2018). Islamic banking and green banking for sustainable development: Evidence from Bangladesh. Journal of Islamic Economics, 10(1), 97-114. htttp://dx.doi.org/10.15408/aiq.v10i1.4563
Weber, O., & Feltmate, B. (2016). Sustainable Banking and Finance: Managing the Social and Environmental Impact of Financial Institutions. Business & Sustainability Series. University of Toronto Press.
Xiang, Y., Cui, H., & Bi, Y. (2023). The impact and channel effects of banking competition and government intervention on carbon emissions: Evidence from China. Energy Policy, 175, 113476. https://doi.org/10.1016/j.enpol.2023.113476
Yadav, R., & Pathak, G. S. (2013). Environmental sustainability through green banking: A study on private and public sector banks in India. OIDA International Journal of Sustainable Development, 6(8), 37-48.
Zhou, B., & Zhang, C. (2023). When green finance meets banking competition: Evidence from hard-to-abate enterprises of China. Pacific-Basin Finance Journal, 78, 101954. https://doi.org/10.1016/j.pacfin.2023.101954
Al Mulla, S., & Nobanee, H. (2020). Green banking: A mini-review. https://dx.doi.org/10.2139/ssrn.3539125
Arumugam, D., & Chirute, T. (2018). Factors determining the adoption of green banking amongst commercial banks in Malaysia. Electronic Journal of Business and Management, 2(3), 50–62.
Baker, H. K., Pandey, N., Kumar, S., & Haldar, A. (2020). A bibliometric analysis of board diversity: Current status, development, and future research directions. Journal of Business Research, 108, 232-246. https://doi.org/10.1016/j.jbusres.2019.11.025
Bose, S. H. Z., Rashid, A., & Islam, S. (2018). What drives green banking disclosure? An institutional and corporate governance perspective. Asia Pacific Journal of Management, 35, 501–527. https://doi.org/10.1007/s10490-017-9528-x
Bukhari, S. A. A., Hashim, F., & Amran, A. (2019). Determinants of green banking adoption: A theoretical framework. KnE Social Sciences, 3(22), 1–14. https://doi.org/10.18502/kss.v3i22.5041
Castriotta, M., Loi, M., Marku, E., & Naitana, L. (2019). What’s in a name? Exploring the conceptual structure of emerging organizations. Scientometrics, 118(2), 407–437. https://doi.org/10.1007/s11192-018-2977-2
Chowdhury, M. A. A., & Dey, M. (2016). Green banking practices in Bangladesh. The Cost and Management, 44(2), 34–39.
Curcio, D., Gianfrancesco, I., & Vioto, D. (2023). Climate change and financial systemic risk: Evidence from US banks and insurers. Journal of Financial Stability, 66, 101132. https://doi.org/10.1016/j.jfs.2023.101132
Deepa, P., & Karpagam, C. R. (2018). A study on customer’s awareness on green banking in selected public and private sector banks with reference to Tirupur. International Journal of Advanced Research and Development, 3(1), 58-63.
Ibe-Enwo, G., Garanti, Z., & Popoola, T. (2019). Assessing the relevance of green banking practices on bank loyalty: The mediating effect of green image and bank trust. Sustainability, 11(17), 4651. https://doi.org/10.3390/su11174651
Islam, M. A., Yousuf, S., Hossain, K. H., & Islam, M. R. (2014). Green financing in Bangladesh: Challenges and opportunities - A descriptive approach. International Journal of Green Economics, 8(1), 74 – 91. https://doi.org/10.1504/IJGE.2014.064469
Islam, M. S., & Das, P. C. (2013). Green banking practices in Bangladesh. IOSR Journal of Business and Management, 8(3), 39-44. https://doi.org/10.9790/487X-0833944
Julia, T., & Kassim, S. (2020). Green banking. In Banking and Finance. IntechOpen. https://doi.org/10.5772/intechopen.93294
Khairunnessa, F., Vazquez-Brust, D. A., & Yakovleva, N. (2021). A review of the recent developments of green banking in Bangladesh. Sustainability, 13(4), 1904. https://doi.org/10.3390/su13041904
Kurowski, Ł., Rutecka-Góra, J., & Smaga, P. (2022). Is knowledge on climate change a driver of consumer purchase decisions in Poland? The case of grocery goods and green banking. Journal of Cleaner Production, 369, 133444. https://doi.org/10.1016/j.jclepro.2022.133444
Laskowska, A. (2018). Green banking as the prospective dimension of banking in Poland. Ecological Questions, 29(1), 129–135. https://doi.org/10.12775/EQ.2018.011
Li, Y. (2023). Role of banking sector in green economic growth: empirical evidence from South Asian economies. Economic Change and Restructuring, 56(4), 2437-2454. https://doi.org/10.1007/s10644-023-09499-4
Li, C., Wu, K., & Wu, J. (2017). A bibliometric analysis of research on haze during 2000–2016’, Environmental Science and Pollution Research, 24(32), 24733–24742. https://doi.org/10.1007/s11356-017-0440-1
Manolas, E., Tsantopoulos, G., & Dimoudi, K. (2017). Energy saving and the use of “green” bank products: the views of the citizens. Management of Environmental Quality: An International Journal, 28(5), 745–768. https://doi.org/10.1108/MEQ-05-2016-0042
Masukujjaman, M., Siwar, C., Mahmud, M. R., & Alam, S. S. (2016). Bankers' perception of green banking: Learning from the experience of Islamic banks in Bangladesh. Malaysian Journal of Society and Space, 12(2), 144-153. Retrieved from https://ejournal.ukm.my/gmjss/article/view/17745
Miah, M. D., Rahman, S. M., & Mamoon, M. (2021). Green banking: The case of commercial banking sector in Oman. Environment, Development and Sustainability, 23, 2681-2697. https://doi.org/10.1007/s10668-020-00695-0
Miroshnichenko, O. S., & Mostovaya, N. A. (2019). Green loan as a tool for green financing. Finance: Theory and Practice, 23(2), 31-43. https://doi.org/10.26794/2587-5671-2019-23-2-31-43
Mirza, N., Umar, M., Afzal, A., & Firdousi, S. F. (2023). The role of fintech in promoting green finance, and profitability: Evidence from the banking sector in the euro zone. Economic Analysis and Policy, 78, 33-40. https://doi.org/10.1016/j.eap.2023.02.001
Moher, D., Liberati, A., Tetzlaff, J., Altman, D. G., & PRISMA Group*, T. (2009). Preferred reporting items for systematic reviews and meta-analyses: the PRISMA statement. Annals of internal medicine, 151(4), 264-269. https://doi.org/10.7326/0003-4819-151-4-200908180-00135
Najera-Sanchez, J. J. (2020). A systematic review of sustainable banking through a co-word analysis. Sustainability, 12(1), 278. https://doi.org/10.3390/su12010278
Nasution, A. H., Nasution, B., & Saidin, O. K. (2021). Agricultural sector financing to realise green banking in Indonesia. IOP Conference Series: Earth and Environmental Science, 782(3), 032052. https://doi.org/10.1088/1755-1315/782/3/032052
Nenavath, S. (2022). Impact of fintech and green finance on environmental quality protection in India: By applying the semi-parametric difference-in-differences (SDID). Renewable Energy, 193, 913-919. https://doi.org/10.1016/j.renene.2022.05.020
Ng, A. W. (2018). From sustainability accounting to a green financing system: Institutional legitimacy. Journal of Cleaner Production, 195, 585–592. https://doi.org/10.1016/j.jclepro.2018.05.250
Omar, N. B., & Amran, A. (2017). Corporate governance and climate change reporting in Malaysia. International Journal of Academic Research in Business and Social Sciences, 7(12), 222-240.
Persson, O., Danell, R., & Schneider, J. W. (2009). How to use Bibexcel for various types of bibliometric analysis. Celebrating scholarly communication studies: A Festschrift for Olle Persson at his 60th Birthday, 5(2009), 9-24.
Rachman, A. A., & Saudi, M. H. (2021). Green banking and profitability (Banks registered on the Sri-Kehati Index in Indonesia Stock Exchange 2015 - 2019). Turkish Journal of Computer and Mathematics Education, 12(8), 473-486.
Rifat, A., Nisha, N., Iqbal, M., & Suviitawat, A. (2016). The role of commercial banks in green banking adoption: A Bangladesh perspective. International Journal of Green Economics, 10(3-4), 226-251. https://doi.org/10.1504/IJGE.2016.081906
Rodrigues, L. F., Oliveira, A., & Rodrigues, H. (2023). Technology management has a significant impact on digital transformation in the banking sector. International Review of Economics & Finance, 88, 1375-1388. https://doi.org/10.1016/j.iref.2023.07.040
Ruan, S., Wan, G., Le, X., Zhang, S., & Yu, C. (2023). Combining the role of the banking sector and natural resource utilization on green economic development: Evidence from China. Resources Policy, 83, 103671. https://doi.org/10.1016/j.resourpol.2023.103671
Sinha, A., Mishra, S., Sharif, A., & Yarovaya, L. (2021). Does green financing help to improve the environmental and social eesponsibility? Designing SDG framework through advanced quantile modelling. Journal of Environmental Management, 292, 112751. https://doi.org/10.1016/j.jenvman.2021.112751
Tan, L. H., Chew, B. C., & Hamid, S. R. (2017). A holistic perspective on sustainable banking operating system drivers: A case study of Maybank group. Qualitative Research in Financial Markets, 9(3), 240–262. https://doi.org/10.1108/QRFM-12-2016-0052
Torre Olmo, B., Cantero Saiz, M., & Sanfilippo Azofra, S. (2021). Sustainable banking, market power, and efficiency: Effects on banks’ profitability and risk. Sustainability, 13(3), 1298. https://doi.org/10.3390/su13031298
Tunger, D., & Eulerich, M. (2018). Bibliometric analysis of corporate governance research in German-speaking countries: Applying bibliometrics to business research using a custom-made database. Scientometrics, 117, 2041–2059. https://doi.org/10.1007/s11192-018-2919-z
Uddin, M. N., & Ahmmed, M. (2018). Islamic banking and green banking for sustainable development: Evidence from Bangladesh. Journal of Islamic Economics, 10(1), 97-114. htttp://dx.doi.org/10.15408/aiq.v10i1.4563
Weber, O., & Feltmate, B. (2016). Sustainable Banking and Finance: Managing the Social and Environmental Impact of Financial Institutions. Business & Sustainability Series. University of Toronto Press.
Xiang, Y., Cui, H., & Bi, Y. (2023). The impact and channel effects of banking competition and government intervention on carbon emissions: Evidence from China. Energy Policy, 175, 113476. https://doi.org/10.1016/j.enpol.2023.113476
Yadav, R., & Pathak, G. S. (2013). Environmental sustainability through green banking: A study on private and public sector banks in India. OIDA International Journal of Sustainable Development, 6(8), 37-48.
Zhou, B., & Zhang, C. (2023). When green finance meets banking competition: Evidence from hard-to-abate enterprises of China. Pacific-Basin Finance Journal, 78, 101954. https://doi.org/10.1016/j.pacfin.2023.101954
Published
2024-12-16
How to Cite
Rahman, L. A., Shamsudin, S. M., Mohamad, M., & Nahar, H. S. (2024). GREEN BANKING EVOLUTION: MAPPING THE STATE-OF-THE-ART OF LITERATURE. Bangladesh Journal of Multidisciplinary Scientific Research, 9(6), 31-46. https://doi.org/10.46281/bjmsr.v9i6.2261
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Copyright (c) 2024 Liyana Ab Rahman, Siti Marlia Shamsudin, Maslinawati Mohamad, Hairul Suhaimi Nahar
This work is licensed under a Creative Commons Attribution 4.0 International License.
