Publications – Climate & Energy Finance Group (CEFGroup)

Below is a list of relevant CEFGroup publications and working papers since 2017:

2026

Ahmed, I., Diaz-Rainey, I., Nguyen, D. T. T., & Roberts, H. (2026). Expand or avoid: Microfinance credit risk and climate vulnerability. Research in International Business & Finance, 83, 103268.
Perera, K., Kuruppuarachchi, D., Kumarasinghe, S., & Suleman, M. T.(2026). Climate change and idiosyncratic volatility: moderating role of ESG disclosure. Applied Economics, 1-19.

2025

Zhang, X., Biswas, P. K., Ranasinghe, D., & Roberts, H. (2025). Earnings management in UK private firms: The role of women directors. Accounting & Finance.
Samarawickrama, D., Biswas, P. K., & Roberts, H. (2025). Social disclosure, business groups and firm risk. Emerging Markets Review, 69, 101364.
Garyn-Tal, S., Shahrabani, S., Lev, S., & Roberts, H. (2025). Factors affecting strategic changes among entrepreneurs during the COVID-19 pandemic. International Journal of Entrepreneurship & Small Business, 54(2).
Liao, L., Diaz-Rainey, I., & Kuruppuarachchi, D. (2025). The interplay of carbon offset, renewable energy certificate and electricity markets in Australia. Energy Economics, 144, 108343.
Yasin, M.Y. (2025). Board gender diversity and ESG performance: the moderating role of earnings volatility in Australian publicly listed firms, Meditari Accountancy Research, 33 (7), 88-117.
Griffin, P., Lubberink, M., & Stannard, T. (2025). Extreme weather events in New Zealand: Financial market-related impacts. Sustainability Accounting, Management and Policy Journal.
Luong, H., Kumarasiri, J., & Gunasekarage, A. (2025). CEO Power and Carbon Emissions Management: Australian Evidence. Business Strategy and the Environment, 34(2), 2239–2272. https://doi.org/10.1002/bse.4062

2024

Fernando, S., Onishchenko, O., & Kuruppuarachchi, D. (2024). Do short sellers amplify extreme market declines? Pacific-Basin Finance Journal, 87, 102498.
Griffin, Paul A. and Lubberink, Martien Jan Peter and Lont, David H., The Effects of Extreme High Temperature Spells on Financial Performance (April 3, 2024). Available at SSRN: https://ssrn.com/abstract=4783105 or http://dx.doi.org/10.2139/ssrn.4783105.
Gull, A., Luong, H., & Nadeem, M. (2024). Board co-option and corporate environmental orientation: Insights from the waste management perspective. Corporate Governance: An International Review, 32(5), 758-785. https://doi.org/10.1111/corg.12567
Walton, S., Gehricke, S., & Hazelhurst, T. (2024). Enhancing Climate Decision Making: Insights from early adopters of climate risk disclosure. Policy Quarterly, 20(4), 103-111.
Samarawickrama, D., Biswas, P. K., & Roberts, H. (2024). Mandatory CSR regulations and social disclosure: The mediating role of the CSR committee. Meditari Accountancy Research. Advance online publication. doi: 10.1108/MEDAR-03-2023-1950
Diaz-Rainey, I., Griffin, P. A., Lont, D. H., Mateo-Márquez, A. J., & Zamora-Ramírez, C. (2024). Shareholder activism on climate change: Evolution, determinants, and consequences. Journal of business ethics, 193(3), 481-510.
Gull, A. A., Carvajal, M., Atif, M., & Nadeem, M. (2024). The presence and composition of sustainability committee and waste management practices. International Review of Financial Analysis, 93, 103111.
Stainback, K., Roberts, H., & Biswas, P. K. (2024). Women’s representation in managerial hierarchies: An examination of trickle-down and pipeline effects. Human Resource Management.
Samarawickrama, D., Biswas, P. K., & Roberts, H. (2024). Mandatory CSR regulations and social disclosure: The mediating role of the CSR committee. Meditari Accountancy Research.
Gehricke, S. A., Ruan, X., & Zhang, J. E. (2024). Doing well while doing good: ESG ratings and corporate bond returns. Applied Economics, 56(16), 1916-1934.
Onishchenko, O., Zhao, J., Kongahawatte, S., & Kuruppuarachchi, D. (2024). Investor heterogeneity and anchoring-induced momentum. Journal of Behavioral & Experimental Finance, 42, 100926.
Perera, K., Kuruppuarachchi, D., Kumarasinghe, S., & Suleman, M. T. (2024). Climate risk and the idiosyncratic volatility puzzle. Applied Economics, 1-20.
Griffin, P.A., Lont, D.H., & Lubberink, M.J. (2024). The Effects of Extreme High-Temperature Spells on Financial Performance. The British Accounting Review.
Nguyen, D. T. T., Diaz-Rainey, I., Roberts, H., & Le, M. (2024). The impact of natural disasters on bank performance and the moderating role of financial integration. Applied Economics, 1-23.

2023

Perera, K., Kuruppuarachchi, D., Kumarasinghe, S., & Suleman, M. T. (2023). The Impact of Carbon Disclosure and Carbon Emissions Intensity on Firms’ Idiosyncratic Volatility. Energy Economics, 128, 107053.
Suleman, M. T., Rehman, M. U., Sheikh, U. A., & Kang, S. H. (2023). Dynamic time-frequency connectedness between European emissions trading system and sustainability markets. Energy Economics, 123, 106726.
Akram, K., Al Mamun, M., Raza, S. A., & Suleman, M. T. (2023). Global geopolitical crisis and tourism development in the USA. Current Issues in Tourism, 2262709.
Biswas, P. K., Chapple, L., Roberts, H., & Stainback, K. (2023). Board gender diversity and women in senior management. Journal of Business Ethics, 182, 177-198.
Diaz-Rainey, I., Griffin, P. A., Lont, D. H., Mateo-Márquez, A. J., & Zamora-Ramírez, C. (2023). Shareholder Activism on Climate Change: Evolution, Determinants, and Consequences. Journal of Business Ethics, 1-30.
Sattar, M., Biswas, P. K., & Roberts, H. (2023). Private firm performance: do women directors matter?. Meditari Accountancy Research, 31(3), 602-634.
Liao, L., Diaz-Rainey, I., Kuruppuarachchi, D., & Gehricke, S. (2023). The role of fundamentals and policy in New Zealand’s carbon prices. Energy economics, 124, 106737.
Talpur, S., Nadeem, M., & Roberts, H. (2023). Corporate social responsibility decoupling: a systematic literature review and future research agenda. Journal of Applied Accounting Research, (ahead-of-print).

Yu, X., Kuruppuarachchi, D., & Kumarasinghe, S. (2023). Financial development, FDI, and CO2 emissions: does carbon pricing matter?. Applied Economics, forthcoming.

2022

Bahadar, S., Nadeem, M., & Zaman, R. (2022). Toxic chemical releases and idiosyncratic return volatility: A prospect theory perspective. Accounting & Finance, 1-35.
Benlemlih, M., Arif, M. & Nadeem, M. (2022). Institutional ownership and greenhouse gas emissions: A comparative study of the UK and the US. British Journal of Management, 1-25.
Biswas, P. K., Roberts, H., & Whiting, R. H. (2022). Female directors and CSR disclosure in Bangladesh: The role of family affiliation. Meditari Accountancy Research, 30(1), 163-192.
Carvajal, M., & Nadeem, M. (2022). Financially material sustainability reporting and firm performance in New Zealand. Meditari Accountancy Research.
Dordi, T., Gehricke, S., Naef, A., & Weber, O. (2022). Ten financial actors can accelerate a transition away from fossil fuels. Environmental Innovation and Societal Transitions, 44, 60-78.
Ford, J., Gehricke, S., & Zhang, J. E. (2022). Option traders are concerned about climate risks: ESG ratings and short-term sentiment. Journal of Behavioral and Experimental Finance, 100687.
Griffin, P., & Jaffe, A. M. (2022). Challenges for a climate risk disclosure mandate. Nature Energy, 7(1), 2-4.
Henry, E., & Poyser, A. (2022). Indigenous history, culture and values as investment philosophy: lessons from the New Zealand Māori. Journal of Sustainable Finance & Investment, 1-13.
Liao, L., Diaz-Rainey I., Gehricke, S., & Kuruppuarachchi, D. (2022). The role of fundamentals and policy in New Zealand’s carbon prices (August 15, 2022). USAEE Working Paper No. 22-561, 2022. Available at SSRN: https://ssrn.com/abstract=4190792 or http://dx.doi.org/10.2139/ssrn.4190792
Liu, Y., Niu, Z., Suleman, M. T., Yin, L., & Zhang, H. (2022). Forecasting the volatility of crude oil futures: The role of oil investor attention and its regime switching characteristics under a high-frequency framework. Energy, 238, 121779.
McLean, L., Diaz-Rainey, I., Gehricke, S., & Zhang, R. (2022). In holdings we trust: Uncovering the ESG fund lemons (March 6, 2022). Available at SSRN: https://ssrn.com/abstract=4050964 or http://dx.doi.org/10.2139/ssrn.4050964
Nguyen, Q., Diaz-Rainey, I., Kitto, A., McNeil, B., Pittman, N., & Zhang, R. (2022). Scope 3 emissions: Data quality and machine learning prediction accuracy (August 16, 2022). USAEE Working Paper No. 22-562, 2022. Available at SSRN: https://ssrn.com/abstract=4191648
Nguyen, Q., Diaz-Rainey, I., & Kuruppuarachchi, D. (2022). In search of climate distress risk. International Review of Financial Analysis, 102444.
Nguyen, Q., Diaz-Rainey, I., Kuruppuarachchi, D., McCarten, M., & Tan, E. K. M. (2022). Climate transition risk in US loan portfolios: Are all banks the same?. International Review of Financial Analysis, 102401.
Nguyen, Q., Thorsnes, P., Diaz-Rainey, I., Moore, A., Cox, S., & Stirk-Wang, L. (2022). Price recovery after the flood: risk to residential property values from climate change-related flooding. Australian Journal of Agricultural and Resource Economics.
Yousaf, I., Suleman, M. T., & Demirer, R. (2022). Green investments: A luxury good or a financial necessity?. Energy Economics, 105, 105745.

2021

Biswas, P. K., Roberts, H., & Whiting, R. H. (2021). Female directors and CSR disclosure in Bangladesh: The role of family affiliation. Meditari Accountancy Research.
Baryshnikova, N., Davidson, S., & Wesselbaum, D. (2021). Do you feel the heat around the corner? The effect of weather on crime. Empirical Economics, 1-21.
Carvajal, M., Nadeem, M. & Zaman, R. (2021). Biodiversity disclosure, sustainable development and environmental initiatives: Does board gender diversity matter?. Business Strategy and the Environment.
Diaz-Rainey, I., Tulloch, D. J., Ahmed, I., McCarten, M., & Taghizadeh-Hesary, F. (2021). An energy policy for ASEAN? Lessons from the EU experience on energy integration, security and decarbonisation. In Park SC, Kim CJ and Taghizadeh-Hesary, F (Eds.) In Economic Integration in Asia and Europe: Lessons and Recommended Policies. Tokyo: ADBI
Diaz-Rainey, I., Gehricke, S., Roberts, H., & Zhang, R. (2021). Trump vs. Paris: The impact of climate policy on U.S. listed oil and gas firm returns and volatility. International Review of Financial Analysis, 76, 101746.
Farooq, M. B., Zaman, R., & Nadeem, M. (2021). AccountAbility’s AA1000AP standard: A framework for integrating sustainability into organisations. Sustainability Accounting, Management and Policy Journal.
Huang, J., Ding, Q., Zhang, H., Guo, Y., & Suleman, M. T. (2021). Nonlinear dynamic correlation between geopolitical risk and oil prices: A study based on high-frequency data. Research in International Business and Finance, 56, 101370.
Gkillas, K., Floros, C., & Suleman, M. T. (2021). Quantile dependencies between discontinuities and time-varying rare disaster risks. The European Journal of Finance, 27(10), 932-962.
Griffin, P. A., Lont, D. H., & Pomare, C. (2021). The curious case of Canadian corporate emissions valuation. The British Accounting Review, 53(1), 100922.
Ilyas, M., Khan, A., Nadeem, M., & Suleman, M. T. (2021). Economic policy uncertainty, oil price shocks and corporate investment: Evidence from the oil industry. Energy Economics, 97, 105193.
Iqbal N., Naeem, M. A., & Suleman, M. T. (2021). Quantifying the asymmetric spillovers in sustainable investments. Journal of International Financial Markets, Institutions and Money. https://doi.org/10.1016/j.intfin.2021.101480.
Kennett, H., Diaz-Rainey, I., Biswas, P. K., & Kuruppuarachchi, D. (2021). Climate transition risk in New Zealand equities. Journal of Sustainable Finance & Investment, 1-25.
Kirk-Reeve, S., Gehricke, S., Ruan, X., & Zhang, J. E. (2021). National air pollution and the cross-section of stock returns in China. Journal of Behavioral and Experimental Finance, 100572.
Nadeem, M. (2021). Corporate governance and supplemental environmental projects: A restorative justice approach. Journal of Business Ethics, 173(2), 261-280.
Nadeem, M., Bahadar, S., Zaman, R., & Farooq, M. B. (2021). Does organisational capital influence environmental strategies? Evidence from environmental innovation. Business Strategy and the Environment.
Naeem, M. A., Hasan, M., Arif, M., Suleman, M. T., & Kang S. H. (2021). Oil and gold as a hedge and safe-haven for metals and agricultural commodities with portfolio implications. Energy Economics. https://doi.org/10.1016/j.eneco.2021.105758.
Nguyen, Q., Diaz-Rainey, I., & Kuruppuarachchi, D. (2021). Predicting corporate carbon footprints for climate finance risk analyses: A machine learning approach. Energy Economics, 95, 105129.
Poyser, A., Scott, A., & Gilbert, A. (2021). Indigenous investments: Are they different? Lessons from Iwi. Australian Journal of Management, 46(2), 287-303.
Szulczyk, K. R., & Cheema, M. A. (2021) The economic feasibility and environmental ramifications of biobutanol production in Malaysia. Journal of Cleaner Production, 286, 124953.
Tiwari, A. K., Suleman, M. T., Ullah, S., & Shahbaz, M. (2021). Analyzing the connectedness between crude oil and petroleum products: Evidence from USA. International Journal of Finance & Economics.
Wesselbaum, D. (2021). Does temperature affect income?. Economics Bulletin, 41(1), 18-27.
Wesselbaum, D. (2021). Revisiting the climate driver and inhibitor mechanisms of international migration. Climate and Development, 13(1), 10-20.
Zaighum, I., Aman, A., Sharif, A., & Suleman, M. T. (2021). Do energy prices interact with global Islamic stocks? Fresh insights from quantile ARDL approach. Resources Policy, 72, 102068.
Zaman, R., Atawnah, N., Haseeb, M., Nadeem, M., & Irfan, S. (2021). Does corporate eco-innovation affect stock price crash risk?. The British Accounting Review, 101031.

2020

Griffin, P. A. (2020). Energy finance must account for extreme weather risk. Nature Energy, 5(2), 98-100.
Griffin, P. A., Neururer, T., & Sun, E. Y. (2020). Environmental performance and analyst information processing costs. Journal of Corporate Finance, 61, 101397.
Ji, Q., Shahzad, S. J. H., Bouri, E., & Suleman, M. T. (2020). Dynamic structural impacts of oil shocks on exchange rates: Lessons to learn. Journal of Economic Structures, 9, 20.
Nadeem, M., Bahadar, S., Gull, A. A., & Iqbal, U. (2020). Are women eco-friendly? Board gender diversity and environmental innovation. Business Strategy & the Environment, 29(8), 3146-3161.
Nadeem, M., Gyapong, E., & Ahmed, A. (2020). Board gender diversity and environmental, social, and economic value creation: Does family ownership matter?. Business Strategy & the Environment, 29(3), 1268-1284.
Naeem, M. A., Peng, Z., Suleman, M. T., Nepal, R., & Shahzad, S. J. H. (2020). Time and frequency connectedness among oil shocks, electricity and clean energy markets. Energy Economics, 91, 104914.
Owen, P. D., & Wesselbaum, D. (2020). On thresholds in the climate–migration relationship. International Review of Applied Economics, 34(3), 400-412.
Pomare, C., & Lont, D. H. (2020). Climate change regulations and accounting practices: Optimization for emission‐intensive publicly traded firms. Environmental Policy: An Economic Perspective, 153-166.
Szulczyk, K. R., Cheema, M. A., Cullen, R., & Khan, A. R. (2020) Bioelectricity in Malaysia: Economic feasibility, environmental and deforestation implications. Australian Journal of Agricultural and Resource Economics, 64(2), 294-321.
Tiwari, A. K., Boachie, M. K., Suleman, M. T., & Gupta, R. (2020). Structure dependence between oil and agricultural commodities returns: The role of geopolitical risks. Energy, 219(8), 119584.
Zaman, R., Nadeem, M., & Carvajal, M. (2020). Corporate governance and corporate social responsibility synergies: Evidence from New Zealand. Meditari Accountancy Research, 29(1), 135-160.

2019

Badshah, I., Demirer, R., & Suleman, M. T. (2019). The effect of economic policy uncertainty on stock-commodity correlations and its implications on optimal hedging. Energy Economics, 84, 104553.
Barone-Adesi, G., Finta, M. A., Legnazzi, C., & Sala, C. (2019). WTI crude oil option implied VaR and CVaR: An empirical application. Journal of Forecasting, 38(6), 552– 563.
Biswas, P. K., Roberts, H., & Whiting, R. H. (2019) The impact of family vs non-family governance contingencies on CSR reporting in Bangladesh. Management Decision, 57(10), 2758-2781.
Cheema, M. A., & Scrimgeour, F. (2019). Oil prices and stock market anomalies. Energy Economics, 83, 578– 587.
Diaz-Rainey, I., & Sise, G. (2019). Green finance in Australia and New Zealand: Barriers and solutions. Handbook of Green Finance: Energy Security and Sustainable Development, 1-28.
Finta, M. A., Frijns, B., & Tourani-Rad, A. (2019). Volatility spillovers among oil and stock markets in the US and Saudi Arabia. Applied Economics, 51(4), 329-345.
Griffin, P. A., Lont, D. H., & Lubberink, M. (2019). Extreme high surface temperature events and equity-related physical climate risk. Weather & Climate Extremes, 26, 100220.
Kuruppuarachchi, D., Premachandra, I. M., & Roberts, H. (2019). A novel market efficiency index for energy futures and their term structure risk premiums. Energy Economics, 77, 23-33.
Ruan, X., & Zhang, J. E. (2019). Moment spreads in the energy market. Energy Economics, 81, 598-609.
Wesselbaum, D. (2019). The influence of climate on migration. Australian Economic Review, 52(3), 363-372.
Wesselbaum, D. & Aburn, A. (2019). Gone with the wind: International migration. Global and Planetary Change, 178(3), 96-109.

2018

Bevin-McCrimmon, F., Diaz-Rainey, I., McCarten, M., & Sise, G. (2018). Liquidity and risk premia in electricity futures. Energy Economics, 75, 503-517.
Biswas, P. K., Mansi, M., & Pandey, R. (2018). Board composition, sustainability committee and corporate social and environmental performance in Australia. Pacific Accounting Review, 30(4), 517-540.
Demirer, R., Gupta, R., Suleman, T., & Wohar, M. E. (2018). Time-varying rare disaster risks, oil returns and volatility. Energy Economics, 75, 239-248.
Diaz-Rainey, I., & Tulloch, D. J. (2018). Carbon pricing and system linking: Lessons from the New Zealand Emissions Trading Scheme. Energy Economics, 73, 66-79.
Farooque, M. B., Ahmed, A., & Nadeem, M. (2018). Sustainability reporter classification matrix: explaining variations in disclosure quality. Meditari Accountancy Research, 26(2), 334-352.
Griffin, P. A., & Lont, D. H. (2018). Game changer? The impact of the VW emission-cheating scandal on the interrelation between large automakers’ equity and credit markets. Journal of Contemporary Accounting & Economics, 14(2), 179-196.
Griffin, P. A., & Myers Jaffe, A. (2018). Are fossil fuel firms informing investors well enough about the risks of climate change?. Journal of Energy & Natural Resources Law, 36(4), 381-410.
Griffin, P. A., & Sun, E. Y. (2018). Voluntary corporate social responsibility disclosure and religion. Sustainability Accounting, Management and Policy Journal.
Ruan, X., & Zhang, J. E. (2018). Risk-neutral moments in the crude oil market. Energy Economics, 72, 583-600.
Tulloch, D. J., Diaz-Rainey, I., & Premachandra, I. M. (2018). The impact of regulatory change on EU energy utility returns: The three liberalization packages. Applied Economics, 50(9), 957-972.
Zaman, R., Roudaki, J., & Nadeem, M. (2018). Religiosity and corporate social responsibility practices: Evidence from an emerging economy. Social Responsibility Journal, 14(2), 368-395.

2017

Diaz-Rainey, I., Robertson, B., & Wilson, C. (2017). Stranded research? Leading finance journals are silent on climate change. Climatic Change, 143(1-2), 243-260.
Diaz-Rainey, I., Roberts, H., & Lont, D. H. (2017). Crude inventory accounting and speculation in the physical oil market. Energy Economics, 66, 508-522.
Griffin, P. A., Lont, D. H., & Sun, E. Y. (2017). The relevance to investors of greenhouse gas emission disclosures. Contemporary Accounting Research, 34(2), 1265-1297.
Nadeem, M., Zaman, R., & Saleem, I. (2018). Boardroom gender diversity and corporate sustainability practices: Evidence from Australian Securities Exchange listed firms. Journal of Cleaner Production, 149, 874-885.
Tulloch, D. J., Diaz-Rainey, I., & Premachandra, I. M. (2017). The impact of liberalization and environmental policy on the financial returns of European energy utilities. Energy Journal, 38(2), 77-106.

2016

Diaz-Rainey, I, Roberts, R., & D.H. Lont. (2016). Can Accounting Inventory Data Shed Light on Physical Oil Market Speculation?. International Association of Energy Economics Special Issue.

2015

Griffin, P.A. and Jaffe, A.M, Lont, D.H., & R. Dominguez-Faus. (2015). Science and the Stock Market: Investors’ Recognition of Unburnable Carbon. Energy Economics, 52, 1-12.

2014

Griffin, P.A., Lont, D.H., & Y. Sun. (2014). Supply Chain Sustainability: Evidence on Conflict Minerals. Pacific Accounting Review, 26, 1/2.