{"id":"https://openalex.org/W4416631648","doi":"https://doi.org/10.64753/jcasc.v10i2.1763","title":"The Culture Code of Sustainable Finance: ESG Investing as a Driver of Social Change","display_name":"The Culture Code of Sustainable Finance: ESG Investing as a Driver of Social Change","publication_year":2025,"publication_date":"2025-11-25","ids":{"openalex":"https://openalex.org/W4416631648","doi":"https://doi.org/10.64753/jcasc.v10i2.1763"},"language":"en","primary_location":{"id":"doi:10.64753/jcasc.v10i2.1763","doi":"https://doi.org/10.64753/jcasc.v10i2.1763","is_oa":true,"landing_page_url":"https://doi.org/10.64753/jcasc.v10i2.1763","pdf_url":"https://jcasc.com/index.php/jcasc/article/download/1763/262","source":{"id":"https://openalex.org/S4210179557","display_name":"Journal of Cultural Analysis and Social Change","issn_l":"2589-1316","issn":["2589-1316"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","vabb-shw"],"host_organization":"https://openalex.org/P4310320063","host_organization_name":"Lectito Journals","host_organization_lineage":["https://openalex.org/P4310320063"],"host_organization_lineage_names":["Lectito Journals"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Cultural Analysis and Social Change","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://jcasc.com/index.php/jcasc/article/download/1763/262","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5005998973","display_name":"Shaista Anwar","orcid":"https://orcid.org/0000-0001-8332-3929","observed_orcids":["https://orcid.org/0000-0001-8332-3929"]},"institutions":[{"id":"https://openalex.org/I4388891800","display_name":"Liwa University","ror":"https://ror.org/00r6fph53","country_code":"AE","type":"education","lineage":["https://openalex.org/I4388891800"]}],"countries":["AE"],"is_corresponding":false,"raw_author_name":"Shaista Anwar","raw_affiliation_strings":["Liwa University Abu Dhabi Accounting and Finance Department College of Business ABU DHABI, UNITED ARAB EMIRATES"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Liwa University Abu Dhabi Accounting and Finance Department College of Business ABU DHABI, UNITED ARAB EMIRATES","institution_ids":["https://openalex.org/I4388891800"]}]},{"author_position":"last","author":{"id":null,"display_name":"Nael Sayed Ahmed","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4403386643","display_name":"Modern University College","ror":"https://ror.org/03jg13h58","country_code":"PS","type":"education","lineage":["https://openalex.org/I4403386643"]}],"countries":["PS"],"is_corresponding":false,"raw_author_name":"Nael Sayed Ahmed","raw_affiliation_strings":["Modern University College Department of Business Administration"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Modern University College Department of Business Administration","institution_ids":["https://openalex.org/I4403386643"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":"1211","last_page":"1220"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.9603999853134155,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":0.9603999853134155,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10115","display_name":"Corporate Social Responsibility Reporting","score":0.03229999914765358,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.0012000000569969416,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/esg-investing","display_name":"ESG investing","score":0.8790000081062317},{"id":"https://openalex.org/keywords/sustainable-finance","display_name":"sustainable finance","score":0.9980000257492065},{"id":"https://openalex.org/keywords/hofstede-s-cultural-dimensions","display_name":"Hofstede cultural dimensions","score":0.7459999918937683},{"id":"https://openalex.org/keywords/long-term-orientation","display_name":"long-term orientation","score":0.7509999871253967},{"id":"https://openalex.org/keywords/uncertainty-avoidance","display_name":"uncertainty avoidance","score":0.8130000233650208},{"id":"https://openalex.org/keywords/investor-behavior","display_name":"investor behavior","score":0.781000018119812},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.7300000190734863},{"id":"https://openalex.org/keywords/institutional-trust","display_name":"institutional trust","score":0.8130000233650208},{"id":"https://openalex.org/keywords/regulatory-credibility","display_name":"regulatory credibility","score":0.8339999914169312},{"id":"https://openalex.org/keywords/behavioral-finance","display_name":"behavioral finance","score":0.6639999747276306},{"id":"https://openalex.org/keywords/social-change","display_name":"social change","score":0.6340000033378601},{"id":"https://openalex.org/keywords/india","display_name":"India","score":0.5130000114440918},{"id":"https://openalex.org/keywords/pakistan","display_name":"Pakistan","score":0.9980000257492065},{"id":"https://openalex.org/keywords/united-arab-emirates","display_name":"United Arab Emirates","score":0.9589999914169312},{"id":"https://openalex.org/keywords/oman","display_name":"Oman","score":0.9980000257492065},{"id":"https://openalex.org/keywords/saudi-arabia","display_name":"Saudi Arabia","score":1.0}],"concepts":[{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.6019999980926514},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.5856000185012817},{"id":"https://openalex.org/C187029079","wikidata":"https://www.wikidata.org/wiki/Q958679","display_name":"Cognitive reframing","level":2,"score":0.5713000297546387},{"id":"https://openalex.org/C67356462","wikidata":"https://www.wikidata.org/wiki/Q5807210","display_name":"Hofstede's cultural dimensions theory","level":2,"score":0.4943999946117401},{"id":"https://openalex.org/C66204764","wikidata":"https://www.wikidata.org/wiki/Q219416","display_name":"Sustainability","level":2,"score":0.4918999969959259},{"id":"https://openalex.org/C141261163","wikidata":"https://www.wikidata.org/wiki/Q218600","display_name":"Corporate social responsibility","level":2,"score":0.436599999666214},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4318000078201294},{"id":"https://openalex.org/C147598955","wikidata":"https://www.wikidata.org/wiki/Q3427818","display_name":"Social responsibility","level":2,"score":0.4307999908924103},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.39649999141693115},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.3926999866962433},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3711000084877014},{"id":"https://openalex.org/C2778069772","wikidata":"https://www.wikidata.org/wiki/Q2119819","display_name":"Code of conduct","level":2,"score":0.365200012922287},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3587000072002411},{"id":"https://openalex.org/C125209646","wikidata":"https://www.wikidata.org/wiki/Q1338878","display_name":"Cultural diversity","level":2,"score":0.3287999927997589},{"id":"https://openalex.org/C62625199","wikidata":"https://www.wikidata.org/wiki/Q7551403","display_name":"Social studies of finance","level":2,"score":0.32589998841285706},{"id":"https://openalex.org/C101433766","wikidata":"https://www.wikidata.org/wiki/Q3543263","display_name":"Maturity (psychological)","level":2,"score":0.3192000091075897},{"id":"https://openalex.org/C139807058","wikidata":"https://www.wikidata.org/wiki/Q352374","display_name":"Adaptation (eye)","level":2,"score":0.3154999911785126},{"id":"https://openalex.org/C39489675","wikidata":"https://www.wikidata.org/wiki/Q1791882","display_name":"Culture theory","level":2,"score":0.29910001158714294},{"id":"https://openalex.org/C109574028","wikidata":"https://www.wikidata.org/wiki/Q647525","display_name":"Behavioral economics","level":2,"score":0.29760000109672546},{"id":"https://openalex.org/C2778002999","wikidata":"https://www.wikidata.org/wiki/Q7316838","display_name":"Retirement planning","level":2,"score":0.29679998755455017},{"id":"https://openalex.org/C39549134","wikidata":"https://www.wikidata.org/wiki/Q133080","display_name":"Public relations","level":1,"score":0.29600000381469727},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.29159998893737793},{"id":"https://openalex.org/C552854447","wikidata":"https://www.wikidata.org/wiki/Q131201","display_name":"Sustainable development","level":2,"score":0.2915000021457672},{"id":"https://openalex.org/C26760741","wikidata":"https://www.wikidata.org/wiki/Q160402","display_name":"Perception","level":2,"score":0.29120001196861267},{"id":"https://openalex.org/C196187386","wikidata":"https://www.wikidata.org/wiki/Q1050187","display_name":"Sociocultural evolution","level":2,"score":0.2897999882698059},{"id":"https://openalex.org/C163877629","wikidata":"https://www.wikidata.org/wiki/Q2642673","display_name":"Social constructionism","level":2,"score":0.28760001063346863},{"id":"https://openalex.org/C191654821","wikidata":"https://www.wikidata.org/wiki/Q247506","display_name":"Financial instrument","level":2,"score":0.28619998693466187},{"id":"https://openalex.org/C15241564","wikidata":"https://www.wikidata.org/wiki/Q319845","display_name":"Investment banking","level":2,"score":0.2842000126838684},{"id":"https://openalex.org/C119469879","wikidata":"https://www.wikidata.org/wiki/Q15514847","display_name":"Uncertainty avoidance","level":4,"score":0.2840999960899353},{"id":"https://openalex.org/C74363100","wikidata":"https://www.wikidata.org/wiki/Q273005","display_name":"Economic system","level":1,"score":0.2777000069618225},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.2773999869823456},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.26829999685287476},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.2653000056743622},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.25440001487731934},{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.2531999945640564}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.64753/jcasc.v10i2.1763","doi":"https://doi.org/10.64753/jcasc.v10i2.1763","is_oa":true,"landing_page_url":"https://doi.org/10.64753/jcasc.v10i2.1763","pdf_url":"https://jcasc.com/index.php/jcasc/article/download/1763/262","source":{"id":"https://openalex.org/S4210179557","display_name":"Journal of Cultural Analysis and Social Change","issn_l":"2589-1316","issn":["2589-1316"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","vabb-shw"],"host_organization":"https://openalex.org/P4310320063","host_organization_name":"Lectito Journals","host_organization_lineage":["https://openalex.org/P4310320063"],"host_organization_lineage_names":["Lectito Journals"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Cultural Analysis and Social Change","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.64753/jcasc.v10i2.1763","doi":"https://doi.org/10.64753/jcasc.v10i2.1763","is_oa":true,"landing_page_url":"https://doi.org/10.64753/jcasc.v10i2.1763","pdf_url":"https://jcasc.com/index.php/jcasc/article/download/1763/262","source":{"id":"https://openalex.org/S4210179557","display_name":"Journal of Cultural Analysis and Social Change","issn_l":"2589-1316","issn":["2589-1316"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","vabb-shw"],"host_organization":"https://openalex.org/P4310320063","host_organization_name":"Lectito Journals","host_organization_lineage":["https://openalex.org/P4310320063"],"host_organization_lineage_names":["Lectito Journals"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Cultural Analysis and Social Change","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[{"id":"https://openalex.org/study-designs/observational-study","display_name":"Observational Study"}],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4416631648.pdf","grobid_xml":"https://content.openalex.org/works/W4416631648.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W4412622503","https://openalex.org/W4412416101","https://openalex.org/W7151764119","https://openalex.org/W7168166655","https://openalex.org/W4414958087","https://openalex.org/W7164700232","https://openalex.org/W7124156463","https://openalex.org/W7204887790","https://openalex.org/W7216015564","https://openalex.org/W7124156301"],"abstract_inverted_index":{"The":[0,122,230],"global":[1,33,285],"rise":[2],"of":[3,58,63,79,127,159,186,204,207,271,278],"sustainable":[4,234],"finance":[5,105,235],"has":[6],"redefined":[7],"investment":[8,46,140],"beyond":[9],"traditional":[10],"financial":[11,52,189,224,272],"returns,":[12],"embedding":[13],"cultural":[14,59,101,129,194,210,215,251,269,290],"values,":[15],"ethics,":[16,218],"and":[17,25,61,72,77,95,103,162,183,195,209,219,252,260,288],"social":[18,64,196,253],"responsibility":[19],"into":[20,168],"decision-making.":[21],"While":[22],"environmental,":[23],"social,":[24],"governance":[26],"(ESG)":[27],"principles":[28],"are":[29],"now":[30],"central":[31],"to":[32,118,193,226],"discourse,":[34],"their":[35],"adoption":[36,201],"in":[37,236],"emerging":[38,87,237],"economies":[39],"remains":[40],"uneven.":[41],"This":[42],"paper":[43],"explores":[44],"ESG":[45,139,160,188,200,286],"behavior":[47],"not":[48,242],"only":[49],"as":[50,55,176,202,244,249],"a":[51,56,134,145,150,250],"choice":[53],"but":[54,248],"reflection":[57],"codes":[60],"processes":[62,206],"change.":[65],"It":[66,212],"examines":[67],"how":[68,214,279],"long-term":[69],"orientation,":[70],"religious":[71,217],"ethical":[73,131,164],"beliefs,":[74],"uncertainty":[75],"avoidance,":[76],"perceptions":[78,221],"market":[80],"maturity":[81],"shape":[82,227],"investor":[83,228],"practices":[84],"across":[85],"five":[86],"economies:":[88],"India,":[89],"Pakistan,":[90],"United":[91],"Arab":[92],"Emirates,":[93],"Oman,":[94],"Saudi":[96],"Arabia.":[97],"Drawing":[98],"on":[99],"Hofstede\u2019s":[100],"dimensions":[102],"behavioral":[104,152],"theory,":[106],"survey":[107],"data":[108],"from":[109],"over":[110],"500":[111],"respondents":[112],"were":[113],"analyzed":[114],"through":[115],"regression":[116],"models":[117],"test":[119],"four":[120],"hypotheses.":[121],"findings":[123],"reveal":[124],"that":[125,233],"none":[126],"the":[128,166,184,268,282],"or":[130],"variables":[132],"demonstrated":[133],"statistically":[135],"significant":[136],"relationship":[137],"with":[138,223,263],"behavior.":[141,229],"Rather":[142],"than":[143],"signaling":[144],"limitation,":[146],"these":[147],"results":[148],"highlight":[149],"profound":[151],"gap:":[153],"although":[154],"investors":[155],"often":[156],"express":[157],"awareness":[158],"frameworks":[161],"endorse":[163],"principles,":[165],"translation":[167],"practice":[169],"is":[170],"hindered":[171],"by":[172,198],"systemic":[173],"issues":[174],"such":[175],"limited":[177],"institutional":[178],"trust,":[179],"weak":[180],"regulatory":[181],"credibility,":[182],"absence":[185],"reliable":[187],"products.This":[190],"study":[191,275],"contributes":[192],"analysis":[197],"reframing":[199],"part":[203],"wider":[205],"transformation":[208],"negotiation.":[211],"illustrates":[213],"identity,":[216],"risk":[220],"interact":[222],"structures":[225],"research":[231],"argues":[232],"markets":[238],"should":[239],"be":[240],"understood":[241],"merely":[243],"an":[245],"economic":[246],"reform":[247],"shift":[254],"requiring":[255],"trust-building":[256],"institutions,":[257],"context-sensitive":[258],"policies,":[259],"products":[261],"aligned":[262],"local":[264,289],"values.":[265],"By":[266],"decoding":[267],"underpinnings":[270],"decision-making,":[273],"this":[274],"advances":[276],"understanding":[277],"societies":[280],"navigate":[281],"tension":[283],"between":[284],"imperatives":[287],"realities.":[291]},"counts_by_year":[],"updated_date":"2026-10-28T10:33:24.094632","created_date":"2025-11-25T00:00:00"}
