Nada MSELMI published her paper “Tail-driven asymmetries in sustainable finance: SMEs, ESG, and energy innovation under market stress”, co-authored with Lahiani, A. and Mefteh-Wali, S. in Technological Forecasting and Social Change.
Abstract: This study examines the interconnectedness between small and medium enterprises (SMEs), ESG, FinTech, energy innovation, and sustainability using a quantile vector autoregression methodology. We find that ESG and SME indices are net transmitters of return shocks across all market states, while sustainability and FinTech indices are net receivers of shocks. In addition, the innovation index typically transmits shocks in volatile markets but can also act as a net receiver under normal market conditions, driven by factors such as geopolitical tensions. Findings also show that the net dynamic shock transfer mechanism is time-varying and quantile dependent. This finding highlights the necessity for adaptable strategies. By proposing concrete recommendations, this study provides policymakers and investors with the knowledge they need to exploit the synergies between SME, ESG, FinTech, sustainability and innovation.
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