SUSTAINABLE FINANCE, CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE AMONG LISTED COMMERCIAL BANKS AT NAIROBI SECURITIES EXCHANGE IN KENYA A SYSTEMATIC LITERATURE REVIEW AND FUTURE RESEARCH SUGGESTION
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Sep 27, 2025
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Sustainable finance, corporate governance, and financial performance are increasingly interconnected in the global financial landscape, particularly in the banking sector. This study conducts a systematic literature review to explore the relationship between these three critical areas, focusing on listed commercial banks at the Nairobi Securities Exchange (NSE) in Kenya. The review synthesizes findings from 43 peer-reviewed journal articles, highlighting the growing importance of sustainable finance in addressing environmental, social, and governance (ESG) challenges while ensuring long-term profitability. The study reveals that sustainable finance practices, such as green credit, ESG investments, and green bonds, positively influence financial performance by enhancing asset efficiency and attracting environmentally conscious investors. However, the adoption of these practices in Kenya remains uneven, with only 40% of banks fully integrating ESG principles into their operations. Corporate governance mechanisms, including board independence, transparency, and audit committee effectiveness, are found to significantly enhance financial performance by improving accountability and reducing risks. Despite these benefits, challenges such as high implementation costs, inconsistent regulatory frameworks, and greenwashing concerns hinder the full potential of sustainable finance. The study also identifies gaps in empirical research, particularly in the Kenyan context, where limited studies examine the combined impact of sustainable finance and corporate governance on financial performance. The findings underscore the need for robust governance structures to support sustainable finance initiatives and enhance financial resilience. This review provides valuable insights for policymakers, regulators, and bank management, suggesting that integrating sustainable finance and corporate governance can drive long-term financial stability and growth. Future research should focus on developing integrated performance models that combine financial, governance, and sustainability metrics to provide a holistic approach to corporate success in emerging markets like Kenya.
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Abuatwan, N. (2023). The Impact of Green Finance on the Sustainability Performance of the Banking Sector in Palestine: The Moderating Role of Female Presence. Economies, 11(10), 247.
Adu, D. A. (2022). Sustainable Banking Initiatives, Environmental Disclosure and Financial Performance: The Moderating Impact of Corporate Governance Mechanisms. Business Strategy and the Environment, 31(5), 2365-2399.
Al Mamun, A., & Rana, M. (2020). Green Banking Practices and Profitability of Commercial Banks in Bangladesh. IOSR Journal of Economics and Finance, 11(5), 10-14.
Alessandro, A., Maski, G., & Pangestuty, F. W. (2023). The Implementation of Sustainable Finance: A Case Study in Bank Performance. International Journal of Accounting & Finance in Asia Pasific, 6, 27-37.
Almonifi, Y. S. A. (2022). Adopting Green Finance Ratio in Evaluating Islamic Banks Performance as Index for Achieving Sharia Maqasid. in Proceeding of International Conference Sustainable Competitive Advantage (Vol. 3).
Arnold, M. (2024). Polluters are Paying Higher Interest Rates, ECB Finds. Financial Times. Retrieved From Https://Www.Ft.Com/Content/C2408062-68c4-4a50-Af9a-29099e95dda1
Banani, A., & Sunarko, B. (2022). Nexus Between Green Finance, Creativity, Energy Accounting and Financial Performance: Banks Sustainability Analysis from Developing Country. International Journal of Energy Economics and Policy, 12(6), 447-455.
Bayu, K. B., & Hunde, D. A. (2020). Corporate Governance and Its Effects on Financial Performance of Banks Evidence from Selected Private Commercial Banks in Ethiopia. Journal of Economics and International Finance, 12(4), 187-195.
Capital Markets Authority (Cma). (2022). Corporate Governance and ESG Compliance in Kenyan Banks. Retrieved from Https://Www.Cma.Or.Ke
Central Bank of Kenya (Cbk). (2021). Guidance on Climate-Related Risks for Banks. Retrieved from Https://Www.Centralbank.Go.Ke
Chen, J., Siddik, A. B., Zheng, G. W., Masukujjaman, M., & Bekhzod, S. (2022). The Effect of Green Banking Practices on Banks’ Environmental Performance and Green Financing: An Empirical Study. Energies, 15(4), 1292.177
Christine, P. N., & Mathenge, J. T. (2023). Corporate Governance and Financial Performance of Selected Commercial Banks in Kenya. Journal of Finance and Accounting, 7(7), 21-39.
Du, M., Zhang, R., Chai, S., Li, Q., Sun, R., & Chu, W. (2022). Can Green Finance Policies Stimulate Technological Innovation and Financial Performance? Evidence from Chinese Listed Green Enterprises. Sustainability, 14(15), 9287.
El-Chaarani, H., Abraham, R., & Skaf, Y. (2022). The Impact of Corporate Governance on the Financial Performance of the Banking Sector in the Mena (Middle Eastern and North African) Region: An Immunity Test of Banks for Covid-19. Journal of Risk and Financial Management, 15(2), 82.147
Erin, O., & Ackers, B. (2025). Corporate Governance and Sustainable Financing: A Structured Literature Review and Future Direction. Review of Integrative Business and Economics Research, 14(2), 50-68.
Fata, F. A., & Arifin, Z. (2024). The Impact of Green Credit Distribution on Bank Performance and Influencing Factors: A Case Study of Indonesian Banks. International Journal of Research in Business and Social Science, 13(1), 323-332.
Galletta, S., Mazzù, S., & Naciti, V. (2022). ESG and Financial Performance of Banks: Evidence from Southeast Asia. Journal of Sustainable Finance & Investment, 12(3), 543-562.
Global Sustainable Investment Alliance (GSIA). (2022). Global Sustainable Investment Review. Retrieved from Https://Www.Gsi-Alliance.Org
Guang-Wen, Z., & Siddik, A. B. (2022). Do Corporate Social Responsibility Practices and Green Finance Dimensions Determine Environmental Performance? An Empirical Study on Bangladeshi Banking Institutions. Frontiers in Environmental Science, 10, 890096.
Gwaison, P. D., & Maimako, L. N. (2021). Effects of Corporate Governance on Financial Performance of Commercial Banks in Nigeria. International Journal of Finance Research, 2(1), 13-23.
Hasan, S. M., Islam, K. A., Tawfiq, T. T., & Saha, P. (2025). Triple Pillars of Sustainable Finance: The Role of Green Finance, CSR, and Digitalization on Bank Performance in Bangladesh.
Indarti, I., Aljufri, A., & Apriliyani, I. B. (2024). Governance, Risk and Compliance (GRC) on Financial Performance, Its Implications for Sustainable Finance in Indonesian Banking, Period 2020-2022. Journal of Comprehensive Accounting, 7(3), 413-421.
Jayathilake, S. (2019). Impact of Green Financing for the Corporate Governance in the Banking Industry. Oida International Journal of Sustainable Development, 12(11), 23-30.
Julia, T., & Kassim, S. (2016). Green Financing and Bank Profitability: Empirical Evidence from the Banking Sector in Bangladesh. Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilisation (Istac), 21(3).
Karyani, E., & Maulina, V. (2020). ESG and Performance: Effect of Government Ownership and Green Bond Issuer. in Icosmi 2020: Proceedings of the 1st International Conference on Sustainable Management and Innovation, Icosmi 2020, 14-16 September 2020, Bogor, West Java, Indonesia (P. 152). European Alliance for Innovation.
Kenya Bankers Association (Kba). (2023). Esg and Financial Performance in Kenyan Banks. Retrieved from Https://Www.Kba.Co.Ke
Khatun, A., Mouri, F. F., & Akter, M. F. (2024). Does Commercial Bank Practice Green Finance? A Study on the Relationship Between Green Financing and Financial Performance of Commercial Banks in Bangladesh. Journal of Sustainability Research, 3(1), 24-42.1
Kunte, B., Asm’s, I. B. M. R., & Baliram, P. H. (2023). A Study on Impact of Green Financing on Corporate Governance. The Online Journal of Distance Education and E-Learning, 11(2).
Lian, Y., Gao, J., & Ye, T. (2022). How Does Green Credit Affect the Financial Performance of Commercial Banks? Evidence from China. Journal of Cleaner Production, 344, 131069.
Mangwa, I. M., & Jagongo, A. O. (2022). Green Financing and Financial Performance of Listed Commercial Banks in Kenya. International Journal of Recent Research in Commerce Economics and Management, 9(1), 56-64.
Markonah, M., & Prasetyo, J. H. (2022). The Impact of Good Corporate Governance on Financial Performance: Evidence from Commercial Banks in Indonesia. The Journal of Asian Finance, Economics and Business, 9(6), 45-52.
Mhlanga, D., & Dzingirai, C. (2023). Financial Inclusion and Sustainable Development in Sub-Saharan Africa: The Role of Commercial Banks. African Journal of Economic Policy, 30(2), 215-233.
Morshed, M. N., Kabir, S. M. H., Muhibbullah, M., Afroz, R., & Asuhaimi, F. A. (2020). Effects of Corporate Governance on Banking Performance of Commercial Banks in Bangladesh. International Finance and Banking, 7(1), 1-17.
Munir, A., Khan, F. U., Usman, M., & Khuram, S. (2019). Relationship Between Corporate Sustainability, Corporate Governance and Financial Performance. Pakistan Journal of Commerce and Social Sciences (Pjcss), 13(4), 915-933.
Munir, S., Irfan, M., & Malik, M. S. (2022). Impact of Sustainable Finance on the Firm Performance: A Study on the Pakistani Banking Sector. Indian Journal of Economics and Business, 21(2), 145-164.
Nagina, R. (2025). Effectiveness of Green Financing Activities and Performance Management on Banking Sector: An Empirical Study. in Web Intelligence (P. 24056456241302105). Sage Uk: London, England: Sage Publications.
Nairobi Securities Exchange (NSE). (2023). Sustainability Reporting and Financial Performance of Listed Banks. Retrieved from Https://Www.Nse.Co.Ke
Nazir, S. S., Ashiq, T., Chishti, M. F., Ullah, R., & Marwat, A. (2024). Assessing Financial Stability Through ESG: The Impact of Sustainable Finance on Commercial Banks Listed in Pakistan Stock Exchange (Psx). Bulletin of Business and Economics (BBE), 13(3), 120-129.
Nwobu, U. (2020). Sustainable Banking Practices and Financial Performance of Banks in Sub-Saharan Africa: Evidence from Selected Countries. Journal of Finance and Banking Studies, 9(1), 45-62.
Ofori-Sasu, D., Mensah, J. O., & Boadi, E. K. (2023). Financial Inclusion and Environmental Pollution in Sub-Saharan Africa: Exploring the Nexus. Sustainability, 15(7), 3127.
Omare, A. N. (2023). Effect of Sustainability Finance Practices on Organizational Performance of Commercial Banks in Kenya (Doctoral Dissertation, KCA University).
Omware, I. M., Atheru, G., & Jagongo, A. (2020). Corporate Governance and Financial Performance of Selected Commercial Banks Listed at Nairobi Securities Exchange in Kenya. International Academic Journal of Economics and Finance, 3(5), 75-91.
Prinsen, S. (2023). the Effects of the Implementation of Sustainable Finance on the Decision-Making of Financial Institutions.
Rampisela, D. R. (2023). The Effect of Corporate Risk in Mediating the Relationship of Sustainable Finance on Corporate Performance. Jurnal Akuntansi Dan Auditing, 20(1), 74-96.
Ratnasari, T., Surwanti, A., & Pribadi, F. (2021). Implementation of Green Banking and Financial Performance on Commercial Banks in Indonesia. in Recent Developments in Asian Economics International Symposia in Economic Theory and Econometrics (Vol. 28, Pp. 323-336). Emerald Publishing Limited.
Rosilawati, W., & Sidik, S. (2024). Independent Commisioners and Sharia Supervisory Board on Sustainable Finance on Indonesian Islamic Comersial Banks. Al-Mashrof: Islamic Banking and Finance, 5(2), 116-140.
Sapiri, M., & Putra, A. H. P. K. (2023). Causality of Bank Financial Performance, Green Bond, CSR, Green Financing Portfolio and Co2 Emissions in Transportation: Evidence from Indonesia. International Journal of Energy Economics and Policy, 13(6), 511-522.
Sari, W., & Hussien, M. (2024). Corporate Governance and Financial Performance in Sharia Banks: An Analysis in Islamic Finance. Cebong Journal, 3(2), 75-84.
Shukuru, C. N. (2022). Corporate Governance and Financial Performance of Commercial Banks in Kenya (Doctoral Dissertation, KCA University).
Siswanti, I., Yusoff, Y. M., Putra, Y. M., & Prowanta, E. (2023). The Role of Corporate Governance in Moderating the Effect of Risk Finance and Intellectual Capital on Islamic Banks Performance in Indonesia. in Environmental Issues and Social Inclusion in A Sustainable Era (Pp. 327-338). Routledge.
Tafsir, M. (2021). Sustainable Finance: A Strategy to Increase Good Corporate Governance and Company Value in Banking Industry. Atestasi: Jurnal Ilmiah Akuntansi, 4(2), 164-172.
Tawfik, O. I., Kamar, S. H., & Bilal, Z. O. (2021). The Effect of Sustainable Dimensions on the Financial Performance of Commercial Banks: A Comparative Study in Emerging Markets. the Journal of Asian Finance, Economics and Business, 8(3), 1121-1133.
Temba, G. I., Kasoga, P. S., & Keregero, C. M. (2023). Corporate Governance and Financial Performance: Evidence from Commercial Banks in Tanzania. Cogent Economics & Finance, 11(2), 2247162.
The Australian. (2025). Wells Fargo Drops Climate Target, But Aussie Banks ‘Committed’. Retrieved from Https://Www.Theaustralian.Com.Au/Business/Agribusiness/Us-Bank-Wells-Fargo-Drops-Climate-Target-But-Aussie-Banks-Committed/News-Story/80f119e5feb4f3ae988f9e631ae662d4
The Guardian. (2025). JP Morgan's 'Sustainable' Funds Invested £200m in Mining Giant Glencore. Retrieved from Https://Www.Theguardian.Com/Environment/2025/Mar/01/Jp-Morgan-Sustainable-Funds-Mining-Giant-Glencore
Van, H. V., & Afifa, M. A. (2024). Environmental Commitment for Green Finance and Sustainable Performance in Commercial Banks of Asean Countries-Whether Stakeholder Pressure Has a Moderating Role. International Journal of Sustainable Economy, 16(3), 304-331.
Wang, L., Ur Rehman, A., Xu, Z., Amjad, F., & Ur Rehman, S. (2023). Green Corporate Governance, Green Finance, and Sustainable Performance Nexus in Chinese SMES: A Mediation Moderation Model. Sustainability, 15(13), 9914.
Xiliang, Q., Kuo, Y. K., Abourehab, M. A., Mabrouk, F., Ramirez-Asis, E., Abdul-Samad, Z., & Makes, N. (2023). The Impact of ICT, Green Finance, and CSR on Sustainable Financial Performance: Moderating Role of Perceived Organizational Support. Economic Research-Ekonomska Istraživanja, 36(3).
Yao, F., Qin, Z., & Wang, X. (2023). The Influence of Bank Governance Structure on Green Credit. Plos One, 18(3), E0281115.
Yu, B., Liu, L., & Chen, H. (2023). Can Green Finance Improve the Financial Performance of Green Enterprises in China?. International Review of Economics & Finance, 88, 1287-1300.
Zhang, X., Wang, Z., Zhong, X., Yang, S., & Siddik, A. B. (2022). Do Green Banking Activities Improve the Banks’ Environmental Performance? the Mediating Effect of Green Financing. Sustainability, 14(2), 989.
Zhou, Z., Tong, J., Lu, H., & Luo, S. (2024). The Impact of Green Finance and Technology on the Commercial Banks’ Profit and Risk. Finance Research Letters, 66, 105715.
Abuatwan, N. (2023). The Impact of Green Finance on the Sustainability Performance of the Banking Sector in Palestine: The Moderating Role of Female Presence. Economies, 11(10), 247.
Adu, D. A. (2022). Sustainable Banking Initiatives, Environmental Disclosure and Financial Performance: The Moderating Impact of Corporate Governance Mechanisms. Business Strategy and the Environment, 31(5), 2365-2399.
Al Mamun, A., & Rana, M. (2020). Green Banking Practices and Profitability of Commercial Banks in Bangladesh. IOSR Journal of Economics and Finance, 11(5), 10-14.
Alessandro, A., Maski, G., & Pangestuty, F. W. (2023). The Implementation of Sustainable Finance: A Case Study in Bank Performance. International Journal of Accounting & Finance in Asia Pasific, 6, 27-37.
Almonifi, Y. S. A. (2022). Adopting Green Finance Ratio in Evaluating Islamic Banks Performance as Index for Achieving Sharia Maqasid. in Proceeding of International Conference Sustainable Competitive Advantage (Vol. 3).
Arnold, M. (2024). Polluters are Paying Higher Interest Rates, ECB Finds. Financial Times. Retrieved From Https://Www.Ft.Com/Content/C2408062-68c4-4a50-Af9a-29099e95dda1
Banani, A., & Sunarko, B. (2022). Nexus Between Green Finance, Creativity, Energy Accounting and Financial Performance: Banks Sustainability Analysis from Developing Country. International Journal of Energy Economics and Policy, 12(6), 447-455.
Bayu, K. B., & Hunde, D. A. (2020). Corporate Governance and Its Effects on Financial Performance of Banks Evidence from Selected Private Commercial Banks in Ethiopia. Journal of Economics and International Finance, 12(4), 187-195.
Capital Markets Authority (Cma). (2022). Corporate Governance and ESG Compliance in Kenyan Banks. Retrieved from Https://Www.Cma.Or.Ke
Central Bank of Kenya (Cbk). (2021). Guidance on Climate-Related Risks for Banks. Retrieved from Https://Www.Centralbank.Go.Ke
Chen, J., Siddik, A. B., Zheng, G. W., Masukujjaman, M., & Bekhzod, S. (2022). The Effect of Green Banking Practices on Banks’ Environmental Performance and Green Financing: An Empirical Study. Energies, 15(4), 1292.177
Christine, P. N., & Mathenge, J. T. (2023). Corporate Governance and Financial Performance of Selected Commercial Banks in Kenya. Journal of Finance and Accounting, 7(7), 21-39.
Du, M., Zhang, R., Chai, S., Li, Q., Sun, R., & Chu, W. (2022). Can Green Finance Policies Stimulate Technological Innovation and Financial Performance? Evidence from Chinese Listed Green Enterprises. Sustainability, 14(15), 9287.
El-Chaarani, H., Abraham, R., & Skaf, Y. (2022). The Impact of Corporate Governance on the Financial Performance of the Banking Sector in the Mena (Middle Eastern and North African) Region: An Immunity Test of Banks for Covid-19. Journal of Risk and Financial Management, 15(2), 82.147
Erin, O., & Ackers, B. (2025). Corporate Governance and Sustainable Financing: A Structured Literature Review and Future Direction. Review of Integrative Business and Economics Research, 14(2), 50-68.
Fata, F. A., & Arifin, Z. (2024). The Impact of Green Credit Distribution on Bank Performance and Influencing Factors: A Case Study of Indonesian Banks. International Journal of Research in Business and Social Science, 13(1), 323-332.
Galletta, S., Mazzù, S., & Naciti, V. (2022). ESG and Financial Performance of Banks: Evidence from Southeast Asia. Journal of Sustainable Finance & Investment, 12(3), 543-562.
Global Sustainable Investment Alliance (GSIA). (2022). Global Sustainable Investment Review. Retrieved from Https://Www.Gsi-Alliance.Org
Guang-Wen, Z., & Siddik, A. B. (2022). Do Corporate Social Responsibility Practices and Green Finance Dimensions Determine Environmental Performance? An Empirical Study on Bangladeshi Banking Institutions. Frontiers in Environmental Science, 10, 890096.
Gwaison, P. D., & Maimako, L. N. (2021). Effects of Corporate Governance on Financial Performance of Commercial Banks in Nigeria. International Journal of Finance Research, 2(1), 13-23.
Hasan, S. M., Islam, K. A., Tawfiq, T. T., & Saha, P. (2025). Triple Pillars of Sustainable Finance: The Role of Green Finance, CSR, and Digitalization on Bank Performance in Bangladesh.
Indarti, I., Aljufri, A., & Apriliyani, I. B. (2024). Governance, Risk and Compliance (GRC) on Financial Performance, Its Implications for Sustainable Finance in Indonesian Banking, Period 2020-2022. Journal of Comprehensive Accounting, 7(3), 413-421.
Jayathilake, S. (2019). Impact of Green Financing for the Corporate Governance in the Banking Industry. Oida International Journal of Sustainable Development, 12(11), 23-30.
Julia, T., & Kassim, S. (2016). Green Financing and Bank Profitability: Empirical Evidence from the Banking Sector in Bangladesh. Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilisation (Istac), 21(3).
Karyani, E., & Maulina, V. (2020). ESG and Performance: Effect of Government Ownership and Green Bond Issuer. in Icosmi 2020: Proceedings of the 1st International Conference on Sustainable Management and Innovation, Icosmi 2020, 14-16 September 2020, Bogor, West Java, Indonesia (P. 152). European Alliance for Innovation.
Kenya Bankers Association (Kba). (2023). Esg and Financial Performance in Kenyan Banks. Retrieved from Https://Www.Kba.Co.Ke
Khatun, A., Mouri, F. F., & Akter, M. F. (2024). Does Commercial Bank Practice Green Finance? A Study on the Relationship Between Green Financing and Financial Performance of Commercial Banks in Bangladesh. Journal of Sustainability Research, 3(1), 24-42.1
Kunte, B., Asm’s, I. B. M. R., & Baliram, P. H. (2023). A Study on Impact of Green Financing on Corporate Governance. The Online Journal of Distance Education and E-Learning, 11(2).
Lian, Y., Gao, J., & Ye, T. (2022). How Does Green Credit Affect the Financial Performance of Commercial Banks? Evidence from China. Journal of Cleaner Production, 344, 131069.
Mangwa, I. M., & Jagongo, A. O. (2022). Green Financing and Financial Performance of Listed Commercial Banks in Kenya. International Journal of Recent Research in Commerce Economics and Management, 9(1), 56-64.
Markonah, M., & Prasetyo, J. H. (2022). The Impact of Good Corporate Governance on Financial Performance: Evidence from Commercial Banks in Indonesia. The Journal of Asian Finance, Economics and Business, 9(6), 45-52.
Mhlanga, D., & Dzingirai, C. (2023). Financial Inclusion and Sustainable Development in Sub-Saharan Africa: The Role of Commercial Banks. African Journal of Economic Policy, 30(2), 215-233.
Morshed, M. N., Kabir, S. M. H., Muhibbullah, M., Afroz, R., & Asuhaimi, F. A. (2020). Effects of Corporate Governance on Banking Performance of Commercial Banks in Bangladesh. International Finance and Banking, 7(1), 1-17.
Munir, A., Khan, F. U., Usman, M., & Khuram, S. (2019). Relationship Between Corporate Sustainability, Corporate Governance and Financial Performance. Pakistan Journal of Commerce and Social Sciences (Pjcss), 13(4), 915-933.
Munir, S., Irfan, M., & Malik, M. S. (2022). Impact of Sustainable Finance on the Firm Performance: A Study on the Pakistani Banking Sector. Indian Journal of Economics and Business, 21(2), 145-164.
Nagina, R. (2025). Effectiveness of Green Financing Activities and Performance Management on Banking Sector: An Empirical Study. in Web Intelligence (P. 24056456241302105). Sage Uk: London, England: Sage Publications.
Nairobi Securities Exchange (NSE). (2023). Sustainability Reporting and Financial Performance of Listed Banks. Retrieved from Https://Www.Nse.Co.Ke
Nazir, S. S., Ashiq, T., Chishti, M. F., Ullah, R., & Marwat, A. (2024). Assessing Financial Stability Through ESG: The Impact of Sustainable Finance on Commercial Banks Listed in Pakistan Stock Exchange (Psx). Bulletin of Business and Economics (BBE), 13(3), 120-129.
Nwobu, U. (2020). Sustainable Banking Practices and Financial Performance of Banks in Sub-Saharan Africa: Evidence from Selected Countries. Journal of Finance and Banking Studies, 9(1), 45-62.
Ofori-Sasu, D., Mensah, J. O., & Boadi, E. K. (2023). Financial Inclusion and Environmental Pollution in Sub-Saharan Africa: Exploring the Nexus. Sustainability, 15(7), 3127.
Omare, A. N. (2023). Effect of Sustainability Finance Practices on Organizational Performance of Commercial Banks in Kenya (Doctoral Dissertation, KCA University).
Omware, I. M., Atheru, G., & Jagongo, A. (2020). Corporate Governance and Financial Performance of Selected Commercial Banks Listed at Nairobi Securities Exchange in Kenya. International Academic Journal of Economics and Finance, 3(5), 75-91.
Prinsen, S. (2023). the Effects of the Implementation of Sustainable Finance on the Decision-Making of Financial Institutions.
Rampisela, D. R. (2023). The Effect of Corporate Risk in Mediating the Relationship of Sustainable Finance on Corporate Performance. Jurnal Akuntansi Dan Auditing, 20(1), 74-96.
Ratnasari, T., Surwanti, A., & Pribadi, F. (2021). Implementation of Green Banking and Financial Performance on Commercial Banks in Indonesia. in Recent Developments in Asian Economics International Symposia in Economic Theory and Econometrics (Vol. 28, Pp. 323-336). Emerald Publishing Limited.
Rosilawati, W., & Sidik, S. (2024). Independent Commisioners and Sharia Supervisory Board on Sustainable Finance on Indonesian Islamic Comersial Banks. Al-Mashrof: Islamic Banking and Finance, 5(2), 116-140.
Sapiri, M., & Putra, A. H. P. K. (2023). Causality of Bank Financial Performance, Green Bond, CSR, Green Financing Portfolio and Co2 Emissions in Transportation: Evidence from Indonesia. International Journal of Energy Economics and Policy, 13(6), 511-522.
Sari, W., & Hussien, M. (2024). Corporate Governance and Financial Performance in Sharia Banks: An Analysis in Islamic Finance. Cebong Journal, 3(2), 75-84.
Shukuru, C. N. (2022). Corporate Governance and Financial Performance of Commercial Banks in Kenya (Doctoral Dissertation, KCA University).
Siswanti, I., Yusoff, Y. M., Putra, Y. M., & Prowanta, E. (2023). The Role of Corporate Governance in Moderating the Effect of Risk Finance and Intellectual Capital on Islamic Banks Performance in Indonesia. in Environmental Issues and Social Inclusion in A Sustainable Era (Pp. 327-338). Routledge.
Tafsir, M. (2021). Sustainable Finance: A Strategy to Increase Good Corporate Governance and Company Value in Banking Industry. Atestasi: Jurnal Ilmiah Akuntansi, 4(2), 164-172.
Tawfik, O. I., Kamar, S. H., & Bilal, Z. O. (2021). The Effect of Sustainable Dimensions on the Financial Performance of Commercial Banks: A Comparative Study in Emerging Markets. the Journal of Asian Finance, Economics and Business, 8(3), 1121-1133.
Temba, G. I., Kasoga, P. S., & Keregero, C. M. (2023). Corporate Governance and Financial Performance: Evidence from Commercial Banks in Tanzania. Cogent Economics & Finance, 11(2), 2247162.
The Australian. (2025). Wells Fargo Drops Climate Target, But Aussie Banks ‘Committed’. Retrieved from Https://Www.Theaustralian.Com.Au/Business/Agribusiness/Us-Bank-Wells-Fargo-Drops-Climate-Target-But-Aussie-Banks-Committed/News-Story/80f119e5feb4f3ae988f9e631ae662d4
The Guardian. (2025). JP Morgan's 'Sustainable' Funds Invested £200m in Mining Giant Glencore. Retrieved from Https://Www.Theguardian.Com/Environment/2025/Mar/01/Jp-Morgan-Sustainable-Funds-Mining-Giant-Glencore
Van, H. V., & Afifa, M. A. (2024). Environmental Commitment for Green Finance and Sustainable Performance in Commercial Banks of Asean Countries-Whether Stakeholder Pressure Has a Moderating Role. International Journal of Sustainable Economy, 16(3), 304-331.
Wang, L., Ur Rehman, A., Xu, Z., Amjad, F., & Ur Rehman, S. (2023). Green Corporate Governance, Green Finance, and Sustainable Performance Nexus in Chinese SMES: A Mediation Moderation Model. Sustainability, 15(13), 9914.
Xiliang, Q., Kuo, Y. K., Abourehab, M. A., Mabrouk, F., Ramirez-Asis, E., Abdul-Samad, Z., & Makes, N. (2023). The Impact of ICT, Green Finance, and CSR on Sustainable Financial Performance: Moderating Role of Perceived Organizational Support. Economic Research-Ekonomska Istraživanja, 36(3).
Yao, F., Qin, Z., & Wang, X. (2023). The Influence of Bank Governance Structure on Green Credit. Plos One, 18(3), E0281115.
Yu, B., Liu, L., & Chen, H. (2023). Can Green Finance Improve the Financial Performance of Green Enterprises in China?. International Review of Economics & Finance, 88, 1287-1300.
Zhang, X., Wang, Z., Zhong, X., Yang, S., & Siddik, A. B. (2022). Do Green Banking Activities Improve the Banks’ Environmental Performance? the Mediating Effect of Green Financing. Sustainability, 14(2), 989.
Zhou, Z., Tong, J., Lu, H., & Luo, S. (2024). The Impact of Green Finance and Technology on the Commercial Banks’ Profit and Risk. Finance Research Letters, 66, 105715.