University of Gothenburg
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Sustainable and entrepreneurial finance

Sustainable and entrepreneurial finance is a transdisciplinary research programme with focus on investigating human decision making on the financial market by using a combination of quantitative and qualitative research methods.

The financial sector has a pivotal role in forming the future for our society. By allocating resources to sectors and businesses in society it injects capital into new industries, create jobs and increase economic growth. However the financial industry has also been associated with irrational greed, short-termism and financial bubbles and been questioned on its merits of bringing a sustainable development which preserves the environment and protects social values. This research programme targets the drivers and impediments for incorporating ESG-issues into the investment process and the relation between investment beliefs and risk taking on the stock-market. It also investigates the rationality of investors’ (both large institutional and retail investors) and the function of the capital market in a broader sense. The programme focuses on the behavioral aspects of finance in topics such as for example drivers of socially responsible investments, asset pricing, return forecasting and venture capital participation in IPOs.

The financial sector has a pivotal role in forming the future for our society.

The programme will function as a platform for exchange of research ideas and forum for keeping us up-dated on new research and methods. The aim of the programme will be to facilitate the group members own individual research but more importantly find common ground for collaborative work and research projects. The goal is that the program will at least produce four research applications each year. The programme will also actively explore possibilities to establish international scientific collaborations and seek cooperation with the financial industry. We have the ambition to host one work-shop every year where international researchers and practitioners will be invited.

Publications and conference papers

Articles in international scientific journals

  • Arvidsson, Susanne, and Svetlana Sabelfeld. "Adaptive framing of sustainability in CEO letters." Accounting, Auditing and Accountability Journal (2022).
  • Gärling, T., & Jansson, M. (2022). Risk management by novice investors in stock markets. In Progress in Economic Research, 49, 129-149. Nova Science Publisher.
  • Roos, J-M, Jansson, M., & Gärling, T. (2022). A three-level analysis of values related to socially responsible retirement investment. Journal of Sustainable Finance and investment. 
  • Sabelfeld, S., Dumay, J., & La Torre, M. (2023) Adapting Integrated Reporting through the Stages of local Rationalisation. Accounting Forum.
  • Arvidsson, S. and Sabelfeld, S. (2023)  Adaptive framing of sustainability in CEO letters. Accounting, Auditing & Accountability Journal, Vol. 36 No. 9, pp. 161-199.
  • Samani, N., Overland, C. & Sabelfeld, S. (2023) The role of the EU non-financial reporting directive and employee representation in employee-related disclosures, Accounting Forum, 47(2), 278-306,  DOI: 10.1080/01559982.2022.2158773
  • Sabelfeld, S. (in press)  Travels of management and accounting innovations, Chapter in Vargö, L. (ed) Handbook on Europe-Japan Relations.  Japan Documents Publishing/MHM Limited.
  • Beusch, P., Jonäll, K., & Sabelfeld, S. (Eds.) (in press). Corporate governance in Nordic Setting: the Case of Sweden, De Gruyter studies in Corporate Governance.
  • ISDP-KIIP Sweden-Japan Climate Cooperation Team (2022) Renewable Energy and Climate Action: The Future of Japan and Sweden Cooperation. Available at:

Article in the review process

  • Jansson, M., Sabelfeld, S., Bank, S., (2023). The Role of Investment Beliefs and Heuristics in Corporate Valuation: Comparing buy-side and sell-side financial analysts’ cognitive processes and information usage. Submitted to Qualitative Research in Financial Markets
  • Jansson, M., Michaelsen, P., Sonsino, D., & Gärling, T. (2023). Non-professional versus professional investors’ trust in financial analysts’ buy and sell recommendations moderating influences on investments. Submitted to Review of Behavioral Finance.
  • Samani, N., Overland, C., & Sabelfeld, S. (2022, December). The role of the EU non-financial reporting directive and employee representation in employee-related disclosures. In Accounting Forum (pp. 1-29). Routledge.

Conference papers

  • Arvidsson, S. & Sabelfeld, S. (2022) Adapting framing in CEO letters, presented at 44th Annual European Accounting Association (EAA) Congress, May 11-13, 2022, Bergen, Norway.
  • Blomkvist, M., Sabelfeld,S., Crawford, L. & Haslam, J. (2022) Country-by country reporting of payments to governments by extractives: lost in translation in the Swedish context. Presented at the 32nd International Congress on Social and Environmental Accounting Research, Aug 22 -25, 2022, University of St Andrews, Scotland, UK. 
  • Jansson, M. (2022). Spara eller slösa? Föreläsning om pengar och psykologi. Vetenskapsfestivalen. 5:e maj 2022, Göteborgs stad. Göteborg
  • Jansson, M., Michaelsen, P., Sonsino, D., & Gärling, T. (2023). Non-Professional and Professional Investors’ Trust in Financial Analysts’ Buy and Sell Recommendations and Their Impact on Investments. Behavioural Finance Working Group, 16th International Conference, Queen Mary University of London, London, UK, June 12-13, 2023.
  • Forthcoming: Sonsino, D., Michaelsen, P., Gärling, T., & Jansson, M. The Relatively Sober Stance of Competent Investors. Will be presented at the Southern Economic Association, in September at The 15:th Nordic Conference in Experimental Behavioral Finance in Lund and in November in New Orleans.
Photo: Unsplash
Photo: Unsplash