SGFIN focuses on developing two streams of research:

Fundamental research on sustainable and green finance

SGFIN will pursue foundational and inter-disciplinary research covering sustainable and green finance, including topics in household finance, corporate finance, investments, financial development and inclusions, developments of sustainable banking practices, sustainable considerations of industry and business processes, and other related topics.

Applied research on sustainable finance

A key research focus at SGFIN will be on developing a sustainability and impact measurement and assessment framework to capture the monetary value of companies’ environmental and social performance. The development of such a framework is crucial for Asia, given the lack of consistent and standardised measures for firms operating in Asia. A more transparent and standardised measurement of companies’ environmental and social performance will facilitate more efficient capital allocations to business entities that are capable of creating social and environmental values that meet the expectations of investors and other stakeholders. By aiding financial institutions with comprehensive data, robust benchmarks and indexes, SGFIN aims to support businesses with solutions designed to facilitate access to green finance and achieve broader sustainable growth objectives.

SGFIN will also develop collaborative research to meet sustainability needs of the financial and commercial sectors. SGFIN will collaborate with industry partners who are interested in improving the sustainability performance of financial and real investments, both in Singapore and the region.

Forthcoming Publications

Gefen, O., Reeb, D. & Sulaeman, J. Startups’ demand for accounting expertise: evidence from a randomized field experiment.

Review of Accounting Studies, forthcoming,

Agarwal, S., Wang, L., & Yang, Z. Blessing in disguise? Environmental shocks and performance enhancement.

Journal of Economic Behavior and Organization, forthcoming,

Agarwal, S., Fan, M., Araral, E., Yu, Q., & Zhang, H. Do announcement and implementation of prices and subsidies differentially affect water consumption.

Nature Water, forthcoming,


Published Papers

Agarwal, S., Ding, Y.H., Kuang, W.D., Zhu, X. (2023). Are environmental punishments good news or bad news? Evidence from China.

Journal of Environmental Economics and Management, 120(102847),

Liu, C., Shu, T., Sulaeman, J., Shu, T., Yeung, P.E. Life is Too Short? Bereaved Managers and Investment Decisions",

Review of Finance, Review of Finance, 27,4,1373-1421,

Agarwal, S., Tan, P.L., Tan-Soo, J.S. (2023). Long-term effects of air pollution on Singapore’s national university admissions.

Applied Economics Letters,

Lin, Y., Qin, Y., Sulaeman, J., Yan, J., Zhang, J. (2023). Expanding footprints: The impact of passenger transportation on corporate locations.

Review of Finance, 2023, 27, 1119–1154. 

Agarwal, S., Han, Y., Qin, Y., Zhu H. (2022). Disguised pollution: industrial activities in the dark.

Journal of Public Economics, 223(104904),

Agarwal, S., Sing, T. F., & Sultana, M. (2022). Public media campaign and energy conservation: A natural experiment in Singapore.

Energy Economics, 114,

Agarwal, S., Araral, E., Fan, M., Qin, Y., & Zheng, H. (2022). Water conservation through plumbing and nudging.

Nature Human Behaviour, 1-10.

Agarwal, S., Qin, Y., Shi, L., Wei, G., & Zhu, H. (2021). Impact of temperature on morbidity: New evidence from China.

Journal of Environmental Economics and Management, 109,

Agarwal, S., Wang, L., & Yang, Y. (2021). Impact of transboundary air pollution on service quality and consumer satisfaction.

Journal of Economic Behavior & Organization, 192, 357-380.

Agarwal, S., Sing, T. F., & Yang, Y. (2020). The impact of transboundary haze pollution on household utilities consumption.

Energy Economics, 85(104591),

Agarwal, S., Deng, Y., & Li, T. (2019). Environmental regulation as a double-edged sword for housing markets: Evidence from the NOx budget trading program.

Journal of Environmental Economics and Management, 96, 286-309.

Nofsinger, J. R., Sulaeman, J., & Varma, A. (2019). Institutional investors and corporate social responsibility.

Journal of Corporate Finance, 58, 700-725.

Zhang, W., & Zhang, H. (2019). The value of corporate social responsibility: decomposing positive and negative deviations from the norm.

Nomura Journal of Asian Capital Markets, 4(1), 26-31.

Lam, S. S., Zhang, W., & Chien, C. Y. K. (2018). Can corporate social responsibility fill institutional voids.

In P.S Hoffmann (Ed.), Firm Value-Theory and Empirical Evidence (2nd ed.).


Agarwal, S., Rengarajan, S., Sing, T. F., & Yang, Y. (2016). Nudges from school children and electricity conservation: Evidence from the “Project Carbon Zero” campaign in Singapore.

Energy Economics, 61, 29-41.