Abstract
Sustainability has gotten more attention in recent years because of environmental activists who are pressuring businesses to incorporate sustainable practices into their daily operations. Businesses must now demonstrate their ability to operate with the greatest efficiency and effectiveness possible in order to succeed. This document's main goal is to look into how financial management affects sustainability, how it affects overall performance, and how it relates to sustainable artificial intelligence (AI). Many businesses all around the world are now mandating that using sustainable business practices is an integral part of their operations. Financial management has proven to play a key role in promoting sustainability, which positively impacts business success. Businesses are using artificial intelligence (AI) more and more to recognize environmental and climate change-related problems, evaluate how they affect daily operations, and develop solutions. Investigating many facets of environmentally friendly development, ESG (Environmental, Social, and Governance) investment, and utilizing artificial intelligence to assist creditors, investors, and corporate leaders in making educated decisions are the main areas of attention. In the long run, this will help to ensure financial stability. In this perspective, it is important to think about the challenges and potential benefits that AI presents when offering answers to sustainability-related problems. One societal issue that artificial intelligence (AI) has the potential to solve is sustainability—his editorial deterioration and the urgent climate crisis present complex problems that call for cutting-edge, innovative solutions. According to a survey of the literature, corporations and governments have embraced sustainability in their own circumstances and are actively pursuing it. In addition to summarising the papers in this edition, this Editorial offers novel viewpoints gleaned from the literature. It also explores the wider significance of AI beyond its use as a problem-solving tool in financial management and the crucial role AI applications and models play in sustainable finance.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Nishant, R., Kennedy, M., & Corbett, J. (2020). Artificial Intelligence for Sustainability: Challenges, Opportunities, and a Research Agenda. International Journal of Information Management, 53, 102104.
Chayjan, M. R., Bagheri, T., Kianian, A., & Someh, N. G. (2020). Using Data Mining for Prediction of Retail Banking Customer’s Churn Behaviour. International Journal of Electronic Banking, 2(4), 303–320.
Musleh Al-Sartawi, A. M. A., ed. 2022. Artificial Intelligence for Sustainable Finance and Sustainable Technology. ICGER 2021. Lecture Notes in Networks and Systems, Vol. 423.
Memdani, L. (2020). Demonetisation: A Move Towards Cashless Economy in India. International Journal of Electronic Banking, 2(3), 205–211.
Al-Sartawi, A. (2021). The Big Data-Driven Digital Economy: Artificial and Computational Intelligence. In Studies in Computational Intelligence, 974, 1–20.
Krüger, P., Sautner, Z., & Starks, L. T. (2020). The Importance of Climate Risks for Institutional Investors. Review of Financial Studies, 33, 1067–1111.
Ahamed, N. (2018). Does working capital determine firm performance? Empirical research of the emerging economy. Corporate Governance and Sustainability Review, 2(1), 14–33.
Bagaeva, A. (2020). Financial management: Managing the finances of an enterprise. Trends in The Development Of Science And Education.
Ardillah, K. (2020). The impact of environmental performance and financing decisions to sustainable financial development. Proceedings of the 3rd Asia Pacific Management Research Conference (APMRC 2019).
Migliorelli, M., & Marini, V. (2020). undefined. Palgrave Studies in Impact Finance, 93- 118.
Diez-Cañamero, B., Bishara, T., Otegi-Olaso, J. R., Minguez, R., & Fernández, J. M. (2020). Measurement of corporate social responsibility: A review of corporate sustainability indexes, rankings.
Haenlein, M., & Kaplan, A. (2019). A brief history of artificial intelligence: On the past, present, and the future of artificial intelligence. California Management Review, 61(4), 5–14.
Mhlanga, D. (2021). Artificial intelligence in Industry 4.0, and its impact on poverty, innovation, infrastructure development, and the sustainable development goals: Lesson from emerging economies? Sustainability, 13(11), 5788.
Savina, S., & Kuzmina-Merlino, I. (2015). Improving financial management system for multi-business companies. Procedia - Social and Behavioral Sciences, 210, 136–145.
Stein Smith, S. (2019). Artificial intelligence. Blockchain, Artificial Intelligence and Financial Services, 83–99.
Zhang, H., Song, M., & He, H. (2020). Achieving the success of sustainability development projects through big data analytics and artificial intelligence capability. Sustainability, 12(3), 949.
Joseph, O. A., & Falana, A. (2021). Artificial intelligence and firm performance: A robotic taxation perspective. The Fourth Industrial Revolution: Implementation of ArtificiaI Intelligence for Growing Business Success, 23–56.
Migliorelli, M., & Marini, V. (2020). undefined. Palgrave Studies in Impact Finance, 93–118.
Weber, O. (2017). Corporate sustainability and financial performance of Chinese banks. Sustainability Accounting, Management and Policy Journal, 8(3), 358–385.
Pham, D. C., Do, T. N., Doan, T. N., Nguyen, T. X., & Pham, T. K. (2021). The impact of sustainability practices on financial performance: Empirical evidence from Sweden. Cogent Business & Management, 8(1), 1912526.
Pikus, R., Prykaziuk, N., & Balytska, M. (2018). Financial sustainability management of the insurance company: Case of Ukraine. Investment Management and Financial Innovations, 15(4), 219–228.
Rodriguez-Fernandez, M. (2016). Social responsibility and financial performance: The role of good corporate governance. BRQ Business Research Quarterly, 19(2), 137–151.
Ameer, R., & Othman, R. (2011). Sustainability practices and corporate financial performance: A study based on the top global corporations. Journal of Business Ethics, 108(1), 61–79.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2024 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Rani, M., Singh, R. (2024). Role of Artificial Intelligence in Sustainable Finance. In: Chakir, A., Andry, J.F., Ullah, A., Bansal, R., Ghazouani, M. (eds) Engineering Applications of Artificial Intelligence. Synthesis Lectures on Engineering, Science, and Technology. Springer, Cham. https://doi.org/10.1007/978-3-031-50300-9_22
Download citation
DOI: https://doi.org/10.1007/978-3-031-50300-9_22
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-50299-6
Online ISBN: 978-3-031-50300-9
eBook Packages: Synthesis Collection of Technology (R0)