How sustainable finance is becoming mainstream?

The emerging economic, social, and environmental pressures highlighted the need for long-term approaches to bring sustainable development. The concept of sustainable finance evolved as a novel field of finance that actively contributes to sustainable development. However, despite the fact that the sustainable finance research field has been showing tremendous growth among all sectors, it is often considered as an umbrella term that encompasses different financial practices, tools, and instruments without a clear understanding of its core elements and boundaries. More precisely, the literature reveals the gaps concerning the need for understanding the knowledge structure and new developments within this emerging field of finance. In this perspective, this thesis is based on three main chapters, and each chapter's findings fulfill some important research gaps within the sustainable finance paradigm. The first chapter applies a bibliometric approach to provide comprehensive knowledge regarding the intellectual structure of the sustainable finance research field, which clarifies the similarities, linkage, and differences between potential financial practices, tools, and instruments. In addition, this chapter reveals various significant research gaps within the sustainable finance research field. Considering those gaps, the second chapter explores how FinTech companies can contribute to sustainable development goals (SDGs) achievement. This empirical research study investigates the main characteristics of FinTech companies through inductive qualitative multiple case study methodology. The findings of this research are twofold. First, by investigating the business models’ core elements of selected FinTechs, identify direct and/or indirect contributions of these companies to various SDGs, and based on the analysis, the study derived eight propositions. Second, this study proposed a new Impact FinTech model that primarily focuses on creating social and environmental values in developing as well as developed economies, which ultimately contributes to SDGs’ achievement. While the third chapter explicates what new developments are needed in evolving social impact bonds (SIBs) research field within the (social) finance paradigm. The study uses key bibliometric approaches - science mapping and performance analysis - to explain the conceptual framework, status quo, and development trends of the SIB research field. More precisely, the overall finding of this project points out some important facts regarding the literature on SIBs from a finance perspective and proposed 37 finance-oriented research questions for future studies. The overall findings of this thesis contribute to theory as well as practice. In particular, the finding of the first chapter provides a better understanding of the sustainable finance landscape to researchers, organizations, and society. The finding of the second chapter provides knowledge to investors, practitioners, and academics regarding practical ways to create significant social and/or environmental impact, in order to efficiently achieve the UN 2030 agenda. While the third chapter contributes to current knowledge about SIBs by providing thoughtful insights on all financial aspects of this emerging research field. In addition, each chapter's findings also highlight important opportunities or gaps for future research.