Article: Sustainable finance and social development: do institutional quality and ICT infrastructure matter? Journal: World Review of Entrepreneurship, Management and Sustainable Development (WREMSD) 2025 Vol.21 No.3 pp.1 - 35 Abstract: The link between social sustainability and sustainable finance has drawn considerable scholarly attention due to its significance in advancing the Sustainable Development Goals (SDGs). Among the critical enablers for achieving these goals are strong institutional frameworks and robust ICT infrastructure. This study examines the effectiveness of sustainable finance in promoting social sustainability, with particular emphasis on the moderating roles of institutional quality and ICT infrastructure. Using the PMG-ARDL model, the study analyses panel data from G20 and non-G20 countries spanning 2000-2020. Findings reveal that both green and social finance are key drivers of social sustainability. However, the interaction between ICT and the social finance-social sustainability nexus diminishes its effectiveness in both G20 and non-G20 contexts, as disadvantaged groups often face barriers to accessing digital financial services, limiting the benefits of social finance. Institutional quality amplifies the positive impact of social finance on social sustainability across all countries studied. Inderscience Publishers - linking academia, business and industry through research

Title: Sustainable finance and social development: do institutional quality and ICT infrastructure matter?

Authors: Abraham Aguriba; Daniel Domeher; Joseph Akadeagre Agana; Godfred Aawaar

Addresses: Department of Finance and Accounting, KNUST School of Business, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana ' Department of Finance and Accounting, KNUST School of Business, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana ' Department of Finance and Accounting, KNUST School of Business, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana ' Department of Finance and Accounting, KNUST School of Business, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana

Abstract: The link between social sustainability and sustainable finance has drawn considerable scholarly attention due to its significance in advancing the Sustainable Development Goals (SDGs). Among the critical enablers for achieving these goals are strong institutional frameworks and robust ICT infrastructure. This study examines the effectiveness of sustainable finance in promoting social sustainability, with particular emphasis on the moderating roles of institutional quality and ICT infrastructure. Using the PMG-ARDL model, the study analyses panel data from G20 and non-G20 countries spanning 2000-2020. Findings reveal that both green and social finance are key drivers of social sustainability. However, the interaction between ICT and the social finance-social sustainability nexus diminishes its effectiveness in both G20 and non-G20 contexts, as disadvantaged groups often face barriers to accessing digital financial services, limiting the benefits of social finance. Institutional quality amplifies the positive impact of social finance on social sustainability across all countries studied.

Keywords: sustainability; green finance; social development; technology; developed countries.

DOI: 10.1504/WREMSD.2025.149016

World Review of Entrepreneurship, Management and Sustainable Development, 2025 Vol.21 No.3, pp.1 - 35

Received: 31 Mar 2025
Accepted: 06 Sep 2025
Published online: 08 Oct 2025 *

Title: Sustainable finance and social development: do institutional quality and ICT infrastructure matter?

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