Green bonds and environmental performance: The effect of management attention

IF 8.3 2区管理学 Q1 BUSINESS Corporate Social Responsibility and Environmental Management Pub Date : 2024-05-30 DOI:10.1002/csr.2858

Ruben Ordonez-Borrallo, Natalia Ortiz-de-Mandojana, Javier Delgado-Ceballos

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Abstract

Green bonds have attracted significant interest in the business and financial sectors, yet the environmental performance outcomes among issuing firms have been uneven. Drawing on the attention-based view framework, this study examines the role of corporate green bond issuance in directing attention to environmental issues across organizational levels. Additionally, we investigate how internal conditions, such as growth, profitability, and indebtedness, influence the translation of attention into improved environmental performance. Using a matched sample of 160 paired firms from 23 countries and nine sectors, our results emphasize the significance of both green bond intensity and internal conditions in shaping how green bonds impact environmental performance. These results contribute to the fields of sustainable finance and attention-based view theory, offering new insights into the influence of green bonds on firms' environmental performance.

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绿色债券与环境绩效：管理层关注的影响

绿色债券引起了商业和金融领域的极大兴趣，但发行企业的环境绩效结果却参差不齐。本研究借鉴基于注意力的观点框架，探讨了企业发行绿色债券在引导各组织层面关注环境问题方面所起的作用。此外，我们还研究了增长、盈利能力和负债等内部条件如何影响将关注转化为环境绩效的改善。我们使用来自 23 个国家和 9 个行业的 160 家配对企业作为样本，得出的结果强调了绿色债券强度和内部条件在影响绿色债券如何影响环境绩效方面的重要性。这些结果为可持续金融和基于注意力的观点理论领域做出了贡献，为绿色债券对企业环境绩效的影响提供了新的见解。

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.

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