Competitions among sub-financial sectors and growth of green bond markets in ASEAN plus three countries

IF 1.9 Q2 BUSINESS, FINANCE Managerial Finance Pub Date : 2024-08-26 DOI:10.1108/mf-04-2024-0299

Sung Suk Kim, Vina Nugroho, Liza Handoko

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Abstract

Purpose

This study aimed to explore the determining factors for green bond markets in ASEAN plus three countries. In contrast to previous publications that primarily examined the incentives for green bonds and institutional differences among economies, the analysis focused on the role of competition among sub-financial sectors in fostering the growth of green bond markets.

Design/methodology/approach

This study adopted Driscoll and Kraay fixed effect panel methods to account for country-level heterogeneity and enhance efficiency, using quarterly data from 2016 to 2022.

Findings

The findings showed that healthy competition among sub-financial sectors was crucial for the growth of green bond markets. Growth in specific sub-financial sectors such as brown corporate bond and stock markets as well as banks contributed positively to these markets. Variables related to market microstructure also had no significant impact on green bonds but macroeconomic factors did.

Practical implications

The findings suggested that governments should promote healthy competition among sub-financial sectors and implement diverse policies to ensure the sustainable growth of green bond markets.

Originality/value

This study further pioneered the importance of competition among sub-financial sectors for the development of green bond markets.

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东盟加三国次级金融部门之间的竞争与绿色债券市场的发展

目的本研究旨在探讨东盟加三国绿色债券市场的决定性因素。与以往主要研究绿色债券的激励机制和经济体间制度差异的出版物不同，本研究重点分析了次级金融部门之间的竞争在促进绿色债券市场发展中的作用。研究结果研究结果表明，次级金融部门之间的良性竞争对绿色债券市场的发展至关重要。棕色公司债券和股票市场以及银行等特定次级金融部门的增长对这些市场起到了积极的促进作用。与市场微观结构相关的变量对绿色债券也没有显著影响，但宏观经济因素对其有显著影响。研究结果表明，政府应促进次级金融部门之间的良性竞争，并实施多样化的政策，以确保绿色债券市场的可持续发展。

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来源期刊

Managerial Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

12.50%

发文量

103

期刊介绍： Managerial Finance provides an international forum for the publication of high quality and topical research in the area of finance, such as corporate finance, financial management, financial markets and institutions, international finance, banking, insurance and risk management, real estate and financial education. Theoretical and empirical research is welcome as well as cross-disciplinary work, such as papers investigating the relationship of finance with other sectors.