Cross-region analysis of the environmental performance of green bond issuers

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-02-10 DOI:10.1016/j.frl.2025.106926

Tchuiendem Nelly Joel , Haitao Zheng , Bing-Yue Liu

引用次数: 0

Abstract

The green bond market is gaining prominence over time, particularly in sectors in which the environment significantly affects the financial aspects of business activities. The study examines whether green bonds are associated with improved environmental performance based on a longitudinal panel data covering over 35 countries from 2011 to 2022. Using matched bond issuer information and a difference-in-difference (DID) regression, the study finds that green bond issuers compared to non-green bonds issuers with identical financial characteristics and ESG ratings, record better environmental score and fewer carbon intensity post issuance. The findings remain significant for corporate firms and those domiciled in North America and Europe and insignificant for financial firms and those based in Asia. Overall, the results align with signalling theory, suggesting that firms signal their dedication to the environment when they issue green bonds.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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