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

IF 6.9 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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绿色债券发行人环境绩效的跨区域分析

随着时间的推移，绿色债券市场越来越受到重视，特别是在环境对商业活动的财务方面有重大影响的行业。该研究基于覆盖超过35个国家的纵向面板数据，从2011年到2022年，研究了绿色债券是否与改善环境绩效有关。利用匹配的债券发行人信息和差分回归（DID），研究发现，与财务特征和ESG评级相同的非绿色债券发行人相比，绿色债券发行人在发行后的环境得分更高，碳强度更低。这一发现对于总部设在北美和欧洲的企业公司来说意义重大，而对于总部设在亚洲的金融公司来说意义不大。总的来说，结果与信号理论一致，表明公司在发行绿色债券时表明了他们对环境的贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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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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