{"title":"The spillover effects of green bond issuance in peer firms’ financial performance","authors":"Yang Deng , Zhaoqin Zhang","doi":"10.1016/j.ribaf.2025.102895","DOIUrl":null,"url":null,"abstract":"<div><div>This paper investigates whether the issuance of green bonds generates institutional benefits that facilitate the coordinated development of businesses and the environment. By investigating listed companies in China, we document novel and robust evidence that the issuance of green bonds for the first time positively impacts the performance of peer firms in the same industry. We further reveal that the issuance of green bonds enhances peers' performance by increasing investor attention, promoting environmentally friendly behaviors, and alleviating financial constraints. Overall, our results highlight that the debut of industry green bonds is beneficial for peer firms in the corresponding industry and for green development.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"77 ","pages":"Article 102895"},"PeriodicalIF":6.9000,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531925001515","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/4/19 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This paper investigates whether the issuance of green bonds generates institutional benefits that facilitate the coordinated development of businesses and the environment. By investigating listed companies in China, we document novel and robust evidence that the issuance of green bonds for the first time positively impacts the performance of peer firms in the same industry. We further reveal that the issuance of green bonds enhances peers' performance by increasing investor attention, promoting environmentally friendly behaviors, and alleviating financial constraints. Overall, our results highlight that the debut of industry green bonds is beneficial for peer firms in the corresponding industry and for green development.
期刊介绍：
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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