The pricing of green bonds: Does social capital matter? Evidence from China

被引：0
|
作者：
Chen, Hao [1 ]
Meng, Yijun [2 ]
Ning, Xueping [3 ]
Qi, Yuanbo [4 ]
机构：
[1] Univ Int Business & Econ, Acad China Open Econ Studies, Beijing, Peoples R China
[2] Shanghai Univ Int Business & Econ, Accounting Sch, Shanghai, Peoples R China
[3] Shanghai Univ Int Business & Econ, Sch Int Business, Shanghai, Peoples R China
[4] Donghua Univ, Coll Humanities, Shanghai, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 67卷
关键词：
Societal trust; Green bonds; Social network; Green development; TRUST; COST; PERFORMANCE; INVESTMENT; DEBT; RESPONSIBILITY; BEHAVIOR; CREDIT; FIRM;
D O I：
10.1016/j.frl.2024.105756
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the relation between the level of regional societal trust and the cost of green bonds. We conduct empirical estimation on 330 green bonds issued in China from 2016 to 2019, and find that a higher level of provincial societal trust can significantly reduce the spread premium of green bonds. Further investigation reveals that because generalized social capital can take the place of an individual's particular social capital, trust has a more pronounced effect on bond spread when the issuer's ultimate controller has a less extensive social network.
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页数：9
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