Which are the factors influencing green bonds issuance? Evidence from the European bonds market

被引：20
|
作者：
Cicchiello, Antonella Francesca [1 ]
Cotugno, Matteo [1 ]
Monferra, Stefano [1 ]
Perdichizzi, Salvatore [2 ,3 ]
机构：
[1] Univ Cattolica Sacro Cuore, Milan, Italy
[2] Univ Bologna, Bologna, Italy
[3] Yunus Social Business Ctr, Bologna, Italy
来源：
FINANCE RESEARCH LETTERS | 2022年 / 50卷
关键词：
Green bonds; Sustainable investment; Financial structure; Corporate governance; MATURITY STRUCTURE; DEBT; OVERCONFIDENCE; GENDER; WOMEN;
D O I：
10.1016/j.frl.2022.103190
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Based on a European sample, this paper examines the determinants affecting firms' choice between green or conventional bond issuance during 2015-2020. Our logit model results reveal that different issuer and corporate governance characteristics (i.e., current ratio, long debt, independent director) might significantly affect the issuer's decision between green and conventional bonds. Additionally, we show that the combined effect of board gender diversity and the issuer's debt maturity structure is positively related to green bond issuance. Our results suggest several key points relevant at both managerial and policy levels to promote the growth of the green bond market.
引用
收藏
页数：8
相关论文
共 50 条
  • [1] Factors Influencing Issuance Scale of Chinese Treasury Bonds
    Xu, Bin
    Xu, Renjing
    [J]. FOREIGN DIRECT INVESTMENT, TRADE AND DEVELOPMENT, 2011, : 77 - 86
  • [2] Does the issuance of green bonds nudge environmental responsibility engagements? Evidence from the Chinese green bond market
    Liu, Ying
    Huang, Hongyun
    Mbanyele, William
    Wang, Fengrong
    Liu, Huiling
    [J]. FINANCIAL INNOVATION, 2024, 10 (01)
  • [3] The effect of issuance documentation disclosure and readability on liquidity: Evidence from green bonds
    Lebelle, Martin
    Jarjir, Souad Lajili
    Sassi, Syrine
    [J]. GLOBAL FINANCE JOURNAL, 2022, 51
  • [4] Motives and market reactions to convertible bonds and bonds with warrants issuance in an emerging market
    Kim, Woo Sung
    Oh, Sekyung
    Kiymaz, Halil
    [J]. INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 2023, 28 (03) : 2449 - 2474
  • [5] Factors Influencing the Scale of Chinese Treasury Bonds Issuance, and Prediction Thereof
    Xu, Bin
    Xu, Renjing
    [J]. TRANSNATIONAL CORPORATIONS REVIEW, 2011, 3 (01) : 47 - 62
  • [6] Impact of cities' issuance of green bonds on local firm performance: evidence from China
    Li, Rongnan
    Liu, Zhuang
    Gan, Kai
    [J]. OPERATIONAL RESEARCH, 2024, 24 (03)
  • [7] Green bonds issuance, innovation performance, and corporate value: Empirical evidence from China
    Khurram, Muhammad Usman
    Xie, Wenwu
    Mirza, Sultan Sikandar
    Tong, Hao
    [J]. HELIYON, 2023, 9 (04)
  • [8] The issuance of convertible bonds and earnings management: evidence from Taiwan
    Chang, Ruey-Dang
    Tseng, Yee-Chy
    Chang, Ching-Ping
    [J]. REVIEW OF ACCOUNTING AND FINANCE, 2010, 9 (01) : 65 - +
  • [9] Which Factors Play a Role in CoCo Issuance? Evidence from European Banks
    Wagner, Sara
    Vermaelen, Theo
    Wolff, Christian C. P.
    [J]. JOURNAL OF DERIVATIVES, 2022, 30 (01): : 58 - 73
  • [10] Can the issuance of green bonds promote corporate green transformation?
    Cheng, Zhonghua
    Wu, Yixuan
    [J]. JOURNAL OF CLEANER PRODUCTION, 2024, 443
12345