Exploring the Relationship Between ESG Performance and Green Bond Issuance

Wang, Shanshan; Wang, Derek

doi:10.3389/fpubh.2022.897577

Cited by 13 publications

(7 citation statements)

References 91 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…This study uses data on Chinese listed firms from 2011 to 2018, which are sourced from the WIND and China Stock Market Accounting Research (CSMAR) databases. These two databases provide financial information, innovation, digitalization, and background information on TMTs, which have been widely adopted in previous studies on Chinese firms [ 52 , 68 ]. In addition, we construct the city-level digital economy development index by using data from the China Urban Statistical Yearbook.…”

Section: Methodsmentioning

confidence: 99%

Going Abroad and Going Green: The Effects of Top Management Teams’ Overseas Experience on Green Innovation in the Digital Era

Meng

Wang

2022

IJERPH

View full text Add to dashboard Cite

Green innovation has become one of the most important approaches to achieving sustainable development in modern business. Top management team (TMT)’s overseas experience, as one type of unique resources, constitutes the cognitive basis of the team and thus influences firms’ strategic decision-making. Based on the upper echelon theory, this study aims to investigate the effect of TMT’s overseas experiences on green innovation performances. By utilizing a panel dataset of Chinese listed firms, this study shows that TMTs’ overseas experience indeed promotes firms’ green innovation performance and that both firms’ digital transformation and regions’ digital economy development positively moderate the relationship between TMTs’ overseas experience and green innovation. These findings not only help managers better organize the TMT and green innovation strategy but also draw policymakers’ attention to the importance of the digital economy and sustainable development.

show abstract

Section: Methodsmentioning

confidence: 99%

Going Abroad and Going Green: The Effects of Top Management Teams’ Overseas Experience on Green Innovation in the Digital Era

Meng

Wang

2022

IJERPH

View full text Add to dashboard Cite

show abstract

“…Few studies have investigated the link between ESG and GB markets. Wang and Wang (2022), for example, investigate the relationship between the performance of ESG parameters and GB issuance from the perspective of Chinese listed companies and find that good ESG standards boost public firms' willingness to issue GBs. More specifically, they see ESG as being supportive of sustainable activities; nevertheless, they find financial performance negatively impacts GB issuance.…”

Section: Review Of Related Literaturementioning

confidence: 99%

Using green and ESG assets to achieve post-COVID-19 environmental sustainability

Hasan

Rashid

Hossain

et al. 2023

FREP

View full text Add to dashboard Cite

PurposeThis research explores the spillovers and portfolio implications for green bonds and environmental, social and governance (ESG) assets in the context of the rapidly expanding trend in green finance investments and the need for a green recovery in the post-COVID-19 era.Design/methodology/approachThis study utilizes Diebold and Yilmaz’s (2014) spillover method and portfolio strategies (hedge ratio, optimal weights and hedging effectiveness) for the data starting from February 29, 2012, to March 14, 2022.FindingsThe study’s findings reveal that the lower volatility spillover is evidenced between the green bonds and ESG stocks during tranquil and turbulent periods (e.g. COVID-19 and Russia-Ukraine War). Furthermore, hedging costs are lower both in normal times and during economic slumps. Investing the bulk of the funds in green bonds makes it possible to achieve maximum hedging effectiveness between the S&P green bond (GB) and the S&P 500 ESG.Practical implicationsBoth investors and policymakers may use these findings to make wise investment and policy choices to achieve post-COVID environmental sustainability.Originality/valueUnlike previous research, this is the first to explore the interconnectedness among the major global and country-specific green bonds and ESG assets. The major findings of this study about the lower volatility spillovers and hedging costs between green bonds and ESG assets during the tranquil and turbulent periods may contribute to the post-COVID investment portfolio for environmental sustainability.

show abstract

“…They also find a positive stock market return on green bond issuance, suggesting that sustainable financing is consistent with shareholders' value maximization goals. S. Wang and Wang (2022) examine the impact of ESG performance on green bond issuance in the Chinese market during 2016-2020. They suggest that improvements in the overall ESG performance and its constituent factors boost green bond issuance by Chinese listed firms and that ESG performance changes could guide investors towards identifying environmentally responsible firms.…”

Section: The Role Of Environmental Factorsmentioning

confidence: 99%

National culture and green bond issuance around the world

Mertzanis

Tebourbi

2023

Euro Fin Management

View full text Add to dashboard Cite

We analyze the impact of Hofstede's culture dimensions on green bond issuance in 84 countries during 1991–2021, using novel International Monetary Fund data. We control for environmental, macroeconomic and institutional factors. Our results show that countries that score higher on individualism, masculinity and indulgence are associated with lower green bond issuance, whilst countries that score high on long‐term orientation and uncertainty avoidance are associated with higher green bond issuance. Culture appears to play a role in green bond market development. The culture effect remains broadly robust after applying sensitivity and endogeneity tests, adding new controls and performing coefficient stability and dominance analysis.

show abstract

Exploring the Relationship Between ESG Performance and Green Bond Issuance

Cited by 13 publications

References 91 publications

Going Abroad and Going Green: The Effects of Top Management Teams’ Overseas Experience on Green Innovation in the Digital Era

Going Abroad and Going Green: The Effects of Top Management Teams’ Overseas Experience on Green Innovation in the Digital Era

Using green and ESG assets to achieve post-COVID-19 environmental sustainability

National culture and green bond issuance around the world

Contact Info

Product

Resources

About