Globalised finance-dominated accumulation regime and sustainable development

Green Bonds, Corporate Performance, and Corporate Social Responsibility

“…Considering that some information may be exposed in advance, the transaction date prior to the announcement of green bond issuance is also included in the event window; thus, the event window in this paper is [ −1, 1]. To analyze changes in stock prices before and after the event, time intervals of [−20, −11] and [−10, 2] prior to the event window and time intervals of [2,5], [6,10] and [11,20] after the event window are used in this paper.…”

“…According to Equation (10), the expected return (ER) of SPC in the event window [−1, 1], the time interval before the event window [−20, −2], and the time interval after the event window [2,20] can be predicted. According to Equation (2), the daily abnormal return (AR) is the difference between the real daily return of SPC and its expected daily return.…”

“…It can also be seen that information about green bond issuance may be disclosed before a formal announcement is made to the stock market, which may have a significant positive impact on the stock prices of the issuing companies. Table A3 and Figure 9 show the CAARs and significance of the 44 green financial bonds issued by financial companies within the 41-day time frame ([−20, 11], [−10, −2], [−1, 1], [2,5], [6,10], and [11,20]). Table A4 and Figure 10 show the CAARs and significance of the 80 green bonds issued by non-financial companies within all the above time intervals.…”

“…In contrast to the previous studies, we found that the effect is not satisfactory in the long run although green bonds have a positive announcement effect. Observing the window after the occurrence of the event, it can be seen that CAARs are negative in the [2,5] and [6,10] time intervals, but are not significant, indicating that the market appears to behave bearishly when positive events occur. Meanwhile, it also indicates that investors are not as enthusiastic about the good news associated with green bond issuance, and quickly lose interest [42].…”

“…Along with the rapid development of the global economy, problems relating to the environment have become increasingly prominent all over the world, and economic growth and sustainable development have become hot topics attracting the attention of most countries [1]. Consequently, there has been more and more research into sustainable development [2][3][4]. Sustainable development promotes sustainable finance, and this paper examines a practice of financial sustainable development-green bonds.…”