2019
DOI: 10.3390/su11236881
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Green Bonds, Corporate Performance, and Corporate Social Responsibility

Abstract: Green bonds are a financial tool that has been vigorously promoted in the global green finance field in recent years. Since 2013, the global issuance of green bonds has seen explosive growth. China's green bond market has made great progress, rising to the top tier of global rankings. In this paper, Chinese listed companies that issue green bonds are used as the research object to explore the impact of green bond issuance on companies, including the impact of the announcement of green bond issuance on companie… Show more

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Cited by 136 publications
(86 citation statements)
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“…Flammer (2013Flammer ( , 2019 finds that the issuance of green bonds yields a positive announcement returns and improvements in long-term value operating and environmental performance in addition to an increase in green innovations and ownership by long-term and green investors. Other authors (Wang et al, 2020;Zhou and Cui, 2019) explore the impact of green bond issuance not only on companies' stock prices, but also on financial performance and corporate social responsibility (CSR). The empirical results indicate positive effects also on innovation capacity and companies' CSR.…”
Section: Literature Review and Hypothesismentioning
confidence: 99%
“…Flammer (2013Flammer ( , 2019 finds that the issuance of green bonds yields a positive announcement returns and improvements in long-term value operating and environmental performance in addition to an increase in green innovations and ownership by long-term and green investors. Other authors (Wang et al, 2020;Zhou and Cui, 2019) explore the impact of green bond issuance not only on companies' stock prices, but also on financial performance and corporate social responsibility (CSR). The empirical results indicate positive effects also on innovation capacity and companies' CSR.…”
Section: Literature Review and Hypothesismentioning
confidence: 99%
“…As the selection of our observations was not random, the common support assumption may be violated when making causal inferences. To reduce the influence of the firms' traits on the effects on financial performance, propensity score matching (PSM) was adopted to reduce selection bias to 0 after obtaining appropriate samples [59]. PSM has been widely used to match observations in the control group with those in the treatment group.…”
Section: Propensity Score Matchingmentioning
confidence: 99%
“…Accordingly, large capital investment has shifted from the (dirty) fossil energy sector to clean energy-based enterprises, leading to the emergence of the shares of listed clean energy companies as an appealing investment destination for environmentally responsible investors. More recently, there has been a "green bond boom" in the bond market through the emergence of green bond finance in compliance with the climate and sustainability investment initiatives of the Paris Agreement [3,4].…”
Section: Introductionmentioning
confidence: 99%