Institutional Investors and Public Authority Ownership Impact on Green Bonds Issue: Evidence from France

Ballouk, Houssein; Mefteh‐Wali, Salma; Tabbah, Ghada; Jabeur, Sami Ben

doi:10.3917/jie.pr1.0130

Journal of Innovation Economics &Amp; Management

2023

DOI: 10.3917/jie.pr1.0130

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Institutional Investors and Public Authority Ownership Impact on Green Bonds Issue: Evidence from France

Houssein Ballouk¹,

Salma Mefteh‐Wali²,

Ghada Tabbah³

et al.

Abstract: Distribution électronique Cairn.info pour De Boeck Supérieur. © De Boeck Supérieur. Tous droits réservés pour tous pays.La reproduction ou représentation de cet article, notamment par photocopie, n'est autorisée que dans les limites des conditions générales d'utilisation du site ou, le cas échéant, des conditions générales de la licence souscrite par votre établissement. Toute autre reproduction ou représentation, en tout ou partie, sous quelque forme et de quelque manière que ce soit, est interdite sauf accor… Show more

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2024

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Geopolitical risk and global green bond market growth

Mertzanis,

Tebourbi

2024

Euro Fin Management

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Using individual transaction data, we investigate how geopolitical risk influences green bond issuance across 73 countries during 2008–2021. We consider deal characteristics, as well as economic and institutional factors. We find a positive association between geopolitical risk and green bond issuance. The effect shows nonlinearity and time delays. Our findings remain robust after conducting sensitivity and endogeneity analysis. After decomposing the geopolitical risk index, we discover that all its components have positive correlations with green bond issuance. Lastly, our study highlights the crucial role of the underwriters' network and specific geopolitical jurisdictions as drivers for global green bond market expansion.

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Geopolitical risk and global green bond market growth

Mertzanis,

Tebourbi

2024

Euro Fin Management

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Navigating Geopolitical Risks: Deciphering the Greenium and Market Dynamics of Green Bonds in China

Lian,

Hou

2024

Sustainability

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This study investigates whether green bonds have an issuance cost advantage over conventional bonds (greenium), examines the impact of geopolitical risks on their price dynamics, and explores the industry-specific effects of such risks in the financial sector. Using a dataset of 270 green bonds and 667 conventional bonds from May 2018 to August 2021, this study applies a two-step panel estimation method to analyze the influence of geopolitical risks on green bond pricing. The findings indicate that green bonds in China have an issuance cost advantage compared to traditional bonds, with a premium of 10–12 bps. Additionally, both recent and historical geopolitical risks, including GPR threats and GPR acts, significantly reduce green bond financing costs, with the China-specific geopolitical risk index having the most substantial impact, lowering costs by up to 17.4 bps. This study also highlights the financial sector, where green bonds do not display an issuance premium, and geopolitical risk has a slightly lower effect compared to the overall market. These results provide a comprehensive analysis of the impact of geopolitical risks on the pricing of Chinese green bonds, utilize strict screening criteria and the latest two-stage panel estimation method for more reliable analytical conclusions, and establish green bonds as reliable tools for sustainable investment.

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Institutional Investors and Public Authority Ownership Impact on Green Bonds Issue: Evidence from France

Cited by 2 publications

References 64 publications

Geopolitical risk and global green bond market growth

Geopolitical risk and global green bond market growth

Navigating Geopolitical Risks: Deciphering the Greenium and Market Dynamics of Green Bonds in China

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