The choice of green bond financing instruments

Dou, Xiangsheng; Qi, Shuxiu

doi:10.1080/23311975.2019.1652227

Cited by 16 publications

(10 citation statements)

References 5 publications

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“…Agliardi and Agliardi (2019) argued that improvement in credit quality, lowering cost of capital for green bond issuers, and state support are three main drivers of green bond development. This finding is in line with Dou and Qi (2019), who investigated the factors affecting the choice of green bond issuing by state and private sectors. Flammer (2019) believes that certification is a main governance mechanism in the green bond market that motivates independent third parties in issuing green bonds.…”

Section: Literature Reviewsupporting

confidence: 89%

Factors Influencing the Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis

Sarker

Rasoulinezhad

2020

JRFM

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Expansion of green bond markets as an appropriate way to lower environmental pollution is one of the most debatable issues among scholars. However, the expansion of this market is not a simple matter and depends on several factors. The main purpose of this study is to carry out a multi-dimensional analysis using the analytic hierarchy process (AHP) method to find and prioritize factors influencing the development of green bond markets. As a case, we do our analysis for Vietnam that, since the last years, has been trying to expand green bond market as an effective investment channel to finance low-carbon projects. The main findings revealed that legal infrastructure, official interest rate of green bonds, and economic stability are the most important factors directly affecting green bond market expansion. Therefore, economic and legal requirements should be addressed by policy makers. As major policy implications, we recommend an affordable price of green bonds and improvement of economic and financial stability to accelerate the development of green bond markets.

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Section: Literature Reviewsupporting

confidence: 89%

Factors Influencing the Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis

Sarker

Rasoulinezhad

2020

JRFM

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“…In China, most laws and regulations are based on its unique top-down political system, which is quite useful and effective in practices (Dou and Qi 2019 ; Jia et al 2021 ). In other words, the central government usually dominates the top-level framework designs of policies, while the local governments will assume the specific responsibility for their implementations (Tian et al 2019 ).…”

Section: Theoretical Analysismentioning

confidence: 99%

Central environmental inspection and corporate environmental investment: evidence from Chinese listed companies

Wang

Hong

Xiao

2022

Environ Sci Pollut Res

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As a new type of environmental policy, the central environmental inspection (CEI) policy is an important innovative strategy in economic transition. Using the panel data of Chinese listed companies from 2011 to 2018, we apply the extended STIRPAT model to examine the direct impact of CEI policy on corporate environmental investment and its heterogeneity effects. The main findings are as follows: (1) The CEI policy has a positive influence on the environmental investment of all listed companies. (2) The promotion effect of CEI policy is quite different among five-round campaigns; while companies in later rounds fails to learn some experiences and lessons from the earlier rounds. (3) Due to the differences in property rights, industries, and environmental situations, the positive effect of CEI policy will be more significant in non-SOEs, companies in non-heavy-pollution industries, and companies in provinces with poor environment performance. This study supplements the research of environmental regulations, potentially contributing to the next stage of green and sustainable development in China.

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“…Using a Logit model, Dou and Qi (2019) aimed to explore if the difference in policy framework influences the choice to use green bond financing from an issuer's point of view. Given the Chinese regulatory framework based on a "multi-sector supervision", which is led by different types of corporate bonds regulated by different authorities and legal frameworks, the authors attested that a higher supervision degree at the issuance strengthens the convenience to issue green bonds.…”

Section: Green Bond-supply-side Analysismentioning

confidence: 99%

“…Finally, Dou and Qi (2019) and Deng et al (2020) analyzed the effects on green bond issuance due to two particular characteristics of Chinese green bond frameworks: (i) The presence of three green bond frameworks with different strengths of compliance/requirements; (ii) the possibility for specific Chinese frameworks to not devote 100% of green bond proceeds to green projects. These Chinese regulation features are challenging to find in other global green bond guidelines or other countries.…”

Section: Green Bond-supply-side Analysismentioning

confidence: 99%

Green Bond: A Systematic Literature Review for Future Research Agendas

Cortellini

Panetta

2021

JRFM

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Green bonds (or climate bonds) are one of the most used sustainable investment instruments, and under the Paris Climate Agreement of 2015, the climate bond market is expected to thrive in the near future. Green bonds are gaining increasing popularity between environmentally responsible investors, as well as investors who “simply” attempt to benefit from portfolio diversification, including green issuances, that are close to other fixed bonds. This paper aims to take advantage of previous literature contributions on the green bond market to indicate the way forward for future research. Herein, through a systematic literature review on the green bond market, our ultimate goal is to provide investors, main markets actors, and policymakers with some helpful insight on the role of environmental investments in reshaping the financial markets and fostering the sustainability of the economy.

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The choice of green bond financing instruments

Cited by 16 publications

References 5 publications

Factors Influencing the Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis

Factors Influencing the Green Bond Market Expansion: Evidence from a Multi-Dimensional Analysis

Central environmental inspection and corporate environmental investment: evidence from Chinese listed companies

Green Bond: A Systematic Literature Review for Future Research Agendas

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