The Green Incentives and Green Bonds Financing under the Belt and Road Initiative

Jian, Jianhui; Fan, Xiaojie; Zhao, Shou‐Xun

doi:10.1080/1540496x.2021.1887726

Cited by 14 publications

(9 citation statements)

References 15 publications

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“…Furthermore, the issuer of the green bond with green certification and sufficient information disclosure will decrease the screening costs of investors and improve the confidence of investors in green bonds. Thus, the high bond premium and low company financing costs resulting from sustainable practices stimulate the issuance of green bond (20). This is shown in the hypothesis 1b.…”

Section: Literature Review and Hypotheses Esg And Green Bond Issuancementioning

confidence: 92%

“…We creatively combined the information on green bond issuance and financial data from the CSMAR database. Previous studies (20,75) examined issues on ESG performance or green bond issuance using the Wind and CSMAR databases, which provide a theoretical basis for this research. In addition, Wind and CSMAR databases are vital in terms of their comprehensive data.…”

Section: Data Collectionmentioning

confidence: 99%

“…To overcome the lack of funds for the development of a green economy, sustainable financing provides a driving force for companies to seek ESG investment. As one of the important carriers of green finance, green bonds play a positive role in financing the transition to a low carbon economy (20). A green bond refers to a plain fixed income tool that can be used to finance or refinance new or existing projects accelerating the progress of economically sustainable activities (21).…”

Section: Introductionmentioning

confidence: 99%

“…It is suggested that the issuance of green bonds symbolizes the attention of firms to environmental protection and green innovation, which improves the development of a low-carbon economy and green finance and builds a good social image (23). Thus, when some investors consider the contribution of firms to a green economy, they will link the financing function of green bonds with individual stocks, associating the growth of firm performance and stock price with the positive external effect of ESG practices (20). In recent years, academic researchers study green bonds in different aspects.…”

Section: Introductionmentioning

confidence: 99%

“…The green bond market is one of the major financial innovations promoted by the central government. As shown in Figure 1, the issuance of green bonds in China has been booming in recent years (20). It achieves the highest amount ever in 2019, although the issuance retreats in 2020 and 2021 due to the effect of the pandemic.…”

Section: Introductionmentioning

confidence: 99%

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Exploring the Relationship Between ESG Performance and Green Bond Issuance

Wang

2022

Front. Public Health

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As an important part of green financial instruments, green bonds have become increasingly popular in recent years. This study employs green bond issuance as a proxy to measure investors' recognition of a firm's sustainable activities by linking literature on ESG and financial performance and those on green bond issuance. This study innovatively creates the datasets by combining the ESG performance of Chinese listed companies with their green bond issuance from 2016 to 2020 based on the Wind and CSMAR databases and examines the relationship between the performance of ESG dimensions and green bond issuance from the perspective of listed firms in the emerging market. The results indicate that decent ESG practices not only increase the propensity in green bond issuance by listed firms but also help them issue more green bonds. More specifically, we found evidence to support this finding from every dimension of these sustainable practices. However, this study identified the negative effect of financial performance in issuing green bonds when combining the effect of ESG performance.

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Section: Literature Review and Hypotheses Esg And Green Bond Issuancementioning

confidence: 92%

Section: Data Collectionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Exploring the Relationship Between ESG Performance and Green Bond Issuance

Wang

2022

Front. Public Health

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Nexus of environmental, social, and governance performance in China‐listed companies: Disclosure and green bond issuance

Wang,

Chen,

Ali

et al. 2023

Bus Strat Env

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This study establishes a connection between existing literature on corporate environmental, social, and governance (ESG) matters, information disclosure, and green bonds by employing the issuance of green bonds to indicate investors' acknowledgment of a company's sustainable activities. Prior research has not adequately addressed the relationship between ESG performance, disclosure, and green bond issuance. A novel dataset has been compiled by merging ESG performance and information disclosure data of Chinese‐listed companies spanning from 2016 to 2020, alongside green bond issuance information from the Wind and Hexun databases. Concurrently, China's pursuit of carbon neutrality necessitates the establishment of a green, low‐carbon, and circular economy framework. ESG has surfaced as an indispensable instrument for appraising a company's sustainability and advocating the enhancement of its information disclosure systems, thereby aiding investors in forming well‐informed judgments. This study scrutinizes the correlation between each facet of ESG performance, disclosure, and green bond issuance, from the perspective of companies listed in emerging markets. The findings corroborate that companies exhibiting commendable ESG practices are more predisposed to issuing green bonds, particularly when such practices are suitably disclosed. The identified evidence will spur the enforcement of obligatory ESG disclosure regulations, further propelling China's advancement in ecological civilization and green finance.

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