Which are the factors influencing green bonds issuance? Evidence from the European bonds market

被引：29

作者：

Cicchiello, Antonella Francesca ^{[1
]}

Cotugno, Matteo ^{[1
]}

Monferra, Stefano ^{[1
]}

Perdichizzi, Salvatore ^{[2
,3
]}

机构：

[1] Univ Cattolica Sacro Cuore, Milan, Italy

[2] Univ Bologna, Bologna, Italy

[3] Yunus Social Business Ctr, Bologna, Italy

来源：

FINANCE RESEARCH LETTERS | 2022年 / 50卷

关键词：

Green bonds; Sustainable investment; Financial structure; Corporate governance; MATURITY STRUCTURE; DEBT; OVERCONFIDENCE; GENDER; WOMEN;

D O I：

10.1016/j.frl.2022.103190

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Based on a European sample, this paper examines the determinants affecting firms' choice between green or conventional bond issuance during 2015-2020. Our logit model results reveal that different issuer and corporate governance characteristics (i.e., current ratio, long debt, independent director) might significantly affect the issuer's decision between green and conventional bonds. Additionally, we show that the combined effect of board gender diversity and the issuer's debt maturity structure is positively related to green bond issuance. Our results suggest several key points relevant at both managerial and policy levels to promote the growth of the green bond market.

引用

页数：8

共 25 条

[1] Large debt financing: syndicated loans versus corporate bonds [J].