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In response to the rapid development of green finance, this study evaluates a systematic literature survey with a focus on the determinants and the potential benefits of corporate engagement in environmentally responsible practices in the context of green bonds and green loans. We show that research has discovered that environmentally responsible practices not only enhance shareholder value but also the value accrued to nonfinancial stakeholders. Further, we provide an updated overview of research developments in relation to green bonds and syndicated loans. Lastly, we discuss the limitations in the nascent green finance research and propose new lines of research supporting our aim of advancing our knowledge of sustainable investments.

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This paper examines whether foreign investor heterogeneity plays a role in stock liquidity on a sample of 27,976 firms from 39 countries. Results show that foreign direct ownership is negatively, while foreign portfolio ownership is positively, associated with various measures of stock liquidity. During the 2008 market downturn, liquidity falls more sharply for firms with larger foreign direct investment than foreign portfolio investment. Consistent with theoretical predictions, our results also indicate that foreign investors influence stock liquidity through both trading activity and information channels. The evidence suggests that the value-enhancing benefits from foreign direct investors' monitoring efforts outweigh the liquidity costs and high adverse selection premium demanded by less informed investors. In contrast, however, the positive impact of foreign portfolio ownership on firm performance, as documented in existing literature, becomes negative and is not robustly significant after controlling for liquidity.

This study investigates the cross-country relationship between firm-level corporate governance and stock price informativeness. Using firm-level data from 22 developed countries, we find that stock price informativeness, as measured by firm-specific stock return variation and future earnings response coefficients, increases with the quality of a firm's corporate governance. Further analyses show that all mechanisms except board-related governance relate positively to stock price informativeness. Finally, firm-level corporate governance plays a more significant role in strengthening the stock returnearnings associations for firms in countries with strong institutional environments. This evidence highlights the role of country-level legal investor protections in shaping the relationship between firm-level corporate governance and stock price informativeness.