Financing climate-friendly energy development through bonds

Mathews, John A.; Kidney, Sean

doi:10.1080/0376835x.2012.675702

Cited by 37 publications

(14 citation statements)

References 4 publications

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“…However, this is not possible unless there is a clear understanding about what influences the issue size decisions undertaken by firms. Understanding the supply‐side dynamics is equally, if not more, important than demand‐side in shaping green bonds market for a greener economy (Caldecott, ; Mathews & Kidney, ). However, although there are some studies on green bond market drivers, particularly relating to demand (e.g., OECD, ; Wood & Grace, ; Wulandari, Schäfer, Andreas, & Sun, ; Zerbib, ), studies concerning supply‐side remain limited.…”

Section: Introductionmentioning

confidence: 99%

Sustainable financing practices through green bonds: What affects the funding size?

Barua

Chiesa

2019

Bus Strat Env

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Financing through the supply-driven green bonds market has significantly surged in recent years. In this paper, we examine the factors influencing the size of financing though green bond supply, using cross-section OLS regressions on a global dataset for 8 years (2010-2017) sourced from Bloomberg. We consider a set of tridimensional factors: bond characteristics, issuer characteristics, and market characteristics and examine their effects on issue size. Alongside whole sample estimation, we produce year-wise estimations to realize the evolution and persistence of the effects over time. We then produce estimates across rating grades of the bonds. Finally, we carry Blinder-Oaxaca decomposition to see if average issue size has significantly changed over time and whether the factors considered can explain the difference.We find a large number of factors affecting issue size asymmetrically; however, many of the effects do not persist over time and are heterogeneous across rating grades. In contrast to the aggregate market trend, we find no evidence of increases in average issue size in the recent year. Furthermore, the average financing size is found significantly lower for high-grade bonds. The paper provides a basis for encouraging green bond supply, particularly considering the rating of the bonds and the issuers.

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Section: Introductionmentioning

confidence: 99%

Sustainable financing practices through green bonds: What affects the funding size?

Barua

Chiesa

2019

Bus Strat Env

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“…This paper assumes that the issuance of green bonds is good news for the stock prices of listed companies in China. Mathews and Kidney believed that the green plan can improve the ability to attract capital and convey the intention of the company to external stakeholders [30]. Reboredo studied the correlations among the green bond market, the stock market, and the national bond market and found a spillover effect between the green bond market and the stock market [31].…”

Section: Green Bond Issuance and Stock Market Reactionmentioning

confidence: 99%

Green Bonds, Corporate Performance, and Corporate Social Responsibility

2019

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Green bonds are a financial tool that has been vigorously promoted in the global green finance field in recent years. Since 2013, the global issuance of green bonds has seen explosive growth. China's green bond market has made great progress, rising to the top tier of global rankings. In this paper, Chinese listed companies that issue green bonds are used as the research object to explore the impact of green bond issuance on companies, including the impact of the announcement of green bond issuance on companies’ stock prices, as well as the impact of green bond issuance on companies’ financial performance and corporate social responsibility (CSR). The empirical results indicate that announcements of green bonds issuance have a positive impact not only on companies’ stock prices, companies' profitability, and operational performance, but also on innovation capacity, and can improve companies' CSR. Overall, the issuance of green bonds has a positive impact on companies, can contribute to environmental improvement, promotes CSR and value creation, and helps to attract investors to some extent.

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“…More recently, according to a 2013 report issued by the European Environmental Agency, while municipalities have some limitations, particularly with respect to interjurisdictional issues (such as broad-scale flooding impacts), local governments are well positioned to undertake concrete implementation actions using municipal resources and/or raising funds from other sources (Isoard & Winograd, 2013). In addition to regulatory solutions, scholarly and policy-oriented research suggests that market-based mechanisms hold some promise to create conditions for efficient and appropriate solutions (Buchner et al, 2011;Heuson et al, 2012;Mathews & Kidney, 2012). Other researchers have analyzed possible incentives to attract private investment at the local level, which minimally includes a policy framework that is simple, predictable, and protects property rights (Merk et al, 2012).…”

Section: Market-based Financing Instruments: Limits or Opportunities mentioning

confidence: 99%

‘Test Driving’ a Financing Instrument for Climate Adaptation: Analyzing Institutional Dilemmas using Simulation Gaming

Root

Krabben

Spit

2016

Planning Practice & Research

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Financing climate-friendly energy development through bonds

Cited by 37 publications

References 4 publications

Sustainable financing practices through green bonds: What affects the funding size?

Sustainable financing practices through green bonds: What affects the funding size?

Green Bonds, Corporate Performance, and Corporate Social Responsibility

‘Test Driving’ a Financing Instrument for Climate Adaptation: Analyzing Institutional Dilemmas using Simulation Gaming

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