The Influence of Institutional Factors on Green Bond Issuance: a Look Back to 2021

Julia A. Tarasova () and Evgenii I. Lyashko ()
Additional contact information
Julia A. Tarasova: HSE University, St. Petersburg, Russian Federation
Evgenii I. Lyashko: HSE University, St. Petersburg, Russian Federation

Finansovyj žhurnal — Financial Journal, 2023, issue 2, 90-102

Abstract: ESG factors are becoming an integral part of financial relationships, thereby increasing the demand for responsible financing instruments. Thanks to the latter, an investor can not only get the expected rate of return, but also contribute to the achievement of sustainable development goals. Green bonds, which are an example of such an instrument, help to raise financing for green activities and projects. By the end of 2021, the total amount of issued green bonds exceeded the record $1.5 trillion mark. The crisis year of 2022 contributed to a revision of many ESG criteria and the relevance of green agenda as a whole. Such changes can have serious consequences for the green bond market, but their analysis is a matter for the future. The main purpose of the research is to analyze the determinants that have influenced green bond issuance in European countries in 2021. The authors find a significant relationship between institutional factors and the volume of issued green bonds using correlation and regression analysis on a sample of European countries. Among institutional factors, the most significant are environmental regulation and the level of sustainability development.

Keywords: ESG factors (principles); determinants of bond issuance; regulatory mechanisms; sustainable development (search for similar items in EconPapers)
JEL-codes: C51 G15 G23 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.finjournal-nifi.ru/images/FILES/Journa ... ii/06_2_2023_v15.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:230206:p:90-102

DOI: 10.31107/2075-1990-2023-2-90-102

Access Statistics for this article

Finansovyj žhurnal — Financial Journal is currently edited by Vladimir S. Nazarov

More articles in Finansovyj žhurnal — Financial Journal from Financial Research Institute, Moscow 125375, Russia Contact information at EDIRC.
Bibliographic data for series maintained by Gennady Ageev ().