Does State Ownership Impact Green Bond Issuance? International Evidence

Dejan Glavas and Franck Bancel

Finance, 2023, vol. 44, issue 4, 62-113

Abstract: This study examines the relationship between firm ownership and green bond issuance in 18 countries from 2013 to 2017. Using regression analysis on both a full sample and a matched sample of green and non-green bond issuers, we found that state ownership is a major factor in determining green bond issuance. Our results also indicate that the connection between state ownership and green bond issuance is stronger post-Paris Agreement and in countries with weak institutional frameworks. We conducted various robustness tests to ensure the validity of our findings, which support the conclusion that government involvement plays a crucial role in advancing firms? environmental initiatives. JEL codes: G30, G10, F65, Q50

Keywords: Green bonds; green finance; climate finance; ESG; sustainable finance; corporate governance; ownership; corporate social responsibility; institutional framework (search for similar items in EconPapers)
JEL-codes: F65 G10 G30 Q50 (search for similar items in EconPapers)
Date: 2023
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