Green bond and corporate environmental investment: The moderating effect of environmental concern

Feng Wang and Jianfang Liu

Finance Research Letters, 2024, vol. 65, issue C

Abstract: As global awareness of climate change and environmental protection deepens, the green bond market has experienced rapid growth. This study utilizes data from heavily polluting companies listed on China's A-share market from 2010 to 2022 to examine the relationship between green bond, environmental concern, and corporate environmental investment. Empirical findings reveal: (1) There is a positive correlation between green bond and corporate environmental investments; (2) Environmental concern acts as a moderator between green bond and corporate environmental investments. (3) Heterogeneity analysis indicates that the promotive effect of green bond on environmental investments is more pronounced in state-owned enterprises and companies located in the eastern region.

Keywords: Green bond; Corporate environmental investment; Environmental concern; China (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:65:y:2024:i:c:s1544612324006378

DOI: 10.1016/j.frl.2024.105607

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