Not only green: Sustainability and debt capital markets
Annette Becker (),
Serena Fatica and
Michela Rancan
Journal of International Money and Finance, 2025, vol. 154, issue C
Abstract:
Using a large international sample of corporate borrowers over the period 2014–22, we study the determinants of issuing green, sustainability and social (GSS) bonds. First, we document a remarkable growth of the GSS segment in the most recent years, possibly spurred by the public commitment towards financing a sustainable economic recovery after the COVID-19 pandemic. The results from a multinomial logit for the choice of bond type confirm that countries’ sustainability stance acts as an incentive for corporate access to the sustainable bond segment. Moreover, borrowers in sectors that are green or can become green, as well as those that have already issued and committed to external assurance on the GSS segment, are more likely to raise funds with non-conventional securities.
Keywords: Sustainable finance; Green bonds; Social bonds; Sustainability bonds (search for similar items in EconPapers)
JEL-codes: G12 G32 Q54 (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:
Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0261560625000543
Full text for ScienceDirect subscribers only
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:eee:jimfin:v:154:y:2025:i:c:s0261560625000543
DOI: 10.1016/j.jimonfin.2025.103319
Access Statistics for this article
Journal of International Money and Finance is currently edited by J. R. Lothian
More articles in Journal of International Money and Finance from Elsevier
Bibliographic data for series maintained by Catherine Liu ().