The Determinants of Green Bond Issuance in the European Union

Anamaria Dan and Adriana Tiron-Tudor
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Anamaria Dan: Department of Accounting and Audit, Faculty of Economics and Business Administration, Babeş-Bolyai University, 400084 Cluj-Napoca, Romania
Adriana Tiron-Tudor: Department of Accounting and Audit, Faculty of Economics and Business Administration, Babeş-Bolyai University, 400084 Cluj-Napoca, Romania
Authors registered in the RePEc Author Service: Adriana Tiron Tudor

JRFM, 2021, vol. 14, issue 9, 1-15

Abstract: Green bonds are a new financial tool that has developed rapidly in the context of climate change risks. Their proceeds are used to finance only environmentally friendly projects. This paper aims to examine the determinant factors of the green bonds issue in the context of the European Union countries. Using linear regression, we explore the impact of environmental, social, governance, and macroeconomic indicators on the level of green bond issues in the period 2014–2019. The results reveal that rating, ESG index; fiscal balance, inflation rate, and population have a significant impact and lead to a higher volume of green bond issuances. Our findings provide valuable insights into the development of the green bond market.

Keywords: green bonds; ESG; sovereign rating (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (6)

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