Green bond issuance and energy transition: the moderator effect of national culture

Mohammed Benlemlih () and Jamil Jaballah ()
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Mohammed Benlemlih: Métis Lab, EM Normandie Business School
Jamil Jaballah: Grenoble Ecole de Management

Journal of Asset Management, 2025, vol. 26, issue 7, No 8, 804-818

Abstract: Abstract This study investigates the impact of national culture on green bond issuance and renewable energy promotion. Our analysis reveals that cultures characterized by individualism, masculinity, and indulgence negatively influence green bond issuance, while cultures with high power distance positively correlate with increased issuance. The effects of uncertainty avoidance and long-term orientation on green bond issuance show mixed results. Crucially, we demonstrate that national culture significantly moderates the relationship between green bond issuance and renewable energy promotion. By identifying national culture as a key factor in both green bond issuance and renewable energy promotion at the firm level, our findings fill a notable gap in the literature and provide valuable insights for policymakers and firms aiming to enhance climate transition strategies through green bonds.

Keywords: Green bonds; National culture; Renewable energy (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1057/s41260-025-00429-9

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