Do green bond issuers suffer from financial constraints?

Dejan Glavas

Applied Economics Letters, 2023, vol. 30, issue 14, 1887-1890

Abstract: We find that green bond issuers are more financially constrained. We use three measures of financial constraint, which are the FCP index, the SA index, and the Altman’s Z score. We test the link between green bond issuance and financial constraints using difference in means, regression analyses and a matching procedure. We finally document that these constraints increase after the first green bond issuance.

Date: 2023
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DOI: 10.1080/13504851.2022.2083559

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