The Shareholder Base of Green Bond Issuers at the Dawn of Anti-ESG Movement

Diana Pop ()
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Diana Pop: GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement

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Abstract: The transparency regarding institutional investors' sustainability inclination is becoming a double-edge sword. This study provides empirical evidence that non-financial corporations disclosing the identity of investors who subscribed to their green and ESG bond issues can attract more shareholders, on average, than those with opaque bond holdings. At the same time, the study shows that awareness of a short list of large investors facing political sanctions influences the trading decisions of small-size institutional and retail investors. I use the announcement by the governor of Florida on July 27, 2022 regarding its intention to ban BlackRock, and subsequent anti-ESG events to identify which asset managers and financial institutions were blocked due to their environmental engagements. With data coverage spanning from September 2015 to the end of 2022, the empirical results reveal a reshaping of the shareholder base of green issuers in the early stages of the anti-ESG movement.

Keywords: shareholder base; green bonds; sustainability; anti-ESG; trading volume (search for similar items in EconPapers)
Date: 2024-05-27
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Published in 40th International Conference of the French Finance Association, Association Française de Finance (AFFI), May 2024, Lille, France

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04637444

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