Corporate green bonds

• 成果类型: Article
• 署名作者: Flammer, Caroline
• 署名单位: Boston University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.01.010
• 发表日期: 2021
• 页码: 499-516
• 关键词: Sustainable finance; climate change; Green bonds; Impact investing; Corporate sustainability

摘要

I examine corporate green bonds, whose proceeds finance climate-friendly projects. These bonds have become more prevalent over time, especially in industries where the environment is financially material to firm operations. I show that investors respond positively to the issuance announcement, a response that is stronger for first-time issuers and bonds certified by third parties. The issuers improve their environmental performance post-issuance (i.e., higher environmental ratings and lower CO2 emissions) and experience an increase in ownership by long-term and green investors. Overall, the findings are consistent with a signaling argument-by issuing green bonds, companies credibly signal their commitment toward the environment. (c) 2021 Elsevier B.V. All rights reserved.