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Does State Ownership Impact Green Bond Issuance? International Evidence

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  • Dejan Glavas
  • Franck Bancel

Abstract

This study examines the relationship between firm ownership and green bond issuance in 18 countries from 2013 to 2017. Using regression analysis on both a full sample and a matched sample of green and non-green bond issuers, we found that state ownership is a major factor in determining green bond issuance. Our results also indicate that the connection between state ownership and green bond issuance is stronger post-Paris Agreement and in countries with weak institutional frameworks. We conducted various robustness tests to ensure the validity of our findings, which support the conclusion that government involvement plays a crucial role in advancing firms? environmental initiatives. JEL codes: G30, G10, F65, Q50

Suggested Citation

  • Dejan Glavas & Franck Bancel, 2024. "Does State Ownership Impact Green Bond Issuance? International Evidence," Finance, Presses universitaires de Grenoble, vol. 45(1), pages 62-113.
    • Handle: RePEc:cai:finpug:fina_pr_020
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    More about this item

    Keywords

    Green bonds; green finance; climate finance; ESG; sustainable finance; corporate governance; ownership; corporate social responsibility; institutional framework;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General

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