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The spillover effects of green bond issuance in peer firms’ financial performance

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  • Deng, Yang
  • Zhang, Zhaoqin

Abstract

This paper investigates whether the issuance of green bonds generates institutional benefits that facilitate the coordinated development of businesses and the environment. By investigating listed companies in China, we document novel and robust evidence that the issuance of green bonds for the first time positively impacts the performance of peer firms in the same industry. We further reveal that the issuance of green bonds enhances peers' performance by increasing investor attention, promoting environmentally friendly behaviors, and alleviating financial constraints. Overall, our results highlight that the debut of industry green bonds is beneficial for peer firms in the corresponding industry and for green development.

Suggested Citation

  • Deng, Yang & Zhang, Zhaoqin, 2025. "The spillover effects of green bond issuance in peer firms’ financial performance," Research in International Business and Finance, Elsevier, vol. 77(PA).
    • Handle: RePEc:eee:riibaf:v:77:y:2025:i:pa:s0275531925001515
    DOI: 10.1016/j.ribaf.2025.102895
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    Keywords

    Green bonds; Firm performance; Green behavior; Investor attention; Financial constraint;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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