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Green Bond: A Systematic Literature Review for Future Research Agendas

Author

Listed:
  • Giuseppe Cortellini

    (Department of Management, Sapienza University of Rome, 00161 Rome, Italy)

  • Ida Claudia Panetta

    (Department of Management, Sapienza University of Rome, 00161 Rome, Italy)

Abstract

Green bonds (or climate bonds) are one of the most used sustainable investment instruments, and under the Paris Climate Agreement of 2015, the climate bond market is expected to thrive in the near future. Green bonds are gaining increasing popularity between environmentally responsible investors, as well as investors who “simply” attempt to benefit from portfolio diversification, including green issuances, that are close to other fixed bonds. This paper aims to take advantage of previous literature contributions on the green bond market to indicate the way forward for future research. Herein, through a systematic literature review on the green bond market, our ultimate goal is to provide investors, main markets actors, and policymakers with some helpful insight on the role of environmental investments in reshaping the financial markets and fostering the sustainability of the economy.

Suggested Citation

  • Giuseppe Cortellini & Ida Claudia Panetta, 2021. "Green Bond: A Systematic Literature Review for Future Research Agendas," JRFM, MDPI, vol. 14(12), pages 1-29, December.
    • Handle: RePEc:gam:jjrfmx:v:14:y:2021:i:12:p:589-:d:696689
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    2. Zinan Hu & Ruicheng Yang & Sumuya Borjigin, 2024. "A multistage forecasting model for green bond cost optimization with dynamic corporate risk constraints," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 43(7), pages 2607-2634, November.
    3. Diana Pop & Caroline Marie-Jeanne & Régis Dumoulin, 2023. "Socialium or the Financial Price of Social Responsibility [« Socialium » ou le prix financier de la responsabilité sociale]," Post-Print hal-04120305, HAL.
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    5. Mr. Sakai Ando & Mr. Chenxu Fu & Mr. Francisco Roch & Ursula Wiriadinata, 2023. "How Large is the Sovereign Greenium?," IMF Working Papers 2023/080, International Monetary Fund.
    6. Nini Johana Marín-Rodríguez & Juan David González-Ruiz & Alejandro Valencia-Arias, 2023. "Incorporating Green Bonds into Portfolio Investments: Recent Trends and Further Research," Sustainability, MDPI, vol. 15(20), pages 1-32, October.
    7. Emre Arat & Britta Hachenberg & Florian Kiesel & Dirk Schiereck, 2023. "Greenium, credit rating, and the COVID-19 pandemic," Journal of Asset Management, Palgrave Macmillan, vol. 24(7), pages 547-557, December.
    8. Sergei Grishunin & Alesya Bukreeva & Svetlana Suloeva & Ekaterina Burova, 2023. "Analysis of Yields and Their Determinants in the European Corporate Green Bond Market," Risks, MDPI, vol. 11(1), pages 1-19, January.
    9. Mishra, Tapas & Park, Donghyun & Parhi, Mamata & Uddin, Gazi Salah & Tian, Shu, 2023. "A memory in the bond: Green bond and sectoral investment interdependence in a fractionally cointegrated VAR framework," Energy Economics, Elsevier, vol. 121(C).
    10. Vargas-Hernández José G. & Rakowska Joanna & Vargas-González Omar C., 2022. "Green Economic Development as the Framework for Green Finance and Green Investment," Economic and Regional Studies / Studia Ekonomiczne i Regionalne, Sciendo, vol. 15(3), pages 304-322, September.
    11. Umar, Zaghum & Abrar, Afsheen & Zaremba, Adam & Teplova, Tamara & Vo, Xuan Vinh, 2022. "Network connectedness of environmental attention—Green and dirty assets," Finance Research Letters, Elsevier, vol. 50(C).
    12. Kentaka Aruga & Md. Monirul Islam & Yoshihiro Zenno & Arifa Jannat, 2022. "Developing Novel Technique for Investigating Guidelines and Frameworks: A Text Mining Comparison between International and Japanese Green Bonds," JRFM, MDPI, vol. 15(9), pages 1-17, August.
    13. Banerjee, Rhythm, 2024. "Shifting Tides: the Effect of Institutional Divestments on the Global Market," MPRA Paper 121922, University Library of Munich, Germany, revised 11 Apr 2024.
    14. Assem Urekeshova & Zhibek Rakhmetulina & Igor Dubina & Sergey Evgenievich Barykin & Angela Bahauovna Mottaeva & Shakizada Uteulievna Niyazbekova, 2023. "The Impact of Digital Finance on Clean Energy and Green Bonds through the Dynamics of Spillover," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 441-452, March.
    15. Vogl, Markus & Kojić, Milena & Mitić, Petar, 2024. "Dynamics of green and conventional bond markets: Evidence from the generalized chaos analysis," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 633(C).
    16. García, C. José & Herrero, Begoña & Miralles-Quirós, José Luis & del Mar Mirallles-Quirós, Maria, 2023. "Exploring the determinants of corporate green bond issuance and its environmental implication: The role of corporate board," Technological Forecasting and Social Change, Elsevier, vol. 189(C).

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