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Green bond issuance and energy transition: the moderator effect of national culture

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  • Mohammed Benlemlih

    (Métis Lab, EM Normandie Business School
    Mohammed VI Polytechnic University, Africa Business School)

  • Jamil Jaballah

    (Grenoble Ecole de Management)

Abstract

This study investigates the impact of national culture on green bond issuance and renewable energy promotion. Our analysis reveals that cultures characterized by individualism, masculinity, and indulgence negatively influence green bond issuance, while cultures with high power distance positively correlate with increased issuance. The effects of uncertainty avoidance and long-term orientation on green bond issuance show mixed results. Crucially, we demonstrate that national culture significantly moderates the relationship between green bond issuance and renewable energy promotion. By identifying national culture as a key factor in both green bond issuance and renewable energy promotion at the firm level, our findings fill a notable gap in the literature and provide valuable insights for policymakers and firms aiming to enhance climate transition strategies through green bonds.

Suggested Citation

  • Mohammed Benlemlih & Jamil Jaballah, 2025. "Green bond issuance and energy transition: the moderator effect of national culture," Journal of Asset Management, Palgrave Macmillan, vol. 26(7), pages 804-818, December.
    • Handle: RePEc:pal:assmgt:v:26:y:2025:i:7:d:10.1057_s41260-025-00429-9
    DOI: 10.1057/s41260-025-00429-9
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