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Systematic Literature Review on Green Bonds Role in Enchancing Share Value in Indonesian Capital Market

In: Proceedings of the 9th International Conference on Accounting, Management, and Economics 2024 (ICAME 2024)

Author

Listed:
  • Rahmat Hidayat Rfai

    (Magister Management, Faculty of Economics and Business, Hasanuddin University)

  • Mursalim Nohong

    (Magister Management, Faculty of Economics and Business, Hasanuddin University)

Abstract

This study was conducted with the aim of determining the relation- ship between the issuance of green bonds and the increase in the value of com- pany shares in the Indonesian capital market. Using a systematic literature re- view approach, this study collects and compiles various literatures that discuss the relationship between green bonds and company share performance. Inclu- sion criteria include articles published between 2013 and 2023 in peer-reviewed journals and reports from financial institutions. Data sources were obtained from various academic databases such as Google Scholar, ScienceDirect, ProQuest and JSTOR using keywords such as “green bond”, “fair value” and “Indonesia capital market”. The results of this study indicate that the issuance of green bonds has a positive effect on the company’s stock price, mainly due to the high interest of investors in sustainability-related investment (ESG).. How- ever, there are challenges such as low market liquidity and the risk of green- washing that need to be considered. The green bond market in Indonesia is still in its early stages of development, but has great potential if the right regulations and policies are implemented. In conclusion, green bonds can be a useful tool in increasing share value, but their implementation requires high transparency. This study provides a foundation for further research on green bonds in emerg- ing markets.

Suggested Citation

  • Rahmat Hidayat Rfai & Mursalim Nohong, 2025. "Systematic Literature Review on Green Bonds Role in Enchancing Share Value in Indonesian Capital Market," Advances in Economics, Business and Management Research, in: Mursalim Nohong & Fitra Roman Cahaya & Phung Minh Tuan & Arifuddin Mannan & Anas Iswanto Anwar & Ria (ed.), Proceedings of the 9th International Conference on Accounting, Management, and Economics 2024 (ICAME 2024), pages 1992-2009, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-758-8_160
    DOI: 10.2991/978-94-6463-758-8_160
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