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Do green bond issuers suffer from financial constraints?

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  • Glavas, Dejan

Abstract

We find that green bond issuers are more financially constrained. We use three measures of financial constraint, which are the FCP index, the SA index, and the Altman’s Z score. We test the link between green bond issuance and financial constraints using difference in means, regression analyses and a matching procedure. We finally document that these constraints increase after the first green bond issuance.

Suggested Citation

  • Glavas, Dejan, 2022. "Do green bond issuers suffer from financial constraints?," SocArXiv n4mdy, Center for Open Science.
    • Handle: RePEc:osf:socarx:n4mdy
    DOI: 10.31219/osf.io/n4mdy
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    Cited by:

    1. Wei, Rongrong & Yu, Zhaopeng & Zhen, Deyun, 2025. "The differentiated effect of China's new environmental protection law on corporate ESG performance," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 2126-2141.
    2. ElBannan, Mona A. & Löffler, Gunter, 2024. "How effectively do green bonds help the environment?," Journal of Banking & Finance, Elsevier, vol. 158(C).

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