The Role Of State Ownership as a Determinant of Green Bond Issuance

Posted: 19 Feb 2021

See all articles by Franck Bancel

Franck Bancel

ESCP Europe

Dejan Glavas

ESCP Europe, Department of Finance; Labex ReFi

Date Written: December 1, 2017


This study focuses on characteristics of green bond issuers, and more specifically on ownership as a driver of green bond issuance. We test the impact of firm ownership on green bond issuance from a sample of issuers of green and non-green bonds in 18 countries for the 2013–2017 period. We find that state ownership is a primary determinant of green bond issuance. Our results also show that the link between state ownership and green bond issuance is stronger in weak institutional frameworks. This confirms the view that the state is a key stakeholder favoring firms’ environmental commitments, such as green bond issuance.

Keywords: green bonds; green finance; climate finance; sustainable finance; corporate governance; ownership structure; corporate social responsibility

JEL Classification: G30, G10, F65, Q50

Suggested Citation

Bancel, Franck and Glavas, Dejan, The Role Of State Ownership as a Determinant of Green Bond Issuance (December 1, 2017). Available at SSRN: or

Franck Bancel

ESCP Europe ( email )

79 Avenue de la Republique
Paris, 75011

Dejan Glavas (Contact Author)

ESCP Europe, Department of Finance ( email )


Labex ReFi ( email )

79 avenue de la République
Paris, 75011

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