The Role Of State Ownership as a Determinant of Green Bond Issuance
45 Pages Posted: 19 Feb 2021
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: Suggested Citation