{"title":"Determinants of green bond issuance: agency or stakeholder motives matter?","authors":"Dejan Glavas","doi":"10.54695/bmi.172.0004","DOIUrl":null,"url":null,"abstract":"We investigate the underlying reasons for a firm to issue green bonds using agency and stakeholder theory as frameworks. We testhow different proxies for each theory explain the decision to issue a green bond. We also test whether these proxies are relevant togreen bond issuance amounts. We perform logit and fixed effects regressions using a dataset of green bond issuers and non-issuersin 27 countries for the 2013 to 2017 period. Our findings suggest that the agency motive is a key determinant of the decision to issuea green bond. However, agency issues seem to have only a partial impact on the size of the green bond issuances.","PeriodicalId":142010,"journal":{"name":"Bankers, Markets & Investors","volume":"201 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Bankers, Markets & Investors","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.54695/bmi.172.0004","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
We investigate the underlying reasons for a firm to issue green bonds using agency and stakeholder theory as frameworks. We testhow different proxies for each theory explain the decision to issue a green bond. We also test whether these proxies are relevant togreen bond issuance amounts. We perform logit and fixed effects regressions using a dataset of green bond issuers and non-issuersin 27 countries for the 2013 to 2017 period. Our findings suggest that the agency motive is a key determinant of the decision to issuea green bond. However, agency issues seem to have only a partial impact on the size of the green bond issuances.