Determinants of green bond issuance: agency or stakeholder motives matter?

Dejan Glavas
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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.
绿色债券发行的决定因素:机构还是利益相关者动机重要?
本文以代理理论和利益相关者理论为框架,探讨了企业发行绿色债券的根本原因。我们测试了每种理论的不同代理来解释发行绿色债券的决定。我们还检验了这些代理是否与绿色债券发行量相关。我们使用2013年至2017年期间27个国家绿色债券发行者和非发行者的数据集进行logit和固定效应回归。我们的研究结果表明,代理动机是决定发行绿色债券的关键因素。然而,机构发行似乎只对绿色债券发行规模产生部分影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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