Not only green: Sustainability and debt capital markets

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-03-04 DOI:10.1016/j.jimonfin.2025.103319

Annette Becker , Serena Fatica , Michela Rancan

引用次数: 0

Abstract

Using a large international sample of corporate borrowers over the period 2014–22, we study the determinants of issuing green, sustainability and social (GSS) bonds. First, we document a remarkable growth of the GSS segment in the most recent years, possibly spurred by the public commitment towards financing a sustainable economic recovery after the COVID-19 pandemic. The results from a multinomial logit for the choice of bond type confirm that countries’ sustainability stance acts as an incentive for corporate access to the sustainable bond segment. Moreover, borrowers in sectors that are green or can become green, as well as those that have already issued and committed to external assurance on the GSS segment, are more likely to raise funds with non-conventional securities.

查看原文本刊更多论文

不仅仅是绿色：可持续发展和债务资本市场

利用2014 - 2022年期间的大型国际公司借款人样本，我们研究了发行绿色、可持续性和社会（GSS）债券的决定因素。首先，我们记录到近年来政府社会保障部门的显著增长，这可能是由于公众承诺在2019冠状病毒病大流行后为可持续经济复苏提供资金。债券类型选择的多项逻辑结果证实，国家的可持续性立场对企业进入可持续债券领域起着激励作用。此外，绿色或可绿色部门的借款人，以及那些已经发行并承诺对政府担保服务部门进行外部担保的借款人，更有可能通过非常规证券筹集资金。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.