Environmental, Social, and Governance Bonds and Stock Market Reactions: An Event Study

IF 13.3 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2025-09-17 DOI:10.1002/bse.70214

Rubén Ordonez‐Borrallo, Natalia Ortiz‐de‐Mandojana, Javier Delgado‐Ceballos

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Abstract

As environmental, social, and governance (ESG) bonds have become a fundamental tool in corporate strategies for financing sustainability, an understanding of how stock markets react to their issuance is essential. Based on the efficient market hypothesis (EMH) and signaling theory, this event study uses 3618 ESG bond issuances from 2021 to 2023 to investigate stock market reactions around the issuance date and to test how those reactions vary with use‐of‐proceeds flexibility. The results reveal a negative market response, particularly when the use of proceeds is inflexible. These findings suggest that, while ESG bond issuance signals a commitment to sustainability, it may also raise concerns about financial constraints, prompting investor reassessment. The study extends EMH and signaling theory to the sustainable finance context and adds to ESG bond literature by examining the role of fund allocation flexibility. Overall, the results highlight the importance of transparent reporting, as clear communication about ESG bond objectives and benefits appears essential to sustaining investor confidence.

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环境、社会和治理债券与股票市场反应：一个事件研究

随着环境、社会和治理（ESG）债券成为企业可持续融资战略的基本工具，了解股市对ESG债券发行的反应至关重要。基于有效市场假说（EMH）和信号理论，本事件研究使用了2021年至2023年的3618只ESG债券发行，以调查发行日期前后的股票市场反应，并测试这些反应如何随使用-收益灵活性而变化。结果显示，市场反应消极，尤其是在资金使用不灵活的情况下。这些发现表明，虽然ESG债券的发行标志着对可持续性的承诺，但它也可能引发对财务约束的担忧，促使投资者重新评估。该研究将有效市场假说和信号理论扩展到可持续金融背景下，并通过考察资金配置灵活性的作用，增加了ESG债券文献。总体而言，结果突出了透明报告的重要性，因为关于ESG债券目标和收益的清晰沟通似乎对维持投资者信心至关重要。

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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来源期刊

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.