新生债券市场的反 "洗绿 "认证：非洲环境、社会和公司治理债券的经验教训

IF 2.5 Q2 ECONOMICS

Eurasian Economic Review Pub Date : 2024-02-16 DOI:10.1007/s40822-023-00257-5

Samuel Mutarindwa, Dorothea Schäfer, Andreas Stephan

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引用次数: 0

摘要

非洲是最容易受到气候变化影响的大陆之一。与气候和可持续发展相关的债券可以为非洲政府和企业的项目提供资金，这些项目有助于减缓气候变化、应对生物多样性丧失和促进可持续发展。然而，在全球环境、社会和治理（ESG）债券的发行量中，用于非洲项目的不到 0.3%。本文基于 2010-2023 年间 42 家政府和企业发行商发行的 107 种非洲环境、社会和治理债券，证明了环境、社会和治理债券在降低利差和波动性方面为发行商和投资者都带来了好处。我们的计量经济学结果表明，"洗绿 "是非洲环境、社会和公司债券投资者的一个合理担忧，而环境、社会和公司债券认证与绿色债券的自我标签相比是有区别的。与经过认证的债券相比，未经认证的 ESG 债券并不能提供类似的好处。绿色宏观金融政策和防止 "洗绿 "的适当监管可以促进非洲环境、社会和公司治理债券市场的发展。

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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Certification against greenwashing in nascent bond markets: lessons from African ESG bonds

Africa is one of the most vulnerable continents to climate change. Climate and sustainability-linked bonds can provide funding to African governments and corporations for projects that help to mitigate climate change, combat biodiversity loss, and foster sustainable development. However, less than 0.3% of the global environmental, social, governance (ESG) bond issuance volume is devoted to projects in Africa. Based on the entire universe of 107 African ESG bonds from 42 governmental and corporate issuers over the period 2010–2023, this paper establishes that ESG bonds provide benefits to both issuers and investors in terms of lower spreads and volatility. Our econometric results highlight that greenwashing is a valid concern for investors in African ESG bonds and certification of ESG bonds makes a difference vis-à-vis the self-labeling of green bonds. Non-certified ESG bonds do not offer similar benefits compared to certified ones. Green macro-financial policy and suitable regulation to prevent greenwashing can foster African ESG-bond markets.

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来源期刊

Eurasian Economic Review ECONOMICS-

CiteScore

6.00

自引率

2.90%

发文量

期刊介绍： The mission of Eurasian Economic Review is to publish peer-reviewed empirical research papers that test, extend, or build theory and contribute to practice. All empirical methods - including, but not limited to, qualitative, quantitative, field, laboratory, and any combination of methods - are welcome. Empirical, theoretical and methodological articles from all fields of finance and applied macroeconomics are featured in the journal. Theoretical and/or review articles that integrate existing bodies of research and that provide new insights into the field are highly encouraged. The journal has a broad scope, addressing such issues as: financial systems and regulation, corporate and start-up finance, macro and sustainable finance, finance and innovation, consumer finance, public policies on financial markets within local, regional, national and international contexts, money and banking, and the interface of labor and financial economics. The macroeconomics coverage includes topics from monetary economics, labor economics, international economics and development economics. Eurasian Economic Review is published quarterly. To be published in Eurasian Economic Review, a manuscript must make strong empirical and/or theoretical contributions and highlight the significance of those contributions to our field. Consequently, preference is given to submissions that test, extend, or build strong theoretical frameworks while empirically examining issues with high importance for theory and practice. Eurasian Economic Review is not tied to any national context. Although it focuses on Europe and Asia, all papers from related fields on any region or country are highly encouraged. Single country studies, cross-country or regional studies can be submitted.