探索绿色债券领域中的 "绿金":来自一级市场的证据

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Burak Pirgaip, Ozgur Arslan-Ayaydin
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引用次数: 0

摘要

目的 本研究旨在通过提供证据证明初级伊斯兰债券市场中存在 "绿金",从而填补文献空白。在本研究中,"greenium "一词被定义为与非绿色债券相比,绿色债券的资本成本较低或收益率降低,这反映了投资者愿意接受较低的绿色投资回报。因此,本研究的主要目的是调查 "greenium "作为激励发行人资助生态友好型项目的潜在作用,从而为可持续环境做出贡献。本研究采用倾向得分匹配技术,对 2017-2022 年期间在全球一级市场发行的绿色和非绿色伊斯兰债券的定价差异进行了精确比较。这表明投资者认为绿色债券具有吸引力,愿意接受较低的回报。鉴于投资者对市场上的绿色倡议反应积极,发行者可以利用对绿色债券日益增长的需求,从而获得低成本资金。特别是,它关注绿色债券市场的定价动态,强调了发行绿色债券的潜在好处,有助于实现可持续发展目标,同时为向低碳经济过渡提供了获得低成本资金的途径。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Exploring the greenium in the green Sukuk universe: evidence from the primary market

Purpose

This study aims to fill a gap in the literature by providing evidence for a “greenium” in the primary Sukuk market. The term “greenium” is defined in the study as the lower cost of capital or reduced yields that green Sukuk may offer compared to non-green Sukuk, reflecting investor willingness to accept lower returns for green investments. Therefore, the main aim of this study is to investigate the potential role of “greenium” as an incentive for issuers to fund eco-friendly projects, contributing to a sustainable environment.

Design/methodology/approach

This study uses propensity score matching techniques to provide an accurate comparison of pricing differences between green and non-green Sukuk issued in global primary markets during the period 2017–2022.

Findings

The results reveal that green Sukuk signify a “greenium” effect. This suggests that investors find green Sukuk attractive, willing to accept lower returns. Given the positive investor response to green initiatives in the market, issuers can capitalize on the growing demand for green Sukuk, leading to low-cost funding.

Originality/value

This study makes an important contribution to the literature at the interface of Islamic finance and environmental sustainability. In particular, it stands out by focusing on the pricing dynamics in the green Sukuk market and highlights the potential benefits of issuing green Sukuk to help achieve sustainability goals while providing access to lower cost of capital for the transition to a low-carbon economy.

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来源期刊
CiteScore
5.40
自引率
10.00%
发文量
45
期刊介绍: The International Journal of Islamic and Middle Eastern Finance and Management (IMEFM) publishes quality and in-depth analysis on current issues within Islamic and Middle Eastern finance and management. The journal welcomes strong evidence-based empirical studies and results-focused case studies that share research in product development and clarify best practices. The title is also keen to consider work from emerging authors. IMEFM has just also accepted into Clarivate''s SSCI in 2018, and its IF will be available in summer 2019, with citations dating from 2016. The coverage includes but is not limited to: -Islamic finance: Fundamentals, trends and opportunities in Islamic Finance, Islamic banking and financial markets, Risk management, Corporate finance, Investment strategy, Islamic social finance, Financial planning, Housing finance, Legal and regulatory issues, -Islamic management: Corporate governance, Customer relationship management and service quality, Business ethics and corporate social responsibility, Management styles and strategies in Shariah environments, Labour and welfare economics, Political economy. The journal is the only title aiming to give an interdisciplinary and holistic view on Islamic finance and business management practices in order to inform these two intertwined communities.
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