地缘政治动荡与投资者的绿色偏好：来自公司债券市场的证据

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2024-11-01 DOI:10.1016/j.jimonfin.2024.103218

Paolo Fiorillo , Antonio Meles , Dario Salerno , Vincenzo Verdoliva

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引用次数: 0

摘要

在本研究中，我们分析了 2012 年 11 月至 2024 年 1 月期间国际上发行的 1,630 种企业绿色债券样本，以研究绿色债券与非绿色债券之间的收益率差异。我们的研究结果表明，在二级市场上，碳密集型行业、首次发行绿色债券的公司和风险较高的发行公司的绿色债券收益率差距较小，尤其显著。我们的研究表明，地缘政治风险（GPR）对二级市场的绿色指数有重大影响，主要是受地缘政治行为而非威胁的驱动。此外，我们还发现，第三方认证和企业面临的环境风险是解释地缘政治风险与绿币关系的关键。这些结果强调了 GPR 在增强投资者对绿色债券偏好方面的重要性，为实践和政策提供了重要启示。

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Geopolitical turmoil and investor green preference: Evidence from the corporate bond market

In this study, we analyze a sample of 1,630 corporate green bonds issued internationally between November 2012 and January 2024 to investigate the yield differences between green and non-green bonds. Our findings reveal a small greenium, particularly significant in the secondary market among carbon-intensive industries, first-time green bond issuers, and riskier issuances. We show that Geopolitical Risk (GPR) significantly influences the greenium in the secondary market, primarily driven by geopolitical acts rather than threats. Additionally, we establish that third-party certifications and corporate exposure to environmental risk are critical in explaining the GPR-greenium relationship. These results underscore the importance of GPR in enhancing investor preference for green bonds, offering important implications for both practice and policy.

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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.