绿色债券重复发行的声誉效应及其对资金成本的影响

IF 12.5 1区 管理学 Q1 BUSINESS
Aleksandar Petreski, Dorothea Schäfer, Andreas Stephan
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引用次数: 0

摘要

本研究探讨了频繁发行绿色债券对企业融资成本的影响。本文以2011年至2021年期间共发行1074只债券的瑞典上市房地产公司为样本,采用异中之差分析和工具变量估计来确定频繁发行绿色债券与频繁发行非绿色债券对公司资本成本和信用评级的因果影响。本文认为,重复发行会降低企业的资金成本,而首次或一次性发行绿色债券的效果恰恰相反。根据声誉资本假说,发行绿色债券甚至降低了企业的权益资本成本,而发行非绿色债券并不影响权益成本。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Reputation Effect of Repeated Green-Bond Issuance and Its Impact on the Cost of Capital

This study explores the effect of frequent green-bond issuance on a firm's financing costs. Using a sample of listed Swedish real estate companies issuing a total of 1074 bonds over the period from 2011 to 2021, difference-in-differences analyses and instrumental variable estimations are applied to identify the causal impact of frequent green-bond vis-à-vis frequent non-green-bond issuance on a firm's cost of capital and credit rating. The paper argues that repetitive issuance lowers a firm's cost of capital, while the effects of first or one-time green-bond issuance are the opposite. In line with the reputation capital hypothesis, issuing green bonds even lowers the firm's cost of equity capital, while issuing non-green bonds does not affect the cost of equity.

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来源期刊
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.
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