Environmental impacts of green bonds in cross-countries analysis: a moderating effect of institutional quality

Purpose This paper aims to investigate the impacts of green bond issuance on the environment while taking into account the moderating role of issuing countries’ institutional quality. Design/methodology/approach The analysis is based on a longitudinal data set covering 171 countries and territories...

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Veröffentlicht in:Journal of financial economic policy 2023-10, Vol.15 (4/5), p.313-336
Hauptverfasser: Nguyen, Ngoc Minh, Luu, Nguyen Hanh, Hoang, Anh, Nguyen, Mai Thi Ngoc
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container_end_page 336
container_issue 4/5
container_start_page 313
container_title Journal of financial economic policy
container_volume 15
creator Nguyen, Ngoc Minh
Luu, Nguyen Hanh
Hoang, Anh
Nguyen, Mai Thi Ngoc
description Purpose This paper aims to investigate the impacts of green bond issuance on the environment while taking into account the moderating role of issuing countries’ institutional quality. Design/methodology/approach The analysis is based on a longitudinal data set covering 171 countries and territories during 2007–2018. The authors rigorously account for endogeneity issues using two-stage least squares estimation and a set of instrumental variables for green bond issuance volume. Findings The overall results confirm the positive environmental impacts of green bonds in reducing carbon dioxide and greenhouse gas emissions, enhancing renewable energy consumption rate and accelerating the progress towards sustainable development goals (SDGs). However, these effects are contingent upon the levels of institutional development of the issuing countries in a way that green bond issuance only benefits the environment when the institutional quality has reached a minimum level. Practical implications The results provide important policy implications for countries in their efforts to prevent environmental degradation and achieve SDGs. Originality/value This paper contributes to the existing literature by providing a macro-level evaluation of the environmental impact of green bonds, hence, enabling policy implications to be drawn for countries to achieve their SDGs. The analysis is more comprehensive using a wide range of indicators for environmental performance. To the best of the authors’ knowledge, this paper is also one of the first attempts to examine the moderating effect of institutions on the environmental impact of green bonds.
doi_str_mv 10.1108/JFEP-01-2023-0020
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ispartof Journal of financial economic policy, 2023-10, Vol.15 (4/5), p.313-336
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source PAIS Index; Standard: Emerald eJournal Premier Collection
subjects Alternative energy
Bond issues
Bond markets
Carbon
Carbon dioxide
Climate change
Data quality
Emission standards
Emissions
Energy consumption
Energy development
Environmental degradation
Environmental impact
Environmental policy
Externality
False information
Greenhouse gases
Hypotheses
Investments
Renewable energy
Renewable resources
Society
Stakeholders
Sustainable development
title Environmental impacts of green bonds in cross-countries analysis: a moderating effect of institutional quality
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