气候变化领域集成服务门户(CCPortal): Does the issuance of green bonds nudge environmental responsibility engagements? Evidence from the Chinese green bond market

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DOI	10.1186/s40854-024-00620-8
	Does the issuance of green bonds nudge environmental responsibility engagements? Evidence from the Chinese green bond market
	Liu, Ying; Huang, Hongyun; Mbanyele, William; Wang, Fengrong; Liu, Huiling
发表日期	2024
EISSN	2199-4730
起始页码	10
结束页码	1
卷号	10 期号:1
英文摘要	Policymakers and managers have increasingly adopted green bonds as a direct financing tool to address environmental degradation and climate change in emerging economies; however, the increasing green washing sentiments in the green bond market raise questions on whether green bonds can nudge polluting businesses to achieve green transformation. Therefore, this study joins the controversial debate by investigating the impact of green bond issuance on corporate environmental responsibilities and the potential impact mechanisms and economic consequences. Using the data of Chinese listed enterprises from 2011 to 2020 and the staggered issuance of green bonds as plausibly exogenous shocks, we determine that the enterprises in the experimental group that issued green bonds increased their environmental performance compared to their counterparts. Furthermore, this positive link is maintains after a series of robustness tests. Moreover, we identify that green bond issuance plausibly enhances environmental responsibility engagements through two governance channels, namely, internal management and external supervision. This beneficial effect appears more pronounced for subsamples of firms in low-polluting industries, without environmental subsidies and with higher managerial abilities. Furthermore, economic consequences indicate that the issuance of green bonds primarily motivates speculative shareholder benefits, as evidenced by short-term increases in stock yields but with limited impact on the short-run financial performance. Overall, these findings offer new evidence supporting that green financing tools could play a helpful hand toward environmental sustainability.
英文关键词	Green bonds; Environmental responsibility; Internal management; External supervision; Staggered difference-in-difference; G21; G32; O16; Q01; Q55
语种	英语
WOS研究方向	Business & Economics ; Mathematical Methods In Social Sciences
WOS类目	Business, Finance ; Social Sciences, Mathematical Methods
WOS记录号	WOS:001172928100001
来源期刊	FINANCIAL INNOVATION
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/298229
作者单位	Shandong University; Hefei University of Technology; Shandong University
推荐引用方式 GB/T 7714	Liu, Ying,Huang, Hongyun,Mbanyele, William,et al. Does the issuance of green bonds nudge environmental responsibility engagements? Evidence from the Chinese green bond market[J],2024,10(1).
APA	Liu, Ying,Huang, Hongyun,Mbanyele, William,Wang, Fengrong,&Liu, Huiling.(2024).Does the issuance of green bonds nudge environmental responsibility engagements? Evidence from the Chinese green bond market.FINANCIAL INNOVATION,10(1).
MLA	Liu, Ying,et al."Does the issuance of green bonds nudge environmental responsibility engagements? Evidence from the Chinese green bond market".FINANCIAL INNOVATION 10.1(2024).