DETERMINANTS OF GREEN BOND ISSUANCE: AGENCY OR STAKEHOLDER MOTIVES MATTER?

Authors

  • Dejan GLAVAS Associate Professor, ESSCA School of Management

DOI:

https://doi.org/10.54695/bmi.172.0004

Keywords:

green bonds, green finance, sustainable finance, stakeholder theory, agency theory, Corporate Social Responsibility

Abstract

We investigate the underlying reasons for a firm to issue green bonds using agency and stakeholder theory as frameworks. We test how different proxies for each theory explain the decision to issue a green bond. We also test whether these proxies are relevant to green bond issuance amounts. We perform logit and fixed effects regressions using a dataset of green bond issuers and non-issuers in 27 countries for the 2013 to 2017 period. Our findings suggest that the agency motive is a key determinant of the decision to issue a green bond. However, agency issues seem to have only a partial impact on the size of the green bond issuances.

Published

2023-04-01

How to Cite

GLAVAS, D. . (2023). DETERMINANTS OF GREEN BOND ISSUANCE: AGENCY OR STAKEHOLDER MOTIVES MATTER?. Bankers, Markets & Investors, 172(2), 4. https://doi.org/10.54695/bmi.172.0004

Issue

Vol. 172 No. 2 (2023): BMI

Section

Articles