Affiliation:
1. College of Business Abu Dhabi University Abu Dhabi United Arab Emirates
2. University of Birmingham Dubai United Arab Emirates
Abstract
AbstractUsing individual transaction data, we investigate how geopolitical risk influences green bond issuance across 73 countries during 2008–2021. We consider deal characteristics, as well as economic and institutional factors. We find a positive association between geopolitical risk and green bond issuance. The effect shows nonlinearity and time delays. Our findings remain robust after conducting sensitivity and endogeneity analysis. After decomposing the geopolitical risk index, we discover that all its components have positive correlations with green bond issuance. Lastly, our study highlights the crucial role of the underwriters' network and specific geopolitical jurisdictions as drivers for global green bond market expansion.
Reference152 articles.
1. Investment in renewable energy and electricity output: Role of green finance, environmental tax, and geopolitical risk: Empirical evidence from China;Abbas J.;Energy,2023
2. On the relationship between economic policy uncertainty, geopolitical risk, and stock market returns in South Korea: A quantile causality analysis;Adebayo T. S.;Annals of Financial Economics,2022
3. Advances in risk assessment for climate change adaptation policy;Adger W. N.;Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences,2018
4. Financing environmentally‐sustainable projects with green bonds;Agliardi E.;Environment and Development Economics,2019
5. Country‐risk premium in the periphery and the international financial cycle 1999‐2019;Aidar G.;Investigación Económica,2020
Cited by
2 articles.
订阅此论文施引文献
订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献