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Assessing the Impacts and Mechanisms of Green Bond Financing on the Enhancement of Green Management and Technological Innovation in Environmental Conservation Enterprises
- Published: 14 November 2023
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- MingCan JI 1 &
- Xing Zhang 1
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Environmental policy formulation, implementation, and evaluation represent crucial steps in striking a harmonious balance between the economy and the environment. Market-oriented green bonds have emerged as a notable instrument within environmental policy expression. In China, the adoption of green bonds reflects a shared commitment to dual carbon objectives and sustainable development, with both the government and the populace actively engaged. Drawing on theories of green management (GM) and technological innovation within environmental protection enterprises, this study formulates two hypotheses and analyzes a dataset comprising 1024 annual samples from 252 listed companies. This research explores the impact and underlying mechanisms of green bonds on GM and technological innovation within environmental protection enterprises. The findings reveal distinct patterns in the influence of green bonds issued before and after 2017. Specifically, for green bonds issued before 2017, the study identifies a significant, albeit negative, relationship at the 1% significance level between bond issuance and technological innovation (−0.032). The environmental performance value associated with the enterprise’s green strategy shows a notable negative correlation (−0.251), while enterprise value exhibits a positive relationship (0.155). Conversely, green bonds issued after 2017 exhibit a markedly different dynamic. The study detects a highly significant positive association between bond issuance and technological innovation at the 1% significance level (1.322). Furthermore, the environmental performance value linked to the enterprise’s green strategy demonstrates a substantial positive correlation (1.467), and enterprise value experiences a substantial increase (3.268). These findings underscore the pivotal role of green bond financing in significantly enhancing the technological innovation capabilities of environmental protection enterprises, particularly in the post-2017 period.
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JI, M., Zhang, X. Assessing the Impacts and Mechanisms of Green Bond Financing on the Enhancement of Green Management and Technological Innovation in Environmental Conservation Enterprises. J Knowl Econ (2023). https://doi.org/10.1007/s13132-023-01594-1
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Received : 07 August 2023
Accepted : 28 October 2023
Published : 14 November 2023
DOI : https://doi.org/10.1007/s13132-023-01594-1
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Master Thesis: 'Unlocking Corporate Green Bonds' Date: December 8, 2021 MSc. Financial Economics, Erasmus School of Economics Abstract This paper provides a quantitative examination of corporate green bonds - bonds whose proceeds are earmarked to finance environmental and climate-friendly projects. It uses a global
Issuing a green bond can thus help to consolidate internally the sustainability work the company is already doing. In a similar way, issuing a green bond is also viewed as a good means to communicate this work externally. Being able to issue a green bond is also perceived as a stamp of quality for the organisation.
The purpose of this thesis is to understand the impact of sovereign green bonds issuance on the growth of the market as well as to understand what lies beneath the decision to issue green bonds. To that end, two case studies will be presented, namely the Italian and German sovereign green bond issuance.
The green bond market develops rapidly and aims to contribute to climate mitigation and adaptation significantly. Green bonds as any asset are subject to transition climate risk, namely, regulatory risk. This paper investigates the impact of unexpected political events on the risk and returns of green bonds and their correlation with other assets. We apply a traditional and regression-based ...
research. Herein, through a systematic literature review on the green bond market, our ultimate goal. is to provide investors, main markets actors, and policymakers with some helpful insight on ...
Green bonds (or climate bonds) are one of the most used sustainable investment instruments, and under the Paris Climate Agreement of 2015, the climate bond market is expected to thrive in the near future. Green bonds are gaining increasing popularity between environmentally responsible investors, as well as investors who "simply" attempt to benefit from portfolio diversification, including ...
A Thesis submitted to the Faculty of the Graduate School of Arts and Sciences of Georgetown University in partial fulfillment of the requirements for the degree of Master of Public Policy ... Green bonds were first issued in 2007 by the European Investment Bank (Rosembuj & Bottio, 2016). They are the most common denomination for a pool of fixed ...
Green bonds are associated with a significant discount in the issuance spread. This evidence is rather robust, irrespective of the matching method employed, as can be seen from the standard errors and the statistical significance levels of the estimates. The ATT ranges from −28.9 bps to −40.8 bps.
Green bonds issued by firms to meet the objectives of sustainable development, so investor attention plays its role in green bonds development: The green bonds are weakly correlated with other form of financial instruments so it provides diversification benefits and growth of this market helps in promoting environments friendly finance:
green bonds situated in the context of green finance as a vehicle for mobilizing capital to support renewable energy integration efforts. The research also examines the use of green bonds as a ... 1.6 Thesis Structure ..... 16 Chapter Two: Examining Existing Literature on Green Bonds: Using The Purposive Sample of Literature ...
The thesis further argues that green bonds represent a pressing regulatory challenge that must be addressed to prevent greenwashing, ensure the future of the green bond market, and ultimately safeguard green bonds´ potential role in reorienting capital flows towards a sustainable economy.
Even though climate-linked bonds were first issued by the European Investment Bank in 2007 and the World Bank in 2008 (Monk & Perkins, 2020), the idea of 'green bonds' has been around longer, with Goldstein proposing it as a vital prospect in advancing sustainable development for Costa Rica already in 2001.Though preliminary literature reviews on energy finance (Hall et al., 2018), green ...
Environmental policy formulation, implementation, and evaluation represent crucial steps in striking a harmonious balance between the economy and the environment. Market-oriented green bonds have emerged as a notable instrument within environmental policy expression. In China, the adoption of green bonds reflects a shared commitment to dual carbon objectives and sustainable development, with ...
1.3 Structure of the thesis 14 2 Green bonds as a sustainable debt instrument 16 2.1 Sustainable debt instruments 16 2.2 Development of the green bond market 17 2.3 Key market participants 19 2.4 Self-regulatory environment for green bonds 20 2.4.1 The Green Bond Principles 20 2.4.2 Other market standards 22 ...
The authors found that the green bonds issued by ESG rated the issuer's experience as a higher negative premium (between 9 and. 19 bps) compared with the un-rated green bond issuances (between 8 and 14 bps). Moreover, the authors denoted that a higher ESG rating follows a higher negative green bond premium.
The study used an international sample of recent green bond issues and illustrated the possible effects of the issuing of a green bond for the issuer. A sample of 392 green bonds released from 2017 to 2020 is included. Event study methodology is used to analyse investor response to green bond issuance.
This master thesis is dedicated to all of them. To my supervisor, Professor Szabolcs, I would like to express my gratitude for the assistance, the advice and the patience to lead someone who at times found herself lost. Thank you for all the help. ... Green bonds appeared in financial markets as a way to materialize both issuers' and ...
green bond labelling, this thesis can be a catalyst for further research into market perceptions of green debt with regard to the EU Taxonomy and possible effects the Covid-19 pandemic. 10 2 Literature review The emerging market of sustainable investing has increased rapidly in recent years, including
transparency. Both of the Active Monitors require a detailed green bond plan (usually in the form of a Green Bond Framework), a pre-issuance external review that verifies the legitimacy (i.e., whether the green bond plan aligns with selected guidelines or standards) and feasibility (i.e., whether the issuer has the internal
These include the first green bond issued in 2015, the release of green bonds guidelines by the Securities and Exchange Board of India in 2017, and the launch of a green bonds trading platform in 2019. It lays out a few challenges faced by the market, such as an under-developed bond market, the risk of "green-washing" and regulatory issues.
The green bond has emerged as an effective financing tool for mitigating climate risk problems (MacAskill et al., 2021) due to the need recognition of countries across the globe to combat CC . Though India stands as a major country in terms of GB issuance, the recent GB issuance shows a declining trend due to several reasons. To achieve the ...
Title: Green bonds - A beneficial financing form? Purpose: The purpose of this master thesis was to examine housing companies reasoning behind issuing green bonds for financing their projects. What advantages and disadvantages that are currently connected to green bonds and if the green bond market can motivate companies to build more ...
In this paper, we establish a model based on real options theory and fractional Brownian motion (FBM) with jumps to price green bonds, and thus alleviate the externalities of green bonds. We assume that the floating value of green bonds is linked to the carbon price. The carbon emission trading mechanism and government subsidy policy are introduced into this model, and the expression is ...