Institutional Investors and Public Authority Ownership Impact on Green Bonds Issue: Evidence from France
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1 décembre 2021
- handle: 10670/1.6yvoqt
- hal: hal-03798900
- doi: 10.3917/jie.pr1.0130
Ce document est lié à :
info:eu-repo/semantics/altIdentifier/doi/10.3917/jie.pr1.0130
Mots-clés
C - Mathematical and Quantitative Methods/C.C1 - Econometric and Statistical Methods and Methodology: General/C.C1.C13 - Estimation: General G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G39 - Other H - Public Economics/H.H1 - Structure and Scope of GovernmentSujets proches
Funds Funding Businesses Firms Companies Enterprises Business organizations Organizations, Business Debentures Bond issues Finance, commerce, confiscations, etcCiter ce document
Houssein Ballouk et al., « Institutional Investors and Public Authority Ownership Impact on Green Bonds Issue: Evidence from France », HALSHS : archive ouverte en Sciences de l’Homme et de la Société, ID : 10.3917/jie.pr1.0130
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Résumé
Green bonds are one of the most significant financial innovations to address the impacts of climate change and to help companies and governments to finance their ecological transition. The green bond market has been growing rapidly worldwide since its debut in 2007. In this paper, we present the first empirical study on the effects of ownership structure on green bond issuance by firms in France from 2013 to 2019. After compiling a comprehensive green bond dataset, we used legitimacy, stakeholders, and slack resources theories to investigate institutional investors and public authority ownership impact on green bond issuance. Our results confirm the heterogeneity of institutional investors and highlight a positive relation between insurance company and public authority ownership and green bond issuance.