Munich Personal RePEc Archive

Are Agency Problems a Determinant of Green Bond Issuance?

Glavas, Dejan and Bancel, Franck (2018): Are Agency Problems a Determinant of Green Bond Issuance?

[img]
Preview
PDF
MPRA_paper_88377.pdf

Download (349kB) | Preview

Abstract

We investigate underlying reasons of green bond issuance using agency theory and stakeholder theory as frameworks. Current literature on green bonds mainly focuses on measuring secondary market premia for this type of securities. In our study, determinants are analyzed ex-ante and focus on issuing firm characteristics which was not done in previous literature to our knowledge. We perform panel data conditional logit and fixed effects regressions on a set of matched green bond issuers and non-issuers in 27 countries for the 2013 to 2017 period. Our findings suggest that the agency motive and state-driven stakeholder motive provide key determinants of green bond issuance.

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.