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Green Bond and shareholders' wealth: a multi-country event study

Author

Listed:
  • Siti Nurhidayah Mohd Roslen
  • Lee Sin Yee
  • Salizatul Aizah Binti Ibrahim

Abstract

Recently, there has been increasing global interest and concerns towards sustainable and environmental friendly development among firms and investors. In conjunction to this rising demand, Green Bond market was introduced. In providing general overview on how Green Bond is perceived by shareholders, this study attempts to identify the shareholders' wealth reactions towards Green Bond announcements using multi-country samples. Specifically, we find that shareholders generally react positively a day after the Green Bond announcements were made by issuers. Overall, this study would be useful for future researchers who plan to explore the potential of using multi-country event study methodology and to add more evidence on existing literatures in relation to credit risk valuation for international corporate Green Bonds.

Suggested Citation

  • Siti Nurhidayah Mohd Roslen & Lee Sin Yee & Salizatul Aizah Binti Ibrahim, 2017. "Green Bond and shareholders' wealth: a multi-country event study," International Journal of Globalisation and Small Business, Inderscience Enterprises Ltd, vol. 9(1), pages 61-69.
    • Handle: RePEc:ids:ijgsbu:v:9:y:2017:i:1:p:61-69
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    Citations

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    Cited by:

    1. Peter Lau & Angela Sze & Wilson Wan & Alfred Wong, 2022. "The Economics of the Greenium: How Much is the World Willing to Pay to Save the Earth?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 81(2), pages 379-408, February.
    2. repec:hig:wpaper:101sti2019 is not listed on IDEAS
    3. Pham, Linh & Nguyen, Canh Phuc, 2021. "Asymmetric tail dependence between green bonds and other asset classes," Global Finance Journal, Elsevier, vol. 50(C).
    4. Jiang, Kangqi & Chen, Zhongfei & Chen, Fanglin, 2022. "Green creates value: Evidence from China," Journal of Asian Economics, Elsevier, vol. 78(C).
    5. Abhilash & Sandeep S. Shenoy & Dasharathraj K. Shetty & Lumen Shawn Lobo & Subrahmanya Kumar N., 2023. "Green Bond as an Innovative Financial Instrument in the Indian Financial Market: Insights From Systematic Literature Review Approach," SAGE Open, , vol. 13(2), pages 21582440231, June.
    6. Yuan, Mingqing, 2024. "Beyond green bonds: Stock market reactions to ESG bond announcements and issuances in Japan," MPRA Paper 120943, University Library of Munich, Germany.

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