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The importance of the Greenium: experimental evidence on the role of certifications

Author

Listed:
  • Annarita Colasante

    (UnitelmaSapienza, University of Rome)

  • Andrea Morone

    (UnitelmaSapienza, University of Rome)

  • Piergiuseppe Morone

    (University of Bari)

Abstract

This study explores the impact of certification on decisions to invest in green bonds. Utilizing a laboratory experiment, we evaluate how different levels of certificate reliability stimulate investments in green bonds, particularly in the context of a green premium. The findings corroborate our hypothesis, showing that reliable certification encourages investors to accept lower returns in exchange for the conservation of natural resources. Importantly, reliable certification may counteract the decline in investments caused by “greenwashing” practices. Consequently, the establishment of a unified and dependable certification system may be crucial to ensure the green attributes sought by investors.

Suggested Citation

  • Annarita Colasante & Andrea Morone & Piergiuseppe Morone, 2024. "The importance of the Greenium: experimental evidence on the role of certifications," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 14(1), pages 121-148, March.
    • Handle: RePEc:spr:eurase:v:14:y:2024:i:1:d:10.1007_s40822-023-00258-4
    DOI: 10.1007/s40822-023-00258-4
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