Green Bonds and ESG Performance:Mechanisms and Empirical Evidence from China
This paper focuses on green bonds issuance to study the relationship between it and corporate ESG performance,revealing multiple triggering factors and incentives for corporates to achieve their ESG ambitions.The paper collects and screens 5737 observations from databases such as CSMAR and so forth,using econometric models such as Difference-in-Differences.It finds a strong correlation between green bond issuance and the improvement in ESG scores,with the heterogeneous effect being more significant in state-owned enterprises,regions with higher environmental regulations,and areas with lower per capita industrial GDP.The paper also reveals that improved environmental information disclosure,reduced managerial myopia,and more analyst attention are positive mediating factors.Finally,the issuance of green bonds also positively impacts corporate financial conditions.
green bondsESGcorporate financemechanismmanagerial myopia
NETL
NSTL
万方数据
