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Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision

Business

Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision

J. Chen, Y. Yang, et al.

Discover how green bond issuance positively influences corporate ESG performance in Chinese listed firms. This groundbreaking research by Jinyu Chen, Yan Yang, Ran Liu, Yuan Geng, and Xiaohang Ren uncovers the internal and external effects driving this enhancement, particularly in larger firms and those with experienced executives.

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Playback language: English
Abstract
This paper investigates the impact of green bond issuance on corporate ESG performance using Chinese listed firms from 2012 to 2020. A staggered difference-in-difference (DID) model reveals a positive correlation. This enhancement is attributed to internal attention and external supervision effects. The positive impact is more pronounced in larger firms, those with higher government subsidies, and those with executives possessing environmental experience. The study also shows that green bond issuance improves firm valuation, offering theoretical guidance for using green financial systems to bolster corporate ESG performance.
Publisher
HUMANITIES AND SOCIAL SCIENCES COMMUNICATIONS
Published On
Jul 24, 2023
Authors
Jinyu Chen, Yan Yang, Ran Liu, Yuan Geng, Xiaohang Ren
Tags
green bonds
ESG performance
corporate finance
China
government subsidies
executive experience
firm valuation

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