Πράσινα ομόλογα και βιώσιμη χρηματοδότηση
View/
Keywords
Πράσινα ομόλογα ; Περιβαλλοντική αειφορία ; Εταιρική αειφορία ; Ανάλυση γεγονότος ; Υπερβάλλουσες χρηματιστηριακές αποδόσειςAbstract
The purpose of this research is to study green bonds, i.e. bonds that have been significantly promoted in recent years as a means of enhancing the financing of projects with environmental benefits. The rapid growth of this market makes it imperative to study the impact of green bonds on the market and investments. Green bonds not only provide a means of promoting investment, but also provide an opportunity for value-added projects, while reducing the impact of business activity on the environment. Therefore, their issuance has an impact beyond the environment on both the wealth of shareholders and the corporate value. Continued efforts to improve the institutional framework of green bonds if accompanied by the interest of the investment market can to a greater extent ensure the effort of environmental sustainability.
The present study seeks to understand the reaction of investors to the issuance of green bonds by companies. The methodological approach chosen is the method of event study, while a linear regression model was created to investigate the characteristics of companies that determine the returns. The sample was 81 issues of green bonds mainly of companies based in Europe from 2013 to 2020. The main finding of the research was that the issues of green bonds lead to an increase in the stock returns of the companies. Specifically 20 days after the cumulative abnormal returns was 0.4% while for 10 days after was 0.7%. Also there was an increase in cumulative abnormal returns before the issue, which increased as the issue date approached. It is clear, that investors view the issuance of green bonds positively either because it is a means of promoting environmental sustainability or because they believe that it will improve companies' returns in the future. In any case, the specific findings strengthen the incentives of companies to make green investments and finance them with green bonds
Postgraduate Studies Programme
Χρηματοοικονομική και Τραπεζική με κατεύθυνση στην Χρηματοοικονομική και Τραπεζική ΔιοικητικήDepartment
Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Χρηματοοικονομικής και Τραπεζικής ΔιοικητικήςNumber of pages
61Language
Greek
Except where otherwise noted, this item's license is described as
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές