Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision
Abstract Based on the staggered difference-in-difference (DID) model, this paper uses Chinese listed firms between 2012 and 2020 to investigate the impact of green bond issuance on corporate environmental, social and governance (ESG) performance. We provide evidence that green bond issuance positive...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Springer Nature
2023-07-01
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| Series: | Humanities & Social Sciences Communications |
| Online Access: | https://doi.org/10.1057/s41599-023-01941-2 |
| _version_ | 1797769647367389184 |
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| author | Jinyu Chen Yan Yang Ran Liu Yuan Geng Xiaohang Ren |
| author_facet | Jinyu Chen Yan Yang Ran Liu Yuan Geng Xiaohang Ren |
| author_sort | Jinyu Chen |
| collection | DOAJ |
| description | Abstract Based on the staggered difference-in-difference (DID) model, this paper uses Chinese listed firms between 2012 and 2020 to investigate the impact of green bond issuance on corporate environmental, social and governance (ESG) performance. We provide evidence that green bond issuance positively enhances corporate ESG performance. Green bond issuance mainly promotes corporate ESG performance through the internal attention effect and the external supervision effect. Moreover, the positive correlation between green bond issuance and corporate ESG performance is more prominent among companies with larger size, higher government subsidies and executives with environmental experience. The extended analysis shows that green bond issuance can promote the enhancement of firm valuation. This study provides theoretical guidance for the use of green financial systems to promote corporate ESG performance. |
| first_indexed | 2024-03-12T21:11:04Z |
| format | Article |
| id | doaj.art-838c132581e44b8f93af7f5fe20e7f34 |
| institution | Directory Open Access Journal |
| issn | 2662-9992 |
| language | English |
| last_indexed | 2024-03-12T21:11:04Z |
| publishDate | 2023-07-01 |
| publisher | Springer Nature |
| record_format | Article |
| series | Humanities & Social Sciences Communications |
| spelling | doaj.art-838c132581e44b8f93af7f5fe20e7f342023-07-30T11:10:02ZengSpringer NatureHumanities & Social Sciences Communications2662-99922023-07-0110111210.1057/s41599-023-01941-2Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervisionJinyu Chen0Yan Yang1Ran Liu2Yuan Geng3Xiaohang Ren4School of Business, Central South UniversitySchool of Business, Central South UniversitySchool of Business, Central South UniversitySchool of Business, Central South UniversitySchool of Business, Central South UniversityAbstract Based on the staggered difference-in-difference (DID) model, this paper uses Chinese listed firms between 2012 and 2020 to investigate the impact of green bond issuance on corporate environmental, social and governance (ESG) performance. We provide evidence that green bond issuance positively enhances corporate ESG performance. Green bond issuance mainly promotes corporate ESG performance through the internal attention effect and the external supervision effect. Moreover, the positive correlation between green bond issuance and corporate ESG performance is more prominent among companies with larger size, higher government subsidies and executives with environmental experience. The extended analysis shows that green bond issuance can promote the enhancement of firm valuation. This study provides theoretical guidance for the use of green financial systems to promote corporate ESG performance.https://doi.org/10.1057/s41599-023-01941-2 |
| spellingShingle | Jinyu Chen Yan Yang Ran Liu Yuan Geng Xiaohang Ren Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision Humanities & Social Sciences Communications |
| title | Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision |
| title_full | Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision |
| title_fullStr | Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision |
| title_full_unstemmed | Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision |
| title_short | Green bond issuance and corporate ESG performance: the perspective of internal attention and external supervision |
| title_sort | green bond issuance and corporate esg performance the perspective of internal attention and external supervision |
| url | https://doi.org/10.1057/s41599-023-01941-2 |
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