Sustainability bonds. An international event study

Sustainability bonds enable capital-raising and investment for those projects that have both a positive impact on the environment and a positive social outcome. This study examines the stock market reaction to the announcement of sustainability bonds issuance. The present research is designed as fol...

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Autores principales:	Mihaela Mocanu, Laura-Gabriela Constantin, Bogdan Cernat-Gruici
Formato:	article
Lenguaje:	EN
Publicado:	Vilnius Gediminas Technical University 2021
Materias:	sustainability bonds sustainable development international capital markets sustainable finance event study financial analysis Business HF5001-6182
Acceso en línea:	https://doaj.org/article/b6f49bca47c8491e93d8c7a817841f7c
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spelling	oai:doaj.org-article:b6f49bca47c8491e93d8c7a817841f7c2021-11-23T14:08:01ZSustainability bonds. An international event study1611-16992029-443310.3846/jbem.2021.15372https://doaj.org/article/b6f49bca47c8491e93d8c7a817841f7c2021-11-01T00:00:00Zhttps://journals.vgtu.lt/index.php/JBEM/article/view/15372https://doaj.org/toc/1611-1699https://doaj.org/toc/2029-4433Sustainability bonds enable capital-raising and investment for those projects that have both a positive impact on the environment and a positive social outcome. This study examines the stock market reaction to the announcement of sustainability bonds issuance. The present research is designed as follows: first, an event study that examines the market reaction and second, a highlight of drivers influencing this market reaction via a linear regression with cluster-robust standard errors. Overall, small and negative sample-wide reactions to sustainability bond issue announcements were found. Additionally, the study finds significant negative abnormal returns before the publication in June 2018 of The Sustainability Bond Guidelines by the International Capital Market Association. Specifically, the size of the bond issue, whether the bond is callable or not, the announcement of the issue as a single event in a day, the company’s Return on Assets, the firm’s social disclosure score, and the issuance of the bond prior or after June 2018 are statistically significant factors that influence the stock returns of issuers.Mihaela MocanuLaura-Gabriela ConstantinBogdan Cernat-GruiciVilnius Gediminas Technical Universityarticlesustainability bondssustainable developmentinternational capital marketssustainable financeevent studyfinancial analysisBusinessHF5001-6182ENJournal of Business Economics and Management, Vol 22, Iss 6, Pp 1551-1576 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	sustainability bonds sustainable development international capital markets sustainable finance event study financial analysis Business HF5001-6182
spellingShingle	sustainability bonds sustainable development international capital markets sustainable finance event study financial analysis Business HF5001-6182 Mihaela Mocanu Laura-Gabriela Constantin Bogdan Cernat-Gruici Sustainability bonds. An international event study
description	Sustainability bonds enable capital-raising and investment for those projects that have both a positive impact on the environment and a positive social outcome. This study examines the stock market reaction to the announcement of sustainability bonds issuance. The present research is designed as follows: first, an event study that examines the market reaction and second, a highlight of drivers influencing this market reaction via a linear regression with cluster-robust standard errors. Overall, small and negative sample-wide reactions to sustainability bond issue announcements were found. Additionally, the study finds significant negative abnormal returns before the publication in June 2018 of The Sustainability Bond Guidelines by the International Capital Market Association. Specifically, the size of the bond issue, whether the bond is callable or not, the announcement of the issue as a single event in a day, the company’s Return on Assets, the firm’s social disclosure score, and the issuance of the bond prior or after June 2018 are statistically significant factors that influence the stock returns of issuers.
format	article
author	Mihaela Mocanu Laura-Gabriela Constantin Bogdan Cernat-Gruici
author_facet	Mihaela Mocanu Laura-Gabriela Constantin Bogdan Cernat-Gruici
author_sort	Mihaela Mocanu
title	Sustainability bonds. An international event study
title_short	Sustainability bonds. An international event study
title_full	Sustainability bonds. An international event study
title_fullStr	Sustainability bonds. An international event study
title_full_unstemmed	Sustainability bonds. An international event study
title_sort	sustainability bonds. an international event study
publisher	Vilnius Gediminas Technical University
publishDate	2021
url	https://doaj.org/article/b6f49bca47c8491e93d8c7a817841f7c
work_keys_str_mv	AT mihaelamocanu sustainabilitybondsaninternationaleventstudy AT lauragabrielaconstantin sustainabilitybondsaninternationaleventstudy AT bogdancernatgruici sustainabilitybondsaninternationaleventstudy
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Sustainability bonds. An international event study

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