Green Bonds: in search of new paths for joint negotiation of Finance and Sustainability

Authors

  • Joyce Aparecida Ramos dos Universidade Federal do Paraná
  • Ana Paula Mussi Szabo Universidade Federal do Paraná

DOI:

https://doi.org/10.5007/2175-8077.2022.e80823

Keywords:

Green Bonds, Finance, Inovation, Innovation, Sustainability

Abstract

Green Bonds (GBs) são considerados a inovação financeira em sustentabilidade mais proeminente das últimas década. Enquanto objeto cujo mercado ainda se encontra em estágio incipiente, lacunas teóricas sobre o tema revelam a necessidade de estudos voltados a sua investigação. Constituem objetivos desta pesquisa identificar as principais perspectivas teóricas utilizadas na investigação dos GBs e analisar elementos específicos/ similares destes com títulos convencionais. Mediante o uso da técnica de Revisão Sistemática de Literatura com abordagem problematizadora, os resultados demonstram que, embora exista uma variação de lentes teóricas utilizadas no estudo do tema, o foco permanece em estudos quantitativos na área de finanças corporativas, responsabilidade social corporativa e teoria dos stakeholders. Em paralelo, aspectos similares a títulos convencionais e específicos desta categoria foram notados. Conclui-se que, por se tratar de um mercado incipiente, componentes e papéis dos atores envolvidos com GBs ainda aparecem sobrepostos e vislumbrados com importância distinta em algumas situações.

Author Biographies

Joyce Aparecida Ramos dos , Universidade Federal do Paraná

Doutoranda em Administração pela Universidade Federal do Paraná (2020 - 2023) na Linha Inovação e Tecnologia. Mestre em Administração pela Universidade Federal do Paraná (2020). Graduada em Administração pela Universidade Federal de Mato Grosso do Sul (2017). Atualmente é bolsista da Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES). Atuou como tutora do Curso de Pós-Graduação lato sensu em Gestão da Saúde da UFPR pela Universidade Aberta do Brasil (UAB). Membro do Grupo de Pesquisa Gestão da Inovação, Tecnologia e Sustentabilidade (EGITS). Membro do Grupo de Pesquisa em Cooperação Tecnológica e Inovação Sustentável (GPCTIS). Principais interesses de pesquisa: inovação, inovação sustentável, empreendedorismo, sustentabilidade, sustentabilidade corporativa, responsabilidade social corporativa e temas correlatos.

Ana Paula Mussi Szabo, Universidade Federal do Paraná

Professor Titular do Departamento de Administração Geral e Aplicada e professora do Programa de Pós Graduação em Administração. Coordenadora do Projeto de Extensão Clube de Investimentos em Finanças, na UFPR. Tem experiência na área de Administração, com ênfase em Administração Financeira, atuando nos seguintes temas: investimento em inovação tecnológica, fontes de financiamento para a inovação, competitividade e criação de valor. Já trabalhou com análise e decisão de investimentos em ativos reais; identificação e análise de risco, investimentos de capital de risco e finanças pessoais. Graduada em Ciências Econômicas (1985) e em Administração (1992) pela Universidade Federal do Paraná. Especialista em Finanças pelo IAG/PUC (1988) mestre em Tecnologia pela Universidade Tecnológica Federal do Paraná (1997) e doutora em Administração pela Universidade de São Paulo (2002).Foi Diretora do Setor de Ciências Sociais Aplicadas da UFPR, 2013-2017; Chefe do Departamento de Administração Geral e Aplicada da UFPR entre março de 2004 e junho de 2008. Foi coordenadora do Programa de Extensão de Educação Financeira da UFPR.

References

ALVESSON, M.; SANDBERG, J. The problematizing review: A counterpoint to Elsbach and Van Knippenberg’s argument for integrative reviews. Journal of Management Studies, v. 57, n. 6, p. 1290-1304, 2020.

AZHGALIYEVA, D.; KAPOOR, A.; LIU, Y. Green bonds for financing renewable energy and energy efficiency in South-East Asia: a review of policies. Journal of Sustainable Finance & Investment, v. 10, n. 2, p. 113-140, 2020.

BANSAL, P.; SONG, H-C. Similar but not the same: Differentiating corporate sustainability from corporate responsibility. Academy of Management Annals, v. 11, n. 1, p. 105-149, 2017.

BARUA, S.; CHIESA, M. Sustainable financing practices through green bonds: What affects the funding size?. Business Strategy and the Environment, v. 28, n. 6, p. 1131-1147, 2019.

CLARKE, M.; OXMAN, A. D (Eds). Cochrane Reviewers’ Handbook 4.1.4. The Cochrane Library, Oxford, 2001.

DOU, X.; QI, S.. The choice of green bond financing instruments. Cogent Business & Management, v. 6, n. 1, p. 1652227, 2019.

DRAKSAITE, A.; KAZLAUSKIENE, V.; MELNYK, L. The Perspective of the Green Bonds as Novel Debt Instruments in Sustainable Economy. In: Consumer Behavior, Organizational Strategy and Financial Economics. Springer, Cham, 2018. p. 221-230.

EHRHARDT, M. C.; BRIGHAM, E. F. Administração financeira: teoria e prática. São Paulo: Cengage Learning, 2012.

FLAHERTY, M. et al. Financing climate policies through climate bonds–A three stage model and empirics. Research in International Business and Finance, v. 42, p. 468-479, 2017.

GUILD, J. The political and institutional constraints on green finance in Indonesia. Journal of Sustainable Finance & Investment, v. 10, n. 2, p. 157-170, 2020.

HUANG, T.; YUE, Q. How the game changer was generated? An analysis on the legal rules and development of China’s green bond market. International Environmental Agreements: Politics, Law and Economics, v. 20, n. 1, p. 85-102, 2020.

HYUN, S.; PARK, D.; TIAN, S. The price of going green: the role of greenness in green bond markets. Accounting & Finance, v. 60, n. 1, p. 73-95, 2020.

INTERNATIONAL CAPITAL MARKET ASSOCIATION (ICMA). Green Bond Principles. 2018. Disponível em: https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/Green-Bonds-Principles-June-2018-270520.pdf. Acesso em: 15. dez. 2020.

JAKUBIK, P.; UGUZ, S. Impact of green bond policies on insurers: evidence from the European equity market. Journal of Economics and Finance, p. 1-13, 2020.

KISELEVA, E. Green Bonds as a Tool for Sustainable Development on Emerging Markets. International Business Information Management Association (34st IBIMA), p. 25-26, 2019.

KUNA-MARSZAŁEK, A.; MARSZAŁEK, J. Some considerations on the green bonds market development. In: Proceedings of the 14th International Scientific Conference European Financial Systems 2017. 2017. p. 458-465.

LABORATÓRIO DE INOVAÇÃO FINANCEIRA. Relatório de pesquisa com emissores e investidores de títulos verdes no Brasil. 2018. Disponível em: https://abde.org.br/wp-content/uploads/2018/07/relat%C3%B3rio_de_pesquisa_web.pdf. Acesso em 15. fev. 2021.

LEBELLE, M.; LAJILI JARJIR, S.; SASSI, S. Corporate green bond issuances: An international evidence. Journal of Risk and Financial Management, v. 13, n. 2, p. 25, 2020.

LI, Z. et al. The interest costs of green bonds: Credit ratings, corporate social responsibility, and certification. Emerging Markets Finance and Trade, v. 56, n. 12, p. 2679-2692, 2020.

LIAW, K. T. Survey of Green Bond Pricing and Investment Performance. Journal of Risk and Financial Management, v. 13, n. 9, p. 193, 2020.

MALTAIS, A.; NYKVIST, B. Understanding the role of green bonds in advancing sustainability. Journal of Sustainable Finance & Investment, p. 1-20, 2020.

MIHÁLOVITS, Z. et al. Green Bond, The Financial Instrument that Supports Sustainable Development. Opportunities and Barriers. Public Finance Quarterly, v. 63, n. 3, p. 303-318, 2018.

MCINERNEY, C.; BUNN, D. W. Expansion of the investor base for the energy transition. Energy Policy, v. 129, p. 1240-1244, 2019.

MONK, A.; PERKINS, R. What explains the emergence and diffusion of green bonds?. Energy Policy, v. 145, p. 111641, 2020.

NANAYAKKARA, M.; COLOMBAGE, S. Do investors in Green Bond market pay a premium? Global evidence. Applied Economics, v. 51, n. 40, p. 4425-4437, 2019.

NG, T. H.; TAO, J. Y. Bond financing for renewable energy in Asia. Energy Policy, v. 95, p. 509-517, 2016.

NIU, Z.; ZHU, J.; WANG, H. Analysis on the Development of Regional Commercial Banks' Green Bond Business Under the Equator Principle—Take Industrial Bank as An Example. In: 2018 2nd International Conference on Economic Development and Education Management (ICEDEM 2018). Atlantis Press, 2018. p. 275-278.

PARTRIDGE, C.; MEDDA, F. R. Green bond pricing: The search for greenium. The Journal of Alternative Investments, v. 23, n. 1, p. 49-56, 2020.

PATRIOTTA, G. Writing impactful review articles. Journal of Management Studies, v. 57, n. 6, p. 1272-1276, 2020.

PHAM, L.; HUYNH, T. L. D. How does investor attention influence the green bond market?. Finance Research Letters, v. 35, p. 101533, 2020.

POST, C. et al. Advancing theory with review articles. Journal of Management Studies, v. 57, n. 2, p. 351-376, 2020.

RUSSO, A.; MARIANI, M.; CARAGNANO, A.. Exploring the determinants of green bond issuance: Going beyond the long‐lasting debate on performance consequences. Business Strategy and the Environment, v. 30, n. 1, p. 38-59, 2021.

SCHOLTENS, B. Why finance should care about ecology. Trends in Ecology & Evolution, v. 32, n. 7, p. 500-505, 2017.

TOLLIVER, C. et al. Green innovation and finance in Asia. Asian Economic Policy Review, p. e12320, 2021.

TOLLIVER, C.; KEELEY, A. R.; MANAGI, S. Drivers of green bond market growth: The importance of Nationally Determined Contributions to the Paris Agreement and implications for sustainability. Journal of cleaner production, v. 244, p. 118643, 2020.

TRANFIELD, D.; DENYER, D.; SMART, P. Towards a methodology for developing evidence‐informed management knowledge by means of systematic review. British journal of management, v. 14, n. 3, p. 207-222, 2003.

TU, C. A.; RASOULINEZHAD, E.; SARKER, T. Investigating solutions for the development of a green bond market: Evidence from analytic hierarchy process. Finance Research Letters, v. 34, p. 101457, 2020.

WANG, J. et al. The market reaction to green bond issuance: Evidence from China. Pacific-Basin Finance Journal, v. 60, p. 101294, 2020.

WIŚNIEWSKI, M.; ZIELIŃSKI, J. Green bonds as an innovative sovereign financial instrument. Ekonomia i Prawo. Economics and Law, v. 18, n. 1, p. 83-96, 2019.

WORLD COMMISSION ON ENVIRONMENT AND DEVELOPMENT (WCED). Report of the World Commission on Environment and Development: Our Common Future, 1987. Disponível em: http://www.un-documents.net/our-common-future.pdf. Acesso em: 12 dez. 2019.

Downloads

Published

2023-02-02

How to Cite

Joyce Aparecida Ramos dos, & Ana Paula Mussi Szabo. (2023). Green Bonds: in search of new paths for joint negotiation of Finance and Sustainability. Revista De Ciências Da Administração, 24(64), 79–95. https://doi.org/10.5007/2175-8077.2022.e80823

Issue

Vol. 24 No. 64 (2022): Revista de Ciências da Administração

Section

Articles

License

The author must ensure:

  • that there is complete consensus among all co-authors to approve the final version of the paper and its submission for publication.
  • that their work is original, and if the work and/or words of others have been used, these have been duly acknowledged.

Plagiarism in all its forms constitutes unethical publishing behavior and is unacceptable. RCA reserves the right to use software or any other methods of plagiarism detection.

All submissions received for evaluation in the RCA journal are screened for plagiarism and self-plagiarism. Plagiarism identified in manuscripts during the evaluation process will result in the submission being archived. In the event of plagiarism being identified in a manuscript published in the journal, the Editor-in-Chief will conduct a preliminary investigation and, if necessary, retract it.

Authors grant RCA exclusive rights of first publication, with the work simultaneously licensed under the Creative Commons (CC BY) 4.0 International License.

Authors are authorized to enter into separate, additional contractual arrangements for the non-exclusive distribution of the version of the work published in this journal (e.g., publishing in an institutional repository, on a personal website, publishing a translation, or as a chapter in a book), with an acknowledgement of its authorship and initial publication in this journal.

This license grants any user the right to:

Share – copy, download, print, or redistribute the material in any medium or format.

Adapt – remix, transform, and build upon the material for any purpose, even commercially.

According to the following terms:

Attribution – You must give appropriate credit (cite and reference), provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.

No additional restrictions – You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.

Similar Articles

1 2 3 4 5 6 7 8 9 10 > >> 

You may also start an advanced similarity search for this article.