National culture and green bond issuance around the world

Charilaos  Mertzanis; Imen Tebourbi

doi:10.1111/eufm.12419

National culture and green bond issuance around the world

Charilaos Mertzanis^*, Imen Tebourbi

^*Corresponding author for this work

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Abstract

We analyze the impact of Hofstede’s culture dimensions on green bond issuance in 84 countries during 1991-2021, using novel IMF data. We control for environmental, macroeconomic and institutional factors. Our results show that countries that score higher on individualism, masculinity and indulgence are associated with lower green bond issuance, whilst countries that score high on long-term orientation and uncertainty avoidance are associated with higher green bond issuance. Culture appears to play a role in green bond market development. The culture effect remains broadly robust after applying sensitivity and endogeneity tests, adding new controls, and performing coefficient stability and dominance analysis.

Original language	English
Pages (from-to)	879-934
Number of pages	56
Journal	European Financial Management
Volume	30
Issue number	2
Early online date	28 Mar 2023
DOIs	https://doi.org/10.1111/eufm.12419
Publication status	Published - 4 Mar 2024

Keywords

Green bonds
National culture
institutions
global
Environmental conditions

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1111/eufm.12419Licence: None: All rights reserved

MertzanisC2024National_AAM
This is the peer reviewed version of the following article: Mertzanis, C., & Tebourbi, I. (2024). National culture and green bond issuance around the world. European Financial Management, 30, 879–934, which has been published in final form at https://doi.org/10.1111/eufm.12419. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.
Accepted author manuscript, 916 KBLicence: Other (please specify with Rights Statement)

Cite this

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National culture and green bond issuance around the world

Abstract

Keywords

UN SDGs

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