National culture and green bond issuance around the world

Charilaos  Mertzanis; Imen Tebourbi

National culture and green bond issuance around the world

Charilaos Mertzanis^*, Imen Tebourbi

^*Corresponding author for this work

Finance

Research output: Contribution to journal › Article › peer-review

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
Journal	European Financial Management
Publication status	Accepted/In press - 25 Feb 2023

Bibliographical note

Not yet published as of 16/03/2023

Keywords

Green bonds
National culture
institutions
global
Environmental conditions

UN SDGs

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

Cite this

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title = "National culture and green bond issuance around the world",

abstract = "We analyze the impact of Hofstede{\textquoteright}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.",

keywords = "Green bonds, National culture, institutions, global, Environmental conditions",

author = "Charilaos Mertzanis and Imen Tebourbi",

note = "Not yet published as of 16/03/2023",

year = "2023",

month = feb,

day = "25",

language = "English",

journal = "European Financial Management",

issn = "1354-7798",

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AU - Mertzanis, Charilaos

AU - Tebourbi, Imen

N1 - Not yet published as of 16/03/2023

PY - 2023/2/25

Y1 - 2023/2/25

N2 - 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.

AB - 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.

KW - Green bonds

KW - National culture

KW - institutions

KW - global

KW - Environmental conditions

M3 - Article

SN - 1354-7798

JO - European Financial Management

JF - European Financial Management

ER -

National culture and green bond issuance around the world

Abstract

Bibliographical note

Keywords

UN SDGs

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Cite this