Green bonds and corporate value creation: a review of financial, market, and environmental performance

Анотація

This study examines the growing body of literature on green bonds and their role in corporate value creation, with a particular focus on financial, stock market, and environmental performance. It provides insights for researchers and practitioners on the impact of green bond issuance and outlines key directions for future research in the sustainable finance domain. A systematic literature review was conducted following the PRISMA 2020 guidelines. The process involved identifying relevant keywords, conducting a comprehensive search in the Scopus database and manual sources, and applying predefined eligibility criteria. From an initial pool of 1797 records, 73 peer-reviewed articles published between 2007 and July 2024 were selected for final analysis. This time frame was chosen to capture the evolution and recent surge in green bond research, particularly after the 2015 Paris Agreement and the increasing policy push toward climate finance in emerging markets. The findings indicate that green bond issuance is generally linked to positive corporate outcomes, such as enhanced firm valuation, reduced financing costs, and improved environmental performance. However, these outcomes vary based on regional, sectoral, and methodological contexts. China and India emerged as leading contributors in this field, with a notable rise in publications post-2019. This review contributes to the literature by offering a focused synthesis of the link between green bonds and corporate value creation. It highlights regional trends, methodological variations, and multiple performance dimensions, while also identifying gaps and proposing a future research agenda, particularly emphasizing emerging markets and the need for longitudinal studies. While the review is comprehensive, it is limited to studies indexed in the Scopus database. Nevertheless, the findings provide meaningful insights for investors, firms, and policymakers aiming to align financial strategies with sustainability goals.

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