透视图(图形)
声誉
业务
公司治理
债券
营销
样品(材料)
社会责任
会计
公共关系
财务
社会学
计算机科学
政治学
色谱法
社会科学
人工智能
化学
作者
Louis T. W. Cheng,Piyush Sharma,David C. Broadstock
摘要
Abstract This paper shows that brand reputation alone may not be sufficient to help firms successfully issue green bonds and that they may need superior corporate social responsibility performance in the form of high ESG (Environmental, Social, and Governance) scores to unlock the full potential of their brand reputation. Using a sample of 338 international green bond issues across 108 unique firms, we found significant positive effects of ESG disclosure score and its interaction brand reputation on the issuance of green bonds while controlling for other variables, such as fixed effects of industry, region, and time. We also show that it is the S (Social) component of ESG and the interactions of its E (Environmental) and G (Governance) components with brand reputation which drive successful green bond issuance. Besides extending the current research on the impact of brand reputation and ESG on green bonds, these results also have important managerial implications for analysts, fund managers, and firms planning to raise green capital.
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