Greenium: Bentuk Keberpihakan Investor pada Pembangunan Berkelanjutan
Abstract
Objectives. The purpose of this research is to compile a systematic literature review (SLR) regarding green bond research on the topic of greenium.
Design/method/approach. The design of this research is a Literature Study. The data are collected from journals published from 2018 to 2022 and analyzed using the Protocol Search Appraisal Synthesis Analysis and Report (PSALSAR) method.
Results/findings. The results showed that there are inconsistencies in the results where greenium is found in some studies and not found in other studies. In addition, there are different methods used to identify greenium. For further research on topics such as finding the determination of the emergence of greenium is still open.
Theoretical contribution. This research provides additional theoretical contributions and new discussions regarding the valuation of financial assets, where apart from economic factors, non-economic factors also influence the valuation of financial assets, including investor taste.
Practical contribution. This research contributes mainly to research on greenium because it found differences in investment motivation of green bond investors, so that it can be an input for further research and policies that can be taken for the development of green bonds.
Limitations. This research only uses articles originating from Scopus Elsevier so that in future research it will expand the source of other articles from sources that are credible and reliable
Keywords
Full Text:
PDFReferences
Agliardi, E., & Agliardi, R. (2019). Financing environmentally-sustainable projects with green bonds. Environment and Development Economics, 24(6): 608–623.
Agliardi, E., & Agliardi, R. (2021). Corporate Green bonds : understanding the greenium in a two ‑ factor structural model. Environmental and Resource Economics. 80(2): 257–278.
Alessi, L., Ossola, E., & Panzica, R. (2021). What greenium matters in the stock market? The role of greenhouse gas emissions and environmental disclosures. Journal of Financial Stability., 54, 100869.
Bachelet, M. J., Becchetti, L., & Manfredonia, S. (2019). The green bonds premium puzzle : the role of issuer characteristics and third-party verification. Sustainability, 11, 1098.
Baker, M., Bergstresser, D., Serafeim, G., & Wurgler, J. (2018). FInancing the response to climate change: the pricing and ownership of U.S. Green Bonds. In Nber Working Paper Series Financing,10, (25194).
Banga, J. (2019). The green bond market: a potential source of climate finance for developing countries. Journal of Sustainable Finance and Investment. 9(1): 17–32.
Bhutta, U. S., Tariq, A., Farrukh, M., Raza, A., & Iqbal, M. K. (2022). Green bonds for sustainable development: Review of literature on development and impact of green bonds. Technological Forecasting and Social Change, 175, 121378.
Cheong, C., & Choi, J. (2020). Green bonds: a survey. Journal of Derivatives and Quantitative Studies, 28(4): 175–189.
Cortellini, G., & Panetta, I. C. (2021). Green bond : a systematic literature review for future research agendas. Journal of Risk and Financial Management, 14(589): 1–29.
Ehlers, T., & Packer, F. (2017). Green Bond Finance and Certification. BIS Quarterly Review, September, 89–104.
Fatica, S., Panzica, R., & Rancan, M. (2021). The pricing of green bonds: Are financial institutions special? Journal of Financial Stabilit, 54, 100873.
Febi W, Schäfer D, Stephan A, Sun C. 2018. The impact of liquidity risk on the yield spread of green bonds. Finance Research Letters, 27, 53–59.
Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499-516.
Gianfrate, G., & Peri, M. (2019). The green advantage: Exploring the convenience of issuing green bonds. Journal of Cleaner Production, 219, 127–135.
Hachenberg, B., Schiereck, D. (2018). Are green bonds priced differently from conventional bonds ?. Journal of Asset Management, 19(6), 371–383.
Hu, X., Zhong, A., & Cao, Y. (2022). Greenium in the Chinese corporate bond market. Emerging Markets Review, 100946.
Immel, M., Hachenberg, B., Kiesel, F., & Schiereck, D. (2021). Green bonds: shades of green and brown. Journal of Asset Management, 22(2), 96–109.
Kapraun, J., & Scheins, C. (2021). (In)-Credibly Green: Which Bonds Trade at a Green Bond Premium? SSRN Electronic Journal, 49, 1–27.
Karpf, A., & Mandel, A. (2017). Does it pay to be green?. SSRN Electronic Journal, 1–16.
Koziol, C., Proelss, J., Robmann, P., & Schweizer, D. (2022). The Price of Being Green. SSRN Electronic Journal, 19.
Larcker, D.F., & Watts, E. M. (2020). Where’s the greenium?. Journal of Accounting and Economics, 69(2–3), 101312.
Liaw, K. T. (2020). Survey of green bond pricing and investment performance. Journal of Risk and Financial Management, 13(9):193.
Lintner, J. (1965). Security prices from diversification. Journal of Finance. 20(4), 587–615.
Löffler, K.U., Petreski, A., & Stephan, A. (2021). Drivers of green bond issuance and new evidence on the greenium. Eurasian Economic Review, 11(1), 1–24.
MacAskill, S., Roca, E., Liu, B., Stewart, R. A., & Sahin, O. (2020). Is there a green premium in the green bond market? Systematic literature review revealing premium determinants. Journal of Cleaner Production, 280, 124491.
Market Size Green Bond. (2021). World Investment Report. Accessed October 20, 2022 from: https://www.unctad.org
Mengist, W., Soromessa, T., & Legese, G. (2020). Method for conducting systematic literature review and meta-analysis for environmental science research. MethodsX, 7, 100777.
Menz, K. M. (2010). Corporate social responsibility: Is it rewarded by the corporate bond market? A critical note. Journal of business ethics, 96(1), 117-134.
Merton RC. 1973. Intertemporal capital asset pricing model. Econometrica, 41(5): 867–887.
Mossin J. 1966. Equilibrium in a Capital Asset Market. Econometrica, 34(4): 768.
NOAA National Centers for Environmental Information. (2023). State of the Climate: Global Climate Report for 2022. Accessed January 19, 2023 from: https://www.ncei.noaa.gov/access/monitoring/monthly- report/global/202213
Nordhaus, W. (2019). Climate change: The ultimate challenge for economics. American Economic Review, 109(6), 1991-2014.
Partridge, C., & Medda, F. (2018). Green Premium in the Primary and Secondary U.S. Municipal Bond Markets. SSRN Electronic Journal, 1–20.
Pham, L., & Luu Duc Huynh, T. (2020). How does investor attention influence the green bond market? Finance Research Letters, 35, 101533.
Piñeiro-chousa, J., López-cabarcos, M. Á., Caby, J., & Šević, A. (2021). Technological Forecasting & Social Change The influence of investor sentiment on the green bond market. Technological Forecasting & Social Change, 162(September 2020), 120351.
Reboredo, J. C. (2018). Green bond and financial markets: Co-movement, diversification and price spillover effects. Energy Economics, 74, 38–50.
Renewable Energy – Powering a Safer Future. Accessed January 20,2023 from: https://www.un.org/en/climatechange/raising-ambition/renewable-energy
Sharpe, W. F. (1964). Capital Asset Prices: A Theory of Market Equilibrium Under Condition of Risk. The Journal of Finance, 19(3), 425–442.
Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds?. Journal of Corporate Finance, 61, 101427.
The Cost of Climate Change (2014). Accessed January 19, 2023 from https://unfccc.int/news/the-cost-of-climate-change
Wang, J., Chen, X., Li, X., Yu, J., & Zhong, R. (2020). The market reaction to green bond issuance: Evidence from China. Pacific-Basin Finance Journal, 60, 101294.
Zerbib, O. D. (2019). The effect of pro-environmental preferences on bond prices: Evidence from green bonds. Journal of Banking and Finance, 98, 39–60.
DOI: https://doi.org/10.24853/jago.4.1.1-16
Refbacks
- There are currently no refbacks.
Jurnal Akuntansi dan Governance Indexed by:
Copyright of Jurnal Akuntansi dan Governance (e-ISSN:2745-4711).
.png){kind=logo}
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License