@techreport{dd7e6ad44a0b4680b87452808300e87a,
title = "Green Bonds: financial development or financialization? A firm-level analysis of their emission and energy impacts",
abstract = "Financial development supports productive investment, but financialization may undermine it. We extend this insight to the energy transition, where sustainable finance is hoped to reduce emissions, but must do soin a financialized credit system and corporate environment. We analyze the green bond market in a global sample of 147 corporates across 10 industries over 2010-2020. In a matched-firm analysis we examine the effect of green bond issuance on a firm{\textquoteright}s environmental performance post-issuance in terms of greenhouse gas emissions and energy intensity. Different from earlier findings, green-bond issuers in this sample do not significantly improve their environmental performance post-issuance, neither in the full sample nor within industries. There are large differences between industries which suggest entry points to improve the effectiveness of green bonds.",
author = "Chris Stumphius and Dirk Bezemer",
year = "2024",
language = "English",
series = "FEBRI Research Reports",
publisher = "University of Groningen, FEB Research Institute",
number = "2024004-GEM",
type = "WorkingPaper",
institution = "University of Groningen, FEB Research Institute",
}