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The Effect of Green Bond Issuance and ESG Ratings on Energy Companies' Returns in China and Japan
Biju A. V. Nair
Krishna Reddy
Yue Tan
Damien Wallace
出版
SSRN
, 2022
URL
http://books.google.com.hk/books?id=1EfbzwEACAAJ&hl=&source=gbs_api
註釋
This study investigates the impact of the Environmental (E), Social (S), and Governance (G) scores on abnormal returns (AR) and cumulative abnormal returns (CAR) of energy companies issuing green and conventional bonds in China and Japan. The bond and returns related data for each company was collected from the Bloomberg website for the period 2016 to 2020. The ESG scores for the sample companies were collected from Refinitiv. Our results show that investors in China consider environmental scores when making investment decisions as it leads to improving AR and CAR, whereas social and governance factors are value reducing. In regards to Japan, the results show that social factors are value-reducing. Our study informs the policymakers and decision-makers regarding the importance investors place on environmental effects when making investment choices.
