International Finance and Accounting


The article aims to shed light on a recent financial innovation tool – green bonds on the way to less carbon economy, in which expectations, impacts and preferences versus other traditional types of bonds resulting from green bonds are attempted to reveal. Having learned many cases of green bond issues, especially in Asian and African countries, we can support the view that these bonds can potentially play a key role in greening the economy without penalizing financially the issuers.


1. Ge,W., Liu, M., 2015. Corporate social responsibility and the cost of corporate bonds. J. Account. Publ. Pol. 34 (6), 597-624 2. Oikonomou, I., Brooks, C., Pavelin, S., 2014. The effects of corporate social performance on the cost of corporate debt and credit ratings. Financ. Rev. 49, 49-75 3. Bauer, R., Hann, D., 2010. Corporate environmental management and credit risk. Working paper. https://papers.ssrn.com/sol3/papers.cfm?abstract_idј1660470. 4. Dragon Yongjun Tang, Yupu Zhang, Do shareholders benefit from green bonds?. Corfin (2018), https://doi.org/10.1016/j.jcorpfin.2018.12.001 5. Gianfrate, Mattia Peri, The green advantage: Exploring the convenience of issuing green bonds. Journal of Cleaner Production 219 (2019) 127-135 6-7. https://www.ifc.org/wps/wcm/connect/a64560ef-b074-4a53-8173-f678ccb4f9cd/202005-EM- Green-Bonds-Report-2019.pdf?MOD=AJPERES&CVID=n7Gtahg



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.