Exploring the cultural forces behind green bond issuance

Tóm tắt

Greenbonds, a rapidly emerging nancial instrument designed tobolster environmentally
sustainableinitiatives,aresubjecttothein uenceofthenationalcultureoneconomicdecisions.
Thisstudyexamineshowculturaldimensionsa????ectvaryinglevelsofgreenbondissuancebased
onHofstede’stheory.Fixed-e????ectsregressionwasemployedtoanalyzeasampleof67countries
from2008to2021.Theresultssuggestthatculturaldimensionssuchasindividualismandlong
term orientation promote green bond issuance, while masculinity restrains it. Additionally, this
studyexamines themoderatinge????ectsof institutional qualityandeconomicconditions.The
ndingsshowthattherelationshipbetweennationalcultureandgreenbondsismoresigni cant
incountrieswithhigherinstitutionalqualityandlowerincomelevels.Thispapercontributesto
theliteraturebyprovidingfurtherinsightsintotheinterplaybetweenculturalvalues,economic
development,andinstitutionalquality,thusenhancingourunderstandingofthemultifacetedfactors
in uencinggreenbondissuance.Whilethisstudyo????ersvaluableimplicationsforpolicymakers,
investors,andissuersseekingtopromotesustainable nanceindi????erentculturalcontexts,itcould
beenhancedbyconductingmorefocusedanalyseswithinspeci cgroupsofcountriesanddistinct
organizationsissuinggreenbonds,aswellasbyexploringthepotentialmechanismsunderlying
the observed relationships between cultural values and green bond issuance.