Referierte Aufsätze Web of Science
Aleksandar Petreski, Dorothea Schäfer, Andreas Stephan
In: Business Strategy and the Environment (2025), im Ersch. [online first: 2024-12-23]
This study explores the effect of frequent green-bond issuance on a firm's financing costs. Using a sample of listed Swedish real estate companies issuing a total of 1074 bonds over the period from 2011 to 2021, difference-in-differences analyses and instrumental variable estimations are applied to identify the causal impact of frequent green-bond vis-à-vis frequent non-green-bond issuance on a firm's cost of capital and credit rating. The paper argues that repetitive issuance lowers a firm's cost of capital, while the effects of first or one-time green-bond issuance are the opposite. In line with the reputation capital hypothesis, issuing green bonds even lowers the firm's cost of equity capital, while issuing non-green bonds does not affect the cost of equity.
JEL-Classification: G32;R30;R32
DOI:
https://doi.org/10.1002/bse.4111