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The purpose of this study is to identify and critically assess the barriers to bond financing for public–private partnership (PPP) infrastructure projects in Nigeria using an empirical quantitative analysis. Innovative ways to finance long-term infrastructure projects had been documented. However, there is a dearth of empirical studies on the barriers to bond financing for PPP infrastructure projects.

A comprehensive literature review was conducted to identify the barriers to bond financing for infrastructure projects, which were employed to design a questionnaire. A questionnaire survey was carried out which targeted financial experts in the Nigerian financial institutions/local banks. Data collected were analysed using descriptive and inferential statistics to include mean score, chi-square (χ²) test and factor analysis (principal component analysis).

The analysis of the ranking in terms of the mean score values for the 12 identified barriers indicated that all the identified barriers are considered by respondents as critical barriers to bond financing for PPP infrastructure projects in Nigeria. The study, through factor analysis, grouped the 12 identified barriers into 5 principal factors. These include governance and institutional capacity issues, higher issuance cost and risk, difficulties in getting approval for changes, the small size of bond markets and stringent disclosure requirements.

This research is significant by providing the empirical evidence of the barriers to bond financing for PPP infrastructure in emerging markets, especially in Nigeria.

The findings would enable the policymakers to draw some policy recommendations that will positively influence the development of bond markets in Nigeria and emerging markets at large. These study findings are crucial, as not many empirical studies have been conducted in Nigeria.

The purpose of this paper is to investigate the impact of different sources of external financing and internal financial capabilities on competitiveness and sustainability. This paper also studies the nature of their relationships related to regulations on external financing in Chinese capital market.

Resource- and industry-based views provide a theoretical background. Based on balanced panel of 4,530 firm-year observations, hierarchical regressions were used to examine the research model.

Results support the idea that the strict Chinese regulatory regime allows some firms to access capital and debt markets for financing more than others. It was found that firms’ internal financing abilities do not offer a significant advantage compared to external financing abilities; firms’ abilities to raise capital from existing shareholders, the public and easy access to bank financing are related positively for an advantage on firm’s competitiveness within a industry. Firms with the ability to offer shares to existing shareholders, issue non-convertible and convertible bonds and access to bank financing are sustainable in long-run.

This study focuses on sources of financial capability of Chinese listed firm impact on competitiveness and sustainability. It is context specific to a regulated market. Hence, it is necessary to replicate this study in other contexts.

Implications include the need to mobilize external financial resources for small and privately-owned firms and to further reform security regulations to ensure fair competition and sustainability.

The authors originally investigate the effect of sources of financial capability impact on firms’ competitiveness and sustainability in a regulated market. The paper explains the relationships, and enhances the understanding of regulated capital market and existing literature.

One of the major negative effects of the Coronavirus outbreak worldwide has been reduced investment in green energy projects and energy efficiency. The main purpose of this paper is to study the role of green bond proposed by the World Bank in 2008, as a reliable instrument to enhance the capital flow in energy efficiency financing and to develop green energy resources during and post the current challenging global time.

We model energy efficiency for 37 members of OECD through a panel data framework and quarterly data over 2007Q1–2020Q4.

The major results reveal the positive impacts of issued green bonds and regulatory quality index on energy efficiency, while any increase in inflation rate and urbanization decelerates the progress of raising energy efficiency.

As highlighted concluding remarks and policy implications, it can be expressed that the tool of green bond is a potential policy to drive-up energy efficiency financing and enhancing environmental quality during and post-COVID period. It is recommended to follow green bond policy with an efficient regulation framework and urbanization saving energy planning.

To the best of the authors' knowledge, although a few scholars have investigated the impacts of COVID-19 on green financing or examined the energy efficiency financing, the matter of modeling energy efficiency–green bond relationship has not been addressed by any academic study. The contributions of this paper to the existing literature are: (1) it is the first academic study to discover the relationship between energy efficiency and green bond in OECD countries, (2) since our empirical part provides estimation results based on quarterly data covering the year of 2019 and 2020, it may offer some new policy implications to enhance energy efficiency financing in and post-COVID period, (3) furthermore, we consider energy efficiency indicator (mix of industrial, residential, services and transport energy efficiency) as the dependent variable instead of using the simple energy intensity variable as a proxy for energy efficiency.

The purpose of this paper is to develop an investment valuation model using the mezzanine debt mechanism based on blue bonds that explicitly allude to public–private partnerships (P3s) and project finance (PF). Additionally, this study proposes the financial captured value (FCV) theory for measuring how much financial value lenders may capture by becoming sponsors through financing of sustainable infrastructure systems (SIS).

The investment valuation model was validated through the Aguas Claras wastewater treatment plant as a case study.

The empirical results show that lenders may capture financial value by converting outstanding debt into equity shares throughout the operation and maintenance stage. Furthermore, case study results provide new insights into the implications of the debt–equity conversion ratio on the relationship between the sponsors’ internal rate of return and the FCV.

The most significant limitation is the lack of primary and secondary information on blue bonds. Thus, robust statistical analyses to contrast results were not possible.

Researchers and practising professionals can improve their understanding of how mezzanine debt, P3s and PF into an investment valuation model allows financing SIS using a non-conventional financial mechanism. The recommendations will benefit both the academia as well infrastructure industry in bridging the gap between design theory and practice.

Sustainability components have not been addressed explicitly or combined in the financing’s structuring. Therefore, the investment valuation model could be considered a novel methodology for decision making related to financing and investment of SIS.

Explains how the adoption of Islamic law (Shariah) theoretically affects a political economy, why it requires the abolition of interest rates as a price for money and how this is achieved. Takes Saudi Arabia as an example of a Muslim country governed by Shariah and investigates how far it accords with theory. Argues that equity financing (including non‐interest bearing government bonds) has helped to finance growth and insulated the stock market from speculative financing. Looks at statistics on the financial structures, assets and loans of Saudi banks (including joing ventures with foreign banks) and concludes that they have “done well” in implementing Islamic principles; and that interest‐free financing is appropriate for this country.

Advancing the economies in Asia toward meeting sustainable development goals (SDGs) needs an unprecedented investment in people, processes and the planet. The participation of the private sector is necessary to bridge the financing gap to attain this objective. Engaging the private sector can contribute significantly to attaining the 2030 agenda for SD. However, the financial markets in Asian economies are yet to realize this potential. In this context, this paper aims to discuss the state of finance for SD in Asia and identifies innovative financial instruments for attracting private investments for SDs in these economies.

This study relies on published articles, reports and policy documents on financing mechanisms for SD. The literature review covered journal data sources, reports from global institutions such as the UN, World Bank, International Monetary Fund and think-tanks operating in the field of climate change policies. Though the topic was specific to financial market instruments, a broader search was conducted to understand the different sources of sustainable finance available, particularly in Asia.

The investments that are required for meeting the SDGs remain underfunded. Though interest in sustainability is growing in the Asian economies, the financial markets are yet to transition to tap the growing interest in sustainable investing among global investors. This paper concludes that to raise capital from private investors the Asian economies should ensure information availability, reduce distortions and unblock regulatory obstacles. It would also need designing policies and introducing blended financing instruments combining private and public funds.

Though the study has grouped Asian economies, the financing strategy for SDGs should be developed at the country-level considering the domestic financial markets, local developmental stage, fiscal capacity and nationally determined contributions. Further research can focus on developing country-specific strategies for using innovative financial instruments.

Mobilizing funds for implementing the 2030 Agenda for SD is a major challenge for Asian economies. The paper is addressed to national policymakers in Asian economies for developing strategies to raise capital for SD through private participation. It provides opportunities for revisiting national approaches to sustainable finance in these economies.

The purpose of this paper is to examine the difference of credit enhancement of variously secured bonds issued by local government financing platform bond (LGFPB).

The approaches to secure the bonds usually include mortgage, collateral, guarantee, etc.

Using a sample of LGFPBs issued during the 2007-2013 period, the authors find that all of the approaches to secure the bonds would increase the bond rating and that compounded approaches have a higher credit enhancement effect than single approaches. Among these approaches, the requirement of collateral has the strongest enhancement effect. Moreover, the authors find that the guarantee provided by a state-owned bank or enterprise increases the bond rating more than the guarantee provided by other local government financing platforms.

The findings in this study suggest that the credit enhancement would be deeply affected by the approach used to secure the bond.

These results can help the local government make better decisions when issuing bond.

This study empirically analyzes the different credit enhancement approaches for securing LGPFBs for the first time and contributes to the literature regarding credit ratings of local government bonds.

The overall purpose of the paper is to examine the factors influencing the speed of development of corporate bond markets and, within that, to investigate the factors that Chief Financial Officers in large Croatian companies consider important in using corporate bonds as a financing method and the barriers they perceive as inhibiting issuing of corporate bonds.

A survey was carried out of a sample of Chief Financial Officers from the largest companies in Croatia.

The paper concludes that a range of macro‐level, industry level, market level and firm level factors influence the rate at which corporate bond markets develop and that, in Croatia, progress can be expected to be inexorable, but slow.

Although a range of factors contribute to the speed at which a country's corporate bond market develops, it is clear that, in the case of Croatia, there needs to be more education of chief financial officers about the institutional and legal frameworks already in existence.

The paper contributes new empirical findings as it presents the first research that has been conducted on the Croatian capital market. The paper adds value to the conceptual understanding of the phenomena of bond market development.