Search results

1 – 10 of over 66000
Article
Publication date: 3 August 2015

Ratapol Wudhikarn, Nopasit Chakpitak and Gilles Neubert

In this study, an optimal green product is selected from three newly developed ecological products and a non-environmentally friendly product. An analytic network process (ANP)…

1085

Abstract

Purpose

In this study, an optimal green product is selected from three newly developed ecological products and a non-environmentally friendly product. An analytic network process (ANP), used widely for multi-criteria decision making (MCDM), is applied to account for the tradeoff issues among the criteria (quality, cost and green issue) in the new green product selection processes. The paper aims to discuss these issues.

Design/methodology/approach

This paper focuses on current social and consumer requirements. New product selection processes consider three major perspectives, i.e., quality, cost and environment, as criteria. The following two main methods are applied to respond to this multi-disciplinary issue: the eight quality dimensions proposed by Garvin are used to manage the quality issue, and a life cycle costing (LCC) method is applied for consideration of the cost and green issue. Therefore, the dependency issue among the criteria is considered, using a suitably selected method, the ANP method, and all the methods are applied to a real business, which produces roof tiles, for the delivery of a new optimal green product.

Findings

An optimal environmentally friendly product does not overcome the existing toxic product of the focused company. The environmental performance is necessarily balanced by the quality and cost capabilities.

Research limitations/implications

This paper focuses on the new product selection of roof tile products. The criteria or measuring indicators may be dissimilar, and cannot be applied to other products.

Practical implications

The proposed approach can be applied to other manufacturing companies or services to allow decision makers to make better determinations for a comprehensive dependency problem. The managers can apply the proposed model to benchmark the considered products as well as to find the weaknesses of products.

Originality/value

This method considers the relationship among quality, cost and environment for newly developed green products. The method produces better results than former MCDM studies which did not account for the dependency issue among the criteria.

Details

Benchmarking: An International Journal, vol. 22 no. 6
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 30 May 2023

Marcellin Makpotche, Kais Bouslah and Bouchra M'Zali

This paper aims to investigate the long-run financial and environmental performance of corporate green bond issuers, worldwide.

Abstract

Purpose

This paper aims to investigate the long-run financial and environmental performance of corporate green bond issuers, worldwide.

Design/methodology/approach

The data includes 259 corporate green bond issuers from 2013 to 2020. The authors adopt the matching approach, using the nearest neighbor method to select the control firms. The event-time approach is used to examine corporate green bond issuers’ long-run stock market performance, and robustness tests are conducted using the calendar-time method. The authors examine green bond issuers’ long-run environmental performance and carbon dioxide (CO2) emissions using difference-in-differences estimations.

Findings

In contrast with the earlier long-run event studies, our results reveal that multiple-time issuers, and issuers operating in industries where the natural environment is financially material, perform financially in the long term relative to the control firms. The authors also document that corporate green bond issuers reduce their CO2 emissions, and improve their resource use efficiency and environmental performance, in the long run.

Originality/value

To the authors’ knowledge, this is the first study that looks at the long-run effect of corporate green bond issuance on firms’ stock market performance. It has the particularity to document that corporate green bond issuance is beneficial for investors and positively affects the environment. Our findings help us understand that firms do not issue green bonds for greenwashing.

Details

Managerial Finance, vol. 50 no. 1
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 1 January 1992

Christine Simms

The last two to three years have seen rapid developments in greenconsumerism. Collects and analyses published material; identifies thegreen developments, issues, and the…

1299

Abstract

The last two to three years have seen rapid developments in green consumerism. Collects and analyses published material; identifies the green developments, issues, and the implications for business; and generates qualitative primary research data, on which to base conclusions and recommendations. Research focuses on consumerist activities and the UK grocery multiples. The green debate is a growing, complicated and dynamic area, which organizations are struggling to understand. Retailers avoid addressing the green problems in full and resist radical change for three main reasons. First, after an initial surge of selling green‐labelled products, they are wary of the complexity of the green issues which emerged; second, they are inhibited by the green image; and third, they lack organizational commitment and control. That organizations must address green issues is inevitable. Long‐term organizational commitment and control are needed. If practices synonymous with total quality management are adopted, organizations cannot help but be as green as current knowledge permits.

Details

International Journal of Retail & Distribution Management, vol. 20 no. 1
Type: Research Article
ISSN: 0959-0552

Keywords

Case study
Publication date: 22 May 2021

Ashutosh Dash

The learning outcomes of this paper is as follows: to review the basic differences between the two evolving bonds, i.e. green vs masala bonds in the Indian capital market; to…

Abstract

Learning outcomes

The learning outcomes of this paper is as follows: to review the basic differences between the two evolving bonds, i.e. green vs masala bonds in the Indian capital market; to comprehend the factors that need to be considered in deciding the type of bond to be issued; to assess complexities, such as process, timing, risk and location in relation to the issue of the green bonds; and to understanding the rudiments of bond economics, such as pricing, all-in-cost and yield-to-maturity of bonds and make a comparison of all-in-cost of the Reg-S bond and green bond to Indian Railway Finance Corporation (IRFC).

Case overview/synopsis

In September 2017, IRFC, a public sector undertaking registered as a Non-Banking Finance Company with Reserve Bank of India under the administrative control of the Ministry of Railways, was planning to raise US$500m 10-year green bonds from investors in Asia, Europe and the Middle East. The green bond proceeds were proposed to be used for low carbon transport and in this way, contribute significantly to the green initiatives of the Indian Railways. Many companies in India had issued regular bonds without labeling them as green but had used the proceeds of the bond for climate-aligned assets. Therefore, a bigger challenge before the IRFC management was the economics of green bond for getting a nod from the Board of Governors to go ahead. Some preliminary estimates on cost of green bonds were received from few bankers but to see that the terms of green bonds are met eventually, the Director (Finance) developed his own estimate of the cost of the new bonds. The Managing Director and Director (Finance) of IRFC were trying to figure out the economic advantage of green bonds besides its social benefits.

Complexity academic level

MBA Programme Executive Training.

Supplementary materials

Teaching notes are available for educators only.

Subject code

CSS 1: Accounting and Finance.

Details

Emerald Emerging Markets Case Studies, vol. 11 no. 1
Type: Case Study
ISSN: 2045-0621

Keywords

Book part
Publication date: 13 December 2023

Pulak Chugh

In February 2022, the Finance Minister of India in the Union Budget 2022 announced that the government proposed to issue sovereign green bonds to mobilize assets for green

Abstract

In February 2022, the Finance Minister of India in the Union Budget 2022 announced that the government proposed to issue sovereign green bonds to mobilize assets for green infrastructure. These bonds are a sort of fixed-income instrument where the money raised from investors is used exclusively to finance projects having a positive environmental impact. The announcement was in sync with India's commitment to achieving net-zero carbon emissions by 2070. However, many issues come with it such as the complexity of green data, and the lack of uniform standards to measure the impact of green investments leading to allegations of “greenwashing,” among others. Its solution lies in the digital tokenization of green bonds using blockchain technology. Foreign investors scout for green bonds issued by growing markets like India, which have attractive valuations and good growth prospects. Marketing and issuing green bonds properly would have a far greater potential to bring investment to the security markets and the much-needed advancement in the sustainable sector. It is much more likely that green bonds will bring investment to the security markets and much-needed advancement to the sustainable sector if they are marketed and issued through digital tokenization. Financial regulators and policymakers can create a global framework for the application of blockchain technology in sustainable finance. This might entail tokenizing eco-friendly assets, issuing eco-friendly bonds, trading renewable energy and 2-2 carbon credits in a decentralized ecosystem, and decentralizing crowdfunding for eco-friendly enterprises.

This chapter seeks to demonstrate how blockchain technology can help issue green bonds and increase the overall efficiency of green finance in the economy. It also aims to scrutinize how such digital tokenization of green bonds would affect the security market and increase the standards of environmental, social, and governance (ESG) worldwide. While discussing how this process is shaping up and impacting the economies of various countries, it also seeks to provide suggestions to be taken into consideration while adopting the digital tokenization of green bonds.

Details

Fostering Sustainable Development in the Age of Technologies
Type: Book
ISBN: 978-1-83753-060-1

Keywords

Open Access
Article
Publication date: 2 November 2020

Chiyoung Cheong and Jaewon Choi

This paper is a survey of recent academic developments in the literature on green bonds, which have become an important financial instrument in socially responsible investment…

11015

Abstract

This paper is a survey of recent academic developments in the literature on green bonds, which have become an important financial instrument in socially responsible investment. This study provides a review of papers that study the market pricing of green bonds, the economic and environmental effects of green bond financing, as well as legal and institutional issues in the green bond market. The literature on market pricing focuses mainly on the existence of greenium, which represents the extent to which green bonds carry a price premium over otherwise identical non-green counterparts. The literature on the economic and environmental effects mainly concerns stock market reaction to green bond issuance and associated economic value implications to other stakeholders, as well as investment in green projects. This paper discusses current issues in the green-bond market and avenues for future research.

Details

Journal of Derivatives and Quantitative Studies: 선물연구, vol. 28 no. 4
Type: Research Article
ISSN: 1229-988X

Keywords

Article
Publication date: 8 June 2021

Bin Xi and Huimin Jing

Considering that listed companies are the main body of natural resource consumption and pollutant emission, this study aims to explore the stock price effect and source channels…

Abstract

Purpose

Considering that listed companies are the main body of natural resource consumption and pollutant emission, this study aims to explore the stock price effect and source channels of green bond issuance of listed companies. This is extremely necessary to promote listed companies to actively fulfill their environmental responsibilities so as to achieve sustainable economic and social development.

Design/methodology/approach

In this paper, the companies that issued green bonds in Shanghai and Shenzhen stock markets in China from 2016 to 2018 are used as samples. First of all, the authors adopt the event study method and match the two models to prove that there is a stock price effect in green bond issuance. Then, the authors introduce the general regression model to analyze the sources of the stock price effect of green bond issuance in detail through three channels: “financing cost,” “investor attention” and “fundamental.”

Findings

In the above three channels, the “investor attention” channel can well explain the stock price effect of green bond issuance. Meanwhile, the authors also find that the stock price effect of the subsequent issuance of green bonds is more significant than that of the first time, non-financial companies are more pronounced than financial companies, public issuance are more obvious than private issuance, state-owned companies are more notable than non-state-owned companies, small-scale companies are more evident than large-scale companies and companies with high equity concentration are clearer than those with low equity concentration.

Originality/value

Taking China as the research object for the first time, this paper comprehensively employs the capital asset pricing model and Fama–French five-factor model to discuss the stock price effect of green bond issuance of listed companies. Secondly, this paper also studies whether the way of green bond issuance, the type and size of the company, as well as the degree of ownership concentration will have different effects on the stock prices of listed companies. The research results provide new ideas and methods for the stock price effect of green bond issuance.

Details

Kybernetes, vol. 51 no. 4
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 11 May 2021

Kim Ee Yeow and Sin-Huei Ng

As investors' expectations shift toward corporate sustainability, many corporations have jumped on the bandwagon of being “green” by issuing green bonds. However, as a recent green

6338

Abstract

Purpose

As investors' expectations shift toward corporate sustainability, many corporations have jumped on the bandwagon of being “green” by issuing green bonds. However, as a recent green financing tool, little attention has been paid on the value that green bonds actually deliver. This causes the problem of greenwashing, in which firms pretend to be environmentally responsible when in reality they are not. This study therefore aims to explore green bonds' impact on issuers' corporate environmental and financial performance.

Design/methodology/approach

The sample is collected from among the green bond and conventional bond issues between 2015 and 2019 issued by corporations from various countries. Using the propensity score matching (PSM) and then difference-in-difference (DiD) approaches, two sub-groups (green bond and conventional bond issuers) were generated for comparison. Changes in environmental and financial performance over time between the sub-groups are then examined.

Findings

The overall results show that green bonds are effective in improving environmental performance, but only when they are certified by third parties. Additionally, green bonds do not have an impact on financial performance. The findings imply that green bonds' dependency on external certification may be a consequence of an underdeveloped green bond market, where weak governance still dominates the green bond market. Because of this, corporations tend to take advantage of green finance's growing popularity, causing the greenwashing problem.

Originality/value

Green bonds are an extremely new area of research. Few research studies focus on the effectiveness of green bonds in impacting corporate financial and environmental performance. Therefore, this study strives to fill this research gap. It sheds light on the effectiveness of green bonds in supporting the development of green projects and provides a reference point for decision-making in strengthening transparency and accountability in environmental disclosure and helps regulating authorities develop tighter regulatory controls.

Details

Managerial Finance, vol. 47 no. 10
Type: Research Article
ISSN: 0307-4358

Keywords

Book part
Publication date: 21 November 2011

Liam Leonard

This chapter will examine the rise and downfall of the Irish Green Party from a party of protest through their elevation as junior coalition partners in the national government…

Abstract

This chapter will examine the rise and downfall of the Irish Green Party from a party of protest through their elevation as junior coalition partners in the national government from 2007 until 2011. An ‘Event History Analysis’ (EHA) (Berry & Berry, 1990) through an ‘Issue History’ (Szasz, 1994) will be applied to the key events in this process, in order to illustrate the key motivations, moments, potential successes and enduring difficulties which emerged during this time. An Event History Analysis provides an explanation for ‘a qualitative change’ that occurs as a result of key events in an organisation's history (Berry & Berry, 1990). An Issue History requires a trans-disciplinary analysis of events using theories and methods from history, sociology, political science, sources from the state, the media, surveys and the social movements, in addition to theories of political economy and postmodernism, to analyse various interrelated facets of the salient ‘issue’ being studied (Szasz, 2004, 2008).

Details

Sustainable Politics and the Crisis of the Peripheries: Ireland and Greece
Type: Book
ISBN: 978-0-85724-762-9

Article
Publication date: 10 July 2009

Mohammed Arif, Charles Egbu, Abid Haleem, Dennis Kulonda and Malik Khalfan

The purpose of this paper is to present the findings of a workshop organized in New Delhi to assess the current state of green construction in India and highlight the major…

2418

Abstract

Purpose

The purpose of this paper is to present the findings of a workshop organized in New Delhi to assess the current state of green construction in India and highlight the major drivers and challenges faced by the construction sector.

Design/methodology/approach

The data collection for this paper is conducted through two sources; a survey and a facilitated brainstorming session. The survey provides an opportunity to compare practices in India to global trends and the facilitated sessions provides a platform to collect data on more subjective, experiential knowledge about green construction in India.

Findings

Some of the major findings of this endeavour are: there is an awareness about green construction in India; It is primarily driven by the governmental and international regulations; with the current energy crisis customers in India are actually willing to pay extra for going green; and there is a lack of accurate lifecycle cost assessment models which results in misconceptions about associated costs of going green.

Originality/value

This paper has provided a brief overview of green construction in India. It has also provided a list of major challenges and drivers for implementation of green. This list of challenges and drivers can provide practitioners, regulators, and academics knowledge about means to focus their future efforts in implementation of green.

Details

Journal of Engineering, Design and Technology, vol. 7 no. 2
Type: Research Article
ISSN: 1726-0531

Keywords

1 – 10 of over 66000