How do the Green Energy Stocks React to Green Bond Issuances?

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dc.authoridSuyadal, Mehmetcan/0000-0002-8235-7462
dc.contributor.authorSuyadal, Mehmetcan
dc.contributor.authorGul, Yavuz
dc.date.accessioned2025-03-09T10:48:36Z
dc.date.available2025-03-09T10:48:36Z
dc.date.issued2024
dc.departmentİstanbul Beykent Üniversitesi
dc.description.abstractAchieving sustainable development is one of the main issues at the global level and both public and private sector enterprises need to make large - scale investments to fight against climate change. In this respect, green bonds gain importance to raise money for environmentally - friendly projects, especially clean energy. Proceeds from green bonds are earmarked towards financing of investments that have positive environmental impacts. This paper explores the relationship among green bond issuances and stock market reaction with special focus on renewable energy firms. Herein, through a dataset of green bond issuance announcements worldwide by 46 unique firms over the period from 2014 to 2023, we investigate how the share prices respond to such announcements using event - study methodology. From the empirical evidence of the downward stock price movements, we suggest that investors react negatively to the announcement of green bond issuances. In other words, we find significant and negative cumulative average abnormal returns (CAAR) across all the event windows except in the window of [0, 10], meaning that our findings are robust to several alternative event windows. Further, we determine that the share price response, in general, does not differ depending on the use of green bond proceeds and the years.
dc.identifier.doi10.30798/makuiibf.1462249
dc.identifier.endpage1156
dc.identifier.issn2149-1658
dc.identifier.issue3
dc.identifier.scopusqualityN/A
dc.identifier.startpage1136
dc.identifier.trdizinid1270627
dc.identifier.urihttps://doi.org/10.30798/makuiibf.1462249
dc.identifier.urihttps://search.trdizin.gov.tr/tr/yayin/detay/1270627
dc.identifier.urihttps://hdl.handle.net/20.500.12662/4617
dc.identifier.volume11
dc.identifier.wosWOS:001355629100004
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakTR-Dizin
dc.language.isoen
dc.publisherMehmet Akif Ersoy Univ
dc.relation.ispartofJournal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_WOS_20250310
dc.subjectGreen Bonds
dc.subjectEvent Study
dc.subjectStock Market Reaction
dc.subjectRenewable Energy Firms
dc.titleHow do the Green Energy Stocks React to Green Bond Issuances?
dc.typeArticle

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