Green Bonds: The Influence of Standards on the Use of Proceeds
(2019) BUSN79 20191Department of Business Administration
- Abstract (Swedish)
- Purpose: The purpose of this study is to investigate how the current green bond standards influence the use of proceeds obtained from the issuance of green bonds. We also aim to explore the limitations of the standards and how the standards can be further improved to promote the development of the green bond market.
Methodology: A qualitative research approach was used, consisting of a literature review, semi-structured interviews, and three case examples.
Theoretical perspective: The theoretical perspective is based on theories regarding CSR, ESG, legitimacy theory, institutional theory, stakeholder theory, information asymmetry, and greenwashing in the context of green bonds and green bond standards.
Data: The data is obtained... (More) - Purpose: The purpose of this study is to investigate how the current green bond standards influence the use of proceeds obtained from the issuance of green bonds. We also aim to explore the limitations of the standards and how the standards can be further improved to promote the development of the green bond market.
Methodology: A qualitative research approach was used, consisting of a literature review, semi-structured interviews, and three case examples.
Theoretical perspective: The theoretical perspective is based on theories regarding CSR, ESG, legitimacy theory, institutional theory, stakeholder theory, information asymmetry, and greenwashing in the context of green bonds and green bond standards.
Data: The data is obtained from semi-structured interviews with ten experts within the field of green bonds from ten different companies that are issuers, investors, and underwriters of green bonds.
Conclusions: This study finds that current green bond standards do not solely influence how the proceeds obtained from green bond issues are used. The issuers use several guidelines rather than a specific green bond standard to guide the use of proceeds. In addition, it is evident that there are some gaps in the existing standards, such as the lack of proper green definition and criteria. This indicates that there is a need for more detailed and harmonized green bond standards to promote the development of the green bond market. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/8987961
- author
- Sojisirikul, Kuljira LU and Touray, Ndey I LU
- supervisor
- organization
- course
- BUSN79 20191
- year
- 2019
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- Green Bonds, Green Bond Principles, Climate Bonds Standard, use of proceeds, greenwashing
- language
- English
- id
- 8987961
- date added to LUP
- 2019-09-30 14:21:57
- date last changed
- 2019-09-30 14:21:57
@misc{8987961,
abstract = {{Purpose: The purpose of this study is to investigate how the current green bond standards influence the use of proceeds obtained from the issuance of green bonds. We also aim to explore the limitations of the standards and how the standards can be further improved to promote the development of the green bond market.
Methodology: A qualitative research approach was used, consisting of a literature review, semi-structured interviews, and three case examples.
Theoretical perspective: The theoretical perspective is based on theories regarding CSR, ESG, legitimacy theory, institutional theory, stakeholder theory, information asymmetry, and greenwashing in the context of green bonds and green bond standards.
Data: The data is obtained from semi-structured interviews with ten experts within the field of green bonds from ten different companies that are issuers, investors, and underwriters of green bonds.
Conclusions: This study finds that current green bond standards do not solely influence how the proceeds obtained from green bond issues are used. The issuers use several guidelines rather than a specific green bond standard to guide the use of proceeds. In addition, it is evident that there are some gaps in the existing standards, such as the lack of proper green definition and criteria. This indicates that there is a need for more detailed and harmonized green bond standards to promote the development of the green bond market.}},
author = {{Sojisirikul, Kuljira and Touray, Ndey I}},
language = {{eng}},
note = {{Student Paper}},
title = {{Green Bonds: The Influence of Standards on the Use of Proceeds}},
year = {{2019}},
}