How do conventional, Islamic and green bonds idiosyncratically differ when it comes to their inherent nonlinear reliance on carbon emission future price? A novel approach to greenwashing detection

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F24%3A100186" target="_blank" >RIV/60460709:41110/24:100186 - isvavai.cz</a>

Výsledek na webu

<a href="https://doi.org/10.1007/s10668-023-04351-1" target="_blank" >https://doi.org/10.1007/s10668-023-04351-1</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1007/s10668-023-04351-1" target="_blank" >10.1007/s10668-023-04351-1</a>

Jazyk výsledku

angličtina

Název v původním jazyce

How do conventional, Islamic and green bonds idiosyncratically differ when it comes to their inherent nonlinear reliance on carbon emission future price? A novel approach to greenwashing detection

Popis výsledku v původním jazyce

A new generation of heterogeneous financing tools is designed to support responsible firms to develop sustainable projects. Also, carbon pricing as the most convenient environmental factor could help eco-friendly assets by creating a more environmentally friendly environment while altering the cost competitiveness of various industries. This paper compared the intrinsic nonlinear associations of carbon emission future price and green bonds (consisting of rigorously screened and green-labeled), with conventional sovereign bonds (in two versions of emerging and developed) and Islamic bonds (including normal and high-quality types). Applying an Elman neural network evaluation to the pairwise connectedness of each bond and carbon market during the period of 12/31/2012 to 8/4/2023, we found that with the exception of emerging sovereign bonds which are tightly related to the carbon market, both green-labeled and extra-financial eligible green bonds have more robust innate nonlinear linkages with the carbon market than developed conventional sovereign bonds and both Islamic versions. Moreover, the results show that extra-financial screening is more effective than the green-labeling process for create a more trustworthy affiliation with the carbon future market. By analyzing the results, policymakers and regulators can develop new indicators to detect and track greenwashing possibilities in environmentally friendly assets. Graphical Abstract: [Figure not available: see fulltext.].

Název v anglickém jazyce

How do conventional, Islamic and green bonds idiosyncratically differ when it comes to their inherent nonlinear reliance on carbon emission future price? A novel approach to greenwashing detection

Popis výsledku anglicky

A new generation of heterogeneous financing tools is designed to support responsible firms to develop sustainable projects. Also, carbon pricing as the most convenient environmental factor could help eco-friendly assets by creating a more environmentally friendly environment while altering the cost competitiveness of various industries. This paper compared the intrinsic nonlinear associations of carbon emission future price and green bonds (consisting of rigorously screened and green-labeled), with conventional sovereign bonds (in two versions of emerging and developed) and Islamic bonds (including normal and high-quality types). Applying an Elman neural network evaluation to the pairwise connectedness of each bond and carbon market during the period of 12/31/2012 to 8/4/2023, we found that with the exception of emerging sovereign bonds which are tightly related to the carbon market, both green-labeled and extra-financial eligible green bonds have more robust innate nonlinear linkages with the carbon market than developed conventional sovereign bonds and both Islamic versions. Moreover, the results show that extra-financial screening is more effective than the green-labeling process for create a more trustworthy affiliation with the carbon future market. By analyzing the results, policymakers and regulators can develop new indicators to detect and track greenwashing possibilities in environmentally friendly assets. Graphical Abstract: [Figure not available: see fulltext.].

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2024

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Environment, Development and Sustainability

ISSN

1387-585X

e-ISSN

1387-585X

Svazek periodika

2024-01-15

Číslo periodika v rámci svazku

2024-01-01

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

36

Strana od-do

1-36

Kód UT WoS článku

001137588200002

EID výsledku v databázi Scopus

2-s2.0-85181742429