Date of Award

8-2024

Document Type

Dissertation

Degree Name

Doctor of Business Administration (DBA)

Degree Discipline

Business Administration

Abstract

In this quantitative study, I investigated the impact of corporate green bond issuance on the U.S. stock market between May 2007 and December 2023. Green bonds are a new financial tool. I collected 189 corporate green bond issues from Bloomberg. I used the event study method to analyze the data. Instead of corroborating previous research, the findings showed that a negative stock market reaction occurred when companies issue green bonds. This result supports the argument of greenwashing. I also examined corporate environmental, social, and governance (ESG) disclosure scores and found that corporations with high environmental scores had fewer negative stock reactions, indicating that companies engaged more in environmental protection are less prone to greenwashing. I introduced a dummy variable to distinguish the time before and after the COVID-19 pandemic and found that the negative stock reaction was more prominent following the onset of the pandemic.

Keywords: green bond, ESG, environmental, social, and governance, issuance announcement, stock return

Committee Chair/Advisor

Yi Zhang

Committee Member

Shahriari Hesem

Committee Member

Ramakrishnan Thiagarajan

Publisher

Prairie View A&M University

Rights

© 2021 Prairie View A & M University

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

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