Paving the way for the green revolution motives behind investing in Green Bonds
Year: 2016
Type: dissertation
Study design: Observational Study
Abstract: We all want to change the world The Beatles sing in their song revolution. To change the world is what the world leaders have decided by the goal of limiting the rise in temperature to two degrees Celsius above pre-industrial levels. This has shown to be expensive and one way of financing the revolution is Green Bonds. Green Bonds are used to finance “green” projects that help mitigate climate change and help countries adapt to the effects of climate change. In this thesis the goal is to study what motivates companies to invest in Green Bonds and if these investments can be a part of the firm’s corporate social responsibility. This thesis presents results obtained through both exploratory and confirmatory research. Banks and pension funds in the Nordic countries are chosen as most likely to invest in Green Bonds and were asked to answer the two questionnaires developed for this thesis. The first questionnaire was sent out to 81 respondents of which 16 answered, of these eight answered that they were investing in Green Bonds. Five of these eight answered the second questionnaire as well. Motivational theory was studied, including Maslow, Alderfer, McCelland and Herzberg. Further, theory describing corporate social responsibility and social investments are assumed to be relevant for Green Bond investments and are used throughout this thesis. Brønn and Vidaver-Cohen (2009) is used as inspiration and basis for both the first questionnaire and for dividing the results. The results were discussed and lead to the conclusion of legitimacy as the main motivational factor for Green Bond investors. The surveys show underlying financial motivations as well as moral motives. This suggests that Green Bonds are both intrinsically and extrinsically motivated. Further, similarities were found between Green Bonds and social corporate responsibility
Author: Carina Risvig Hansen
Language: English
Subfield: Finance
Domain: Social Sciences
SDG: Climate action
Open Access status: green
OpenAlex ID: W2522965029