Green Impact: Board Decisions and Market Reactions to Green Bond Issuances

Girardeau, Antoine Alexandre Jean-Charles

Girardeau AAJ-C 2025 Public.pdf (2.239Mb)

Access Status

Open access

Authors

Girardeau, Antoine Alexandre Jean-Charles

Date

2025

Supervisor

Robert Durand

Type

Thesis

Award

PhD

Metadata

Show full item record

Faculty

Business and Law

School

School of Economics, Finance and Property

URI

http://hdl.handle.net/20.500.11937/98602

Collection

Curtin Theses

Abstract

The thesis examines the causes and consequence of firms issuing green bonds. Board structure, diversity, and network increase the likelihood of a firm issuing a green bond before COVID-19. Investor sentiment positively (negatively) influences stock market reactions before (after) the pandemic. Finally, retail investors demand liquidity immediately after announcements that green bonds will be issued, with institutional investors supplying it. After bonds are issued, institutional investors demand liquidity, while retail investors provide it.