Journal Article10.1108/ijesm-02-2023-0014
Pollution control bonds and environmental performance in energy utility firms: is there an incantation effect?
Imen Khanchel,Naima Lassoued,Ines Bargaoui +2 more
7
TL;DR: Pollution control bonds positively affect environmental performance in US energy utility firms.
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Abstract:
Purpose
This study aims to examine the effects of green financing through pollution control bonds (PCBs) on environmental performance.
Design/methodology/approach
This study is based on a panel of 189 US energy utility firms observed over the period, 2011–2021 ; this study applies Generalized Method of Moments regressions.
Findings
This study found that PCBs positively affect environmental performance (aggregate measure, greenhouse emissions, waste landfill, waste incineration and waste recycling). These findings remain robust when this study considers alternative measures of PCBs and environmental performance, the quantile regression method and some firms’ attributes such as financial performance and firm age.
Practical implications
The results indicate that US energy utility firms have to adopt more PCBs. This study helps researchers, practitioners, shareholders, bondholders, equity analysts and local authorities such as the California Pollution Control Financing Authority, municipalities and investors understand PCBs issuance, usefulness and relevance.
Originality/value
To the best of the authors’ knowledge, this study is the first to explore the effectiveness of PCBs in reducing pollution.
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Citations
Environmental performance and corporate tax avoidance: Greenwashing policy or eco-responsibility? The moderating role of ownership structure
Zahra Souguir,Naima Lassoued,Imen Khanchel,Houssam Bouzgarrou +3 more
TL;DR: This study examines the relationship between environmental performance and corporate tax avoidance, finding a positive association moderated by institutional and family ownership, with institutional investors and family shareholders amplifying the effect, particularly post the Paris Agreement.
15
Green Finance 2.0
Jaspreet Kaur
TL;DR: Green Finance 2.0 aims to align financial systems with sustainable development and health outcomes, extending its scope and ambition beyond the first version to include a wider range of ESG factors.
9
Are pollution control bonds the solution for energy firms under the magnifying glass?
Ilhem Bargaoui,Imen Khanchel,Naima Lassoued +2 more
3
Switch to pollution control bonds, else carbon risk will switch us: Evidence from the U.S. electric utility firms
TL;DR: Pollution control bonds significantly reduce carbon emissions for U.S. electric utility firms.
2
Do green bonds alleviate environmental risk?
Naima Lassoued,Imen Khanchel +1 more
- 01 Jan 2023
TL;DR: Green bonds globally reduce environmental damage costs except air pollution and water abstraction.
2
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