Which are the factors influencing green bonds issuance? Evidence from the European bonds market

Based on a European sample, this paper examines the determinants affecting firms’ choice between green or conventional bond issuance during 2015–2020. Our logit model results reveal that different issuer and corporate governance characteristics (i.e., current ratio, long debt, independent director) might significantly affect the issuer’s decision between green and conventional bonds. Additionally, we show that the combined effect of board gender diversity and the issuer’s debt maturity structure is positively related to green bond issuance. Our results suggest several key points relevant at both managerial and policy levels to promote the growth of the green bond market.