Keywords
Financial Markets
Event study
fsQCA
Emerging economies
How to Cite
Abstract
Purpose: This study examines whether sustainable bond announcements by listed banks on the Casablanca Stock Exchange (CSE) function as credible market signals or symbolic gestures within an emerging banking system. Methodology: A two-stage sequential design combines event study methodology to measure Cumulative Abnormal Returns (CAR) with fuzzy-set Qualitative Comparative Analysis (fsQCA) to identify the credibility configurations driving investor responses. Findings: Sustainable bond announcements generate significant positive CAR within the [-2,+1] window. Inaugural issuer announcements outperform repeat and advisor role announcements. Green bonds elicit stronger reactions than social bonds. While fsQCA confirms that a green label alone is insufficient, robust market reactions require a bundled credibility architecture combining financial strength, disclosure quality, and governance conditions simultaneously. Limitations: The five-event sample constitutes the full CSE listed population, constraining generalisability. Originality: This study is the first to examine both green and social bond announcements within a single framework, extending signalling theory to evolving markets where sustainable finance infrastructure remains nascent.
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