Governance effectiveness and green bonds. An empirical evaluation


world governance indicator
green bonds
government effectiveness
green financing

How to Cite

Kociemska, Hanna, Sylwia Frydrych, Ewelina Szczech-Pietkiewicz, Mariusz Radło, Rafał Kasprzak, Paweł Rokita, Radosław Pietrzyk, Krzysztof Biegun, and Bogusław Półtorak. 2023. “Governance Effectiveness and Green Bonds. An Empirical Evaluation”. Economics and Environment 85 (2): 30-51.


The study aims to assess the relationship between governance effectiveness, measured by the Worldwide Governance Indicators, and the use of green bonds worldwide. We apply panel data models with random effects and a robust linear regression model that allows us to identify the impact of the family of variables on green bonds. We found a statistically significant correlation between the quality of a government, measured as government effectiveness, and the value of green bond issuances. Thus, it is advised under New Public Governance to increase the effectiveness of their functioning, which may contribute to greater investor interest in environmental projects.



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