The impact of green bonds on corporate strategy and stock market performance of Finnish companies
Hokkanen, Junxiang (2025)
2025
All rights reserved. This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited.
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2025050910310
https://urn.fi/URN:NBN:fi:amk-2025050910310
Tiivistelmä
This study examined how green bonds had influenced the formulation of Finnish corporate strategy and its impact on stock market returns, while also evaluating non-financial aspects such as environmental performance, corporate social responsibility and corporate reputation. By focusing on the Finnish market, the objective of this research is to contribute to an in-depth understanding of sustainable finance, especially in regions such as Finland where environmental and social governance considerations play a key role. The expected results of the study are to illustrate the potential benefits and limitations of green bond issuance and to provide insights into its impact on corporate green finance and sustainable development.
This study utilized a mixed methods approach. The strategic motivations of thirteen Finnish green bond issuers were analyzed using a qualitative content analysis research method. The impact of green bonds on the stock market of three Finnish listed companies that issued green bonds was analyzed using a quantitative event study research method. The study found that the reasons for issuing of green bonds vary in terms of on corporate strategy, and the impact on the stock market does not necessarily match expectations.
This study deepens the understanding of green bonds as a strategic financial instrument in terms of sustainability and stock market reactions. The limitations of the study are that the data are de-rived from company self-reported data and this study is limited to Finnish companies that issued green bonds, which may limit the generalizability of the findings. To address these limitations, it is recommended that future research should conduct research in different fields and regions to better understand the long-term impact of green bonds on corporate performance. This study broad-ens the understanding of green bonds as a strategic financial instrument providing insights to strategists or investors.
This study utilized a mixed methods approach. The strategic motivations of thirteen Finnish green bond issuers were analyzed using a qualitative content analysis research method. The impact of green bonds on the stock market of three Finnish listed companies that issued green bonds was analyzed using a quantitative event study research method. The study found that the reasons for issuing of green bonds vary in terms of on corporate strategy, and the impact on the stock market does not necessarily match expectations.
This study deepens the understanding of green bonds as a strategic financial instrument in terms of sustainability and stock market reactions. The limitations of the study are that the data are de-rived from company self-reported data and this study is limited to Finnish companies that issued green bonds, which may limit the generalizability of the findings. To address these limitations, it is recommended that future research should conduct research in different fields and regions to better understand the long-term impact of green bonds on corporate performance. This study broad-ens the understanding of green bonds as a strategic financial instrument providing insights to strategists or investors.