Investment Attractiveness and Grinium Effect of Green Securities of the Russian Banking Sector
https://doi.org/10.21686/2073-1051-2023-4-22-34
Abstract
One of the main ways for banks to implement activities within the ESG agenda is to issue green securities, the proceeds of which go to finance environmental projects. In turn, the nature of investments is reflected in the so-called discount on greenness or the greenium effect, which may scare away a potential investor. But the situation is different in the emerging green bond market in Russia. In this regard, an analysis of the main characteristics of green bonds of the Russian banking sector, as well as an assessment of their investment attractiveness in comparison with instruments of the classical type, offers an effective tool for the formation of long-term capital aimed at implementing the concept of sustainable development.
About the Authors
D. V. Domaschenko
Federal State Budgetary Institute of Higher Education “Plekhanov Russian University of Economics”
Russian Federation
Russian Federation
DOMASCHENKO Denis V. Cand. Sc. (Econ.), Associate Professor, Head of the Scientific Laboratory of Monetary System Research and Financial Market Analysis
36, Stremyanny Lane, Moscow, 109992
D. O. Anikin
Federal State Budgetary Institute of Higher Education “Plekhanov Russian University of Economics”
Russian Federation
Russian Federation
ANIKIN Dmitry O. Research Assistant of the Scientific Laboratory of Monetary System Research and Financial Market Analysis
36, Stremyanny Lane, Moscow, 109992
References
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2. Larcker D.F., Watts E.M. Watts, Where’s the Greenium? Journal of Accounting and Economics, 2020, Vol. 69, Iss. 2-3. Available at: https://ssrn.com/abstract=3333847
3. Bachelet M.J., Becchetti L., Manfredonia S. The Green Bonds Premium Puzzle: The Role of Issuer Characteristics and Third-Party Verification, Sustainability, 2019, No. 11 (4). DOI: 10.3390/su11041098
Review
For citations:
Domaschenko D.V., Anikin D.O. Investment Attractiveness and Grinium Effect of Green Securities of the Russian Banking Sector. Federalism. 2023;28(4):22-34. (In Russ.) https://doi.org/10.21686/2073-1051-2023-4-22-34
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