Green Bonds and Sustainable Finance: A Multidimensional Analysis of Macroeconomic and Environmental Determinants Across Nine Countries

Green Bonds and Sustainable Finance: A Multidimensional Analysis of Macroeconomic and Environmental Determinants Across Nine Countries | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Green Bonds and Sustainable Finance: A Multidimensional Analysis of Macroeconomic and Environmental Determinants Across Nine Countries Suna Şahin, Emin Ahmet Kaplan, Özlem Yılmaz This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-6065016/v1 This work is licensed under a CC BY 4.0 License Status: Published Journal Publication published 08 Oct, 2025 Read the published version in Review of World Economics → Version 1 posted 5 You are reading this latest preprint version Abstract The primary objective of this study is to examine the factors influencing green bond issuance in countries that have been regularly issuing green bonds since 2013. This study distinguishes itself by concentrating on the influence of macroeconomic variables pertinent to environmental development on green bond issuance. In our study, we investigated the impact of the green bond issuance on fossil fuel dependency, carbon footprint, renewable energy consumption, energy prices, research and development expenditures, economic growth and regulatory quality. We used the panel data method in our study to examine the factors affecting green bond issuance in nine countries (Brazil, Canada, France, Germany, Italy, Japan, Netherlands, Republic of Korea, and Spain) between 2013 and 2023. Our results show that economic growth, energy prices, research and development expenditures, regulatory quality, and renewable energy consumption positively affect green bond issuance. Conversely, carbon footprint and fossil fuel dependency negatively impact green bond issuance. A unique aspect of this paper is its focus on both macroeconomic variables and environmental issues in analyzing green bond issuance in the selected countries. Green bonds Sustainable finance Regulatory quality Panel data analysis Environment Renewable energy Full Text Cite Share Download PDF Status: Published Journal Publication published 08 Oct, 2025 Read the published version in Review of World Economics → Version 1 posted Editorial decision: Revisions needed 28 May, 2025 Reviewers agreed at journal 10 Mar, 2025 Reviewers invited by journal 09 Mar, 2025 Editor assigned by journal 20 Feb, 2025 First submitted to journal 19 Feb, 2025 You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-6065016","acceptedTermsAndConditions":true,"allowDirectSubmit":false,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":426349531,"identity":"8c1d5a98-b7f2-4fa1-b473-63905ece376b","order_by":0,"name":"Suna Şahin","email":"","orcid":"","institution":"Istanbul Yeni Yüzyıl University: Istanbul Yeni Yuzyil Universitesi","correspondingAuthor":false,"prefix":"","firstName":"Suna","middleName":"","lastName":"Şahin","suffix":""},{"id":426349532,"identity":"19b85f8a-8632-4028-bb1f-6e94bb6455f3","order_by":1,"name":"Emin Ahmet Kaplan","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA2ElEQVRIiWNgGAWjYFACxgYQYmBgBxEGFiRo4eE5ANIiQbxFDDwSCSAmEVr4xQ63Pfi5Y5ucveTzqxt+FEgw8Ld3J+DVIjk7sd2w98xtYx7pnLKbPUCHSZw5uwGvFoPbiW0SvG23E3ukc9Ju8AC1GEjk4tdiD9Qi+bftdn2P5Jm0m3+I0WIgndgmDbQlgUeC/dhtomyRANoiLdt227DnTA7bbRkDCR6CfuGfnf5M8m3bbXn29uPPbr75YyPH396LXwsS4DEAk8QqBwH2B6SoHgWjYBSMghEEAD8VR9Yjyvx6AAAAAElFTkSuQmCC","orcid":"https://orcid.org/0000-0002-4808-8529","institution":"Karamanoglu Mehmetbey University: Karamanoglu Mehmetbey Universitesi","correspondingAuthor":true,"prefix":"","firstName":"Emin","middleName":"Ahmet","lastName":"Kaplan","suffix":""},{"id":426349533,"identity":"52670444-a678-4d98-92e3-259d400b47d7","order_by":2,"name":"Özlem Yılmaz","email":"","orcid":"","institution":"Istanbul Yeni Yüzyıl University: Istanbul Yeni Yuzyil Universitesi","correspondingAuthor":false,"prefix":"","firstName":"Özlem","middleName":"","lastName":"Yılmaz","suffix":""}],"badges":[],"createdAt":"2025-02-19 14:27:22","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-6065016/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-6065016/v1","draftVersion":[],"editorialEvents":[{"content":"https://doi.org/10.1007/s10290-025-00610-7","type":"published","date":"2025-10-08T15:57:04+00:00"}],"editorialNote":"","failedWorkflow":false,"files":[{"id":93419698,"identity":"acf64095-c32e-4232-82d1-382107f0f971","added_by":"auto","created_at":"2025-10-13 16:06:08","extension":"pdf","order_by":1,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":505398,"visible":true,"origin":"","legend":"","description":"","filename":"RWEManuscript19.02.2025.pdf","url":"https://assets-eu.researchsquare.com/files/rs-6065016/v1_covered_eca1c9f8-9394-4021-b131-7944a6d7f071.pdf"}],"financialInterests":"","formattedTitle":"Green Bonds and Sustainable Finance: A Multidimensional Analysis of Macroeconomic and Environmental Determinants Across Nine Countries","fulltext":[],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":false,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":false,"highlight":"","institution":"","isAcceptedByJournal":true,"isAuthorSuppliedPdf":true,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":true,"isPdf":true,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"review-of-world-economics","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"rowe","sideBox":"Learn more about [Review of World Economics](http://link.springer.com/journal/10290)","snPcode":"10290","submissionUrl":"https://www.editorialmanager.com/rowe/default2.aspx","title":"Review of World Economics","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"em","reportingPortfolio":"Springer Hybrid","inReviewEnabled":true,"inReviewRevisionsEnabled":false},"keywords":"Green bonds, Sustainable finance, Regulatory quality, Panel data analysis, Environment, Renewable energy","lastPublishedDoi":"10.21203/rs.3.rs-6065016/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-6065016/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe primary objective of this study is to examine the factors influencing green bond issuance in countries that have been regularly issuing green bonds since 2013. 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