National culture and green bond issuance around the world
研究了1991-2021年84个国家的数据，发现个人主义、男性气质和放纵文化会减少绿色债券发行，而长期导向和不确定性规避文化则促进发行，文化因素对绿色债券市场发展有显著影响。
Abstract We analyze the impact of Hofstede's culture dimensions on green bond issuance in 84 countries during 1991–2021, using novel International Monetary Fund data. We control for environmental, macroeconomic and institutional factors. Our results show that countries that score higher on individualism, masculinity and indulgence are associated with lower green bond issuance, whilst countries that score high on long‐term orientation and uncertainty avoidance are associated with higher green bond issuance. Culture appears to play a role in green bond market development. The culture effect remains broadly robust after applying sensitivity and endogeneity tests, adding new controls and performing coefficient stability and dominance analysis.