L’évolution des liens entre les obligations vertes et la finance durable : une analyse bibliométrique
DOI :
https://doi.org/10.17533/udea.rc.n87a02Mots-clés :
obligations vertes, finance durable, obligations climatiques, finance verte, analyse bibliométriqueRésumé
Le présent article vise à examiner les tendances, les interrelations entre les concepts ainsi que l’origine de la littérature concernant les obligations vertes en tant qu’instrument de finance durable. Les obligations vertes suscitent un vif intérêt de la part des entreprises et des gouvernements à l’échelle mondiale, en raison de leur capacité à financer des projets environnementaux favorables à la planète, tout en se transformant en instruments ayant un impact significatif sur les finances et le développement durable. Afin d’atteindre cet objectif, un échantillon composé de 213 documents extraits de Scopus et de 2930 documents provenant de Web of Science (WoS) a été constitué, puis analysé à l’aide de Bibliometrix, au sein de R Studio. Les résultats indiquent que le marché des obligations vertes ainsi que la finance durable font l’objet de recherches approfondies en Chine et au sein de diverses institutions. De surcroît, selon les mots-clés analysés, il a été observé que le développement durable, l’analyse des impacts et la performance constituent les concepts les plus fréquemment pris en considération dans les travaux de recherche. Pour des recherches ultérieures, il serait envisageable d’effectuer des analyses géographiques dans le but de mettre en lumière le comportement des études relatives aux obligations vertes en fonction des continents, ainsi que d’examiner les réglementations qui ont été instaurées dans chaque région.
Téléchargements
Références
Alessandro, A., Maski, G., y Pangestuty, F. W. (2023). The Implementation of Sustainable Finance: A Case Study in Bank Performance. International Journal of Accounting y Finance in Asia Pasific, 6(1). https://doi.org/10.32535/ijafap.v6i1.2074
Argandoña, L. C. B., Rambaud, S. C., y Pascual, J. L. (2022). The Impact of Sustainable Bond Issuances in the Economic Growth of the Latin American and Caribbean Countries. Sustainability, 14(8), 4693. https://doi.org/10.3390/su14084693
Aria, M. y Cuccurullo, C. (2017). bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959-975. https://doi.org/10.1016/j.joi.2017.08.007
Aria, M., Misuraca, M. y Spano, M. (2020). Mapping the Evolution of Social Research and Data Science on 30 Years of Social Indicators Research. Social Indicators Research, 149(3), 803-831. https://doi.org/10.1007/s11205-020-02281-3
Arias-Bello, M. L. y Gómez-Villegas, M. (2022). Los procesos de corporatización y privatización parcial de las empresas de propiedad del Estado: una revisión de la literatura. Innovar, 32(85), 171-185. https://doi.org/10.15446/innovar.v32n85.101193
Arshad, A., Parveen, S., y Mir, F. N. (2024). The Role of Green Bonds in Reducing CO 2 Emissions: A Case of Developing Countries. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/jeas-09-2023-0242
Barrera Silva, N. (2020). La responsabilidad social con los stakeholders: deuda impagable con la naturaleza en tiempos de crisis climática. Revista Colombiana de Ciencias Administrativas 2(1), 40-61. https://cipres.sanmateo.edu.co/ojs/index.php/rcca/article/view/162
Battiston, S., Dafermos, Y., y Monasterolo, I. (2021). Climate Risks and Financial Stability. Journal of Financial Stability, 54, 100867. https://doi.org/10.1016/j.jfs.2021.100867
Baulkaran, V. (2019). Stock Market Reaction to Green Bond Issuance. Journal of Asset Management, 20(5), 331–340. https://doi.org/10.1057/s41260-018-00105-1
Billio, M., Costola, M., Hristova, I., Latino, C., y Pelizzon, L. (2022). Sustainable Finance: A Journey toward ESG and Climate Risk (SAFE Working Paper No. 349). https://doi.org/https://dx.doi.org/10.2139/ssrn.4093838
Bond, M., Zawacki-Richter, O. y Nichols, M. (2019). Revisiting Five Decades of Educational Technology Research: A Content and Authorship Analysis of the British Journal of Educational Technology. British Journal of Educational Technology, 50(1), 12-63. https://doi.org/10.1111/bjet.12730
Carbal Herrera, A. E., Luna Amador, J. A., y Caraballo Payares, A. M. (2024). Teoría organizacional y sostenibilidad empresarial: Un análisis teórico. Revista de Ciencias Sociales, 30, 531–550. https://doi.org/10.31876/rcs.v30i.42858
Chen, Y., y Zhao, Z. J. (2021). The Rise of Green bonds for Sustainable Finance: Global Standards and Issues with the Expanding Chinese Market. Current Opinion in Environmental Sustainability, 52, 54–57. https://doi.org/10.1016/j.cosust.2021.06.013
Comisión Económica para América Latina y el Caribe (CEPAL). (2022). Estudio Económico de América Latina y el Caribe 2022. Dinámica y desafíos de la inversión para impulsar una recuperación sostenible e inclusiva. https://www.cepal.org/es/publicaciones/48077-estudio-economico-america-latina-caribe-2022-dinamica-desafios-la-inversion
Correa-García, J. A., y Vásquez-Arango, L. (2020). Desempeño ambiental, social y de gobierno (ASG). Revista Facultad de Ciencias Económicas, 28(2), 67–83. https://doi.org/10.18359/rfce.4271
Cunha, F. A. F. de S., Meira, E., y Orsato, R. J. (2021). Sustainable Finance and Investment: Review and Research Agenda. Business Strategy and the Environment, 30(8), 3821–3838. https://doi.org/10.1002/bse.2842
Demiroz, F. y Haase, T. W. (2019). The concept of resilience: a bibliometric analysis of the emergency and disaster management literature. Local Government Studies, 45(3), 308-327. https://doi.org/10.1080/03003930.2018.1541796
Diaye, M. A., Ho, S. H., y Oueghlissi, R. (2022). ESG Performance and Economic Growth: A Panel Co-integration Analysis. Empirica, 49(1), 99–122. https://doi.org/10.1007/s10663-021-09508-7
Dong, H., Zhang, L., y Zheng, H. (2024). Green Bonds: Fueling Green Innovation or Just a Fad? Energy Economics, 135, 107660. https://doi.org/10.1016/j.eneco.2024.107660
Echeverri-Pimienta, M., Valencia-Herrera, S., y Andrés Correa-Mejía, D. (2022). Sustainable Development Goals in Latin America: A Mechanism that Improves Financial Performance. International Journal of Sustainable Economy, 14 (4). https://ideas.repec.org/a/ids/ijsuse/v14y2022i4p331-348.html
Fatehi, F., Hassandoust, F., Ko, R. K. L., y Akhlaghpour, S. (2020). General Data Protection Regulation (GDPR) in Healthcare: Hot Topics and Research Fronts. Studies in Health Technology and Informatics, 270, 1118–1122. https://doi.org/10.3233/SHTI200336
Fatemi, A. M., y Fooladi, I. J. (2013). Sustainable Finance: A New Paradigm. Global Finance Journal, 24(2), 101–113. https://doi.org/10.1016/j.gfj.2013.07.006
Fatemi, A., Glaum, M., y Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
Fatima, R., Boitan, I. A., y Carè, R. (2021). How Many Shades Are There in Sustainable Finance? A Bibliometric Review. En I. Y. Gok (ed.), Handbook of Research on Global Aspects of Sustainable Finance in Times of Crises (pp. 1–26). Business Science Reference. https://doi.org/10.4018/978-1-7998-8501-6.ch001
Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499–516. https://doi.org/10.1016/j.jfineco.2021.01.010
Fooladi, I. J., y Hebb, G. (2022). Drivers of Differences in Performance of Esg-focused Funds Relative to Their Underlying Benchmarks. Global Finance Journal, 56, 100745. https://doi.org/10.1016/j.gfj.2022.100745
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Cambridge University
Press.Friede, G., Busch, T., y Bassen, A. (2015). ESG and Financial Performance: Aggregated Evidence from More Than 2000 Empirical Studies. Journal of Sustainable Finance and Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
Fukuda-Parr, S., y Muchhala, B. (2020). The Southern Origins of Sustainable Development Goals: Ideas, Actors, Aspirations. World Development, 126. https://doi.org/10.1016/j.worlddev.2019.104706
Gabr, D. H., y Elbannan, M. A. (2023). Green Finance Insights: Evolution of the Green Bonds Market. Management y Sustainability: An Arab Review, 3 (3), 274-297. https://doi.org/10.1108/msar-02-2023-0008
Garcia, A. S., Mendes-Da-Silva, W., y Orsato, R. (2017). Sensitive Industries Produce Better ESG Performance: Evidence from Emerging Markets. Journal of Cleaner Production, 150, 135–147. https://doi.org/10.1016/j.jclepro.2017.02.180
Goel, P., Garg, A., Walia, N., Kaur, R., Jain, M., y Singh, S. (2022). Contagious Diseases and Tourism: A Systematic Review Based on Bibliometric and Content Analysis Methods. Quality and Quantity, 56(5), 3085–3110. https://doi.org/10.1007/s11135-021-01270-z
Gómez-Luna, E., Fernando-Navas, D., Aponte-Mayor, G., y Betancourt-Buitrago, L. A. (2014). Metodología para la revisión bibliográfica y la gestión de información de temas científicos, a través de su estructuración y sistematización. Dyna, 81(184), 158–163. https://revistas.unal.edu.co/index.php/dyna/article/view/37066/44433
González Masip, J., y Cuesta Valiño, P. (2018). De responsabilidad social a sostenibilidad corporativa: una revisión actualizada. aDResearch ESIC International Journal of Communication Research, 17 (17), 46–71. https://doi.org/10.7263/adresic-017-04
González Monroy, M. A., López Carreño, D. K., y Pabón León, J. A. (2023). Teorías de la agencia y de las partes interesadas a partir del concepto de creación de valor. FACE: Revista de la Facultad de Ciencias Económicas y Empresariales, 23(1), 111–130. https://doi.org/https://doi.org/10.24054/face.v23i1.2446
Hachenberg, B., y Schiereck, D. (2018). Are Green Bonds Priced Differently from Conventional Bonds? Journal of Asset Management, 19(6), 371–383. https://doi.org/10.1057/s41260-018-0088-5
Hoang, T. H. Van, Pham, L., y Nguyen, T. T. P. (2023). Does Country Sustainability Improve Firm ESG Reporting Transparency? The Moderating Role of Firm Industry and CSR Engagement. Economic Modelling, 125. https://doi.org/10.1016/j.econmod.2023.106351
Husted, B. W., y Sousa-Filho, J. M. de. (2019). Board Structure and Environmental, Social, and Governance Disclosure in Latin America. Journal of Business Research, 102, 220–227. https://doi.org/10.1016/j.jbusres.2018.01.017
International Capital Market Association (ICMA). (2021). Green Bond Principles. Voluntary Process Guidelines for Issuing Green Bonds. https://www.icmagroup.org/sustainablefinance/the-principles-guidelines-and-handbooks/green-bond-principles-gbp/
Kedia, N., y Joshipura, M. (2023). Green Bonds for Sustainability: Current Pathways and New Avenues. Managerial Finance, 49 (6), 948–974. https://doi.org/10.1108/MF-08-2022-0367
Khan, A., Goodell, J. W., Hassan, M. K., y Paltrinieri, A. (2022). A bibliometric review of finance bibliometric papers. Finance Research Letters, 47. https://doi.org/10.1016/j.frl.2021.102520
Koo, M. (2021). Systemic Lupus Erythematosus Research: A Bibliometric Analysis Over a 50-Year Period. International Journal of Environmental Research and Public Health, 18(13). https://doi.org/10.3390/ijerph18137095
Kuhn, B. M. (2022). Sustainable Finance in Germany: Mapping Discourses, Stakeholders, and Policy Initiatives. Journal of Sustainable Finance and Investment, 12(2), 497–524. https://doi.org/10.1080/20430795.2020.1783151
Kumar, P., Taneja, S., y Ozen, E. (2024). Exploring the Influence of Green Bonds on Sustainable Development Through Low-Carbon Financing Mobilization. International Journal of Law and Management, 67 (2), 249-270. https://doi.org/10.1108/IJLMA-01-2024-0030
Lee, C. C., Wang, C. W., y Thinh, B. T. (2023). Green development, climate risks, and cash flow: International evidence. Pacific Basin Finance Journal, 79. https://doi.org/10.1016/j.pacfin.2023.102021
Lee, C. C., Wang, F., y Chang, Y. F. (2023). Towards net-zero emissions: Can green bond policy promote green innovation and green space? Energy Economics, 121. https://doi.org/10.1016/j.eneco.2023.106675
Li, C., Faridi, M. Z., y Nazar, R. (2023). How Does Green Finance Asymmetrically Affect Greenhouse Gas Emissions? Evidence from the Top Ten Green Bond Issuer Countries. Borsa Istanbul Review, 23 (4), 887-8894. https://doi.org/10.1016/j.bir.2023.03.002
Li, R., Liu, Z., y Gan, K. (2024). Impact of Cities’ Issuance of Green Bonds on Local Firm Performance: Evidence from China. Operational Research, 24(38). https://doi.org/10.1007/s12351-024-00846-5
Lin, J. Da. (2023). Explaining the Quality of Green Bonds in China. Journal of Cleaner Production, 406. https://doi.org/10.1016/j.jclepro.2023.136893
Lin, L., y Hong, Y. (2022). Developing a Green Bonds Market: Lessons from China. European Business Organization Law Review, 23(1), 143–185. https://doi.org/10.1007/s40804-021-00231-1
Lisowski, S., Bunsen, J., Berger, M., y Finkbeiner, M. (2023). Quantifying Industry Impacts on the Sustainable Development Goals. Journal of Cleaner Production, 400, 136661. https://doi.org/10.1016/j.jclepro.2023.136661
Liu, B., Yin, W., Chen, G., y Yao, J. (2023). The Threshold Effect of Climate Risk and the Non-linear Role of Climate Policy Uncertainty on Insurance Demand: Evidence of OECD Countries. Finance Research Letters, 55. https://doi.org/https://doi.org/10.1016/j.frl.2023.103820
Liu, C., y Wu, S. S. (2023). Green Finance, Sustainability Disclosure and Economic Implications. Fulbright Review of Economics and Policy, 3(1), 1–24. https://doi.org/10.1108/FREP-03-2022-0021
Makpotche, M., Bouslah, K., y M’Zali, B. (2024). Long-run Performance Following Corporate Green Bond Issuance. Managerial Finance, 50(1), 140–178. https://doi.org/10.1108/MF-12-2022-0588
Mansouri, S., y Momtaz, P. P. (2022). Financing Sustainable Entrepreneurship: ESG Measurement, Valuation, and Performance. Journal of Business Venturing, 37(6). https://doi.org/10.1016/j.jbusvent.2022.106258
Mao, X., Wei, P., y Ren, X. (2023). Climate Risk and Financial Systems: A Nonlinear Network Connectedness Analysis. Journal of Environmental Management, 340, 117878. https://doi.org/10.1016/j.jenvman.2023.117878
Mejía-Escobar, J. C., González-Ruiz, J. D., y Franco-Sepúlveda, G. (2021). Current State and Development of Green Bonds Market in the Latin America and the Caribbean. Sustainability, 13(19). https://doi.org/10.3390/su131910872
Merediz-Solà, I. y Bariviera, A. F. (diciembre, 2019). A Bibliometric Analysis of Bitcoin Scientific Production. Research in International Business and Finance, 50, 294-305. https://doi.org/10.1016/j.ribaf.2019.06.008
Morales, A., y Calvo, S. (2023). Is the Buen Vivir of Indigenous Social Enterprises in Colombia Informing SDGs? Social Enterprise Journal, 19(4), 347–369. https://doi.org/10.5209/rev-POSO.2015.v52.n2.45203
Nguyen, N. M., Luu, N. H., Hoang, A., y Nguyen, M. T. N. (2023). Environmental Impacts of Green Bonds in Cross-Countries Analysis: A Moderating Effect of Institutional Quality. Journal of Financial Economic Policy, 15(4–5), 313–336. https://doi.org/10.1108/JFEP-01-2023-0020
Ortas, E., Álvarez, I., y Garayar, A. (2015). The Environmental, Social, Governance, and Financial Performance Effects on Companies that Adopt the United Nations Global Compact. Sustainability, 7(2), 1932–1956. https://doi.org/10.3390/su7021932
Paetzold, F., Busch, T., Utz, S., y Kellers, A. (2022). Between Impact and Returns: Private Investors and The Sustainable Development Goals. Business Strategy and the Environment, 31(7), 3182–3197. https://doi.org/10.1002/bse.3070
Partzsch, L. (2023). Missing the SDGs: Political Accountability for Insufficient Environmental Action. Global Policy, 14(3), 438–450. https://doi.org/10.1111/1758-5899.13213
Puck, J. y Filatotchev, I. (2020). Finance and the Multinational Company: Building Bridges between Finance and Global Strategy Research. Global Strategy Journal, 10(4), 655-675. https://doi.org/10.1002/gsj.1330
Raffer, C., Scheller, H., y Peters, O. (2022). The UN Sustainable Development Goals as innovation drivers for local sustainability governance? Examples from Germany. Public Sector Economics, 46(4), 459–487. https://doi.org/10.3326/pse.46.4.2
Ren, Y. S., Ma, C. Q., Chen, X. Q., Lei, Y. T., y Wang, Y. R. (2023). Sustainable Finance and Blockchain: A Systematic Review and Research Agenda. Research in International Business and Finance, 64. https://doi.org/10.1016/j.ribaf.2022.101871
Saavedra García, M. L. (2022). View of Business Sustainability and Financial Performance. Cuadernos de Administración, 38(72), e4011031. https://doi.org/https://doi.org/10.25100/cdea.v38i72.10835
Sánchez-Perdomo, R., Rosario-Sierra, M., Herrera-Vallejera, D., Rodríguez-Sánchez, Y., y Carrillo-Calvet, H. (2017). Revisión bibliométrica de las Ciencias de la Información en América Latina y el Caribe. Investigacion Bibliotecologica, 2017(Special Issue), 79–100. https://doi.org/10.22201/iibi.24488321xe.2017.nesp1.57886
Saravade, V., y Weber, O. (2020). An Institutional Pressure and Adaptive Capacity Framework for Green Bonds: Insights from India’s Emerging Green Bond Market. World, 1(3), 239–263. https://doi.org/10.3390/world1030018
Sargent, T. J., & Velde, F. R. (1995). Macroeconomic Features of the French Revolution. Journal of Political Economy, 103(3), 474–518. http://www.jstor.org/stable/2138696
Sikacz, H., y Wołczek, P. (2018). ESG Analysis of Companies Included in the RESPECT Index Based on Thomson Reuters EIKON Database. Prace Naukowe Uniwersytetu Ekonomicznego We Wrocławiu, 520, 115–127. https://doi.org/10.15611/pn.2018.520.10
Steven Radelet. (1995). Indonesian Foreign Debt: Headed for A Crisis or Financing Sustainable Growth?, Bulletin of Indonesian Economic Studies, 31(3) , 39-72, https://doi.org/10.1080/00074919512331336825
Suding, P. H. (1996). Opening Up and Transition, Success and Problems. Financing and Reforms of the Electric Power Sector in Latin America and the Caribbean, Energy Policy, 24(5), 437–445. https://ideas.repec.org/a/eee/enepol/v24y1996i5p437-445.html
Taghizadeh-Hesary, F., Phoumin, H., y Rasoulinezhad, E. (2023). Assessment of Role of Green Bond in Renewable Energy Resource Development in Japan. Resources Policy, 80. https://doi.org/10.1016/j.resourpol.2022.103272
Tang, D. Y., y Zhang, Y. (2020). Do Shareholders Benefit from Green Bonds? Journal of Corporate Finance, 61. https://doi.org/10.1016/j.jcorpfin.2018.12.001
Tani, M., Papaluca, O. y Sasso, P. (2018). The System Thinking Perspective in the Open-Innovation Research: A systematic review. Journal of Open Innovation: Technology, Market, and Complexity, 4(3). https://doi.org/10.3390/joitmc4030038
Wang, T., Liu, X., y Wang, H. (2022). Green Bonds, Financing Constraints, and Green Innovation. Journal of Cleaner Production, 381, 135134. https://doi.org/10.1016/j.jclepro.2022.135134
Xi, B., y Jing, H. (2022). Research on the Impact of Green Bond Issuance on The Stock Price of Listed Companies. Kybernetes, 51(4), 1478–1497. https://doi.org/10.1108/K-12-2020-0900
Yeow, K. E., y Ng, S. H. (2021). The Impact of Green Bonds on Corporate Environmental and Financial Performance. Managerial Finance, 47(10), 1486–1510. https://doi.org/10.1108/MF-09-2020-0481
Zarta Ávila, P. (2018). La sustentabilidad o sostenibilidad: un concepto poderoso para la humanidad. Tabula Rasa, 28(28), 409–423. https://doi.org/10.25058/20112742.n28.18
Zhang, D. (2023). Does Green Finance Really Inhibit Extreme Hypocritical ESG Risk? A Greenwashing Perspective Exploration. Energy Economics, 121, 106688 https://doi.org/10.1016/j.eneco.2023.106688
Zhang, J., Yu, Q., Zheng, F., Long, C., Lu, Z. y Duan, Z. (2016). Comparing Keywords Plus of WOS and Author Keywords: A Case Study of Patient Adherence Research. Journal of the Association for Information Science and Technology, 67(4), 967-972. https://doi.org/10.1002/asi.23437
Zheng, J., Jiang, Y., Cui, Y., y Shen, Y. (2023). Green bond issuance and corporate ESG performance: Steps toward green and low-carbon development. Research in International Business and Finance, 66. https://doi.org/10.1016/j.ribaf.2023.102007
Zhou, X., y Cui, Y. (2019). GreeN Bonds, Corporate Performance, and Corporate Social Responsibility. Sustainability (Switzerland), 11(23). https://doi.org/10.3390/su11236881
Ziolo, M., Bak, I., y Cheba, K. (2021). The Role of Sustainable Finance in Achieving Sustainable Development Goals: Does It Work? Technological and Economic Development of Economy, 27(1), 45–70. https://doi.org/10.3846/tede.2020.13863
Téléchargements
Publié-e
Comment citer
Numéro
Rubrique
Licence
(c) Tous droits réservés Contaduría Universidad de Antioquia 2025

Cette œuvre est sous licence Creative Commons Attribution - Pas d'Utilisation Commerciale - Partage dans les Mêmes Conditions 4.0 International.
Los derechos de autor sobre los artículos son cedidos a la Universidad de Antioquia para disponer de resúmenes y el texto completo en bases de datos que difunden los contenidos de cada edición. Sin embargo, los autores podrán hacer difusión de sus trabajos publicados en la revista a través de sus páginas personales y repositorios institucionales.
