Green Credits: A Bibliometric Analysis of Publications in the Web of Science

Year 2024, , 233 - 252, 31.08.2024

Fergül Özgün

https://doi.org/10.37093/ijsi.1446900

Abstract

Sustainable development goals emphasize disseminating projects that do not pollute the environment. Green credit is one of the primary tools used to support and finance environmentally friendly projects. Thus, green credits appear to be a current research area. This research aims to conduct a bibliometric analysis of studies on green credits. To achieve this goal, we reviewed 2,630 studies published in the Web of Science database between 1980 and 2024. We presented the changes in the number of studies and citations over time, along with details about the most cited studies. In the literature review section, in particular, studies published recently were examined. Then, we categorize the studies based on document and index type, written language, countries, subjects, and citation categories. Our main results are: The most intense years for studies on green credits are 2022 and 2023. 98% of the studies were published in English, with over 80% being article-based. China leads the list of countries to conducting the most studies. The first three categories with the most studies are environmental sciences, green sustainable science technology, and economics. As the number of studies increased over time, citations also increased.

Keywords

Sustainable development, Green credits, Bibliometric analysis, Web of Science

Ethical Statement

The author declares that this article complies with ethical standards and rules.

Supporting Institution

No financial support was received from any person or institution for the study.

References

• Ai, L., Wang, F., & Tan, L. (2023). Can green credit policy restrict the cross-region investment of heavy-polluting enterprises? Evidence from China. Environment, Development and Sustainability, 1–25. https://doi.org/10.1007/s10668-023-04045-8
• Azhar, S., Carlton, W. A., Olsen, D., & Ahmad, I. (2011). Building information modeling for sustainable design and LEED® rating analysis. Automation in Construction, 20(2), 217–224. https://doi.org/10.1016/j.autcon.2010.09.019
• Berikhanovna, C. M., Bauirzhanovna, B. A., Kudaibergenovna, N. G., Gulbagda, B., & Serikovna, Y. G. (2023). The influence of green credit policy on green innovation and transformation and upgradation as a function of corporate diversification: The case of Kazakhstan. Economies, 11(8), 210. https://doi.org/10.3390/economies11080210
• Bhatnagar, S., & Sharma, D. (2022). Evolution of green finance and its enablers: A bibliometric analysis. Renewable and Sustainable Energy Reviews, 162, 112405. https://doi.org/10.1016/j.rser.2022.112405
• Bonilla, C. A., Merigó, J. M., & Torres-Abad, C. (2015). Economics in Latin America: A bibliometric analysis. Scientometrics, 105, 1239–1252. https://doi.org/10.1007/s11192-015-1747-7
• Cai, R., & Guo, J. (2021). Finance for the environment: A scientometrics analysis of green finance. Mathematics, 9(13), 1537. https://doi.org/10.3390/math9131537
• Cao, Y., Zhang, Y., Yang, L., Li, R. Y. M., & Crabbe, M. J. C. (2021). Green credit policy and maturity mismatch risk in polluting and non-polluting companies. Sustainability, 13(7), 3615. https://doi.org/10.3390/su13073615
• Chen, S., & Golley, J. (2014). ‘Green’productivity growth in China's industrial economy. Energy Economics, 44, 89–98. https://doi.org/10.1016/j.eneco.2014.04.002
• Chen, Z., Zhang, Y., Wang, H., Ouyang, X., & Xie, Y. (2022). Can green credit policy promote low-carbon technology innovation? Journal of Cleaner Production, 359, 132061. https://doi.org/10.1016/j.jclepro.2022.132061
• Choudhri, A. F., Siddiqui, A., Khan, N. R., & Cohen, H. L. (2015). Understanding bibliometric parameters and analysis. Radiographics, 35(3), 736–746. https://doi.org/10.1148/rg.2015140036
• Deng, Y., Zhang, L., Zhang, J., & Farooq, U. (2023). Does green innovation promote trade credit activities? New empirical evidence from BRICS. Borsa Istanbul Review, 23(6), 1322–1332. https://doi.org/10.1016/j.bir.2023.07.008
• Desalegn, G., & Tangl, A. (2022). Developing countries in the lead: A bibliometric approach to green finance. Energies, 15(12), 4436. https://doi.org/10.3390/en15124436
• Ding, L., Zhuang, Y., & Jiang, S. (2022). Green credit and high-quality sustainable development of banks. Environmental Science and Pollution Research, 29(53), 80871–80881. https://doi.org/10.1007/s11356-022-21438-w
• Foster, A. D., & Rosenzweig, M. R. (2010). Microeconomics of technology adoption. Annual Review of Economics, 2(1), 395–424.
• Gallagher, K. S., & Muehlegger, E. (2011). Giving green to get green? Incentives and consumer adoption of hybrid vehicle technology. Journal of Environmental Economics and management, 61(1), 1–15. https://doi.org/10.1016/j.jeem.2010.05.004
• Guo, S., & Zhang, Z. (2023). Green credit policy and total factor productivity: Evidence from Chinese listed companies. Energy Economics, 128, 107115. https://doi.org/10.1016/j.eneco.2023.107115
• Hawash, M. K., Taha, M. A., Hasan, A. A., Braiber, H. T., Abd Al Mahdi, R., Muhsin Thajil, K., & Albakr, A. M. A. (2022). Financial inclusion, foreign direct investment, green finance and green credit effect on Iraq manufacturing companies’ sustainable economic development: A case on static panel data. Cuadernos de Economía, 45(128), 53–60. https://cude.es/submit-a-manuscript/index.php/CUDE/article/view/260
• Hu, G., Strielkowski, W., Li, H., Zenchenko, S., & Xu, J. (2023). Can green credit policy under the concept of green economy curb corporate financialization to promote sustainable development? Frontiers in Environmental Science, 11, 1127380. https://doi.org/10.3389/fenvs.2023.1127380
• Huang, H., Qi, B., & Chen, L. (2024). Does green credit help reduce smog pollution? Empirical evidence from China. Environmental Science and Pollution Research, 31(3), 3582–3597.
• Li, S., Liu, Q., Lu, L., & Zheng, K. (2022). Green policy and corporate social responsibility: Empirical analysis of the Green Credit Guidelines in China. Journal of Asian Economics, 82, 101531. https://doi.org/10.1016/j.asieco.2022.101531
• Li, W., Lin, X., Wang, H., & Wang, S. (2022). High-quality economic development, green credit and carbon emissions. Frontiers in Environmental Science, 10, 992518. https://doi.org/10.3389/fenvs.2022.992518
• Lian, Y., Gao, J., & Ye, T. (2022). How does green credit affect the financial performance of commercial banks? -evidence from China. Journal of Cleaner Production, 344, 131069. https://doi.org/10.1016/j.jclepro.2022.131069
• Lin, B., & Pan, T. (2024). The impact of green credit on green transformation of heavily polluting enterprises: Reverse forcing or forward pushing? Energy Policy, 184, 113901. https://doi.org/10.1016/j.enpol.2023.113901
• Liu, X., Zhang, W., Cheng, J., Zhao, S., & Zhang, X. (2022). Green credit, environmentally induced R&D and low carbon transition: Evidence from China. Environmental Science and Pollution Research, 29(59), 89132–89155. https://doi.org/10.1007/s11356-022-21941-0
• Luo, C., Fan, S., & Zhang, Q. (2017). Investigating the influence of green credit on operational efficiency and financial performance based on hybrid econometric models. International Journal of Financial Studies, 5(4), 27. https://doi.org/10.3390/ijfs5040027
• Luo, S., Yu, S., & Zhou, G. (2021). Does green credit improve the core competence of commercial banks? Based on quasi-natural experiments in China. Energy Economics, 100, 105335. https://doi.org/10.1016/j.eneco.2021.105335
• Lyu, B., Da, J. Y., Ostic, D., & Yu, H. C. (2022). How does green credit promote carbon reduction? A mediated model. Frontiers in Environmental Science, 10, 878060. https://doi.org/10.3389/fenvs.2022.878060
• Malhotra, G., & Thakur, K. S. (2020). Evolution of green finance: A bibliometric approach. Gedrag & Organisatie Review, 33(2), 583–594.
• Maria, M. R., Ballini, R., & Souza, R. F. (2023). Evolution of green finance: a bibliometric analysis through complex networks and machine learning. Sustainability, 15(2), 967. https://doi.org/10.3390/su15020967
• Mohanty, S., Nanda, S. S., Soubhari, T., Biswal, S., & Patnaik, S. (2023). Emerging research trends in green finance: A bibliometric overview. Journal of Risk and Financial Management, 16(2), 108. https://doi.org/10.3390/jrfm16020108
• Nepstad, D. C., Stickler, C. M., & Almeida, O. T. (2006). Globalization of the Amazon soy and beef industries: opportunities for conservation. Conservation Biology, 20(6), 1595–1603. https://doi.org/10.1111/j.1523-1739.2006.00510.x
• Newsham, G. R., Mancini, S., & Birt, B. J. (2009). Do LEED-certified buildings save energy? Yes, but…. Energy and Buildings, 41(8), 897–905. https://doi.org/10.1016/j.enbuild.2009.03.014
• Papadopoulou, C. I., Loizou, E., Melfou, K., & Chatzitheodoridis, F. (2021). The knowledge based agricultural bioeconomy: A bibliometric network analysis. Energies, 14(20), 6823. https://doi.org/10.3390/en14206823
• Qi, J., Paulet, E., & Eberhardt-Toth, E. (2021). Chinese bank managers’ perceptions of barriers to the implementation of green credit in corporate loan decision-making. Post-Communist Economies, 33(7), 920–936. https://doi.org/10.1080/14631377.2020.1867448
• Rong, Y., & Hu, J. (2023). How can green credit decrease social health costs? The mediating effect of the environment. Frontiers in Public Health, 11, 1121154. https://doi.org/10.3389/fpubh.2023.1121154
• Ruiz-Real, J. L., Uribe-Toril, J., De Pablo Valenciano, J., & Gázquez-Abad, J. C. (2018). Worldwide research on circular economy and environment: A bibliometric analysis. International journal of environmental research and public health, 15(12), 2699. https://doi.org/10.3390/ijerph15122699
• Sang, N. (2024). Mapping the evolution of green finance through bibliometric analysis. Environmental Economics, 15(1), 1–15. http://dx.doi.org/10.21511/ee.15(1).2024.01
• Shang, X., & Niu, H. (2023). Does the digital transformation of banks affect green credit? Finance Research Letters, 58(Part B), 104394. https://doi.org/10.1016/j.frl.2023.104394
• Shao, H., Wang, Y., Wang, Y., & Li, Y. (2022). Green credit policy and stock price crash risk of heavily polluting enterprises: Evidence from China. Economic Analysis and Policy, 75, 271–287. https://doi.org/10.1016/j.eap.2022.05.007
• Song, X., Deng, X., & Wu, R. (2019). Comparing the influence of green credit on commercial bank profitability in China and abroad: empirical test based on a dynamic panel system using GMM. International Journal of Financial Studies, 7(4), 64. https://doi.org/10.3390/ijfs7040064
• Su, C. W., Li, W., Umar, M., & Lobonţ, O. R. (2022). Can green credit reduce the emissions of pollutants? Economic Analysis and Policy, 74, 205–219. https://doi.org/10.1016/j.eap.2022.01.016
• Taghizadeh-Hesary, F., & Yoshino, N. (2019). The way to induce private participation in green finance and investment. Finance Research Letters, 31, 98–103. https://doi.org/10.1016/j.frl.2019.04.016
• Tan, X., Xiao, Z., Liu, Y., Taghizadeh-Hesary, F., Wang, B., & Dong, H. (2022). The effect of green credit policy on energy efficiency: evidence from China. Technological Forecasting and Social Change, 183, 121924. https://doi.org/10.1016/j.techfore.2022.121924
• Timilsina, G. R., Kurdgelashvili, L., & Narbel, P. A. (2012). Solar energy: Markets, economics and policies. Renewable and Sustainable Energy Reviews, 16(1), 449–465. https://doi.org/10.1016/j.rser.2011.08.009
• Van Hoa, N., Van Hien, P., Tiep, N. C., Huong, N. T. X., Mai, T. T. H., & Phuong, P. T. L. (2022). The role of financial inclusion, green investment and green credit on sustainable economic development: Evidence from Vietnam. Cuadernos de Economía, 45(127), 1–10. https://cude.es/submit-a-manuscript/index.php/CUDE/article/view/210
• Wang, Y., Lei, X., Zhao, D., Long, R., & Wu, M. (2021). The dual impacts of green credit on economy and environment: Evidence from China. Sustainability, 13(8), 4574. https://doi.org/10.3390/su13084574
• Wang, Y., & Li, M. (2022). Credit policy and its heterogeneous effects on green innovations. Journal of Financial Stability, 58, 100961. https://doi.org/10.1016/j.jfs.2021.100961
• Web of Science. https://clarivate.com/webofsciencegroup/support/wos/
• Wen, H., Lee, C. C., & Zhou, F. (2021). Green credit policy, credit allocation efficiency and upgrade of energy-intensive enterprises. Energy Economics, 94, 105099. https://doi.org/10.1016/j.eneco.2021.105099
• Wilson, T., & Hastings, J. W. (1998). Bioluminescence. Annual review of cell and developmental biology, 14(1), 197–230. https://doi.org/10.1146/annurev.cellbio.14.1.197
• Yang, Y., & Zhang, Y. (2022). The impact of the green credit policy on the short-term and long-term debt financing of heavily polluting enterprises: based on PSM-DID method. International Journal of Environmental Research and Public Health, 19(18), 11287. https://doi.org/10.3390/ijerph191811287
• Yao, S., Pan, Y., Sensoy, A., Uddin, G. S., & Cheng, F. (2021). Green credit policy and firm performance: What we learn from China. Energy Economics, 101, 105415. https://doi.org/10.1016/j.eneco.2021.105415
• Yao, S., Zhang, X., & Zheng, W. (2022). On green credits and carbon productivity in China. Environmental Science and Pollution Research, 29(29), 44308–44323. https://doi.org/10.1007/s11356-022-18982-w
• Yin, X., Wang, D., Lu, J., & Liu, L. (2023). Does green credit policy promote corporate green innovation? Evidence from China. Economic Change and Restructuring, 56, 3187–3215. https://doi.org/10.1007/s10644-023-09521-9
• Yu, C. H., Wu, X., Zhang, D., Chen, S., & Zhao, J. (2021). Demand for green finance: Resolving financing constraints on green innovation in China. Energy Policy, 153, 112255. https://doi.org/10.1016/j.enpol.2021.112255
• Zhang, D., Zhang, Z., & Managi, S. (2019). A bibliometric analysis on green finance: Current status, development, and future directions. Finance Research Letters, 29, 425–430. https://doi.org/10.1016/j.frl.2019.02.003
• Zhang, Y., Cao, S., Lin, X., Su, Z., & Wang, K. (2022). Corporate financial decision under green credit guidelines: Evidence from China. Journal of the Asia Pacific Economy, 29(2), 882–907. https://doi.org/10.1080/13547860.2022.2072095
• Zhang, W., Hong, M., Li, J., & Li, F. (2021). An examination of green credit promoting carbon dioxide emissions reduction: A provincial panel analysis of China. Sustainability, 13(13), 7148. https://doi.org/10.3390/su13137148