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Yeşil Tahvil Alanında Yayınlanmış Makaleler Üzerine Bibliyometrik Bir Analiz

Year 2024, Volume: 6 Issue: 1, 176 - 189, 30.06.2024

Abstract

Dünyanın gündeminde iklim değişikliği olarak tanımlanan bir gerçekliğin varlığı çevre yetkilileri ile finans uzmanlarının bir araya gelmesine ve yeşil finansın araçlarından biri olan yeşil tahvillerin ortaya çıkmasına neden olmuştur. Yeşil tahviller, Paris Anlaşması'nın 2°C sıcaklık hedefine ulaşılmasına yardımcı olan emisyon azaltımlarını, sürdürülebilir kalkınmayı ve diğer temiz üretim yatırımlarını finanse etmek için kullanılmaya başlanmış ve iklim değişikliği ile mücadelede önemli bir rol oynamaya başlamıştır. Bunun en önemli nedeni yeşil tahvillerin sadece çevre dostu projeler için kullanılmasıdır. Bu çalışmanın amacı, son yıllarda yeşil tahvil piyasasına dair artan ilginin yeşil tahvil ile ilgili çalışmaları teşvik edip etmediğini araştırmak ve ilgili alandaki yayınların içerik analizini yaparak literatüre katkı sağlamaktır. Bu çalışmada, 2007 yılından itibaren piyasası oluşmaya başlayan yeşil tahvil üzerine yazılmış 675 makale ve 30 derleme makaleden oluşan toplam 705 yayının bibliyometrik analizi yapılmıştır. Bibliyometrik analizi yapabilmek, ağların ve eğilimlerin görselleştirilmesini sağlamak için VOSviewer (1.6.20) yazılımı kullanılmıştır. Çalışmada, altı araştırma sorusu temelinde bibliyometrik analiz yapılmış ve analiz sonucunda yeşil tahvil ile ilgili yayınların özellikle 2019 yılından itibaren yeşil tahvil piyasasının gelişimiyle paralellik göstererek arttığı gözlemlenmiştir. Çin’in 228 yayın ile en fazla çalışmaya sahip olduğu, ilgili alandaki makalelerin çoğunluğunun etki faktörü yüksek dergilerde yayımlandığı ve en etkili iki yazarın Taghizadeh-Hesary, F. ve Naaem, M.A. olduğu sonucuna ulaşılmıştır.

References

  • Avrupa Yatırım Bankası (2021). Climate awareness bonds. European Investment Bank, https://www.eib.org/en/investor_relations/cab/index.htm#
  • Aysan, A.F. ve Büyükdeniz, T. (2022). Financing cyclical economy through capital markets: Green bonds. Bulut, B., & Korkut, C. (Eds.), Circular economy and sustainable living (ss. 23-43), Ankara, Türkiye. 10.53478/TUBA.978-605-2249-97-0.ch02
  • Azhgaliyeva, D., Mishra, R. ve Kapsalyamova, Z. (2021). Oil price shocks and green bonds: A longitudinal multilevel model (ADBI Working Paper No: 1278). Asian Development Bank Institute.
  • Baker, M. P., Bergstresser, D., Serafeim, G. ve Wurgler, J. (2018). Financing the response to climate change: the pricing and ownership of US green bonds. SSRN Electronic Journal. https://ssrn.com/abstract=3275327.
  • Baulkaran, V. (2019). Stock Market Reaction to Green Bond Issuance. Journal of Asset Management, 20, 331-340.
  • Climate Bond Initiative [CBI]. (2024). Interactive Data Platform. https://www.climatebonds.net/market/data/.
  • Dumlu, T. ve Keleş, E. (2023). Kurumsal Yeşil Tahviller ve Firma Değeri: Türkiye Uygulamaları. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 8(1), 261-269.
  • Dutta, A., Jana, R. K. ve Das, D. (2020). Do Green Investments React to Oil Price Shocks? Implications for Sustainable Development. Journal of Cleaner Production, 266, 121956.
  • Etlioğlu, M. (2023). Görsel Haritalama Tekniği ile Yeşil Pazarlama Bibliyometrik Analizi. Five Zero, 3(1), 146-162. Fatica, S. ve Panzica, R. (2020). Green bonds as a tool against climate change? (JRC Working Papers in Economics and Finance, 2020/10). Luxembourg: Publications Office of the European Union.
  • Ferrer, R., Shahzad, S. J. H. ve Soriano, P. (2021). Are Green Bonds a Different Asset Class? Evidence from Time-Frequency Connectedness Analysis. Journal of Cleaner Production, 292, 125988.
  • Flammer, C. (2021). Corporate Green Bonds. Journal of Financial Economics, 142, 499-516.
  • Hammoudeh, S., Ajmi, A. N. ve Mokni, K. (2020). Relationship between Green Bonds and Financial and Environmental Variables: A Novel Time-Varying Causality. Energy Economics, 92, 104941.
  • International Capital Market Association [ICMA]. (2021). Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds (2021 Edition of the GBP).
  • Jagriti, M.S. (2023). Bibliometric Analysis of Green Bonds. International Journal of Commerce and Management, 17, 123-133.
  • Jormalainen, A. (2020). Impact of Green Bonds on Firm’s Valuation. Yüksek Lisans Tezi. Finland: University of VAASA.
  • Kanamura, T. (2020). Are Green Bonds Environmentally Friendly and Good Performing Assets? Energy Economics, 88, 104767.
  • Kandir, S.Y. ve Yakar, S. (2017). A New Tool for Renewable Energy Investments: Green Bonds. Maliye Dergisi, 172, 85-110.
  • Karpf, A. ve Mandel, A. (2017). Does it Pay to be Green? A Comparative Study of the Yield Term Structure of Green and Brown Bonds in the US Municipal Bonds Markets. SSRN Electronic Journal. https://ssrn.com/abstract=2923484.
  • Larcker, D. F. ve Watts, E. M. (2020). Where’s the greenium? Journal of Accounting and Economics, 69, 101312. Lee, C. C., Lee, C. C. ve Li, Y. Y. (2021). Oil Price Shocks, Geopolitical Risks, and Green Bond Market Dynamics. North American Journal of Economics and Finance, 55, 101309.
  • Nanayakkara, M. ve Colombage, S. (2019). Do Investors in Green Bond Market Pay a Premium? Global Evidence. Applied Economics, 51(40), 4425-4437.
  • Neufeld, D. (2023, Nisan 12). Ranked: The largest bond markets in the World. Visual Capitalist. https://www.visualcapitalist.com/ranked-the-largest-bond-markets-in-the-world/#:~:text=In%202022%2C%20the%20global%20bond,major%20economies%20and%20emerging%20markets.
  • Nguyen, V. (2020). How Implied Volatilities in Energy Sector, Crude Oil and Stock Market Affect the Performance of Green Bond? Yüksek Lisans Tezi. Finland: University of VAASA.
  • Organisation for Economic Co-operation and Development [OECD]. (2015). Policy Perspectives: Green Bonds - Mobilising the Debt Capital Markets for a Low-Carbon Transition (Issue OECD/Bloomberg Philanthropies). OECD Publishing.
  • Öğüt, A., Ekinci, T. ve Gökçe, Ş. (2023). Yeşil Yönetim Uygulamaları ve Firma Performansı Arasındaki İlişkinin Bibliyometrik Analizi. Necmettin Erbakan Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, 5(2), 258-277.
  • Petrova, A. (2016). Green Bonds: Lower Returns or Higher Responsibility? Yüksek Lisans Tezi. Netherlands: Radboud University.
  • Pham, L. ve Nguyen, C. P. (2022). How do Stock, Oil, and Economic Policy Uncertainty Influence The Green Bond Market? Finance Research Letters, 45, 102128.
  • Pietsch, A. ve Salakhova, D. (2022). Pricing of green bonds: Drivers and dynamics of the greenium (ECB Working Paper Series No: 2728). European Central Bank.
  • Reboredo, J. C. ve Ugolini, A. (2018). The Impact of Energy Prices on Clean Energy Stock Prices. A Multivariate Quantile Dependence Approach. Energy Economics, 76(C), 136-152.
  • Savaş, Y. (2023). Yönetim Alanında Fenomenoloji Kavramının Görsel Haritalama Tekniğiyle Bibliyometrik Analizi. Pamukkale Üniversitesi İşletme Araştırmaları Dergisi, 10(2), 472-490 . Su, C. W., Chen, Y., Hu, J., Chang, T. ve Umar, M. (2023). Can the Green Bond Market Enter a New Era Under the Fluctuation of Oil Price? Economic Research-Ekonomska Istraživanja, 36(1), 536-561.
  • Şen Küçük, G. ve Kaynar, Z. (2023). Finansal Teknoloji Literatürü Üzerine Bibliyometrik Bir Analiz. Necmettin Erbakan Üniversitesi Siyasal Fakülteler Dergisi, 5(2), 119-131.
  • Tang, C., Aruga, K. ve Hu, Y. (2023). The Dynamic Correlation and Volatility Spillover among Green Bonds, Clean Energy Stock, and Fossil Fuel Market. Sustainability, 15, 6586.
  • Tang, D. Y. ve Zhang, Y. (2020). Do Shareholders Benefit from Green Bonds? Journal of Corporate Finance, 61, 101427.
  • Velloso, H. (2017). The rise of green bonds: Financing for development in Latin America and the Caribbean. Economic Commission for Latin America and the Caribbean: ECLAC Washington Office.
  • Wang, C. W., Wu, Y. C., Hsieh, H. Y., Huang, P. H. ve Lin, M. C. (2022). Does Green Bond Issuance have an Impact on Climate Risk Concerns? Energy Economics, 111, 106066.
  • Yan. L., Wang, H., Athari, S. A. ve Atif, F. (2022). Driving Green Bond Market Through Energy Prices, Gold Prices and Green Energy Stocks: Evidence from a Non-Linear Approach. Economic Research-Ekonomska Istraživanja, 35(1), 6479-6499.
  • Zerbib, O. D. (2019). The Effect of Pro-Environmental Preferences on Bond Prices: Evidence from Green Bonds. Journal of Banking and Finance, 98, 39-60.

A Bibliometric Analysis on Articles Published in the Field of Green Bonds

Year 2024, Volume: 6 Issue: 1, 176 - 189, 30.06.2024

Abstract

The presence of a reality defined as climate change on the world's agenda has brought environmental authorities and financial experts together and led to the emergence of green bonds, one of the instruments of green finance. Green bonds have started to play an important role in the fight against climate change. Green bonds are used only for environmentally friendly projects. The aim of this study is to investigate whether the increasing interest in the green bond market in recent years has encouraged studies on green bonds and to contribute to the literature by conducting a content analysis of publications in the related field. In this study, we conducted a bibliometric analysis of a total of 705 publications, including 675 articles and 30 review articles, written on green bonds, whose market has started to emerge since 2007. VOSviewer (1.6.20) software was used for bibliometric analysis and visualization of networks and trends. In the study, bibliometric analysis was conducted on the basis of six research questions and as a result of the analysis, it was observed that publications on green bonds have increased in parallel with the development of the green bond market, especially since 2019. It is concluded that China has the highest number of publications with 228 publications, the majority of the articles published in the relevant field are published in journals with high impact factor and the two most influential authors are Taghizadeh-Hesary, F. and Naaem, M.A.

References

  • Avrupa Yatırım Bankası (2021). Climate awareness bonds. European Investment Bank, https://www.eib.org/en/investor_relations/cab/index.htm#
  • Aysan, A.F. ve Büyükdeniz, T. (2022). Financing cyclical economy through capital markets: Green bonds. Bulut, B., & Korkut, C. (Eds.), Circular economy and sustainable living (ss. 23-43), Ankara, Türkiye. 10.53478/TUBA.978-605-2249-97-0.ch02
  • Azhgaliyeva, D., Mishra, R. ve Kapsalyamova, Z. (2021). Oil price shocks and green bonds: A longitudinal multilevel model (ADBI Working Paper No: 1278). Asian Development Bank Institute.
  • Baker, M. P., Bergstresser, D., Serafeim, G. ve Wurgler, J. (2018). Financing the response to climate change: the pricing and ownership of US green bonds. SSRN Electronic Journal. https://ssrn.com/abstract=3275327.
  • Baulkaran, V. (2019). Stock Market Reaction to Green Bond Issuance. Journal of Asset Management, 20, 331-340.
  • Climate Bond Initiative [CBI]. (2024). Interactive Data Platform. https://www.climatebonds.net/market/data/.
  • Dumlu, T. ve Keleş, E. (2023). Kurumsal Yeşil Tahviller ve Firma Değeri: Türkiye Uygulamaları. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 8(1), 261-269.
  • Dutta, A., Jana, R. K. ve Das, D. (2020). Do Green Investments React to Oil Price Shocks? Implications for Sustainable Development. Journal of Cleaner Production, 266, 121956.
  • Etlioğlu, M. (2023). Görsel Haritalama Tekniği ile Yeşil Pazarlama Bibliyometrik Analizi. Five Zero, 3(1), 146-162. Fatica, S. ve Panzica, R. (2020). Green bonds as a tool against climate change? (JRC Working Papers in Economics and Finance, 2020/10). Luxembourg: Publications Office of the European Union.
  • Ferrer, R., Shahzad, S. J. H. ve Soriano, P. (2021). Are Green Bonds a Different Asset Class? Evidence from Time-Frequency Connectedness Analysis. Journal of Cleaner Production, 292, 125988.
  • Flammer, C. (2021). Corporate Green Bonds. Journal of Financial Economics, 142, 499-516.
  • Hammoudeh, S., Ajmi, A. N. ve Mokni, K. (2020). Relationship between Green Bonds and Financial and Environmental Variables: A Novel Time-Varying Causality. Energy Economics, 92, 104941.
  • International Capital Market Association [ICMA]. (2021). Green Bond Principles: Voluntary Process Guidelines for Issuing Green Bonds (2021 Edition of the GBP).
  • Jagriti, M.S. (2023). Bibliometric Analysis of Green Bonds. International Journal of Commerce and Management, 17, 123-133.
  • Jormalainen, A. (2020). Impact of Green Bonds on Firm’s Valuation. Yüksek Lisans Tezi. Finland: University of VAASA.
  • Kanamura, T. (2020). Are Green Bonds Environmentally Friendly and Good Performing Assets? Energy Economics, 88, 104767.
  • Kandir, S.Y. ve Yakar, S. (2017). A New Tool for Renewable Energy Investments: Green Bonds. Maliye Dergisi, 172, 85-110.
  • Karpf, A. ve Mandel, A. (2017). Does it Pay to be Green? A Comparative Study of the Yield Term Structure of Green and Brown Bonds in the US Municipal Bonds Markets. SSRN Electronic Journal. https://ssrn.com/abstract=2923484.
  • Larcker, D. F. ve Watts, E. M. (2020). Where’s the greenium? Journal of Accounting and Economics, 69, 101312. Lee, C. C., Lee, C. C. ve Li, Y. Y. (2021). Oil Price Shocks, Geopolitical Risks, and Green Bond Market Dynamics. North American Journal of Economics and Finance, 55, 101309.
  • Nanayakkara, M. ve Colombage, S. (2019). Do Investors in Green Bond Market Pay a Premium? Global Evidence. Applied Economics, 51(40), 4425-4437.
  • Neufeld, D. (2023, Nisan 12). Ranked: The largest bond markets in the World. Visual Capitalist. https://www.visualcapitalist.com/ranked-the-largest-bond-markets-in-the-world/#:~:text=In%202022%2C%20the%20global%20bond,major%20economies%20and%20emerging%20markets.
  • Nguyen, V. (2020). How Implied Volatilities in Energy Sector, Crude Oil and Stock Market Affect the Performance of Green Bond? Yüksek Lisans Tezi. Finland: University of VAASA.
  • Organisation for Economic Co-operation and Development [OECD]. (2015). Policy Perspectives: Green Bonds - Mobilising the Debt Capital Markets for a Low-Carbon Transition (Issue OECD/Bloomberg Philanthropies). OECD Publishing.
  • Öğüt, A., Ekinci, T. ve Gökçe, Ş. (2023). Yeşil Yönetim Uygulamaları ve Firma Performansı Arasındaki İlişkinin Bibliyometrik Analizi. Necmettin Erbakan Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, 5(2), 258-277.
  • Petrova, A. (2016). Green Bonds: Lower Returns or Higher Responsibility? Yüksek Lisans Tezi. Netherlands: Radboud University.
  • Pham, L. ve Nguyen, C. P. (2022). How do Stock, Oil, and Economic Policy Uncertainty Influence The Green Bond Market? Finance Research Letters, 45, 102128.
  • Pietsch, A. ve Salakhova, D. (2022). Pricing of green bonds: Drivers and dynamics of the greenium (ECB Working Paper Series No: 2728). European Central Bank.
  • Reboredo, J. C. ve Ugolini, A. (2018). The Impact of Energy Prices on Clean Energy Stock Prices. A Multivariate Quantile Dependence Approach. Energy Economics, 76(C), 136-152.
  • Savaş, Y. (2023). Yönetim Alanında Fenomenoloji Kavramının Görsel Haritalama Tekniğiyle Bibliyometrik Analizi. Pamukkale Üniversitesi İşletme Araştırmaları Dergisi, 10(2), 472-490 . Su, C. W., Chen, Y., Hu, J., Chang, T. ve Umar, M. (2023). Can the Green Bond Market Enter a New Era Under the Fluctuation of Oil Price? Economic Research-Ekonomska Istraživanja, 36(1), 536-561.
  • Şen Küçük, G. ve Kaynar, Z. (2023). Finansal Teknoloji Literatürü Üzerine Bibliyometrik Bir Analiz. Necmettin Erbakan Üniversitesi Siyasal Fakülteler Dergisi, 5(2), 119-131.
  • Tang, C., Aruga, K. ve Hu, Y. (2023). The Dynamic Correlation and Volatility Spillover among Green Bonds, Clean Energy Stock, and Fossil Fuel Market. Sustainability, 15, 6586.
  • Tang, D. Y. ve Zhang, Y. (2020). Do Shareholders Benefit from Green Bonds? Journal of Corporate Finance, 61, 101427.
  • Velloso, H. (2017). The rise of green bonds: Financing for development in Latin America and the Caribbean. Economic Commission for Latin America and the Caribbean: ECLAC Washington Office.
  • Wang, C. W., Wu, Y. C., Hsieh, H. Y., Huang, P. H. ve Lin, M. C. (2022). Does Green Bond Issuance have an Impact on Climate Risk Concerns? Energy Economics, 111, 106066.
  • Yan. L., Wang, H., Athari, S. A. ve Atif, F. (2022). Driving Green Bond Market Through Energy Prices, Gold Prices and Green Energy Stocks: Evidence from a Non-Linear Approach. Economic Research-Ekonomska Istraživanja, 35(1), 6479-6499.
  • Zerbib, O. D. (2019). The Effect of Pro-Environmental Preferences on Bond Prices: Evidence from Green Bonds. Journal of Banking and Finance, 98, 39-60.
There are 36 citations in total.

Details

Primary Language Turkish
Subjects Natural Resources Economy
Journal Section Research Articles
Authors

Ayşegül Uçkun Özkan 0000-0001-8430-9686

Publication Date June 30, 2024
Submission Date March 26, 2024
Acceptance Date June 27, 2024
Published in Issue Year 2024 Volume: 6 Issue: 1

Cite

APA Uçkun Özkan, A. (2024). Yeşil Tahvil Alanında Yayınlanmış Makaleler Üzerine Bibliyometrik Bir Analiz. Necmettin Erbakan Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, 6(1), 176-189.

Journal of Necmettin Erbakan University Faculty of Political Sciences is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License (CC BY NC).