154
Views
0
CrossRef citations to date
0
Altmetric
Analysis

Are retail investors willing to buy green bonds? A case for Japan

ORCID Icon
Received 24 Mar 2022, Accepted 20 Apr 2024, Published online: 10 May 2024

References

  • Arathy, B., A.N. Aswathy, A. Sai, and N.R. Pravitha. 2015. A study on factors affecting investment on mutual funds and its preference of retail investors. International Journal of Scientific and Research Publications 5: 430–433.
  • Aruga, K. 2020a. Is environmental awareness a good predictor of an individual’s altruism level? Sustainability 12, no. 19: 7929.
  • Aruga, K. 2020b. Radiation knowledge and willingness to buy bottled water from regions near the Fukushima Daiichi Nuclear Power Plant. Water International 45: 812–823.
  • Aruga, K., M. Islam, Y. Zenno, and A. Jannat. 2022. Developing novel technique for investigating guidelines and frameworks: A text mining comparison between international and Japanese green bonds. Journal of Risk and Financial Management 15, no. 9: 382.
  • Climate Bonds Initiative. 2021. Record $269.5bn green issuance for 2020: Late surge sees pandemic year pip 2019 total by $3bn. https://www.climatebonds.net/2021/01/record-2695bn-green-issuance-2020-late-surge-sees-pandemic-year-pip-2019-total-3bn?
  • Cortellini, G., and I.C. Panetta. 2021. Green bond: A systematic literature review for future research agendas. Journal of Risk and Financial Management 14: 589.
  • Ding, R., and W. Hou. 2015. Retail investor attention and stock liquidity. Journal of International Financial Markets, Institutions and Money 37: 12–26.
  • Durrani, A., M. Rosmin, and U. Volz. 2020. The role of central banks in scaling up sustainable finance–what do monetary authorities in the Asia-Pacific region think? Journal Sustainable Finance & Investment 10, no. 2: 92–112.
  • Gao, Y., Y. Li, and Y. Wang. 2023. The dynamic interaction between investor attention and green security market: An empirical study based on Baidu index. China Finance Review International 13: 79–101.
  • Green Finance Portal. 2022. Domestic issuance list. http://greenfinanceportal.env.go.jp/en/bond/issuance_data/issuance_list.html.
  • Hanemann, W.M. 1984. Welfare evaluations in contingent valuation experiments with discrete responses. American Journal of Agricultural Economics 66, no. 3: 332–341.
  • Hanemann, W.M., J. Loomis, and B. Kanninen. 1991. Statistical efficiency of double-bounded dichotomous choice contingent valuation. American Journal of Agricultural Economics 73, no. 4: 1255–1263.
  • Knight, A.T., R.M. Cowling, M. Diord, and B.M. Campbell. 2010. Mapping human and social dimensions of conservation opportunity for the scheduling of conservation action on private land. Conservation Biology 24: 1348–1358.
  • Larcker, D.F., and E.M. Watts. 2020. Where’s the greenium. Journal of Accounting and Economics 6: 101312.
  • Loomis, J., P. Kent, L. Strange, K. Fausch, and A. Covich. 2000. Measuring the total economic value of restoring ecosystem services in an impaired river basin: Results from a contingent valuation survey. Ecological Economics 33: 103–117.
  • MacAskill, S., E. Roca, B. Liu, R.A. Stewart, and O. Sahin. 2021. Is there a green premium in the green bond market? Systematic literature review revealing premium determinants. Journal of Cleaner Production 280: 124491.
  • McCluskey, J., K.M. Grimsrud, H. Ouchi, and T.I. Wahl. 2003. Consumer response to genetically modified food products in Japan. Agricultural and Resource Economics Review 32: 221–231.
  • Ministry of Health, Labour and Welfare (MHLW). 2022. 2020 basic survey on wage structure. https://www.mhlw.go.jp/toukei/list/chinginkouzou_a.html.
  • Ministry of the Environment Government of Japan (MOE). 2020. Green bond guidelines. https://www.env.go.jp/policy/guidelines_set_version_with%20cover.pdf.
  • Ministry of the Environment Government of Japan (MOE). 2021. Green bond ni kansuru kankyoushyo no torikumi ni tuite [Initiatives taken by the MOE on green bond] (in Japanese). https://www.fsa.go.jp/singi/social_bond/siryou/20210310/03.pdf.
  • Nanayakkara, M., and S. Colombage. 2019. Do investors in green bond market pay a premium? Global evidence. Applied Economics 51: 4425–4437.
  • Nattino, G., S. Finazzi, and G. Bertolini. 2016. A new test and graphical tool to assess the goodness of fit of logistic regression models. Statististics in Medicine 35: 709–720. doi:10.1002/sim.6744.
  • Ning, Y., J. Cherian, M.S. Sial, S. Alvarez-Otero, U. Comite, and M. Zia-Ud-Din. 2022. Green bond as a new determinant of sustainable green financing, energy efficiency investment, and economic growth: A global perspective. Environmental Science and Pollution Research. doi:10.1007/s11356-021-18454-7.
  • Nojiri, T. 2017. Chiiki todoufukenbetu ni miru “toushi-shiko” no tokuchou toha? [What are the characteristics of investment preferences among the regions and prefectures?]. https://gentosha-go.com/articles/-/7163.
  • Panda, P. 2017. Green bond: A socially responsible investment (SRI). Research Bulletin 43: 97–113.
  • Partridge, C., and F.R. Medda. 2020. The evolution of pricing performance of green municipal bonds. Journal of Sustainable Finance & Investment 10: 44–64.
  • Pham, L., and T.L.D. Huynh. 2020. How does investor attention influence the green bond market? Finance Research Letters 35: 101533.
  • Sangiorgi, I., and L. Schopohl. 2021. Why do institutional investors buy green bonds: Evidence from a survey of European asset managers. International Review of Financial Analysis 75: 101738.
  • Social Innovation and Investment Foundation (SIIF). 2021. 2021 nendoban impact toushi ni kansuru shyohisha isihiki chyosa [2021 survey on consumer’s awareness on impact investment]. https://www.siif.or.jp/wp-content/uploads/uploads/2021/09/2021年度_インパクト投資_一般消費者調査.pdf.
  • Statistics Bureau of Japan. 2021. Jinko Suikei [Population estimates]. http://www.stat.go.jp/data/jinsui/index.htm.
  • Sumitomo Mitsui DS Asset Management. 2022. FRB no riage mitooshi touniyori saikenrimawari ga jyousho [A rise in the bond yield related to the outlook in the FRB’s interest rate hike]. https://www.smd-am.co.jp/market/daily/marketreport/2022/04/news220408gl.pdf.
  • Tolliver, C., H. Fujii, A.F. Keeley, and S. Managi. 2020. Green innovation and finance in Asia. Asian Economic Policy Review 9999: 1–21.
  • Xiao, J., Y. Wu, M. Wang, and Z. Ma. 2022. Scope issue in contingent valuation studies of the COVID-19 vaccine: The case of China. Applied Health Economics and Health Policy 20: 417–429.
  • Zenno, Y., and K. Aruga. 2022. Institutional investors’ willingness to pay for green bonds: A case for Shanghai. Journal of Risk and Financial Management 15: 508.
  • Zerbib, O.D. 2019. The effect of pro-environmental preferences on bond prices: Evidence from green bonds. Journal of Banking & Finance 98: 39–60.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.