This paper shows that brand reputation alone may not be sufficient to help firms successfully issue green bonds and that they may need superior corporate social responsibility performance in the form of high ESG (Environmental, Social, and Governance) scores to unlock the full potential of their brand reputation. Using a sample of 338 international green bond issues across 108 unique firms, we found significant positive effects of ESG disclosure score and its interaction brand reputation on the issuance of green bonds while controlling for other variables, such as fixed effects of industry, region, and time. We also show that it is the S (Social) component of ESG and the interactions of its E (Environmental) and G (Governance) components with brand reputation which drive successful green bond issuance. Besides extending the current research on the impact of brand reputation and ESG on green bonds, these results also have important managerial implications for analysts, fund managers, and firms planning to raise green capital.

中文翻译：

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品牌声誉和 ESG 对绿色债券问题的交互影响：可持续发展视角

本文表明，单靠品牌声誉可能不足以帮助企业成功发行绿色债券，他们可能需要以高 ESG（环境、社会和治理）分数的形式表现出卓越的企业社会责任绩效，以释放其全部潜力品牌声誉。使用 108 家独特公司的 338 只国际绿色债券发行样本，我们发现 ESG 披露评分及其互动品牌声誉对绿色债券发行有显着的积极影响，同时控制了其他变量，例如行业、地区和地区的固定效应时间。我们还表明，正是 ESG 的 S（社会）成分及其 ​​E（环境）和 G（治理）成分与品牌声誉的相互作用推动了绿色债券的成功发行。