Exploring the cultural forces behind green bond issuance

Luu Hanh Nguyen1,, Doan Anh Dung1, Phan Nhat Minh1, Doan Thi Thuy Quynh1, Pham Thi Thanh Ngan1
1 University of Economics and Business, Vietnam National University, Hanoi, Vietnam

Main Article Content


Green bonds, a rapidly emerging financial instrument designed to bolster environmentally sustainable initiatives, are subject to the influence of the national culture on economic decisions. This study examines varying levels of green bond issuance and cultural dimensions based on Hofstede’s theory. Fixed-effects regression was employed to analyze a sample of 67 countries from 2008 to 2021. The results suggest that cultural dimensions such as individualism and long-term orientation promote green bond issuance, while masculinity restrains it. Additionally, this study examines the moderating effects of institutional quality and economic conditions. The findings show that the relationship between national culture and green bonds is more significant in countries with high institutional quality and lower income levels. While this study offers valuable insights for policymakers, investors, and issuers seeking to promote sustainable finance in different cultural contexts, it could be enhanced by providing more information on the methodology and data sources used, as well as by exploring the potential mechanisms underlying the observed relationships between cultural values and green bond issuance.

Article Details


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