Unravelling motives, determinants and outcomes of green bond issuance: A systematic literature review and future research agenda

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Abstract

This paper provides a comprehensive systematic literature review (SLR) of existing research on corporate green bond issuance (GBI). The study aims to 1) identify the motivations of issuers for issuing green bonds (GB), 2) examine the determinants, and 3) assess the outcomes of GBI. Adopting the SLR method, I reviewed 38 articles published between the years 2019 and 2024 in 23 journals from finance, economics, and management disciplines that have been ranked in the Australian Business Deans Council (ABDC) 2022 list. Key findings show that, first, improving corporate reputation is the key motivation for the issuers. Additional motives could be easing financial constraints or greenwashing. Second, macroeconomic conditions, policy support, and issuers’ characteristics are significant determinants of GBI. Third, post-issuance issuers witness increased institutional ownership, enhanced environmental performance, and reduced corporate cost of capital. By consolidating these insights, this study advances prior research by systematically synthesising GBI literature, offering a theoretical framework by integrating signalling and greenwashing perspectives, and outlining future research.

Keywords: Green Bonds, Green Bond Issuance, Systematic Literature Review

Authors’ individual contribution: The Author is responsible for all the contributions to the paper according to CRediT (Contributor Roles Taxonomy) standards.

Declaration of conflicting interests: The Author declares that there is no conflict of interest.

JEL Classification: G32, M14

Received: 08.08.2025
Revised: 22.09.2025; 06.10.2025
Accepted: 14.10.2025
Published online: 17.10.2025

How to cite this paper: Ashri, D. (2025). Unravelling motives, determinants and outcomes of green bond issuance: A systematic literature review and future research agenda. Corporate Ownership & Control, 22(3), 153–168. https://doi.org/10.22495/cocv22i3art12