ANALIZA I KOMPARACIJA KRETANJA PRINOSA ZELENIH OBVEZNICA I KONVENCIONALNIH MUNICIPALNIH OBVEZNICA

 Peti naučni skup „Računovodstvena znanja kao činilac ekonomskog i društvenog napretka“ (2025) [241-254 str.]  

AUTHOR(S) / AUTOR(I): Miloš Grujić 

Download Full Pdf  

DOI: 10.46793/RZ25.241G

ABSTRACT / SAŽETAK:

Studija analizira kretanje prinosa zelenih obveznica i municipalnih obveznica u Sjedinjenim Američkim Državama (SAD) tokom prethodne decenije. Glavna hipoteza istraživanja je da zelene obveznice nose niže prosječne prinose u usporedbi s običnim municipalnim obveznicama. U istraživanju su korišteni podaci S&P U.S. Municipal Green Bond Indexa i S&P U.S. Municipal Bond Indexa. Metodologija istraživanja uključuje deskriptivnu statistiku, analizu korelacije i testiranje hipoteza (F-test i T-test). Rezultati istraživanja pokazuju da postoji visoka pozitivna korelacija između prinosa zelenih i običnih municipalnih obveznica, što ukazuje na sličnost njihovog ponašanja na tržištu. Istovremeno, rezultati ukazuju na to da zelene municipalne obveznice imaju nešto niži prosječni prinos od običnih municipalnih obveznica, ali ta razlika nije statistički značajna. Ovi nalazi su u skladu s nekim prethodnim istraživanjima koja nisu pronašla značajnu razliku u prinosu između zelenih i običnih obveznica. Mogući razlozi za to uključuju nedostatak razlike u kreditnom riziku između zelenih i običnih municipalnih obveznica. Istraživanje ima određena ograničenja, kao što je fokus na jedno tržište (SAD) i jedan segment (lokalne samouprave) te relativno kratak period. Buduća istraživanja mogu se fokusirati na druga tržišta, duže periode te druge metode analize.

KEYWORDS / KLJUČNE REČI:

zelene obveznice, municipalne obveznice, kreditni rizik

ACKNOWLEDGEMENT / PROJEKAT:

REFERENCES / LITERATURA:

  • Bachelet, M. J., Becchetti, L., & Manfredonia, S. (2019). The green bonds premium puzzle: The role of issuer characteristics and third-party verification. Sustainability, 11(4), 1098.
  • Baker, M., Bergstresser, D., Serafeim, G., & Wurgler, J. (2018). Financing the response to climate change: The pricing and ownership of US green bonds. National Bureau of Economic Research No. w25194.
  • Bour, T. (2019). The green bond premium and non-financial disclosure: Financing the future, or merely greenwashing. Master thesis. Maastricht University, Maastricht, The Netherlands.
  • Climate Bonds Initiative. (2025). Climate Bonds Initiative. https://www.climatebonds.net/market/data (16.03.2025).
  • Dorfleitner, G., Utz, S., & Zhang, R. (2021). The pricing of green bonds: External reviews and the shades of green. Review of Managerial Science, 15, 1-38.
  • El Ghoul, S., Guedhami, O., Kwok, C., & Mishra, D. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406.
  • Fatica, S., Panzica, R., & Rancan, M. (2021). The pricing of green bonds: Are financial institutions special? Journal of Financial Stability, 54, 100873.
  • Gianfrate, G., & Peri, M. (2019). The green advantage: Exploring the convenience of issuing green bonds. Journal of Cleaner Production, 219, 127-135.
  • Grujić M (2024). Investment of Institutional Investors in Green Bonds – Financing of Sustainable Development and Optimization of the Investment Portfolio. In: Ilić P., Pržulj N. (eds) Circular Economy (pp. 215-246). Academy of Sciences and Arts of the Republic of Srpska, Banja Luka.
  • Grujić, M. (2023). Problemi i ograničenja finansijskog izvještavanja o kriptovalutama – mogućnosti i šanse za računovodstvenu profesiju. U: Dimitrijević, D., Lalević Filipović, A., & Spasić, D. (red.), Računovodstvena znanja kao činilac ekonomskog i društvenog napretka (str. 324-345). Kragujevac: Ekonomski fakultet Univerziteta u Kragujevcu.
  • Uticaj digitalne revolucije na računovodstvene zadatke, vještine i usluge u Bosni i Hercegovini. https://www.researchgate.net/publication/390929343_Uticaj_digitalne_revolucije_na_racunovodstvene_zadatke_vjestine_i_usluge_u_Bosni_i_Hercegovini (08.05.2025).
  • Hachenberg, B., & Schiereck, D. (2018). Are green bonds priced differently from conventional bonds? Journal of Asset Management, 19, 371-383.
  • Hyun, S., Park, D., & Tian, S. (2020). The price of going green: The role of greenness in green bond markets. Accounting & Finance, 60(1), 73-95.
  • Janković, I., Kovačević, V., i Ljumović, I. (2022). Karakteristike prinosa zelenih obveznica lokalnih samouprava. Ekonomika preduzeća, 70(3-4), 206-214.
  • Jiang, K., Chen, Z., & Chen, F. (2022). Green creates value: Evidence from China. Journal of Asian Economics, 78, 101425.
  • Kaenzig, J., Heinzle, S. L., & Wüstenhagen, R. (2013). Whatever the customer wants, the customer gets? Exploring the gap between consumer preferences and default electricity products in Germany. Energy Policy, 53, 311-322.
  • Karpf, A., & Mandel, A. (2018). The changing value of the ‘green’ label on the US municipal bond market. Nature Climate Change, 8(2), 161-165.
  • Kumar, S. (2022). A quest for sustainium (sustainability Premium): Review of sustainable bonds. Academy of Accounting and Financial Studies Journal, 26(2), 1-18.
  • Larcker, D., & Watts, E. (2020). Where’s the greenium? Journal of Accounting and Economics, 69(2-3), 101312.
  • Löffler, K., Petreski, A., & Stephan, A. (2021). Drivers of green bond issuance and new evidence on the “greenium”. Eurasian Economic Review, 11(1), 1-24.
  • Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review, 49(1), 49-75.
  • Ojukwu, P., Cadet, E., Osundare, O., Fakeyede, O., Ige, A., & Uzoka, A. (2024). Advancing green bonds through FinTech innovations: A conceptual insight into opportunities and challenges. International Journal of Engineering Research and Development, 20, 565-576.
  • Östlund, E. (2015). Are investors rational profit maximisers or do they exhibit a green preference? Evidence from the green bond market. Stockholm School of Economics Master’s Thesis in Economics (21875).
  • Partridge, C., & Medda, F. (2020). The evolution of pricing performance of green municipal bonds. Journal of Sustainable Finance & Investment, 10(1), 44-64.
  • Perlovsky, I., & DeMarco, T. (2022). Green Bond Performance Primer.  https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/fixed-income/Green-Bond-Performance-Primer.pdf (16.3.2025).
  • Ram, A. (2019). Bitcoin as a new asset class. Meditari Accountancy Research, 21(1), 147-168.
  • Roe, B., Teisl, M., Levy, A., & Russell, M. (2001). US consumers’ willingness to pay for green electricity. Energy Policy, 29(11), 917-925.
  • Rommel, J., Sagebiel, J., & Müller, J. (2016). Quality uncertainty and the market for renewable energy: Evidence from German consumers. Renewable Energy, 94, 106-113.
  • S&P Dow Jones Indices. (2025). S&P Municipal Bond Index. Preuzeto sa: https://www.spglobal.com/spdji/en/indices/fixed-income/sp-municipal-bond-index/#overview (16.03.2025).
  • S&P Dow Jones Indices. (2025). S&P U.S. Municipal Green Bond Index. Preuzeto sa:  https://www.spglobal.com/spdji/en/indices/esg/sp-us-municipal-green-bond-index/#overview (16.03.2025).
  • Sharfman, M., & Fernando, C. (2008). Environmental risk management and the cost of capital. Strategic Management Journal, 29(6), 569-592.
  • Tang, D., Zhang, Y. (2020). Do shareholders benefit from green bonds? Journal of Corporate Finance, 61, 101427.
  • Trautman, L., & Dorman, T. (2018). Bitcoin as Asset Class. SSRN Electronic Journal No. 3218007.
  • Zerbib, O. (2019). The effect of pro-environmental preferences on bond prices: Evidence from green bonds. Journal of Banking & Finance, 98, 39-60.
  • Zhai, Y., Cai, Z., Lin, H., Yuan, M., Mao, Y., & Yu, M. (2022). Does better environmental, social, and governance induce better corporate green innovation: The mediating role of financing constraints. Corporate Social Responsibility and Environmental Management, 29(5), 1513-1526.