Gröna obligationer och det verkliga bidraget till hållbar utveckling - En kvalitativ studie om hur finansiering med gröna obligationer påverkar hållbarhetsarbetet i svenska fastighetsbolag
Sammanfattning: This study investigates how a green bond issuance may affect the sustainabilityactivities within a Swedish real estate company. The research question is based on adiscussion of additionality in terms of sustainable development. The study has beencarried out by using a qualitative method and includes a dataset of 12 semi-structuredinterviews with primarily CFOs within real estate companies in the Swedish market.We find that green bonds’ contribution to a sustainable development is ambiguous.However contradictory to previous studies we find stronger evidence that issuanceof green bonds affect the behavior of the firm and tend to increase climate relatedinvestment through for example sustainability certifications of real estate. We alsogive alternative explanations to why some firms’ sustainability activities are notaffected by a green bond issuance. We explain this with CSR literature. Furthermorewe divide our conclusions of the effects on sustainability activities into direct andindirect additionality which contributes to a more nuanced discussion ofadditionality. Finally we use agency theory and the perspective on agency benefit ofdebt financing and connect it to the green bond issuance in an attempt to establish anew perspective on the green commitment after issuance and how it may contributeto sustainability. The findings are of importance since they contribute to a nuancedunderstanding of the effect that a green bond issuance may have on the sustainabilityactivities within a company.
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