Sustainability Linked Bonds an Instrument of Future Finance Based on Past Trends: A Bibliometric Analysis

This paper aims raising awareness and provide information growing literature on Sustainability bonds (SB) or Sustainability-linked bonds (SLB). Society, individuals businesses that use natural resources also have duty to protect environment. In this context, bibliometric information was gathered by searching Scopus Core Collection database under heading “sustainable bonds or SLB.”. Results were further filtered by eight keywords, followed by subject area. Sum of 142 documents is selected from Scopus database from 1987 2022 (July). This study deconstructs most influential articles and top contributing journals, authors, and countries. It also presents network visualizations on keyword cluster analysis, keywords based on authors, summary of 50 keywords, trending keywords based on abstract, , thematic evolution, and three-field plots in SB or SLB. Findings from study of years 1987 to 2022 demonstrate growth potential of SB or SLB. In India, there is gap in knowledge on SB or SLB. India has only worked on small number of keywords out of top 20 keywords hence it is advantageous for academics to contribute to this field of study. Study intends to provide emphasis on current research trends in area of SB or SLB along with trends in increasing investment through GSSSB’s (Green, social, sustainable, sustainability linked bonds) and its implication in metaverse.

Keywords

SB SLB Systematic literature review Bibliometric analysis GSSSB’s

References

Agbo, F. J., Oyelere, S. S., Suhonen, J., & Tukiainen, M. (2021). Scientific production and thematic breakthroughs in smart learning environments: A bibliometric analysis. Smart Learning Environments, 8(1), 1–25. https://doi.org/10.1186/s40561-020-00145-4
Alshater, M. M., Atayah, O. F., & Hamdan, A. (2021). Journal of Sustainable Finance and Investment: A bibliometric analysis. Journal of Sustainable Finance and Investment, 0(0), 1–22. https://doi.org/10.1080/20430795.2021.1947116
Berrada, T., & Engelhardt, L. (2022). The Economics of Sustainability-Linked Bonds.
Bhattacharya, S., Kumar, N., & Lonikar, P. (2022). Climate Bonds Initiative: India State of the Market 2021, 40–52.
Bilbao-Terol, A., Arenas-Parra, M., Canal-Fernandez, V., & Antomil-Ibias, J. (2014). Using TOPSIS for assessing the sustainability of government bond funds. Omega, 49, 1–17. https://doi.org/10.1016/j.omega.2014.04.005
Çelik, Ş. (2021). Bibliometric analysis and its application on milk production. Quest Journals: Journal of Architecture and Civil Engineering, 6(1), 7–18.
Cortellini, G., & Panetta, I. C. (2021). Green bonds: A systematic literature review for future research agendas.
Directorate, D. C. (2021). Scaling up Green, Social, Sustainability and Sustainability-linked Bond Issuances in Developing Countries. October.
Fernandez, R. B., Pernice, S., & Streb, J. M. (2013). Corporate bond markets in Argentina. Bond Markets in Latin America, 89–118. https://doi.org/10.7551/mitpress/9780262026321.003.0004
Framework, F., & De Paoli, A. (n.d.). ENEL successfully places a triple-tranche €2.75 billion sustainability-linked bond in the Eurobond market, 1–3.
Gerner, M. (2019). Assessing and managing sustainability in international perspective: Corporate sustainability across cultures. International Journal of Corporate Social Responsibility, 4(1). https://doi.org/10.1186/s40991-019-0043-x
Ghosh, A., & Satya Prasad, V. K. (2021). Off-grid solar energy systems adoption or usage: A bibliometric study using the Bibliometrix R tool. Library Philosophy and Practice, June, 1–22.
Giraldez, J., & Fontana, S. (2021). Sustainability-linked bonds: The next frontier in sovereign financing. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3829946
International Capital Markets Association. (2020). Sustainability-Linked Bond Principles. ICMA, June, 1–11.
Khalifah, S. (2019). Green bonds and financial performance. 126(1), 1–7.
Kölbel, J., & Lambillon, A.-P. (2022). Who pays for sustainability? An analysis of sustainability-linked bonds. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4007629
Kumar, S., Sharma, D., Rao, S., Lim, W. M., & Mangla, S. K. (2022). Past, present, and future of sustainable finance: Insights from big data analytics through machine learning of scholarly research. Annals of Operations Research. https://doi.org/10.1007/s10479-021-04410-8
Liberadzki, M., Jaworski, P., & Liberadzki, K. (2021). Spread analysis of sustainability-linked bonds tied to greenhouse gas emissions reduction targets. Energies, 14(23), 1–12. https://doi.org/10.3390/en14237918
Maltais, A., & Nykvist, B. (2021). Understanding the role of green bonds in advancing sustainability. Journal of Sustainable Finance and Investment, 11(3), 233–252. https://doi.org/10.1080/20430795.2020.1724864
Melega Stefan, A., & Melega, A. (2022). Bibliometric analysis of scientific production regarding the harmonization of accounting in BRICS emerging economies. European Journal of Accounting, 10, 2022. https://doi.org/10.4316/EJAFB.2022.1012
Paule-Vianez, J., Gomez-Martinez, R., & Prado-Roman, C. (2020). A bibliometric analysis of behavioural finance with mapping analysis tools. European Research on Management and Business Economics, 26(2), 71–77. https://doi.org/10.1016/j.iedeen.2020.01.001
Harikumar, P. N., & D, S. (2017). Green bonds: Sustainable investment opportunities. International Journal of Scientific Research, 6(12), 325–328.

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Nancy gupta, Ajit mittal, Rachita rana . (2024). Sustainability Linked Bonds an Instrument of Future Finance Based on Past Trends: A Bibliometric Analysis. IITM Journal of Management and IT, 15(1), 86-108.

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[1] Agbo, F. J., Oyelere, S. S., Suhonen, J., & Tukiainen, M. (2021). Scientific production and thematic breakthroughs in smart learning environments: A bibliometric analysis. Smart Learning Environments, 8(1), 1–25. https://doi.org/10.1186/s40561-020-00145-4

[2] Alshater, M. M., Atayah, O. F., & Hamdan, A. (2021). Journal of Sustainable Finance and Investment: A bibliometric analysis. Journal of Sustainable Finance and Investment, 0(0), 1–22. https://doi.org/10.1080/20430795.2021.1947116

[3] Berrada, T., & Engelhardt, L. (2022). The Economics of Sustainability-Linked Bonds.

[4] Bhattacharya, S., Kumar, N., & Lonikar, P. (2022). Climate Bonds Initiative: India State of the Market 2021, 40–52.

[5] Bilbao-Terol, A., Arenas-Parra, M., Canal-Fernandez, V., & Antomil-Ibias, J. (2014). Using TOPSIS for assessing the sustainability of government bond funds. Omega, 49, 1–17. https://doi.org/10.1016/j.omega.2014.04.005

[6] Çelik, Ş. (2021). Bibliometric analysis and its application on milk production. Quest Journals: Journal of Architecture and Civil Engineering, 6(1), 7–18.

[7] Cortellini, G., & Panetta, I. C. (2021). Green bonds: A systematic literature review for future research agendas.

[8] Directorate, D. C. (2021). Scaling up Green, Social, Sustainability and Sustainability-linked Bond Issuances in Developing Countries. October.

[9] Fernandez, R. B., Pernice, S., & Streb, J. M. (2013). Corporate bond markets in Argentina. Bond Markets in Latin America, 89–118. https://doi.org/10.7551/mitpress/9780262026321.003.0004

[10] Framework, F., & De Paoli, A. (n.d.). ENEL successfully places a triple-tranche €2.75 billion sustainability-linked bond in the Eurobond market, 1–3.

[11] Gerner, M. (2019). Assessing and managing sustainability in international perspective: Corporate sustainability across cultures. International Journal of Corporate Social Responsibility, 4(1). https://doi.org/10.1186/s40991-019-0043-x

[12] Ghosh, A., & Satya Prasad, V. K. (2021). Off-grid solar energy systems adoption or usage: A bibliometric study using the Bibliometrix R tool. Library Philosophy and Practice, June, 1–22.

[13] Giraldez, J., & Fontana, S. (2021). Sustainability-linked bonds: The next frontier in sovereign financing. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3829946

[14] International Capital Markets Association. (2020). Sustainability-Linked Bond Principles. ICMA, June, 1–11.

[15] Khalifah, S. (2019). Green bonds and financial performance. 126(1), 1–7.

[16] Kölbel, J., & Lambillon, A.-P. (2022). Who pays for sustainability? An analysis of sustainability-linked bonds. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4007629

[17] Kumar, S., Sharma, D., Rao, S., Lim, W. M., & Mangla, S. K. (2022). Past, present, and future of sustainable finance: Insights from big data analytics through machine learning of scholarly research. Annals of Operations Research. https://doi.org/10.1007/s10479-021-04410-8

[18] Liberadzki, M., Jaworski, P., & Liberadzki, K. (2021). Spread analysis of sustainability-linked bonds tied to greenhouse gas emissions reduction targets. Energies, 14(23), 1–12. https://doi.org/10.3390/en14237918

[19] Maltais, A., & Nykvist, B. (2021). Understanding the role of green bonds in advancing sustainability. Journal of Sustainable Finance and Investment, 11(3), 233–252. https://doi.org/10.1080/20430795.2020.1724864

[20] Melega Stefan, A., & Melega, A. (2022). Bibliometric analysis of scientific production regarding the harmonization of accounting in BRICS emerging economies. European Journal of Accounting, 10, 2022. https://doi.org/10.4316/EJAFB.2022.1012

[21] Paule-Vianez, J., Gomez-Martinez, R., & Prado-Roman, C. (2020). A bibliometric analysis of behavioural finance with mapping analysis tools. European Research on Management and Business Economics, 26(2), 71–77. https://doi.org/10.1016/j.iedeen.2020.01.001

[22] Harikumar, P. N., & D, S. (2017). Green bonds: Sustainable investment opportunities. International Journal of Scientific Research, 6(12), 325–328.