Green, Greener, Not Green Enough? Institutional Forces Driving the European Green Bond Market

Katrina Pichlmayer, Othmar M. Lehner

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review


Along with other environmental initiatives, the European Green Bond Standard can raise the impact of green bonds by enhancing a common understanding, transparency and credibility, though it may also limit green bond market growth due to a potential rigidness. Although standards and regulations are necessary for impactful market growth, ensuring sustainable strategic alignment will be the crucial point. This necessity for strategic alignment manifests the importance of the corporation’s normative value system in sustaining an ecological transition. By setting alignment requirements for bond issuers’ legitimacy through institutional forces, coercive, normative and mimetic pressure on issuers may enhance the overall effectiveness of green bonds to facilitate the transition to a more green and equitable future.

Original languageEnglish
Title of host publicationThe Routledge Handbook of Green Finance
EditorsOthmar M. Lehner, Theresia Harrer, Hanna Silvola, Olaf Weber
Number of pages25
Place of PublicationNew York
Publication date2024
ISBN (Print)978-1-032-38529-7, 978-1-032-38533-4
ISBN (Electronic)978-1-003-34549-7
Publication statusPublished - 2024
MoE publication typeA3 Book chapter

Publication series

NameRoutledge international handbooks


  • 511 Economics

Areas of Strength and Areas of High Potential (AoS and AoHP)

  • AoS: Financial management, accounting, and governance


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