| Abstrakt: |
ESG factors in financial contexts have been receiving growing attention in recent years, paralleled by heightened interest from academia, professionals and decision-makers in ESG bonds as one of the instruments of sustainable finance. The purpose of the paper is to provide a systematic overview of the field of ESG bonds from two perspectives: the practical one, by analyzing market development and challenges, and the scientific one, by bibliometric mapping of the Web of Science-indexed publications in order to gain insight into the development and intellectual structure of the scientific field. The analysis of the ESG bond market has shown a significant increase in financial investments with positive environmental and socio-economic effects in recent years. The use of bibliometric methods in the empirical part of the paper has led to insights on the most cited papers in the field (Zerbib, 2019, Flammer, 2021, Reboredo, 2018), on the most relevant sources to form research on ESG bonds (Energy Economics, Finance Research Letters, International Review of Financial Analysis, Journal of Sustainable Finance Investment), and emerging themes and development of the research domain (unlocking the potential of green bonds to finance sustainability goals, developing a structural model for green bonds, premium for green bonds, impact of green bond issuance on companies, the role of green bonds compared to other asset classes in portfolio management and risk management, the impact of green bond market movements (issuance and investments) on other assets market movements). The obtained results are useful for researchers in this field, issuers, investors, and for decision makers in the field of sustainability. A limitation of this research, which is also a recommendation for future research, is to include other citation databases beside the Web of Science as the most relevant one. [ABSTRACT FROM AUTHOR] |
