Pengaruh Makroekonomi dan Kualitas Kelembagaan terhadap Obligasi Hijau di Asia

Abstract

The development of green bonds as a financing instrument for sustainable projects is becoming increasingly important in supporting the achievement of sustainable development. However, its effectiveness is influenced by economic conditions and the quality of institutions in each country. This study aims to analyze the effect of macroeconomic factors and institutional quality on the growth of green bond issuance in the Asian region during the 2017-2024 period using a panel data regression method with a Fixed Effect Model approach. The variables used include trade openness and exchange rate volatility as macroeconomic indicators, as well as government effectiveness and control of corruption as indicators of institutional quality. The results of this study indicate that trade openness and exchange rate volatility do not have a significant effect on green bonds. Meanwhile, government effectiveness and control of corruption have a positive and significant effect on green bond issuance. These findings indicate that the quality of governance, regulatory certainty, as well as transparency, credibility, and accountability within institutions play a more dominant role in encouraging the growth of green bond issuance compared to macroeconomic conditions. Therefore, strengthening and improving the quality of institutional governance becomes the main factor in supporting the development of sustainable instruments, such as green bonds, in the research region.