上場不動産・建設企業におけるグリーンボンド発行の経営意図、持続可能な資金調達能力と財務業績

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🔬研究者:Provides empirical evidence on the mediating role of sustainable financing capability in the green bond-financial performance link, extending signaling and stakeholder theories to an emerging market context.

🏢実務担当者:Highlights that building internal sustainable financing capability is crucial for realizing financial benefits from green bond issuance, informing corporate strategy and resource allocation.

🏛政策担当者:Suggests that policies fostering green bond markets should also support firms' internal capabilities to effectively utilize green finance, enhancing the real-economy impact of sustainable finance initiatives.

Growing global attention to sustainable finance has positioned green bonds as an important mechanism for mobilizing capital toward environmentally sustainable investment while enhancing firms’ long-term competitiveness. This study investigates the effect of managerial intention to issue green bonds on corporate financial performance and examines the mediating role of sustainable financing capability among listed real estate and construction firms in Vietnam. Drawing upon signaling theory, resource dependence theory, and stakeholder theory, the study proposes an integrated research framework linking managerial intention to issue green bonds, sustainable financing capability, and financial performance. Empirical data were obtained through a structured survey of managers and finance professionals employed by listed firms, yielding 286 valid responses. The proposed relationships were evaluated using SPSS and AMOS through a sequential analytical approach comprising reliability assessment, exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modeling (SEM). The empirical findings indicate that managerial intention to issue green bonds significantly enhances sustainable financing capability and directly improves financial performance. Sustainable financing capability also exerts a positive effect on financial performance and serves as a significant mediating mechanism through which managerial intention to issue green bonds generates financial benefits. These results suggest that firms can strengthen their financial outcomes not only by issuing green bonds but also by effectively mobilizing, managing, and allocating sustainable financial resources.This study advances the sustainable finance literature by generating empirical evidence from an emerging economy undergoing ESG-oriented institutional reforms, digital transformation, and the expansion of green capital markets. The findings provide practical insights for corporate executives, investors, financial institutions, and policymakers in designing effective sustainable financing strategies that strengthen financial performance and support the long-term resilience of firms operating in the real estate and construction industries.

• semanticscholar https://fkd.net.ua/index.php/fkd/article/download/5261/4666first seen 2026-09-09 05:34:49 · last seen 2026-09-22 05:09:00