SAFE HAVEN OR SELECTIVE SHIELD? INSTITUTIONAL INVESTOR HETEROGENEITY, GEOPOLITICAL RISK, AND THE CRISIS RESILIENCE OF GREEN BONDS
Abstract
The rapid expansion of green bonds positions sustainable finance at the core
of climate mitigation strategies. However, empirical evidence on their crisis
resilience and corporate value effects remains contradictory. This study
synthesizes 73 peer-reviewed articles using meta-analytical methods (randomeffects models, FAT-PET, PEESE) to resolve these discrepancies. We propose
and test the Asymmetric Shock Resilience Hypothesis: green bonds exhibit
diametrically opposite behaviors depending on shock origin
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