Meng Qingfeng, Okwara Ukoha Kalu, Li Zhen
School of Management, Jiangsu University, Zhenjiang, 301 Xuefu Road, Zhenjiang, 212013, People's Republic of China.
Environ Sci Pollut Res Int. 2024 Jan;31(4):5944-5972. doi: 10.1007/s11356-023-31476-7. Epub 2023 Dec 22.
In the quest to strengthen resilient and sustainable recovery in the post-COVID-19 era, there is a huge requirement for manufacturing firms to adopt green finance which is dominated by green bond issuance. Nevertheless, published studies that provide insights on factors that influence the issuance of green bonds within manufacturing firms in the post-COVID-19 era and the impact on sustainable outcomes are currently non-existent. Therefore, this study analyzed the interrelationships that exist between the influencing factors of green bond issuance within manufacturing firms using decision-making trial and evaluation laboratory (DEMATEL) and data from Nigerian manufacturing firms. Then, a structural model of their importance levels was illustrated using interpretive structural modeling (ISM) while their impact on manufacturing sustainability outcomes was estimated with the aid of evaluation based on distance from average solution (EDAS). The study results highlight the key influencing factors of green bond issuance as environmental competencies, policy framing, low corruption, public awareness, and government support thereby signifying the criticality of strong institutions in facilitating green finance in the post-pandemic era. Besides, the study results demonstrate that green finance can significantly strengthen manufacturing sustainability in the post-COVID-19 era via green bonds by enhancing sustainable waste management, technological growth, and quality improvement as well as reducing carbon emissions. The study findings can provide a reference to decision-makers in manufacturing enterprises to predict scenarios and enact policies that facilitate the success of green finance in the post-COVID-19 era to further develop a low-carbon economy and increase competitive edge.
在寻求加强后新冠疫情时代的韧性和可持续复苏过程中，制造企业对采用以绿色债券发行为主导的绿色金融有巨大需求。然而，目前尚无已发表的研究能够深入探讨后新冠疫情时代影响制造企业绿色债券发行的因素以及对可持续成果的影响。因此，本研究利用决策试验与评价实验室（DEMATEL）以及尼日利亚制造企业的数据，分析了制造企业绿色债券发行影响因素之间存在的相互关系。然后，使用解释结构模型（ISM）阐述了这些因素重要性水平的结构模型，同时借助基于离差最大化的评价方法（EDAS）估计了它们对制造业可持续发展成果的影响。研究结果突出了绿色债券发行的关键影响因素，包括环境能力、政策框架、低腐败、公众意识和政府支持，这表明强大的机构在疫情后时代促进绿色金融方面的至关重要性。此外，研究结果表明，绿色金融可以通过绿色债券在新冠疫情后时代显著加强制造业的可持续性，具体方式包括加强可持续废物管理、技术增长、质量提升以及减少碳排放。研究结果可为制造企业的决策者提供参考，以预测各种情景并制定政策，促进后新冠疫情时代绿色金融的成功，进一步发展低碳经济并提高竞争优势。
