Sustainability-Linked Bonds Research: A Bibliometric and Content Analysis Review
One of the most significant recent developments in the debt financing sector pertains to new products and standards applicable to sustainability-related issues. Therefore, research on this has increased substantially. One of the most recent such developments is that of sustainability-linked bonds (S...
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MDPI AG
2025-04-01
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| Series: | International Journal of Financial Studies |
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| Online Access: | https://www.mdpi.com/2227-7072/13/2/62 |
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| author | Clarisse Heck Machado Miguel Sousa Manuel Castelo Branco |
| author_facet | Clarisse Heck Machado Miguel Sousa Manuel Castelo Branco |
| author_sort | Clarisse Heck Machado |
| collection | DOAJ |
| description | One of the most significant recent developments in the debt financing sector pertains to new products and standards applicable to sustainability-related issues. Therefore, research on this has increased substantially. One of the most recent such developments is that of sustainability-linked bonds (SLBs). In 2023, global sustainable bond issuance experienced an increase of three percent, nearly reaching USD 1 trillion with significant shifts observed in categories, including green-, social-, sustainability-, and sustainability-linked bonds (GSSSBs). This paper presents one of the most extensive literature reviews on SLBs research, examining trends, research evolution, thematic landscape, and underexplored topics by employing bibliometric and content analysis approaches. It identifies future research avenues and trends, including supporting issuers in transitioning towards net-zero emissions or broader objectives, such as implementing sustainability targets to fight climate change, the premium associated with bond pricing, the potential for greenwashing, and the blockchain technology for issuance and target’s monitoring transparency. In addition, this paper discusses the new trend of thematic bonds, such as those addressing gender characteristics, as innovative strategies to promote societal equity. The systematic literature review also explores the significance of SLBs as public instruments, like sovereign bonds or private instruments, while identifying research areas, including linking SLBs with the evolution of management theory. |
| format | Article |
| id | doaj-art-415d651cebcf4e31aab88f16d52d7c48 |
| institution | Kabale University |
| issn | 2227-7072 |
| language | English |
| publishDate | 2025-04-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | International Journal of Financial Studies |
| spelling | doaj-art-415d651cebcf4e31aab88f16d52d7c482025-08-20T03:27:07ZengMDPI AGInternational Journal of Financial Studies2227-70722025-04-011326210.3390/ijfs13020062Sustainability-Linked Bonds Research: A Bibliometric and Content Analysis ReviewClarisse Heck Machado0Miguel Sousa1Manuel Castelo Branco2CEF.UP, School of Economics and Management, University of Porto, Rua Dr Roberto Frias s/n, 4200-464 Porto, PortugalCEF.UP, School of Economics and Management, University of Porto, Rua Dr Roberto Frias s/n, 4200-464 Porto, PortugalCEF.UP, School of Economics and Management, University of Porto, Rua Dr Roberto Frias s/n, 4200-464 Porto, PortugalOne of the most significant recent developments in the debt financing sector pertains to new products and standards applicable to sustainability-related issues. Therefore, research on this has increased substantially. One of the most recent such developments is that of sustainability-linked bonds (SLBs). In 2023, global sustainable bond issuance experienced an increase of three percent, nearly reaching USD 1 trillion with significant shifts observed in categories, including green-, social-, sustainability-, and sustainability-linked bonds (GSSSBs). This paper presents one of the most extensive literature reviews on SLBs research, examining trends, research evolution, thematic landscape, and underexplored topics by employing bibliometric and content analysis approaches. It identifies future research avenues and trends, including supporting issuers in transitioning towards net-zero emissions or broader objectives, such as implementing sustainability targets to fight climate change, the premium associated with bond pricing, the potential for greenwashing, and the blockchain technology for issuance and target’s monitoring transparency. In addition, this paper discusses the new trend of thematic bonds, such as those addressing gender characteristics, as innovative strategies to promote societal equity. The systematic literature review also explores the significance of SLBs as public instruments, like sovereign bonds or private instruments, while identifying research areas, including linking SLBs with the evolution of management theory.https://www.mdpi.com/2227-7072/13/2/62sustainability-linked bondsGSSSBperformance-baseddebt financingsustainable financethematic bonds |
| spellingShingle | Clarisse Heck Machado Miguel Sousa Manuel Castelo Branco Sustainability-Linked Bonds Research: A Bibliometric and Content Analysis Review International Journal of Financial Studies sustainability-linked bonds GSSSB performance-based debt financing sustainable finance thematic bonds |
| title | Sustainability-Linked Bonds Research: A Bibliometric and Content Analysis Review |
| title_full | Sustainability-Linked Bonds Research: A Bibliometric and Content Analysis Review |
| title_fullStr | Sustainability-Linked Bonds Research: A Bibliometric and Content Analysis Review |
| title_full_unstemmed | Sustainability-Linked Bonds Research: A Bibliometric and Content Analysis Review |
| title_short | Sustainability-Linked Bonds Research: A Bibliometric and Content Analysis Review |
| title_sort | sustainability linked bonds research a bibliometric and content analysis review |
| topic | sustainability-linked bonds GSSSB performance-based debt financing sustainable finance thematic bonds |
| url | https://www.mdpi.com/2227-7072/13/2/62 |
| work_keys_str_mv | AT clarisseheckmachado sustainabilitylinkedbondsresearchabibliometricandcontentanalysisreview AT miguelsousa sustainabilitylinkedbondsresearchabibliometricandcontentanalysisreview AT manuelcastelobranco sustainabilitylinkedbondsresearchabibliometricandcontentanalysisreview |