{"id":"https://openalex.org/W4387682368","doi":"https://doi.org/10.2478/ceej-2023-0017","title":"Green bonds - financial innovation for sustainability financing: The case of the Polish green bonds market and their development barriers","display_name":"Green bonds - financial innovation for sustainability financing: The case of the Polish green bonds market and their development barriers","publication_year":2023,"publication_date":"2023-01-01","ids":{"openalex":"https://openalex.org/W4387682368","doi":"https://doi.org/10.2478/ceej-2023-0017"},"language":"en","primary_location":{"id":"doi:10.2478/ceej-2023-0017","doi":"https://doi.org/10.2478/ceej-2023-0017","is_oa":true,"landing_page_url":"https://doi.org/10.2478/ceej-2023-0017","pdf_url":"https://sciendo.com/pdf/10.2478/ceej-2023-0017","source":{"id":"https://openalex.org/S4210180889","display_name":"Central European Economic Journal","issn_l":"2543-6821","issn":["2543-6821","2544-9001"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["erih-plus","poland-70"],"host_organization":"https://openalex.org/P4310313990","host_organization_name":"De Gruyter","host_organization_lineage":["https://openalex.org/P4310313990"],"host_organization_lineage_names":["De Gruyter"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Central European Economic Journal","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://sciendo.com/pdf/10.2478/ceej-2023-0017","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5021073390","display_name":"Bartosz Sobik","orcid":"https://orcid.org/0000-0001-8608-6746","observed_orcids":["https://orcid.org/0000-0001-8608-6746"]},"institutions":[{"id":"https://openalex.org/I18193975","display_name":"SGH Warsaw School of Economics","ror":"https://ror.org/032cph770","country_code":"PL","type":"education","lineage":["https://openalex.org/I18193975"]}],"countries":["PL"],"is_corresponding":true,"raw_author_name":"Bartosz Sobik","raw_affiliation_strings":["SGH Warsaw School of Economics , al. Niepodleg\u0142o\u015bci 162 , Warsaw , Poland"],"raw_orcid":"https://orcid.org/0000-0001-8608-6746","affiliations":[{"raw_affiliation_string":"SGH Warsaw School of Economics , al. Niepodleg\u0142o\u015bci 162 , Warsaw , Poland","institution_ids":["https://openalex.org/I18193975"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5021073390"],"corresponding_institution_ids":["https://openalex.org/I18193975"],"apc_list":null,"apc_paid":null,"fwci":4.9999,"has_fulltext":true,"cited_by_count":28,"citation_normalized_percentile":{"value":0.95747925,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":96,"max":99},"biblio":{"volume":"10","issue":"57","first_page":"287","last_page":"303"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T13146","display_name":"Sustainable Finance and Green Bonds","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13893","display_name":"Sustainable Development and Policies","score":0.0,"subfield":{"id":"https://openalex.org/subfields/2308","display_name":"Management, Monitoring, Policy and Law"},"field":{"id":"https://openalex.org/fields/23","display_name":"Environmental Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T14317","display_name":"Finance, Markets, and Regulation","score":0.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/green-bonds","display_name":"green bonds","score":1.0},{"id":"https://openalex.org/keywords/green-finance","display_name":"green finance","score":0.9210000038146973},{"id":"https://openalex.org/keywords/sustainable-finance","display_name":"sustainable finance","score":0.8740000128746033},{"id":"https://openalex.org/keywords/green-bond-market-development","display_name":"green bond market development","score":0.6700000166893005},{"id":"https://openalex.org/keywords/esg-standards","display_name":"ESG standards","score":0.8450000286102295},{"id":"https://openalex.org/keywords/greenwashing","display_name":"greenwashing","score":0.8650000095367432},{"id":"https://openalex.org/keywords/sustainability-linked-bonds","display_name":"sustainability-linked bonds","score":0.9279999732971191},{"id":"https://openalex.org/keywords/transaction-costs","display_name":"transaction costs","score":0.9829999804496765},{"id":"https://openalex.org/keywords/renewable-energy-finance","display_name":"renewable energy financing","score":0.8109999895095825},{"id":"https://openalex.org/keywords/poland","display_name":"Poland","score":0.5989999771118164}],"concepts":[{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.7690463066101074},{"id":"https://openalex.org/C2778815883","wikidata":"https://www.wikidata.org/wiki/Q983063","display_name":"Greenwashing","level":3,"score":0.6920846104621887},{"id":"https://openalex.org/C2780919918","wikidata":"https://www.wikidata.org/wiki/Q1668341","display_name":"Climate Finance","level":3,"score":0.6892436742782593},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.6231451034545898},{"id":"https://openalex.org/C66204764","wikidata":"https://www.wikidata.org/wiki/Q219416","display_name":"Sustainability","level":2,"score":0.6117100119590759},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5762818455696106},{"id":"https://openalex.org/C197142791","wikidata":"https://www.wikidata.org/wiki/Q540626","display_name":"Bond market","level":2,"score":0.4819038212299347},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.4617825150489807},{"id":"https://openalex.org/C552854447","wikidata":"https://www.wikidata.org/wiki/Q131201","display_name":"Sustainable development","level":2,"score":0.4541546404361725},{"id":"https://openalex.org/C138170105","wikidata":"https://www.wikidata.org/wiki/Q1337949","display_name":"Issuer","level":2,"score":0.42435118556022644},{"id":"https://openalex.org/C21839126","wikidata":"https://www.wikidata.org/wiki/Q598188","display_name":"Green economy","level":3,"score":0.4111528992652893},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.28462785482406616},{"id":"https://openalex.org/C50522688","wikidata":"https://www.wikidata.org/wiki/Q189833","display_name":"Economic growth","level":1,"score":0.13268643617630005},{"id":"https://openalex.org/C83864248","wikidata":"https://www.wikidata.org/wiki/Q177323","display_name":"Developing country","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.2478/ceej-2023-0017","doi":"https://doi.org/10.2478/ceej-2023-0017","is_oa":true,"landing_page_url":"https://doi.org/10.2478/ceej-2023-0017","pdf_url":"https://sciendo.com/pdf/10.2478/ceej-2023-0017","source":{"id":"https://openalex.org/S4210180889","display_name":"Central European Economic Journal","issn_l":"2543-6821","issn":["2543-6821","2544-9001"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["erih-plus","poland-70"],"host_organization":"https://openalex.org/P4310313990","host_organization_name":"De Gruyter","host_organization_lineage":["https://openalex.org/P4310313990"],"host_organization_lineage_names":["De Gruyter"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Central European Economic Journal","raw_type":"journal-article"},{"id":"pmh:oai:econstor.eu:10419/324595","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/10419/324595","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"doc-type:article"}],"best_oa_location":{"id":"doi:10.2478/ceej-2023-0017","doi":"https://doi.org/10.2478/ceej-2023-0017","is_oa":true,"landing_page_url":"https://doi.org/10.2478/ceej-2023-0017","pdf_url":"https://sciendo.com/pdf/10.2478/ceej-2023-0017","source":{"id":"https://openalex.org/S4210180889","display_name":"Central European Economic Journal","issn_l":"2543-6821","issn":["2543-6821","2544-9001"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["erih-plus","poland-70"],"host_organization":"https://openalex.org/P4310313990","host_organization_name":"De Gruyter","host_organization_lineage":["https://openalex.org/P4310313990"],"host_organization_lineage_names":["De Gruyter"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Central European Economic Journal","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Climate action","id":"https://metadata.un.org/sdg/13","score":0.821399986743927},{"display_name":"Industry, innovation and infrastructure","id":"https://metadata.un.org/sdg/9","score":0.4943999946117401}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4387682368.pdf","grobid_xml":"https://content.openalex.org/works/W4387682368.grobid-xml"},"referenced_works_count":21,"referenced_works":["https://openalex.org/W5550927","https://openalex.org/W1794542646","https://openalex.org/W2561536782","https://openalex.org/W2756384128","https://openalex.org/W2839689810","https://openalex.org/W2884654479","https://openalex.org/W2905488820","https://openalex.org/W2941502083","https://openalex.org/W2950976936","https://openalex.org/W2952797358","https://openalex.org/W2989615306","https://openalex.org/W3005378669","https://openalex.org/W3006308717","https://openalex.org/W3007572528","https://openalex.org/W3036323471","https://openalex.org/W3119677748","https://openalex.org/W4205501519","https://openalex.org/W4210335384","https://openalex.org/W4211048293","https://openalex.org/W4283832883","https://openalex.org/W7052830040"],"related_works":["https://openalex.org/W4407238963","https://openalex.org/W7165750616","https://openalex.org/W4205932231","https://openalex.org/W7131623459","https://openalex.org/W3128086847","https://openalex.org/W7166797339","https://openalex.org/W7202186008","https://openalex.org/W7045422696","https://openalex.org/W4405570785","https://openalex.org/W7166912694"],"abstract_inverted_index":{"Abstract":[0],"The":[1,40,77,98,127,165,181],"struggle":[2],"against":[3],"climate":[4,140],"change":[5],"and":[6,12,15,55,69,86,142,196],"the":[7,22,34,53,58,82,91,94,106,155,176,197,230],"increasing":[8],"implementation":[9,218],"of":[10,25,33,37,42,57,93,109,130,139,151,157,167,178,183,199],"sustainability":[11],"environmental,":[13],"social":[14],"governance":[16],"(ESG)":[17],"standards":[18],"have":[19,30],"contributed":[20],"to":[21,46,52,175,211],"dynamic":[23],"development":[24,54,92,166,182],"green":[26,38,59,95,125,131,168,179,185],"finance.":[27,39],"Green":[28,111,205],"bonds":[29,60,112,132,169,186,206],"become":[31],"one":[32],"key":[35],"tools":[36],"aim":[41],"this":[43,75],"paper":[44],"is":[45,189,219],"provide":[47],"a":[48],"comprehensive":[49],"study":[50],"related":[51,174],"barriers":[56,173],"market":[61],"in":[62,74,170,187,229],"Poland.":[63],"A":[64],"literature":[65],"review,":[66],"comparative":[67],"analysis,":[68],"financial":[70],"data":[71,80,89,104],"were":[72],"used":[73],"research.":[76],"publication":[78],"uses":[79],"from":[81,105],"Climate":[83],"Bonds":[84],"Initiative":[85],"includes":[87],"global":[88],"on":[90],"bond":[96],"market.":[97],"research":[99],"was":[100],"also":[101],"enhanced":[102],"by":[103,192],"Polish":[107],"Ministry":[108],"Finance.":[110],"are":[113,133,207,223],"an":[114,209,225],"increasingly":[115,226],"popular":[116],"financing":[117],"tool":[118],"for":[119,203],"renewable":[120],"energy,":[121],"zero-emission":[122],"transport,":[123],"or":[124,154],"buildings.":[126],"biggest":[128],"advantages":[129],"compliance":[134],"with":[135],"ESG":[136],"standards,":[137],"hedging":[138],"risk,":[141],"reputational":[143],"benefits.":[144],"Disadvantages":[145],"include":[146],"significant":[147],"transaction":[148,194],"costs,":[149],"lack":[150,177,198],"uniform":[152],"standardisation,":[153],"risk":[156],"greenwashing":[158],"\u2013":[159],"particularly":[160],"when":[161],"issuing":[162],"sustainability-linked":[163],"bonds.":[164],"Poland":[171,188],"faces":[172],"projects.":[180],"municipal":[184],"clearly":[190],"hampered":[191],"high":[193],"costs":[195],"clear":[200],"economic":[201],"benefits":[202],"issuers.":[204],"not":[208],"instrument":[210],"finance":[212],"all":[213],"environmental":[214],"investments,":[215],"hence":[216],"their":[217],"limited;":[220],"however,":[221],"they":[222],"playing":[224],"important":[227],"role":[228],"transition":[231],"towards":[232],"sustainability.":[233]},"counts_by_year":[{"year":2026,"cited_by_count":10},{"year":2025,"cited_by_count":14},{"year":2024,"cited_by_count":4}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2023-10-17T00:00:00"}