DOI of the published article https://doi.org/10.61796/ijeirc.v2i12.430
Study of the Relationship Between Green Bonds, Other Financial Assets, and Sustainable Finance: A Systematic Literature Review
Studi Hubungan Antara Obligasi Hijau, Aset Keuangan Lainnya, Dan Keuangan Berkelanjutan: Tinjauan Literatur Sistematis
DOI:
https://doi.org/10.21070/ups.9951Keywords:
Green Bond, Sustainable Finance, Systematic Literatur Review, Other Financial AssetsAbstract
This study examines the relationship between green bonds, sustainable finance, and other financial assets using a SPAR-4-SLR–based systematic literature review and bibliometric analysis of 110 articles published between 2018 and 2025. The results reveal an exponential growth in publications (55.12% annually), reflecting the expansion of green finance research after the Paris Agreement. The literature confirms the presence of greenium, where green bonds yield lower returns than conventional bonds, and highlights their role in portfolio diversification and volatility reduction. Six main thematic clusters are identified: sustainable finance, green finance, ESG/SDGs, renewable energy, portfolio and risk, and green innovation. Investor attention is identified as a key but under-researched moderating factor in cross-asset relationships. In Indonesia, policy initiatives such as the Sustainable Finance Roadmap and CRMS 2024 support market development, although challenges remain in standardisation, legal certainty, and investor literacy.
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