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Legal Certainty in Green Bonds: The Role of Coherence, Legitimacy, Economic Benefits, and Government Authority

JURNAL HUKUM · Vol. 40 No. 2 (2024) · hlm. 341–358

DOI
10.26532/jh.v40i2.40596
ISSN
2723-6668, 1412-2723
Terbit
2024-12-31
Penerbit
Unissula
Bahasa
en

Abstrak

This study explores the critical factors shaping legal certainty in green bond issuance, focusing on the roles of coherence in bond issuance objectives, legislative legitimacy, economic benefits, and governmental authority. Legal certainty is essential in fostering investor confidence, reducing risks such as greenwashing, and ensuring compliance with environmental and regulatory standards. The research employs Partial Least Squares Structural Equation Modeling (PLS-SEM) to analyze data collected from institutional investors with a recommended sample of 300 participants, revealing that economic benefits have the most significant impact on legal certainty, followed by governmental authority, legislative legitimacy, and coherence of objectives. The results underscore the importance of clear and measurable objectives in green bond issuance, transparency in the legislative process, and consistent governmental oversight. These findings highlight the need for robust legal frameworks that ensure both environmental sustainability and financial stability. The study's implications suggest that policymakers and regulators must prioritize the harmonization of green bond regulations to promote cross-border investments and long-term market growth.

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14 penulis · 35 tautan kepenulisan bersama · 17 lintas organisasi

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  • University of Brawijaya
  • Universitas Bhayangkara Jakarta Raya
  • Curtin University
  • Universiti Sains Islam Malaysia
  • Universidade Federal Fluminense
  • Universitas Islam Negeri Maulana Malik Ibrahim
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Rekan penulisOrganisasiArtikel bersama
Mustafa LutfiAfiliasi tidak diketahui1
Dhiana PuspitawatiAfiliasi tidak diketahui1
Syahriza Alkhoir AnggoroAfiliasi tidak diketahui1
Mohd Hazmi Mohd RusliUniversiti Sains Islam Malaysia1
Mufidah MufidahUniversitas Islam Negeri Maulana Malik Ibrahim1
Miftahus SholehudinUniversidade Federal Fluminense1
Rachmi SulistyariniUniversity of Brawijaya1
Djumikasih DjumikasihUniversity of Brawijaya1

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Sumber metadata: OAI-PMH (metadata jurnal) http://jurnal.unissula.ac.id/index.php/jurnalhukum/oai, pertama di-harvest 9 Nov 2026, terakhir terlihat 9 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Legal Certainty in Green Bonds: The Role of Coherence, Legitimacy, Economic Benefits, and Government Authority</dc:title>
	<dc:creator xml:lang="en">Hutahayan, Benny</dc:creator>
	<dc:creator xml:lang="en">Fadli, Moh.</dc:creator>
	<dc:creator xml:lang="en">Amimakmur, Satria Amiputra</dc:creator>
	<dc:creator xml:lang="en">Dewantara, Reka</dc:creator>
	<dc:creator xml:lang="en">Tumanggor, Manumpan S.</dc:creator>
	<dc:creator xml:lang="en">Djajadikerta, Hadrian Geri</dc:creator>
	<dc:subject xml:lang="en">Green Bonds</dc:subject>
	<dc:subject xml:lang="en">Legal Certainty</dc:subject>
	<dc:subject xml:lang="en">Legislative Legitimacy</dc:subject>
	<dc:subject xml:lang="en">Economic Benefits</dc:subject>
	<dc:subject xml:lang="en">Governmental Authority</dc:subject>
	<dc:description xml:lang="en">This study explores the critical factors shaping legal certainty in green bond issuance, focusing on the roles of coherence in bond issuance objectives, legislative legitimacy, economic benefits, and governmental authority. Legal certainty is essential in fostering investor confidence, reducing risks such as greenwashing, and ensuring compliance with environmental and regulatory standards. The research employs Partial Least Squares Structural Equation Modeling (PLS-SEM) to analyze data collected from institutional investors with a recommended sample of 300 participants, revealing that economic benefits have the most significant impact on legal certainty, followed by governmental authority, legislative legitimacy, and coherence of objectives. The results underscore the importance of clear and measurable objectives in green bond issuance, transparency in the legislative process, and consistent governmental oversight. These findings highlight the need for robust legal frameworks that ensure both environmental sustainability and financial stability. The study's implications suggest that policymakers and regulators must prioritize the harmonization of green bond regulations to promote cross-border investments and long-term market growth.</dc:description>
	<dc:publisher xml:lang="en">Unissula</dc:publisher>
	<dc:date>2024-12-31</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://jurnal.unissula.ac.id/index.php/jurnalhukum/article/view/40596</dc:identifier>
	<dc:identifier>10.26532/jh.v40i2.40596</dc:identifier>
	<dc:source xml:lang="en">Jurnal Hukum; Vol. 40 No. 2 (2024): Jurnal Hukum; 341-358</dc:source>
	<dc:source xml:lang="id">Jurnal Hukum; Vol 40 No 2 (2024): Jurnal Hukum; 341-358</dc:source>
	<dc:source>2723-6668</dc:source>
	<dc:source>1412-2723</dc:source>
	<dc:source>10.26532/jh.v40i2</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://jurnal.unissula.ac.id/index.php/jurnalhukum/article/view/40596/11064</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2024 Benny Hutahayan, Moh. Fadli, Satria Amiputra Amimakmur, Reka Dewantara, Hadrian Geri Djajadikerta</dc:rights>
</oai_dc:dc>