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All Journal Jurnal Manuhara: Pusat Penelitian Ilmu Manajemen Dan Bisnis
Tri Mahesa Rahayuningtias
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Analisis Komparatif Cost of Debt antara Green Bond dan Obligasi Konvensional Sektor Energi ASEAN-3 Periode 2021-2025 Tri Mahesa Rahayuningtias; Merry Sukartini; Desty Cristya Anisa
Jurnal Manuhara : Pusat Penelitian Ilmu Manajemen dan Bisnis Vol. 4 No. 3 (2026): Jurnal Manuhara: Pusat Penelitian Ilmu Manajemen dan Bisnis
Publisher : Asosiasi Riset Ilmu Manajemen Kewirausahaan dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/manuhara.v4i3.2650

Abstract

This study compares the Cost of Debt, proxied by Yield to Maturity (YTM), between Green Bonds and conventional bonds issued by energy-sector firms in Indonesia, Malaysia, and Singapore during 2021-2025. Amid the global energy transition and rising demand for sustainable financing, it remains unclear whether the “green” label translates into a lower cost of capital for issuers, a phenomenon known as the Greenium. Using a matched-pair sampling technique, 30 Green Bonds were paired with 30 conventional bonds sharing similar issuer characteristics, tenor, and credit rating, yielding 60 observations. Data normality was confirmed with the Shapiro-Wilk test, and mean differences were examined using the Paired Samples T-Test, both for the pooled ASEAN-3 sample and for each country separately. The results show no statistically significant difference in YTM between Green Bonds (mean 5.35%) and conventional bonds (mean 5.05%) at the regional level (Sig. = 0.353), a pattern that also holds for Indonesia, Malaysia, and Singapore individually. Consistent with the Efficient Market Hypothesis, these findings suggest that green labeling alone has not yet produced a measurable Greenium in ASEAN-3 energy bond markets, implying that credibility-building measures beyond labeling are needed for green instruments to meaningfully lower issuers' cost of financing.
Co-Authors Desty Cristya Anisa Merry Sukartini