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Journal : JURNAL HUKUM

Legal Certainty in Green Bonds: The Role of Coherence, Legitimacy, Economic Benefits, and Government Authority Hutahayan, Benny; Fadli, Moh.; Amimakmur, Satria Amiputra; Dewantara, Reka; Tumanggor, Manumpan S.; Djajadikerta, Hadrian Geri
Jurnal Hukum Vol 40, No 2 (2024): Jurnal Hukum
Publisher : Unissula

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30659/jh.40.2.341-358

Abstract

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.
Co-Authors Abdul Rachmad Budiono Agatha, Bimarceline Airin Liemanto Amimakmur, Satria Amiputra Anestu Cahayoni Rahayu, Anestu Cahayoni Annisa, Yusifa Nur Ayu, Tirsa Berliana, Dina Budi Santoso Devi Atikawati Diah Aju Isnuwardhani Dien Nufitasari Dien Nufitasari Djajadikerta, Hadrian Geri Dyah Aju Wisnuwardhani Erma Defiana Putriyanti Fadli, Moh. Fahrul Ramadan Faizin Sulistio Fines Fatimah Hanif Nur Widhiyanti Hutahayan, Benny I Gusti Ngurah Parikesit, I Gusti Ngurah Ikaningtyas Ikaningtyas Jauharoh, Arini Junaidi, Muchammad Aqib M. Sudirman Mahandhani Wahyu Ibrahim Mardiana, Yusni Fitri Meidiana Indah Lestari Mohamad Fajri Mekka Putra Muhammad Alfan Thoriq Muhammad Fajaruddin Shiroth Mukhamad Khabib Risvian Mutiarawati, Intan Nadya Rizki Emeralda Naif, Hendry Tholabah Ilman Nanin Koeswidi Astuti, Nanin Koeswidi Nufitasari, Dien Nugroho, Hayyu Rahmanda Adi Nur Chanifah Nurfitriyani Nurfitriyani Nurul Ula Ulya Nurul Ula Ulya Pandansari, Rekyan Putri, Cyndiarnis Cahyaning Rachmat, Sigit Nur Ranitya Ganindha raodiah Rekyan Pandansari Rika Kurniaty Rumi Suwardiyati Santoso, Ike Cyntia Putri Septianes Nora Kartika Setiawan Wicaksono, Setiawan Shinta Hadiyantina Sihabuddin Sihabudin Sihabudin Sihabudin Sihabudin Sihabudin Sihabudin, Sihabudin Siti Hamidah Sitorus, Hany Ayunda Mernisi Sukarmi Sukarmi Sukarmi Sukarmi Sukarmi Sukarmi, Sukarmi Sukarmi, Sukarmi Syafi’i, R. Imam Rahmat Tanti Rachmawati Tobing, Dwinoven Lumban Tumanggor, Manumpan S. Widhiawati, Dyah Wisnuwardhani, Diah Aju Yenny Eta Widyanti Yuniar, Lisa Mega Zora Febriena Dwithia Hidayat Putri