Fatwasari Soeratno Putri, Doddy Setiawan

DO INVESTORS PAY FOR PURPOSE? A BIBLIOMETRIC ANALYSIS OF SUSTAINABLE BOND PREMIUMS

Introduction

Do investors pay for purpose? a bibliometric analysis of sustainable bond premiums. Do investors pay for purpose? A bibliometric analysis of sustainable bond premiums (greenium, socium, sustainium), ESG market trends, and pricing drivers.

Abstract

This study maps research on sustainable bond pricing, focusing on greenium, socium, and sustainium. Using bibliometric and systematic analyses following PRISMA guidelines, 82 Scopus-indexed articles published between 2019 and 2025 were reviewed. RStudio with Bibliometrix and VOSviewer was used to visualize publication trends and thematic clusters. Results show rapid growth in research since 2019, along with an increase in the ESG market. Most studies identify a small but consistent greenium, while evidence on socium and sustainium remains limited and mixed due to emerging data and market maturity. Environmental factors are the main drivers of bond pricing, while social and governance factors strengthen transparency and investor trust. This study consolidates fragmented literature and outlines ESG-related determinants of sustainable bond premiums. Future research should examine emerging markets and innovative instruments, such as sustainability-linked bonds, to better understand market incentives for sustainable finance.

Review

This study offers a timely and methodologically sound bibliometric analysis addressing the crucial question of whether investors genuinely pay for purpose in sustainable finance, specifically through sustainable bond premiums. The application of systematic review principles, adhering to PRISMA guidelines, coupled with advanced bibliometric tools like RStudio's Bibliometrix and VOSviewer, provides a robust framework for mapping the intricate research landscape on greenium, socium, and sustainium. By consolidating 82 Scopus-indexed articles from 2019-2025, the paper makes a significant contribution to organizing and synthesizing the rapidly expanding, yet often fragmented, literature in this critical area. Its systematic approach is particularly commendable for providing a comprehensive overview of publication trends and thematic clusters. The findings effectively highlight the rapid growth in research coinciding with the expansion of the ESG market since 2019, underscoring the increasing academic and market interest in sustainable finance. The consistent identification of a small but discernible greenium is a key insight, reinforcing existing understandings of investor preferences for environmental attributes. However, the study also judiciously points to the limited and mixed evidence concerning socium and sustainium, attributing this to the nascent nature of data and market maturity in these segments. While the abstract notes that environmental factors drive bond pricing and social/governance factors bolster trust, a more detailed discussion within the full paper on *how* the bibliometric analysis itself surfaces these specific drivers and their relative prominence would further strengthen its contribution. Overall, this review provides invaluable insights for researchers, practitioners, and policymakers navigating the evolving landscape of sustainable finance. By clearly outlining the ESG-related determinants of bond premiums and identifying significant knowledge gaps, the study establishes a strong foundation for future inquiry. The proposed directions for subsequent research, particularly focusing on emerging markets and innovative instruments such as sustainability-linked bonds, are highly relevant and promise to deepen our understanding of market incentives for sustainable development. This work serves as an essential compass for anyone seeking to understand the current state and future trajectory of research into sustainable bond premiums.

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