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<p>Second-party opinions (SPOs) are the most common type of external review for green, social, sustainable, and sustainability—linked (GSS +) bonds. Yet, there is a dearth of research on SPO providers and how they perform their role as information intermediaries. From a practical standpoint, understanding more about SPO providers is vital since they aim to reduce information asymmetry between issuers and investors. Their work enhances transparency and supports the growth of GSS + bonds, key instruments for the transition to greater sustainability. Drawing from interviews with six European SPO providers and other industry participants, this study reveals the main challenges that SPO providers face: multiple layers of information asymmetries (between the issuer and SPO and within the issuer itself), alignment of issuer and SPO provider goals, and compliance with standards and regulations. The study also shows how SPO providers attempt to overcome these challenges through policies, assets, and governance of their business models. We discuss contributions for theory and practice.</p>

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Information Asymmetries in the Green and Sustainable Bond Market: The Role of Second-Party Opinion (SPO) Providers

  • 期刊论文

  • 发表日期：

    2025年5月5日

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  • Jordan Mitchell,
  • Throstur Olaf Sigurjonsson,
  • Nikolaos Kavadis,
  • Ahmad Rahnema Alavi,
  • Stefan Wendt

摘要

Second-party opinions (SPOs) are the most common type of external review for green, social, sustainable, and sustainability—linked (GSS +) bonds. Yet, there is a dearth of research on SPO providers and how they perform their role as information intermediaries. From a practical standpoint, understanding more about SPO providers is vital since they aim to reduce information asymmetry between issuers and investors. Their work enhances transparency and supports the growth of GSS + bonds, key instruments for the transition to greater sustainability. Drawing from interviews with six European SPO providers and other industry participants, this study reveals the main challenges that SPO providers face: multiple layers of information asymmetries (between the issuer and SPO and within the issuer itself), alignment of issuer and SPO provider goals, and compliance with standards and regulations. The study also shows how SPO providers attempt to overcome these challenges through policies, assets, and governance of their business models. We discuss contributions for theory and practice.