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Digital Technologies and the Effectiveness of Green and Blue Finance: Cross-Country Evidence Using Proxy Indicators

Gurinder Singh et al.

Australasian Accounting Business and Finance Journal2025https://doi.org/10.14453/aabfj.v19i4.01article
AJG 1ABDC B
Weight
0.50

Abstract

This study investigates the differential impact of digital technology adoption on the performance of green and blue bonds across 30 economies over a 10-year panel. Using GHG Intensity, World Governance Indicator (WGI), and Ocean Health Index (OHI) as proxies for environmental and institutional performance, the paper develops a composite Tech Index derived from AI, IoT, Blockchain, and Big Data readiness scores. Empirical analysis employs fixed and random effects panel regressions with Hausman tests for model selection. Results show that IoT significantly reduces GHG Intensity (β = -0.1242, p < 0.01), while Big Data exhibits a counterintuitive positive association (β = 0.1159, p < 0.01). Governance outcomes (WGI) are positively influenced by digital readiness (NRI) but negatively by AI and Big Data adoption in transitional economies. The Tech Index is positively associated with marine ecosystem health, improving OHI scores significantly (β = 9.48, p = 0.011). These findings validate the use of proxy-based evaluation frameworks and demonstrate how digital maturity shapes environmental-financial performance asymmetrically across green and blue finance instruments. The study contributes to sustainable finance literature by integrating digital technology metrics into green and blue bond effectiveness models and offers policy pathways for digital-institutional alignment in ESG governance.

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https://doi.org/https://doi.org/10.14453/aabfj.v19i4.01

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@article{gurinder2025,
  title        = {{Digital Technologies and the Effectiveness of Green and Blue Finance: Cross-Country Evidence Using Proxy Indicators}},
  author       = {Gurinder Singh et al.},
  journal      = {Australasian Accounting Business and Finance Journal},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.14453/aabfj.v19i4.01},
}

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Digital Technologies and the Effectiveness of Green and Blue Finance: Cross-Country Evidence Using Proxy Indicators

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.