Green Bonds and Performance: an analysis of publicly traded brazilian companies
DOI:
https://doi.org/10.5007/2175-8077.2022.e84781Keywords:
Green bonds, Financial instruments, Financial performance, Environmental impacts, Brazilian companiesAbstract
Green Bonds are relevant financial instruments for mitigating and adapting to climate change, and have been attracting the interest of companies around the world. In this sense, the objective of this study is to verify the impact of issuing green bonds on the operational and financial performance of publicly traded Brazilian companies. For the analysis, panel data regressions were performed from a sample of 50 publicly traded companies in the period 2015 to 2020. The results showed that the fact that the company issued green bonds did not influence the performance of companies measured by ROA, ROE and Ebtm neither in the year of its issuance nor in the years after its issuance. These findings contribute to future research on the subject in order to guide researchers and managers regarding the understanding of the importance of green bonds to finance projects that minimize environmental impacts.
References
Baker, M., Bergstresser, D., Serafeim, G., & Wurgler, J. (2018). Financing the response to climate change: The pricing and ownership of US green bonds (No. w25194). National Bureau of Economic Research.
Barua, S., & Chiesa, M. (2019). Sustainable financing practices through green bonds: What affects the funding size?. Business Strategy and the Environment, 28(6), 1131-1147.
Baulkaran, V. (2019). Stock market reaction to green bond issuance. Journal of Asset Management, 20(5), 331-340.
Climate Bonds Initiative (2020). 2019 Green Bond Market Summary, 1-9.
Dutra, R. S., & Parente, P. H. N. (2018). Desempenho ambiental e econômico: Uma análise nas empresas brasileiras. Perspectivas Online: Humanas & Sociais Aplicadas, 8(21).
Febi, W., Schäfer, D., Stephan, A., & Sun, C. (2018). The impact of liquidity risk on the yield spread of green bonds. Finance Research Letters, 27, 53-59.
Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics.
Flammer, C. (2020). Green bonds: effectiveness and implications for public policy. Environmental and Energy Policy and the Economy, 1(1), 95-128.
Gianfrate, G., & Peri, M. (2019). The green advantage: Exploring the convenience of issuing green bonds. Journal of cleaner production, 219, 127-135.
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2009). Análise multivariada de dados. Bookman editora.
Hart, L. Zingales (2017). Companies Should Maximize Shareholder Welfare Not Market Value. Harvard Business Review.
Ibikunle, G., & Steffen, T. (2017). European green mutual fund performance: A comparative analysis with their conventional and black peers. Journal of Business Ethics, 145(2), 337-355.
Kaminker, C., Majowski, C., & Bonelli, R. (2018). Green bonds–ecosystem, issuance process and regional perspectives.
Kanamura, T. (2020). Are green bonds environmentally friendly and good performing assets?. Energy Economics, 88, 104767.
Karpf, A., & Mandel, A. (2018). The changing value of the ‘green’label on the US municipal bond market. Nature Climate Change, 8(2), 161-165.
Ketterer et al. (2019). Finanças Sustentáveis: Transformando os mercados de títulos verdes. Relações com Investidores, v.234, p. 10-18, 2019.
Ley, L. (2017). A comparative study on the financial performance of Green bonds and their conventional peers (Doctoral dissertation, Master’s thesis in Financial Economics, Erasmus University, Rotterdam).
Marques, L. D. (2000). Modelos dinâmicos com dados em painel: revisão de literatura. Centro de estudos Macroeconómicos e Previsão, faculdade de Economia do Porto, 30, 37.
Pham, L. (2016). Is it risky to go green? A volatility analysis of the green bond market. Journal of Sustainable Finance & Investment, 6(4), 263-291.
Sangiorgi., I. & Schopohl, L. (2021). Why do institutional investors buy green bonds: Evidence from a survey of European asset managers. International Review of Financial Analysis, 75.
Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds?. Journal of Corporate Finance, 61, 101427.
Tolliver, C., Keeley, A. R., & Managi, S. (2020). Drivers of green bond market growth: The importance of Nationally Determined Contributions to the Paris Agreement and implications for sustainability. Journal of cleaner production, 244, 118643.
Wooldridge, J. M. Introdução à econometria: uma abordagem moderna. São Paulo: Cengage Learning, 2011. Alan Vítor Coelho Neves, 2012-2013.
Zerbib, O. D. (2019). The effect of pro-environmental preferences on bond prices: Evidence from green bonds. Journal of Banking & Finance, 98, 39-60.
Downloads
Published
How to Cite
Issue
Section
License
The author transfers all copyright of the article to Revista Ciências da Administração, with any reproduction, total or partial, in any means of publication, printed or electronic, being prohibited, without the prior and necessary authorization being requested and, if obtained, will include the competent registration and thanks to the Magazine.
This work is licensed under a Creative Commons Atribuição-NãoComercial-SemDerivações 4.0 Internacional.
