The impact of Brazilian corporate green bond issuances on financial performance and greenhouse gas emissions
Carregando...
Arquivos
Data
2025-10-24
Autores
Orientador(res)
Schiozer, Rafael Felipe
Métricas
Título da Revista
ISSN da Revista
Título de Volume
Resumo
This thesis studies Brazilian corporate green bonds with the aim to gain an understanding of whether the impact of this financial instrument on Brazilian firms’ financial and environmental performance is similar to that reported in the literature. The study documents that both the global and the Brazilian green bond market have grown substantially since their first issuances, respectively in 2007 and 2015. Specifically for corporate green bonds, the first global issuance happened in 2012, followed three years later by the first Brazilian corporate green bond issuance. Unlike in the global market, Brazilian green bonds are almost exclusively corporate bonds. The rapid growth of this market came to a halt in 2021, both globally and in Brazil. In, that year, these financial instruments, earmarked to finance firms’ investments needed to transition towards lowering their carbon footprint, reached an annual issuance level of approximately USD 404 bn of corporate global green bond issuances, including USD 2.6 bn Brazilian corporate green bonds. Both markets have hovered around these issuance values in subsequent years. Annual issuances of all green bonds – corporate and non-corporate – peaked at USD 710 bn in 2021, corresponding to 2.5% of all global bond issuances in that year. At these annual levels – and if green bonds are indeed effective in lowering firms’ greenhouse gas emissions – this financial instrument has the potential to play a relevant role in addressing the challenges of climate change. I tested the effectiveness of this instrument to enable Brazilian firms to lower their greenhouse gas (GHG) emissions. Additionally, I examined whether issuing these instruments impacts their financial performance, using a difference-in-differences estimation that allows for staggered treatment timing and heterogeneous time and group effects. I found downward trending dynamic effects of increasingly lower GHG emissions, albeit statistically not significant. The impact on financial performance indicators was also statistically not significant, with significant heterogeneity across firms.
Descrição
Palavras-chave
Green bonds Corporate green bonds Fnancial performance Environmental performance Scope 1-2-3 emissions Greenhouse gas emissions Return on assets (ROA) Return on equity (ROE) Títulos verdes Títulos verdes corporativos Desempenho financeiro Desempenho ambiental Emissões de gases com efeito de estufa Emissões escopo 1-2-3