Integração de questões socioambientais na avaliação de títulos de renda fixa corporativos
DOI:
https://doi.org/10.5902/1983465928109Abstract
Este trabalho apresenta um diagnóstico das práticas vigentes e uma proposta de roteiro para integração de variáveis socioambientais na avaliação de títulos de renda fixa corporativos. O roteiro não faz distinção entre as diferentes formas que os títulos podem assumir e foi desenvolvido a partir da identificação das melhores práticas de integração adotadas por agentes do mercado. A amostra de agentes foi obtida por critérios de engajamento em finanças sustentáveis e relevância no mercado de títulos de renda fixa. O diagnóstico indicou fraca consideração de variáveis socioambientais na avaliação dos títulos de renda fixa, pouca diferença entre as práticas das instituições financeiras nacionais e estrangeiras e rating de crédito como principal abordagem utilizada. O roteiro proposto apresenta considerações básicas de riscos e oportunidades, seguindo o caminho da análise de fatores socioambientais setoriais e empresariais, acompanhado de ajuste de spreads na taxa contratual.
Downloads
Literaturhinweise
Arjaliès, D. L. (2013). Why Integrating Socially Responsible Investment in Fixed-Income Investment Has Been More Difficult Than in Equity Investment? Exploring the Role of Calculative Devices in the Transformation of Logics and Practices, 1–49. Retrieved from http://www.hbs.edu/faculty/conferences/2013-sustainability-and-corporation/Documents/Arjalies-Full_paper.pdf
Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate Social Responsibility and Credit Ratings. Journal of Business Ethics, 117(4), 679–694.
Bauer, R., & Hann, D. (2010). Corporate Environmental Management and Credit Risk. SSRN Electronic Journal, 1–43. https://doi.org/10.2139/ssrn.1660470
Carbon Disclosure Project. (2013). CDP Brasil 100 - Relatório de mudanças climáticas 2013: Oportunidades de negócios a partir da redução de emissões. Retrieved from http://www.cdpla.net/sites/default/files/CDP_RA_2013_port_final_09_10%5B2%5D.pdf
Chava, S. (2014). Environmental Externalities and Cost of Capital. Management Science, 60(9), 2223–2247. https://doi.org/10.1287/mnsc.2013.1863
Credit Suisse. (2012). Investment ideas - sustainable investment framework. Retrieved from https://perspectives.credit-suisse.com/Handler/DownloadPublic.ashx?File=Media/PDF/Microfinance/Sustainable_Investment_Framework.pdf
Derwall, J., & Koedijk, K. C. G. (2008). Socially Responsible Fixed-Income Funds. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=653881
Endrikat, J., Guenther, E., & Hoppe, H. (2014). Making sense of conflicting empirical findings: A meta-analytic review of the relationship between corporate environmental and financial performance. European Management Journal, 32(5), 735–751.
Epstein, M. J., & Roy, M.-J. (2003). Making the business case for sustainability: linking social and environmental actions to financial performance. Journal of Corporate Citizenship, 9, 79–96.
Fabozzi, F. J. (2000). Mercados, análise e estratégias de bônus : títulos de renda fixa. Qualitymark.
Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance, 35(7), 1794–1810.
Haigh, M., & Hazelton, J. (2004, June). Financial markets: A tool for social responsibility? Journal of Business Ethics. Kluwer Academic Publishers.
Humphrey, J. E., Lee, D. D., & Shen, Y. (2012). Does it cost to be sustainable? Journal of Corporate Finance, 18(3), 626–639.
Jimenez, G., Salas, V., & Saurina, J. (2006). Determinants of collateral. Journal of Financial Economics, 81(2), 255–281.
Kölbel, J. F., & Busch, T. (2013). The effect of bad news on credit risk : a media based view of the pricing of corporate social responsibility. DSF Policy Paper Series. Retrieved from http://www.sustainalytics.com/sites/default/files/koelbel.busch_2013_pri.reprisk.pdf
Makower, J. (2017). The tenth annual state of green business report. GreenBiz & Trucost.
Margolis, J. D., Hillary, E. A., & Walsh, J. R. (2009). Does it Pay to Be Good...And Does it Matter? A Meta-Analysis of the Relationship between Corporate Social and Financial Performance. MIT Sloan Management Review, 50, 61–68. https://doi.org/10.2139/ssrn.1866371
Menz, K. M. (2010). Corporate Social Responsibility: Is it Rewarded by the Corporate Bond Market? A Critical Note. Journal of Business Ethics, 96(1), 117–134.
Nandy, M., & Lodh, S. (2012). Do banks value the eco-friendliness of firms in their corporate lending decision? Some empirical evidence. International Review of Financial Analysis, 25, 83–93.
Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review, 49(1), 49–75.
PRI - Principles for Responsible Investment. (2011). Fixed income work stream: discussion paper. https://www.unpri.org/directory/
PRI - Principles for Responsible Investment. (2013). Corporate bonds - Spotlight on ESG Risks. https://www.unpri.org/directory/
PRI - Principles for Responsible Investment. (2014). Signatory List. Retrieved from https://www.unpri.org/directory/
Ruf, B. M., Muralidhar, K., Brown, R. M., Janney, J. J., & Paul, K. (2001). An empirical investigation of the relationship between change in corporate social performance and financial performance: A stakeholder theory perspective. Journal of Business Ethics, 32(2), 143–156.
Schneider, T. E. (2011). Is environmental performance a determinant of bond pricing? Evidence from the U.S. pulp and paper and chemical industries. Contemporary Accounting Research, 28(5), 1537–1561.
Schramade, W. (2016). Bridging Sustainability and Finance: The Value Driver Adjustment Approach. https://doi.org/10.1111/JACF.12170
Soppe, A. (2004). Sustainable corporate finance. In Journal of Business Ethics (Vol. 53, pp. 213–224).
Thompson, P. (1998). Bank lending and the environment: policies and opportunities. International Journal of Bank Marketing, 16(6), 243–252.
Thompson, P., & Cowton, C. J. (2004). Bringing the environment into bank lending: Implication for environmental reporting. British Accounting Review.
Trajano, A. R. da S., & Lemme, C. F. (2013). Incorporação dos fatores socioambientais na avaliação financeira de empresas: uma aplicação ao setor de papel e celulose. In XV Encontro Internacional sobre Gestão Empresarial e Meio Ambiente. São Paulo.
Van Beurden, P., & Gössling, T. (2008). The worth of values - A literature review on the relation between corporate social and financial performance. Journal of Business Ethics, 82(2), 407–424.
Verheyden, T., Eccles, R. G., & Feiner, A. (2016). ESG for All? The Impact of ESG Screening on Return, Risk, and Diversification. Journal of Applied Corporate Finance, 28(2), 47–55.
Weber, O., Fenchel, M., & Scholz, R. W. (2008). Empirical analysis of the integration of environmental risks into the credit risk management process of European banks. Business Strategy and the Environment, 17(3), 149–159.
Weber, O., Scholz, R. W., & Michalik, G. (2010). Incorporating sustainability criteria into credit risk management. Business Strategy and the Environment, 19(1), 39–50.
Downloads
Veröffentlicht
Zitationsvorschlag
Ausgabe
Rubrik
Lizenz
Authors of articles published by ReA/UFSM retain the copyright of their works, licensing them under the Creative Commons (CC-BY 4.0), which allows articles to be reused and distributed without restriction, provided that the original work is properly cited.
