O Disclosure ESG impacta no custo da dívida? Uma análise do Brasil e de suas regiões
DOI:
https://doi.org/10.5902/1983465990538Schlagworte:
Custo da dívida, Disclosure ESG, RegionalidadeAbstract
Objetivo: Este estudo investiga a relação entre o disclosure ESG (Environmental, Social, and Governance) e o custo de endividamento de empresas brasileiras. Além disso, examina se a regionalidade exerce influência na obtenção de recursos de terceiros.
Design/metodologia/abordagem: Analisou-se 576 observações-firmas-ano de empresas brasileiras, não financeiras, de capital aberto pertencentes à Bloomberg no período de 2016 a 2021, estruturadas em um painel dinâmico de System GMM (one ou two-steps). Quanto à regionalidade, adotou-se painel estático com efeitos aleatórios para investigar a influência das macrorregiões do Brasil no custo da dívida.
Constatações: O disclosure ESG não apresentou relação negativa e significativa com o custo da dívida. Assim, não se pode inferir que os credores apreciam a transparência das informações ESG e recompensam as firmas que adotam tal prática com custos menores. Entretanto, notou-se diferenças entre as macrorregiões brasileiras no tocante ao custo da dívida.
Implicações práticas: Compreender os efeitos do disclosure ESG no endividamento das empresas brasileiras permite o desenvolvimento de padrões para divulgações não financeiras, visando maior conformidade e transparência das iniciativas ESG. Isso melhora a comunicação com os investidores e a sociedade, refletindo em maior confiança e menores riscos associados às decisões de investimento.
Originalidade/valor: Este estudo contribui para o avanço das pesquisas sobre disclosure ESG ao concentrar-se em um país emergente, onde as práticas ESG ainda são pouco aceitas. Ademais, explora o comportamento financeiro das empresas sob a ótica do custo da dívida, uma abordagem pouco explorada na literatura sobre o tema
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