Work

O risco de carbono é relevante no mercado brasileiro?

Year: 2024

Type: article

Abstract: The purpose of this study is to analyze the relationship between stock return and the disclosure of carbon emissions in the Brazilian market. International literature has documented a strong correlation between stock returns and carbon emissions on a global scale. There is little evidence on the impact of carbon emissions disclosure on the Brazilian capital markets. Previous studies in the Brazilian market analyzed stock returns for a B3 Carbon Index (ICO2) sample, and they did not find superior stock returns for those firms. This study expands the sample considering all companies that voluntarily disclosed carbon emissions. We also analyze the relation between carbon emissions and stock return. Despite the high level of carbon disclosure by Brazilian companies, the results of this study did not identify carbon premium in the carbon-transition risk in the Brazilian market. This result contradicts prior international evidence. This study contributes to the sustainable finance literature by analyzing the relevance of the disclosure of carbon emissions in the capital markets of an emerging economy.

Source: Revista de Contabilidade e Organizações

DOI: 10.11606/issn.1982-6486.rco.2024.224756

Authors: Rafael Antonio Moutinho, Ricardo Luiz Menezes da Silva

Institution: Universidade de São Paulo

Language: English

Topic: Sustainable Finance and Green Bonds

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Climate action

Open Access status: diamond

Funder: Coordenação de Aperfeiçoamento de Pessoal de Nível Superior