巴西股票市场的碳排放和财务表现
Asafe Lopesde Senna1, Ana Claudia de Araujo Moxotó2
1Federal University of Amazonas, Department of Administration, Brazil.
Journal of environmental management
|March 2, 2025
概括
较高的碳排放与巴西公司的财务业绩有积极的相关性,但这种关系是复杂的,需要进一步调查行业和位置因素.
科学领域:
- 环境经济学环境经济学
- 企业金融公司财务
- 可持续性研究 可持续性研究
背景情况:
- 人们越来越关注气候变化,需要了解企业对环境的影响与财务结果之间的联系.
- 巴西的碳效率指数 (ICO2) 提供了一个独特的数据集,用于分析积极参与碳管理的公司.
- 现有的文献在碳排放与企业财务绩效之间的关系上提出了不同的结论.
研究的目的:
- 调查巴西ICO2指数中的公司碳排放与主要财务绩效指标 (EPS,ROE,ROA) 之间的经验关系.
- 探索潜在的复杂性和调节因素,如行业和位置,影响这种关系.
- 为正在进行的关于"碳性能悖论"的辩论提供细微的见解.
主要方法:
- 使用描述性统计,普通最小平方 (OLS) 和通用最小平方 (GLS) 估计模型进行计量经济学分析.
- 利用了来自巴西碳效率指数 (ICO2) 上市的73家公司的2021年数据.
- 使用Gretl软件进行线性回归分析,以评估相关性.
主要成果:
- 在二氧化碳排放和财务指标之间观察到正相关性,包括每股收益 (EPS) 和股权回报 (ROE).
- 平均而言,碳排放较高的公司在EPS和ROE方面表现更好.
- 该研究发现了复杂性,表明这种关系不是简单的积极关联,并且因行业和地点而异.
结论:
- 这些发现挑战了对排放-绩效联系的简单观点,在某些情况下表明了潜在的"碳绩效悖论".
- 部门分析和考虑公司的位置对于全面理解至关重要.
- 建议对更广泛的数据集和宏观经济考虑进行进一步的研究,以改进对企业环境和财务战略的洞察力.
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