RESPONSABILIDADE AMBIENTAL, CUSTO DE CAPITAL, RISCO E ENDIVIDAMENTO

Autores

DOI:

https://doi.org/10.14392/ASAA.2019120207

Palavras-chave:

Certificação. Sinalização. Custo de capital. Risco. Dívida.

Resumo

O presente estudo teve por objetivo verificar o efeito da sinalização ambiental na estrutura de capital. A certificação ISO 14001 foi empregada como proxy de sinalização para o mercado de empresas que são comprometidas com sustentabilidade ambiental. Os dados coletados se referem ao período de 1995 a 2016, sendo a amostra final de 2365 firmas/ano. Utilizou-se um modelo “difference in difference” com efeito fixo para empresa, com o intuito de se estimar o efeito da obtenção da certificação na estrutura de capital, risco e nível de endividamento mediante a comparação de empresas que receberam a respectiva certificação do Sistema de Gestão Ambiental com empresas que não possuem tal certificação. Um Propensity Score Matching também foi efetuado para se mitigar um possível viés de auto-seleção. Os resultados sugerem que embora a adoção de práticas de gerenciamento exigidas pelos padrões ISO14001 não reduza em média o risco sistêmico das empresas, percebe-se alteração na estrutura de capital das empresas certificadas a partir da redução do custo de capital de terceiros e aumento da proporção da dívida de longo prazo.

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Biografia do Autor

Jessica Prado Martins, Fucape Business School

Mestre em Administração

Danilo Soares Monte-mor, Fucape Business School

Doutor em Administração e Ciências Contábeis

Silvania Neris Nossa, Fucape Business School

Doutora em Ciências Contábeis e Administração

Valcemiro Nossa, Fucape Business School

Doutor em Controladoria e Contabilidade

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Publicado

18/11/2019

Como Citar

Martins, J. P., Monte-mor, D. S., Nossa, S. N., & Nossa, V. (2019). RESPONSABILIDADE AMBIENTAL, CUSTO DE CAPITAL, RISCO E ENDIVIDAMENTO. Advances in Scientific and Applied Accounting, 1(2), 124–146. https://doi.org/10.14392/ASAA.2019120207

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