Green bonds no Brasil: reação do preço das ações à emissão de títulos verdes

Abstract

Due to the need of redirecting financial resources to public and private investments, to handle the environment in a sustainable way, aiming to develop sustainable socio-environmental politics, companies are increasingly investing in actions connected to ESG code, to enhance tangible and intangible benefits to ensure the best results in their stocks equity value. In this context, local companies started to issue green bonds, a subproduct of fixed income securities, to provide financial resources to finance projects, aiming to positively contribute to the sustainable environmental and climate development. Therefore, the aim of this research is to analyze the immediate impact of these issues in the stock prices, concerning the methodology of events study, through non-probabilistic, convenience and judgement sampling, and the application of t-test, to determine and measure normal and abnormal returns in stock prices. The event study was analyzed considering two dates of event, which are the issuance of Green Bonds and the announcement of the issuance of Green Bonds. It was considered two event windows, one with 252 days and the other one with 100 days. Considering the issuance date of the Green Bonds as the date of event, results show in the window before the events a positive relationship with statistical significance between the Green Bonds issues and the financial performance of stock prices. These results open a way for deeper studies concerning this topic in the Brazilian market.