Análise das principais motivações para as empresas emitirem obrigações verdes

Abstract

Awareness and concern for the sustainability of our planet have become increasingly evident and the methods that companies use to finance themselves have been changing and becoming more sustainable. As a result, the green bond market that emerged in 2007 has seen a clear expansion of its issuances over the years. There are several authors that explore these bonds and the possible benefits of their issuance, however, research that assesses the motivations of companies to issue Green Bonds is still very limited (Lin & Su, 2022). In order to study the evolution of the amount of Green Bonds issuance by companies and what are the motivations that lead them to issue this type of sustainable bonds, the following approach was used in this dissertation: in a first phase through a preliminary analysis (analysis from the results of the descriptive statistics together with the results of the Wilcoxon rank sum test) to the variables of the companies, macroeconomic and contractual, it was possible to make a first evaluation of the influence that these variables can have in the choice of the type of issue by the companies. Then, an analysis was made of the logistic regression results, including both company variables and macroeconomic and contractual variables. The variable with the name of the companies was used as a control. It was confirmed, therefore, that the issuance of Green Bonds has been increasing in recent years, despite not being enough to equal the amount of non-green bond issues and the following variables that seem to have a negative influence on this choice: and the following variables that seem to have a negative influence on this choice: Short term debt to total debt, Deal Value e Fixed assets to total assets, which means that companies choose these issues when they are companies with more long-term debt and when their financing needs are relatively small, which is in line with the results obtained by Lin & Su (2022) in their study. At the same time, they are companies with a lower proportion of fixed assets in relation to total assets.

Date of Award	20 Oct 2022
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	João Pinto (Supervisor)