Efeitos bidirecionais entre o risco de carbono e o risco corporativo

Polliany Lima Silva; Jorge de Souza Bispo

doi:10.5585/2025.26024

Autores

Polliany Lima Silva Universidade Federal da Bahia (UFBA), Salvador, Bahia, Brasil https://orcid.org/0009-0002-0834-0459
Jorge de Souza Bispo Universidade Federal da Bahia (UFBA), Programa de Pós-Graduação em Ciências Contábeis, Departamento de Ciências Contábeis, Salvador, Bahia, Brasil https://orcid.org/0000-0002-1845-2473

DOI:

https://doi.org/10.5585/2025.26024

Palavras-chave:

risco de carbono, risco corporativo, sustentabilidade

Resumo

Introdução: Apesar de diversos estudos terem encontrado que há uma relação bidirecional entre divulgação de desempenho socioambiental e risco corporativo, raros trabalhos testam a mesma relação entre riscos corporativos, divulgação e risco de transição de carbono.

Objetivo: Investigar as direções causais entre risco de transição de carbono e risco financeiro.

Metodologia: Analisaram-se 252 observações empresa-ano de 2014 a 2020, com base nos relatórios de emissões de carbono do programa GHG-Protocol e dados financeiros do software Economática. O modelo de Estimador M de Huber (M) foi usado para a contestação de que as variáveis utilizadas possuem relação unidirecional; e, adiante, um modelo autorregressivo de vetor de painel para examinar a causalidade bidirecional, no sentido de Granger (1969).

Resultados: Indicaram, unidirecionalmente, que o risco decorrente do escopo-1 se associou positivamente ao Beta e à Volatilidade; o escopo-2 se mostrou negativamente associado ao risco Beta; e o escopo-3 positivamente associado ao risco de não falência. No Teste de Causalidade de Granger, os resultados demonstraram relação bidirecional entre o escopo-3 e o Beta.

Contribuições sociais/para a gestão: Os resultados evidenciam a importância do risco de carbono para a mensuração do risco corporativo; principalmente o relato de escopo-3, ainda divulgado de forma voluntária.

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Biografia do Autor

Polliany Lima Silva, Universidade Federal da Bahia (UFBA), Salvador, Bahia, Brasil

Mestre em Contabilidade (Universidade Federal da Bahia). Graduada em Ciências Contábeis (Faculdade Anísio Teixeira). Pós Graduada em Gestão e Finanças pela Universidade Católica Paulista. Técnica em Logística (Serviço Nacional de Aprendizagem Industrial).

Jorge de Souza Bispo, Universidade Federal da Bahia (UFBA), Programa de Pós-Graduação em Ciências Contábeis, Departamento de Ciências Contábeis, Salvador, Bahia, Brasil

Doutor em Contabilidade e Controladoria pela FEA-USP (2009), Mestre em Gestão Empresarial pela Ebape-FGV(2003), Master em Direito Tributário (LLM) pelo Insper-SP (2011). Possui graduação em Administração de Empresas pela Fundação Mineira de Educação e Cultura-FUMEC (1986), em Direito pela Universidade Paulista (2005) e em Ciências Contábeis pela Universidade Paulista (2018).

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