The Price of Sustainability: Green Bond Premium in Brazil

Autor
Danilo Mattes Navarro Filho
Co-autores
Johnny Silva Mendes , Arthur Goulart de Mendonça Alves , Wilson Toshiro Nakamura
Resumo
This study investigates the existence of a Green Bond Premium in the Brazilian debt capital market, focusing on the issuance cost from the issuer’s perspective. Based on a sample of 263 securities issued between 2017 and 2022, a multivariate regression was applied to estimate the relationship between Green Bond classification and bond spreads. Results indicate that sustainable bonds were associated with higher spreads, with the Green Bond variable showing a positive and statistically significant coefficient at the 1% level. These findings reject the presence of a Green Bond Premium for issuers and suggest that the motivation to issue such securities is driven more by strategic and reputational factors than by cost reduction. The model showed good explanatory power and allowed the rejection of hypotheses that Green Bonds lead to lower interest rates or reflect lower perceived risk. Future research should include panel data and liquidity variables to enhance explanatory capacity.
Palavras-chave
Green Bonds, Green Bond Premium, Capital Markets, Sustainable Finance, Cost of Debt
Modalidade
Comunicação oral
Área Temática
Finanças Corporativas e Bancárias

Voltar Download

Referência

FILHO, Danilo Mattes Navarro et al. The Price of Sustainability: Green Bond Premium in Brazil. In: XXVI Encontro Brasileiro de Finanças - Universidade de Fortaleza (Unifor)| Fortaleza, Ceará, 2026. Disponível em: <https://doity.com.br/anais/26ebfin/trabalho/515841>. Acesso em: 07/08/2026 às 00:37

Apreçamento de Ativos
Finanças Corporativas e Bancárias
Econometria Financeira
Engenharia Financeira
Macrofinanças
Econometria Financeira

Comissão Organizadora

Anderson Odias da Silva
Rafael Schiozer
Marcelo Fernandes

Comissão Científica

Alan De Genaro (FGV EAESP)
Allisson Martins (Universidade de Fortaleza)
Amanda Miranda Fantinatti (FEA-USP)
André de Castro Silva (Nova SBE)
Benjamin Miranda Tabak (FGV EPPGE)
Bernardo Ricca (Insper)
Bruno Cara Giovannetti (FGV EESP)
Caio Almeida (Princeton)
Claudia Yoshinaga (FGV EAESP)
Cristina Scherrer (LSE)
Danilo Cascaldi-Garcia (FED)
Eduardo Flores (FEA-USP)
Eduardo Horta (UFRGS)
Eduardo Kazuo Kayo (FEA-USP)
Emerson Fernandes Marçal (FGV EESP)
Fernando Chague (FGV EESP)
Flavio Augusto Ziegelmann (UFRGS)
Gustavo Freire (Nova SBE)
Gustavo Silva Araujo (BCB)
Henrique Castro (FGV EESP)
Henrique Castro Martins (FGV EAESP)
Jaime de Jesus Filho (FGV)
Jose Renato Haas Ornelas (BCB)
João F. Caldeira (UFSC)
Jéfferson Augusto Colombo (FGV EESP)
Klenio Barbosa (SKEMA)
Layla Mendes (FGV EBAPE)
Leandro dos Santos Maciel (FEA-USP)
Lucas Ayres Barreira de Campos Barros (FEA-USP)
Marcelo Brutti Righi (UFRGS)
Marcelo Fernandes (FGV EESP)
Marcelo Klötzle (PUC-Rio)
Mariana Oreng (ESPM)
Márcio Poletti Laurini (FEA-RP/USP)
Naielly Marques (PUC-Rio)
Paulo Renato Soares Terra (FGV EAESP)
Paulo Rogério Faustino de Matos (UFC)
Pedro A. C. Saffi (CUNEF)
Rafael Felipe Schiozer (FGV EAESP)
Rafael Matta (SKEMA)
Raquel de Freitas Oliveira (BCB)
Raul Riva (FGV EPGE)
Roberto Bomgiovani Cazzari (FEA-USP)
Rodrigo De Losso da Silveira Bueno (FEA-USP)
Rodrigo Leite (COPPEAD/UFRJ)
Ruy Monteiro Ribeiro (Insper)
Vinicius Augusto Brunassi Silva (FGV EESP)
Wilson Toshiro Nakamura (Mackenzie)
Yuri Fahham Saporito (FGV EMAp)