O impacto das finanças verdes no desempenho econômico e ambiental das empresas brasileiras: uma perspectiva ampla e regional

Abstract

The objective of this study is to investigate the influence of green finance on the economic and environmental performance of companies through a two-stage complementary theoreticalempirical approach. In the first chapter, a bibliometric analysis of international scientific production on green finance, economic performance, and renewable energy is conducted, utilizing 477 articles indexed in the Web of Science and Scopus databases between 2021 and 2025. The study identified trends, key authors, and gaps, revealing a significant annual growth of 87.86% in publications, with China notably responsible for more than half of the global production. Recurring terms such as “green finance,” “renewable energy,” and “CO2 emissions” demonstrate the literature's focus on the connection between sustainable financing and the energy transition. The second chapter of the study, which is quantitative in nature, examines Brazilian companies listed on the B3 exchange using panel data and fixed-effects regressions. Economic performance was measured through ROA, ROE, and Tobin’s Q. The results indicate that green finance practices positively impact ROA, while investments in renewable energy demonstrate a significant positive relationship with the market value of companies listed on the B3. The findings suggest that the integration between green finance and economic performance is promising but requires institutional support and policies that strengthen the transition to a low-carbon economy.