Efeito do sistema nacional de negócios na divulgação de emissões de gases de efeito estufa: evidência em múltiplos países

Pinheiro, Alan Bandeira; Sampaio, Thicia Stela Lima; Mazzo, Gabriel Gusso; Carraro, Wendy Beatriz Witt Haddad; Ribeiro, Cintia de Melo de Albuquerque

Alan Bandeira Pinheiro E-mail: alanbpinheiro@hotmail.com

PhD Student at Federal University of Paraná and Master’s in Administration from Federal University of Ceará

Definition of research problem

Development of hypotheses or research questions (empirical studies)

Development of theoretical propositions (theoretical work)

Theoretical foundation / Literature review

Definition of methodological procedures

Statistical analysis

Analysis and interpretation of data

Critical revision of the manuscript

Manuscript writing

Federal University of Paraná, PR, Brazil

https://orcid.org/0000-0001-6326-575X

Thicia Stela Lima Sampaio E-mail: thiciasampaio@gmail.com

Master’s in Accounting from Federal University of Ceará

Definition of research problem

Development of hypotheses or research questions (empirical studies)

Development of theoretical propositions (theoretical work)

Theoretical foundation / Literature review

Data collection

Critical revision of the manuscript

Manuscript writing

Federal University of Ceará, CE, Brazil

https://orcid.org/0000-0001-7105-9825

Gabriel Gusso Mazzo E-mail: gabrielgmazzo@gmail.com

Master’s Student at Federal University of Paraná

Theoretical foundation / Literature review

Statistical analysis

Analysis and interpretation of data

Critical revision of the manuscript

Manuscript writing

Federal University of Paraná, PR, Brazil

https://orcid.org/0009-0005-1736-3654

Wendy Beatriz Witt Haddad Carraro E-mail: wendy.carraro@ufrgs.br

Professor at Universidade Federal do Rio Grande do Sul. Phd in entrepreneurship, strategy, planning and innovation from Universidade do Porto (Portugal)

Definition of research problem

Development of hypotheses or research questions (empirical studies)

Development of theoretical propositions (theoretical work)

Definition of methodological procedures

Data collection

Analysis and interpretation of data

Critical revision of the manuscript

Manuscript writing

Federal University of Rio Grande do Sul, RS, Brazil

https://orcid.org/0000-0002-2152-1767

Cintia de Melo de Albuquerque Ribeiro E-mail: cintiaalbuquerque@id.uff.br

Professor at Universidade Federal Fluminense (UFF).

Definition of research problem

Development of hypotheses or research questions (empirical studies)

Development of theoretical propositions (theoretical work)

Definition of methodological procedures

Statistical analysis

Analysis and interpretation of data

Critical revision of the manuscript

Manuscript writing

Fluminense Federal University, RS, Brazil

https://orcid.org/0000-0002-1957-056X

E-mail: alanbpinheiro@hotmail.com

E-mail: thiciasampaio@gmail.com

E-mail: gabrielgmazzo@gmail.com

E-mail: wendy.carraro@ufrgs.br

E-mail: cintiaalbuquerque@id.uff.br

Conflict of Interest The authors have stated that there is no conflict of interest.

Edited by

Jordana Marques Kneipp

#	Countries	Population (companies)	Sample (companies)	Sample/Population (%)	Obs.
1	Brazil	20	16	80%	16
2	Canada	56	47	83,92%	47
3	China	251	117	46,61%	117
4	France	57	47	82,45%	47
5	Germany	52	47	90,38%	47
6	India	57	47	82,45%	47
7	Italy	27	23	85,18%	23
8	Japan	223	196	87,89%	196
9	United Kingdom	83	76	91,56%	76
10	United States	576	456	79,16%	456
Total		1,402	1,072	76,46%	1,072

Carbon Disclosure Project Grade (CDP)	A+	A-	B+	B-	C+	C-	D+	D-	F
Score (%)	100	95	85	80	60	40	20	5	1

National System	Hypoteses	Signal	Indicator	Source
Political System (Pol)	H1	+	Perception of corruption	Transparency International (2018)
Financial System (Fin)	H2	+	Easier access to credit	World Economic Forum (2018)
Labor System (Lab)	H3	+	Cooperation between employees and employers
Educational System (Edu)	H4	+	Quality of the education system
Cultural System (Cult)	H5	-	Distance to power	Hofstede (2018)
Economic System (Econ)	H6	+	Degree of economic development	World Bank (2018)

#	Country/Indicator	Pol	Fin	Lab		Edu		Cult		Econ
1	Brazil	35	3.6	4		2.6		69		0
2	Canada	81	4.9	5.4		5.4		39		1
3	China	39	4.5	4.6		4.5		80		0
4	France	72	4.1	3.9		4.3		68		1
5	Germany	80	5.2	5.3		5.4		35		1
6	India	41	4.5	4.5		4.6		77		0
7	Italy	52	3	4		3.7		50		1
8	Japan	73	5.2	5.7		4.4		54		1
9	United Kingdom	80	4.4	5.3		4.7		35		1
10	United States	71	5.5	5.4		5.6		40		1
Mean Sample		67.12	5.03	5.19	4.99		49.80		0.83

#	Country	Nº of Companies	GHG Disclosure
#	Country	Nº of Companies	Min.	Max	Mean	Median	Standard Deviation
1	Brazil	16	1	95	63.19	72.5	31.54
2	Canada	47	1	100	42.38	60	34.9
3	China	117	1	20	1.89	1	3.55
4	France	47	1	100	74.38	95	34.52
5	Germany	47	1	100	62.43	85	36.21
6	India	47	1	100	26,15	1	36.86
7	Italy	23	1	100	49.35	60	44.43
8	Japan	196	1	100	59.59	85	37.81
9	United Kingdom	76	1	100	68.22	85	33.46
10	United States	456	1	100	43.78	60	38.34

Variables		Estimation from 3 to 11
		β
		3	4	5	6	7	8	9	10	11
Pol		-60.55^* ***** p-value: 1%	-56.66^* ***** p-value: 1%	-56.66^* ***** p-value: 1%	-56.66^* ***** p-value: 1%	-60.71^* ***** p-value: 1%	-56.66^* ***** p-value: 1%	-59.20^* ***** p-value: 1%	-56.66^* ***** p-value: 1%	-31.12^* ***** p-value: 1%
Fin		14.04^* ***** p-value: 1%	18.68^* ***** p-value: 1%	14.04^* ***** p-value: 1%	14.04^* ***** p-value: 1%	14.04^* ***** p-value: 1%	17.64^* ***** p-value: 1%	14.04^* ***** p-value: 1%	13.65^* ***** p-value: 1%	14.04^* ***** p-value: 1%
Lab		-25.54^* ***** p-value: 1%	-29.09^* ***** p-value: 1%	-25.54^* ***** p-value: 1%	-6.15	-25.04^* ***** p-value: 1%	-28.30^* ***** p-value: 1%	-25.54^* ***** p-value: 1%	-25.54^* ***** p-value: 1%	^{Omitted 2} Omitted 2 Although the software omitted the Cult variable in the estimation with the dummy for the FRA, the VIF and DW tests of the model ensure the levels of autocorrelation and multicollinearity with respective values of DW = 1.53 and VIF = 3.45.
Edu		-34.09^* ***** p-value: 1%	-23.77^* ***** p-value: 1%	-14.71^* ***** p-value: 1%	-34.09^* ***** p-value: 1%	-34.09^* ***** p-value: 1%	-37.99^* ***** p-value: 1%	-34.09^* ***** p-value: 1%	-35.31^* ***** p-value: 1%	-34.09^* ***** p-value: 1%
Cult		19.38^* ***** p-value: 1%	22.93^* ***** p-value: 1%	^{Omitted 1} Omitted1 Although the software omitted the Cult variable in the estimation with the dummy for the UK, the VIF and DW tests of the model ensure the levels of autocorrelation and multicollinearity with respective values of DW = 1.53 and VIF = 3.17.	^{Excluded 1} Excluded 1 the Cult variable was excluded from the model for presenting a high VIF value	19,38^* ***** p-value: 1%	22.14^* ***** p-value: 1%	19.38^* ***** p-value: 1%	19.38^* ***** p-value: 1%	19.38^* ***** p-value: 1%
Dummy country	BR	49.36^* ***** p-value: 1%
	USA		-16.89^* ***** p-value: 1%
	UK			19.38^* ***** p-value: 1%
	JAP				-19.38^* ***** p-value: 1%
	ITA					35.67^* ***** p-value: 1%
	CAN						12.15^* ***** p-value: 1%
	IND							10.97*
	GER								17.90^* ***** p-value: 1%
	FRA									25.54^* ***** p-value: 1%
α		74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	48.84^* ***** p-value: 1%
R		0.1966	0.1869	0.1755	0.1755	0.1907	0.1782	0.1780	0.1835	0.1755
R2 ajusted		0.1920	0.1824	0.1716	0.1716	0.1862	0.1736	0.1734	0.1789	0.1716
F de Chow		All 9 estimations presented p-value = 0.000
Mean VIF		All 9 estimations showed mean VIF between 4.14 and 4.93
BW		All 9 estimations presented BW between 1.55 and 1.57 à no autocorrelation
BP/CW		All 9 estimations had p-value > significance à no heteroscedasticity
Obs.		1,072 à in all 9 estimations

Variables		Estimation 12 β	Estimation 13 β
Pol		-54.53^* ***** p-value: 1%	-55.63^* ***** p-value: 1%
Fin		5.73	6.93
Lab		-18.74^* ***** p-value: 1%	-19.71^* ***** p-value: 1%
Edu		-27.77^* ***** p-value: 1%	-29.29^* ***** p-value: 1%
Cult		13.45^ p-value: 5%	13.96^ p-value: 5%
Activity sector variable (categoric).	^Sec2 Sec2: Communications;	3.71
	^Sec3 Sec3: Consumer discretionary;	8.29^* * p-value: 10%
	^Sec4 Sec4: Consumer Staples;	19.51^* ***** p-value: 1%
	^Sec5 Sec5: Energy;	-5.62
	^Sec6 Sec6: Health Care;	11.68**
	^Sec7 Sec7: Industrial;	14.03^* ***** p-value: 1%
	^Sec8 Sec8: Materials;	9.74^* * p-value: 10%
	^Sec9 Sec9: Real Estate;	1.41
	^Sec10 Sec10: Technology;	8.99^* * p-value: 10%
	^Sec11 Sec11: Utilities.	13.99^ p-value: 5%
D.Financials			-9.04^ p-value: 5%
α		65.77^* ***** p-value: 1%	76.11^* ***** p-value: 1%
R		0.1965	0.1798
R2 ajusted		0.1851	0.1752
F de Chow		p-value = 0.000	p-value = 0.000
Mean VIF		3.05 à no multicollinearity	5.03 à no multicollinearity
BW		1.52 à no negative autocorrelation of residuals	1.53 à no negative autocorrelation of residuals
BP/CW		p-value = 0.3946 à no heteroscedasticity	p-value = 0.8982 à no heteroscedasticity
Obs		1,072	1,072

[1] E-mail: alanbpinheiro@hotmail.com

Variables		Estimation from 3 to 11
		β
		3	4	5	6	7	8	9	10	11
Pol		-60.55^* ***** p-value: 1%	-56.66^* ***** p-value: 1%	-56.66^* ***** p-value: 1%	-56.66^* ***** p-value: 1%	-60.71^* ***** p-value: 1%	-56.66^* ***** p-value: 1%	-59.20^* ***** p-value: 1%	-56.66^* ***** p-value: 1%	-31.12^* ***** p-value: 1%
Fin		14.04^* ***** p-value: 1%	18.68^* ***** p-value: 1%	14.04^* ***** p-value: 1%	14.04^* ***** p-value: 1%	14.04^* ***** p-value: 1%	17.64^* ***** p-value: 1%	14.04^* ***** p-value: 1%	13.65^* ***** p-value: 1%	14.04^* ***** p-value: 1%
Lab		-25.54^* ***** p-value: 1%	-29.09^* ***** p-value: 1%	-25.54^* ***** p-value: 1%	-6.15	-25.04^* ***** p-value: 1%	-28.30^* ***** p-value: 1%	-25.54^* ***** p-value: 1%	-25.54^* ***** p-value: 1%	^{Omitted 2} Omitted 2 Although the software omitted the Cult variable in the estimation with the dummy for the FRA, the VIF and DW tests of the model ensure the levels of autocorrelation and multicollinearity with respective values of DW = 1.53 and VIF = 3.45.
Edu		-34.09^* ***** p-value: 1%	-23.77^* ***** p-value: 1%	-14.71^* ***** p-value: 1%	-34.09^* ***** p-value: 1%	-34.09^* ***** p-value: 1%	-37.99^* ***** p-value: 1%	-34.09^* ***** p-value: 1%	-35.31^* ***** p-value: 1%	-34.09^* ***** p-value: 1%
Cult		19.38^* ***** p-value: 1%	22.93^* ***** p-value: 1%	^{Omitted 1} Omitted1 Although the software omitted the Cult variable in the estimation with the dummy for the UK, the VIF and DW tests of the model ensure the levels of autocorrelation and multicollinearity with respective values of DW = 1.53 and VIF = 3.17.	^{Excluded 1} Excluded 1 the Cult variable was excluded from the model for presenting a high VIF value	19,38^* ***** p-value: 1%	22.14^* ***** p-value: 1%	19.38^* ***** p-value: 1%	19.38^* ***** p-value: 1%	19.38^* ***** p-value: 1%
Dummy country	BR	49.36^* ***** p-value: 1%
	USA		-16.89^* ***** p-value: 1%
	UK			19.38^* ***** p-value: 1%
	JAP				-19.38^* ***** p-value: 1%
	ITA					35.67^* ***** p-value: 1%
	CAN						12.15^* ***** p-value: 1%
	IND							10.97*
	GER								17.90^* ***** p-value: 1%
	FRA									25.54^* ***** p-value: 1%
α		74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	74.38^* ***** p-value: 1%	48.84^* ***** p-value: 1%
R		0.1966	0.1869	0.1755	0.1755	0.1907	0.1782	0.1780	0.1835	0.1755
R2 ajusted		0.1920	0.1824	0.1716	0.1716	0.1862	0.1736	0.1734	0.1789	0.1716
F de Chow		All 9 estimations presented p-value = 0.000
Mean VIF		All 9 estimations showed mean VIF between 4.14 and 4.93
BW		All 9 estimations presented BW between 1.55 and 1.57 à no autocorrelation
BP/CW		All 9 estimations had p-value > significance à no heteroscedasticity
Obs.		1,072 à in all 9 estimations

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Efeito do sistema nacional de negócios na divulgação de emissões de gases de efeito estufa: evidência em múltiplos países

RESUMO

Metodologia:

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