Capital structure strategies through the lens of ESG: assessing trends between Brazil and China
ESGを通じた資本構造戦略：ブラジルと中国の動向評価 (AI 翻訳)
Daniela Cristina de Andrade, Brunna Mendonça Braga, Clóvis Fiirst, Gilmar Ribeiro de Mello
🤖 gxceed AI 要約
日本語
ブラジルと中国の企業210社を2018〜2022年で分析し、ESGスコアに関わらずペッキング・オーダー理論に従う資本構造を示した。両国の間に有意差はなく、ESG実践が資本構成に均一な影響を与えることが示唆された。
English
Analyzed 210 Brazilian and Chinese firms (2018-2022) and found that regardless of ESG score, capital structures align with Pecking Order Theory. No significant differences between countries, suggesting a uniform impact of ESG practices on financing choices.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本企業でもESGスコアと資本構成の関係は注目されるが、本稿は新興国（ブラジル・中国）に焦点。日本ではSSBJや有報でのESG開示が進む中、資本調達との連関を考察する参考になる。
In the global GX context
This paper contributes to the global understanding of ESG integration into capital structure decisions in emerging markets. For international readers, it highlights the uniformity of ESG impact across different institutional contexts, relevant for cross-country investment decisions.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG and capital structure in emerging markets, useful for comparative finance studies.
🏢実務担当者:Corporate finance teams can consider that ESG practices may not drastically alter capital structure preferences, but integration remains important for investor relations.
🏛政策担当者:Regulators can note that ESG adoption appears to align with existing financial theories, supporting the case for non-mandatory ESG frameworks.
📄 Abstract（原文）
Objective: This paper aims to analyze, in a comparative way, whether the adoption of Environmental, Social and Corporate Governance (ESG) practices by Brazilian and Chinese companies influences the choice of a capital structure in accordance with the precepts of the Pecking Order Theory. Methodology: Descriptive research with a quantitative approach, utilizing data collected from the Refinitiv database on 210 companies between 2018 and 2022. Descriptive analyses and balanced panel data models were applied to obtain the results. Results: The paper revealed that among the companies analyzed with complete ESG data and that were segmented according to their score levels, both those with robust practices and those with lower scores showed behaviors aligned with the Pecking Order Theory, suggesting a general preference for internal financing. In addition, no significant differences were identified in the capital structure approaches between Brazilian and Chinese companies, which indicates a uniform impact of ESG practices. Study Contributions: The study contributes to the understanding of sustainable finance by demonstrating the effect of ESG practices on capital structure decisions in emerging markets. It highlights the centrality of sustainability in financing strategies, making it relevant for academics, managers, investors, and policymakers. The research underscores the importance of integrating sustainable factors into financial decisions by comparing companies with varying ESG scores.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.21680/2176-9036.2026v18n1id42506first seen 2026-07-01 05:52:56
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