Do emerging markets sustainability indexes translate what they are supposed to?
International Journal of Development Research
Do emerging markets sustainability indexes translate what they are supposed to?
Received 15th October, 2021; Received in revised form 17th November, 2021; Accepted 18th December, 2021; Published online 28th January, 2022
Copyright © 2022, Soerger Zaro, Claudio et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
This work aims to investigate the determinants of the carbon efficient index of B3. Thus, we analyzed information from 1423 firm-year observations between 2012 and 2016. The variable size has a significant and positive association as a determinant of the participation of companies in the index together with the industry in which companies operate. The result for size confirms previous national and international research analyzing the determi-nants of environmental management by companies. As for the significance in relation to the company's operating industry, there are significant differences in relation to the oil, gas and biofuels sector. However, the main result aris-es from the additional analyses: there is no significant difference between participation in the index and level of carbon emission. Such result ques-tions the basis for the formation of that index that, perhaps, is too focused on company size and its volume of trading on the stock exchange.
