Adoption of product market competition on the relationship between environmental accounting information disclosure and financing constraints
DOI:
https://doi.org/10.20397/2177-6652/2025.v25i1.3112Palavras-chave:
Environmental Accounting Information Disclosure; Financing Constraints; Product Market Competition; Environmental ResponsibilityResumo
No contexto das crescentes preocupações ambientais globais, investidores e instituições financeiras estão enfatizando a responsabilidade ambiental e a sustentabilidade. Restrições de financiamento representam barreiras que as empresas podem encontrar ao buscar financiamento, o que pode ter um impacto significativo em suas decisões de investimento e planos de expansão. Por meio da divulgação aprimorada de informações contábeis ambientais (EAID), as empresas podem comunicar suas restrições financeiras ao mundo externo e, ao mesmo tempo, mostrar seu comprometimento em serem ambientalmente responsáveis. Essa abordagem não apenas melhora sua imagem corporativa, mas também pode ajudar a aliviar as restrições de financiamento e promover seu desenvolvimento sustentável. A competição no mercado de produtos, como um mecanismo de disciplina de governança externa, tem o potencial de impulsionar a inovação e a produtividade dentro das empresas. No entanto, há uma relação complexa entre a competição no mercado de produtos e as restrições de financiamento. O aprimoramento da competitividade no mercado de produtos pode aumentar a confiança do investidor, reduzir os requisitos dos investidores para prêmio de risco e, assim, reduzir os custos de financiamento externo. Este estudo examinou a influência do EAID nas restrições de financiamento através das lentes da teoria da assimetria de informação e da teoria da dependência de recursos, enquanto também investigava a heterogeneidade da competição do mercado de produtos na relação entre o EAID e as restrições de financiamento, considerando a natureza dos direitos de propriedade. Foi descoberto que o EAID pode aliviar significativamente as restrições de financiamento, que a competição do mercado de produtos está negativamente relacionada às restrições de financiamento e que a competição do mercado de produtos enfraquece o efeito mitigador do EAID nas restrições de financiamento. Essas descobertas fornecem insights valiosos para formuladores de políticas, investidores e gerentes que buscam equilibrar a responsabilidade ambiental enquanto promovem o desenvolvimento financeiro sob pressões competitivas de mercado.
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