The growing relevance of sustainable finance has positioned green bonds as central instruments in debates on how capital markets can contribute to climate transition while creating value for firms. This article conducts a literature review to examine the relationship between green bond issuance, corporate financial performance, and the cost of debt. Using the PRISMA 2020 protocol, 59 articles published between 2019 and 2025 were identified and classified according to study type, methodological approach, analytical technique, sectoral and geographic focus, and performance indicators. A bibliometric analysis was also performed to map publication trends, research clusters, and thematic evolution. The results indicate a fragmented but expanding field, with most studies concentrated in developed markets, especially Europe, the United States, and China, and limited evidence from emerging economies. Empirical findings converge on modest but heterogeneous financial benefits, frequently reflected in the so-called “Greenium,” typically ranging between 1 and 63 basis points. Accounting-based effects on profitability (ROA, ROE) remain mixed, while econometric/regression, panel analysis and event studies dominate the empirical landscape. The paper’s incremental contribution lies in consolidating these quantitative insights into a reproducible classification framework that enables systematic comparison between developed and emerging markets, supporting future research on long-term financial and sustainability outcomes.

This study examines which bond-level, issuer-level, and institutional characteristics are associated with external recognition or alignment in the global corporate green bond market and whether these associations differ between Climate Bonds Initiative (CBI) alignment and formal CBI certification. The database contains 6009 green bond issuances by 822 corporate issuers between 2016 and 2025. The main complete-case analysis uses 4875 bonds issued by 682 firms and estimates a multilevel logistic model with issuer random intercepts, Fitch-rating, sector, and issuance-year controls. Larger issuance amounts are positively associated with external recognition or alignment across every specification. Issuance in a developed market and average operating margin, which is treated as an exploratory covariate, are also positively associated with the broad outcome, whereas issuer size is negatively associated; however, these relationships are more sensitive to outcome definition, temporal measurement, or estimator choice. Financial leverage and credit-rating categories show no consistent association. Separate aligned-versus-self-labelled, certified-versus-aligned, and multilevel multinomial analyses reveal substantial heterogeneity between CBI alignment and formal certification, confirming that the two categories should not be interpreted as equivalent verification mechanisms. These findings identify transaction scale as the most stable correlate of external recognition or alignment and show that issuance-market context and issuer characteristics operate differently across recognition categories.

Este estudo compara a satisfação dos estudantes do curso de Ciências Contábeis nas modalidades de Educação a Distância e Presencial. A coleta de dados foi feita por meio de questionários aplicados em abril de 2019. Foram utilizadas técnicas estatísticas descritivas e de análise multivariada de dados, mais precisamente a estatística do Alpha de Cronbach, análise fatorial por componentes principais e regressão logística binária. Os resultados indicaram que o índice de satisfação é menor para os estudantes da modalidade a distância. Também mostraram como é relevante o envolvimento do professor para a satisfação dos estudantes. O estudo contribui para a literatura de satisfação nos cursos de Ciências Contábeis na Educação a Distância em comparação com a Educação Presencial e para o debate do modelo de educação superior que se quer no Brasil, mais especificamente na área contábil.

This study aimed to develop the Contractual Noncompliance Risk Index (CNRI) to evaluate the ability of accounting data from suppliers to predict defaults in Brazilian public sector contracts. Despite advances in predictive methodologies in the private sector, there is a lack of studies that adapt these methods to the public sector. Current legislation and the heterogeneity of suppliers underscore the need for instruments that leverage accounting information more effectively. This study contributes to the literature by addressing a theoretical gap in the systematic use of accounting information for the economic and financial evaluation of public-sector suppliers. Additionally, it aligns with regulatory reforms and the 2030 Agenda, reinforcing innovation (SDG 9) and effective institutions (SDG 16) through efficiency and transparency. The CNRI promotes risk-based financial audits, contract oversight, and economic and financial qualifications, thereby enhancing the credibility of accounting records in Brazilian public procurement. We used an exploratory, quantitative approach to analyze data from 311 suppliers that participated in bids or contracts with the Superior Court of Justice (Superior Tribunal de Justiça - STJ) between 2018 and 2023. Inspired by traditional insolvency prediction models, we used logistic regression to model the probability of penalties based on accounting variables, such as indebtedness, liquidity, and ROI, as well as control variables, such as company size and penalty history. Our results showed that higher long-term indebtedness, immobilization of resources, ROI, and current liquidity reduce the risk of contractual noncompliance. Additionally, the CNRI proved effective in identifying low-risk suppliers. Control variables improved the accuracy of the CNRI by accounting for sector-specific characteristics and supplier heterogeneity. This study proposes a practical, replicable, and predictive model that improves risk management, oversight, auditing, and economic and financial qualification in Brazilian public procurement.

RESUMO O objetivo deste estudo foi desenvolver o Índice de Risco de Descumprimento Contratual (IRDC) para avaliar como informações contábeis de fornecedores podem prever inadimplementos em contratos do setor público brasileiro. Apesar dos avanços das metodologias preditivas no setor privado, a literatura carece de estudos que adaptem tais métodos para o setor público. A legislação atual e a heterogeneidade dos fornecedores reforçam a necessidade de instrumentos que empreguem informações contábeis de forma mais assertiva. Este estudo contribui para a literatura ao preencher uma lacuna teórica na utilização sistemática de informações contábeis para a avaliação econômico-financeira de fornecedores públicos. Além disso, ele está alinhado às reformas regulatórias e à Agenda 2030, reforçando a inovação (ODS 9) e instituições eficazes (ODS 16), com eficiência e transparência. O IRDC apoia auditorias financeiras baseadas em riscos, a fiscalização contratual e a qualificação econômico-financeira, contribuindo para a legitimação da informação contábil nas contratações públicas brasileiras. Adotamos uma abordagem exploratória e quantitativa para analisar dados de 311 fornecedores que participaram de licitações ou contratos com o Superior Tribunal de Justiça (STJ) entre 2018 e 2023. Inspirados nos tradicionais modelos de previsão de insolvência, utilizamos regressão logística para modelar a probabilidade de penalização com base em variáveis contábeis, como endividamento, liquidez e ROI, além de variáveis de controle, como porte empresarial e histórico de penalidades. Identificamos que maior endividamento de longo prazo, imobilização de recursos, ROI e liquidez corrente reduzem o risco de descumprimento contratual. Além disso, o IRDC se mostrou eficaz na identificação de fornecedores de baixo risco. Variáveis de controle aprimoraram a assertividade do IRDC, ao contemplarem características setoriais e a heterogeneidade dos fornecedores. Este estudo propõe um modelo prático, replicável e preditivo, que contribui para aprimorar a gestão de riscos, a fiscalização, a auditoria e a habilitação econômico-financeira nas contratações públicas brasileiras.