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Green label signals in an emerging real estate market. A case study of Sao Paulo, Brazil

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cam.issuedOnline2018-02-28
dc.contributor.authorCosta, O
dc.contributor.authorFuerst, F
dc.contributor.authorRobinson, SJ
dc.contributor.authorMendes-Da-Silva, W
dc.contributor.orcidFuerst, Franz [0000-0001-5317-1469]
dc.date.accessioned2018-10-10T05:16:39Z
dc.date.available2018-10-10T05:16:39Z
dc.date.issued2018-05-20
dc.description.abstractThis article investigates how real estate stakeholders price information conveyed by voluntary environmental certification schemes in Sao Paulo, the largest metropolitan area of Latin America. In addition to low incidence of green buildings, the city and many local urban agglomerations in Brazil exhibit weak environmental performance due to limited capacity to enforce existing regulation. Therefore, we exploit the role of internationally accredited third-party environmental audit schemes. In addition to comparing labelled and non-labelled properties in a hedonic framework, we also examine pricing discrepancies related with the intention to certify (registration), but no achievement of actual certification in a timely manner. Our results systematically indicate that labelled office properties in Sao Paulo yield a larger green premium than their peers from developed countries. Findings also suggest that applicants who do not obtain the label upon delivery do not receive any green premiums and may be subject to discounts, depending on specification, beyond that of other non-green office buildings. These findings provide further evidence of the relevance of market diffusion and economic governance linked to the implicit pricing of environmental labels.
dc.description.sponsorshipWesley Mendes-Da-Silva acknowledges the financial support from CNPq (Grant #301513/2016-3) and FAPESP (Grant #14/26003-9).
dc.identifier.doi10.17863/CAM.30715
dc.identifier.eissn1879-1786
dc.identifier.issn0959-6526
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/283347
dc.language.isoeng
dc.publisherElsevier
dc.publisher.urlhttp://dx.doi.org/10.1016/j.jclepro.2018.02.281
dc.subjecteco-certification
dc.subjectoffice markets
dc.subjectsignaling effects
dc.subjectSao paulo
dc.subjectBrazil
dc.subjectLEED
dc.titleGreen label signals in an emerging real estate market. A case study of Sao Paulo, Brazil
dc.typeArticle
dcterms.dateAccepted2018-02-25
prism.endingPage670
prism.publicationDate2018
prism.publicationNameJournal of Cleaner Production
prism.startingPage660
prism.volume184
rioxxterms.licenseref.startdate2018-05-20
rioxxterms.licenseref.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
rioxxterms.typeJournal Article/Review
rioxxterms.versionAM
rioxxterms.versionofrecord10.1016/j.jclepro.2018.02.281

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