La verificación de los informes de sostenibilidad y su impacto en los precios bursátiles



Publicado 11-01-2021
María Mar Miralles Quirós
José Luis Miralles Quirós
Julio Daza Izquierdo


La publicación de la información no financiera es tendencia en las últimas décadas en las empresas cotizadas. De este hecho, surge la necesidad de aportar credibilidad a la información mediante la verificación de un profesional independiente que aporte garantía de la información publicada. Por ello, en este artículo se analiza si la verificación de las memorias de sostenibilidad influye en los precios bursátiles de las empresas del Ibex-35. Con este objetivo, se ha elaborado un análisis de contenidos que nos permite cuantificar aspectos tan relevantes como el servicio y objetivo de aseguramiento exigido por la empresa, la independencia del auditor o el resultado del proceso de verificación. Los resultados obtenidos muestran que las empresas del Ibex-35 mantienen una tendencia creciente en su compromiso social y un mayor reconocimiento a la transferencia de información verificada a los distintos stakeholders de las compañías. Además, los esfuerzos realizados por las empresas son valorados positivamente por los inversores, especialmente atendiendo al nivel de aseguramiento solicitado al proveedor de garantía del informe de sostenibilidad.

Cómo citar

Miralles Quirós, M. M., Miralles Quirós, J. L., & Daza Izquierdo, J. (2021). La verificación de los informes de sostenibilidad y su impacto en los precios bursátiles. Cuadernos De Gestión, 21(1), 47–60.
Abstract 229 | PDF (English) Downloads 162



informes de sostenibilidad, verificación, valoración bursátil, Ibex-35

Adams C.A. and Frost G., 2008. Integrating sustainability reporting into management practices. Accounting Forum, 32(4), 288-302. DOI: 10.1016/j.accfor.2008.05.002
Arco-Castro L., López-Pérez M.V., Pérez-López M.C. and RodríguezAriza L., 2020. How market value relates to corporate philanthropy and its assurance. The moderating effect of the business sector. Business Ethics. A European Review, 29(2), 266-281. DOI: 10.1111/beer.12264
Ball A., Owen D.L. and Gray R., 2000. External transparency or internal capture? The role of third-party statements in adding value to corporate environmental reports. Business Strategy and the Environment, 9(1), 1–23. DOI: 10.1002/(SICI)1099-0836(200001/02)9:1<1::AIDBSE227>3.0.CO;2-H
Barth M. E. and Clinch G., 2009. Scale effects in capital markets-based accounting research. Journal of Business Finance & Accounting, 36 (3) & (4), 253-288. DOI: 10.1111/j.1468-5957.2009.02133.x
Baumgartner, R.J., 2014. Managing corporate sustainability and CSR: a conceptual framework combining values, strategies and instruments contributing to sustainable development. Corporate Social Responsibility and Environmental Management, 21(5), 258-271.DOI: 10.1002/csr.1336
Belkaoui A. and Karpik P.G., 1989. Determinants of the corporate decision to disclose social information. Accounting, Auditing & Accountability Journal, 2(1), 36-51. DOI: 10.1108/09513578910132240
Berthelot S., Coulmont M. and Serret V., 2012. Do Investors value sustainability reports? A Canadian study. Corporate Social Responsibility and Environmental Management, 19(6), 355-363. DOI: 10.1002/csr.285
Bowerman S. and Sharma U., 2016. The effect of corporate social responsibility disclosures on share prices in Japan and the UK. Corporate Ownership & Control, 13(2), 202-216. DOI: 10.22495/cocv13i2c1p2
Braam G. and Peeters R., 2018. Corporate sustainability performance and assurance on sustainability reports: diffusion of accounting practices in the realm of sustainable development. Corporate Social Responsibility and Environmental Management, 25(2), 164-181. DOI: 10.1002/csr.1447
Brammer S. and Pavelin S., 2008. Factors influencing the quality of corporate environmental disclosure. Business Strategy and the Environment, 17(2), 120-136. DOI: 10.1002/bse.506
Brown J. and Fraser M., 2006. Approaches and perspectives in social and environmental accounting: An overview of the conceptual landscape. Business Strategy and the Environment, 15(2), 103-117. DOI: 10.1002/bse.452
Cahan S., De Villiers C., Jeter D., Naiker V. and Van Staden C., 2016. Are CSR Disclosures Value Relevant? Cross-Country Evidence. European Accounting Review, 25(3), 579-611. DOI: 10.1080/09638180.2015.1064009
Cadomeca R., Almici A. and Sagliaschi U., 2018. Sustainability disclosure in integrated reporting: Does it matter to investors? Sustainability, 10(12), 4393. DOI: 10.3390/su10124393
Carnevale C., Mazzuca M. and Venturini S., 2012. Corporate social reporting in European banks: The effects on a firm’s market value.
Corporate Social Responsibility and Environmental Management, 19(3), 159-177. DOI: 10.1002/csr.262
Castelo Branco M., Delgado C., Ferreira Gomes S. and Pereira Eugénio T.C., 2014. Factors influencing the assurance of sustainability reports in the context of the economic crisis in Portugal. Managerial Auditing Journal, 29(3), 237–252. DOI: 10.1108/MAJ-07-2013-0905
Cho C.H., Michelon G., Patten D.M. and Roberts R.W., 2014. CSR report assurance in the USA: An empirical investigation of determinants and effects. Sustainability Accounting, Management and Policy Journal, 5(2), 130-148. DOI: 10.1108/SAMPJ-01-2014-0003
Cohen J.R. and Simnett R., 2015. CSR and assurance services: A research agenda. Auditing: A Journal of Practice & Theory, 34(1), 59-74.
Cooper S.M. and Owen D.L., 2007. Corporate social reporting and stakeholder accountability: The missing link. Accounting, Organizations and Society, 32(7-8), 649-667. DOI: 10.1016/j.aos.2007.02.001
Cormier D. and Magnam M., 2007. The revisited contribution of environmental reporting to investors’ valuation of a firm’s earnings: An international perspective. Ecological Economics, 62 (3) & (4), 618-626. DOI: 10.1016/j.ecolecon.2006.07.030
Dando N. and Swift T., 2003. Transparency and assurance: Minding the credibility gap. Journal of Business Ethics, 44 (2-3), 195-200. DOI: 10.1023/A:1023351816790
De Klerk M., De Villiers C. and Van Staden C., 2015. The influence of corporate social re-sponsibility disclosure on share prices. Evidence from the United Kingdom. Pacific Accounting Review, 27(2), 208-228. DOI: 10.1108/PAR-05-2013-0047
Deegan C., Cooper B.J. and Shelly M., 2006. An investigation of TBL report assurance statements. UK and European evidence. Managerial Auditing Journal, 21(4), 329-371. DOI: 10.1108/02686900610661388
Dhaliwal D.S., Radhakrishnan S., Tsang A. and Yang Y.G., 2012. Nonfinancial disclosure and analyst forecast accuracy: international evidence on corporate social responsibility disclosure. Accounting Review, 87(3), 723-759. DOI: 10.2308/accr-10218
Diamond D.W. and Verrecchia R.E., 1991. Disclosure, liquidity, and the cost of capital. Journal of Finance, 46(4), 1325-1359. DOI: 10.1111/j.1540-6261.1991.tb04620.x
El-Rahman, N.A., 2020. The Assurance of Sustainability Reporting: An Extra Fee or a Guarantee. En: Mateev M. and Nightingale J. eds. Sustainable Development and Social Responsibility—Volume 1. Advances in Science, Technology & Innovation (IEREK Interdisciplinary Series for Sustainable Development). Springer. DOI: 10.1007/978-3-030-32922-8_19
Elliott W.B., Jackson K.E., Peecher M.E. and White B.J., 2014. The unintended effect of corporate social responsibility performance on investors’ estimates of fundamental value. The Accounting Review, 89(1), 275-302. DOI: 10.2308/accr-50577
Fazzini M. and Dal Maso L., 2016. The value relevance of “assured” environmental disclosure. The Italian experience. Sustainability Accounting, Management and Policy Journal, 7(2), 225–245. DOI: 10.1108/SAMPJ-10-2014-0060
Fernández-Feijóo-Souto B., Romero S. and Ruiz-Blanco S., 2012. Measuring quality of sustainability reports and assurance statements: characteristics of the high quality reporting companies. International Journal of Society Systems Science, 4(1), 5-27. DOI: 10.1504/IJSSS.2012.045371
Fernández-Feijóo-Souto B., Romero S. and Ruiz-Blanco S., 2015. Multilevel Approach to Sustainability Report Assurance Decisions. Australian Accounting Review, 25(4), 346-358. DOI: 10.1111/auar.12104
Fuhrmann S., Ott C., Looks E. and Guenther T.W., 2017. The contents of assurance statements for sustainability reports and information asymmetry. Accounting and Business Research, 47(4), 369-400. DOI: 10.1080/00014788.2016.1263550
Gamerschlag R., Möller K. and Verbeeten F., 2011. Determinants of voluntary CSR disclosure: empirical evidence from Germany. Review of Managerial Science, 5(2–3), 233–262. DOI: 10.1007/s11846-010-0052-3
García-Benau M.A., Sierra-García L. and Zorio A., 2013. Financial crisis impact on sustainability reporting. Management Decision, 51(7), 1528-1542. DOI: 10.1108/MD-03-2013-0102
Gillet, C., 2012. A study of sustainability verification practices: The French case. Journal of Accounting and Organizational Change, 8(1), 62-84. DOI: 10.1108/18325911211205748
GRI, 2013. The External Assurance of Sustainability Reporting. Amsterdam: Global Reporting Initiative.
Gürtürk A. and Hanh R., 2016. An empirical assessment of assurance statements in sustainability reports: smoke screens or enlightening information? Journal of Cleaner Production, 136(10), 30-41. DOI: 10.1016/j.jclepro.2015.09.089
Haddock‐Fraser J. and Fraser I., 2008. Assessing corporate environmental reporting motivation: Differences between ‘Close‐to‐Market’ and ‘Business‐to‐Business’ companies. Corporate Social Responsibility and Environmental Management, 15(3), 140-155. DOI: 10.1002/csr.147
Haider M.B. and Nishitani K., 2020. Views of corporate managers on assurance of sustainability reporting: evidence from Japan. International Journal of Disclosure and Governance, 17, 1-19. DOI: 10.1057/s41310-019-00070-0
Healy P.M. and Palepu K.G., 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440. DOI: 10.1016/S0165-4101(01)00018-0
Herda D.N., Taylor M.E. and Winterbotham G., 2014. The effect of country-level investor protection on the voluntary assurance of sustainability reports. Journal of International Financial Management and Accounting, 25(2), 209–236. DOI: 10.1111/jifm.12018
Hodge K., Subramaniam N. and Stewart J., 2009. Assurance of sustainability reports: Impact on report users’ confidence and perceptions of information credibility. Australian Accounting Review, 19(3), 178-94. DOI: 10.1111/j.1835-2561.2009.00056.x
Ingram R.W., Frazier K.B., 1980. Environmental performance and corporate disclosure. Journal of Accounting Research, 18(2), 614-622.
Kaspereit T. and Lopatta K., 2016. The value relevance of SAM’s corporate sustainability ranking and GRI sustainability reporting in the European stock markets. Business Ethics: A European Review, 25(1), 1-24. DOI: 10.1111/beer.12079
Kim O. and Verrecchia R.E., 1994. Market liquidity and volume around earnings announcements. Journal of Accounting and Economics, 17(1/2), 41-67. DOI: 10.1016/0165-4101(94)90004-3
Kolk A., 2008. Sustainability, accountability, and corporate governance: Exploring multinationals’ reporting practices. Business Strategy and the Environment, 17(1), 1-15. DOI: 10.1002/bse.511
Kolk A. and Perego P., 2010. Determinants of the adoption of sustainability assurance statements: an international investigation. Business Strategy and the Environment, 19(3), 182-198. DOI: 10.1002/bse.643
Kolsi M.C. and Attayah O.F., 2018. Environmental policy disclosures and sustainable development: Determinants, measure and impact on firm value for ADX listed companies. Corporate Social Responsibility and Environmental Management, 25(5), 807-818. DOI: 10.1002/csr.1496
KPMG, 2011. The KPMG survey of corporate responsibility reporting 2011. The Netherlands: KPMG International.
Lang M. and Lundholm R., 2000. Voluntary disclosure and equity offerings: reducing information asymmetry of hyping the stock. Contemporary Accounting Research, 17(4), 623-662. DOI: 10.1506/9N45-F0JX-AXVW-LBWJ
Lang M. and Maffett M., 2011. Economic effects of transparency in international equity markets: A review and suggestions for future research. Foundations and Trends in Accounting, 5(3), 175-241.
Law 2/2011, of 4th March, about Sustainable Economy. 03/04/2/con
Law 11/2018, of 28th December, about Non-Financial Information and Diversity.
Lock I. and Seele P., 2016. The credibility of CSR reports in Europe. Evidence from a quantitative content analysis in 11 countries. Journal of Cleaner Production, 122(20), 186-200. DOI: 10.1016/j.jclepro.2016.02.060
Lourenço I., Callen J., Branco M., Curto J. and Eugenio T., 2012. How does the market value corporate sustainability performance? Journal of Business Ethics, 108(4), 417-428. DOI: 10.1007/s10551-011-1102-8
Lourenço I., Callen J., Branco M. and Curto J., 2014. The value relevance of reputation for sustainability leadership. Journal of Business Ethics, 119(1), 17-28. DOI: 10.1007/s10551-012-1617-7
Manetti G. and Becatti L., 2009. Assurance services for sustainability reports. Standards and empirical evidence. Journal of Business Ethics, 87(1), 289-298. DOI: 10.1007/s10551-008-9809-x
Manetti G. and Toccafondi S., 2012. The role of stakeholders in sustainability reporting assurance. Journal of Business Ethics, 107(3), 363-377. DOI: 10.1007/s10551-011-1044-1
Merton, R., 1987. A simple model of capital market equilibrium with incomplete information. Journal of Finance, 42(3), 483-510. DOI: 10.1111/j.1540-6261.1987.tb04565.x
Michelon G., Pilonato S. and Ricceri F., 2015. CSR reporting practices and the quality of disclosure: An empirical analysis. Critical Perspectives on Accounting, 33, 59-78. DOI: 10.1016/
Mio, C., 2010. Corporate social reporting in Italian multi‐utility companies: An empirical analysis. Corporate Social Responsibility and Environmental Management, 1(5), 247-271. DOI: 10.1002/csr.213
Miralles-Quirós M.M., Miralles-Quirós J.L. and Arraiano I.G., 2017. Are firms that contribute to sustainable development valued by investors? Corporate Social Responsibility and Environmental Management, 24 (1), 71-84. DOI: 10.1002/csr.1392
Miralles-Quirós M.M., Miralles-Quirós J.L. and Redondo-Hernández J., 2019. The impact of ESG performance on stock prices: Evidence from the banking industry. Corporate Social Responsibility and Environmental Management, 26(6), 1446-1456. DOI: 10.1002/csr.1759
Miras M.M. and Di Pietra R., 2018. Corporate Governance mechanisms as drivers that enhance the credibility and usefulness of CSR disclosure. Journal of Management and Governance, 22(3), 565–588. DOI: 10.1007/s10997-018-9411-2
Mock T.J., Strohm C. and Swartz K.M., 2007. An examination of worldwide assured sustainability reporting. Australian Accounting Review, 17(41), 67–77. DOI: 10.1111/j.1835-2561.2007.tb00455.x
Moneva J.M., Archel P. and Correa C., 2006. GRI and the camouflaging of corporate unsustainability. Accounting Forum, 30(2), 121-137. DOI: 10.1016/j.accfor.2006.02.001
Moneva J.M. and Cuellar B., 2009. The value relevance of financial and non-financial environmental reporting. Environmental and Resource Economics, 44(3), 441-456. DOI: 10.1007/s10640-009-9294-4
Odriozola M.D. and Baraibar-Diez E., 2017. Is Corporate Reputation Associated with Quality of CSR Reporting? Evidence from Spain. Corporate Social Responsibility and Environmental Management, 24(2), 121-132. DOI: 10.1002/csr.1399
O’Dwyer B. and Owen D.L., 2005. Assurance statement practice in environmental, social and sustainability reporting: A critical evaluation. The British Accounting Review, 37(2), 205-29. DOI: 10.1016/
Ohlson, J.A., 1995. Earnings, book values and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661-686. DOI: 10.1111/j.1911-3846.1995.tb00461.x
Ohlson, J.A., 2001. Earnings, book values and dividends in equity valuation: An empirical perspective. Contemporary Accounting Research, 18(1), 107-120. DOI: 10.1506/7TPJ-RXQN-TQC7-FFAE
Owen D.L., Swift T.A., Humphrey C. and Bowerman M., 2000. The New Social Audits: Accountability, Managerial Capture or the Agenda of Social Champions? European Accounting Review, 9(1), 81-98. DOI: 10.1080/096381800407950
Perego P. and Kolk A., 2012. Multinationals’ Accountability on Sustainability: The Evolution of Third-party Assurance of Sustainability Reports. Journal of Business Ethics, 110(2), 173-190. DOI: 10.1007/s10551-012-1420-5
Romero S., Fernández-Feijoo B. and Ruiz S., 2014. Perceptions of quality of assurance statements for sustainability reports. Social Responsibility Journal, 10(3), 480-499. DOI: 10.1108/SRJ-10-2012-0130
Romolini A., Fissi S. and Gori E., 2014. Scoring CSR reporting in listed companies – Evidence from Italian best practices. Corporate Social Responsibility and Environmental Management, 21(2), 65-81. DOI: 10.1002/csr.1299
Ruiz-Barbadillo E. and Martínez-Ferrero J., 2020. What impact do countries have on levels of sustainability assurance? A complementary‐substitutive perspective. Corporate Social Responsibility and Environmental Management, 27(5), 2329-2341. DOI: 10.1002/csr.1967
Schadewitz H. and Niskala M., 2010. Communication via responsibility reporting and its ef-fect on firm value in Finland. Corporate Social Responsibility and Environmental Management, 17(2), 96-106. DOI: 10.1002/csr.234
Secchi, D., 2006. The Italian experience in social reporting: An empirical analysis. Corporate Social Responsibility and Environmental Management, 13(3), 135-149. DOI: 10.1002/csr.96
Seguí-Mas E., Polo-Garrido F. and Bollas-Araya H.M., 2018. Sustainability Assurance in Socially-Sensitive Sectors: A Worldwide Analysis of the Financial Services Industry. Sustainability, 10(8), 2777. DOI: 10.3390/su10082777
Sierra L., Zorio A. and García-Benau M.A., 2013. Sustainable Development and Assurance of Corporate Social Responsibility Reports Published by Ibex‐35 Companies. Corporate Social Responsibility and Environmental Management, 20(6), 359-370. DOI: 10.1002/csr.1303
Sierra L., García-Benau M.A. and Zorio A., 2014. Credibilidad en Latinoamérica del informe de Responsabilidad Social Corporativa. Revista de Administração de Empresas, 54(1), 28-38. DOI: 10.1590/S0034-759020140104
Sierra-García L., García-Benau M.A. and Bollas-Araya H.M., 2018. Empirical Analysis of Non-Financial Reporting by Spanish Companies. Administrative Sciences, 8(3), 29. DOI: 10.3390/admsci8030029
Simnett, R., 2012. Assurance of sustainability reports. Revision of ISAE 3000 and associated research opportunities. Sustainability Accounting, Management and Policy Journal, 3(1), 89-98. DOI: 10.1108/20408021211223570
Simnett R., Vanstraelen A. and Chua W.F., 2009. Assurance on sustainability reports: An international comparison. Accounting Review, 84(3), 937–67. DOI: 10.2308/accr.2009.84.3.937
Spence, C., 2009. Social and environmental reporting and the corporate ego. Business Strategy and the Environment, 18(4), 254-265. DOI: 10.1002/bse.600
Vaz Ogando N., Ruiz Blanco S. and Fernández-Feijoo Souto B., 2018. El mercado de verificación de las memorias de sostenibilidad en España: un análisis desde la perspectiva de la demanda. Revista de Contabilidad, 21(1), 48-62. DOI: 10.1016/j.rcsar.2017.07.003
Wiseman, J., 1982. An evaluation of environmental disclosures made in corporate annual reports. Accounting, Organizations and Society, 7(1), 53-63. DOI: 10.1016/0361-3682(82)90025-3
Zorio A., García-Benau M.A. and Sierra L., 2013. Sustainability Development and the Quality of Assurance Reports: Empirical Evidence. Business Strategy and the Environment, 22(7), 484-500. DOI: 10.1002/bse.1764