La verificación de los informes de sostenibilidad y su impacto en los precios bursátiles
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Publicado
11-01-2021
María Mar Miralles Quirós
José Luis Miralles Quirós
Julio Daza Izquierdo
https://orcid.org/0000-0003-0255-2661
José Luis Miralles Quirós
Julio Daza Izquierdo
Resumen
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. https://doi.org/10.5295/cdg.201262mm
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Keywords
informes de sostenibilidad, verificación, valoración bursátil, Ibex-35
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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
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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
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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. https://doi.org/10.2308/ajpt-50876
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
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