The assurance of sustainability reports and their impact on stock market prices
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Published
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
Abstract
The publication of non-financial information is a trend in recent decades in listed companies. From this fact, the need arises to provide credibility to the information by verifying an independent professional who provides a guarantee of the published information. Therefore, this article analyses whether the verification of sustainability reports influences the stock prices of Ibex-35 companies. With this aim, a content analysis has been prepared that allows us to quantify aspects as relevant as the commissioning and the objective of the assurance requested by the company, the auditor’s independence or the result of the verification process. The results obtained show that Ibex-35 companies maintain a growing trend in their social commitment and greater recognition of the transfer of verified information to the different stakeholders of the companies. In addition, the efforts made by companies are valued positively by investors, especially in response to the level of assurance requested from the guarantee provider of the sustainability report.
How to Cite
Miralles Quirós, M. M., Miralles Quirós, J. L., & Daza Izquierdo, J. (2021). The assurance of sustainability reports and their impact on stock market prices. Cuadernos De Gestión, 21(1), 47–60. https://doi.org/10.5295/cdg.201262mm
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Keywords
sustainability reports, assurance, market valuation, Ibex-35
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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
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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
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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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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
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