Informes de sustentabilidad y su auditoría: efecto en la liquidez de mercado chileno

  • Felipe Andres Zúñiga Pérez Profesor, Facultad de Ciencias Económicas y Administrativas, Universidad Austral de Chile, Valdivia, Chile. https://orcid.org/0000-0002-7141-2155
  • Roxana Pincheira-Lucas Profesora, Facultad de Ciencias Económicas y Administrativas, Universidad Austral de Chile, Valdivia, Chile
  • Javiera Aguilar-Cárcamo Asistente de investigación, Facultad de Ciencias Económicas y Administrativas, Universidad Austral de Chile, Valdivia, Chile.
  • Jorge Silva-Briceño Asistente de investigación, Facultad de Ciencias Económicas y Administrativas, Universidad Austral de Chile, Valdivia, Chile.
Palabras clave: reportes de sustentabilidad, auditoría información no-financiera, estándares de auditoría, liquidez de mercado

Resumen

Esta investigación analiza si la presentación de los reportes de sustentabilidad, su auditoría y el uso de estándares internacionales de auditoría (ISAE3000-AA1000) tienen un efecto en la liquidez del mercado chileno. Se realiza un análisis comparativo previo y posterior a la publicación de la Norma de Carácter General N.º 385, la cual recomienda informar el desarrollo sustentable. Mediante la utilización de datos de panel, y a través de la estimación de modelos econométricos, los resultados muestran que la presentación de los reportes de sustentabilidad tiene un efecto positivo en la liquidez de las compañías. El efecto se ve incrementado posterior a la publicación de la normativa. Contrario a las expectativas, la auditoría de estos reportes no tiene el efecto esperado. Sin embargo, el uso del estándar internacional AA1000 afecta positivamente a aquellas empresas que voluntariamente lo utilizan. 

Descargas

La descarga de datos todavía no está disponible.

Citas

AccountAbility. (2008). AA1000 assurance Standard. London: AccountAbility.

Ackers, B. y Eccles, N. (2015). Mandatory corporate social responsibility assurance practices: The case of King III in South Africa. Accounting Auditing & Accountability Journal, 28(4), 515-550. https://doi.org/10.1108/AAAJ-12-2013-1554

Alonso, M. D. M. (2010). Valoración por los analistas financieros de la información de las empresas divulgada a través de internet. Estudios Gerenciales, 26(114), 169-168. https://doi.org/10.1016/S0123-5923(10)70107-8

Amihud, Y. (2002). Illiquidity and stock returns: Cross-section and time-series effects. Journal of Financial Markets, 5(1), 31-56. https://doi.org/10.1016/S1386-4181(01)00024-6

Amihud, Y. y Mendelson, H. (1986). Asset pricing and the bid-ask spread. Journal of Financial Economics, 17(2), 223-249. https://doi.org/10.1016/0304-405X(86)90065-6

Artiach, T., Lee, D., Nelson, D. y Walker, J. (2010). The determinants of corporate sustainability performance. Accounting & Finance, 50(1), 31-51. https://doi.org/10.1111/j.1467-629X.2009.00315.x

Bailey, W., Andrew-Karolyi, G. y Salva, C. (2006). The economic consequences of increased disclosure: Evidence from international cross-listings. Journal of Financial Economics, 81(1), 175-213. https://doi.org/10.1016/j. jfineco.2005.06.002

Bansal, P. (2005). Evolving sustainably: A longitudinal study of corporate sustainable development. Strategic Management Journal, 26(3), 197-218. https://doi.org/10.1002/smj.441

Barth, M., Cahan, S., Chen, L. y Venter, E. (2017). The Economic consequences associated with integrated report quality: Capital market and real effects. Accounting, Organizations and Society, Forthcoming ., 62, 43-64. https://doi.org/10.1016/j.aos.2017.08.005

Bushee, B. J., Core, J. E., Guay, W. y Hamm, S. J. W. (2010). The role of the business press as an information intermediary. Journal of Accounting Research, 48(1), 1-19. https://doi.org/10.1111/j.1475-679X.2009.00357.x

Campos, R., De la Fuente, H. y Silva, B. (2014). Revelación de información en las empresas bursátiles chilenas: el efecto de la propiedad de los inversionistas institucionales y el nivel de endeudamiento. Estudios Gerenciales, 30(131), 190-199. https://doi.org/10.1016/j.estger.2014.04.008

Casey, R. y Grenier, J. (2015). Understanding and contributing to the enigma of corporate social responsibility (CSR) assurance in the United States. Auditing: A Journal of Practice & Theory, 34(1), 97-130. https://doi.org/10.2308/ajpt-50736

Chapple, L., Clarkson, P. M. y Gold, D. L. (2013). The Cost of Carbon: Capital Market Effects of the Proposed Emission Trading Scheme (ETS). Abacus, 49(1), 1-33. https://doi.org/10.1111/abac.12006

Cheng, M., Dhaliwal, D. y Neamtiu, M. (2011). Asset securitization, securitization recourse, and information uncertainty. The Accounting Review, 86(2), 541-568. https://doi.org/10.2308/accr.00000020

Cho, S., Lee, C. y Pfeiffer, R. (2013). Corporate social responsibility perfor-mance and information asymmetry. Journal of Accounting and Public Policy, 32(1), 71-83. https://doi.org/10.1016/j.jaccpubpol.2012.10.005

Cho, C., Michelon, G., Patten, D. y Roberts, R. (2014). CSR report assurance in the USA: An empirical investigation of determinants and effects. Sustainability Accounting, Management and Policy Journal, 5(2), 130-148. https://doi.org/10.1108/SAMPJ-01-2014-0003

Cho, C., Michelon, G., Patten, D. y Roberts, R. (2015). CSR disclosure: the more things change…? Accounting, Auditing & Accountability Journal, 28(1), 14-35. https://doi.org/10.1108/AAAJ-12-2013-1549

Clarkson, P., Li, Y., Richardson, G. D. y Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4-5), 303-327. https://doi.org/10.1016/j.aos.2007.05.003

Clarkson, P., Li, Y., Richardson, G. D. y Albert, T. (2015). Voluntary external assurance of corporate social responsibility reports and the Dow Jones Sustainability Index membership: International evidence. Working Paper.

Cohen, J. y 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

Copeland, T. y Galai, D. (1983). Information effects on the bid-ask spread. The Journal of Finance, 38(5), 1457-1469. https://doi.org/10.1111/j.1540-6261.1983.tb03834.x

CorporateRegister. (2008). The CSR assurance statement report: CorporateRegister.com.

Dhaliwal, D. S., Li, O. Z., Tsang, A. y Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100. https://doi.org/10.2308/accr.00000005

Dhaliwal, D. S., Radhakrishnan, S., Tsang, A. y Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723-759. https://doi.org/10.2308/accr-10218

Diamond, D. W. y Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325-1359. https://doi.org/10.1111/j.1540-6261.1991.tb04620.x

Duflo, E., Greenstone, M., Pande, R. y Ryan, N. (2013). Truth-telling by third-party auditors and the response of polluting firms: Experimental evidence from India. The Quarterly Journal of Economics, 128(4), 1499- 1545. https://doi.org/10.3386/w19259

Eccles, R., Cheng, B. y Saltzman, D. (2010). The landscape of integrated reporting. Reflections and next steps. Cambridge: Harvard Business School.

Fernandez-Feijoo, B., Romero, S. y Ruiz, S. (2015). Multilevel approach to sustainability report assurance decisions. Australian Accounting Review, 25(4), 346-358. https://doi.org/10.1111/auar.12104

Flannery, M. J., Kwan, S. H. y Nimalendran, M. (2004). Market evidence on the opaqueness of banking firms’ assets. Journal of Financial Economics, 71(3), 419-460. https://doi.org/10.1016/S0304-405X(03)00185-5

Galpin, T., Whitttington, J. y Bell, G. (2015). Is Your Sustainability Strategy Sustainable? Creating a Culture of Sustainability. Corporate Governance, 15(1), 1-17. https://doi.org/10.1108/CG-01-2013-0004

Gamerschlag, R., Möller, K. y Verbeeten, F. (2011). Determinants of voluntary CSR disclosure: Empirical evidence from Germany. Review of Managerial Science, 5(2-3), 233-262. https://doi.org/10.1007/s11846-010-0052-3

GRI. (2011). Sustainability reporting guidelines. Global Reporting Initiative.

GRI. (2013). The external assurance of sustainability reporting. Global Reporting Initiative.

Griffin, P. A. y Sun, Y. (2013). Going green: Market reaction to CSRwire news releases. Journal of Accounting and Public Policy, 32(2), 93-113. https://doi.org/10.1016/j.jaccpubpol.2013.02.002

Harrison, P. D. y Harrell, A. (1993). Impact of "adverse selection" on managers' project evaluation decisions. The Academy of Management Journal, 36(3), 635-643. https://doi.org/10.5465/256596

Healy, P., Hutton, A. y Palepu, K. (1999). Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research, 16(3), 485-520. https://doi.org/10.1111/j.1911-3846.1999.tb00592.x

Healy, P. y Palepu, K. (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. https://doi.org/10.1016/S0165-4101(01)00018-0

IRAS. (2015). Sustainability data transparency index (SDTI). A 2015 review of environmental, social & governance (ESG) reporting in SA. Recuperado el 1 de enero de 2019, de: Recuperado el 1 de enero de 2019, de: www.iras.co.za

Kim, O. y Verrecchia, R. E. (1991a). Market reaction to anticipated announcements. Journal of Financial Economics, 30(2), 273-309. https://doi.org/10.1016/0304-405X(91)90033-G

Kim, O. y Verrecchia, R. E. (1991b). Trading volume and price reactions to public announcements. Journal of Accounting Research, 29(2), 302-321. https://doi.org/10.2307/2491051

Kim, O. y Verrecchia, R. E. (1994). Market liquidity and volume around earnings announcements. Journal of Accounting and Economics, 17(1-2), 41-67. https://doi.org/10.1016/0165-4101(94)90004-3

Kolk, A. y Perego, P. (2010). Determinants of the adoption of sustainability assurance statements: An international investigation. Business Strategy and the Environment, 19(3), 182-198. https://doi.org/10.1002/bse.643

Lagos, D. y Vecino, C. (2014). Influencia del gobierno corporativo en el costo de capital proveniente de la emisión de deuda. Estudios Gerenciales, 30(130), 73-84. https://doi.org/10.1016/j.estger.2014.02.010

Leuz, C. y Verrecchia, R. E. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 38, 91-124. https://doi.org/10.2307/2672910

Lyon, T. y Maxwell, J. (2011). Greenwash: Corporate environmental disclosure under threat of audit. Journal of Economics & Management Strategy, 20(3- 41). https://doi.org/10.1111/j.1530-9134.2010.00282.x

Malik, M. (2015). Value-enhancing capabilities of CSR: A brief review of contemporary literature. Journal of Business Ethics, 127(2), 419-438. https://doi.org/10.1007/s10551-014-2051-9

Manchiraju, H. y Rajgopal, S. (2017). Does corporate social responsibility (CSR) create shareholder value? Evidence from the Indian companies Act 2013. Journal of Accounting Research, 55(5), 1257-1300. https://doi.org/10.1111/1475-679X.12174

Meek, G. K., Roberts, C. B. y Gray, S. J. (1995). Factors influencing voluntary annual report disclosures by U.S., U.K. and continental European multinational corporations. Journal of International Business Studies, 26(3), 555-572.

Michelon, G., Pilonato, S. y Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical Perspectives on Accounting (33), 59-78. https://doi.org/10.1016/j.cpa.2014.10.003

Moser, D. V. y Martin, P. R. (2012). A broader perspective on corporate social responsibility research in accounting. The Accounting Review, 87(3), 797- 806. https://doi.org/10.2308/accr-10257

Patten, D. M. (2002). The relation between environmental performance and environmental disclosure: A research note. Accounting, Organizations and Society, 27(8), 763-773. https://doi.org/10.1016/S0361-3682(02)00028-4

Perego, P. y Kolk, A. (2012). Multinationals’ accountability on sustainability: The evolution of third-party assurance of sustainability reports. Journal of Business Ethics, 110(2), 173-190. https://doi.org/10.1007/s10551-012-1420-5

Peters, G. y Romi, A. (2015). The association between sustainability governance characteristics and the assurance of corporate sustainability reports. Auditing: A Journal of Practice & Theory, 34(1), 163-198. https://doi.org/10.2308/ajpt-50849

PWC. (2016). Gobiernos corporativos en Chile: Una mirada a la implementación de la norma de carácter general N.° 385. Recuperado el 1 de octubre de 2019, de: Recuperado el 1 de octubre de 2019, de: https://www.pwc.com/cl/es/publicaciones/assets/2016/

Simnett, R. y Huggins, A. (2015). Integrated reporting and assurance: where can research add value? Sustainability Accounting, Management and Policy Journal, 6(1), 29-53. https://doi.org/10.1108/SAMPJ-09-2014-0053

Simnett, R., Vanstraelen, A. y Chua, W. (2009). Assurance on sustainability reports: An international comparison. The Accounting Review, 84(3), 937-967. https://doi.org/10.2308/accr.2009.84.3.937

Stent, W. y Dowler, T. (2015). Early assessments of the gap between integrated reporting and current corporate reporting. Meditari Accountancy Research, 23(1), 92. https://doi.org/10.1108/MEDAR-02-2014-0026

Verrecchia, R. E. (1999). Disclosure and the cost of capital: A discussion. Journal of Accounting and Economics, 26(1-3), 271-283. https://doi.org/10.1016/S0165-4101(98)00041-X

Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1-3), 97-180. https://doi.org/10.1016/S0165-4101(01)00025-8

Publicado
2020-02-06
Cómo citar
Zúñiga Pérez, F. A., Pincheira-Lucas, R., Aguilar-Cárcamo, J., & Silva-Briceño, J. (2020). Informes de sustentabilidad y su auditoría: efecto en la liquidez de mercado chileno. Estudios Gerenciales, 36(154), 56-65. https://doi.org/10.18046/j.estger.2020.154.3558
Sección
Artículo de investigación