Reacción de los inversores al uso del aseguramiento de las memorias de sostenibilidad como estrategia de impression management

Autores/as

  • Marta Sánchez Sancho Universidad de Salamanca

DOI:

https://doi.org/10.32826/reyf.v1i2.348

Palabras clave:

memorias de sostenibilidad, aseguramiento, captura directiva, impression management, mercado de capitales

Resumen

Este trabajo se basa en la potencial captura directiva del proceso de aseguramiento de las memorias de sostenibilidad. Partiendo de esta posibilidad nos preguntamos, ¿el aseguramiento refuerza la fiabilidad de las memorias de sostenibilidad o puede ser utilizado por los directivos para manipular la percepción de los usuarios de estos informes a través de estrategias de impression management? Teniendo en cuenta cuál es el verdadero papel del aseguramiento, pretendemos comprobar su efecto en los mercados de capitales. Para alcanzar este objetivo, examinamos si los inversores pueden identificar, y por tanto penalizar, una estrategia de impression management consistente en el incumplimiento del principio de balance en los informes de aseguramiento de las memorias de sostenibilidad de calidad cuestionable. Para contrastar la pregunta de investigación empleamos una muestra de empresas europeas cotizadas en el periodo 2012-2016, realizamos un análisis de contenido de los informes de aseguramiento y aplicamos técnicas de regresión para datos de panel. La evidencia empírica obtenida  muestra la penalización de los inversores a los informes de aseguramiento de las memorias de sostenibilidad cuestionables que presentan información no balanceada, siendo una prueba de que el aseguramiento no constituye una herramienta que permite superar en todo caso el escepticismo de los inversores hacia la veracidad de las memorias de sostenibilidad.

Citas

Arellano, M., and Bond, S., 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations, The Review of Economic Studies. 58 (2), 277-297.

Arellano, M., and Bover, O., 1995. Another look at the instrumental variable estimation of error-components models, Journal of econometrics. 68(1), 29-51.

Ballou, B., Chen, P. C., Grenier, J. H., and Heitger, D. L., 2018. Corporate social responsibility assurance and reporting quality: Evidence from restatements, Journal of Accounting and Public Policy. 37(2), 167-188.

Blundell, R., and Bond, S., 1998. Initial conditions and moment restrictions in dynamic panel data models, Journal of econometrics. 87(1), 115-143.

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.

Boiral, O., 2013. Sustainability reports as simulacra? A counter-account of A and A+ GRI reports, Accounting, Auditing & Accountability Journal. 26(7), 1036-1071.

Boiral, O., 2016. Accounting for the unaccountable: Biodiversity reporting and impression management, Journal of business ethics. 135(4), 751-768.

Boiral, O., Heras-Saizarbitoria, I. and Brotherton, M.C., 2019a. Assessing and improving the quality of sustainability reports: the auditors’ perspective, Journal of Business Ethics. 155 (3), 703-721.

Boiral, O., Heras-Saizarbitoria, I., Brotherton, M.C. and Bernard, J., 2019b. Ethical issues in the assurance of sustainability reports: perspectives from assurance providers, Journal of Business Ethics. 159 (4), 1111-1125.

Boiral, O., and Heras-Saizarbitoria, I., 2020. Sustainability reporting assurance: Creating stakeholder accountability through hyperreality?, Journal of Cleaner Production. 243, 11859.

Botosan, C. A., and Plumlee, M. A., 2005. Assessing alternative proxies for the expected risk premium, The accounting review. 80(1), 21-53.

Casey, R. J., and Grenier, J. H., 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.

Chatterji, A. K., and Toffel, M. W., 2010. How firms respond to being rated, Strategic Management Journal. 31(9), 917-945.

Cho, C. H., and Patten, D. M., 2007. The role of environmental disclosures as tools of legitimacy: A research note, Accounting, organizations and society. 32(7-8), 639-647.

Cho, C. H., Roberts, R. W., and Patten, D. M., 2010. The language of US corporate environmental disclosure, Accounting, Organizations and Society. 35(4), 431-443.

Cho, C. H., Michelon, G., and Patten, D. M., 2012. Impression management in sustainability reports: An empirical investigation of the use of graphs, Accounting and the Public Interest. 12(1), 16-37.

Cho, C. H., Laine, M., Roberts, R. W., and Rodrigue, M., 2015. Organized hypocrisy, organizational fac¸ades, and sustainability reporting, Accounting, Organizations and Society. 40, 78–94.

Deegan, C., 2002. Introduction: The legitimising effect of social and environmental disclosures–a theoretical foundation, Accounting, auditing & accountability journal. 15(3), 282-311.

Deegan, C., and Blomquist, C., 2006. Stakeholder influence on corporate reporting: An exploration of the interaction between WWF-Australia and the Australian minerals industry, Accounting, organizations and society. 31(4-5), 343-372.

Deegan, C., 2010. Organizational legitimacy as a motive for sustainability reporting, In Sustainability accounting and accountability. 146-168.

Dhaliwal, D. S., Li, O. Z., Tsang, A., and 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.

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, The Accounting Review. 87(3), 723-759.

DICTION 7.2, 2013. Help manual, DICTION 7 the text analysis program. Digitext Incorporation. Retrieved on 25 April 2023 from: http://dictionsoftware.com/wp-content/uploads/2020/09/DICTION-Manual-9-14-20.pdf

Diouf, D., and Boiral, O., 2017. The quality of sustainability reports and impression management: A stakeholder perspective, Accounting, Auditing & Accountability Journal. 30(3), 643-667.

Easton, P. D., 2004. PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital, The accounting review. 79(1), 73-95.

Fonseca, A., 2010. How credible are mining corporations’ sustainability reports? A critical analysis of external assurance under the requirements of the international council on mining and metals, Corporate Social Responsibility and Environmental Management. 17(6), 355–370.

Fonseca, A., McAllister, M. L., and Fitzpatrick, P., 2014. Sustainability reporting among mining corporations: a constructive critique of the GRI approach, Journal of Cleaner Production. 84, 70–83.

Francis, J. R., Khurana, I. K., and Pereira, R., 2005. Disclosure incentives and effects on cost of capital around the world, The accounting review. 80(4), 1125-1162.

Francis, J., Nanda, D., and Olsson, P., 2008. Voluntary disclosure, earnings quality, and cost of capital, Journal of accounting research. 46(1), 53-99.

Frías-Aceituno, J. V., Rodríguez-Ariza, L., and García-Sánchez, I. M., 2013. Is integrated reporting determined by a country's legal system? An exploratory study, Journal of cleaner production. 44, 45-55

García‐Sánchez, I. M., Hussain, N., Martínez‐Ferrero, J., and Ruiz‐Barbadillo, E., 2019. Impact of disclosure and assurance quality of corporate sustainability reports on access to finance, Corporate Social Responsibility and Environmental Management. 26(4), 832-848.

García-Sánchez, I. M., and Noguera-Gámez, L., 2017. Integrated information and the cost of capital, International Business Review. 26(5), 959-975.

Global Reporting Initiative (GRI), 2006. Sustainability Reporting Guidelines. Amsterdam.

Hahn, R., and Kühnen, M., 2013. Determinants of sustainability reporting: A review of results, trends, theory, and opportunities in an expanding field of research, Journal of Cleaner Production. 59, 5–21.

Hassan, A., 2019. Verbal tones in sustainability assurance statements: An empirical exploration of explanatory factors, Sustainability Accounting, Management and Policy Journal. 10(3), 427-450.

Huang, X., Teoh, S. H., and Zhang, Y., 2014. Tone management, The Accounting Review. 89(3), 1083-1113.

Hummel, K., Schlick, C., and Fifka, M., 2019. The role of sustainability performance and accounting assurors in sustainability assurance engagements, Journal of Business Ethics. 154, 733-757.

Kaufmann, D., Kraay, A., and Mastruzzi, M., 2009. Governance matters VIII: aggregate and individual governance indicators, 1996-2008, World bank policy research working paper. 4978.

Kim, J. B., Simunic, D. A., Stein, M. T., and Yi, C. H., 2011. Voluntary audits and the cost of debt capital for privately held firms: Korean evidence, Contemporary accounting research. 28(2), 585-615.

Kolk, A. and Perego, P. (2010). Determinants of the adoption of sustainability assurance statements: an international investigation, Business Strategy and the Environment. 18, 182-198.

La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., and Vishny, R. W., 1997. Legal determinants of external finance, The Journal of finance. 52(3), 1131-1150.

La Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. W., 1998. Law and finance, Journal of political economy. 106(6), 1113-1155.

Loughran, T., and McDonald, B., 2011. When is a liability not a liability? Textual analysis, dictionaries, and 10‐Ks, The Journal of finance. 66(1), 35-65

Martínez‐Ferrero, J., Ruiz‐Barbadillo, E., and Guidi, M., 2021. How capital markets assess the credibility and accuracy of CSR reporting: Exploring the effects of assurance quality and CSR restatement issuance, Business Ethics, the Environment & Responsibility. 30(4), 551-569.

Martínez‐Ferrero, J., and García‐Sánchez, I. M., 2017. Sustainability assurance and cost of capital: Does assurance impact on credibility of corporate social responsibility information?, Business Ethics: A European Review. 26(3), 223-239.

Martínez-Ferrero, J., I. M. García-Sánchez and Ruiz-Barbadillo, E., 2018. The quality of sustainability assurance reports: The expertise and experience of assurance providers as determinants, Business Strategy and the Environment. 27(8), 1181-1196.

Merkl-Davies, D. M., and Brennan, N. M., 2007. Discretionary disclosure strategies in corporate narratives: incremental information or impression management?, Journal of accounting literature. 27, 116-196.

Melloni, G., Caglio, A., and Perego, P., 2017. Saying more with less? Disclosure conciseness, completeness and balance in Integrated Reports, Journal of Accounting and Public Policy. 36(3), 220-238.

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.

Michelon, G., Patten, D. M., and Romi, A. M., 2019. Creating legitimacy for sustainability assurance practices: evidence from sustainability restatements, European Accounting Review. 28(2), 395-422.

Moroney, R., Windsor, C., and Aw, Y. T., 2012. Evidence of assurance enhancing the quality of voluntary environmental disclosures: An empirical analysis, Accounting & Finance. 52(3), 903–939.

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), 205–229.

O’Dwyer, B., Owen, D. and Unerman, J., 2011. Seeking legitimacy for new assurance forms: the case of assurance on sustainability reporting, Accounting, Organizations and Society. 36(1), 31-52.

Ohlson, J. A., and Juettner-Nauroth, B. E., 2005. Expected EPS and EPS growth as determinants of value, Review of accounting studies. 10, 349-365.

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.

Ruiz-Barbadillo, E., and Martínez-Ferrero, J., 2020. Empirical analysis of the effect of the joint provision of audit and sustainability assurance services on assurance quality, Journal of Cleaner Production. 266, 121943.

Ruiz-Barbadillo, E., and Martínez-Ferrero, J., 2022. The choice of incumbent financial auditors to provide sustainability assurance and audit services from a legitimacy perspective, Sustainability Accounting, Management and Policy Journal. 13(2), 459-493.

Simnett, R., Vanstraelen, A. and Chua, W.F., 2009. Assurance on sustainability reports: an international comparison, The Accounting Review. 84(3), 937-967.

Smith, J., Haniffa, R. and Fairbrass, J., 2011. A conceptual framework for investigating ‘capture’ in corporate sustainability reporting assurance, Journal of Business Ethics. 99(3), 425-439.

Talbot, D., and Boiral, O., 2018. GHG reporting and impression management: An assessment of sustainability reports from the energy sector, Journal of Business Ethics. 147, 367-383.

Wooldridge, J. M., 2010. Econometric analysis of cross section and panel data. MIT press.

Zorio, A., García‐Benau, M. A., and Sierra, L., 2013. Sustainability development and the quality of assurance report: Empirical evidence, Business Strategy and the Environment. 22(7), 484–5.

Descargas

Publicado

2023-11-23