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


  • Marta Sánchez Sancho Universidad de Salamanca


Palabras clave:

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


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.


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