Comunicación web de información no financiera en las empresas de cuatro índices bursátiles europeos
DOI:
https://doi.org/10.3989/redc.2022.3.1883Palabras clave:
Información no-financiera, sitio web, análisis de cumplimiento, empresas europeas, informes de sostenibilidad, transparenciaResumen
Tanto la Agenda 2030 de la ONU como la Directiva 2014/95/UE han impulsado la divulgación de información sobre indicadores no financieros y la hacen obligatoria para todas las empresas y entidades de interés público (EIP). Por tanto, las empresas de los índices bursátiles europeos deben comunicar la información reconocida con las siglas ESG, la medioambiental (Environmental), la social (Social) y la de Gobernanza (Governance). Además, las Tecnologías de la Información y Comunicación (TIC) permiten la divulgación de dicha información a través de las webs y su comunicación a los stakeholders. A partir de esta premisa, esta investigación tiene como objetivo evaluar la divulgación web de la información no financiera por parte de las empresas de cuatro índices bursátiles europeos (IBEX35, AEX25, DAX30 y CAC40) por medio de un estudio exploratorio, descriptivo y analítico de la información ESG y mediante un análisis de cumplimiento normativo. Los resultados revelan la existencia de una información dispersa, incompleta, divulgada en medidas heterogéneas y con importantes diferencias entre las empresas europeas en cuanto a la divulgación en los sitios web, así como en el posible margen para mejorarla y las limitaciones en cuanto al alcance de verificabilidad de la ESG.
Descargas
Citas
AccountAbility. (2020). A1000 Assurance Standard v3. https://www.accountability.org/static/3ff15429033873cdc775212ca63572fb/aa1000as_v3_final.pdf
Adegbite, E., Guney, Y., Kwabi, F., y Tahir, S. (2019). Financial and corporate social performance in the UK listed firms: the relevance of non-linearity and lag effects. Review of Quantitative Finance and Accounting, 52(1), 105-158. https://doi.org/10.1007/s11156-018-0705-x
AECA. (2018). Cuadro Integrado de Indicadores CII-FESG y su taxonomía XBRL (Issue 2).
Alali, F., y Romero, S. (2012). The use of the Internet for corporate reporting in the Mercosur (Southern common market): The Argentina case. Advances in Accounting, 28(1), 157-167. https://doi.org/10.1016/j.adiac.2012.03.009
Arjoon, S. (2017). Virtues, Compliance, and Integrity: A Corporate Governance Perspective. In Handbook of Research on Teaching Ethics in Business and Management Education, 995-1002. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-6510-8_103
Asif, M., Searcy, C., Dos Santos, P., y Kensah, D. (2013). A Review of Dutch Corporate Sustainable Development Reports. Corporate Social Responsibility and Environmental Management, 20(6), 321-339. https://doi.org/10.1002/csr.1284
Asociación Española de Compliance. (2021). Asociación Española de Compliance. Disponible en: https://www.asociacioncompliance.com/
Borghesi, R., Chang, K., y Li, Y. (2019). Firm value in commonly uncertain times: the divergent effects of corporate governance and CSR. Applied Economics, 51(43), 4726-4741. https://doi.org/10.1080/00036846.2019.1597255
Branco, M. C., Delgado, C., Sá, M., y Sousa, C. (2014). Comparing CSR communication on corporate web sites in Sweden and Spain. Baltic Journal of Management, 9(2), 231-250. https://doi.org/10.1108/BJM-10-2013-0151
Briano Turrent, G. del C., y Rodríguez Ariza, L. (2013). Transparencia de la información corporativa en internet de las empresas del IBEX 35 - Dialnet. Revista de Contabilidad y Dirección, 16, 187-208. Disponible en: https://dialnet.unirioja.es/servlet/articulo?codigo=4484029
Brown, L. D., ¡ y Caylor, M. L. (2006). Corporate governance and firm valuation. Journal of Accounting and Public Policy, 25(4), 409-434. https://doi.org/10.1016/j.jaccpubpol.2006.05.005
Carvalho, A., Ferreira, M., y Lima, S. (2020). Web disclosure of institutional information in nonprofit organizations: an approach in Portuguese charities. International Review on Public and Nonprofit Marketing, 17(1), 41-58. https://doi.org/10.1007/s12208-019-00235-1
Carvalho, Luísa Cagica, Gallardo Vázquez, D., y Gil Nevado, M. T. (2018). Local Municipalities' Involvement in Promoting Entrepreneurship: An Analysis of Web Page Orientation to the Entrepreneurs in Portuguese Municipalities. In Handbook of Research on Entrepreneurial Ecosystems and Social Dynamics in a Globalized World, 1-19. IGI Global. https://doi.org/10.4018/978-1-5225-3525-6.ch001
Carvalho, Luísa Cagica, Gallardo Vázquez, D., y Nevado Gil, M. T. (2018). Local Municipalities' Involvement in Promoting Entrepreneurship. Rn L. C. Carvalho (ed.), Handbook of Research on Entrepreneurial Ecosystems and Social Dynamics in a Globalized World, 1-19. IGI Global. (IGI Global, 1-19). https://doi.org/10.4018/978-1-5225-3525-6.ch001
Choi, C. J., Hilton, B., y Millar, C. (2004). Emergent globalization : a new triad of business systems. In Emergent Globalization (Palgrave M, pp. 143-160). Palgrave Macmillan. Disponible en: http://cat2.lib.unimelb.edu.au/record=b2892562~S30 https://doi.org/10.1057/9780230287433_11 PMCid:PMC2698155
Cohen, J. R., y Simnett, R. (2015). CSR and assurance services: A research agenda. Auditing, 34(1), 59-74. https://doi.org/10.2308/ajpt-50876
Commission European. (2014). Directive 2014/95/EU of the European parliament and of the council. In Official Journal of the European Union.
Cronbach, L. J. (1951). Coefficient alpha and the internal structure of tests. Psychometrika, 16(3), 297-334. https://doi.org/10.1007/BF02310555
Demaria, S., y Rigot, S. (2021). Corporate environmental reporting: Are French firms compliant with the Task Force on Climate Financial Disclosures' recommendations? Business Strategy and the Environment, 30(1), 721-738. https://doi.org/10.1002/bse.2651
Di Tullio, P., Valentinetti, D., Nielsen, C., y Rea, M. A. (2020). In search of legitimacy: a semiotic analysis of business model disclosure practices. Meditari Accountancy Research, 28(5), 863-887. https://doi.org/10.1108/MEDAR-02-2019-0449
Directiva 95. (2014). Directiva 2014/95/ue del Parlamento Europeo y del Consejo de 22 de octubre de 2014 por la que se modifica la Directiva 2013/34/UE en lo que respecta a la divulgación de información no financiera e información sobre diversidad por parte de determinadas gra. DOUE, 330, 1-9. Disponible en: https://www.boe.es/doue/2014/330/L00001-00009.pdf
Doni, F., Bianchi Martini, S., Corvino, A., y Mazzoni, M. (2019). Voluntary versus mandatory non-financial disclosure. Meditari Accountancy Research, 28(5), 781-802. https://doi.org/10.1108/MEDAR-12-2018-0423
Escamilla Solano, S., Plaza Casado, P., y Flores Ureba, S. (2016). Análisis de la divulgación de la información sobre la responsabilidad social corporativa en las empresas de transporte público urbano en España. Spanish Acounting Review/Revista de Contabilidad, 19(2), 195-203. https://doi.org/10.1016/j.rcsar.2015.05.002
Eslava Z., R., Chacón G., E., y Gonzalez J, H. (2019). La cantidad de información de las empresas: Bolsa de Madrid y del Eurostoxx50. Actualidad Contable FACES, 22(38), 5-24. Disponible en: https://biblat.unam.mx/es/revista/actualidad-contable-faces/articulo/la-cantidad-de-informacion-de-las-empresas-bolsa-de-madrid-y-del-eurostoxx50
Esterhuyse, L. (2019). Towards corporate transparency: The link between inclusion in a socially responsible investment index and investor relations practices. Bottom Line, 32(4), 290-307. https://doi.org/10.1108/BL-03-2019-0081
Fernandez-Feijoo, B., Romero, S., y Ruiz, S. (2016). The assurance market of sustainability reports: What do accounting firms do? Journal of Cleaner Production, 139, 1128-1137. https://doi.org/10.1016/j.jclepro.2016.08.157
Fernández Sánchez, J. L., Odriozola Zamanillo, M. D., y Luna, M. (2020). How Corporate Governance Mechanisms of Banks Have Changed After the 2007-08 Financial Crisis. Global Policy, 11(S1), 52-61. https://doi.org/10.1111/1758-5899.12748
Frías-Aceituno, J. V., Rodríguez-Ariza, L., y 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. https://doi.org/10.1016/j.jclepro.2012.12.006
Frías-Navarro, D. (2021). Análisis de la consistencia interna de las puntuaciones de un instrumento de medida. Disponible en: https://www.uv.es/friasnav/AlfaCronbach.pdf
GABV. (2014). Global Alliance for Banking on Values Real Economy - Real Returns : The Business Case for Sustainability Focused Banking. October. Disponible en: http://www.gabv.org/wp-content/uploads/Real-Economy-Real-Returns-GABV-Research-2014.pdf
Gandía, J. L. (2008). Determinants of internet-based corporate governance disclosure by Spanish listed companies. Online Information Review, 32(6), 791-817. https://doi.org/10.1108/14684520810923944
García-Sánchez, I. M., y Noguera-Gámez, L. (2017). Integrated Reporting and Stakeholder Engagement: The Effect on Information Asymmetry. Corporate Social Responsibility and Environmental Management, 24(5), 395-413. https://doi.org/10.1002/csr.1415
Gazzola, P., Pezzetti, R., Amelio, S., y Grechi, D. (2020). Non-financial information disclosure in Italian public interest companies: A sustainability reporting perspective. Sustainability (Switzerland), 12(15), 1-16. https://doi.org/10.3390/su12156063
George, D., y Mallery, P. (2019). IBM SPSS Statistics 26 Step by Step: A Simple Guide and Reference. In Book (16th ed.). Routledge. Disponible en: https://books.google.es/books?id=o8JdyAEACAAJ&dq=%22SPSS+for+Windows+step+by+step:+A+simple+guide%22&hl=es&sa=X&redir_esc=y https://doi.org/10.4324/9780429056765-2 PMCid:PMC7712491
Gillet-Monjarret, C. (2018). Assurance reports included in the CSR reports of French firms: a longitudinal study. Sustainability Accounting, Management and Policy Journal, 9(5), 570-594. https://doi.org/10.1108/SAMPJ-09-2017-0098
Gliem, J. A., y Gliem, R. R. (2003). Calculating, Interpreting, and Reporting Cronbach's Alpha Reliability Coefficient for Likert-Type Scales. Midwest Research to Practice Conference in Adult, Continuing, and Community Education, 82-88. Disponible en: https://scholarworks.iupui.edu/bitstream/handle/1805/344/gliem+yotros+gliem.pdf?sequence=1
Global Reporting Initiative GRI. (2013). Trends in External Assurance of Sustainability Reports: Spotlight on the USA. In Global Reporting Initiative GRI.
Gong, G., Xu, S., y Gong, X. (2018). On the Value of Corporate Social Responsibility Disclosure: An Empirical Investigation of Corporate Bond Issues in China. Journal of Business Ethics, 150(1), 227-258. https://doi.org/10.1007/s10551-016-3193-8
González Ramos, M. I., Donate Manzanares, M. J., y Guadamillas Gómez, F. (2014). Propuesta de una escala para la medición de la responsabilidad social corporativa = A proposal for the measurement of corporate social responsibility. Pecvnia : Revista de La Facultad de Ciencias Económicas y Empresariales, Universidad de León, 0(18), 1. DOI: https://doi.org/10.18002/pec.v0i18.1641
Herrador-Alcaide, T., y Hernández-Solís, M. (2019). Empirical study regarding non-financial disclosure for social conscious consumption in the Spanish e-credit market. Sustainability (Switzerland), 11(3). https://doi.org/10.3390/su11030866
Hodge, K., Subramaniam, N., y Stewart, J. (2009). Assurance of sustainability reports: Impact on report users' confidence and perceptions of information credibility. Australian Accounting Review, 19(3), 178-194. https://doi.org/10.1111/j.1835-2561.2009.00056.x
Hogan, T. P., Benjamin, A., y Brezinski, K. L. (2000). Reliability methods: A note on the frequency of use of various types. Educational and Psychological Measurement, 60(4), 523-531. https://doi.org/10.1177/00131640021970691
Huh, J., DeLorme, D. E., y Reid, L. N. (2006). Perceived third-person effects and consumer attitudes on prevetting and banning DTC advertising. Journal of Consumer Affairs, 40(1), 90-116. John Wiley & Sons, Ltd. https://doi.org/10.1111/j.1745-6606.2006.00047.x
Ibáñez, E. M. (2021). Análisis de los modelos de integración de la información financiera y no financiera en los grupos cotizados del IBEX 35. Revista Galega de Economía, 2021(2), 1-29. https://doi.org/10.15304/rge.30.2.7303
IFAC. (2013). International Standard on Assurance Engagements (ISAE) 3000 Revised, Assurance Engagements Other than Audits or Reviews of Historical Financial Information | IFAC. In International Standard on Assurance Engagements (ISAE) 3000 (Issue December). Disponible en: https://www.ifac.org/publications-resources/international-standard-assurance-engagements-isae-3000-revised-assurance-enga
Instituto de Censores Jurados de Cuentas de España. (2019). Guía de actuación sobre encargos de verificación del Estado de Información no Financiera.
Janssen, C., Sen, S., y Bhattacharya, C. B. (2015). Corporate crises in the age of corporate social responsibility. Business Horizons, 58(2), 183-192. https://doi.org/10.1016/j.bushor.2014.11.002
Jensen, J. C., y Berg, N. (2012). Determinants of Traditional Sustainability Reporting Versus Integrated Reporting. An Institutionalist Approach. Business Strategy and the Environment, 21(5), 299-316. https://doi.org/10.1002/bse.740
KPMG. (2019). The KPMG Survey of Corporate Responsibility Reporting 2017 - KPMG Global. Disponible en: https://home.kpmg/xx/en/home/insights/2017/10/the-kpmg-survey-of-corporate-responsibility-reporting-2017.html
Kuchina, E., y Pikola, P. (2016). Analysis of the Dependence of the Czech Stock Market on the Main European and G-20 Stock Markets. 28th International Business Information Management Association Conference - Vision 2020: Innovation Management, Development Sustainability, and Competitive Economic Growth, 782-792. Disponible en: https://ibima.org/accepted-paper/analysis-of-the-dependence-of-the-czech-stock-market-on-the-main-european-and-g-20-stock-markets/
Larrán, M., y Giner, B. (2001). The Use of the Internet for Corporate Reporting by Spanish Companies 1. The International Journal of Digital Accounting Research, 2(1), 53-82. Disponible en: http://www.isoc.org
Larrinaga González, C., Hernando Puente, A. M., García Iglesias, I., Molinero Herrera, S., Descalzo Ruiz, N., Mesa Pérez, E., García Torea, N., y Luque Vilchez, M. (2019). Guía para la aplicación de la Ley 11 / 2018 Información no financiera. Disponible en: https://informacionnofinanciera.info/wp-content/uploads/2020/01/Guia-Ley-11-2018-Informacion-no-financiera-VERSION-1-0.pdf
Ley 11. (2018). Ley 11/2018, de 28 de diciembre, por la que se modifica el Código de Comercio, el texto refundido de la Ley de Sociedades de Capital aprobado por el Real Decreto Legislativo 1/2010, de 2 de julio, y la Ley 22/2015, de 20 de julio, de Auditoría de Cuentas. BOE, 129833-129854. Disponible en: https://www.boe.es/eli/es/l/2018/12/28/11
Macias, H. A., y Farfan-Lievano, A. (2017). Integrated reporting as a strategy for firm growth: Multiple case study in Colombia. Meditari Accountancy Research, 25(4), 605-628. Emerald Group Publishing Ltd. https://doi.org/10.1108/MEDAR-11-2016-0099
Manes-Rossi, F., Tiron-Tudor, A., Nicolò, G., y otros Zanellato, G. (2018). Ensuring more sustainable reporting in europe using non-financial disclosure-de facto and de jure evidence. Sustainability (Switzerland), 10(4), 1162. https://doi.org/10.3390/su10041162
Melé, D., Argandoña, A., y Sanchez-Runde, C. (2011). Facing the crisis: Toward a new humanistic synthesis for business. Journal of Business Ethics, 99(1), 1-4. https://doi.org/10.1007/s10551-011-0743-y
Melón-Izco, Á., Ruiz-Cabestre, F. J., y Ruiz-Olalla, C. (2021). Readabilty in management reports: Extension and good governance Practices. Revista de Contabilidad-Spanish Accounting Review, 24(1), 19-30. https://doi.org/10.6018/rcsar.363171
Mio, C., y Venturelli, A. (2013). Non-financial Information About Sustainable Development and Environmental Policy in the Annual Reports of Listed Companies: Evidence from Italy and the UK. Corporate Social Responsibility and Environmental Management, 20(6), 340-358. https://doi.org/10.1002/csr.1296
Mori, R. J., Best, P. J., y Cotter, J. (2014). Sustainability Reporting and Assurance: A Historical Analysis on a World-Wide Phenomenon. Journal of Business Ethics, 120(1), 1-11. https://doi.org/10.1007/s10551-013-1637-y
Nevado Gil, M. T., Gallardo Vázquez, D., y Sánchez Hernández, M. I. (2016). Análisis del grado de divulgación de información sobre responsabilidad social en las webs de los principales municipios extremeños. Auditoría Pública, 67, 77-92. Disponivle en: https://asocex.es/wp-content/uploads/PDF/AuditoriaPublica67pag77-92.pdf
Ortiz-Martínez, E., Marín-Hernández, S., y Sánchez-Aznar, L. A. (2020). Integrated reporting according to IIRC from 2011 to 2015. RAE Revista de Administracao de Empresas, 60(3), 222-234. https://doi.org/10.1590/s0034-759020200305
Oviedo, H. C., y Campo-Arias, A. (2005). Metodología de investigación y lectura crítica de estudios Aproximación al uso del coeficiente alfa de Cronbach Title: An Approach to the Use of Cronbach's Alfa. Revista Colombiana de Psiquiatría, 34(4), 572-582. Disponible en: https://www.redalyc.org/pdf/806/80634409.pdf
Pache Durán, M., y Nevado Gil, M. T. (2020). Commitment of the Spanish companies of the Dow Jones Sustainability World Index 2018 with the disclosure of responsible information. Revista Espanola de Documentacion Cientifica, 43(1). https://doi.org/10.3989/redc.2020.1.1658
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
Petcharat, N., y Zaman, M. (2019). Sustainability reporting and integrated reporting perspectives of Thai-listed companies. Journal of Financial Reporting and Accounting, 17(4), 671-694. https://doi.org/10.1108/JFRA-09-2018-0073
Pflugrath, G., Roebuck, P., y Simnett, R. (2011). Impact of assurance and assurer's professional affiliation on financial analysts' assessment of credibility of corporate social responsibility information. Auditing : A Journal of Practice y otros Theory, 30(3), 239-254. Disponible en: https://www.econbiz.de/Record/impact-assurance-assurer-professional-affiliation-financial-analysts-assessment-credibility-corporate-social-responsibility-information-pflugrath-gary/10009301859 https://doi.org/10.2308/ajpt-10047
Popescu, C. R. (2019). Corporate social responsibility, corporate governance and business performance: Limits and challenges imposed by the implementation of directive 2013/34/EU in Romania. Sustainability (Switzerland), 11(19). https://doi.org/10.3390/su11195146
Popescu, C. R. G., y Banţa, V. C. (2019). Performance evaluation of the implementation of the 2013/34/EU directive in Romania on the basis of corporate social responsibility reports. Sustainability (Switzerland), 11(9). https://doi.org/10.3390/su11092531
Pozniak, L., y Ferauge, P. (2015). Social Responsibility Communication, 9(2), 53-63.
Rivera-Arrubla, Y. A., Zorio-Grima, A., y García-Benau, M. A. (2017). Integrated reports: disclosure level and explanatory factors. Social Responsibility Journal, 13(1), 155-176. https://doi.org/10.1108/SRJ-02-2016-0033
Ruiz-Palomino, P., Del Pozo-Rubio, R., y Martínez-Cañas, R. (2015). Risk and return characteristics of environmentally and socially responsible firms in Spain during a financial downturn: 2008-2011. South African Journal of Business Management, 46(2), 65-76. https://doi.org/10.4102/sajbm.v46i2.92
Sierra-Garcia, L., Garcia-Benau, M., y Bollas-Araya, H. (2018). Empirical Analysis of Non-Financial Reporting by Spanish Companies. Administrative Sciences, 8(3), 29. https://doi.org/10.3390/admsci8030029
Sierra-García, L., Zorio-Grima, A., y García-Benau, M. A. (2015). Stakeholder Engagement, Corporate Social Responsibility and Integrated Reporting: An Exploratory Study. Corporate Social Responsibility and Environmental Management, 22(5), 286-304. https://doi.org/10.1002/csr.1345
Simnett, R., Vanstraelen, A., y Chua, W. F. (2009). Assurance on Sustainability Reports: An International Comparison on JSTOR. The Accounting Review, 84(3), 937-967. https://doi.org/10.2308/accr.2009.84.3.937
Soriya, S., y Rastogi, P. (2021). A systematic literature review on integrated reporting from 2011 to 2020. Journal of Financial Reporting and Accounting, ahead-of-p(ahead-of-print), ahead-of-print. https://doi.org/10.1108/JFRA-09-2020-0266
Stolowy, H., y Paugam, L. (2018). The expansion of non-financial reporting: an exploratory study. Accounting and Business Research, 48(5), 525-548.
https://doi.org/10.1080/00014788.2018.1470141
Stubbs, W., y Higgins, C. (2014). Integrated reporting and internal mechanisms of change. Accounting, Auditing and Accountability Journal, 27(7), 1068-1089. https://doi.org/10.1108/AAAJ-03-2013-1279
Taliento, M., Favino, C., y Netti, A. (2019). Impact of environmental, social, and governance information on economic performance: Evidence of a corporate "sustainability advantage" from Europe. Sustainability (Switzerland). https://doi.org/10.3390/su11061738
Tarquinio, L., Raucci, D., y Benedetti, R. (2018). An investigation of Global Reporting Initiative performance indicators in corporate Sustainability Reports: Greek, Italian and Spanish evidence. Sustainability (Switzerland), 10(4). https://doi.org/10.3390/su10040897
Wanderley, L. S. O., Lucian, R., Farache, F., y De Sousa Filho, J. M. (2008). CSR information disclosure on the web: A context-based approach analysing the influence of country of origin and industry sector. Journal of Business Ethics, 82(2), 369-378. https://doi.org/10.1007/s10551-008-9892-z
Widhiarso, W., y Ravand, H. (2014). Estimating reliability coefficient for multidimensional measures: A pedagogical illustration. Review of Psychology, 21(2), 111-121. DOI: https://psycnet.apa.org/record/2016-00133-001
Zinsou, K. M. C. (2018). Integrated or non-integrated reports: French listed companies at a crossroads? Sustainability Accounting, Management and Policy Journal, 9(3), 253-288. https://doi.org/10.1108/SAMPJ-09-2017-0114
Publicado
Cómo citar
Número
Sección
Licencia
Derechos de autor 2022 Consejo Superior de Investigaciones Científicas (CSIC)

Esta obra está bajo una licencia internacional Creative Commons Atribución 4.0.
© CSIC. Los originales publicados en las ediciones impresa y electrónica de esta Revista son propiedad del Consejo Superior de Investigaciones Científicas, siendo necesario citar la procedencia en cualquier reproducción parcial o total.Salvo indicación contraria, todos los contenidos de la edición electrónica se distribuyen bajo una licencia de uso y distribución “Creative Commons Reconocimiento 4.0 Internacional ” (CC BY 4.0). Puede consultar desde aquí la versión informativa y el texto legal de la licencia. Esta circunstancia ha de hacerse constar expresamente de esta forma cuando sea necesario.
No se autoriza el depósito en repositorios, páginas web personales o similares de cualquier otra versión distinta a la publicada por el editor.