Aproximaciones sobre la incidencia de los reportes de sostenibilidad y gobierno corporativo en el valor de las empresas: evidencia desde Chile y Colombia
DOI:
https://doi.org/10.18041/1900-0642/criteriolibre.2019v17n30.5811Palabras clave:
gobierno corporativo, reportes de sostenibilidad, RSE estratégica, valor de las empresasResumen
Los informes de sostenibilidad permiten a las empresas mostrar su compromiso social y ambiental, estas revelaciones trascienden el ámbito financiero pero impactan en el mismo. El objetivo de este estudio es hacer una aproximación sobre la incidencia de la estructura del gobierno corporativo y los informes de sostenibilidad en el valor financiero de las empresas, nutriendo la discusión alrededor del tema, especialmente en zonas emergentes como Latinoamérica, donde los desarrollos teóricos están creciendo. La técnica empleada fue el anel de datos no balanceado, con un total de 280 observaciones empresa año. A partir de la revisión teórica y al contrastar las hipótesis planteadas en empresas colombianas y chilenas, se encontraron elementos para concluir que existe una relación positiva entre la presentación de informes de sostenibilidad y la generación de valor de las firmas.
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Referencias
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Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309. https://doi.org/10.1016/j.jfineco.2008.10.007
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Ahern, K. R., & Amy K. Dittmar (2012). The changing of the boards: the impact on firm valuation of mandated female board representation. The Quarterly Journal of Economics, 127(1), 137-197.
Akbar, S.; Poletti-Hughes, J.; El-Faitouri, R., y Shah, S. Z. A. (2016). More on the relationship between corporate governance and firm performance in the UK: Evidence from the application of generalized method of moments estimation. Research in International Business and Finance, 38, 417-429. https://doi.org/10.1016/j.ribaf.2016.03.009
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Bachoo, K.; Tan, R., & Wilson, M. (2013). Firm Value and the Quality of Sustainability Reporting in Australia. Australian Accounting Review, 23(1), 67-87. https://doi.org/10.1111/j.1835- 2561.2012.00187.x
Balasubramanian, N.; Black, B. S., & Khanna, V. (2010). The relation between firm-level corporate governance and market value: A case study of India. Emerging Markets Review, 11(4), 319-340. https://doi.org/10.1016/j.ememar.2010.05.001
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
Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 15, 257-273. https://doi.org/10.1016/j.jcorp
Black, B. S.; Love, I., & Rachinsky, A. (2006). Corporate governance indices and firms’ market values: Time series evidence from Russia. Emerging Markets Review, 7(4), 361-379. https://doi.org/10.1016/j.ememar.2006.09.004
Bouslah, K.; Kryzanowski, L., & Zali, B. M. (2012). The impact of the dimensions of social performance on firm risk. Journal of Banking and Finance, 37(4), 1258-1273. https://doi. org/10.1016/j.jbankfin.2012.12.004
Braam, G., & Peeters, R. (2017). Corporate Sustainability Performance and Assurance on Sustainability Reports: Diffusion of Accounting Practices in the Realm of Sustainable Development. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.1447
Bragaw, N. A., & Misangyi, V. F. (2017). The value of ceo mobility: contextual factors that shape the impact of prior CEO experience on market performance and CEO compensation. Human Resource Management, 1-23. https://doi.org/10.1002/hrm
Cellier, A., & Chollet, P. (2016). The effects of social ratings on firm value. Research in International Business and Finance, 36(0), 656-683. https://doi.org/http://dx.doi.org/10.1016/j.ribaf.2015.05.001
Chauhan, Y.; Lakshmi, K. R., & Dey, D. K. (2016). Corporate governance practices, self-dealings, and firm performance: Evidence from India. Journal of Contemporary Accounting and Economics, 12(3), 274-289. https://doi.org/10.1016/j.jcae.2016.10.002
Chen, J.; Leung, W. S., & Goergen, M. (2017). The impact of board gender composition on dividend payouts. Journal of Corporate Finance, 43, 86-105. https://doi.org/10.1016/j.jcorpfin.2017.01.001
Cline, B. N., & Yore, A. S. (2016). Silverback CEOs: Age, experience, and firm value. Journal of Empirical Finance, 35, 169-188. https://doi.org/10.1016/j.jempfin.2015.11.002
Correa-García, J.A.: García-Benau, M.A., & Garcia-meca, E. (2018). CSR Communication Strategies of Colombian Business Groups : An Analysis of Corporate Reports. Sustainability, 10, 1-19. https://doi.org/10.3390/su10051602
Correa-Mejía, D.A., y Hernández-Serna, D.P. (2017). Informes de sostenibilidad y su impacto en la creación de valor financiero de las empresas. Contaduría Universidad de Antioquia, (70), 43-60.
Correa-Mejía, D.A.; Reyes-Naranjo, D.C., y Montoya-Beltrán, K.M. (2018). La información financiera y el desempeño no financiero empresarial. Semestre Económico, 21, 185-202. https://doi.org/10.22395/seec.v21n46a8
Crisóstomo, V. L.; Freire, F. de S., & Vasconcellos, F. C. de (2013). Corporate Social Responsibility, Firm Value and Financial Performance in Brazil. Social Responsibility Journal, 7, 1-24. https://doi.org/10.1108/17471111111141549
Cusumano, M. A.; Kahl, S. J, & Suarez, F. F. (2008). Services, industry evolution, and the copetitive strategies of product firms. Academy of Management Journal, 51(2), 315-334. https://doi.org/10.1002/smj
Demirakos, E. G.; Strong, N. C., & Walker, M. (2004). What valuation models do analysts use? Accounting Horizons, 18(4), 221-240. https://doi.org/10.2308/acch.2004.18.4.221
Dissanayake, D.; Tilt, C., & Xydias-Lobo, M. (2016). Sustainability reporting by publicly listed companies in Sri Lanka. Journal of Cleaner Production, 129, 169-182. https://doi.org/10.1016/j.jclepro.2016.04.086
Ducassy, I., & Guyot, A. (2017). Complex ownership structures, corporate governance and firm performance: The French context. Research in International Business and Finance, 39, 291-306. https://doi.org/10.1016/j.ribaf.2016.07.019
Fatemi, A.; Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking y Finance, 59, 182-192. https://doi.org/10.1016/j.jbankfin.2015.04.028
Fuente, J. A.; García-Sánchez, I. M., & Lozano, M. B. (2017). The role of the board of directors in the adoption of GRI guidelines for the disclosure of CSR information. Journal of Cleaner Production, 141, 737-750. https://doi. org/10.1016/j.jclepro.2016.09.155
Fuzi, S. F. S.; Halim, S. A. A., & Julizaerma, M. K. (2016). Board Independence and Firm Performance. Procedia Economics and Finance, 37(16), 460-465. https://doi.org/10.1016/S2212-5671(16)30152-6
Gallego-Álvarez, I.; García-Sánchez, I. M., y Rodríguez- Domínguez, L. (2009). La eficacia del gobierno corporativo y la divulgación de información en internet. Investigaciones Europeas de Dirección Y Economía de la Empresa, 15, 109-135. https://doi.org/10.1016/S1135- 2523(12)60081-1
Ghoul, S.; El, Guedhami, O.; Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35, 2388-2406.
Giacalone, R. A., & Thompson, K. R. (2006). Business Ethics and Social Responsibility Education: Shifting the Worldview, 5(3), 266-277.
H. Cho, C.; Michelon, G. M.; Patten, D., & W. 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
Hamori, M., & Burak, K. (2015). Inside the Black Box: Raising Standards Through Classroom Assessment. Human Resource Management, 54(1), 23-44. https://doi.org/10.1002/hrm
Jiao, Y. (2010). Stakeholder welfare and firm value. Journal of Banking and Finance, 34(10), 2549-2561. https://doi.org/10.1016/j. jbankfin.2010.04.013
Jin, Y., & Jorion, P. (2006). Firm Value and Hedging : Evidence from U. S. The Journal of Finance, LXI(2), 893-919.
Kim, A. (2014). The value of firms’ voluntary commitment to improve transparency: The case of special segments on Euronext. Journal of Corporate Finance, 25, 342-359. https://doi. org/10.1016/j.jcorpfin.2013.12.012
Kim, K.; Kim, M., & Qian, C. (2015). Effects of Corporate Social Responsibility on Corporate Financial Performance: A Competitive-Action Perspective. Journal of Management, XX(X), 1-22. https://doi.org/10.1177/0149206315602530
Laplume, A. O., & Litz, R. A. (2008). Stakeholder Theory: Reviewing a Theory That Moves Us † (Vol. 34). https://doi.org/10.1177/0149206308324322
Li, K.; Lu, L.; Mittoo, U. R., & Zhang, Z. (2015). Board independence, ownership concentration and corporate performance - Chinese evidence. International Review of Financial Analysis, 41, 162-175. https://doi.org/10.1016/j.irfa.2015.05.024
Liu, Y.; Miletkov, M. K.; Wei, Z., & Yang, T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30, 223-244. https://doi.org/10.1016/j.jcorpfin.2014.12.004
Lückerath-Rovers, M. (2013). Women on boards and firm performance. Journal of Management and Governance, 17(2), 491-509. https://doi.org/10.1007/s10997-011-9186-1
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2019-12-04
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Correa Mejía, D. A., Hernández Serna, D. P., Gutiérrez Castañeda, B. E., & Lopera Castaño, M. (2019). Aproximaciones sobre la incidencia de los reportes de sostenibilidad y gobierno corporativo en el valor de las empresas: evidencia desde Chile y Colombia. Criterio Libre, 17(30), 231-254. https://doi.org/10.18041/1900-0642/criteriolibre.2019v17n30.5811
