¿Importa el tono de la divulgación? Un análisis de los efectos del tono de divulgación de RSC en el desempeño de la empresa
DOI:
https://doi.org/10.5007/2175-8069.2022.e84552Palabras clave:
responsabilidad social, resultados de la empresa, finanzas corporativas, medio ambiente y desarrollo, sostenibilidadResumen
El objetivo de este trabajo es examinar los efectos del tono de divulgación de la RSC, en sus dimensiones ambiental, social y económica, sobre el desempeño de las empresas cotizadas brasileñas. La muestra final incluyó datos financieros de 219 diferentes sociedades cotizadas brasileñas y 1.797 informes corporativos en el período comprendido entre 2010 y 2019. Los datos se analizaron utilizando estadísticas descriptivas y modelos de regresión con datos de panel. Los resultados de esta investigación demuestran que la prevalencia de información de RSC optimista, presentada en los informes, implica en mejores índices de valor de mercado, así como una reducción en el costo de capital. Así, surge la necesidad de considerar el tono utilizado en la publicación y los temas que componen la RSC en la evaluación de la divulgación de la RSC y su efecto en el desempeño, avanzando en relación a los estudios que se basan en la simple observación de la publicación o no de un informe o tema particular en los documentos.
Citas
Abu Qa’Dan, M. B., Suwaidan, M. S. (2019). Board composition, ownership structure and corporate social responsibility disclosure: the case of Jordan. Social Responsibility Journal, 15(1), 28-46. https://doi.org/10.1108/SRJ-11-2017-0225
Aggarwal, D., & Padhan, P. C. (2017). Impact of capital structure on firm value: Evidence from Indian hospitality industry. Theoretical Economics Letters, 7(4), 982-1000. https://doi.org/10.4236/tel.2017.74067
Asimakopoulos, I., Samitas, A., & Papadogonas, T. (2009). Firm‐specific and economy wide determinants of firm profitability: Greek evidence using panel data. Managerial Finance, 35(11), 930-939. https://doi.org/10.1108/03074350910993818
Balabanis, G., Phillips, H. C., & Lyall, J. (1998). Corporate social responsibility and economic performance in the top British companies: are they linked?. European business review, 98(1), 25-44. https://doi.org/10.1108/09555349810195529
Bidhari, S. C., Salim, U., Aisjah, S., & Java, E. (2013). Effect of corporate social responsibility information disclosure on financial performance and firm value in banking industry listed at Indonesia stock exchange. European Journal of Business and Management, 5(18), 39-46.
Borges Júnior, D. M. (2019). Relatório de Sustentabilidade e Desempenho das Firmas Brasileiras de Capital Aberto. Revista Catarinense da Ciência Contábil, 18(1), 1-13. https://doi.org/10.16930/2237-766220192779
Burgwal, D., Vieira, R. J. O. (2014). Determinantes da divulgação ambiental em companhias abertas holandesas. Revista Contabilidade & Finanças, 25(64), 60-78. https://doi.org/10.1590/S1519-70772014000100006
Cahan, S. F., Villiers, C., Jeter, D. C., Naiker, V., Staden, C. J. (2016). Are CSR Disclosures Value Relevant? Cross-Country Evidence. European Accounting Review, 25(3), 579-611. https://doi.org/10.1080/09638180.2015.1064009
Carè, R., & Forgione, A. F. (2019). Assessing the Relationship Between Environmental Performance and Banks’ Performance: Preliminary Evidence. In Socially Responsible Investments (pp. 61-85). Palgrave Pivot, Cham. https://doi.org/10.1007/978-3-030-05014-6_4
Carroll, A. B., & Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. International Journal of Management Reviews, 12(1), 85-105. https://doi.org/10.1111/j.1468-2370.2009.00275.x
Cormier, D., Ledoux, M. J., & Magnan, M. (2011). The informational contribution of social and environmental disclosures for investors. Management Decision, 49(8), 1276-1304. https://doi.org/10.1108/00251741111163124
Crisóstomo, V. L., Forte, H. C., Prudêncio, P. A. (2020). Uma análise da adesão de organizações brasileiras à GRI como método de divulgação de informações de responsabilidade social corporativa. Revista Ambiente Contábil, 12(2), 47-73. https://doi.org/10.21680/2176-9036.2020v12n2ID19005
Davis, A. K., & Tama‐Sweet, I. (2012). Managers’ use of language across alternative disclosure outlets: Earnings press releases versus MD&A. Contemporary Accounting Research, 29(3), 804-837. https://doi.org/10.1111/j.1911-3846.2011.01125.x
Davis, A. K., Piger, J. M., & Sedor, L. M. (2012). Beyond the numbers: Measuring the information content of earnings press release language. Contemporary Accounting Research, 29(3), 845-868. https://doi.org/10.1111/j.1911-3846.2011.01130.x
Debortoli, S., Muller, O., Brocke, J. V. (2014). Comparing business intelligence and big data skills. Business & Information Systems Engineering, 6(5), 289-300. https://doi.org/10.1007/s12599-014-0344-2
Deng, Q., Hine, M., Ji, S., & Sur, S. (2017, January). Building an environmental sustainability dictionary for the IT industry. In Proceedings of the 50th Hawaii International Conference on System Sciences. https://doi.org/10.24251/HICSS.2017.112
Dhaliwal, D. S., Li, O. Z., Tsang, A., & 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., Li, O. Z., Tsang, A., & Yang, Y. G. (2014). Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency. Journal of Accounting and Public Policy, 33(4), 328-355. https://doi.org/10.1016/j.jaccpubpol.2014.04.006
Du, S., & Yu, K. (2020). Do corporate social responsibility reports convey value relevant information? Evidence from report readability and tone. Journal of Business Ethics, 1-22. https://doi.org/10.1007/s10551-020-04496-3
Dye, R. A. (1985). Disclosure of nonproprietary information. Journal of Accounting Research, 123-145. https://doi.org/10.2307/2490910
Elshandidy, T.; Fraser, I., Hussainey, K. (2013). Aggregated, voluntary, and mandatory risk disclosure incentives: Evidence from UK FTSE all-share companies. International Review of Financial Analysis, 30(1), 320-333. https://doi.org/10.1016/j.irfa.2013.07.010
Fávero, L. P., & Belfiore, P. (2017). Manual de análise de dados: estatística e modelagem multivariada com Excel®, SPSS® e Stata®. Elsevier Brasil.
Gelman, A., & Hill, J. (2007). Data analysis using regression and multilevel/hierarchical models. Cambridge University Press. https://doi.org/10.1017/CBO9780511790942
Greene, W. H. (2012). Econometric Analysis. 7th Edition (International Edition), Pearson.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(3), 405-440. https://doi.org/10.1016/S0165-4101(01)00018-0
Henry, E., & Leone, A. J. (2016). Measuring qualitative information in capital markets research: Comparison of alternative methodologies to measure disclosure tone. The Accounting Review, 91(1), 153-178. https://doi.org/10.2308/accr-51161
Huang, X., Teoh, S. H., Zhang, Y. (2014). Tone management. The Accounting Review, 89(3), 1083-1113, 2014. https://doi.org/10.2308/accr-50684
Ilmi, M., Kustono, A. S., & Sayekti, Y. (2017). Effect of Good Corporate Governance, Corporate Social Responsibility Disclosure and Managerial Ownership to The Corporate Value with Financial Performance as Intervening Variables: Case on Indonesia Stock Exchange. International Journal of Social Science and Business, 1(2), 75-88.
Kamatra, N., & Kartikaningdyah, E. (2015). Effect corporate social responsibility on financial performance. International Journal of Economics and Financial Issues, 5(1), 157-164.
Kim, J. W., & Shi, Y. (2011). Voluntary disclosure and the cost of equity capital: Evidence from management earnings forecasts. Journal of Accounting and Public Policy, 30(4), 348-366. https://doi.org/10.1016/j.jaccpubpol.2011.03.001
Konchitchki, Y., Luo, Y., Ma, M. L., & Wu, F. (2016). Accounting-based downside risk, cost of capital, and the macroeconomy. Review of Accounting Studies, 21(1), 1-36. https://doi.org/10.1007/s11142-015-9338-7
KPMG. (2018). The KPMG survey of corporate responsibility reporting 2017.
Lesage, C., & Wechtler, H. (2012). An inductive typology of auditing research. Contemporary Accounting Research, 29(2), 487-504. https://doi.org/10.1111/j.1911-3846.2011.01111.x
Li, Y., & Foo, C. T. (2015). A sociological theory of corporate finance Societal responsibility and cost of equity in China. Chinese Management Studies, 9(3), 269-294. https://doi.org/10.1108/CMS-12-2014-0232
Li, Y., Gong, M., Zhang, X. Y., & Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British Accounting Review, 50(1), 60-75. https://doi.org/10.1016/j.bar.2017.09.007
Li, S., & Liu, C. (2018). Quality of corporate social responsibility disclosure and cost of equity capital: Lessons from China. Emerging Markets Finance and Trade, 54(11), 2472-2494. https://doi.org/10.1080/1540496X.2018.1443441
Loughran, T., & McDonald, B. (2016). Textual analysis in accounting and finance: A survey. Journal of Accounting Research, 54(4), 1187-1230. https://doi.org/10.1111/1475-679X.12123
Merkley, K. J. (2014). Narrative disclosure and earnings performance: Evidence from R&D disclosures. The Accounting Review, 89(2), 725-757. https://doi.org/10.2308/accr-50649
Micah, L. C., Ofurum, C. O., & Ihendinihu, J. U. (2012). Firms financial performance and human resource accounting disclosure in Nigeria. International Journal of Business and Management, 7(14), 67-75. https://doi.org/10.5539/ijbm.v7n14p67
Michaels, A., & Grüning, M. (2017). Relationship of corporate social responsibility disclosure on information asymmetry and the cost of capital. Journal of Management Control, 28(3), 251-274. https://doi.org/10.1007/s00187-017-0251-z
Mittelbach-Hörmanseder, S., Hummel, K., & Rammerstorfer, M. (2021). The information content of corporate social responsibility disclosure in Europe: an institutional perspective. European Accounting Review, 30(2), 309-348. https://doi.org/10.1080/09638180.2020.1763818
Muttakin, M. B., & Subramaniam, N. (2015). Firm ownership and board characteristics. Sustainability Accounting, Management and Policy Journal. https://doi.org/10.1108/SAMPJ-10-2013-0042
Nekhili, M., Nagati, H., Chtioui, T., & Rebolledo, C. (2017). Corporate social responsibility disclosure and market value: Family versus nonfamily firms. Journal of Business Research, 77(1), 41-52. https://doi.org/10.1016/j.jbusres.2017.04.001
Novaes, P. V., & Almeida, J. E. (2021). O Papel dos Estágios do Ciclo de Vida da Firma sobre o Disclosure Voluntário e o Custo de Capital Próprio nas Companhias Abertas Brasileiras. Brazilian Business Review, 17(6), 1-20. https://doi.org/10.15728/bbr.2020.17.6.1
Pattitoni, P., Petracci, B., & Spisni, M. (2014). Determinants of profitability in the EU-15 area. Applied Financial Economics, 24(11), 763-775. https://doi.org/10.1080/09603107.2014.904488
Plumlee, M., Brown, D., Hayes, R. M., & Marshall, R. S. (2015). Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public policy, 34(4), 336-361. https://doi.org/10.1016/j.jaccpubpol.2015.04.004
Reverte, C. (2012). The impact of better corporate social responsibility disclosure on the cost of equity capital. Corporate Social Responsibility and Environmental Management, 19(5), 253-272.
Rogers, J. L., Van Buskirk, A., & Zechman, S. L. (2011). Disclosure tone and shareholder litigation. The Accounting Review, 86(6), 2155-2183. https://doi.org/10.2308/accr-10137
Sánchez, P. E., & Benito-Hernández, S. (2015). CSR policies: Effects on labour productivity in Spanish micro and small manufacturing companies. Journal of Business Ethics, 128(4), 705-724. https://doi.org/10.1007/s10551-013-1982-x
Sarumpaet, S., Nelwan, M. L., & Dewi, D. N. (2017). The value relevance of environmental performance: evidence from Indonesia. Social Responsibility Journal. https://doi.org/10.1108/SRJ-01-2017-0003
Verbeeten, F. H., Gamerschlag, R., & Möller, K. (2016). Are CSR disclosures relevant for investors? Empirical evidence from Germany. Management Decision, 54(6), 1359-1382. https://doi.org/10.1108/MD-08-2015-0345
Verrecchia, R. E. (1983). Discretionary disclosure. Journal of Accounting and Economics, 5(1), 179-194. https://doi.org/10.1016/0165-4101(83)90011-3
Virtania, L. O., & Siregar, S. V. (2017, November). The Effect of Environmental Disclosure on Cost of Equity. In International Conference on Business and Management Research (ICBMR 2017). Atlantis Press. https://doi.org/10.2991/icbmr-17.2017.9
Wang, J. C. (2008). Investigating market value and intellectual capital for S&P 500. Journal of intellectual capital, 9(4), 546-563. https://doi.org/10.1108/14691930810913159
Wasara, T. M., & Ganda, F. (2019). The relationship between corporate sustainability disclosure and firm financial performance in Johannesburg Stock Exchange (JSE) listed mining companies. Sustainability, 11(16), 4496. https://doi.org/10.3390/su11164496
Weber, J. L. (2018). Corporate social responsibility disclosure level, external assurance and cost of equity capital. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-12-2017-0112
Weber, R. P. (1983). Measurement models for content analysis. Quality and Quantity, 17(2), 127-149. https://doi.org/10.1007/BF00143616
Yekini, L. S., Wisniewski, T. P., & Millo, Y. (2016). Market reaction to the positiveness of annual report narratives. The British Accounting Review, 48(4), 415-430. https://doi.org/10.1016/j.bar.2015.12.001
Yusoff, H., Mohamad, S. S., & Darus, F. (2013). The influence of CSR disclosure structure on corporate financial performance: Evidence from stakeholders’ perspectives. Procedia Economics and Finance, 7, 213-220. https://doi.org/10.1016/S2212-5671(13)00237-2
Publicado
Cómo citar
Número
Sección
Licencia
Os Direitos Autorais para artigos publicados neste periódico são do autor, com direitos de primeira publicação para a Revista. Em virtude de aparecerem nesta Revista de acesso público, os artigos são de uso gratuito, com atribuições próprias, em aplicações educacionais, de exercício profissional e para gestão pública. A Revista adotou a licença Creative Commons Atribuição 4.0 Internacional - CC BY NC ND. Esta licença permite acessar, baixar (download), copiar, imprimir, compartilhar, reutilizar e distribuir os artigos desde que com a citação da fonte, atribuindo os devidos créditos de autoria. Nesses casos, nenhuma permissão é necessária por parte dos autores ou dos editores. Autores têm autorização para assumir contratos adicionais separadamente, para distribuição não-exclusiva da versão do trabalho publicada nesta revista (ex.: publicar em repositório institucional ou um capítulo de livro).
Esta obra está licenciada sob uma Licença Creative Commons.
