Incidência de fatores ambientais e sociais na geração de valor
Evidência a partir das empresas do Mila
Resumo
A gestão de variáveis de caráter não financeiro para gerar valor é uma prática atual cada vez mais bem recebida nas organizações. Por essa razão, este trabalho de pesquisa pretende identificar o efeito das variáveis ambientais e sociais na geração do valor empresarial em companhias que pertencem a economias emergentes. A metodologia para validar o objetivo principal se foca na utilização de um modelo de dados de painel, com a utilização de dois modelos cujas variáveis dependentes são a q de Tobin e o múltiplo de vendas ou price sales ratio como referência para medir a geração de valor. No desenvolvimento desta pesquisa, são consideradas 42 empresas dos países integrantes do Mercado Integrado Latino-Americano (MILA) entre 2013 e 2017. A análise realizada permitiu concluir que a gestão de gases de efeito estufa e a inclusão da mulher na tomada de decisões da organização têm um impacto positivo na geração de valor das organizações.
Downloads
Referências
Abeysekera, I. (2013). A template for integrated reporting. Journal of Intellectual Capital, 14(2), 227-245. doi: https://doi.org/10.1108/14691931311323869
Adams, C. (2015). The international integrated reporting council: a call to action. Critical Perspectives on Accounting, 27, 23-28. doi: https://doi.org/10.1016/j.cpa.2014.07.001
Atkins, J. y Maroun, W. (2015). Integrated reporting in South Africa in 2012: perspectives from South Africa institutional investors. Meditari Accountancy Research, 23(2), 197-221. https://doi.org/10.1108/MEDAR-07-2014-0047
Barbee Jr., W., Mukherji, S. y Raines, G. (2019). Do sales-price and debt-equity explain stock returns better than book-market and firm size? Financial Analysts Journal, 56-60. Recuperado de https://www.tandfonline.com/doi/abs/10.2469/faj.v52.n2.1980
Bernal, A. (2010). Gestión del agua-una preocupación de las empresas ambientalmente responsables. Universidad y Empresa, 12(19), 87-106. Recuperado de https://revistas.urosario.edu.co/index.php/empresa/article/view/1300
Bernardi, C. y Stark, A. (2016). Enviromental, social and governance disclosure, integrated reporting, and the accuracy of analyst forecast. The British Accounting Review, 50(1), 16-31. doi: https://doi.org/10.1016/j.bar.2016.10.001
Boedker, C., Mouritsen, J. y Guthrie, J. (2008). Enhanced business reporting: international trends and possible policy directions. Journal of Human Resource Costing and Accounting, 12(1), 14-25. doi: https://doi.org/10.1108/14013380810872734
Bommel, K. (2014). Towards a legitimate compromise? An exploration of integrated reporting in the Netherlands. Accounting, Auditing y Accountability Journal, 27(7), 1157-1189. doi: https://doi.org/10.1108/AAAJ-04-2013-1309
Carnevale, C., Mazzuca, M. y Venturini, S. (2012). Corporate social reporting in European banks: The effects on a firm´s market value. Corporate Social Responsibility and Environmental Management, 19(3), 159-177. doi: https://doi.org/10.1002/csr.262
Chen, M.-c., Cheng, S.-j. y Hwag, Y. (2005). An empirical investigation of the relationship between intellectual capital and firm's market value and financial performance. Journal of Intellectual Capital, 6(2), 159-176. doi: https://doi.org/10.1108/14691930510592771
Cheng, M., Green, W., Conradie, P., Konishi, N. y Romi, A. (2014). The international integrated reporting framework: key issues and future research opportunities. Journal of International Financial Management and Accounting. 25(1), 90-119. doi: https://doi.org/10.1111/jifm.12015
Consejo Internacional de Reporting Integrado [iirc]. (2014). El marco internacional ir. Integrated Reporting-ir. Recuperado de http://integratedreporting.org/wp-content/uploads/2015/03/13-12-08-THE-INTERNATIONAL-IR-FRAMEWORK-SPANISH-1.pdf
Cormier, D. y Magnan, M. (2006). The revisited contribution of environmental reporting to investors’ valuation of a firm’s earnings: an international perspective. Ecological Economics, 62(3-4), doi: 613-626. https://doi.org/10.1016/j.ecolecon.2006.07.030
Correa, D. y Hernández, D. (2017). Informes de sostenibilidad y su impacto en la creación de valor financiero de las empresas. Contaduría Universidad de Antioquia, 70, 43-60. Recuperado de https://revistas.udea.edu.co/index.php/cont/article/view/331295
Correa-Mejía, D., Reyes-Naranjo, D. y Montoya-Beltrán, K. (2018). La información financiera y el desempeño no financiero empresarial. Semestre Económico, 21(46), 185-202. doi: https://doi.org/10.22395/seec.v21n46a8
Correa-Mejía, D., Hernández-Serna, D., Gutiérrez-Castañeda, B. y 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. doi: https://doi.org/10.18041/1900-0642/criteriolibre.2019v17n30.5811
Correa-Mejía, D., Quintero-Castaño, J., Gómez-Orozco, S. y Castro-Castro, C. (2020). El gobierno corporativo, un pilar indispensable para el desempeño financiero. Revista Universidad y Empresa, 22(38), 40-64. doi: https://doi.org/10.12804/revistas.urosario.edu.co/empresa/a.6975
Correa, J., García, M. y García, E. (2018). csr Communication strategies of Colombian business groups: An analysis of corporate reports. mdpi, 10(5). doi: https://doi.org/10.3390/su10051602
Correa-García, J. A., García-Benau, M. A. y García-Meca, E. (2020). Corporate governance and its implications for sustainability reporting quality in Latin American business groups. Journal of Cleaner Production, 260(121142). doi: https://doi.org/10.1016/j.jclepro.2020.121142
Crisóstomo, V., Souza, F. de y Cortés, F. (2011). Corporate social responsibility, firm value and financial performance in Brazil. Social Responsibility Journal, 7(2), 295-309. doi: https://doi.org/10.1108/17471111111141549
De Klerk, M. y Charl, D. V. (2012). The value relevance of corporate responsability reporting: South African evidence. Meditari Accountancy Research, 20(1), 21-38. doi: https://doi.org/10.1108/10222521211234200
Dilling, P. y Harris, P. (2018). Reporting on long-term value creation by Canadian companies: a longitudinal assessment. Journal of Cleaner Production, 191, 350-360. doi: https://doi.org/10.1016/j.jclepro.2018.03.286
El Ghoul, S., Guedhami, O., Kwok, C. y Mishra, D. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking y Finance, 35(9), 2388-2406. doi: https://doi.org/10.1016/j.jbankfin.2011.02.007
Fiaschi, D., Giuliani, E. y Nieri, F. (2017). Overcoming the liability of origin by doing no-harm: emerging country firms’ social irresponsibility as they go global. Journal of World Business, 52(4), 546-563. doi: https://doi.org/10.1016/j.jwb.2016.09.001
Figge, F. y Hahn, T. (2005). The cost of sustainability capital and the creation of sustainable value by companies. Journal of Industrial Ecology, 9(4), 47-58. doi: https://doi.org/10.1162/108819805775247936
Francis, J. y Schipper, K. (1999). Have financial statements lost their relevance? Journal of Accounting Research, 37(2), 319-352. https://www.jstor.org/stable/2491412
Fuentes-Doria, D., Toscano-Hernández, A., Díaz-Ballesteros, J. y Escudero-Garrido, Y. (2019). Ética y sostenibilidad en la gestión contable: un análisis documental en el contexto mundial en los periodos 2009-2018. Contaduría Universidad De Antioquia, 75, 43-67. doi: https://doi.org/10.17533/udea.rc.n75a02
Godinho, R. y Carvalho, J. (2018). Strategic alignment of knowledge management and value creation: implications on to an oil and gas corporation. Rausp Management Journal, 54(2), 241-252. doi: https://doi.org/10.1016/j.rauspm.2017.11.001
González, E. (2007). La teoría de los stakeholders. Un puente para el desarrollo práctico de la ética empresarial y de la responsabilidad social corporativa. Veritas. Revista de Filosofía y Teología, 2(17), 205-224. Recuperado de https://www.redalyc.org/pdf/2911/291122924002.pdf
Guthrie, J., Manes-Rossi, F. y Levy, R. (2017). Integrated reporting and integrated thinking in Italian public sector organizations. Meditari Accountancy Research, 25(4), 553-573. doi: https://doi.org/10.1108/MEDAR-06-2017-0155
Jarvia, H., Kähkönena, A. y Torvinen, H. (2018). When value co-creation fails: reasons that lead to value co-destruction. Scandinavian Journal of Management, 34(1), 63-77. doi: https://doi.org/10.1016/j.scaman.2018.01.002
Jensen, J. y Berg, N. (2012). Determinants of traditional sustainability reporting versus integrated reporting. An institutionalist approach. Business Strategy and the Environment, 21(5), 299-316. doi: https://doi.org/10.1002/bse.740
Jones, S., Johnstone, D. y Wilson, R. (2016). Predicting corporate bankrupcy: an evaluation of alternative statistical framework. Journal of Business Finance y Accounting, 44(1-2), 3-34. doi: https://doi.org/10.1111/jbfa.12218
Kelly, P. y Kelly, M. (2018). Investment considerations and impressions of integrated reporting: evidence from Taiwan. Sustainability Accounting, Management and Policy Journal, 9(1), 2-28. doi: https://doi.org/10.1108/SAMPJ-10-2016-0072
Kilic, M. y Kuzey, C. (2018). Assesing current company reports according to the iirc integrated reporting framework. Meditari Accountancy Research, 305-333. doi: https://doi.org/10.1108/MEDAR-04-2017-0138
Liao, L., Luo, L. y Tang, Q. (2015). Gender diversity, board independence, environmental committee and greenhouse gas disclosure. The British Accounting Review, 47(4), 409-424. doi: https://doi.org/10.1016/j.bar.2014.01.002
Lima, C., Kimb, K.-H., Kimc, M.-J., Heoc, J.-Y., Kimb, K.-J. y Maglio, P. (2018). From data to value: a nine-factor framework for data-based value creation in information-intensive services. International Journal of Information Management, 39, 121-135. doi: https://doi.org/10.1016/j.ijinfomgt.2017.12.007
Lopes, A. y Coelho, A. (2018). Engaged in integrated reporting? Evidence across multiple organizations. European Business Review, 30(4), 398-426. doi: https://doi.org/10.1108/EBR-12-2016-0161
Lopez-Morales, J. S. (2018). Multilatinas: a systematic literature review. Review of International Business and Strategy, 28(3-4), 331-357. doi: https://doi.org/10.1108/RIBS-05-2018-0041
McNally, M. y Maroun, W. (2018). It is not always bad news: illustrating the potential of integrated reporting using a case study in the eco-tourism industry. Accounting, Auditing y Accountability Journal, 31(5), 1319-1348. doi: https://doi.org/10.1108/AAAJ-05-2016-2577
Mesa-Jurado, L., Rivera-López, P., Román-Buriticá, M. y Correa-Mejía, D. (2020). Incidencia de las prácticas de responsabilidad social corporativa sobre el costo de patrimonio: evidencia desde Colombia. ad-Minister, 36, 5-30. doi: https://doi.org/10.17230/ad-minister.36.1
Moneva, J. y Cuella, B. (2009). The value relevance of financial and non-financial enviromental reporting. Environmental Resource Economics, 44, 441-456. doi: 10.1007/s10640-009-9294-4
Montgomery, C. y Wernerfelt, B. (1988). Diversification, Ricardian rents, and Tobin´s q. rand Journal of Economics, 19(4), 623-632. Recuperado de https://www.jstor.org/stable/2555461
Orbegozoa, U., Vicente, M. e Izaguirre, J. (2012). La gestión de residuos en la empresa: motivaciones para su implantación y mejoras asociadas. Investigaciones Europeas de Dirección y Economía de la Empresa, 18(3), 216-227. doi: http://dx.doi.org/10.1016/j.iedee.2012.05.001
Robecosam. (2018). Sustainability-indices. Recuperado de https://www.sustainability-indices.com/
Schiuma, G., Carlucci, D. y Lerro, A. (2012). Managing knowledge processes for value creation. vine, 42(1), 4-14. doi: https://doi.org/10.1108/03055721211207815
Shakina, E., Molodchik, M. y Barajas, A. (2017). Endogenous value creation: managerial decisions on intangibles. Management Research Review, 40(4), 410-428. doi: https://doi.org/10.1108/MRR-01-2016-0026
Sierra, L., Zorio, A. y García, M. (2015). Stakeholder engagement, corporate social responsibility and integrated reporting: an exploratory study. Corporate Social Responsibility and Environmental Management, 22(5), 286-304. doi: https://doi.org/10.1002/csr.1345
Tamayo, U., Vicente, M. e Izaguirre, J. (2012). La gestión de residuos en la empresa: motivaciones para su implantación y mejoras asociadas. Investigaciones Europeas de Dirección y Economía de la empresa, 18(3), 216-227. doi: https://doi:10.1016/j.iedee.2012.05.001
Titko, J. y Shina, I. (2017). Non-financial value drivers: case of Latvian banks. Procedia Engineering, 178, 192-199. doi: https://doi.org/10.1016/j.proeng.2017.01.095
Tuttle, T. y Heap, J. (2007). Green productivity: moving the agenda. International Journal of Productivity and Performance Management, 57(1), 93-106. doi: https://doi.org/10.1108/17410400810841254
Yeo, I.-K. y Johson, R. (2000). A new family of power transformations to improve normality or symmetry. Biometrika, 87(4), 954-959. doi: https://www.jstor.org/stable/2673623
Zeng, T. (2013). Corporate social responsibility, tax aggressiveness, and firm market value. Accounting Perspectives, 15(1), 7-30. doi: https://doi.org/10.1111/1911-3838.12090
Zoni, L. y Pippo, F. (2017). cfo and finance function: what matters in value creation. Journal of Accounting y Organizational Change, 216-238. doi: https://doi.org/10.1108/JAOC-12-2014-0059
