Relación entre la divulgación de informes no financieros y los indicadores de desempeño financiero en empresas colombianas
Abstract
La comunidad internacional ha promovido la adopción de prácticas responsables y sostenibles en las empresas, que pueden reflejarse en informes no financieros. El objetivo de esta investigación fue analizar la relación entre la divulgación de informes no financieros y los indicadores de desempeño financiero y contables en empresas colombianas. La investigación tuvo un enfoque cuantitativo y diseño correlacional, utilizando como indicadores: Utilidad Contable, Rendimiento sobre el Patrimonio y Rendimiento sobre los Activos. Se usó un modelo de datos de panel en una muestra de 30 empresas colombianas que presentaron información ante la Superintendencia de Sociedades y emitieron informes no financieros en el período 2017-2022. Además, se aplicó un modelo de regresión lineal múltiple para estudiar las relaciones entre las variables. Los principales resultados muestran que las variables ambientales, sociales y tamaño, se asocian negativamente con el Rendimiento sobre los Activos; mientras que las variables gobierno y apalancamiento tienen una relación positiva. Para el Rendimiento sobre el Patrimonio, se observó una asociación negativa con las variables ambientales y sociales, y una asociación positiva con las variables gobierno, apalancamiento y tamaño. Se concluye que las prácticas de responsabilidad y sostenibilidad empresarial pueden tener implicaciones favorables en los resultados financieros de las organizaciones.
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References
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Alhassan, I., Islam, K. M. A., y Haque, M. S. (2021). Sustainability reporting and financial performance of listed industrial goods sector in Nigeria. International Journal of Accounting & Finance Review, 9(1), 46-56. https://doi.org/10.46281/ijafr.v9i1.1541
Asuquo, A. I., Dada, E. T., y Onyeogaziri, U. R. (2018). The effect of sustainability reporting on corporate performance of selected quoted brewery firms in Nigeria. International Journal of Business & Law Research, 6, 1-11.
Axjonow, A., Ernstberger, J., y Pott, C. (2018). The impact of corporate social responsibility disclosure on corporate reputation: A non-professional stakeholder perspective. Journal of Business Ethics, 151(2), 429-450. https://doi.org/10.1007/s10551-016-3225-4
Bădîrcea, R. M., Manta, A. G., Pîrvu, R., y Florea, N. M. (2020). Corporate social responsibility: An analysis of Romanian banks. In S. O. Idowu y C. Sitnikov (Eds.), Essential Issues in Corporate Social Responsibility: New Insights and Recent Issues (pp. 177-205). CSR, Sustainability, Ethics & Governance. Springer. https://doi.org/10.1007/978-3-030-39229-1_12
Borak, M., y Dogukanli, H. (2023). Effect of Corporate Social Responsibility on portfolio performance: Evidence from Turkey. Sage Open, 13(4). https://doi.org/10.1177/21582440231216192
Buallay, A. (2020). Sustainability reporting and firm’s performance: Comparative study between manufacturing and banking sectors. International Journal of Productivity and Performance Management, 69(3), 431-445. https://doi.org/10.1108/IJPPM-10-2018-0371
Burhan Hayatun, A. H. N., y Rahmanti, W. (2012). The impact of sustainability reporting on company performance. Journal of Economics, 15(2), 257-272. https://journal.perbanas.ac.id/index.php/jebav/article/view/79
Cañibano, L. (2004). Contabilidad: Análisis contable de la realidad económica. Pirámide Ediciones
Chen, Z., y Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291. https://doi.org/10.1016/j.irfa.2022.102291
Ching, H. Y., Gerab, F., y Toste, T. H. (2017). The quality of sustainability reports and corporate financial performance: Evidence from Brazilian listed companies. Sage Open, 7(2). https://doi.org/10.1177/2158244017712027
Cicchiello, A. F., Marrazza, F., y Perdichizzi, S. (2023). Non-financial disclosure regulation and environmental, social, and governance (ESG) performance: The case of EU and US firms. Corporate Social Responsibility and Environmental Management, 30(3), 1121-1128. https://doi.org/10.1002/csr.2408
Correa, J. A. (2018). Grupos Empresariales y Reportes de Sostenibilidad en America Latina [Tesis doctoral, Universitat de València]. https://roderic.uv.es/items/57ba613b-4b78-492b-9299-c8be686ae55a
Correa-García, J. A., Correa-Mejia, D. A., y Ceballos-García, D. (2021). Prácticas de revelación en los reportes corporativos: Características de las empresas colombianas. Dimensión Empresarial, 19(2), 1-24. http://ojs.uac.edu.co/index.php/dimension-empresarial/article/view/2667
Cruz, T., Barros, V., y Avelar, J. V. (2023). Environmental, social and governance scores in Europe: What drives financial performance for larger firms? Economics and Business Letters, 12(2), 121-131. https://doi.org/10.17811/ebl.12.2.2023.121-131
De Silva, P. O. (2019). Sustainability reporting and its impact on financial performance: A study of the Sri Lankan financial sector. Journal of Business Research and Insigghts, 5(1), 1-27. https://doi.org/10.31357/vjm.v5i1.3913
De Villiers, C., y Van Staden, C. J. (2006). Can less environmental disclosure have a legitimising effect? Evidence from Africa. Accounting, Organizations and Society, 31(8), 763-781. https://doi.org/10.1016/j.aos.2006.03.001
Díaz, P. G. (2019). Relación costo-beneficio de sistemas de gestión ambiental en empresas manufactureras venezolanas. Revista de Ciencias Sociales (Ve), XXV(1), 143-155. https://produccioncientificaluz.org/index.php/rcs/article/view/27306
Dunk, A. S. (2005). Financial and non-financial performance: The influence of quality of information system information, corporate environmental integration, product innovation, and product quality. In M. J. Epstein yJ. Y. Lee (Eds.), Advances in Management Accounting (Vol. 14, pp. 91-114). Emerald Group Publishing Limited. https://doi.org/10.1016/S1474-7871(05)14004-0
Ershadi, M., Hajiha, Z., Safa, M., y Moghadam, H. (2024). L, R. Kg. (2010). The effect of sustainability reporting on financial performance. Interdisciplinary Journal of Management Studies (IJMS), 17(3), 967-982. https://doi.org/10.22059/IJMS.2023.359572.675880
Fuadah, L. L., Safitri, R. H., y Yuliani (2019). Factors Influencing Financial Performance Through Sustainability Reporting in Indonesia. Sriwijaya International Journal of Dynamic Economics and Business, 3(1), 53-72. https://doi.org/10.29259/sijdeb.v3i1.53-72
García-Benau, M. A., Sierra-Garcia, L., y Zorio, A. (2013). Financial crisis impact on sustainability reporting. Management Decision, 51(7), 1528-1542. https://doi.org/10.1108/MD-03-2013-0102
Gómez, M., y Ospina, C. M. (2009). Ampliando fronteras en la disciplina contable: una introducción para la contextualización los ejemplares ortodoxos. En M. Gómez y C. M. Ospina (Eds.), Avances Interdisciplinarios para una Comprensión Crítica de la Contabilidad (pp. 13-36). Universidad nacional de Colombia.
Gull, A. A., Saeed, A., Suleman, M. T., y Mushtaq, R. (2022). Revisiting the association between environmental performance and financial performance: Does the level of environmental orientation matter? Corporate Social Responsibility and Environmental Management, 29(5), 1647-1662. https://doi.org/10.1002/csr.2310
Hussain, N., Rigoni, U., y Cavezzali, E. (2018). Does it pay to be sustainable? Looking inside the black box of the relationship between sustainability performance and financial performance. Corporate Social Responsibility and Environmental Management, 25(6), 1198-1211. https://doi.org/10.1002/csr.1631
Indrianingsih, y Agustina, L. (2020). The effect of company size, financial performance, and corporate governance on the disclosure of sustainability report. Accounting Analysis Journal, 9(2), 116-122. https://doi.org/10.15294/aaj.v9i2.31177
Jyoti, G., y Khanna, A. (2021). Does sustainability performance impact financial performance? Evidence from Indian service sector firms. Sustainable Development, 29(6), 1086-1095. https://doi.org/10.1002/sd.2204
Kaya, I., y Akbulut, D. H. (2019). Sustainability reporting and firm performance. Pressacademia, 9(18), 81-84. https://doi.org/10.17261/pressacademia.2019.1071
Laskar, N. (2018). Impact of corporate sustainability reporting on firm performance: an empirical examination in Asia. Journal of Asia Business Studies, 12(4), 571-593. https://doi.org/10.1108/JABS-11-2016-0157
Lee, S. P., e Isa, M. (2024). Corporate sustainability practices and financial performance: The moderating role of corporate controversies and Shariah screening. Corporate Social Responsibility and Environmental Management, 31(4), 3651-3667. https://doi.org/10.1002/csr.2763
Ligar, A., Manurung, D. T. H., y Mulyati, Y. (2018). Corporate governance mechanism, company size financial performance and sustainability reporting. International Journal of Engineering & Technology, 7(4.34), 201-203. https://doi.org/10.14419/ijet.v7i4.34.23888
Mendoza, D. L., Jaramillo, M. C., y López, D. D. (2020). Responsabilidad social de la Universidad de La Guajira respecto a las comunidades indígenas. Revista de Ciencias Sociales (Ve), XXVI(2), 95-106. https://dx.doi.org/10.31876/rcs.v26i2.32426
Moneva, J. M., y Cuellar, B. (2009). The value relevance of financial and non-financial environmental reporting. Environmental and Resource Economics, 44(3), 441-456. https://doi.org/10.1007/s10640-009-9294-4
Motwani, S. S., y Pandya, H. B. (2016). Evaluating the impact of sustainability reporting on financial performance of selected Indian companies. International Journal of Research in IT & Management, 6(2), 14-23. https://euroasiapub.org/wp-content/uploads/2016/09/2IMFeb-3132.pdf
Murillo, G., García, M., y Azuero, A. R. (2022). Responsabilidad social empresarial, cambio institucional y organizacional del sector petrolero colombiano. Revista de Ciencias Sociales (Ve), XXVIII(1), 175-186. https://doi.org/10.31876/rcs.v28i1.37683
Naz, F., Lutfullah, T., Arshad, S., Ishfaq, M., y Ueng, J. (2023). Board gender diversity and the financial performance of Pakistani non-financial firms: A fuzzy-set QCA approach. Journal of Corporate Accounting and Finance, 34(2), 258-272. https://doi.org/10.1002/jcaf.22607
Ngatia, C. N. (2014). Exploring sustainability reporting for financial performance of selected companies listed at the Nairobi Securities Exchange in Kenya. International Academic Journal of Economics and Finance, 1(4), 32-48. http://www.iajournals.org/articles/iajef_v1_i4_32_48.pdf
Rahi, A. F., Johansson, J., y Lions, C. (2024). Reinventing the wheel? Factors influencing relationship: Links between sustainability and financial performance. European evidence. International Journal of Accounting and Information Management, 32(1), 147-177. https://doi.org/10.1108/IJAIM-02-2023-0023
Saeed, M. M., Mudliar, M., y Kumari, M. (2023). Corporate social responsibility and financial performance nexus: Empirical evidence from Ghana. Corporate Social Responsibility and Environmental Management, 30(6), 2799-2815. https://doi.org/10.1002/csr.2516
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Published
2024-10-18
How to Cite
Cantillo Padrón, J. C., Pacheco Barros, M. C., & Márquez Carrascal, J. X. (2024). Relación entre la divulgación de informes no financieros y los indicadores de desempeño financiero en empresas colombianas. Revista De Ciencias Sociales, 30, 465-479. https://doi.org/10.31876/rcs.v30i.42854
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