Sustainability reporting: evolution and trends in the argentinian capital market
DOI:
https://doi.org/10.52292/j.eca.2024.4620Keywords:
sustainability reporting, sustainable development, corporate social responsibility, argentine capital market, environmental social governanceAbstract
Sustainability reports are a means of communication for companies to assess and legitimize their actions to their stakeholders. The purpose of this paper is to study the evolution of sustainability reporting and disclosure in Argentina over the last twenty years, its sectoral distribution and the influence of voluntary agreements on disclosure practices. Using an exploratory and descriptive methodology, we analyze data from 155 listed companies in Argentina, examine the disclosure of sustainability reports between 2004 and 2021 and evaluate adherence to the Global Compact. The results show that disclosure is low, differs across sectors and that adherence to voluntary agreements significantly increases disclosure. From an institutional approach, the coexistence of normative and mimetic isomorphism is suggested. The study contributes to the transparency and accountability of non-financial information and its regulation, underlines the need to accelerate disclosure practices through the design of mandatory policies and awareness raising amongst companies, investors, and other stakeholders.
Downloads
References
AccountAbility. (2020). AA1000 Norma de aseguramiento v3. https://www.accountability.org/static/c6b573c9faac59da5a4f3e20515d11ad/aa1000as_v3_accountability_final_spanish_2022.pdf
Acevedo-Tellez, J. P., y Piñeros, R. A. (2019). Evolución del reporteo en sostenibilidad en Latinoamérica bajo los lineamientos del GRI (Global Reporting Initiative). SIGNOS, Investigación en Sistemas de Gestión, 11(2), 63-82. https://doi.org/10.15332/24631140.5082
Ali, J., Frynas J. G., y Mahmood, Z. (2017). Determinants of Corporate Social Responsibility (CSR) Disclosure in developed and developing Countries: A literature review. Corporate Social Responsibility and Environmental Management, 24(4), 273-294. https://doi.org/10.1002/csr.1410
Alonso-Almeida, M., Llach, J., y Marimon, F. (2014). A Closer Look at the “Global Reporting Initiative” Sustainability Reporting as a Tool to Implement Environmental and Social Policies: A Worldwide Sector Analysis. Corporate Social-Responsibility and Environmental Management, 21(6), 318–335. https://doi.org/10.1002/csr.1318
Alonso-Almeida, M., Marimon, F., y Llach, J. (2015). Difusión de las memorias de sostenibilidad en Latinoamérica: Análisis territorial y sectorial. Estudios Gerenciales, 31(135), 139-149. https://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/2000
Araya, M. (2006). Exploring terra incognita: Non-financial reporting in corporate Latin-American. The Journal of Corporate Citizenship, (21), 25–38. https://www.jstor.org/stable/jcorpciti.21.25
Baskin, J. (2006). Corporate responsibility in emerging markets. The Journal of Corporate Citizenship, (24), 29-47. https://www.researchgate.net/publication/263376693_Corporate_Responsibility_in_Emerging_Markets
Belal, A. R., y Momin, M. (2009). Corporate social reporting (CSR) in emerging economies: A review and future direction. Research in Accounting in Emerging Economies, 9(1), 119–143. https://doi.org/10.1108/S14793563(2009)0000009007
Berri, A., y Palacios, C. (septiembre de 2016). Avances legislativos sobre responsabilidad social en Argentina [Ponencia]. IV Simposio Internacional de Responsabilidad Social de las Organizaciones. Bogotá, Colombia. https://repositorio.uca.edu.ar/handle/123456789/8646
Brown, N., y Deegan, C. (1998). The public disclosure of environmental performance information—a dual test of media agenda setting theory and legitimacy theory. Accounting and Business Research, 29(1), 21-41. https://doi.org/10.1080/00014788.1998.9729564
Calixto, L. (2013). A divulgacão de relatórios de sustentabilidade na América Latina: um estudo comparativo. Revista de Administracão, 48(4), 828-842. https://www.revistas.usp.br/rausp/article/view/78819
Castillo-Muñoz, C., Ripoll-Felieu, V., y Urquirdi, A. (2021). Divulgación de responsabilidad social empresarial en América Latina: Evidencias en el uso de la directriz GRI. Revista Lasallista de Investigación, 18(1), 134–157. http://dx.doi.org/10.22507/rli.v18n1a9
Chalmers, A. W., Klingler-Vidra, R., Van der Lugt, C. T., Van de Wijs, P.P., y Bailey, T. (2023). Carrots & Sticks: Beyond Disclosure in ESG and Sustainability Policy. Annual Report. University of Edinburgh, King’s College London, Global Reporting Initiative (GRI) and the University of Stellenbosch Business School (USB). https://www.carrotsandsticks.net/media/owwlefxh/2023-report-carrots-sticks.pdf
Cho, C. H., Laine, M., Roberts, R. W., y Rodrigue, M. (2015). Organized hypocrite, organizational façades, and sustainability reporting. Accounting, Organizations and Society, 40, 78-94. https://doi.org/10.1016/j.aos.2014.12.003
Christensen, H. B., Hail, L., y Leuz, C. (2021). Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies, 26, 1176–1248. https://doi.org/10.1007/s11142-021-09609-5
Climate Disclosure Standards Board (2007). About CDSB. https://www.cdsb.net/our-story
Comisión Nacional de Valores. (2023). Informes del Mercado de Capitales. https://www.cnv.gov.ar/sitioWeb/Informes?columna=4
Conceição, S. H., Dourado, G. B., y Silva, S. F. (2012). Global Reporting Initiative (GRI) -Um estudo exploratório dá prática de evidenciação em sustentabilidade empresarial na América Latina. Revista de Gestão, Finanças e Contabilidade, 2(3), 17-38. https://www.revistas.uneb.br/index.php/financ/article/view/68
Da Costa Cardoso, V. I. da C., De Luca, M. M., & Almeida, T. A. (2016). Prácticas de divulgación económica y socioambiental en las mayores empresas de Brasil. Revista de Administração Da UFSM, 9(1), 156-173. https://doi.org/10.5902/198346599778
Deegan, C. (2002). Introduction: The legitimizing effect of social and environmental disclosures- a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282-311. http://dx.doi.org/10.1108/09513570210435852
de Oliveira-Lima, S. H., de Freitas, G. A., Oliveira, M. C., y Leocádio, Á. L. (2018). A influência de fatores institucionais sobre a divulgação de informações socioambientais na América Latina. Revista Universo Contábil, 14(3), 89-111.
DiMaggio, P. J., y Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147-160. http://dx.doi.org/10.2307/2095101
Dowling, J., y Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. Pacific Sociological Review, 18(1), 122-126. http://dx.doi.org/10.2307/1388226
Duran, I. J. y Rodrigo, P. (2018). Why do firms in emerging markets report? A stakeholder theory approach to study the determinants of non-financial disclosure in Latin America. Sustainability, Vol. 10(9) https://doi.org/10.3390/su10093111
Durán, J. y Paucar, A. (2012). A system dynamics sustaina- ble business model for petroleos mexicanos (pemex): case based on the Global Reporting initiative. Journal of the operational research society, 63(8), 1065-1078. https://doi.org/10.1057/jors.2011.115
Federación Argentina de Consejos Profesionales de Ciencias Económicas. (2012). Normas Contables Profesionales: Balance Social (Resolución Técnica 36). https://www.consejosalta.org.ar/2013/10/resolucion-tecnica-36-facpce/
Federación Internacional de Contadores. (2013). NIEA 3000 (Revisada) Encargos de Aseguramiento distintos de la Auditoría o de la Revisión de Información Financiera Histórica, Marco Internacional de Encargos de Aseguramiento y las Modificaciones de concordancia de otras NIEA. https://www.iaasb.org/publications/niea-3000-revisada-encargos-de-aseguramiento-distintos-de-la-auditoria-o-de-la-revision-de
Fernández-Feijoo, B., Romero, S., y Ruiz, S. (2014). Commitment to Corporate social responsibility measured through global reporting initiative reporting: Factors affecting the behavior of companies. Journal of Cleaner Production, 81, 244-254. http://dx.doi.org/10.1016/j.jclepro.2014.06.034
Fifka, M. S. (2013). Corporate responsibility reporting and its determinants in comparative perspective - a review of the empirical literature and a meta-analysis. Business Strategy and the Environment, 22(1), 1-35. https://doi.org/10.1002/bse.729
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
García-Sánchez, I. M. (2021). Información social corporativa y aseguramiento: el estado de la cuestión. Revista de Contabilidad, 24(2), 241–269. https://doi.org/10.6018/rcsar.409441
Garriga, E., y Melé, D. (2004). Corporate social responsibility theories: Mapping the territory. Journal of Business Ethics, 53, 51-71. http://dx.doi.org/10.1023/B:BUSI.0000039399.90587.34
Gómez-Villegas, M., y Larrinaga, C. (2023). A critical accounting project for Latin America? Objects of knowledge or ways of knowing. Critical Perspectives on Accounting, 93, 1-13. https://doi.org/10.1016/J.CPA.2022.102508
Gómez-Villegas, M., y Quintanilla, D. A. (2012). Los informes de responsabilidad social empresarial: Su evolución y tendencias en el contexto internacional y colombiano. Cuadernos de Contabilidad, 13(32), 121-158. https://revistas.javeriana.edu.co/index.php/cuacont/article/view/3894
Gómez-Villegas, M., Suárez-Rico, Y. M., Valenzuela-Jiménez, L. F., y García-Benau, M. A. (2021). La transparencia y la rendición de cuentas en redes sociales. Un caso de conflictos mineros en Latinoamérica. Innovar, 31(82), 65-86. http://dx.doi.org/10.15446/innovar.v31n82.98416
Global Reporting Initiative (1997). About GRI. https://www.globalreporting.org/about-gri/
Global Reporting Initiative, United Nations Global Compact, y World Business Council for Sustainable Development. (2016). SDG Compass: La guía para la acción empresarial en los ODS. https://www.pactomundial.org/biblioteca/guia-sdg-compass-la-guia-para-la-accion-empresarial-en-los-ods/
Hernández Pajares, J. (2018). Influencia de la naturaleza internacional de empresas peruanas en su información de sostenibilidad. Revista de Comunicación, 17(1), 74–92. https://doi.org/10.26441/rc17.1-2018-a4
Hooghiemstra, R. (2000). Corporate communication and impression management–new perspectives why companies engage in corporate social reporting. Journal of Business Ethics, 27, 55-68. https://doi.org/10.1023/A:1006400707757
Husillos-Carqués, F. J. (2007). Una aproximación desde la teoría de la legitimidad a la información medioambiental revelada por las empresas españolas cotizadas. Spanish Journal of Finance and Accounting, 36(133), 97-121. https://doi.org/10.1080/02102412.2007.10779616
INDEC (2017). Clanae 2010. Clasificador Nacional de Actividades Económicas. Revisión 2017. Instituto Nacional de Estadísticas y Censos https://www.indec.gob.ar/ftp/cuadros/economia/clanae_2010_revision_2017.pdf
International Integrated Reporting Council. (2021). Integrated reporting framework. https://www.integratedreporting.org/resource/international-ir-framework/
International Organization of Securities Commissions. (2019). Sustainable finance in emerging markets and the role of securities regulators: Final report. https://www.iosco.org/library/pubdocs/pdf/IOSCOPD630.pdf
International Organization for Standardization (2010). ISO 26000, Guía de responsabilidad social. https://www.iso.org/obp/ui#iso:std:iso:26000:ed-1:v1:es
International Organization for Standardization (2015). ISO 14001:2015. Sistemas de gestión ambiental - Requisitos con orientación para su uso. https://www.iso.org/standard/60857.html
International Sustainability Standards Board (2021). About ISSB. https://www.ifrs.org/groups/international-sustainability-standards-board/
Klynveld Peat Marwick Goerdeler. (2022). Big shifts, small steps. The KPMG Survey of Sustainability Reporting 2022. KPMG International. https://kpmg.com/xx/en/home/insights/2022/09/survey-of-sustainability-reporting-2022.html?trk=public_post-text
Larrinaga, C. (2023). Contabilidade sustentável: As abordagens ESG não são suficientes. Revista Contabilidade & Finanças, 34(91), 1-4. http://dx.doi.org/10.1590/1808-057x20239042.en
Larrinaga, C., y Bebbington, J. (2021). The pre-history of sustainability reporting: A constructivist reading. Accounting, Auditing & Accountability Journal, 34(9), 162–181. https://doi.org/10.1108/AAAJ-032017-2872
Ley 25877 de 2004. Régimen laboral. 2 de marzo de 2004. https://servicios.infoleg.gob.ar/infolegInternet/anexos/90000-94999/93595/norma.htm
Meutia I., Yaacob Z., y Kartasari, S. F. (2021). Sustainability reporting: An overview of the recent development. Accounting and Financial Control, 3(1), 23-39. http://dx.doi.org/10.21511/afc.03(1).2020.03
Meyer, J. W., y Rowan, B. (1977). Institutionalized organizations: Formal structure as myth and ceremony. American Journal of Sociology, 83(2), 340-363. http://dx.doi.org/10.1086/226550
Meyskens, M., y Paul, K. (2010). La evolución de las prácticas de información social de las empresas en México. Journal of Business Ethics, 91(S2), 211-227. https://doi.org/10.1007/s10551-010-0615-x
Mota, M. O., Mazza, A. C. A. y Oliveira, F. C. (2013). Uma análise dos relatórios de sustentabilidade no ambito ambiental do Brasil: sustentabilidade ou camuflagem? Revista de Administracão e Contabilidade da Unisinos, 10(1), 69-80. https://doi.org/10.4013/base.2013.101.06
Murguia, D. I., y Bohling, K. (2013). Sustainability reporting on large-scale mining conflicts: The case of Bajo de la Alumbrera, Argentina. Journal of Cleaner Production, 41(1), 202–209. http://dx.doi.org/10.1016/j.jclepro.2012.10.012
Mutti, D., Yakovleva, N., Vazquez-Brust, D. H., y Di Marco, M. H. (2012). Corporate social responsibility in the mining industry: Perspectives from stakeholder groups in Argentina. Resources Policy, 37(2), 212–222. http://dx.doi.org/10.1016/j.resourpol.2011.05.001
Nogueira, E. P. y Faria, A. C. (2012). Sustentabilidade nos principais bancos brasileiros: Uma análise sob a ótica da Global Reporting Initiative. Revista Universo Contábil, 8(4), 119-139. https://doi.org/10.4270/ruc.2012434
Oliveira, M. C., De Luca, M. M. M., Ponte, V. M. R. y Pontes Junior, J. É. (2009). Disclosure of social information by Brazilian companies according to United Nations indicators of corporate social responsibility. Revista Contabilidade & Financas, 20(51), 116-132. https://doi.org/10.1590/s1519-70772009000300008
Ortas-Fredes, E., y Moneva-Abadía, J. M. (2011). Origins and development of sustainability reporting: Analysis of the Latin American context. Revista Globalización, Competitividad y Gobernabilidad, 5(2), 16-37. http://dx.doi.org/10.3232/GCG.2011.V5.N2.01
Pacto Mundial de Naciones Unidas (2000). About Global Compact. https://unglobalcompact.org/what-is-gc
Panario-Centeno, M. M. (2017). Requerimientos de información social y ambiental en los mercados de capitales de argentina y del mundo. Documentos de Trabajo de Contabilidad Social, 10(1), 25-44. https://ojs.econ.uba.ar/index.php/DTCS/article/view/1680
Panario-Centeno, M. M. (2018). Las empresas y los requerimientos de información ambiental externa por parte de organismos gubernamentales en el mundo y en argentina. Identidad Bolivariana, 2(1), 1-12. http://dx.doi.org/10.37611/IB2ol185-101
Panario-Centeno, M. M., Vior, I., Vior, Á., Rossi, A., y Tallelis, C. (2021). Los índices bursátiles de sostenibilidad en América Latina y el Caribe: Relevamiento empírico. Revista Activos, 19(2), 121-150. https://doi.org/10.15332/25005278.6685
Parmar, B. L., Freeman, R. E., Harrison, J. S., Wicks, A. C., Purnell, L., y De Colle, S. (2010). Stakeholder theory: The state of the art. Academy of Management Annals, 4(1), 403-445. https://doi.org/10.5465/19416520.2010.495581
Patten, D. M. (1991). Exposure, legitimacy, and social disclosure. Journal of Accounting and Public Policy, 10(4), 297-308. http://dx.doi.org/10.1016/02784254(91)90003-3
Patten, D. M. (1992). Intra-industry environmental disclosures in response to the Alaskan oil spill: A note on legitimacy theory. Accounting, Organisations, and Society, 17(5), 471-4. http://dx.doi.org/10.1016/0361-3682(92)90042-Q
Perez-Batres, L., Miller, V. V., y Pisani, M. J. (2010). CSR, sustainability and the meaning of global reporting for Latin American corporations. Journal of Business Ethics, 91, 193-209. http://dx.doi.org/10.1007/s10551-010-0614-y
Polanco, J., Ramírez, F. y Orozco, M. (2016). Incidencia de estándares internacionales en la sostenibilidad corporativa: una perspectiva de la alta dirección. Estudios Gerenciales, 32(139), 181-192. https://doi.org/10.1016/j.estger.2016.05.002
Rabasedas, M. L., Del Barco, M., y Jara-Sarrúa, L. A. (2016). Análisis intersectorial de las memorias de sostenibilidad publicadas por empresas cotizadas en Argentina. SaberEs, 8(2), 133-160. http://dx.doi.org/10.35305/s.v8i2.123
Ramírez, C., y Zicari, A. (2024). Between a corporatist past and a globalised future: Argentina’s accounting profession and the social balance sheet. Critical Perspectives on Accounting, 98, 1-17. https://doi.org/10.1016/j.cpa.2023.102626
Rese, N. y Dias, D. (2010). Analise dos relatórios de sus- tentabilidade de Bancos Comerciales. Revista de Administración FACES, 2(1), 130-149.
Resolución 797 de 2019 [Comisión Nacional de Valores (CNV), Argentina]. RESGC-2019-797-APN-DIR#CNV - Normas (N.T. 2013 y mod.). Modificación. 19 de junio de 2019. https://www.argentina.gob.ar/normativa/nacional/resoluci%C3%B3n-797-2019-324404/texto
Rodríguez-Guerra, L. C., y Ríos-Osorio, L. A. (2016). Evaluación de sostenibilidad con metodología GRI. Dimensión Empresarial, 14(2), 73–90. https://doi.org/10.15665/rde.v14i2.659.
Rodríguez de Ramírez, M. D. (2013). Balance Social. Errepar.
Rouf, M. A., y Siddique, M. N. E. (2023). Theories applied in corporate voluntary disclosure: A literature review. Journal of Entrepreneurship and Public Policy, 12(1), 49-68. https://doi.org/10.1108/JEPP-01-2022-0007
Sepúlveda-Alzate, Y. M., Valero-Zapata, G. M., y Bonilla-Gómez, M. J. (2018). Un análisis de los estudios acerca de las memorias de sostenibilidad en Latinoamérica. Contabilidad y Negocios, 13(26), 56-73. http://dx.doi.org/10.18800/contabilidad.201802.004
Siew, R. Y. (2015). A review of corporate sustainability reporting tools (SRTs). Journal of Environmental Management, 164, 180-195. https://doi.org/10.1016/j.jenvman.2015.09.010
Stolowy, H., y Paugam, L. (2018). The expansion of non-financial reporting: An exploratory study. Accounting and Business Research, 48(5), 525-548. http://dx.doi.org/10.1080/00014788.2018.1470141
Sustainability Accounting Standard Board (2011). About SASB. https://sasb.ifrs.org/about/
Tanaka Nakasone, G. (2015). Environmental accounting in Peru: A proposal based on the sustainability Reporting in the mining, oil and gas industries. Contabilidad y Negocios, 10(19), 5-26. https://doi.org/10.18800/contabilidad.201501.001
Task Force on Climate related Financial Disclosures (2015). About TCFD. https://www.fsb-tcfd.org/about/
Tinjalâ, D. M., Pantea, L. M., y Buglea, A. (2015). 2010-2014: A comparative evolution of sustainability reporting and its assurance in Europe and the U.S.A. Timisoara Journal of Economics and Business, 8, 48–69. http://dx.doi.org/10.1515/tjeb-2015-0004
Van der Lugt, C. T., van de Wijs, P. P., y Petrovics, D. (2020). Carrots & sticks 2020: Sustainability reporting policy: Global trends in disclosure as the ESG agenda goes mainstream. Global Reporting Initiative (GRI) and the University of Stellenbosch Business School (USB). https://www.carrotsandsticks.net/media/zirbzabv/carrots-and-sticks-2020-june2020.pdf
Vidal Marrero, Javier Ramos, & Carolina Asuaga. (2019). Análisis comparativo de los reportes de sostenibilidad de las empresas públicas uruguayas. Proyecciones, 13, 003. https://doi.org/10.24215/26185474e003
Watts, R. L., y Zimmerman, J. L. (1978). Towards a positive Theory of the Determination of Accounting Standards. The Accounting Review, 53(1), 112-134. https://typeset.io/papers/towards-a-positive-theory-of-the-determination-of-accounting-2q3vrowekt
Wang, K., Lin, S., y Shujie, Y. (2013). The determinants of corporate social responsibility disclosure: Evidence from China. The Journal of Applied Business Research, 29(6), 1833-1848. http://dx.doi.org/10.19030/jabr.v29i6.8220
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Maria Marta Panario Centeno, Jimena Marina Macció
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Aviso de derechos de autor
Aquellos autores/as que tengan publicaciones con esta revista, aceptan los términos siguientes:
- Los autores/as conservarán sus derechos de autor y garantizarán a la revista el derecho de primera publicación de su obra, el cual estará simultáneamente sujeto a la licencia Atribución-No Comercial 4.0 Internacional CC BY-NC 4.0.
- Los autores/as podrán adoptar otros acuerdos de licencia no exclusiva de distribución de la versión de la obra publicada (p. ej.: depositarla en un archivo telemático institucional o publicarla en un volumen monográfico) siempre que se indique la publicación inicial en esta revista.
- Se permite y recomienda a los autores/as difundir su obra a través de Internet (por ej.: en páginas web institucionales o personales) una vez publicado su trabajo, lo cual puede producir intercambios interesantes y aumentar las citas de la obra publicada (Véase El efecto del acceso abierto).
