Voluntary Disclosure of GRI and CSR Environmental Criteria in Colombian Companies
Abstract
:1. Introduction
2. Hypothesis Formulation
3. Methodology
Models for Hypothesis Validation
4. Results
Hypothesis Testing
5. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
Appendix A
Analysis Group | Variable | Reference | Country | Industry | Model | Relationship |
---|---|---|---|---|---|---|
Activities associated with CSR | Disclosure of environmental aspects | [67] | United States | Multiple | Panel | + |
[68] | Spain, Brazil, USA, Italy, Australia, France, Russia, Germany, Chile, and Mexico, among others. | Energy, Mining, Oil, Finance and Construction | Panel | + | ||
Voluntary disclosure | [76] | China | Multiple | Panel | SR | |
[74] | France, Germany, Italy, Spain, Switzerland, Sweden, and the United Kingdom | 19 sectors | Panel | SR | ||
[80] | Bangladesh | Banks | Panel | - | ||
[81] | Belgium | 11 sectors | Panel | + | ||
[69] | Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, The Netherlands, Norway, Portugal, Spain, Sweden, and the United Kingdom. | 8 sectors | Panel | + | ||
[82] | China | Manufacturing (publicly traded) | Panel | + | ||
[77] | China | Multiple | Panel | + | ||
[58] | 31 countries | Multiple | Panel | SR | ||
[75] | The United States | Four chemical industries, machinery and equipment, electronics and business services | Panel | + | ||
[83] | Spain | Multiple | Panel | SR | ||
[73] | France | Multiple-(Société des Bourses Françaises—SBF, French stock market) | Panel | + | ||
[84] | South Africa | Multiple-SBF | Panel | SR | ||
[71] | New York Stock Exchange (NYSE) | Multiple | Panel | + | ||
Risk | Q-Tobin | [74] | France, Germany, Italy, Spain, Switzerland, Sweden, and the United Kingdom | 19 Sectors | Panel | - |
[69] | Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, The Netherlands, Norway, Portugal, Spain, Sweden, and the United Kingdom. | 8 Sectors | Panel | + | ||
[85] | Taiwan | 31 Sectors | Panel | |||
[82] | China | Manufacturing (publicly traded) | Panel | - | ||
[77] | China | Multiple | Panel | - | ||
[58] | 31 countries | Multiple | Panel | + | ||
[73] | France | Multiple-SBF | Panel | - | ||
[70] | Egypt, Jordan, Kuwait, Morocco, Oman, Saudi Arabia, Tunisia, Turkey, and the United Arab Emirates | Multiple, non-financial | Panel | + | ||
[71] | NYSE | Multiple | Panel | + | ||
Size | Total number of employees | [74] | France, Germany, Italy, Spain, Switzerland, Sweden, and the United Kingdom | 19 Sectors | Panel | - |
Natural logarithm of employees | [85] | Taiwan | 31 Sectors | Panel | ||
Natural logarithm of assets | [76] | China | Multiple | Panel | - | |
[86] | London | Multiple | Panel | + | ||
[69] | Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, The Netherlands, Norway, Portugal, Spain, Sweden, and the United Kingdom. | 8 Sectors | Panel | + | ||
[77] | China | Multiple | Panel | - | ||
[58] | 31 countries | Multiple | Panel | - | ||
[75] | The United States | Four chemical industries, machinery and equipment, electronics and business services | Panel | - | ||
[83] | Spain | Multiple | Panel | + | ||
[73] | France | Multiple-SBF | Panel | - | ||
[71] | The United States | Pulp and paper, chemicals, oil and gas, metals and mining, and utilities | Panel | - | ||
Natural logarithm of assets | [71] | NYSE | Multiple | Panel | + | |
Record of total assets | [79] | Argentina | Multiple (Agriculture, Construction, Finance and Insurance, Manufacturing, Mining, Real Estate, Retail, Services, Transportation, and Gas/Electric Services) | Panel | + | |
Natural logarithm of corporate income | [70] | Egypt, Jordan, Kuwait, Morocco, Oman, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates | Multiple, non-financial | Panel | + | |
Debt | Leverage | [74] | France, Germany, Italy, Spain, Switzerland, Sweden, and the United Kingdom | 19 Sectors | Panel | + |
[76] | China | Multiple | Panel | + | ||
[68] | Spain, Brazil, USA, Italy, Australia, France, Russia, Germany, Chile, and Mexico, among others. | Energy, Mining, Oil, Finance and Construction | Panel | + | ||
[86] | London | Multiple | Panel | + | ||
[69] | Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, The Netherlands, Norway, Portugal, Spain, Sweden, and the United Kingdom. | 8 Sectors | Panel | + | ||
[82] | China | Manufacturing (publicly traded) | Panel | + | ||
[58] | 31 countries | Multiple | Panel | + | ||
[75] | The United States | Four chemical industries, machinery and equipment, electronics and business services | Panel | + | ||
[73] | France | Multiple-SBF | Panel | - | ||
[83] | Spain | Multiple | Panel | + | ||
[84] | South Africa | Multiple-SBF | Panel | + | ||
[70] | Egypt, Jordan, Kuwait, Morocco, Oman, Saudi Arabia, Tunisia, Turkey, and the United Arab Emirates | Multiple non-financial | Panel | + | ||
[79] | Argentina | Multiple Sectors | Panel | + | ||
Agriculture, Construction, Finance and Insurance, Manufacturing, Mining, Real Estate, Retail, Services, Transportation, and Gas/Electric Services. | ||||||
[71] | NYSE | Multiple | Panel | + | ||
Profitability | Asset profitability | [76] | China | Multiple | Panel | - |
[68] | Spain, Brazil, USA, Italy, Australia, France, Russia, Germany, Chile, and Mexico, among others. | Energy, Mining, Oil, Finance and Construction | Panel | - | ||
[86] | London | Multiple | Panel | + | ||
[69] | Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, The Netherlands, Norway, Portugal, Spain, Sweden, and the United Kingdom. | 8 Sectors | Panel | + | ||
[85] | Taiwan | 31 Sectors | Panel | + | ||
[84] | South Africa | Multiple-SBF | Panel | - | ||
[86] | The United Kingdom | Multiple | Panel | - | ||
[78] | Argentina | Multiple (Agriculture, Construction, Finance and Insurance, Manufacturing, Mining, Real Estate, Retail, Services, Transportation and Gas/Electric Services) | Panel | + | ||
Net profitability | [71] | NYSE | Multiple | Panel | - | |
Profitability: The profitability of the company is the natural logarithm of the return on equity (ROE) | [70] | Egypt, Jordan, Kuwait, Morocco, Oman, Saudi Arabia, Tunisia, Turkey, and the United Arab Emirates | Multiple non-financial | Panel | - | |
Growth | Variation in the level of sales | [76] | China | Multiple | - | |
[68] | Spain, Brazil, USA, Italy, Australia, France, Russia, Germany, Chile, and Mexico, among others. | Energy, Mining, Oil, Finance and Construction | Panel | - | ||
Market value divided by book value | [79] | Argentina | Multiple | Panel | - | |
Agriculture, Construction, Finance and Insurance, Manufacturing, Mining, Real Estate, Retail, Services, Transportation, and Gas/Electric Services. |
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Variable | Definition | Acronym of the Variable |
---|---|---|
Dependent variables | ||
Disclosure of information on environmental aspects (Discl) | Aspects reported by companies under the GRI-300 standard. | d_gri |
Information asymmetry (D_IS) | Calculation of the asymmetry ratio (IS) from the relationship between the corporate reputation indicator (σ) and corporate responsibility and governance (η). | D_IS |
Variable explanations | ||
Size | Natural logarithm of total assets. | assets |
Debt | Ratio of total liabilities to total equity. | debt |
Profit | Ratio of net profit to sales. | profit |
Grow | Operating income percentage change. | c_sales |
Risk | Z-score according to the Altman model. | z_cat |
Environmental practices not covered by the GRI standard (act_r_ma) | Environmental actions of the observed companies that were disclosed on their websites or sustainability reports but did not follow the GRI standard. | act_r_ma |
Variable | Acronym of the Variable | Mean (μ) | Standard Deviation (δ) |
---|---|---|---|
Size | assets | 8.2594 | 1.9867 |
Profitability | profit | 0.2301 | 0.4542 |
Growth | c_sales | 4.6062 | 1.1977 |
Debt | debt | 0.5325 | 0.1912 |
Risk of insolvency | z_cat | 2.8965 | 0.8819 |
Y = Disclosure of Information on Environmental Aspects (d_gri) | Coefficients (β) | Marginal Effects (dy/dx) | |||
---|---|---|---|---|---|
Explanatory Variables | |||||
Information asymmetry | D_IS | −1.2408 | * | −0.2139 | * |
Environmental practices not covered by the GRI standard | act_r_ma | 16.509 | 2.5456 | ||
Size | asset | −4.88 × 10−8 | ** | −7.53 × 10−9 | ** |
Profitability | r_op | −4.5607 | ** | −0.7032 | ** |
Growth | c_sales | −0.015 | −0.0023 | ||
Debt | debt | −2.4761 | −0.3818 | ||
Constant | _cons | 2.3123 | ** | ||
* p < 0.1; ** p < 0.05 |
Y = Information Asymmetry (D_IS) | Coefficients (β) | ||
---|---|---|---|
Explanatory Variables | |||
Size | assets | 6.53 × 109 | * |
Profitability | r_net | 0.0571 | |
Growth | c_sales | 1.62 × 10−2 | |
Debt | debt | −0.4273 | ** |
Risk | z_cat | 0.0715 | ** |
Environmental practices not covered by the GRI standard | act_r_ma | 0.2365 | ** |
Constant | _cons | 0.2183 | ** |
* p < 0.1; ** p < 0.05 |
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Ordóñez-Castaño, I.A.; Herrera-Rodríguez, E.E.; Franco Ricaurte, A.M.; Perdomo Mejía, L.E. Voluntary Disclosure of GRI and CSR Environmental Criteria in Colombian Companies. Sustainability 2021, 13, 5405. https://doi.org/10.3390/su13105405
Ordóñez-Castaño IA, Herrera-Rodríguez EE, Franco Ricaurte AM, Perdomo Mejía LE. Voluntary Disclosure of GRI and CSR Environmental Criteria in Colombian Companies. Sustainability. 2021; 13(10):5405. https://doi.org/10.3390/su13105405
Chicago/Turabian StyleOrdóñez-Castaño, Iván Andrés, Edila Eudemia Herrera-Rodríguez, Angélica María Franco Ricaurte, and Luis Enrique Perdomo Mejía. 2021. "Voluntary Disclosure of GRI and CSR Environmental Criteria in Colombian Companies" Sustainability 13, no. 10: 5405. https://doi.org/10.3390/su13105405
APA StyleOrdóñez-Castaño, I. A., Herrera-Rodríguez, E. E., Franco Ricaurte, A. M., & Perdomo Mejía, L. E. (2021). Voluntary Disclosure of GRI and CSR Environmental Criteria in Colombian Companies. Sustainability, 13(10), 5405. https://doi.org/10.3390/su13105405