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Voluntary Disclosure of GRI and CSR Environmental Criteria in Colombian Companies

Iván Andrés Ordóñez-Castaño (), Edila Eudemia Herrera-Rodríguez (), Angélica María Franco Ricaurte () and Luis Enrique Perdomo Mejía ()
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Iván Andrés Ordóñez-Castaño: Economic Sciences Faculty, Universidad San Buenaventura Cali (USB), Valle del Cauca 76003, Colombia
Edila Eudemia Herrera-Rodríguez: Financial Accounting Department, Universidad de Panamá, Panamá 06001, Panama
Angélica María Franco Ricaurte: Economic Sciences Faculty, Universidad San Buenaventura Cali (USB), Valle del Cauca 76003, Colombia
Luis Enrique Perdomo Mejía: Corporación Universitaria Minuto de Dios, Bogotá 76003, Colombia

Sustainability, 2021, vol. 13, issue 10, 1-18

Abstract: The study analysed the asymmetry in the disclosure of environmental criteria of the Global Reporting Initiative (GRI) standard based on financial and non-financial information in 37 companies in 19 sub-sectors of the Colombian economy that were assessed by MERCO (Business Monitor of Corporate Reputation) in 2017 and 2018 in terms of corporate reputation, responsibility, and corporate governance. It is based on the theories of agency, stakeholders, and legitimacy, whereby six hypotheses were postulated. The indicators of environmental criteria were retrieved from the website and sustainability reports of each company, using a dichotomous approach for collecting information on environmental activities. The hypotheses were contrasted with a binary choice and panel data models. The results showed that increasing quality and transparency in voluntarily disclosed information decreases its asymmetry, thereby meeting the information needs of stakeholders, providing confidence, and strengthening corporate social responsibility (CSR) activities. In addition, the most indebted and largest companies disclose less information on environmental activities, in contrast to companies with higher solvency. Overall, the study contributed with the calculation of an asymmetry ratio with the MERCO indicators and the use of the insolvency risk variable as an explanatory variable for disclosure. Additionally, it contributed to the field of study of CSR from the Latin American context.

Keywords: environmental disclosure; GRI standard; corporate reputation; corporate responsibility social; corporate governance; stakeholders (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
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