Informes de sustentabilidad y su auditoría: efecto en la liquidez de mercado chileno

Felipe Andres Zúñiga Pérez; Roxana Pincheira-Lucas; Javiera   Aguilar-Cárcamo; Jorge Silva-Briceño

doi:10.18046/j.estger.2020.154.3558

Authors

Felipe Andres Zúñiga Pérez Profesor, Facultad de Ciencias Económicas y Administrativas, Universidad Austral de Chile, Valdivia, Chile. https://orcid.org/0000-0002-7141-2155
Roxana Pincheira-Lucas Profesora, Facultad de Ciencias Económicas y Administrativas, Universidad Austral de Chile, Valdivia, Chile
Javiera Aguilar-Cárcamo Asistente de investigación, Facultad de Ciencias Económicas y Administrativas, Universidad Austral de Chile, Valdivia, Chile.
Jorge Silva-Briceño Asistente de investigación, Facultad de Ciencias Económicas y Administrativas, Universidad Austral de Chile, Valdivia, Chile.

DOI:

https://doi.org/10.18046/j.estger.2020.154.3558

Keywords:

sustainability reports, assurance of non-financial information, assurance standards, market liquidity

Abstract

This study analyses whether the presentation of sustainability reports, their audits, and the use of International Standards on Auditing (ISAE3000-AA1000), have an effect on the Chilean market liquidity. A comparative analysis is carried out before and after the publication of the Chilean Regulation N.o 385, which recommends reporting sustainable development. By using panel data, and by estimation of econometric models, the results show that the presentation of sustainability reports has a positive effect on liquidity of companies. The effect is increased after the normative was published. Contrary to the expectations, the audit of these reports does not have the expected effect. However, the use of the international standard AA1000 positively affects the liquidity of those companies that voluntarily decide to use it.

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