Determinants of non-financial information accountability in universities: The case of Colombia

Abstract

This work aims to analyze the determinants of accountability in public and private Colombian universities. The variables access and availability of information were measured through an index and related to variables of the university core missions. Based on legitimacy and stakeholder theory, which proposes a multi-agent approach to the use of information, and given the growing inclusion of Sustainable Development Goals as benchmarks to define the strategies developed by universities, it has been established that university information should look beyond financial aspects and consider environmental and social elements. A panel data methodology was used and 141 observations were made during the 2016-2018 period. The results show a positive relationship among university’s core missions, welfare, and the disclosure of non-financial information. Nevertheless, reporting this information is still an emerging issue, that is, accountability processes need to be strengthened with solid and homogeneous structures to meet the needs of the university community.