Derechos de emisión de gases de efecto invernadero: Transparencia de la información financiera

Milanés-Montero, Patricia; Pérez-Calderón, Esteban; Dias, Ana Isabel

doi:10.1590/S0034-759020220102

Brasil

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ARTICLES • Rev. adm. empres. 62 (01) • 2022 • https://doi.org/10.1590/S0034-759020220102 linkcopiar

Derechos de emisión de gases de efecto invernadero: Transparencia de la información financiera

Autoría SCIMAGO INSTITUTIONS RANKINGS

RESUMEN

Esta investigación analiza la influencia que tiene el comportamiento de las emisiones de gases de efecto invernadero (GEI) en el nivel de transparencia de la información financiera. El análisis del contenido de las notas de los estados financieros de las compañías permitió medir el nivel de transparencia. Los resultados sugieren que el nivel de transparencia de la información financiera está negativamente relacionado con el desempeño de las emisiones de GEI cuando los informes financieros se preparan sobre la base de las Normas Internacionales de Información Financiera. Además, se llegó a la conclusión de que esas empresas revelan más "buenas noticias" cuando se reduce el rendimiento de las emisiones de gases. Este estudio complementa la literatura anterior sobre la transparencia de la información financiera y la necesidad de relacionarla con las medidas de ecoeficiencia para potenciar el proceso de toma de decisiones de los grupos de interés. Asimismo, el estudio proporciona una referencia para los reguladores contables europeos sobre el comportamiento de las empresas en esta materia.

PALABRAS CLAVE: Emisiones de gases de efecto invernadero; norma internacional de información financiera; información financiera; datos en panel

Variable	Type	Description	Measurement	Source
ID	Dependent variable (Level of Transparency)	Disclosure index	Takes values from 0 to 8 (is the sum of dummy variables I1 to I8)	Notes (Annual Financial Statements)
ID.IFRS		Disclosure index on an IFRS basis
ID.NGAAP		Disclosure index on a national GAAP basis
ID.EA	Dependent variable (Level of Transparency - Good news vs Bad news)	Disclosure index of good news	Takes the values from 0 to 4 (is the sum of I1 to I4 for EAs, or I5 to I8 for GHG emissions)
ID.eGHG		Disclosure index of bad news
ID.IFRS.EA		Disclosure index of good news in the IFRS
ID.IFRS.eGHG		Disclosure index of bad news in the IFRS
ID.NGAAP.EA		Disclosure index of good news in national GAAP
ID.NGAAP.eGHG		Disclosure index of bad news in national GAAP
GHGeP	Explanatory variable	GHG emissions’ performance	Ratio Net Sales to GHG emissions (in € by metric ton)	Annual Financial Statements / Amadeus database + Verified Emissions Report for 2014
Size	Control variables	Size of the company	Logarithm of total assets (in €)	Annual Financial Statements / Amadeus database
ROA		Return on Assets	Ratio EBIT to Total Assets (in €)
ROE		Return on Equity	Ratio Net Income to Owners’ Equity (in €)
ROS		Return on Sales	Ratio net Sales to Total Assets (in €)
DebtE		Debt to Equity ratio	Ratio Total Debt to Owners’ Equity (in €)
DebtTA		Debt to Assets ratio	Ratio Total Debt to Total Assets (in €)
Audit		Presence of auditor’s report in annual financial statements	Dummy variable: takes the value 1 if the annual accounts contain an auditor’s report, and 0 otherwise	Annual Financial Statements

Variable	Obs.	Mean	Std. Dev.	Min.	Max.
ID	540	5,0037	2,8875	0	8
ID.IFRS	352	4,7585	3,0450	0	8
ID.NGAAP	188	5,4628	2,5107	0	8
ID.EA	540	2,8000	1,6268	0	4
ID.eGHG	540	2,2037	1,4682	0	4
ID.IFRS.EA	352	2,6392	1,7040	0	4
ID.IFRS.eGHG	352	2,1193	1,5238	0	4
ID.NGAAP.EA	188	3,1011	1,4275	0	4
ID.NGAAP.eGHG	188	2,3617	1,3472	0	4
GHGeP	540	7,4819	2,1174	3,1761	14,4616
Size	540	19,5453	1,9484	14,4998	24,5375
ROA	540	0,0517	0,1197	-1,2022	0,5791
ROE	540	0,1021	0,3392	-2,8407	4,0087
ROS	540	0,8227	0,5136	0,0082	3,0855
DebtE	540	1,7876	3,2518	-28,0376	33,1463
DebtA	540	0,5549	0,2765	-1,1387	1,5476
Audit	540	0,8407	0,3663	0	1

	1)	2)	3)	4)	5)	6)	7)	8)	9)	10)	11)	12)	13)	14)	15)	16)	17)
1) IE	1
2) ID.IFRS	0.8417*	1
3) ID.NGAAP	0.9526*	0.6839*	1
4) ID.EA	10.000	0.9056*	0.9608*	1
5) ID.eGHG	0.9056*	1.0000*	0.7923*	0.9056*	1
6) ID.IFRS.EA	0.9608*	0.7923*	1.0000*	0.9608*	0.7923*	1
7) ID.IFRS.eGHG	10.000	0.6121*	0.9440*	--	--	--	1
8) ID.NGAAP.EA	0.6121*	1.0000*	0.3698*	--	--	--	0.6121*	1
9) ID.NGAAP.eGHG	0.9440*	0.3698*	1.0000*	--	--	--	0.9440*	0.3698*	1
10) GHGeP	-0.1940*	-0.1135*	-0.2089*	-0.1998*	-0.1202**	-0.2179*	-0.2524*	-0.1058	-0.2200*	1
11) Size	-0.0367	-0.0589	-0.0221	0.0213	0.0717	-0.0002	-0.2123*	-0.2931*	-0.1130	-0.1744*	1
12) ROA	0.1671*	0.1040**	0.1728*	0.2560*	0.2004*	0.2701*	0.0049	-0.1222***	-0.0054	0.3658*	-0.0704	1
13) ROE	0.1098**	0.0228	0.1300*	0.1663*	0.1186**	0.1730*	0.0060	-0.2067*	0.0536	0.2240*	-0.0444	0.6963*	1
14) ROS	0.1427*	0.1482*	0.1390*	0.1918*	0.1901*	0.1787*	0.0069	-0.0222	0.0466	-0.0602	-0.2407*	0.1111*	-0.0074	1
15) DebtE	-0.0268	-0.1252*	0.0218	-0.0049	-0.0898*	0.0127	-0.1104	-0.1970*	0.0180	-0.0815***	0.0963**	-0.1296*	0.0185	-0.1259*	1
16) DebtA	-0.1036**	-0.2050*	-0.0502	-0.1323**	-0.2189*	-0.1105**	-0.0762	-0.1722**	0.0541	-0.1319*	0.1111*	-0.1963*	0.0519	-0.1111*	0.8889*	1
17) Audit	0.1102**	0.0613	0.1489*	-0.0383	0.0174	-0.0262	0.4243*	0.1715**	0.4783*	0.1389*	0.0859**	-0.0859**	-0.0573	-0.1718*	-0.1074**	-0.0644	1

	(1) ID		(2) ID.EA		(3) ID.eGHG
	Coef.	Std. Er.	Coef.	Std. Er.	Coef.	Std. Er.
DepVar t-1	0.2655**	0.1043	0.3003*	0.0883	0.3123***	0.1708
GHGeP	-0.3643***	0.2059	-0.0858	0.0982	-0.2263***	0.1334
Size	0.6457	0.5301	0.4704**	0.2029	0.1942	0.3439
ROA	0.0791	0.1762	0.0404	0.0962	0.0423	0.0839
ROE	-0.2126	0.1484	-0.1297	0.0832	-0.0311	0.0893
ROS	0.5016***	0.2589	0.2062	0.1474	0.1292	0.1574
DebtE	0.3523	0.3266	0.2648	0.2040	0.1902	0.1670
DebtA	-0.2685	0.3834	-0.1793	0.2540	-0.1487	0.2081
Audit	2.7846**	1.3441	1.6633**	0.6688	0.8996	0.7069
_cons	2.0628	1.4832	--	--	1.7351***	0.9506
i.Year	Yes(1)		Yes(1)		Yes(1)
N.obs / N.groups	453/85		453/85		453/85
N instruments	56		56		54
F statistic	4.19*		90.05*		2.14*
ɱ1	0.034		0.018		0.036
ɱ2	0.882		0.507		0.236
Hansen J statistic	chi2(39)=43.48 Prob>chi2= 0.286		chi2(39)=42.56 Prob>chi2= 0.320		chi2(37)=42.56 Prob>chi2= 0.164
z1	F(2.84) = 7.91*		F(2.84) = 6.13*		F(2.84) = 5.81*
z2	F(7.84) =2.50**		F(7.84) =5.05*		F(7.84) =0.87
z3	F(5.84) = 0.20		F(6.84) = 0.67		F(6.84) = 1.16

	(1) ID.IFRS		(2) ID.IFRS.EA		(3) ID.IFRS.eGHG
	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.
DepVar t-1	0.1936	0.1665	0.5889*	0.1786	0.3339	0.2158
GHGeP	-0.4338***	0.2465	-0.2074*	0.0761	-0.1346***	0.0756
Size	-0.0929	0.5329	0.3217***	0.1836	-0.3111	0.2026
ROA	0.1217	0.3077	0.0489	0.0644	0.0414	0.0638
ROE	0.0761	0.2393	0.0342	0.0860	0.0646	0.0772
ROS	-0.0952	0.4520	-0.0200	0.0769	-0.0637	0.0867
DebtE	0.5209	0.4289	0.0519	0.1625	0.1216	0.1510
DebtA	-0.5422***	0.3069	-0.0220	0.1785	-0.0799	0.1611
Audit	-0.8406	1.1412	0.2052	0.2230	-0.4594	0.6386
_cons	--		1.5732***	0.8551	--
i.Year	Yes(1)		Yes(1)		Yes
N obs / N groups	296/55		296/55		296/55
N instr.	52		36		36
F statistic	34.16*		3.26*		21.36*
ɱ1	0.076		0.022		0.082
ɱ2	0.476		0.270		0.100
Hansen J statistic	chi2(35)=29.42 Prob>chi2= 0.734		chi2(19)=13.67 Prob>chi2= 0.803		chi2(19)=17.62 Prob>chi2= 0.548
z1	F(2.54) = 3.25**		F(2.54) = 10.50*		F(2.54) = 4.50**
z2	F(7.54) =0.71		F(7.54) =0.90		F(7.54) = 0.73
z3	F(6.54) =1.322		F(6.54) = 0.99		F(6.54) = 2.96**

	(1) ID.NGAAP		(2) ID.NatGAAP.EA		(3)ID.NGAAP.eGHG
	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.
DepVar t-1	0.5888*	0.1989	0.7207*	0.1826	0.7700*	0.1844
GHGeP	-0.0725	0.2865	0.0168	0.1221	-0.0688	0.1158
Size	0.3506	0.5868	0.1278	0.2745	0.1454	0.1531
ROA	0.3478***	0.1779	0.0919	0.2243	0.3647**	0.1338
ROE	-0.4269***	0.2170	-0.0382	0.2037	-0.4509*	0.1356
ROS	0.1300	0.4087	0.1332	0.2627	-0.0772	0.1424
DebtE	0.5801	0.7682	0.2963	0.5342	0.3178	0.2405
DebtA	-0.3738	0.8781	-0.3692	0.5503	-0.1754	0.2916
Audit	3.2818*	1.0177	1.3729***	0.7905	1.1530*	0.4060
_cons	-0.8177	1.3353	--		-0.0321	0.9500
i.Year	Yes(1)		Yes(1)		Yes(1)
N obs/ N groups	157/30		157/30		157/30
N instruments	27		27		27
F statistic	63.54*		132.39*		63.01*
ɱ1	0.043		0.106		0.029
ɱ2	0.187		0.425		0.859
Hansen J statistic	chi2(11)=14.68 Prob>chi2= 0.197		chi2(10)=15.39 Prob>chi2= 0.118		chi2(11)=11.74 Prob>chi2= 0.384
z1	F(2.29) = 4.60**		F(2.29) = 7.79*		F(2.29) = 14.83*
z2	F(7.29) = 7.49*		F(7.29) = 0.89		F(7.29) = 6.82*
z3	F(5.29) = 0.80		F(6.29) = 0.52		F(5.29) = 1.32

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