Abstract

ZUNIGA-PEREZ, Felipe; PINCHEIRA-LUCAS, Roxana; AGUILAR-CARCAMO, Javiera  and  SILVA-BRICENO, Jorge. Sustainability reports and their audit: the effect on Chilean market liquidity. estud.gerenc. [online]. 2020, vol.36, n.154, pp.56-65. ISSN 0123-5923.  https://doi.org/10.18046/j.estger.2020.154.3558.

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.

Keywords : sustainability reports; assurance of non-financial information; assurance standards; market liquidity.

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