Determinants and Value Relevance of Voluntary Assurance of Sustainability Reports in a Mandatory Reporting Context: Evidence from Europe
Abstract
:1. Introduction
2. Background, Literature Review and Hypotheses Development
2.1. Background
2.2. Literature and Hypothesis Development
3. Materials and Methods
3.1. Sample and Data
3.2. Research Method
4. Results
4.1. Descriptive Statistics
4.2. Regression Results
5. Discussion and Conclusions
Author Contributions
Funding
Data Availability Statement
Conflicts of Interest
References
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Variable | Definition |
---|---|
Size | Natural logarithm of total assets (in EUR) at the end of fiscal year t. |
ROA | Measure for profitability calculated as EBIT (in EUR) earned over fiscal year t divided by total assets (in euro) at the end of fiscal year t. |
Leverage | Total liabilities (in EUR) at the end of fiscal year t divided by total assets (in EUR) at the end of fiscal year t. |
ESI | Dummy variable equal to 1 if the company is a member of an environmentally sensitive industry, 0 otherwise. In line with Simnett et al. [15] and using the Global Industry Classification Standard (GICS), the utilities, energy, materials and industrials sectors are designated the ESIs. |
Finance | Dummy variable equal to 1 if the company is a member of the financial industry, 0 otherwise. Industry membership is based on the Global Industry Classification Standard (GICS). |
Stakeholder | Stakeholder orientation, dummy variable equal to 1 if the company is located in a country that is stakeholder-oriented, 0 otherwise #. |
Assurance | Dummy variable equal to 1 if the company has an external auditor for the SR for fiscal year t, 0 otherwise. |
P | Share price (in EUR) at the end of fiscal year t. |
BVS | Book value of equity per share (in EUR) at the end of fiscal year t. |
EPS | Earnings per share (in EUR) over fiscal year t. |
Negative | Dummy variable equal to 1 if EPS is negative in year t, 0 otherwise |
CSR_performance | Score for environmental, social and governance (ESG) performance for fiscal year t (values ranging from 0 to 100). |
CSR_info | Percentage of the company’s activities covered in its environmental and social reporting for fiscal year t (values ranging from 0 to 100). |
Free_float | Free float as a percent of total traded shares at the end of fiscal year t. |
Panel A: Breakdown by Year | ||
Frequency | Percent | |
2017 | 341 | 18.61 |
2018 | 426 | 23.25 |
2019 | 475 | 25.93 |
2020 | 590 | 32.21 |
Total | 1832 | 100 |
Panel B: Breakdown by Country | ||
Frequency | Percent | |
Austria | 77 | 4.2 |
Belgium | 101 | 5.51 |
Cyprus | 4 | 0.22 |
Czech Republic | 12 | 0.66 |
Denmark | 130 | 7.1 |
Finland | 156 | 8.52 |
Germany | 495 | 27.02 |
Greece | 63 | 3.44 |
Hungary | 15 | 0.82 |
Ireland | 28 | 1.53 |
Luxembourg | 33 | 1.8 |
Malta | 5 | 0.27 |
Netherlands | 150 | 8.19 |
Poland | 117 | 6.39 |
Portugal | 45 | 2.46 |
Romania | 7 | 0.38 |
Slovenia | 4 | 0.22 |
Spain | 40 | 2.18 |
Sweden | 350 | 19.1 |
Total | 1832 | 100 |
Panel C: Breakdown by Industry §. | ||
Frequency | Percent | |
Communication Services | 113 | 6.17 |
Consumer Discretionary | 176 | 9.61 |
Consumer Staples | 110 | 6 |
Energy | 63 | 3.44 |
Financials | 255 | 13.92 |
Health Care | 129 | 7.04 |
Industrials | 524 | 28.6 |
Information Technology | 150 | 8.19 |
Materials | 204 | 11.14 |
Real Estate | 40 | 2.18 |
Utilities | 68 | 3.71 |
Total | 1832 | 100 |
Variable | N | Mean | St. Dev. | Min | Q1 | Median | Q2 | Max |
---|---|---|---|---|---|---|---|---|
Assurance | 1832 | 0.580 | 0.490 | 0 | 0 | 1 | 1 | 1 |
ESI | 1832 | 0.470 | 0.500 | 0 | 0 | 0 | 1 | 1 |
Finance | 1832 | 0.140 | 0.350 | 0 | 0 | 0 | 0 | 1 |
Stakeholder | 1832 | 0.980 | 0.140 | 0 | 1 | 1 | 1 | 1 |
Negative | 1832 | 0.130 | 0.340 | 0 | 0 | 0 | 0 | 1 |
P | 1832 | 50.750 | 94.050 | 0.540 | 9.050 | 22.890 | 51.680 | 723.400 |
BVS | 1832 | 17.860 | 28.150 | 0.120 | 4.180 | 9.380 | 21.360 | 213.380 |
EPS | 1832 | 1.570 | 2.850 | −7.000 | 0.250 | 0.890 | 2.160 | 15.240 |
Size | 1832 | 22.200 | 1.820 | 18.670 | 20.900 | 22.010 | 23.250 | 26.930 |
Leverage | 1832 | 0.620 | 0.180 | 0.190 | 0.500 | 0.610 | 0.740 | 0.960 |
ROA | 1832 | 0.070 | 0.060 | −0.100 | 0.020 | 0.060 | 0.090 | 0.320 |
CSR_performance | 1832 | 58.510 | 17.230 | 19.180 | 45.540 | 59.790 | 71.770 | 91.310 |
CSR_info | 1832 | 91.050 | 20.400 | 7.000 | 100 | 100 | 100 | 100 |
Free_float | 1832 | 67.690 | 23.730 | 14.420 | 48.780 | 69.290 | 88.990 | 100 |
Variable | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | (14) | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(1) | P | 1 | |||||||||||||
(2) | BVS | 0.500 | 1 | ||||||||||||
<0.001 | |||||||||||||||
(3) | EPS | 0.445 | 0.597 | 1 | |||||||||||
<0.001 | <0.001 | ||||||||||||||
(4) | EPS x Negative | −0.064 | −0.138 | 0.464 | 1 | ||||||||||
0.006 | <0.001 | <0.001 | |||||||||||||
(5) | Assurance | 0.040 | 0.098 | 0.069 | 0.015 | 1 | |||||||||
0.085 | <0.001 | 0.003 | 0.535 | ||||||||||||
(6) | CSR_performance | 0.021 | 0.124 | 0.108 | 0.010 | 0.455 | 1 | ||||||||
0.359 | <0.001 | <0.001 | 0.662 | <0.001 | |||||||||||
(7) | CSR_info | −0.091 | −0.049 | −0.102 | −0.013 | −0.072 | −0.072 | 1 | |||||||
<0.001 | 0.037 | <0.001 | 0.573 | 0.002 | 0.002 | ||||||||||
(8) | Size | 0.048 | 0.302 | 0.199 | −0.007 | 0.326 | 0.549 | −0.091 | 1 | ||||||
0.039 | <0.001 | <0.001 | 0.774 | <0.001 | <0.001 | <0.001 | |||||||||
(9) | Leverage | −0.100 | 0.014 | −0.067 | −0.087 | 0.056 | 0.168 | −0.056 | 0.419 | 1 | |||||
<0.001 | 0.562 | 0.004 | <0.001 | 0.017 | <0.001 | 0.016 | <0.001 | ||||||||
(10) | ROA | 0.168 | −0.097 | 0.288 | 0.306 | −0.009 | −0.001 | −0.012 | −0.288 | −0.384 | 1 | ||||
<0.001 | <0.001 | <0.001 | <0.001 | 0.696 | 0.967 | 0.603 | <0.001 | <0.001 | |||||||
(11) | ESI | −0.013 | −0.018 | −0.049 | −0.049 | 0.088 | 0.002 | 0.039 | −0.128 | −0.131 | 0.024 | 1 | |||
0.582 | 0.434 | 0.037 | 0.036 | <0.001 | 0.918 | 0.092 | <0.001 | <0.001 | 0.308 | ||||||
(12) | Finance | −0.026 | 0.141 | 0.070 | 0.052 | −0.035 | 0.030 | −0.060 | 0.508 | 0.510 | −0.308 | −0.378 | 1 | ||
0.275 | <0.001 | 0.003 | 0.025 | 0.134 | 0.207 | 0.010 | <0.001 | <0.001 | <0.001 | <0.001 | |||||
(13) | Stakeholder | 0.040 | 0.049 | 0.042 | −0.007 | 0.010 | 0.016 | −0.044 | −0.070 | −0.065 | 0.010 | 0.073 | −0.122 | 1 | |
0.089 | 0.035 | 0.072 | 0.766 | 0.656 | 0.499 | 0.058 | 0.003 | 0.005 | 0.663 | 0.002 | <0.001 | ||||
(14) | Free_float | 0.008 | 0.020 | 0.058 | 0.031 | 0.085 | 0.275 | −0.002 | 0.093 | 0.061 | 0.094 | −0.052 | 0.039 | −0.044 | 1 |
0.729 | 0.405 | 0.013 | 0.192 | <0.001 | <0.001 | 0.917 | <0.001 | 0.009 | <0.001 | 0.025 | 0.097 | 0.062 |
Panel A: Determinants of SR Assurance | |||||
Variable | Prediction | Coefficient | |||
Size | + | 0.316 | *** | ||
(0.073) | |||||
ROA | + | 0.343 | |||
(1.520) | |||||
Leverage | +/− | −0.298 | |||
(0.607) | |||||
ESI | + | 0.307 | * | ||
(0.199) | |||||
Finance | + | −0.968 | *** | ||
(0.368) | |||||
Stakeholder | + | −0.057 | |||
(0.653) | |||||
CSR_performance | + | 0.049 | *** | ||
(0.007) | |||||
CSR_info | + | −0.005 | |||
(0.004) | |||||
Free_float | + | −0.002 | |||
(0.004) | |||||
Constant | ? | −8.689 | *** | ||
(1.709) | |||||
Observations | 1832 | ||||
Pseudo R2 | 0.193 | ||||
Wald Chi2 | 158.280 | *** | |||
Panel B: Value Relevance of SR Assurance | |||||
(1) | (2) | ||||
Variable | Prediction | Coefficient | Coefficient | ||
BVS | + | 0.850 | ** | 0.490 | ** |
(0.422) | (0.208) | ||||
EPS | + | 13.393 | *** | 10.321 | *** |
(3.649) | (1.962) | ||||
EPS x Negative | − | −24.234 | *** | −15.373 | *** |
(5.993) | (3.218) | ||||
Assurance | + | 6.403 | * | 4.645 | ** |
(4.686) | (2.751) | ||||
CSR_performance | + | −0.218 | −0.109 | ||
(0.158) | (0.085) | ||||
CSR_info | + | −0.258 | −0.145 | ||
(0.191) | (0.097) | ||||
Constant | ? | 12.713 | 23.152 | ** | |
(21.316) | (10.978) | ||||
Industry fixed effects | ? | Included | Included | ||
Country fixed effects | ? | Included | Included | ||
Year fixed effects | ? | Included | Included | ||
Observations | 1832 | 1832 | |||
R2 | 0.456 | 0.613 |
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Vander Bauwhede, H.; Van Cauwenberge, P. Determinants and Value Relevance of Voluntary Assurance of Sustainability Reports in a Mandatory Reporting Context: Evidence from Europe. Sustainability 2022, 14, 9795. https://doi.org/10.3390/su14159795
Vander Bauwhede H, Van Cauwenberge P. Determinants and Value Relevance of Voluntary Assurance of Sustainability Reports in a Mandatory Reporting Context: Evidence from Europe. Sustainability. 2022; 14(15):9795. https://doi.org/10.3390/su14159795
Chicago/Turabian StyleVander Bauwhede, Heidi, and Philippe Van Cauwenberge. 2022. "Determinants and Value Relevance of Voluntary Assurance of Sustainability Reports in a Mandatory Reporting Context: Evidence from Europe" Sustainability 14, no. 15: 9795. https://doi.org/10.3390/su14159795