Value Added Statement and ESG Information
DOI:
https://doi.org/10.16930/2237-766220233409Keywords:
Value Added Statement (VAS), Social Responsibility, ESGAbstract
This research aimed to investigate how the Value-Added Statement (VAS) may contribute as a financial information disclosure source with a social objective compared to the Environmental, Social, and Governance (ESG) measures available in the market. For this, information was collected related to the value-added distributed by 388 Brazilian companies listed on B3 from 2010 to 2022, as well as the respective aggregate ESG indices by pillars and the score of the Refinitiv Eikon database. The factor analysis indicated that the categories of distributed value added clustered only with the Governance pillar, not being related to the social and environmental pillars. However, through regressions with control variables and fixed effects of company and year, it was found that companies with higher levels of value distribution to creditors, which occurs mainly in the form of interest payments, have lower scores in the Environmental pillar, with no relationship between the other variables and pillars. The results indicate, therefore, that the information in the VAS needs to be complemented by the constants in the ESG scores.
References
Bebchuk, L. A., & Tallarita, R. (2020). The illusory promise of stakeholder governance. Cornell Law Review, 106, 91-178. https://heinonline.org/HOL/LandingPage?handle=hein.journals/clqv106&div=5&id=&page= DOI: https://doi.org/10.2139/ssrn.3544978
Burchell, S., Clubb, C., & Hopwood, A. G. (1985). Accounting in its social context: Towards a history of value added in the United Kingdom. Accounting, Organizations and Society, 10(4), 381-413. https://doi.org/10.1016/0361-3682(85)90002-9 DOI: https://doi.org/10.1016/0361-3682(85)90002-9
Burzillo, S. H., Shaffer, M., & Sloan, R. (2023). Do Sustainability Reports Contain Financially Material Information? USC Marshall School of Business Research Paper Sponsored by iORB, Available at SSRN: https://ssrn.com/abstract=3976550 or http://dx.doi.org/10.2139/ssrn.3976550 DOI: https://doi.org/10.2139/ssrn.3976550
Christensen, D. M., Serafeim, G., & Sikochi, S. (2021). Why is corporate virtue in the eye of the beholder? The case of ESG ratings. The Accounting Review. https://doi. org/10.2308/TAR-2019-0506 DOI: https://doi.org/10.2308/TAR-2019-0506
Cosenza, J. P. (2003). A eficácia informativa da demonstração do valor adicionado. Revista Contabilidade & Finanças, 14(SPE), 07-29. https://doi.org/10.1590/S1519-70772003000400001 DOI: https://doi.org/10.1590/S1519-70772003000400001
Comitê de Pronunciamentos Contábeis [CPC] (2019). Estrutura conceitual para relatório financeiro - correlação às Normas Internacionais de Contabilidade – Conceptual Framework. http://static.cpc.aatb.com.br/Documentos/573_CPC00(R2).pdf
Comissão de Valores Mobiliários [CVM] (1992). Parecer de orientação CVM n.º 24, de 15 de janeiro de 1992. http://www.cvm.gov.br/legislacao/pareceres-orientacao/pare024.html
Cunha, J. V. A. D., Ribeiro, M. D. S., & Santos, A. D. (2005). A demonstração do valor adicionado como instrumento de mensuração da distribuição da riqueza. Revista Contabilidade & Finanças, 16(37), 7-23. https://doi.org/10.1590/S1519-70772005000100001 DOI: https://doi.org/10.1590/S1519-70772005000100001
Evraert, S., & Riahi-Belkaoui, A. (1998). Usefulness of value added reporting: a review and synthesis of the literature. Managerial Finance, 24(11), 1-15. DOI: https://doi.org/10.1108/03074359810765679
Fink, L. (2018). A Sense of Purpose (Jan 17, 2018). https://corpgov.law.harvard.edu/2018/01/17/a-sense-of-purpose/
Fink, L. (2021). Larry Fink's 2021 letter to CEOs. https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter
Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499-516. https://doi.org/10.1016/j.jfineco.2021.01.010 DOI: https://doi.org/10.1016/j.jfineco.2021.01.010
Gilling. D. M. (1976). Accounting and Social Change. International Journal of Accounting, 59-71.
Haller, A., & Van Staden, C. (2014), "The value added statement – an appropriate instrument for Integrated Reporting", Accounting, Auditing & Accountability Journal, 27(7), 1190-1216. https://doi.org/10.1108/AAAJ-04-2013-1307 DOI: https://doi.org/10.1108/AAAJ-04-2013-1307
Haller, A., Van Staden, C. J., & Landis, C. (2018). Value added as part of sustainability reporting: Reporting on distributional fairness or obfuscation? Journal of Business Ethics, 152, 763-781. DOI: https://doi.org/10.1007/s10551-016-3338-9
Hartzmark, S. M., & Sussman, A. B. (2019). Do investors value sustainability? A natural experiment examining ranking and fund flows. The Journal of Finance, 74(6), 2789-2837. https://doi.org/10.1111/jofi.12841 DOI: https://doi.org/10.1111/jofi.12841
IFRS Foundation (2021). IFRS Foundation announces International Sustainability Standards Board, consolidation with CDSB and VRF, and publication of prototype disclosure requirements. https://www.ifrs.org/news-and-events/news/2021/11/ifrs-foundation-announces-issb-consolidation-with-cdsb-vrf-publication-of-prototypes
Iudícibus, S. de, Martins, E., Gelbcke, E. R., & Santos, A. dos (2010). Manual de Contabilidade Societária: aplicável a todas as sociedades de acordo com as normas internacionais e do CPC. Editora Atlas.
Lei n.º 6.404, de 15 de dezembro de 1976. (1976). Dispõe sobre as Sociedades por Ações. http://www.planalto.gov.br/ccivil_03/leis/l6404consol.htm
Lei n.º 11.638, de 28 de dezembro de 2007. (2007). Altera e revoga dispositivos da Lei no 6.404, de 15 de dezembro de 1976, e da Lei no 6.385, de 7 de dezembro de 1976, e estende às sociedades de grande porte disposições relativas à elaboração e divulgação de demonstrações financeiras. http://www.planalto.gov.br/ccivil_03/_ato2007-2010/2007/lei/l11638.htm
Perlin, M. (2023). Annual Financial Reports from the DFP System. Harvard Dataverse. https://doi.org/10.7910/DVN/7VVX4J
Raghunandan, A., & Rajgopal, S. (2021). Do Socially Responsible Firms Walk the Talk? https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3609056 DOI: https://doi.org/10.2139/ssrn.3609056
Riahi-Belkaoui, A., & Fekrat, M. A. (1994). The magic in value added: merits of derived accounting indicator numbers. Managerial Finance, 20(9), 3-15. DOI: https://doi.org/10.1108/eb018488
Refinitiv (2021). Pontuações de ESG da empresa da Refinitiv. https://www.refinitiv.com/pt/sustainable-finance/esg-scores
Santos, A. dos, & Lustosa, P. R. B. (1998). Proposta de um modelo de DVA - Demonstração de Valor Adicionado: adequado ao novo desempenho institucional e mercantil do setor elétrico brasileiro. FIPE.
Santos, A. (2005). Editorial: DVA - Uma demonstração que veio para ficar. Revista Contabilidade & Finanças, 16(38). DOI: https://doi.org/10.1590/S1519-70772005000200001. DOI: https://doi.org/10.1590/S1519-70772005000200001
Van Staden, C., Haller, A., & Landis, C. (2014). Value Added information as part of Sustainability reporting–initial international in sights. http://www.sakauelab.org/archives/apira2013/proceedings/pdfs/K248.pdf
Verrecchia, R. E. (1983). Discretionary disclosure. Journal of accounting and economics, 5, 179-194. https://doi.org/10.1016/0165-4101(83)90011-3 DOI: https://doi.org/10.1016/0165-4101(83)90011-3
WEF (2020a). Embracing the New Age of Materiality Harnessing the Pace of Change in ESG. https://www3.weforum.org/docs/WEF_Embracing_the_New_Age_of_Materiality_2020.pdf
WEF (2020b). Measuring Stakeholder Capitalism Towards Common Metrics and Consistent Reporting of Sustainable Value Creation. https://www3.weforum.org/docs/WEF_IBC_Measuring_Stakeholder_Capitalism_Report_2020.pdf
Wells, M. C. (1976). A Revolution in Accounting Thought, The Accounting Review, 471-482.
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Revista Catarinense da Ciência Contábil
This work is licensed under a Creative Commons Attribution 4.0 International License.
The copyright for articles published in this journal belongs to the author (s), with first publication rights assigned to Revista Catarinense da Ciência Contábil. Due to appearing in this publicly accessible journal, articles are free to use, with mandatory recognition of the original authorship and initial publication in this magazine and for educational and non-commercial applications. The magazine chose to use published works for non-commercial purposes, including the right to submit or work for publicly accessible databases. The content of published articles is the sole and exclusive responsibility of the authors. - The author (s) authorize (s) a publication of the article in the journal; - The author (s) guarantee (s) that a contribution is original and unpublished and that it is not being evaluated in another magazine (s); - A magazine is not responsible for the opinions, ideas and concepts emitted in the texts, for the full responsibility of the author (s); - It is reserved to the editors or the right to make textual adjustments and to adjust the article to the publication rules.
This work is licensed under a Creative Commons Atribuição-NãoComercial-CompartilhaIgual 4.0 Internacional.
