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Sustainability disclosure practices as seen through the lens of the signaling theory: A study of companies listed on the Colombian Stock Exchange

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dc.creatorLópez Santamaría, Mónica
dc.creatorAmaya, Norbey
dc.creatorGrueso Hinestroza, Merlín Patricia
dc.creatorCuero Acosta, Yonni Angel
dc.date.accessioned2025-07-25T21:00:14Z
dc.date.available2025-07-25T21:00:14Z
dc.date.created2020-08-06
dc.date.issued2021-07-23
dc.descriptionLas empresas desempeñan un papel fundamental en el logro del desarrollo sostenible; sin embargo, para ello, deben comunicar su desempeño con transparencia. El propósito de este estudio es analizar las Prácticas de Divulgación de Sostenibilidad de las empresas que cotizan en la Bolsa de Valores de Colombia mediante la aplicación de las dimensiones de la Teoría de Señales (intención, necesidad y camuflaje) a los diferentes sectores económicos. Se realizó un estudio cualitativo que incluyó el examen de los informes de sostenibilidad de 43 empresas en 2018 mediante la aplicación de diferentes técnicas de análisis de contenido. Los resultados muestran que las empresas industriales con frecuencia 1) informan sobre sus prácticas ambientales, especialmente la gestión de emisiones; 2) informan sobre prácticas económicas exclusivamente relacionadas con su desempeño económico; y 3) informan sobre prácticas sociales centradas en el desarrollo de sus grupos de interés internos. En este estudio, la señal observada con mayor frecuencia es la intención, en lugar de la necesidad o el camuflaje. Esta investigación contribuye a la literatura existente al mostrar que las señales de camuflaje se pueden clasificar en dos tipos: 1) aquellas mediante las cuales las organizaciones ocultan información y 2) aquellas mediante las cuales las organizaciones buscan resaltar sus atributos y logros. Estos últimos no están contemplados en la propuesta original de Connelly pero se encontraron claramente en esta investigación.
dc.description.abstractCompanies have a particularly important role to play in achieving sustainable development, yet to do this they must transparently communicating their performance. The purpose of this study is to analyze the Sustainability Disclosure Practices of companies listed on the Colombian Stock Exchange by applying Signaling Theory dimensions - intent, necessity and camouflage - to the different economic sectors. A qualitative study was performed that involved examining the sustainability reports of 43 companies in 2018 by applying different content analysis techniques. The results show that industrial companies frequently 1) report their environmental practices, especially emissions management; 2) report economic practices exclusively in relation to their economic performance; and 3) report social practices that are focused on the development of their internal stakeholders. In this study, the most recurrently observed signal is intent, rather than necessity or camouflage. This research further contributes to extant literature by showing that camouflage signals can be categorized into two types: 1) those whereby organizations hide information and 2) those whereby organizations seek to highlight their attributes and achievements. The latter are not contemplated in Connelly’s original proposal but were clearly found in this research.
dc.format.extent9 pp
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.1016/j.jclepro.2021.128416
dc.identifier.issn0959-6526
dc.identifier.issn1879-1786
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/46158
dc.language.isospa
dc.publisherElsevier
dc.publisher.departmentEscuela de Administración
dc.relation.citationEndPage9
dc.relation.citationStartPage1
dc.relation.urihttps://www.sciencedirect.com/science/article/pii/S0959652621026299
dc.rightsAttribution-NonCommercial-ShareAlike 4.0 International*
dc.rights.accesRightsinfo:eu-repo/semantics/openAccess
dc.rights.accesoAbierto (Texto Completo)
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/4.0/*
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dc.source.instnameinstname:Universidad del Rosario
dc.source.reponamereponame:Repositorio Institucional EdocUR
dc.subjectSostenibilidad corporativa
dc.subjectInformes de sostenibilidad
dc.subjectEmpresas cotizadas en bolsa
dc.subjectTeoría de la señalización
dc.subjectDesarrollo sostenible
dc.subjectInvestigación cualitativa
dc.subject.keywordCorporate sustainability
dc.subject.keywordSustainability reports
dc.subject.keywordExchange-listed companies
dc.subject.keywordSignaling theory
dc.subject.keywordSustainable development
dc.subject.keywordQualitative research
dc.titleSustainability disclosure practices as seen through the lens of the signaling theory: A study of companies listed on the Colombian Stock Exchange
dc.typearticle
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion
dc.type.spaArtículo
local.department.reportEscuela de Administración
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