The value relevance of GRI reporting in European banks

Maria del Mar Miralles-Quiros, José Luis Miralles-Quiros, Irene Guia Arraiano


Purpose: The aim of this study is to analyse whether sustainability reports published by listed banks following the Global Reporting Initiative (GRI) guidelines provide incremental value to investors on the ten major European stock markets taking into account the international financial crisis and the legislative differences that still exist in Europe.

Design / Methodology / Approach: We employ the Ohlson’s valuation mode that is based on the premise that the market value of a firm is a function of its book value and its annual earnings, as well as other non-accounting information that may be considered relevant and increase the value of a company.

Findings: Our overall results show that the stock markets positively and significantly value this type of information. Moreover, our findings reveal that the financial crisis has not changed the preferences of investors for this type of information.

Originality / Value: Banks have an enormous impact on the economy, but also on society and, therefore, on different stakeholders. However, the value relevance for shareholders of sustainability disclosure has not been sufficiently researched. Previous studies analyse the social responsibility information published by financial institutions on their websites providing mixed results. By contrast, we take into account a set of standards which are widely applicable and reliable and provide conclusive results.


Keywords: Banks; sustainability reports; investor engagement; financial crisis.




Título: "A relevância do valor dos relatórios da GRI em bancos europeus"


Objetivo: O objetivo deste estudo é analisar se os relatórios de sustentabilidade publicados pelos bancos listados, seguindo as diretrizes da Global Reporting Initiative (GRI), agregam valor aos investidores das dez principais bolsas de valores da Europa, levando em consideração a crise financeira internacional e as diferenças legislativas que ainda existem na Europa.

Desenho/metodologia/abordagem: Empregamos o modo de avaliação de Ohlson, baseado na premissa de que o valor de mercado de uma empresa é uma função de seu valor contábil e de seus ganhos anuais, além de outras informações não contábeis que possam ser consideradas relevantes e aumentar o valor de uma empresa.

Resultados: Nossos resultados gerais mostram que os mercados de ações valorizam positiva e significativamente esse tipo de informação. Além disso, nossas descobertas revelam que a crise financeira não mudou as preferências dos investidores por esse tipo de informação.

Originalidade/valor: Os bancos têm um enorme impacto na economia, mas também na sociedade e, portanto, em diferentes partes interessadas. No entanto, a relevância do valor para os acionistas da divulgação de sustentabilidade não foi suficientemente pesquisada. Estudos anteriores analisam as informações de responsabilidade social publicadas pelas instituições financeiras em seus sites, fornecendo resultados mistos. Por outro lado, levamos em conta um conjunto de padrões que são amplamente aplicáveis e confiáveis e fornecem resultados conclusivos.


Palavras-chave: Banks; relatórios de sustentabilidade; engajamento do investidor; crise financeira.

Full Text:



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