Contaduría y Administración

Problem Statement: The growing emphasis on Environmental, Social, and Governance (ESG) metrics and their integration into corporate reporting has heightened the need for transparency in financial and non-financial disclosures. While eXtensible Business Reporting Language (XBRL) is known to improve the transparency and accessibility of ESG information, its full impact on the relationship between ESG metrics, stock valuation, stakeholder perception, and financial performance is not fully understood, particularly regarding firm size and technological advancements. This study seeks to address this gap by examining how XBRL adoption influences ESG metrics, stock valuation, and stakeholder perception, focusing on its implications for capital market efficiency and corporate governance. The aim: is to investigate the moderating role of XBRL adoption in the relationship between ESG metrics and financial performance, as measured by Tobin’s Q and Z-Score, as well as stakeholder perception, proxied by shareholder fund turnover, and stock valuation. Additionally, this study seeks to explore how firm size impacts these relationships, and how public sentiment, gathered through netnographic observations, further influences the dynamics between ESG performance, financial outcomes, and stock valuation. The methods: This research involves a two-phase approach: the Quantitative Phase uses statistical tools to analyze the impact of XBRL adoption on ESG metrics, stock valuation, and stakeholder perception using financial data and regression analysis. The Qualitative Phase employs netnographic research, including social media and Google Trends data, to assess stakeholder sentiment. Joint display analysis will integrate both quantitative and qualitative findings. Control variables, such as firm size, will be considered to evaluate their moderating effect. The outputs: the identification of both the direct and moderating effects of XBRL adoption on the relationship between ESG metrics and financial performance. It will provide insights into how XBRL adoption influences stakeholder perception and stock valuation, offering a clearer understanding of its impact on capital market dynamics. The study will also develop a comprehensive framework for integrating XBRL into ESG reporting practices to improve transparency and facilitate better investor decision-making. Additionally, netnographic research will offer valuable insights into public sentiment on ESG practices, deepening our understanding of stakeholder engagement. Finally, the study will present recommendations for policymakers and firms on effectively adopting XBRL for ESG reporting to enhance market efficiency and corporate governance.

This study aims to analyze the integration of stock markets from the United States, China and ASEAN towards the stock market in Indonesia during geopolitical periods, such as COVID-19 and Russia-Ukraine war. This study uses secondary data, namely the daily closing prices of the United States S&P 500 index, Shanghai Composite, Indonesia Stock Exchange, Thailand SET, FTSE Straits Times Singapore, Philippine Stock Exchange, Kuala Lumpur Stock Exchange, and Vietnam Securities Exchange. The analytical method used to support this research is EGARCH (Exponential Generalized Autoregressive Conditional Heteroskedasticity). The findings show that the Indonesian stock market has a positive influence on the United States S&P 500 stock market, Shanghai Composite, Thailand SET, FTSE Straits Times Singapore, Philippine Stock Exchange, and Kuala Lumpur Stock Exchange, and Vietnam Securities Exchange.

Este estudio analiza la insolvencia en Instituciones Prestadoras de Servicios de Salud (IPS) en Colombia, específicamente hospitales quirúrgicos y de medicina general, mediante técnicas de árboles de decisión (CHAID) y modelos de inteligencia artificial (red neuronal y red bayesiana). Se empleó una base de datos de 269 IPS distribuidas en cinco regiones del país, considerando 11 variables financieras y 3 no financieras (localización, antigüedad y transparencia). Los resultados evidencian una correlación significativa entre las variables financieras y la insolvencia empresarial. Los modelos CHAID y red neuronal alcanzaron precisiones superiores al 92%, mientras que la red bayesiana obtuvo un 77,28%, confirmando la efectividad de los enfoques propuestos para predecir riesgos financieros en el sector salud.

The objective of this study is to analyze the moderating effect of ESG on earnings management in explaining the stock prices (value relevance) of companies from Latin American countries. The study yet compares this moderation before, during, and after the pandemic. The panel data was analyzed using the Generalized Least Squares (GLS) and Panel Corrected Standard Errors (PCSE) model. The final sample consisted of 2,078 observations from 291 companies from 2010 to 2023. The Ohlson (1995) model was employed to measure the value relevance, while the Kothari et al. (2005) model measured discretionary accruals. The findings of the study indicate: i) ESG and share price were positively and significantly related before the pandemic, and negatively and significantly after the pandemic; ii) discretionary accruals and share price were positively and significantly related, except after the pandemic, and iii) interaction between ESG and earnings management reveals a positive moderating relationship with value relevance in the post-pandemic period. This study contributes to investors by providing insights into how ESG moderates earnings management in stock price pricing, helping to identify more transparent and sustainable companies. It provides managers promote viewpoint on how ESG affects the production of financial value and promotes actions consistent with responsible governance. For society, it highlights the role of ESG in building more trustworthy and resilient markets. Understanding how crises impact the applicability of these techniques is made easier by the comparative analysis conducted before, during, and following the pandemic. Thus, the study reinforces the importance of ESG in promoting trust and economic stability.

The purpose of this research is to examine the relationship between creditor pressure and environmental disclosure as well as to improve a complete understanding of the effect of mediation on environmental performance. This research used a company sample listed in developing countries in Asia from 2010-2022. Two models were developed and tested using unbalance data panel with three approach regression common effect models (CEM), fixed effect models (FeM), and random effect models (REM). The results showed that coercive pressure increases environmental disclosure. The research found good environmental performance practices could be a medium between coercive pressure and environmental disclosure. This research contributes to the CSR literature study and coercive pressure. Our findings highlight the role of market sophistication and company motivation in performing environmental performance and disclosure. This study expands on existing research. Our findings concluded that the competent monitoring and information processing capabilities of creditors can be used as a governance mechanism to maintain the legitimacy of stakeholders.