¿La normativa nacional y el GRI hacen la diferencia? Disclosure climático de Chile VS Perú
DOI:
https://doi.org/10.22320/hem.v24i2.7471Palabras clave:
Transparencia climática, normativa de sostenibilidad, Task Force on Climate-Related Financial Disclosures, informes de sostenibilidadResumen
Esta investigación busca analizar el cumplimiento bajo el marco Task Force on Climate-Related Financial Disclosures (TCFD) y la incidencia del país, la adopción de los estándares GRI y el sector empresarial, examinando empresas listadas de Chile y Perú en 2022 y 2023, considerando sus distintos contextos normativos. Para ello, se aplicó un estudio cuantitativo de alcance relacional, transversal y no experimental. La metodología consistió en construir un índice de calidad TCFD mediante el análisis de contenido de reportes de sostenibilidad y se emplearon pruebas estadísticas no paramétricas para el análisis relacional. Los resultados señalan que las empresas chilenas presentan mayores niveles de divulgación en los pilares de Estrategia y Gestión de Riesgos. Además, las empresas que reportan bajo el GRI exhiben valores superiores en los temas de Gobernanza, Gestión de Riesgos y Métricas, observándose diferencias en el pilar de Estrategia según la actividad empresarial. Estos hallazgos ofrecen evidencia valiosa a los reguladores para mejorar políticas y brindan orientaciones a las empresas para fortalecer su información de materialidad climática. Esta investigación constituye uno de los primeros análisis comparativos de la adopción del TCFD en Latinoamérica, demostrando cómo la regulación local y las normativas internacionales de sostenibilidad influyen en la transparencia climática.
Citas
Abdo, H., Angwin, D., Ben Othman, H., y Owusu, F. B. (2025). Transitioning to net zero: Assessing the impacts on asset impairment, write-downs and the going concern of oil and gas companies operating in the UK. Global Environmental Change, 92, 103004. https://doi.org/10.1016/j.gloenvcha.2025.103004 DOI: https://doi.org/10.1016/j.gloenvcha.2025.103004
Aldoseri, M. M., y Albaz, M. M. (2023). Climate change risks disclosure: Do business strategy and management characteristics matter? International Journal of Financial Studies, 11(4), 150. https://doi.org/10.3390/ijfs11040150 DOI: https://doi.org/10.3390/ijfs11040150
Aubert, D., y Venegas, M. C. (2022). Factores influyentes en grado de cumplimiento GRI de reportes de sostenibilidad de empresas peruanas cotizadas. CAPIC Review, 20(2), 1–16. https://doi.org/10.35928/cr.vol20.2022.173 DOI: https://doi.org/10.35928/cr.vol20.2022.173
Auzepy, A., Tönjes, E., Lenz, D., y Funk, C. (2023). Evaluating TCFD reporting—A new application of zero-shot analysis to climate-related financial disclosures. PLOS ONE, 18(11), e0288052. https://doi.org/10.1371/journal.pone.0288052 DOI: https://doi.org/10.1371/journal.pone.0288052
Batistic, P. M., Dietz, T., Börner, J., y Damm, Y. R. (2025). Explaining compliance with voluntary sustainability standards: A case study from Colombia’s coffee belt. Sustainable Development, 33(1), 1417–1440. https://doi.org/10.1002/sd.3189 DOI: https://doi.org/10.1002/sd.3189
Braasch, A., y Velte, P. (2023). Climate reporting quality following the recommendations of the task force on climate-related financial disclosures: A focus on the German capital market. Sustainable Development, 31(2), 926–940. https://doi.org/10.1002/sd.2430 DOI: https://doi.org/10.1002/sd.2430
Chua, W. F., James, R., King, A., Lee, E., y Soderstrom, N. (2022). Task Force on Climate‐related Financial Disclosures (TCFD) Implementation. Australian Accounting Review. https://doi.org/10.1111/auar.12388 DOI: https://doi.org/10.1111/auar.12388
Demaria, S., y Rigot, S. (2021). Corporate environmental reporting: Are French firms compliant with the task force on climate financial disclosures' recommendations? Business Strategy and the Environment, 30, 721–738. https://doi.org/10.1002/bse.2651 DOI: https://doi.org/10.1002/bse.2651
Díaz-García, M. S. (2022). Identificación de variables claves para impulsar la adhesión a reporte de sustentabilidad TCFD [Tesis de maestría, Universidad del Desarrollo]. http://hdl.handle.net/11447/6424
DiMaggio, P. J., y Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160. DOI: https://doi.org/10.2307/2095101
Eccles, R. G., y Krzus, M. P. (2019). Implementing the task force on climate-related financial disclosures recommendations: An assessment of corporate readiness. Schmalenbach Business Review, 71(2), 287–293. https://doi.org/10.1007/s41464-018-0060-4 DOI: https://doi.org/10.1007/s41464-018-0060-4
Ferrada, J. M. (2023). Indicador de cumplimiento TCFD en empresas de Energía y Forestal de Chile. [Tesis de maestría, Universidad de Chile]. https://repositorio.uchile.cl/handle/2250/196559
Goswami, K., Islam, M. K. S., y Evers, W. (2023). A case study on the blended reporting phenomenon: A comparative analysis of voluntary reporting frameworks and standards—GRI, IR, SASB, and CDP. The International Journal of Sustainability Policy and Practice, 19(2), 35–54. https://doi.org/10.18848/2325-1166/CGP/v19i02/35-64 DOI: https://doi.org/10.18848/2325-1166/CGP/v19i02/35-64
Hernández-Pajares, J. (2023). Exploring the research on sustainability reporting: a comprehensive bibliometric and literature review in the Latin American context. Revista de Gestão Ambiental e Sustentabilidade, 12(1), 4. https://doi.org/10.5585/2023.22801 DOI: https://doi.org/10.5585/2023.22801
Hussin, N. S., Yusri, Y., Awang, N., y Selamat, A. I. (2025). Advancing climate transparency and accountability: TCFD-based climate reporting. Environment-Behaviour Proceedings Journal, 10(SI28), 3–8. https://kicss2024.wixsite.com/kicss2024 DOI: https://doi.org/10.21834/e-bpj.v10iSI28.6962
Jara-Sarrúa, L. A. J., y Álvarez, D. A. (2024). Adopción de indicadores de sostenibilidad y características de los directorios en Chile post NCG 461. CAPIC REVIEW, (22), 2. https://dialnet.unirioja.es/servlet/articulo?codigo=9539979 DOI: https://doi.org/10.35928/cr.vol22.2024.222
Lee, C. C., Kuo, S. Y., Lee, S. Y., Hsu, H. H., Chou, K. T., Mo, T. L., y Chang, M. C. (2024). Evaluating corporate climate risk assessment results: Lessons learned from Taiwan’s top 100 enterprises. Climate Risk Management. https://doi.org/10.1016/j.crm.2024.100668 DOI: https://doi.org/10.1016/j.crm.2024.100668
Liu, B., Ding, D., y Chang, M. (2023). Carbon emissions and TCFD aligned climate-related information disclosures. Sustainability Accounting, Management and Policy Journal, 14(1), 1–29. https://doi.org/10.1007/s10551-022-05292-x DOI: https://doi.org/10.1007/s10551-022-05292-x
Mahoney, L. S., Thorne, L., Cecil, L., y LaGore, W. (2013). A research note on standalone corporate social responsibility reports: Signalling or greenwashing? Critical Perspectives on Accounting, 24(4–5), 350–359. https://doi.org/10.1016/j.cpa.2012.09.008 DOI: https://doi.org/10.1016/j.cpa.2012.09.008
Maji, S. G., y Kalita, N. (2022). Climate change financial disclosure and firm performance: Empirical evidence from Indian energy sector based on TCFD recommendations. Society and Business Review, 17(4), 594–612. https://doi.org/10.1108/SBR-10-2021-0208 DOI: https://doi.org/10.1108/SBR-10-2021-0208
Megeid, N. S. A. (2024). The impact of climate risk disclosure on financial performance, financial reporting and risk management: evidence from Egypt. Future Business Journal, 10(1), 21. https://doi.org/10.1186/s43093-024-00309-5 DOI: https://doi.org/10.1186/s43093-024-00309-5
Muñoz, C. A. C., Feliu, V. R., y Martin, A. C. U. (2020). Responsabilidad social empresarial: Estudio sobre la adherencia a Global Reporting Initiative (GRI) en la divulgación de sostenibilidad. Revista Venezolana de Gerencia, 25(4), 148–166. https://dialnet.unirioja.es/servlet/articulo?codigo=8890405
Siew, R. Y. J. (2021). Adoption of the Task Force for Climate Financial Disclosures (TCFD) in Malaysia. Springer eBooks (pp. 1–14). https://doi.org/10.1007/978-3-030-32811-5_40-1 DOI: https://doi.org/10.1007/978-3-030-32811-5_40-1
Steuer, S., y Tröger, T. H. (2022). The role of disclosure in green finance. Journal of Financial Regulation, 8(1), 1–50. https://doi.org/10.1093/jfr/fjac001 DOI: https://doi.org/10.1093/jfr/fjac001
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.5465/amr.1995.9508080331 DOI: https://doi.org/10.2307/258788
Task Force on Climate-Related Financial Disclosures [TCFD]. (2023). Task Force on Climate-Related Financial Disclosures. https://www.fsb-tcfd.org/
Tumewang, Y. K., Ntim, C. G., y Haque, F. (2025). Task Force on Climate‐Related Financial Disclosures: A Systematic Literature Review and Future Research Agenda. Business Strategy and the Environment. https://doi.org/10.1002/bse.70112 DOI: https://doi.org/10.2139/ssrn.6265559
Velte, P. (2022). Does board capital improve climate change disclosures? Corporate Governance: The International Journal of Business in Society, 22(7), 1521–1540. https://doi.org/10.1080/23311975.2022.2121242 DOI: https://doi.org/10.1080/23311975.2022.2121242
Wiseman, J. (1982). An evaluation of environmental disclosures made in corporate annual reports. Accounting, Organizations and Society, 7(1), 53–63. https://doi.org/10.1016/0361-3682(82)90025-3 DOI: https://doi.org/10.1016/0361-3682(82)90025-3
Xhindole, C., Tarquinio, L., y Sierra-García, L. (2025). Climate change and Task Force on Climate-related Financial Disclosures (TCFD) reports: A comparison between Italy and Spain. Journal of Accounting y Organizational Change, 21(7), 1–28. https://www.researchgate.net/publication/389079176 DOI: https://doi.org/10.1108/JAOC-05-2024-0172
