Global Reporting Initiative (GRI) as recognized guidelines for sustainability reporting by Spanish companies on the IBEX 35: Homogeneity in their framework and added value in the relationship with financial entities

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Abstract (2. Language): 
Purpose: The goal of this paper is to show that among the different ways of reporting sustainability information, there is a majority acceptance of voluntary initiatives to establish a homogeneous framework for transparency. Design/methodology/approach: This paper analyses the non financial reporting disclosed in two years (2010 and 2011) by all the companies listed on the Spanish IBEX 35 in 2010. The methodology is based on the study of non financial reporting available on the websites of the companies analysed. Findings: The conclusions highlight that the Global Reporting Initiative sustainability reporting framework has been widely adopted by the firms studied as a global accepted standard in this non financial reporting and as the most important guidelines in this field. From this same descriptive point of view, we conclude that non financial entities which disclose have improved or maintained their banks´ balance sheet positions. Research limitations/implications: This study is based on acceptance as a first step although it needs to be completed with a deeper analysis of the content and its suitability to the stakeholders´ information requirements. This descriptive analysis is therefore a first step in continuing research in this field.Originality/value: Disclosure of non financial information has been a miscellany of different practices depending on multiple variables. This paper sheds some light on this subject specifically in the comparability of non financial reporting and its relationship with other characteristics of firms.

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