RBGN REVISTA BRASILEIRA DE GESTÃO DE NEGÓCIOS

ISSN 1806-4892
e-ISSN 1983-0807
© FECAP

318

An in-depth look at the status of environmental Received on:

11/02/2019
financial accounting in Mexico from the point of Approved on:
07/27/2020
view of stakeholder theory: myth or reality? Responsible Editor:
Prof. Dr. Natalia Vidal
Saulo Sinforoso Martínez1 
Arístides Pelegrin Mesa2  Evaluation process:
Double Blind Review

Reviewers:
Abstract Happy Salas Fuentes; Fernando
Salazar-Arrieta.
Purpose – This research project analyzes the use of the theoretical contributions
regarding environmental financial accounting (EFA) by Mexican companies.
Design/methodology/approach – The methodology is divided into two sections.
The first part involves a document analysis of the sustainability reports issued by
29 sustainable companies from the Mexican Stock Exchange. The second section
describes the correlation between the EFA components and revenue.
Findings – The preliminary findings show that the ideas regarding social and
environmental accounting written over two decades ago by Gray (1992), Laringa
(1995), Moneva and Llena (1996), Bebbington (2001), and Llull (2001), among
others, have been applied within the context of the Mexican economy. However,
there are some theoretical gaps that will continue to make EFA a myth for emerging
economies due to the lack of public policies.
Originality/value – This study identifies that the Mexican economy requires
two actions in order to legitimize the stakeholder theory. First, the concepts of
environmental accounting need to be applied across micro, small and medium-sized
businesses. Second, the relationships among stakeholders (suppliers, customers,
shareholders, etc.) need to be analyzed in the environmental reports in order
to assess their level of influence on decision making. The starting point for this
analysis should be the methodology applied in developed economies.
Keywords – Environmental accounting, Sustainability, Competitiveness, Decision
making

1. University of Veracruz, School of Accounting, Tuxpan, Veracruz, Mexico

2. University of Guadalajara, University Center of Economic and Managerial Sciences,
Zapopan, Jalisco, Mexico Revista Brasileira de Gestão de
Negócios
How to cite:
Martínez, S., Mesa, A. (2021). An in-depth look at the status of environmental https://doi.org/10.7819/rbgn.v23i2.4107
financial accounting in Mexico from the point of view of stakeholder theory: myth
or reality? Revista Brasileira de Gestão de Negócios, 23(2), firstpage-lastpage.

318

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 An in-depth look at the status of environmental financial accounting in Mexico from the point of view of stakeholder theory: myth or reality?

1 Introduction in managing the environmental and operating costs of

natural resources (Muralikrishna & Manickam, 2017).
Over the past 20 years, several authors (Bebbington, Environmental accounting has been a topic of
2001; Gray, 1992; Larrinaga, 1995; Llull, 2001; Moneva discussion at both the national and international level.
& Llena, 1996, among others) have stressed the need for So far, numerous articles have been published that address
companies to disclose environmental and social information. theoretical propositions, concepts, and the importance
Decades have passed since Tua (1995) defined accounting
of their application among companies. These have
as a science. He argued that accounting professionals
attracted great interest in academic discussions (Macías
have attempted to fulfill the needs of society not only
& Velázquez, 2017). However, it is now time to question
by processing and presenting information. According to
the professional application of environmental accounting
him, they have also contributed with new concepts and
(Bernal & Santos, 2018) in emerging economies. In this
procedures related to issues that concern society.
sense, Larrinaga, Moneva, and Ortas (2019) state that
Accounting involves non-static knowledge under
constant construction (Mejía, Montilla, Montes, & Mora, it is not enough to study the impact of environmental
2015). The term environmental accounting results from financial accounting (EFA) in developed economies;
a series of discussions regarding how accounting can it is also necessary to explore other perspectives, as the
contribute to caring for natural resources so as to ensure market economy is characterized by high uncertainty of
that the needs of future generations are met. Environmental the business environment, and the speed of development
accounting identifies measures and assigns environmental leads to the need to adapt enterprises to a dynamic
costs that should be considered in commercial decisions market environment (Sheshukova & Mukhina, 2018).
as well as in communications between the parties of a Thus, the aim of this study is to analyze the use of EFA
given company (Mussa, Feku, & Mussa, 2018). It also in sustainable companies listed on the Mexican Stock
deals with activities, methods, recording, analysis, and the Exchange in order to question how useful the theoretical
reporting of the environmental and ecological impacts contributions are regarding the relationship between
of defined economic systems (Azizul, 2017). According the environment and accounting reports in Mexico.
to Larrinaga (1997, p. 960): “the criteria traditionally Therefore, the main research question is: how has the
considered by accounting to determine the success of a theory generated by academics on environmental financial
company are merely based on results that ignore the social accounting been applied in sustainable companies listed on
and environmental impact that companies cause. Now, the Mexican Stock Exchange? This leads to the following
with aims to move in a different direction, the idea is to specific questions: has there been a transition in Mexico
create a social accounting that evaluates to what degree
from conventional accounting to a type of accounting
a company meets the social contract.”
that is concerned with the environment?; do theoretical
In terms of sustainability, financial information
proposals on environmental accounting enhance business
is fundamental for companies, as it assists with decision-
competitiveness?; what accounts do companies use to keep
making related to environmental concerns (Stefan, 2017).
records of environmental transactions?; and finally, is the
Financial reports are thus essential since they provide data
impact on the Mexican economy real or a myth? These
to develop and implement actions to care for and preserve
questions are addressed and discussed in this quantitative,
natural resources. According to Salas (2015, p. 102):
“Accounting—as a means to represent economic activity—has descriptive, and correlational study on 29 sustainable
to acknowledge, present and evaluate relevant information companies listed on the Mexican Stock Exchange (BMV,
concerning the environmental performance of a company according to its Spanish acronym), through document
in the protection of the setting where it is located.” This analysis of their 2018 and 2019 third quarter financial
has given rise to the emergence of “specialized segments reports and the sustainability reports for the 2018 financial
of the accounting discipline constituted of different areas: year. The study assesses the impact of EFA on the revenue
environmental financial accounting, environmental costs or of these companies. Finally, the analytic-synthetic method
environmental management, and environmental auditing” is applied to review the sustainability and financial reports
(Palma & Cañizares, 2018, p. 137). These are quite useful in order to analyze the use of EFA in Mexican companies.

319

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 Saulo Sinforoso Martínez / Arístides Pelegrin Mesa

2 Literature review highlight the interest of various academics with regards

to this topic.
With regards to the progress in and limitations
2.1 Progress in and limitations of the use
of EFA in the business and economic environment, the
of environmental financial accounting
findings of recent studies are reassuring. In the United
(the last 5 years)
Arab Emirates, the use of EFA allows companies to develop
Llena (2008) indicates that one of the areas of strategies for the financial market (Al-Mawali et al., 2018).
environmental accounting is environmental financial For cement companies in Hungary, the reports generated
accounting. Several studies have been conducted in this by EFA are important for decision making (Fogarassy et al.,
field over the past five years, some of which address the 2018). In Vietnam, EFA has been useful in preventing
representation of environmental impact in accounting financial risks and generating competitive advantages (La
(Colmenares, Valderrama, & Adriani, 2015). Others Soa, 2019). Studies conducted in the chemicals industry
propose decision-making tools such as the environmental in South Africa show that environmental management
profit and loss account (Déniz & Verona, 2015). This practices assist in generating financial information for the
assists with the sustainable development of companies companies listed in the stock market (Smith & Kotzee,
(Martinez, Jimenéz, & Mesa, 2019), as information of this 2017).
nature is important for those who manage the resources The drawbacks for the implementation of
within firms (Gray, Owen, & Adams, 1996). EFA vary depending on the country; this could be a
Table 1 lists a few examples of recent studies on direction for further studies on the subject. For instance,
the use of environmental financial accounting around the manufacturing companies in Bangladesh need to have
world. These are sorted by continent and country and specific environmental accounting principles before they

Table 1
Impact of the spread of environmental financial accounting around the world

Continent Country Author (s) Themes under study

Asia India Kumar & Firoz Dissemination and presentation of reports of certified
(2019b) emission reductions in financial reports.
Bangladesh Hossain (2019) Challenges for environmental accounting in manufacturing
companies.
Vietnam La Soa (2019) Relationship between the practice of environmental financial
accounting and corporate financial risk.
United Arab Emirates Al-Mawali, Al-Sharif, Relationship between EA and the elaboration of strategies in
Rumman, Kerzan & the financial market.
Liu (2018)
Europe Hungary Fogarassy, Neubauer, The impact of environmental accounting on the financial
Mansur, Tangl, Oláh,& performance of the cement industry.
Popp (2018)
Africa South Africa Smith & Kotzee (2017) Environmental management accounting in the chemistry
industry of South Africa.
Algeria Nadjoua & Bouselma Challenges for the implementation of environmental
(2016) financial accounting in cement companies in Algeria.
America Argentina Larramendy, Tellechea, Environmental financial accounting applied in companies
& Tobes (2018) listed on the Buenos Aires Stock Exchange.
Brazil Cunha & Moneva The processes for the elaboration of environmental reports in
(2018) sustainable companies.
Cuba Albuerne & Venereo Environmental financial accounting in the rum industry.
(2017)
Ecuador Vilela (2017) Use of environmental financial accounting in the agriculture
industry.
Mexico Gámez, Joya, & García Analysis of environmental financial budgeting.
(2017)

320

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 An in-depth look at the status of environmental financial accounting in Mexico from the point of view of stakeholder theory: myth or reality?

can implement EFA (Hossain, 2019). In Ecuador, the lack However, the main objective of this theory is
of terminology has been an obstacle for its development in not to focus on the information, but to ensure that all
agricultural companies (Vilela, 2017). For other countries, stakeholders become involved in issues concerning the
such as Cuba, there are a large number of theoretical environment; the aim is to strengthen business decisions
proposals that could be the basis for the implementation regarding environmental impact (Carrasco, Correa, &
of EFA in companies where it is unknown, such as in rum Larrinaga, 1999). With this in mind, “accounting and
businesses (Albuerne & Venereo, 2017). In the case of the the accounting profession have to participate in fulfilling
cement industry in Algeria, the obstacles for companies to the needs of all stakeholders, as they offer information
implement EFA are external, such as the lack of legal texts to collaborate in environmental management through
to force companies to provide and issue financial reports different functions” (Llena, 2008, p. 126). In Mexico,
related to their environmental performance (Nadjoua & environmental financial information has been disclosed
Bouselma, 2016). through sustainability reports; thus, accounting has
Other findings regarding the application of become the instrument that companies have at hand to
EFA are evidence of how useful it is for the business provide information for stakeholders (Gray, Owen, &
sector. For instance, companies listed on the Buenos Adams, 1996).
Aires Stock Exchange in Argentina tend to disclose This theory became relevant for Mexican companies
environmental information, thus proving their social in 2011, when the Mexican Stock Exchange created the
responsibility (Larramendy, Tellechea, & Tobes, 2018). sustainable IPC (the acronym stands for “index of prices
In India, some companies keep accounting records of and quotations” in Spanish). Its application is essential,
carbon emissions, which allows them to increase their as “environmental reporting is becoming increasingly
value (Kumar & Firoz, 2019b). In the case of chemicals important in the value creation processes of firms” (Kumar
and oil companies in Brazil and Spain, transparency and & Firoz, 2019b, p. 1). The sustainable IPC aims to create
an index of Mexican firms that show a commitment to the
legitimacy of their activities are the main reasons why
environment. These businesses are known as sustainable
they elaborate sustainability reports to keep stakeholders
companies. The concept is proof of the impact that
informed (Cunha & Moneva, 2018).
theoretical proposals regarding sustainable development
2.2 Stakeholder theor y from the have on business practices.
perspective of Mexican companies The sustainable IPC started with 23 companies.
By 2019, the number had increased to 29, according to
Stakeholder theory, according to Freeman (1984), the BMV report of January 2020. These are from sectors
considers the interested parties within a company as members such as telecommunication services, industrials, materials,
connected by a common cause. This theory is included in consumer discretionary and services, consumer staples,
the ethical framework of the company (Carroll, 1989), so healthcare, energy, and financial services. The companies
that all parties participate in the decision-making process have to issue a yearly report to inform stakeholders and
(Martínez, Carbonell, & Agüero, 2006). For Freeman owners about the environmental impact resulting from
(1984), an organization is a group of parties known as their business practices. This is proof of the implementation
stakeholders. These are shareholders, employees, investors, of stakeholder theory. The reports disclose information
suppliers, customers, and society in general (Uribe & generated by environmental financial accounting which, as
Requena, 2013), who all work together to create a successful Llull (2001, p. 117) highlights, includes “estimates, records,
business (Freeman, 2010). In this sense, communication and information regarding environmental assets, liabilities,
and interaction among stakeholders make an important expenditure, income, contingencies, and provisions.”
contribution in the process of achieving company goals After years of research on environmental accounting, it is
(Schvarstein, 2010). Thus, the information disclosed by time to investigate whether it helps Mexican companies
a company is fundamental to devising the best corporate to achieve sustainability. In this regard, several authors
strategy (Hyo-Sook, 2011) to address concerns such as (Gray, 1992; Larrinaga, 1995; Parodi, 2010, etc.) affirm
caring for and preserving natural resources (Barrios & that companies do increase their competitiveness in the
Enrique, 2018; Castañeda, 2017; Contreras, Talero, & long term by including environmental aspects in their
Escobar, 2020). accounting reports.

321

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 Saulo Sinforoso Martínez / Arístides Pelegrin Mesa

3 Methodology social and/or environmental reports, and the

recording of environmental provisions, liabilities,
This research uses a quantitative approach. It is expenditure, and investments.
based on statistical reports issued by the Mexican Stock Phase 5. Carry out a comparative analysis of the revenue
Exchange. It is a descriptive study on environmental during the third quarters of 2018 and 2019 based
financial accounting and its use in companies’ financial on the financial reports of the BMV.
and sustainability reports. It is also correlational, as Phase 6. Analyze the correlation between environmental
it measures the impact of EFA on the revenue of the financial accounting and fluctuations in revenue.
companies investigated. It is cross-sectional, as it is based
on the sustainability reports for the 2018 financial year, 3.1 Data collection method and
which were officially published in January of 2020; as instrument
well as the financial reports for the third quarters of
The method and the instrument used for the data
2018 and 2019.
collection throughout this research study were document
The analytic-synthetic method is applied to
analysis and the data collection sheet, respectively. The tools
analyze the sustainability and financial reports in order
to assess the use of EFA. employed to interpret the information were Microsoft Excel
The subjects of this study are the 29 companies and the Statistical Package for the Social Sciences (SPSS).
listed in 2019 on the Mexican Stock Exchange in the The information sources were the 2018 sustainability reports
sustainable IPC. The following paragraphs describe the and the 2018 and 2019 financial reports, which can be
methodology: accessed using the BMV’s digital platform (See Table 2).
Phase 1. Review international case studies conducted over The description of the information in Table 2 is
the last five years on the use of environmental as follows:
financial accounting. V1. Sustainable companies: A list of companies was
Phase 2. Analyze the theoretical contributions provided by downloaded from the BMV’s digital platform.
innovative and contemporary authors concerning The data collection sheet was used to select the
the role of environmental financial information companies listed as sustainable IPC. These were
in decision making. classified in Microsoft Excel tables.
Phase 3. Classify sustainable companies by sector. This V2. Environmental accounting: The data collection
assists in identifying the leading sector in the sheet was used to identify the use of environmental
sustainable market. aspects in the companies’ sustainability reports.
Phase 4. Analyze sustainability reports issued by the BMV’s Microsoft Excel tables were used to present the
sustainable companies for the 2018 financial year. following indicators of V2:
The aim is to identify environmental activities, V 2.1: Environmental activities report;

Table 2
Data collection method and instrument used for analyzing the use of environmental financial
accounting in sustainable companies listed on the Mexican Stock Exchange.
Instrument for data
Variables in the study Method Tools for data analysis Sources of information
collection
V1.Sustainable companies Document analysis Data recording Microsoft Excel BMV’s digital platform:
(Appendix A) 2018 sustainability
reports
V2.Environmental Microsoft Excel BMV’s digital platform:
accounting 2018 sustainability
reports
V3.Revenue vs Statistical Package for the BMV’s digital platform:
Environmental Social Sciences (SPSS) 2019 and 2018 financial
accounting reports.
V1 = Variable 1, V2 = Variable 2, V3 = Variable 3
Source: Elaborated by the author.

322

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 An in-depth look at the status of environmental financial accounting in Mexico from the point of view of stakeholder theory: myth or reality?

V 2.2: Environmental provisions and liabilities; as food, drinks, and tobacco. Infraestructura Energetica
V 2.3: Environmental expenditure and investment; Nova and Genomma Lab Internacional represent a 3%
V 2.4: Environmental and/or social balance. minority that specializes in the energy and healthcare
V3. Revenue vs environmental accounting: The sector, respectively. According to Chart 1, over a fifth
fluctuations in revenue during the third quarters (21%) of the companies belong to the industrial sector,
of 2018 and 2019 were correlated to the aspects including Grupo Aeroportuario del Sureste, ALFA, Grupo
of environmental accounting (environmental Aeroportuario del Centro Norte, Corporación Inmobiliaria
activities reports, social and/or environmental VESTA, Controladora Vuela Compañía de Aviacion, and
balance, as well as environmental provisions, Orbia Advance Corporation (See Table 3).
liabilities, expenditure, and investment). The Chart 2 shows that all sustainable companies
Statistical Package for the Social Sciences (SPSS) listed on the Mexican Stock Exchange in 2018 issued
was used on the BMV’s financial reports to reports disclosing the activities carried out to benefit
correlate the variables. The confidence level was the environment. This is proof of the use of stakeholder
95% with a 5% margin of error. The Pearson’s theory. In terms of the elements described by Llull
correlation coefficient was used for the analysis. (2001), 93% of the companies include in their reports
quantitative and qualitative information with regards
4 Findings: presentation and to expenditure and investments to care for and preserve
analysis natural resources. A smaller number (69%) provide
The actions taken by sustainable companies are users with a social or environmental report. Finally,
evidence of the implementation of stakeholder theory only 28% of the companies show a commitment to the
in the Mexican economy. These companies are listed in environment by using provisions or contingent liability
Table 3 by sector and include America Movil, Cemex, accounts. These accounts keep records of the potential
Grupo Financieros Banorte, and Grupo Elektra. By 2019, cash expenditure resulting from the environmental
a total of 29 companies were taking actions to maintain damage caused by company practices.
a balance between economic, environmental, and social Authors such as Gray (1992), Larrinaga (1995),
aspects. and Parodi (2010) have stated that companies that
Chart 1 shows the companies, classified by sector, include information on environmental impact in their
that apply stakeholder theory in their environmental reports. reports increase their competitiveness in the long term.
Most of them (28%) specialize in consumer staples such Furthermore, recent studies, such as those carried out in

Chart 1. Business sectors of the sustainable companies listed on the Mexican Stock Exchange in
2019
323

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 Saulo Sinforoso Martínez / Arístides Pelegrin Mesa

Table 3
Sustainable companies listed on the Mexican Stock Exchange in 2019

Business sector Items Name of the Company Absolute frequency Relative frequency
Telecommunication TS América Móvil, S.A.B. de C.V. 3 10%
services Grupo Televisa, S.A.B. C.V.
AXTEL, S.A.B. de C.V.
Industrial I Grupo Aeroportuario del Sureste, S.A.B. de 6 21%
C.V.
ALFA, S.A.B. de C.V.
Grupo Aeroportuario del Centro Norte,
S.A.B. DE C.V.
Corporación Inmobiliaria VESTA, S.A.B.
DE C.V.
Controladora Vuela Compañía de Aviación,
S.A.B. De C.V.
Orbia Advance Corporation, S.A.B. DE
C.V.
Materials M CEMEX, S.A.B. DE C.V. 3 10%
Grupo México, S.A.B. de C.V.
Industrias Peñoles, S. A.B. DE C. V.
Consumer CD&S Grupo Elektra, S.A.B. de C.V. 3 10%
Discretionary & ALSEA, S.A.B. de C.V.
Services
Hoteles City Express, S.A.B. De C.V
Consumer Staples CS Fomento Económico Mexicano, S.A.B. de 8 28%
C.V. (FEMSA)
Coca-Cola FEMSA, S.A.B. de C.V. (COF)
Wal - Mart de México, S.A.B. de C.V.
Arca Continental, S.A.B. de C.V.
Grupo Bimbo, S.A.B. de C.V.
Grupo Herdez, S.A.B. De C.V.
Kimberly - Clark De México S.A.B. De C.V.
Grupo LALA, S.A.B. de C.V.
Financial Services FS Grupo Financiero Banorte, S.A.B de C.V. 4 14%
Bolsa Mexicana de Valores, S.A.B. de C.V.
GENTERA, S.A.B. de C.V.
Banco Santander México, S.A., Institución
De Banca Múltiple, Grupo Financiero
Santander
Energy E Infraestructura Energética Nova, S.A.B. De 1 3%
C.V.
Healthcare HC Genomma Lab Internacional, S.A.B. De 1 3%
C.V.
Total 29 100%

Greek industry, support this statement by pointing out & Tzelepis, 2018). Part of this investigation focuses on
the positive correlation that exists between financial and measuring the impact that the use of EFA has on the
environmental performance (Alexopoulos, Kounetas, revenue of sustainable companies established in Mexico.
324

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 An in-depth look at the status of environmental financial accounting in Mexico from the point of view of stakeholder theory: myth or reality?

Chart 2. Application of the aspects of environmental financial accounting by sustainable companies

listed on the Mexican Stock Exchange in 2018
Note. EAR = Environmental activities report, EPLR = Environmental provisions and liabilities re-
port, EEIR = Environmental expenditure and investment report, ESR = Environmental/social report.

Table  4 displays a comparative analysis of revenue in 4.1 Environmental expenditure and

the third quarters of 2018 and 2019. The findings show investments (V2.3) vs revenue (V3)
a positive fluctuation as 25 out of the 29 companies
studied saw an increase in revenue compared to the The Pearson’s correlation shows that environmental
same quarter of the previous year (the value assigned expenditure and investments have a slight negative relationship
in Table 4 is 1). with revenue (-0.109); when expenditure is allocated for
Table 4 provides a summary of all the companies the acquisition of environmental equipment, the revenue of
that apply stakeholder theory, the aspects of environmental sustainable companies decreases slightly. However, “investing
accounting, and the fluctuations in revenue between the in clean technologies initially means a great investment that,
third quarters of 2018 and 2019. with time, will result in great economic benefits, such as
The data in Table  5 show that reports on savings on raw materials, solid waste production, energy, or
environmental activities and on environmental investment water. This is because environmental investments are meant
and expenditure are the two aspects of EFA that are most for the long term” (Campos, 2009, p. 248). Expenditure
frequently applied in the elaboration of sustainability and investments contribute to the sustainability of a
and financial reports. In this regard, there is evidence company; they guarantee that the company maintains its
of accounting reports on environmental expenditure, position in both the national and international market as
investment, provisions, and liabilities; however, there are they allow for “the development of new markets, products
no environmental accounts as such in the financial reports. and production processes” (Hutchinson, 1992).
In fact, the amounts are included in the conventional
4.2 Contingent provisions and liabilities
accounts. This presents an obstacle for decision makers and
(V2.2) vs revenue (V3)
stakeholders to identify them. For most of the companies
(86%), there was an increase in revenue between the third According to Tua (2001), companies have to
quarters of 2018 and 2019. provide environmental provisions whenever it is required
Table 6 presents the findings of the correlational by law or by a contract, as well as when the company has
analysis between the aspects of environmental accounting assumed that responsability or when the business states
and the revenue of the BMV’s sustainable companies. that it will prevent, reduce, or repair certain damage to

325

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 Saulo Sinforoso Martínez / Arístides Pelegrin Mesa

Table 4
Comparative analysis of revenue in the third quarters of 2018 and 2019 of the BMV’s sustainable
IPC companies
Aspects of Environmental
Revenue 2019 Third Revenue 2018 Third
Business sector Financial Accounting/ Variation (+) Variation (-)
Quarter Quarter
Companies
TS América Móvil 248,425,505.00 mxn 247,935,745.00 mxn 1
Grupo Televisa 25,786,149.00 mxn 25,033,234 mxn 1
AXTEL 3,167,232.00 mxn 3,139,869.00 mxn 1
I Grupo Aeroportuario del 4,106,266.00 mxn 3,682,047.00 mxn 1
Sureste
ALFA 83,842,066.00 mxn 93,940,201.00 mxn 0
Grupo Aeroportuario del 2,155,384.00 mxn 1,966,564 mxn 1
Centro Norte
Corporación Inmobiliaria 35,826.00 usd 33,822.00 usd 1
VESTA
Controladora Vuela 9,501,756.00 mxn 7,316,075.00 mxn 1
Compañía de Aviación
Orbia Advance Corporation 1,746,875.00 usd 1,785,291.00 usd 0
M CEMEX 3,494,091.00 usd 3,636,210.00 usd 0
Grupo México 2,793,883.00 usd 2,594,524.00 usd 1
Industrias Peñoles 1,103,664.00 usd 1,048,186.00 usd 1
CD&S Grupo Elektra 29,733,117.00 mxn 25,490,119 mxn 1
ALSEA 14,490,497.00 mxn 11,375,395.00 mxn 1
Hoteles City Express 811,775.00 mxn 741,116.00 mxn 1
CS Fomento Económico 130,470,010.00 mxn 118,371,443.00 mxn 1
Mexicano (FEMSA)
Coca-Cola FEMSA (COF) 48,698,552.00 mxn 44,148,103.00 mxn 1
Wal – Mart de México 155,018,693.00 mxn 147,767,841.00 mxn 1
Arca Continental 42,415,195.00 mxn 40,556,716.00 mxn 1
Grupo Bimbo 74,965,171.00 mxn 72,646,378.00 mxn 1
Grupo Herdez 5,569,282.00 mxn 5,203,789.00 mxn 1
Kimberly – Clark De 10,399,724.00 mxn 9,896,553.00 mxn 1
México
Grupo LALA 18,984,001.00 mxn 18,757,695.00 mxn 1
FS Grupo Financiero Banorte, 84, 563, 000,000.00 73,444,000,000.00 1
mxn IA mxn IA
Bolsa Mexicana de Valores 933,764.00 mxn 871,846.00 mxn 1
GENTERA 16, 802, 536, 063.00 mxn 15, 412, 072, 117.00 1
mxn
Banco Santander México, 30, 465, 000, 000.00 $28 828 000, 000.00 1
S.A., Institución De Banca mxn IA mxn IA
Múltiple, Grupo Financiero
Santander
E Infraestructura Energética 355,098.00 usd 408,032.00 usd 0
Nova
HC Genomma Lab Internacional 3,077,304.00 mxn 2,734,825.00 mxn 1
Total= 29 companies 25 4
Note IA = Estimated revenue, mxn = Mexican currency, USD = dollars, 1 = positive fluctuation, 0 = negative fluctuation

the environment. In the case of Mexican companies, companies to maintain their position in the market in the
28% have environmental provisions and liabilities. When long term by avoiding fees, sanctions, or business closures.
these accounts are correlated with revenue, the resulting This supports the argument by Parodi (2010), who states
relationship is -0.424; this means that these accounts that disregarding environmental externalities results in
cause a decrease in revenue. However, they also help incomplete accounting information. As a consequence,
326

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 An in-depth look at the status of environmental financial accounting in Mexico from the point of view of stakeholder theory: myth or reality?

Table 5
Quantitative summary of the application of stakeholder theory, the aspects of environmental
accounting, and the fluctuation in revenue between the third quarters of 2018 and 2019 for the
BMV’s sustainable IPC companies

Aspects Concepts of analysis Absolute frequency Relative frequency

Stakeholder Theory Environmental activities report 29 100%
Environmental provisions and 8 28%
liabilities
Aspects of environmental Environmental expenditure and 27 93%
financial accounting investment
Environmental/Social Report 20 69%
Revenue fluctuations (2018 vs Positive 25 86%
2019) Negative 4 14%

Table 6 enhances sustainability in the company and provides an

Correlation between the aspects of environ- instrument for analysis in socially responsible management.
mental accounting and the revenue of the Thus, the social report assists with the difficult task of
BMV’s sustainable companies maintaining a balance between economic viability and
social responsability. Essentially, all companies depend
Aspects of environmental accounting (V2) Revenue (V3)
on an appropriate interaction with the surrounding
Environmental activities reports (V 2.1) 0
environment in order to survive (Colina & Senior, 2008);
Environmental provisions and liabilities (V2.2) -0.424 therefore, the use of social reports in sustainable Mexican
Environmental expenditure and investment (V2.3) -0.109 companies contributes to competitiveness.
Environmental/Social Report (V2.4) -0.268
Note. Source: Elaborated by the authors with information 4.4 Environmental activities report (V2.1)
retrieved from the BMV from 2018 and 2019 . Data processed vs revenue (V3)
using the SPSS. Significance level = 0.05
There is no correlation between these two variables
he adds, companies can lose competitiveness in the long since all of the BMV’s sustaniable IPC companies are
term since they rely on the environment as a means to required to present yearly sustainability reports. Table 3 shows
increase efficiency (Nijkamp, Rodenburg, & Verhoef, that 100% of the companies studied comply with this
1999) and “to boost their reputation and position in the requirement. Environmental activities reports are evidence
market” (Claver, López, & Molina, 2007, p. 716). of the application of stakeholder theory. The analysis shows
how stakeholders are involved in caring for and preserving
4.3 Social/environmental report (V2.4) vs natural resources. Essentially, these reports show some of
revenue (V3) the companies’ environmental actions.
The practices of a company in terms of social 4.5 EFA (V2) vs revenue (V3)
responsability constitute an intangible asset. Due to
the increase in accounting and social information, the In general, the correlation between EFA and the
social report is now considered to be a financial account revenue of the companies listed on the BMV is negative,
in itself (Tamayo & Ruiz, 2018). This tool assists with given the money allocated for environmental expenditure,
decision making concerning caring for natural resources, investment, provisions, liabilities, etc. However, this
which translates into strategies funded by businesses. generates economic benefits in the long term as companies
These strategies cause a decrease in revenue; thus, the expand into new markets, thus increasing their earnings.
relationship between these variables is negative (-0.268). This is suggested by Alba Aguilar, New Markets Director
However, these reports allow decision makers to analyze of the Mexican Stock Exchange, during an interview in
further actions and new goals for upcoming years. This 2019: “Businesses that participate in environmentally

327

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 Saulo Sinforoso Martínez / Arístides Pelegrin Mesa

responsible practices show a level of growth that the rest Regardless of the size of the business, environmental
of the companies cannot achieve. These companies can financial accounting has to be applied at all levels. In Mexico,
access different financing options such as the new class it is essential to introduce the contributions of EFA in
of tags for assets” (Rivera, 2019). micro, small, and medium-sized businesses. Even though
Environmental financial accounting (EFA) is these represent 95% of the businesses operating in the
evidence of the use of stakeholder theory as it allows national economy, there is a lack of theoretical proposals
managers to take specific actions to care for and preserve in this sector. Within the framework of sustainable
natural resources. In the case of companies not listed development, environmental accounting reports should
on the Mexican Stock Exchange, the lack of public be mandatory, not voluntary. If the goal is to transition
policies or regulations to enforce the implementation to a “green economy,” accounting reports are essential in
of EFA in accounting reports represents an obstacle decision making.
for the application of stakeholder theory. This results
in competitive disadvantages in terms of sustainability, 5 Conclusion
which supports the argument by Kumar and Kiroz
(2019a), who state that policies based on voluntary EFA started 25 years ago as a series of theoretical
environmental reporting have a positive relationship proposals by advocates of social and environmental
with the size of a business. accounting (Bebbington, 2001; Gray, 1992; Larrinaga,
Some companies include environmental 1995; Moneva & Llena, 1996; among others), and
information in their financial reports through the accounts now, in 21st-century Mexico, its application is a reality.
used for conventional accounting such as expenditure, EFA started in developed economies and has been moving
investment, liabilities, provisions, etc. This makes it into emerging economies during the past 10 years, according
difficult for stakeholders to identify and interpret the to Larrinaga, Moneva, and Ortas (2019, p. 12): “there
data. According to Deegan (2013), as quoted in the are voices that are eager to bring different perspectives to
paper by Bernal and Santos (2018, p. 2016): “the way the foreground, particularly from emerging economies.”
the elements in financial reports such as assets, liabilities, The inspiration for this study emerges from the idea
equity, income, expenditure, etc. are defined makes it hard that studies conducted in first-world countries could
to adapt them to environmental financial accounting.” provide numerous perspectives regarding the application
This highlights the fact that companies who intend to of environmental accounting (Déniz, Verona, & De la
follow the sustainability framework need to propose and Rosa, 2019).
apply a chart of environmental accounts. In the Mexican economy, stakeholder theory
It is essential to implement environmental became more relevant as the BMV’s sustainable companies
accounting among economic entities in order to started to apply it. It is based on a normative-ethical
achieve sustainable development and financial benefits point of view. However, there are two main actions to
in the long term (Ionescu, 2017). The lack of a chart consider in order to achieve its legitimization. One is to
of environmental accounts results from the non- introduce the contributions of environmental accounting
standardization of environmental financial reports. in micro, small, and medium-sized businesses. These
Companies should get involved and “design plans of companies are not listed in the stock market but account
environmental accounts to make environmental financial for a significant number of businesses in the Mexican
information more accessible” (Garrido, 2019, p. 100). economy. The second is to analyze the relationship
Accountants have to be creative in the elaboration and among stakeholders (suppliers, customers, shareholders,
design of such accounts (Deegan, 2013) and employ etc.) in the environmental reports of Mexican businesses
the scientific methods and research techniques as a in order to assess their level of influence in decision
starting point (Albuerne & Venereo, 2017). The chart making, “as the more integrated the stakeholders of
of environmental accounts for companies listed on the a company are, the better the managers can interpret
Mexican Stock Exchange consolidates the application the environment in order to enhance competitiveness”
of stakeholder theory as it standardizes environmental (Claver, López, & Molina, 2007, p. 724). For this, it is
accounting reports and allows stakeholders to better essential to carry out studies based on the methodology
understand the data. applied in developed economies as this allows different
328

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 An in-depth look at the status of environmental financial accounting in Mexico from the point of view of stakeholder theory: myth or reality?

perspectives to be developed (Déniz, Verona, & de la References

Rosa, 2019).
EFA causes a negative impact on the revenue Albuerne, M., & Venereo, N. (2017). La contabilidad
of the BMV’s sustainable companies; however, they y la actividad medio ambiental de la industria ronera
need it in order to maintain their position in the market en Cuba: Caso de estudio empresa mixta Havana Club
in the long term. In Mexico, its application started in International S.A-Ronera San José. Contabilidad y
the companies listed on the Mexican Stock Exchange. Negocios, 12(24), 6-18. Retrieved from http://revistas.
The telecommunications and materials sectors show better pucp.edu.pe/index.php/contabilidadyNegocios/article/
application of the aspects of environmental financial view/19780/19836
accounting, as well as of stakeholder theory. Two accounting
standards are used when recording environmental impact: Alexopoulos, I., Kostas, K., & Tzelepis, D. (2018).
International Accounting Standard (IAS) 37, Provisions, Environmental and financial performance. Is there a
Contingent Liabilities, and Contingent Assets, which win-win or a win-loss situation? Evidence from the Greek
is used to keep records of environmental actions; and manufacturing. Journal of Cleaner Production, 197(1),
International Financial Reporting Standard (IFRS) 16, 1275-1283. Retrieved from https://doi.org/10.1016/j.
Property, Plant, and Equipment, which is applied to keep jclepro.2018.06.302
accounting records of environmental equipment. Given the
Al-Mawali, H., Al Sharif, A., Rumman, G. M.
characteristics of conventional accounting, both provide
A., Kerzan, F., & Liu, G. (2018). Environmental
a limited understanding of environmental concerns.
strategy, environmental management accounting
The market economy is characterized by high
uncertainty in the business environment and rapid and organizational performance: Evidence from The
development. This leads to the need to adapt enterprises to United Arab Emirates Market. Journal of Environmental
a dynamic market environment (Sheshukova & Mukhina, Accounting and Management, 6(2), 105-114. DOI:
2018). Thus, it is necessary for sustainable companies listed 10.5890/JEAM.2018.06.002
on the BMV to use environmental accounting standards
Al-Shaer, H., Salama, A., & Toms, S. (2017). Comités de
to homogenize their environmental reports, as there is
auditoría y calidad de la información financiera. Journal of
a positive relationship between business quality and the
Applied Accounting Research, 18(1), 2-21. Retrieved from
type of environmental disclosure (Al-Shaer, Salama, &
https://doi.org/10.1108/JAAR-10-2014-0114
Toms, 2017). This will ultimately allow companies to
transition to an ecological civilization, as is the case of Azizul, M. (2017). Environmental accounting. In Poff,
China (Margerison, 2019).
D. C. & Michalos, A.C. (Ed.). Encyclopedia of Business
Finally, in order to encourage the BMV’s
and Professional Ethics, (pp. 1-3), Cham, Switzerland:
sustainable companies to apply stakeholder theory
Springer. DOI: 10.1007/978-3-319-23514-1_215-1
through environmental financial accounting, they need
to adopt what Castaneda (2017) calls an “environmental Barrios, E. & Enrique, A. M. (2018). Responsabilidad social
mindset,” since “the better companies are able to identify corporativa estudio sobre la identificación y clasificación
environmental expenditure, the more access they will have de los stakeholders. aDResearchESIC, 17(17), 90-109.
to information that will allow them to make decisions DOI: 10.7263/adresic-017-02
regarding environmental management” (Cañizares, 2015,
p. 20). It is also essential to develop public policies in Bebbington, J. (2001). Sustainable development: A
order to encourage businesspeople to implement EFA. review of the international development, business and
There are theoretical gaps for its application that will accounting literature. Accounting Forum, 25(2), 128-157.
continue to make EFA a myth in Mexico. One example DOI: 10.1111 / 1467-6303.00059
is the lack of a chart of environmental accounts that could
standardize the presentation of environmental impact in Bernal, M. & Santos, E. (2018). Una mirada a la
basic financial reports. This would allow companies to contabilidad ambiental: Postulados y retos. Contaduría
inform stakeholders about environmental performance Universidad de Antioquia, 1(73), 199-209. DOI: https://
in economic terms (Correa, García, & García, 2018). doi.org/10.17533/udea.rc.n73a08

329

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 Saulo Sinforoso Martínez / Arístides Pelegrin Mesa

Bolsa Mexicana de Valores. (2020). Reporte de sustentabilidad. Normas Internacionales de Información Financiera 2019,
México. https://www.bmv.com.mx/es/Grupo_BMV/ Mexico: Autor.
Reporte_de_sustentabilidad
Contreras, O. E., Talero, L. H., & Escobar, L.Y. (2020).
Campos, N. (2009). La inversión ambiental en las Sostenibilidad, stakeholders y crisis de empresa: un análisis
empresas. El cuaderno, 3(6), 235-249. Retrieved from estructurado de percepciones. Suma de negocios, 11(24),
https://dialnet.unirioja.es/revista/12079/A/2009 1-9. Retrieved from https://blogs.konradlorenz.edu.co/
files/27-08-2019-rsn_1124_contreras-pacheco-w.pdf
Cañizares, M. (2015). Procedimiento para cuantificar
los costos de las actividades ambientales en la gestión Correa, J. A., Garcia, M. A., & Garcia, E. (2018). CSR
de sostenibilidad del recurso agua potable (Doctoral communication strategies of Colombian business groups:
dissertation, University of La Habana, La Habana, Cuba) An analysis of corporate reports. Sustainability, 10(5),
1–19. https://doi.org/10.3390/su10051602
Carrasco, F., Correa, C., & Larrinaga, C. (1999).
Información y gestión medioambiental: Una reflexión Cunha, D. R., & Moneva, J. L. (2018). The elaboration
sobre los factores de motivación, proceso de desarrollo de process of the sustainability report: A case study. Revista
informes e influencia de los Stakeholders en las empresas Brasileira de Gestao de Negocios, 20(4), 533-549. DOI:
del sector eléctrico. Reunión sobre Investigación en 10.7819/rbgn.v0i0.3948
Contabilidad Social y Medioambiental.
Déniz, J. J., & Verona, M. C. (2015). Deconstruyendo el
Carroll, A. B. (1989). Business and society: Ethics and resultado contable convencional para diseñar un resultado
stakeholder management. Cincinnati, United States: South- contable ambiental. Contaduría y Administración, 60(3),
Western Thomson Learning. 536- 555. https://doi.org/10.1016/j.cya.2015.05.008

Castañeda, V. M. (2017). La contabilidad como una Déniz, J. J., Verona, M. C., & De la Rosa, M. E. (2019).
disciplina social y medio ambiental, (Thesis for specialist Materialidad de los impactos sociales en la memoria de
degree in Tax Auditing and Management) School of sostenibilidad. El caso del sector eólico y los pueblos
Economic and Managerial Sciences, University of Bogota, indígenas en Oaxaca, Mexico. Revista Española de
Colombia. Financiación y Contabilidad, 48(4), 492-524. DOI:
10.1080 / 02102412.2018.1511157
Claver, E., López, M. D., & Molina, J.F. (2007). Los
Stakeholders y la actitud medioambiental de los directivos. Deegan, C. (2016). Twenty-five years of social and
Un estudio Qual/Quan., [Conference presentation] environmental accounting research within Critical
Congreso anual de AEDEM, Madrid, Spain. Perspectives of Accounting: Hits, misses and ways forward.
Critical Perspectives on Accounting, 43(1), 65–87. https://
Colina, J., & Senior, A. (2008). Balance social. Instrumento doi.org/10.1016/j.cpa.2016.06.005
de análisis para la gestión empresarial responsable.
Multiciencias, 8(Extraordinario), 71-77. Retrieved from Fogarassy, C., Neubauer, É., Mansur, H., Tangl, A.,
https://www.redalyc.org/pdf/904/90411691010.pdf Oláh, J., & Popp, J. The main transition management
issues and the effects of environmental accounting on
Colmenares, L., Valderrama, Y., & Adriani, R. (2015). financial performance: With focus on cement industry.
Representación contable desde la perspectiva del impacto Administration and Public Management Review, 30(31),
ambiental empresarial. En el contexto del desarrollo de 52-53. DOI: 1024818/amp/2018.31-04.
actividades industriales en Latinoamérica. Cuadernos
De Contabilidad, 16(41). Retrieved from https://doi. Freeman, R. E. (1984). Strategic management: A stakeholder
org/10.11144/Javeriana.cc16-41.rcpi approach. Boston, United States: Pitman Publishing.

Consejo Mexicano de Normas de Información Financiera. Freeman, R. E. (2010). Stakeholder theory: The state of the art.
Instituto Mexicano de Contadores Públicos. (2019). Cambridge, United Kingdom: Cambridge University Press.
330

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 An in-depth look at the status of environmental financial accounting in Mexico from the point of view of stakeholder theory: myth or reality?

Gámez, L. C., Joya, R., & García, H. G. (2017). Análisis and Management, 7(1), 45-57. DOI: 10.5890/
de la presupuestación financiera medioambiental mexicana. JEAM.2019.03.004
Retos de la Dirección, 11(1), 4-20. http://scielo.sld.cu/pdf/
rdir/v11n1/rdir02117.pdf La Soa, N. (2019). Relationship between environmental
financial accounting practices and corporate financial
Garrido, S. (2019). Componentes para analizar los risk: Evidence from listed companies in Vietnams
resultados de una Contabilidad Ambiental. Proyecciones, Securities Market, Asian Economic and Financial
(13), 73- 101. https://doi.org/10.24215/26185474e006 Review, 9(2), 285-298. DOI: 10.18488/journal.
aefr.2019.92.285.298
Gray, R. (1992). Accounting and environmentalism:
An exploration of the challenge of gently accounting for Larramendy, E., Tellechea, P., & Tobes, L. (2018).
accountability, transparency and sustainability. Accounting, Investigación empírica sobre relaciones entre la
Organizations and Society, 17(5), 399–425. https://doi. información financiera y socioambiental brindada
org/10.1016/0361-3682(92)90038-T por empresas en Argentina. Escritos Contables y de
Administración, 9(1), 83-102. https://dialnet.unirioja.
Gray, R., Owen, D., & Adams, C. (1996). Accounting & es/servlet/articulo?codigo=6682382
Accountability: changes and challenges in corporate social
Larrinaga, C. (1995). La relación entre las prácticas contables
and environmental reporting. London: Prentice hall.
y el medio ambiente (Doctoral Dissertation, Department of
Hossain, M. (2019). Environmental accounting challenges Financial Economy and Accounting, University of Seville,
of selected manufacturing enterprises in Bangladesh. Spain). Retrieved from https://core.ac.uk/download/
Open Journal of Business and Management, 7(2), 709-727. pdf/61545821.pdf
https://doi.org/10.4236/ojbm.2019.72048
Larrinaga, C. (1997). Consideraciones en torno a la relación
entre la Contabilidad y el medio ambiente. Revista Española
Hutchinson, C. (1992). Environmental issues:
de Financiación y Contabilidad, 26(93), 957-991. http://
The challenge for the chief executive. Long Range
aeca.es/old/refc_1972-2013/1997/93-4.pdf
Planning, 25(3), 50-59. https://doi.org/10.1016/0024-
6301(92)90369-D Larrinaga, C., Moneva, J. M., & Ortas, E. (2019).
Veinticinco años de Contabilidad Social y Medioambiental
Hyo-Sook, K. (2011). A reputational approach examining
en España: Pasado, presente y futuro. Revista Española de
publics’ attributions on corporate social responsibility
Finanzas y Contabilidad, 48(4), 387-405. https://doi.or
motives. Asian Journal of Communication, 21(1), 84-101.
g/10.1080/02102412.2019.1632020
https://doi.org/10.1080/01292986.2010.524230
Llena, F. (2008). El papel de la contabilidad en la
Ionescu, C. A. (2017). Integrating the environmental gestión medioambiental de la empresa: Propuestas y
accounting on the information system of the economic evidencia empírica. Revista de Contabilidad y Dirección,
entities. Hyperion Economic Journal, 5(2), 42-48. https:// 7(7), 103-134. https://dialnet.unirioja.es/servlet/
ideas.repec.org/a/hyp/journl/v5y2017i2p42-48.html articulo?codigo=3127470

Kumar, P., & Firoz, M. (2019a). Accounting for Certified Llull, A. (2001). Contabilidad medioambiental y
Emission Reductions (CERs) in India: An analysis of the desarrollo sostenible en el sector turístico (Doctoral
disclosure and reporting practices within the financial dissertation, School of Economy, University of the
statements. Meditari Accountancy Research, 28(2), 365- Balearic Islands, Spain). Retrieved from http://hdl.
389. DOI: 10.1108/MEDAR-01-2019-0428 handle.net/11201/2636

Kumar, P., & Firoz, M. (2019b). What drives the Voluntary Macías, H. A., & Velásquez, S. (2017). Avances de la
Environmental Reporting (VER): An examination of contabilidad social y ambiental en su contexto original.
CDP India Firms, Journal of Environmental Accounting Contaduría Universidad de Antioquia, 1(70), 13-41.

331

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 Saulo Sinforoso Martínez / Arístides Pelegrin Mesa

https://revistas.udea.edu.co/index.php/cont/article/ Palma, G., & Cañizares, M. (2018). La contabilidad

view/331294 ambiental como herramienta de gestión para el turismo
sostenible. Cofin Habana, 12(1), 124-146. http://scielo.
Margerison, J., Fan, M., & Birkin, F. (2019). The
sld.cu/pdf/cofin/v12n1/cofin09118.pdf
prospects for environmental accounting and accountability
in China. Accounting Forum, 43(3), 327-347. DOI: Parodi, P. D. (Oct., 2010). Gestión de los costos
10.1080/01559982.2019.1601147. ambientales en la actividad minera. Foro Virtual
de Contabilidad Ambiental y Social, Buenos Aires,
Martínez, J., Carbonell, M., & Agüero, A. (2006). Los
Argentina. Retrieved from http://www.economicas.uba.
stakeholders y la acción social de la empresa. Madrid, Spain:
ar/wp-content/uploads/2017/08/T_Parodi_Costos_
Marcial Pons.
Ambientales_Minera.pdf
Martinez, S. S., Jimenéz, J. D. R., & Mesa, A. P. (2019).
Externalidades ambientales desde el enfoque del costo Rivera, J. A. (2019, October 20). Acciones de empresas
para la toma de decisiones en materia ambiental. Caso responsables con el medio ambiente generan más valores:
de una empresa cafetalera. Retos de la Dirección, 13(1), BMV. El Economista. Retrieved from https://www.
170-187. Retrieved from http://scielo.sld.cu/pdf/rdir/ eleconomista.com.mx/mercados/Acciones-de-empresas-
v13n1/2306-9155-rdir-13-01-170.pdf responsables-con-el-medio-ambiente-generan-mas-valor-
BMV-20191020-0008.html
Mejía, E., Montilla, O., Montes, C. A., & Mora, G.
(2015). Teoría Tridimensional de la Contabilidad. Pereira, Salas, H. (2015). Integración de la dimensión ambiental
Colombia: Universidad Libre. al sistema de información financiero de empresas
ubicadas en ecosistemas frágiles. Revista Universidad y
Moneva, J. M., & Llena, F. (1996). Análisis de la información Sociedad, 7(2), 102-109. http://scielo.sld.cu/pdf/rus/
sobre responsabilidad social en las empresas industriales
v7n1/rus14115.pdf
que cotizan en bolsa. Revista Española de Financiación y
Contabilidad, 25(87), 361–401. http://www.aeca.es/old/ Schvarstein, L. (2010). Psicología social de las organizaciones:
refc_1972-2013/1996/87-3.pdf nuevos aportes. Buenos Aires, Argentina: Paidos.

Muralikrishna, I., & Manickam, V. (2017). Environmental Sheshukova, T., & Mukhina, E. (2018). Environmental
Management: Science and Engineering for Industry. In accounting in digital economy. En Antipoya, T., &
Environmental Management. Amsterdam: Butterworth-
Rocha, A. (Ed.). Digital Science (pp. 64-70). Coimbra,
Heinemann. DOI: 10.1016/B978-0-12-811989-1.00007-5
Portugal: Springer.
Mussa, I., Feku, A., & Mussa, M. (2018). Environmental
Smith, A. M., & Kotzee, E. (2017). Investigating
accounting and auditing and eco mark. Current Investigations
environmental management accounting in the chemical
in Agriculture and Current Research, 5(3), 612- 614. DOI:
industry in South Africa. Investment Management and
10.32474/CIACR.2018.05.000212
Financial Innovations, 13(1), 151-160. Doi:10.21511/
Nadjoua, A., & Bouselma, H. (2016). Obstacles to the imfi.13(1-1).2016.02
implementation of environmental financial accounting
in the Algerian cement enterprises: A field study. Dirassat, Stefan, R. B. (2017). Contemporary environmental accounting.
1(48), 12-23. DOI: 10.34118 / 0136-000-048-024 Issues, concepts and practice. London: Routledge. https://
doi.org/10.4324/9781351282529
Nijkamp, P., Rodenburg, C., & Verhoef, E. (1999).
The adoption and diffusion of environmental friendly Tamayo, C. D., & Ruíz, M. C. (2018). De la responsabilidad
technologies among firms. International Journal of social empresarial al balance social. Cofin Habana, 1(1),
Technology Management, 17(4), 421-437. DOI: 10.1504 304-320. Retrieved from http://scielo.sld.cu/pdf/cofin/
/ IJTM.1999.002725 v12n1/cofin20118.pdf
332

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 An in-depth look at the status of environmental financial accounting in Mexico from the point of view of stakeholder theory: myth or reality?

Tua, J. (1995). Lecturas de Teoría e investigación contable. Uribe, A., & Requena, R. (2013). Consideraciones del
Colombia: Ediciones Gráficas Ltda. enfoque stakeholder. Punto de vista, 4(7), 31-50. Retrieved
from https://dialnet.unirioja.es/ejemplar/372154
Tua, J. (2001). Normas internacionales de Contabilidad
y Auditoría sobre la incidencia del medio ambiente en Vilela, P. D. (2017). La contabilidad financiera ambiental
la información financiera. Revista Legis del Contador. en las empresas agrícolas ecuatorianas. Revista Científica
Colombia, 1(7), 117-166. Retrieved from https://biblat. Retos de la Ciencia, 1(1), 72-87. http://retosdelaciencia.
unam.mx/es/revista/revista-legis-del-contador/2 com/Revistas/index.php/retos/article/view/144

333

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 Saulo Sinforoso Martínez / Arístides Pelegrin Mesa

Appendix A
Tool used to identify the use of EFA in the sustainability and financial reports of the companies studied. Number
“1” means that EFA is being applied, whereas “0” means there is no evidence of its application. The elements that were
analyzed are those listed by Llull (2001, p.1) in the definition of the concepts that make up EFA: “records and information
on environmental assets, liabilities, expenditure, income, contingencies, and provisions.”

Aspects of
Environmental Environmental
environmental Environmental Environmental/
provisions and expenditure and
Business sector financial activity report v2.1 social report v2.4
liabilities report v2.2 investment report
accounting/ (EAR) (ESR)
(EPLR) v2.3 (EEIR)
companies
TS América Móvil 1 1 1 0
Grupo Televisa 1 1 1 1
AXTEL 1 0 1 1
I Grupo Aeroportuario 1 1 1 1
del Sureste
ALFA 1 1 1 1
Grupo Aeroportuario 1 0 1 1
del Centro Norte
Corporación 1 0 1 0
Inmobiliaria VESTA
Controladora Vuela 1 0 1 0
Compañía de
Aviación
Orbia Advance 1 0 1 1
Corporation
M CEMEX 1 1 1 1
Grupo México 1 0 1 0
Industrias Peñoles 1 1 1 1
CD&S Grupo Elektra 1 1 1 0
ALSEA 1 0 0 0
Hoteles City Express 1 0 1 1
CS Fomento Económico 1 0 1 1
Mexicano (FEMSA)
Coca-Cola FEMSA 1 0 1 0
(COF)
Wal - Mart de 1 0 1 0
México
Arca Continental 1 0 1 0
Grupo Bimbo 1 0 1 1
Grupo Herdez 1 0 1
Kimberly - Clark De 1 0 1 1
México
Grupo LALA 1 0 1 1
TS = Telecommunication services, I = Industrial, M = Materials, CD&S = Consumer discretionary & services CS, = Consumer staples
F = Financial services, E = Energy, HC = Healthcare, EAC = Environmental activity report, EPLR = Environmental provisions and
liabilities report, EEIR = Environmental expenditure and liabilities report, ESB = Environmental/social report, 1 = Identified, 2 = Not
identified
Source: Elaborated by the authors.

334

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 An in-depth look at the status of environmental financial accounting in Mexico from the point of view of stakeholder theory: myth or reality?

Continued...
Aspects of
Environmental Environmental
environmental Environmental Environmental/
provisions and expenditure and
Business sector financial activity report v2.1 social report v2.4
liabilities report v2.2 investment report
accounting/ (EAR) (ESR)
(EPLR) v2.3 (EEIR)
companies
FS Grupo Financiero 1 0 1 1
Banorte
Bolsa Mexicana de 1 0 1 1
Valores
GENTERA 1 0 0 1
Banco Santander 1 0 1 1
México, S.A.,
Institución De Banca
Múltiple, Grupo
Financiero Santander
E Infraestructura 1 1 1 1
Energética Nova
HC Genomma Lab 1 0 1 1
Internacional
Totales Si= 29 No=0 Si=8 No=21 Si=27 No=2 Si=20 No=9
TS = Telecommunication services, I = Industrial, M = Materials, CD&S = Consumer discretionary & services CS, = Consumer staples
F = Financial services, E = Energy, HC = Healthcare, EAC = Environmental activity report, EPLR = Environmental provisions and
liabilities report, EEIR = Environmental expenditure and liabilities report, ESB = Environmental/social report, 1 = Identified, 2 = Not
identified
Source: Elaborated by the authors.

335

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021
 Saulo Sinforoso Martínez / Arístides Pelegrin Mesa

Copyrights:
RBGN owns the copyrights of this published content.

Plagiarism analysis
RBGN performs plagiarism analysis on all its articles at the time of submission and after approval of the manuscript using
the iThenticate tool.

Authors:
1. Saulo Sinforoso Martínez, PhD in Administrative Sciences and Management for Development by the University of
Veracruz, Veracruz, Mexico.
E-mail: ssinforoso@uv.mx
2. Arístides Pelegrin Mesa, PhD in Accounting Sciences by the University of Camagüey Ignacio Agramonte y Loynaz,
Camaguey, Cuba.
E-mail: pelegrin65@yahoo.es

Authors’ Contributions
Saulo Sinforoso Martínez: Definition of research problem; Development of hypotheses or research questions (empirical
studies); Development of theoretical propositions (theoretical work); Theoretical foundation/literature review; Analysis and
interpretation of data; Data collection; Statistical analysis; Analysis and interpretation of data; Manuscript writing.
Arístides Pelegrin Mesa: Development of theoretical propositions (theoretical work); Theoretical foundation/literature
review; Critical revision of the manuscript; Statistical analysis; Analysis and interpretation of data; Manuscript writing.

336

R. Bras. Gest. Neg., São Paulo, v.23, n.2, p.318-336, apr./jun. 2021