Environmental Disclosure of French Listed Firms: Determinants and Consequences on the Cost of Equity
Type de matériel :
TexteLangue : français Détails de publication : 2009.
Sujet(s) : Ressources en ligne : Abrégé : What is the impact of corporate environmental disclosure on the cost of equity? This is the question dealt with by this paper. The empirical research is based on companies listed on the SBF 120. In 2006, most of these companies dedicated a part of their annual report to sustainable development while less than 20% of them disclose a specific report dedicated only to sustainable development. Irrespective of the support, the most frequently disclosed environmental themes are pollution, natural resources, and recycling. The determinants studied include: size, performance, debt, and financial analysts following the company. The study does not provide enough evidence to conclude that the cost of equity decreases when companies disclose environmental information.
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What is the impact of corporate environmental disclosure on the cost of equity? This is the question dealt with by this paper. The empirical research is based on companies listed on the SBF 120. In 2006, most of these companies dedicated a part of their annual report to sustainable development while less than 20% of them disclose a specific report dedicated only to sustainable development. Irrespective of the support, the most frequently disclosed environmental themes are pollution, natural resources, and recycling. The determinants studied include: size, performance, debt, and financial analysts following the company. The study does not provide enough evidence to conclude that the cost of equity decreases when companies disclose environmental information.
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