Information environnementale : Utilité pour l'investisseur et Impact de la réglementation

Abstract : Using disclosure scores to assess the level of environmental information provided by 121 randomly selected European listed companies, this research has two major goals. First, it examines whether environmental information is useful to investors. Second, it analyzes whether it is worth regulating environmental disclosures. Results reveal that the usefulness of environmental disclosures for investors is not uniform. It varies among firms, increasing with (i) exposure to environmental risks; (ii) ownership dispersion; (iii) the level of financial opacity. Furthermore, results also reveal that regulation has a direct and induced favorable impact on corporate environmental disclosure. After controlling for the usual determinants of environmental disclosures, we show that firms subject to a law that regulates environmental reporting disclose more than those domiciled in countries that have developed guidelines only. Finally, in a context where environmental information is mainly voluntary, we show that firms reserve their environmental communication for their preferred stakeholders.
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Contributor : Béatrice Boyer-Allirol <>
Submitted on : Thursday, January 7, 2016 - 4:01:08 PM
Last modification on : Monday, October 16, 2017 - 9:24:02 AM
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  • HAL Id : tel-01252501, version 1



Béatrice Boyer-Allirol. Information environnementale : Utilité pour l'investisseur et Impact de la réglementation. Gestion et management. Aix-Marseille Université; Cret-log EA 881, 2015. Français. ⟨tel-01252501⟩



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