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Extra-Financial Disclosure And The Cost Of Debt Of Big French Companies

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Author Info

  • Ahlem NAJAH

    ()
    (University of Gabes, Gabes, Tunisia)

  • Anis JARBOUI

    ()
    (University of Sfax, Sfax, Tunisia)

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    Abstract

    The literature shows that there is a lack of studies concerning the relationship between corporate social responsibility and cost of debt in the French context. To participate in filling this gap, we present this work seeking to investigate the relationship between non-financial disclosure and the cost of debt of 202 big French companies from 2000 to 2010. Results of the empirical study show that there is no explicit relation between the social reporting and the cost of debt but when adding size and age as control variables, this relation tends to be negative.

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    File URL: http://beman.ase.ro/no34/5.pdf
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    Bibliographic Info

    Article provided by Faculty of Management, Academy of Economic Studies, Bucharest, Romania in its journal Business Excellence and Management.

    Volume (Year): 3 (2013)
    Issue (Month): 4 (December)
    Pages: 57-69

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    Handle: RePEc:rom:bemann:v:3:y:2013:i:4:p:57-69

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    Related research

    Keywords: Corporate social responsibility; Extra-financial divulgation; Cost of debt;

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    References

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    1. Ritter, Jay R, 1991. " The Long-run Performance of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(1), pages 3-27, March.
    2. Merton, Robert C, 1987. " A Simple Model of Capital Market Equilibrium with Incomplete Information," Journal of Finance, American Finance Association, vol. 42(3), pages 483-510, July.
    3. Nikolaev, V. & Lent, L.A.G.M. van, 2005. "The endogeneity bias in the relation between cost-of-debt capital and corporate disclosure policy," Open Access publications from Tilburg University urn:nbn:nl:ui:12-173779, Tilburg University.
    4. Roberts, Robin W., 1992. "Determinants of corporate social responsibility disclosure: An application of stakeholder theory," Accounting, Organizations and Society, Elsevier, vol. 17(6), pages 595-612, August.
    5. Carter, Richard B & Manaster, Steven, 1990. " Initial Public Offerings and Underwriter Reputation," Journal of Finance, American Finance Association, vol. 45(4), pages 1045-67, September.
    6. Valeri Nikolaev & Laurence van Lent, 2005. "The endogeneity bias in the relation between cost-of-debt capital and corporate disclosure policy," European Accounting Review, Taylor & Francis Journals, vol. 14(4), pages 677-724.
    7. Hong, Harrison & Kacperczyk, Marcin, 2009. "The price of sin: The effects of social norms on markets," Journal of Financial Economics, Elsevier, vol. 93(1), pages 15-36, July.
    8. Nikolaev, V. & Lent, L.A.G.M. van, 2005. "The Endogeneity Bias in the Relation Between Cost-of-Debt Capital and Corporate Disclosure Policy," Discussion Paper 2005-67, Tilburg University, Center for Economic Research.
    9. Goss, Allen & Roberts, Gordon S., 2011. "The impact of corporate social responsibility on the cost of bank loans," Journal of Banking & Finance, Elsevier, vol. 35(7), pages 1794-1810, July.
    10. Diamond, Douglas W, 1989. "Reputation Acquisition in Debt Markets," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 828-62, August.
    11. Anderson, Ronald C. & Mansi, Sattar A. & Reeb, David M., 2004. "Board characteristics, accounting report integrity, and the cost of debt," Journal of Accounting and Economics, Elsevier, vol. 37(3), pages 315-342, September.
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