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Communication environnementale et coût des fonds propres : Le cas des entreprises du SBF120

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  • Frédérique Dejean

    (DRM - Dauphine Recherches en Management - CNRS : UMR7088 - Université Paris Dauphine - Paris IX, GREG - CRC - Groupe de recherche en économie et en gestion – Centre de recherche en comptabilité - Conservatoire National des Arts et Métiers (CNAM))

  • Isabelle Martinez

    (LGC - Laboratoire Gestion et Cognition - Université Paul Sabatier - Toulouse III)

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    Abstract

    Quel est l'impact sur le coût des fonds propres des divulgations volontaires d'informations environnementales ? C'est à cette question de recherche que nous tentons ici de répondre. L'étude empirique porte sur un échantillon de 119 entreprises cotées du SBF120. La majorité de ces entreprises consacre en 2006 un chapitre ou une partie au domaine environnemental dans leur rapport annuel tandis que 20% publient un rapport spécifiquement dédié au développement durable. Quel que soit le support choisi, les thèmes environnementaux les plus documentés concernent la pollution, les ressources naturelles et le recyclage. L'étude met en exergue l'absence d'impact de la communication environnementale sur le coût des fonds propres des entreprises émettrices. Une gestion environnementale transparente ne semble donc pas à l'origine d'une baisse du coût des ressources de financement.

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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number halshs-00525815.

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    Date of creation: May 2008
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    Publication status: Published - Presented, LA COMPTABILITE, LE CONTRÔLE ET L'AUDIT ENTRE CHANGEMENT ET STABILITE, 2008, France
    Handle: RePEc:hal:journl:halshs-00525815

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    Keywords: Communication environnementale; divulgation volontaire; coût des fonds propres;

    References

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    1. Aerts, Walter & Cormier, Denis & Magnan, Michel, 2008. "Corporate environmental disclosure, financial markets and the media: An international perspective," Ecological Economics, Elsevier, vol. 64(3), pages 643-659, January.
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    8. Verrecchia, Robert E., 1983. "Discretionary disclosure," Journal of Accounting and Economics, Elsevier, vol. 5(1), pages 179-194, April.
    9. Denis Cormier & Michel Magnan, 2003. "Les Modes De Divulgation D'Informations Environnementales : Une Analyse Intersectorielles," Post-Print halshs-00582749, HAL.
    10. Bruno Oxibar & Frédérique Déjean, 2007. "Corporate social disclosure and legitimation strategy : a longitudinal study of Pechiney," Post-Print halshs-00150591, HAL.
    11. Wiseman, Joanne, 1982. "An evaluation of environmental disclosures made in corporate annual reports," Accounting, Organizations and Society, Elsevier, vol. 7(1), pages 53-63, January.
    12. Shreekant Gupta, 2003. "Do Stock Markets Penalise Environment-Unfriendly Behaviour? Evidence from India," Working papers 116, Centre for Development Economics, Delhi School of Economics.
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