Capital humain et comptabilité sociétale : le cas de l'information volontaire des entreprises françaises du SBF120

Approximately, one quarter of SBF120 Index French firms, whose stock are traded on the main French markets, use the « human capital » concept in their social reports or disclosures. The purpose of this research is thus to determine the quality of such reports, and then try to assess motivations and financial impacts of such disclosures. On one hand, results from the study shows that political visibility, sector membership and internal social climate are major explanatory variables of « human capital » disclosures. On the other hand, no correlation is found between « human capital » information and stock performance. Moreover, information disclosed by French companies is poor in quality. Such empirical observations raise questions about how an effective external control can exist, and about the opportunity of future regulations.