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Impact de la Qualité de la Communication GES sur la Valorisation des Investisseurs dans un Contexte Réglementaire : le Cas des Entreprises du SBF 120

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  • Emmanuelle Fromont
  • Thi Le Hoa Vo
  • Gulliver Lux

Abstract

This article studies the impact of the quality of mandatory corporate reporting of greenhouse gas (GHG) emissions on investors’ valuations in a context of increasing legislative constraints and stakeholders’ growing information requirements. Using a GHG reporting score estimated from disclosures provided by French companies listed on the SBF 120 from 2016 to 2019, we show that the quality of mandatory GHG reporting improved over the study period despite lack of enforcement measures and appears to be higher among firms in polluting sectors. Our results also suggest that while financial markets are sensitive to the quality of GHG information required under French legislation, they tend to calibrate their valuations of this extra-financial information to the type of sector in which firm operates.

Suggested Citation

  • Emmanuelle Fromont & Thi Le Hoa Vo & Gulliver Lux, 2022. "Impact de la Qualité de la Communication GES sur la Valorisation des Investisseurs dans un Contexte Réglementaire : le Cas des Entreprises du SBF 120," ACCRA, Association francophone de comptabilité, vol. 28(1), pages 133-162.
    • Handle: RePEc:cai:accafc:cca_281_0133
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    Cited by:

    1. Camille Gaudy & Christophe Godowski & Jonathan Maurice, 2022. "CSR auditing at a crossroads. What the auditors' daily experience teaches us [L'audit RSE à la croisée des chemins. Ce que nous enseigne le vécu quotidien des auditeurs]," Post-Print hal-03842902, HAL.

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