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Lisibilité des informations non financières des entreprises françaises : impact de l’intégration et conséquences sur le marché financier

Author

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  • Jennifer Boutant Lapeyre
  • Marc-Antoine Gatignol
  • Isabelle Martinez

Abstract

This article focuses on the determinants and consequences of non-financial information readability. Non-financial information is extracted from 1,531 registration documents published by French SBF 120 companies over the period 2003–2019. Our results confirm that strengthening disclosure obligations leads to more non-financial information being published, without necessarily guaranteeing better readability. They indicate that readability improves with the level of integration of financial and non-financial information within the same document. However, the positive effect of integration on readability is moderated by the quantity of non-financial information disclosed. Finally, the results suggest that readability increases the predictive value of non-financial information, reduces information asymmetry, and is positively associated with an abnormal volume of stock market transactions.

Suggested Citation

  • Jennifer Boutant Lapeyre & Marc-Antoine Gatignol & Isabelle Martinez, 2022. "Lisibilité des informations non financières des entreprises françaises : impact de l’intégration et conséquences sur le marché financier," ACCRA, Association francophone de comptabilité, vol. 28(4), pages 51-99.
    • Handle: RePEc:cai:accafc:cca_284_0051
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