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L’impact sur les marchés financiers européens de la diffusion d’alertes sociétales et de leurs évènements déclencheurs

Author

Listed:
  • Pierre Chollet

    (Université de Montpellier, MRM et LABEX Entreprendre)

  • Blaise W. Sandwidi

    (Université Paris-Est, IRG EA 2354)

Abstract

(VF)Cet article étudie l’apport informationnel des alertes sociétales, compte tenu de l’effet de l’annonce des évènements qui les ont déclenchées. Notre analyse des 480 alertes émises par Vigeo de 2004 à 2011 montre que les marchés sur-réagissent à la baisse lors des évènements déclencheurs avant d’opérer une correction à la hausse quand la première alerte pour une entreprise donnée est diffusée. Nous mettons en évidence que plus l’évènement déclencheur est grave plus l’effet positif des alertes sur les rentabilités est important. Enfin, nous observons que les alertes environnementales constituent un cas particulier, leur impact sur les cours étant négatif.(VA)This paper examines the informational contribution of corporate social responsibility alerts, taking into account the announcement effects of their triggering events. Based on a sample of 480 alerts released by Vigeo over the period 2004-2011, we find a negative stock market over-reaction to triggering events and a positive reaction to the first alert for an involved company. Our results show that more the triggering event is serious more the positive effect of alerts on stock returns is strong. Moreover, we observe that environmental alerts are a specific case, as they affect negatively the stock prices.

Suggested Citation

  • Pierre Chollet & Blaise W. Sandwidi, 2016. "L’impact sur les marchés financiers européens de la diffusion d’alertes sociétales et de leurs évènements déclencheurs," Revue Finance Contrôle Stratégie, revues.org, vol. 19(2), pages 59-82, June.
    • Handle: RePEc:dij:revfcs:v:19:y:2016:i:2:p:59-82.
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    More about this item

    Keywords

    alertes sociétales; responsabilité sociale de l’entreprise; performance financière; societal alerts; corporate social responsibility; financial performance.;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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