Market reaction to social disclosures produced outside the firm: the French evidence
Over recent years, many countries have introduced new regulations for social and environmental reporting practices. External organisations have been active in producing information evaluating social and environmental disclosures published in annual reports. This study investigates the market reaction to Alpha-Etudes reports, which assess the quality and the conformity of social information in annual reports to new economic regulation. The sample includes listed companies in the CAC40 index. The results show that companies have a significant market reaction, after the media communication about the reports. Additional analysis indicates that observed price movements are marginally correlated with firms' classification produced in the Alpha-Etudes reports.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 7 (2011)
Issue (Month): 3 ()
|Contact details of provider:|| Web page: http://www.inderscience.com/browse/index.php?journalID=41|
When requesting a correction, please mention this item's handle: RePEc:ids:ijaape:v:7:y:2011:i:3:p:200-218. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Graham Langley)
If references are entirely missing, you can add them using this form.