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Extra-Financial Disclosure And The Cost Of Debt Of Big French Companies

  • Ahlem NAJAH

    ()

    (University of Gabes, Gabes, Tunisia)

  • Anis JARBOUI

    ()

    (University of Sfax, Sfax, Tunisia)

Registered author(s):

    The literature shows that there is a lack of studies concerning the relationship between corporate social responsibility and cost of debt in the French context. To participate in filling this gap, we present this work seeking to investigate the relationship between non-financial disclosure and the cost of debt of 202 big French companies from 2000 to 2010. Results of the empirical study show that there is no explicit relation between the social reporting and the cost of debt but when adding size and age as control variables, this relation tends to be negative.

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    File URL: http://beman.ase.ro/no34/5.pdf
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    Article provided by Faculty of Management, Academy of Economic Studies, Bucharest, Romania in its journal Business Excellence and Management.

    Volume (Year): 3 (2013)
    Issue (Month): 4 (December)
    Pages: 57-69

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    Handle: RePEc:rom:bemann:v:3:y:2013:i:4:p:57-69
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    1. Sanjeev Bhojraj & Partha Sengupta, 2003. "Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors," The Journal of Business, University of Chicago Press, vol. 76(3), pages 455-476, July.
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    4. repec:ner:tilbur:urn:nbn:nl:ui:12-173779 is not listed on IDEAS
    5. Nikolaev, V. & van Lent, L.A.G.M., 2005. "The Endogeneity Bias in the Relation Between Cost-of-Debt Capital and Corporate Disclosure Policy," Discussion Paper 2005-67, Tilburg University, Center for Economic Research.
    6. Roberts, Robin W., 1992. "Determinants of corporate social responsibility disclosure: An application of stakeholder theory," Accounting, Organizations and Society, Elsevier, vol. 17(6), pages 595-612, August.
    7. Douglas W. Diamond, 1998. "Reputation Acquisition in Debt Markets," Levine's Working Paper Archive 602, David K. Levine.
    8. Merton, Robert C., 1987. "A simple model of capital market equilibrium with incomplete information," Working papers 1869-87., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    9. Carter, Richard B & Manaster, Steven, 1990. " Initial Public Offerings and Underwriter Reputation," Journal of Finance, American Finance Association, vol. 45(4), pages 1045-67, September.
    10. repec:dgr:kubcen:200567 is not listed on IDEAS
    11. Nikolaev, V. & van Lent, L.A.G.M., 2005. "The endogeneity bias in the relation between cost-of-debt capital and corporate disclosure policy," Other publications TiSEM 04869b30-e8a9-4ecf-84ae-6, School of Economics and Management.
    12. Goss, Allen & Roberts, Gordon S., 2011. "The impact of corporate social responsibility on the cost of bank loans," Journal of Banking & Finance, Elsevier, vol. 35(7), pages 1794-1810, July.
    13. Hong, Harrison & Kacperczyk, Marcin, 2009. "The price of sin: The effects of social norms on markets," Journal of Financial Economics, Elsevier, vol. 93(1), pages 15-36, July.
    14. Valeri Nikolaev & Laurence van Lent, 2005. "The endogeneity bias in the relation between cost-of-debt capital and corporate disclosure policy," European Accounting Review, Taylor & Francis Journals, vol. 14(4), pages 677-724.
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