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Economic consequences of adopting English for annual reports

  • Thomas Jeanjean

    ()

    (Accounting / Management Control Department - ESSEC Business School)

  • Hervé Stolowy

    ()

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - GROUPE HEC - CNRS : UMR2959)

  • Michael Erkens

    ()

    (Computation Institute [Chicago] - University of Chicago)

Nous examinons les conséquences économiques de l'utilisation de l'anglais dans le rapport annuel de sociétés de pays non-anglophones. Nous utilisons un échantillon de 113 sociétés qui commencent à publier un rapport annuel en anglais en plus d'un rapport annuel dans leur langue locale au cours de la période 2004-2007, tout en : (1) n'étant pas cotées dans à l'étranger, (2) n'ayant pas été intégrées dans un indice boursier important ou dans un indice qui exige une communication en anglais et (3) n'ayant pas été parties prenantes à une opération de fusion-acquisition. Pour contrôler le phénomène d'endogénéité, nous mettons en œuvre une procédure de "différence dans les différence "s et d'appariement " par score de propension ". Nous montrons que l'asymétrie d'information est réduite, le suivi des analystes augmente et le nombre d'investisseurs étrangers est accru. Ceci suggère que la langue est un attribut de la visibilité de la firme.

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Date of creation: 2012
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Publication status: Published - Presented, Comptabilités et innovation, 2012, Grenoble, France
Handle: RePEc:hal:journl:hal-00690931
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