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Impact of GHG Reporting Quality on Investors’ Valuations in a Regulatory Context: The Case of SBF 120 Companies
[Impact de la Qualité de la Communication GES sur la Valorisation des Investisseurs dans un Contexte Réglementaire : le Cas des Entreprises du SBF 120]

Author

Listed:
  • Emmanuelle Fromont

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • Thi Le Hoa Vo

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

  • Gulliver Lux

    (CINBIOSE - UQUAM - UQAM - Université du Québec à Montréal = University of Québec in Montréal, UQAM - Université du Québec à Montréal = University of Québec in Montréal, ESG - Ecole des Sciences de la Gestion - UQAM - Université du Québec à Montréal = University of Québec in Montréal)

Abstract

This article studies the impact of the quality of mandatory corporate reporting of greenhouse gas (GHG) emissions on investors' valuations in a context of increasing legislative constraints and stakeholders' growing information requirements. Using a GHG reporting score estimated from disclosures provided by French companies listed on the SBF 120 from 2016 to 2019, we show that the quality of mandatory GHG reporting improved over the study period despite lack of enforcement measures and appears to be higher among firms in polluting sectors. Our results also suggest that while financial markets are sensitive to the quality of GHG information required under French legislation, they tend to calibrate their valuations of this extra-financial information to the type of sector in which firm operates.

Suggested Citation

  • Emmanuelle Fromont & Thi Le Hoa Vo & Gulliver Lux, 2022. "Impact of GHG Reporting Quality on Investors’ Valuations in a Regulatory Context: The Case of SBF 120 Companies [Impact de la Qualité de la Communication GES sur la Valorisation des Investisseurs d," Post-Print hal-03546382, HAL.
    • Handle: RePEc:hal:journl:hal-03546382
    DOI: 10.3917/cca.281.0133
    Note: View the original document on HAL open archive server: https://hal.science/hal-03546382
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    Cited by:

    1. Ouidad Yousfi & Nadia Loukil, 2024. "Environmental laws in France: What are the effects of the Grenelle laws on firms?," European Journal of Law and Economics, Springer, vol. 57(3), pages 347-389, June.
    2. Hafiz Muhammad Arslan & Ye Chengang & Bilal & Muhammad Siddique & Yusra Yahya, 2022. "Influence of Senior Executives Characteristics on Corporate Environmental Disclosures: A Bibliometric Analysis," JRFM, MDPI, vol. 15(3), pages 1-21, March.
    3. Gulliver Lux & Emmanuelle Fromont & Thi Le Hoa Vo, 2023. "Green business: Growth or degrowth to meet IPCC targets? Discussion of an assessment tool: IPCC CAPRO change target," Post-Print hal-04188747, HAL.

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