Environmental Disclosure and the Cost of Equity: The French Case
Déjean, Frédérique; Martinez, Isabelle (2009), Environmental Disclosure and the Cost of Equity: The French Case, Accounting in Europe, 6, 1, p. 57-80. http://dx.doi.org/10.1080/17449480902896403
Type
Article accepté pour publication ou publiéDate
2009Journal name
Accounting in EuropeVolume
6Number
1Publisher
Routledge
Pages
57-80
Publication identifier
Metadata
Show full item recordAbstract (EN)
What is the impact of voluntary corporate environmental disclosures on the cost of equity? The present study will attempt to answer this question. The empirical research is based on companies listed in the French SBF 120 stock market index. In 2006, most of these companies devoted a section of their annual report to environmental actions, yet fewer than 20% of them actually published a separate report dedicated to the issue of sustainable development. Regardless of the selected medium, the environmental topics receiving the most attention in corporate reporting are pollution, natural resources and recycling. The determinants associated with environmental disclosure are: company size, financial leverage, and the number of financial analysts monitoring company stock. This study does not lead to concluding that companies disclosing environmental information necessarily lower the cost of equity.Subjects / Keywords
EQUITY; DISCLOSURE; FINANCIAL management; CORPORATIONS -- Finance; STRATEGIC planning; ECONOMIC development -- Environmental aspectsRelated items
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