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| Author: | Dejean, F. Martinez, I. |
| Title: | Environmental disclosure and the cost of equity: The French case |
| Journal: | Accounting in Europe
2009 : VOL. 6:1-2, p. 57-80 |
| Index terms: | environmental accounting reporting information disclosure costs equities companies France |
| Language: | eng |
| Abstract: | This paper's research question is "What is the impact of voluntary corporate environmental (henceforth as: env-al.) disclosures (as: dscs.) on the cost of equity?" In order to answer, the study 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 env-al. actions. However, fewer than 20 percent of them actually published a separate report as to the sustainable development issue. Regardless of the selected medium, the env-al. topics with the most attention in corporate reporting are natural resources, pollution, and recycling. The determinants linked with env-al. dscs. are: company size, financial leverage, and financial analyst amount monitoring company stock. To conclude, companies disclosing env-al. information do not necessarily lower the cost of equity. |
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