Impact de la Qualité de la Communication GES sur la Valorisation des Investisseurs dans un Contexte Réglementaire: le Cas des Entreprises du SBF 120

Emmanuelle Fromont, Thi Le Hoa Vo and Gulliver Lux

ACCRA, 2022, vol. 28, issue 1, 133-162

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.

Keywords: environmental reporting; quality of GHG information; regulation; investors’ valuation; economic sector. (search for similar items in EconPapers)
Date: 2022
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