LA QUALITÉ DE L'INFORMATION FINANCIÈRE EST-ELLE LIÉE À LA STRUCTURE DU CAPITAL ? LE CAS DES BLUE CHIPS ET SMALL CAPS BELGES

Mélanie Croquet, Laeticia Pozniak and Olivier Colot
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Mélanie Croquet: Centre de recherche Warocqué - Université de Mons-Hainaut

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Abstract: The objective is to identify the quality of the financial communication of the Belgian companies quoted on the NYSE Euronext Brussels through a detailed analysis of their annual report and to identify the link between the shareholder structure of these firms and this quality of financial communication. The quality of this communication is normalized by means of a scoring based on a railing of analysis of contents. This score is regressed on the variables of structure of property associated with variables of control. The results show that the part of capital held by institutional investors, the family character of the firm as well as its size and its level of debts incite firms to produce a good financial information.

Keywords: financial communication; Euronext Brussels; concentration/dilution of the capital; shareholder structure; Structure de propriété; communication financière; Euronext Bruxelles; concentration/dilution du capital (search for similar items in EconPapers)
Date: 2014-05-27
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Published in Mesure, évaluation, notation – les comptabilités de la société du calcul, May 2014, Lille, France. pp.cd-rom

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