Determinants of voluntary disclosure on shareholder value creation: Case of the SBF120 index firms

Déterminants de la divulgation volontaire sur la création de valeur actionnariale: cas des sociétés du SBF120

Serge Agbodjo
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Serge Agbodjo: UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse, LGCO - Laboratoire Gouvernance et Contrôle Organisationnel - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse

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Abstract: Accounting standard-setters suggest a normative framework to measure value creation. They are opposed to the fact companies try to escape this framework, as they fear confusion and a lack of comparability among users. This paper aims to highlight value creation representation and to identify the determinants of its disclosure. At first, we interview a sample of companies' managers to identify the information disclosed on value creation. Then, a quantitative study examines the determinants of information disclosed on the value creation in the Annual Report of 84SBF120 index firms in 2010. Three disclosure scores are used to consider the presentation, visibility and recurrence disclosures. They are then aggregated into a global score. The results show that performance, leverage, ownership structure, cross-listing and firm's size are determining factors. However, the influence of these variables depends on the dimensions of disclosures.

Keywords: value creation; positive agency theory; resource dependence theory; disclosure scores; création de valeur; théorie positive de l’agence; théorie de la dépendance envers les ressources; scores de divulgation (search for similar items in EconPapers)
Date: 2015-04
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Published in Comptabilité Contrôle Audit / Accounting Auditing Control, 2015, Tome 21 (1), pp.71-103. ⟨10.3917/cca.204.0071⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03999448

DOI: 10.3917/cca.204.0071

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