Étude de la réaction du marché face à l'adoption d'une directive renforçant les obligations de divulgation des performances extrafinancières

Louis Fargier ()
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Louis Fargier: COACTIS - COnception de l'ACTIon en Situation - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet - Saint-Étienne, UJM - Université Jean Monnet - Saint-Étienne

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Abstract: In this study, we examine the market's reaction to four events that we have identified as significantly increasing the likelihood of the adoption of a directive in the European Union strengthening requirements in terms of extra-financial information disclosure. We expect and observe an average negative overall market reaction. We show that investors perceive the costs (direct and indirect) induced by this directive as far outweighing the expected benefits. In addition, we show that, for companies that have already incurred part of the direct costs, the market reaction is less negative. Our research contributes to the literature on investors' perceptions of the regulatory changes surrounding non-financial information, and on investors' expectations of corporate non-financial communication. These results also have empirical utility, given the many current debates on the latest regulatory developments, particularly on the applicability of CSRD. Although we do not provide a direct answer to this question, we are able to highlight the concerns felt by investors regarding the adoption of this directive.

Keywords: non-financial reporting; event study; market reaction; CSRD; reporting extra-financier; étude d'événements; réaction du marché CSRD (search for similar items in EconPapers)
Date: 2024-05-29
New Economics Papers: this item is included in nep-acc and nep-eec
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Published in 45ème Congrès de l'AFC (Association Francophone de Comptabilité), AFC; CREGO, May 2024, Dijon, France

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