Communication environnementale des entreprises du SBF120: déterminants et conséquences sur le coût du capital actions

Frédérique Déjean and Isabelle Martinez

ACCRA, 2009, vol. 15, issue 1, 55-77

Abstract: What is the impact of corporate environmental disclosure on the cost of capital ? In this research, we try to answer this question. The empirical research is based on companies listed at the SBF 120. In 2006, most of these companies dedicated a part of their annual report to sustainable development while less than 20 % of them disclose a specific report dedicated only to sustainable development. Whatever the support, the environmental themes the most frequently disclosed are pollution, natural resources and recycling. The determinants studied are : size, performance, debt and financial analysts leading the company. We can?t conclude on a decrease of the cost of capital when companies disclose environmental information.

Keywords: environmental disclosure; discretionary disclosure; determinants; cost of capital (search for similar items in EconPapers)
Date: 2009
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