Lisibilité des informations non financières des entreprises françaises: impact de l’intégration et conséquences sur le marché financier

Jennifer Boutant Lapeyre, Marc-Antoine Gatignol and Isabelle Martinez

ACCRA, 2022, vol. 28, issue 4, 51-99

Abstract: This article focuses on the determinants and consequences of non-financial information readability. Non-financial information is extracted from 1,531 registration documents published by French SBF 120 companies over the period 2003–2019. Our results confirm that strengthening disclosure obligations leads to more non-financial information being published, without necessarily guaranteeing better readability. They indicate that readability improves with the level of integration of financial and non-financial information within the same document. However, the positive effect of integration on readability is moderated by the quantity of non-financial information disclosed. Finally, the results suggest that readability increases the predictive value of non-financial information, reduces information asymmetry, and is positively associated with an abnormal volume of stock market transactions.

Keywords: readability; integration; non-financial information; quality; CSR reporting (search for similar items in EconPapers)
Date: 2022
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