Les annonces de notations extra financières véhiculent-elles une information au marché ?

Alexis Cellier, Pierre Chollet and Jean-François Gajewski ()
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Alexis Cellier: IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12
Pierre Chollet: IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12
Jean-François Gajewski: IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc

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Abstract: This paper examines how investors react to announcements of corporate social responsibility. From a sample of corporate social rating announcements by Vigeo on the French stock market during the 2004-2009 period, we find a significantly positive effect on stock returns, which depends on the score value and the field of notation. We observe compensating effects on trading volume: a decrease before the announcement followed by an increase afterwards.

Keywords: notation sociétale; performance sociétale et financière; ISR.; corporate social responsibility rating; social and financial performance; SRI. (search for similar items in EconPapers)
Date: 2011
Note: View the original document on HAL open archive server: https://hal.science/hal-00950507v1
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Citations: View citations in EconPapers (3)

Published in Finance Contrôle Stratégie, 2011, 14 (3), pp.5-38

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00950507

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