Divulgations environnementales: quel référentiel pour quelles fins ?

Béatrice Allirol () and Pascal Dumontier ()
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Béatrice Allirol: CRET-LOG - Centre de Recherche sur le Transport et la Logistique - AMU - Aix Marseille Université
Pascal Dumontier: CNRS - Centre National de la Recherche Scientifique, UGA IAE - Université Grenoble Alpes - Institut d'Administration des Entreprises - UGA [2016-2019] - Université Grenoble Alpes [2016-2019], CERAG - Centre d'études et de recherches appliquées à la gestion - UPMF - Université Pierre Mendès France - Grenoble 2 - CNRS - Centre National de la Recherche Scientifique

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Abstract: GRI offers an international reference to firm's stakeholders interested in social and environmental disclosures. However these disclosures target first and foremost investors, especially for listed firms. The environmental disclosure scores of 120 randomly selected European companies help us determine how their disclosures capture environmental information useful to all stakeholders (GRI scores) or to investors only (EFFAS scores). Our results show that GRI scores are to a large extent driven by the firm's exposure to environmental risks. In contrast, EFFAS scores are driven by shareholding dispersion and, therefore, pressures exerted by investors. This suggests that environmental disclosures respond to a logic of environmental legitimacy when investors' pressure is weak. Otherwise they aim to satisfy investors' expectations.

Keywords: words: environmental disclosures; investors; GRI; EFFAS; environmental legitimacy; légitimité environnementale; divulgations environnementales; investisseurs (search for similar items in EconPapers)
Date: 2015-05-19
New Economics Papers: this item is included in nep-env
Note: View the original document on HAL open archive server: https://hal.science/hal-01188541v1
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Published in Comptabilité, Contrôle et Audit des invisibles, de l'informel et de l'imprévisible, May 2015, Toulouse, France. pp.cd-rom

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