De l’utilité de l’information environnementale pour l’investisseur

Béatrice Boyer-Allirol () and Pascal Dumontier
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Béatrice Boyer-Allirol: CRET-LOG - Centre de Recherche sur le Transport et la Logistique - AMU - Aix Marseille Université
Pascal Dumontier: hec - UNIGE - Université de Genève = University of Geneva

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Abstract: The study aims to assess the extent to which environmental disclosures are useful to investors, who are key corporate stakeholders. To measure the quality and magnitude of environmental disclosures we construct a disclosure index based on prior research. The usefulness of environmental information to investors is captured by information asymmetry, proxied here by financial analysts' forecast accuracy. Our results show that forecast accuracy increases with environmental disclosures. However, when making a distinction between hard and soft disclosures, we find that soft disclosures are more effective in mitigating information asymmetry. Additional tests provide evidence that environmental disclosures are especially useful to analysts when the firm is structurally opaque or environmentally sensitive, and when shareholding is widely dispersed.

Keywords: environmental information; investors; information usefulness; information asymmetry; information environnementale; investisseur; utilité de l’information; asymétrie d’information (search for similar items in EconPapers)
Date: 2016-05-19
Note: View the original document on HAL open archive server: https://hal.science/hal-01901192
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Published in Comptabilité et gouvernance, May 2016, Clermont-Ferrand, France. pp.cd-rom

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01901192

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