ESG declarations by French stock market companies

Déclarations ESG des entreprises du marché boursier français

Mamadou Ndione
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Mamadou Ndione: CREGO - Centre de Recherche en Gestion des Organisations - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE]

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Abstract: This article focuses on companies on the French stock market, particularly on 70 companies between 2005 and 2018 that integrate environmental, social and governance (ESG) criteria into their investment decisions. Following a principal component analysis which highlights three classes of companies, we note that theymake different efforts in terms of compliance with ESG criteria and that the impact of these criteria on the economic level differs from from one business class to another following a series of regressions. While some companies use ESG criteria for mainlyeconomic reasons, others mainly integrate them to display a strong identity and at the same time increase their intangible capital and even their image. However, the ESG statements of some companies are mixed, because they alternate both good and bad statements. In all cases, ESG criteria have a significant influence on the economic performance of companies.

Keywords: Sustainable development; SRI; ESG criteria; Economic performance; French stock market; Développement durable; ISR; Critères ESG; Performance économique; Marché boursier français (search for similar items in EconPapers)
Date: 2020
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Published in Revue du Contrôle de la Comptabilité et de l’Audit, 2020, 4 (2), pp.815-830. ⟨10.5281/zenodo.374632⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03101953

DOI: 10.5281/zenodo.374632

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