Impact of GHG Reporting Quality on Investors’ Valuations in a Regulatory Context: The Case of SBF 120 Companies

Impact de la Qualité de la Communication GES sur la Valorisation des Investisseurs dans un Contexte Réglementaire: le Cas des Entreprises du SBF 120

Emmanuelle Fromont (), Thi Le Hoa Vo () and Gulliver Lux ()
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Emmanuelle Fromont: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Thi Le Hoa Vo: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Gulliver Lux: CINBIOSE - UQUAM - UQAM - Université du Québec à Montréal = University of Québec in Montréal, UQAM - Université du Québec à Montréal = University of Québec in Montréal, ESG - Ecole des Sciences de la Gestion - UQAM - Université du Québec à Montréal = University of Québec in Montréal

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Abstract: This article studies the impact of the quality of mandatory corporate reporting of greenhouse gas (GHG) emissions on investors' valuations in a context of increasing legislative constraints and stakeholders' growing information requirements. Using a GHG reporting score estimated from disclosures provided by French companies listed on the SBF 120 from 2016 to 2019, we show that the quality of mandatory GHG reporting improved over the study period despite lack of enforcement measures and appears to be higher among firms in polluting sectors. Our results also suggest that while financial markets are sensitive to the quality of GHG information required under French legislation, they tend to calibrate their valuations of this extra-financial information to the type of sector in which firm operates.

Keywords: Environmental reporting; quality of GHG information; regulation; investors’ valuations; sector; Reporting environnemental; qualité de l’information GES; réglementation; valorisation des investisseurs; secteur d’activité (search for similar items in EconPapers)
Date: 2022-01-13
New Economics Papers: this item is included in nep-acc, nep-ene and nep-env
Note: View the original document on HAL open archive server: https://hal.science/hal-03546382
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Citations: View citations in EconPapers (3)

Published in Comptabilité Contrôle Audit / Accounting Auditing Control, 2022, 28 (1), pp.133-162. ⟨10.3917/cca.281.0133⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03546382

DOI: 10.3917/cca.281.0133

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