Lisibilité des informations non financières des entreprises françaises: impact de l’intégration et conséquences sur le marché financier

Jennifer Boutand-Lapeyre, Marc-Antoine Gatignol and Isabelle Martinez
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Jennifer Boutand-Lapeyre: TSM - Toulouse School of Management Research - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique - TSM - Toulouse School of Management - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse
Marc-Antoine Gatignol: TSM - Toulouse School of Management Research - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique - TSM - Toulouse School of Management - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse
Isabelle Martinez: TSM - Toulouse School of Management Research - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique - TSM - Toulouse School of Management - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse

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Abstract: This article focuses on the determinants and consequences of non- financial information readability. Non-financial information is extracted from 1531 registration documents published by French SBF120 compagnies over the period 2003-2019. Our results confirm that reinforcing the disclosure leads to more non-financial information without necessarily guaranteeing better readability. They indicate that readability improves with the level of integration of financial and non-financial information within the same document. However, the positive effect of integration on readability is moderated by the quantity of non-financial information disclosed. Finally, results suggest that readability increases the predictive value of non-financial information, reduces information asymmetry and is associated with an abnormal volume of stock market transactions.

Keywords: Readability; integration; non-financial information; quality; CSR reporting; Lisibilité; intégration; information; non financière; qualité; reporting RSE (search for similar items in EconPapers)
Date: 2022-12
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Published in Comptabilité Contrôle Audit / Accounting Auditing Control, 2022, vol. 28 (n° 4), pp.51-99. ⟨10.3917/cca.284.0051⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03935867

DOI: 10.3917/cca.284.0051

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