The effects of environmental announcements on french stock prices

L’impact boursier des annonces environnementales

Béatrice Bellini () and Eric Delattre ()
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Eric Delattre: Université de Lille, DMSP - Dauphine marketing, stratégie, prospective - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres

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Abstract: Environmental informations seems to have an increasing place in quoted firms' communication strategy. The objective of this paper is to complete existing researches about the impact of environmental information on share prices. First, we underline the theoretical basis that can explain the creation or destruction of market share value when environmental information is published. Results, mainly coming from North American experiences, will be analyzed regarding French position. The influence of some variables will be tested then. An event study has been realized on 114 environmental announcements concerning the bigger firms quoted in Euronext Paris. As the major results observed in foreign markets, pollutions, environmental incidents or lawsuits announcements lead to a 0.70% significant negative impact. This impact seems to be more negative for the more well-known firms. Concerning other environmental announcements, only communication advertisements (and specially for partnerships) lead to a 0.40% positive impact on share rates. This result can be opposed to those obtained in the North American case.

Keywords: environmental informations; financial markets; event study; value creation; signaling theory; sustainable development; informations environnementales; marchés financiers; étude d’événement; création de valeur; théorie des signaux; développement durable (search for similar items in EconPapers)
Date: 2007-05
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Published in Revue management & avenir, 2007, 12

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04104872

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