Résumés
Résumé
Les informations délivrées par l’entreprise sur les aspects environnementaux de son activité sont-elles prises en compte par les investisseurs ? Cet article vise à montrer que la communication d’informations environnementales provoque une réaction boursière. L’étude porte sur les groupes faisant ou ayant fait partie du CAC 40 de 2008 à 2013. Son originalité est de tester le pouvoir informationnel de la communication environnementale sur la base des 30 items environnementaux du Global Reporting Initiative (GRI), sur une longue période et pour les mêmes entreprises. Les résultats confirment que le contenu environnemental des informations communiquées par l’entreprise est tout aussi valorisé par les investisseurs que les informations financières.
Mots-clés :
- responsabilité sociale des entreprises,
- informations environnementales,
- publication d’informations volontaires,
- Global Reporting Initiative (GRI),
- cours boursiers
Abstract
Is corporate environmental disclosure provided by firms taken into account by investors? The aim of this article is to demonstrate that the release of environmental information leads to a reaction from the stock market. This empirical study focuses on firms listed in the CAC 40 index from 2008 to 2013. This study is original because it tests the informational power of the 30 environmental items of the Global Reporting Initiative (GRI) over a long-term period for an unchanged set of companies. Our results confirm that environmental information disclosed by firms is valued by investors as much as financial information.
Keywords:
- Corporate social responsabilty,
- environmental information,
- volontary disclosure,
- Global Reporting Initiative (GRI),
- stock price
Resumen
¿Las informaciones emitidas por una empresa sobre los aspectos medioambientales de su actividad son tomadas en consideración por los inversores? ¿Los inversores valoran las informaciones emitidas por las empresas sobre los aspectos medioambientales? Este artículo pretende mostrar que la comunicación de informaciones medioambientales provoca una reacción bursátil. El estudio se refiere a las empresas que forman o han formado parte del CAC 40 entre 2008 y 2013. Su originalidad es someter a un testing el poder informativo de la comunicación medioambiental teniendo en cuenta los 30 ítems medioambientales del Global Reporting Initiative (GRI), sobre un largo periodo y para las mismas empresas. Los resultados confirman que los contenidos medioambientales de las informaciones comunicadas por las empresas son igualmente valorados por los inversores que las informaciones financieras.
Palabras clave:
- Responsabilidad social de las empresas,
- informaciones medioambientales,
- publicación de informaciones voluntarias,
- Globales Reporting Iniciativa (GRI),
- cotización en bolsa
Parties annexes
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