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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Jennifer Boutand-Lapeyre & Marc-Antoine Gatignol & Isabelle Martinez, 2022. "Lisibilité des informations non financières des entreprises françaises : impact de l’intégration et conséquences sur le marché financier," Post-Print hal-03935867, HAL.
    • Handle: RePEc:hal:journl:hal-03935867
    DOI: 10.3917/cca.284.0051
    as

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