Title: Market reaction to social disclosures produced outside the firm: the French evidence

Authors: Salma Damak-Ayadi

Addresses: Department of Accounting, Higher Business Studies Institute at Carthage (IHEC), Carthage Presidence, 2016, Tunisia

Abstract: Over recent years, many countries have introduced new regulations for social and environmental reporting practices. External organisations have been active in producing information evaluating social and environmental disclosures published in annual reports. This study investigates the market reaction to Alpha-Etudes reports, which assess the quality and the conformity of social information in annual reports to new economic regulation. The sample includes listed companies in the CAC40 index. The results show that companies have a significant market reaction, after the media communication about the reports. Additional analysis indicates that observed price movements are marginally correlated with firms| classification produced in the Alpha-Etudes reports.

Keywords: social disclosure; market reaction; new economic regulation; NER; listed firms; France; annual reports.

DOI: 10.1504/IJAAPE.2011.040834

International Journal of Accounting, Auditing and Performance Evaluation, 2011 Vol.7 No.3, pp.200 - 218

Available online: 26 Jun 2011 *

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