SOME DETERMINANTS OF SOCIAL AND ENVIRONMENTAL DISCLOSURES IN ANNUAL REPORTS BY FRENCH FIRMS
Vol. 8, Nr.3/2009 , p324..351
Author(s):
Salma DAMAK-AYADI
Keywords:
Social and environmental disclosures, voluntary, mandatory, NRE, stakeholder theory
Abstract:
This study develops and empirically tests a model on determinants of social and environmental disclosures (hereafter SED) in annual reports by CAC40 listed companies in France before and after the application of the new law related to social and environmental reporting called “nouvelles régulations économiques” (hereafter NRE) in 2002. First, the related literature is reviewed. Second, variables are defined before presenting the empirical tests. This study hypothesized that SED are correlated with the size, the industry’s reputation, the financial performance, the stakeholders’ salience and the NRE application. The model of total SED tested over the entire sample period shows that hypothesis related to the size, the industry’s reputation, the NRE application and the diffuse stakeholders’ salience are confirmed. Results indicate also, that the level of voluntary SED increases when the company has a bad industry’s reputation and a high diffuse stakeholders’ salience but it decreases if the company is subjected to the social and environmental reporting law. Finally, we conclude that the level of mandatory SED have a positive relationship with the size and the industry’s reputation in the period following the application of the French law.
Download:
http://online-cig.ase.ro/jcig/art/8_3_1.pdf
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