Environmental Disclosure in the Reference Document: What the Impact on Stock Prices? A Longitudinal Survey on the CAC 40 Index (2008-2013)
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.