Boutant Lapeyre, Jennifer, Gatignol, Marc-Antoine and Martinez, Isabelle (2022) Lisibilité des informations non financières des entreprises françaises : impact de l’intégration et conséquences sur le marché financier. Comptabilité, Contrôle, Audit, vol. 28 (n° 4). pp. 51-99.

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.