Valeur de marché et mesures comptables: les entreprises de la nouvelle économie française

Cet article s’intéresse à l’évaluation des entreprises de la nouvelle économie française. Il examine le lien entre leur valeur de marché et les principaux paramètres de mesure de la situation financière décrits dans les états financiers : le résultat, les flux de trésorerie et les capitaux propres. Les exercices 2000-2002 servent de cadre temporel à l’analyse. Cette recherche s’inscrit dans la lignée des études visant à montrer la pertinence des mesures comptables et l’utilité de l’information financière pour expliquer les valorisations boursières des sociétés. La méthodologie utilisée est celle des études d’association. Les résultats testés à l’aide de trois modèles montrent l’intérêt du résultat de l’exercice et du résultat opérationnel dans l’explication des valeurs de marché des entreprises.This paper provides further evidence on the financial valuation of French start-ups over the period 2000-2002. Using association studies, relevant indicators such as net income versus cash flows are used to explain market value and as proxies of growth opportunities. Results show the relevance of accounting models and figures, particularly the ability of net income and operating income to convey useful information for financial analysts in different business settings. These findings from three models show the importance of fundamental analysis when data are available

Comparaison de trois méthodologies ESG : les bases de données extra-financières fournissent-elles la même information ?

L’objet de la recherche est d’étudier la convergence des notes ESG de trois organismes de notation extra-financière. Dans un contexte de tétranormalisation (Savall et Zardet, 2005), la validité et la conformité des ratings ESG, compte tenu des missions confiées aux agences, sont peu étudiées (Chatterji et al., 2016). L’étude porte sur un échantillon de 247 sociétés cotées européennes et 65 anglo-saxonnes lors des années 2009-2012. Elle évalue les différences d’approche des trois organismes. La méthodologie utilisée est l’analyse en composantes principales qui établit les corrélations entre les scores puis la régression longitudinale qui identifie les facteurs de différenciation observés.The aim of the research is to study the convergence of the ESG ratings of three non-financial rating organizations. In the context of tetrastandardization (Savall and Zardet, 2005), the validity and conformity of ESG ratings, given the missions entrusted to the agencies, are poorly studied (Chatterji et al., 2016). The study is based on a sample of 247 listed European companies and 65 Anglo-Saxons in the years 2009-2012. It assesses the differences in approach of the three organizations. The methodology used is the principal component analysis which establishes the correlations between the scores and then the longitudinal regression which identifies the differentiation factors observed

Capital intellectuel, gouvernance et facteurs institutionnels

Cet article montre le rôle joué par la gouvernance dans l’évaluation et à la mesure du capital intellectuel et de ses composantes par les analystes d’un fonds d’investissement spécialisé dans l’investissement socialement responsable ainsi que l’influence du milieu socio-économique et institutionnel dans lequel les entreprises s’insèrent. Les données examinées concernent les années 2010 à 2012 pour un échantillon de 289 sociétés cotées européennes pour la plupart de capitalisation moyenne extrait d’une population mère de plus de mille entreprises suivie par ce fonds privé

Do the ESG scores help to select the most successful companies?

Financial performance, the main purpose for the investors, is easily measured by financial reporting. On the other hand, its numerous causes, for example the combination of the knowledge and the acts of the employees of the company, remain anonymous and are not reported. This article uses the ESG scores measured by financial analysts and portfolio managers of a French SRI fund to assess the respective influences of environmental, social, governance activities in order to select the most successful companies. For that, these scores are combined with a set of financial indicators of 143 European listed companies, collected from the database of the SRI Fund. The Companies are followed over a period of 5 years. Governance scores are significant but not those related to the environment and social activities. In order to explain the discriminant power of governance, its scores are broken down into sub-scores. The tests are significant for financial communication: the reliability of published information, the transparency, quality and stability of the management team as well as for organizational characteristics such as the separation of tasks and the quality of internal control. The results confirm the classification of companies in the two chosen categories which differ in their level of financial performance. The results suggest that governance activities are highly valued by financial analysts. This should encourage business leaders and their teams to put in place an effective governance policy. The argument is equally strong for practitioners, especially portfolio managers, who should not underestimate governance issues in their search of the most successful companies

To what extent are the underlying concepts of integrated reporting applicable for hi-tech knowledge-based organizations?

Purpose The purpose of this study is to examine the proper structure for the integrated reporting of hi-tech knowledge-based organizations (KBOs); in particular, the authors evaluate the appropriateness of the concept and elements of integrated reporting for hi-tech KBOs. Design/methodology/approach The study uses an exploratory sequential mixed-method approach, including an initial qualitative case study, then an instrument development phase (Delphi), and finally, a quantitative survey. Findings The resulting analysis concluded that hi-tech KBOs have the potential to prepare a simplified, integrated report. The organization overview, governance, business model, strategies and resource allocation, performance, opportunities and risks are the content elements relevant to be included in the hi-tech KBOs annual report. However, the organization’s future outlook is not confirmed to be included. Due to liability and competitive concerns, organizations do not provide targets, forecasts, projections or even scenarios. Research limitations/implications Focus on a single country and a small sample of interviewees participated. Practical implications This paper concludes that the existing integrated reporting framework is useful for different types of organizations, but with some modifications. In addition, it analyzes how directors of Iranian hi-tech KBOs perceive and value content elements of integrated reporting. Social implications This paper suggests that the fulfillment of corporate transparency for Iranian hi-tech KBOs can be achieved by the policymaker’s support on integrated reporting. Originality/value Iran is swiftly moving toward a knowledge-based economy, and hi-tech KBOs will become the powerhouse of the economy. It is important to understand how managers of Iranian hi-tech KBOs perceive and value integrated reporting. The previous practical studies are not focused on Iranian firms and the impacts of integrated reporting on hi-tech KBOs and its implementation and effectiveness had not been studied before

The Value Relevance of Accounting Numbers in Presence of the Equity Method Before and After IFRS 11: Evidence from France

This article studies the effects of IFRS 11 on the value relevance of accounting numbers (VRAN) in France. In 2014, IFRS 11 made the equity method (EM) mandatory to account for joint ventures (JVs) and disallowed proportionate consolidation, the method previously preferred by French groups. Panel method regressions are used to examine the evolution of value relevance in listed groups’ financial statements over a long period (2007–2020). Generalization of the EM reallocates the VRAN, and post-IFRS 11 EM-related numbers are significantly and negatively linked to market value, raising questions about their faithfulness. These results concern all groups using the EM, whatever method they previously used for JVs. This study also looks at the standard-setters’ proposed integral/non-integral classification of net income from JVs and associates, which is found to be non-value relevant. These results have implications at standard-setting level for improving the quality of financial reporting, and for investors. © 2023 European Accounting Association