106 research outputs found
Regulating the financial analysis industry : Is the European Directive effective ?
In the recent years, the US and the EC have witnessed the adoption of new regulations focused on financial analysts. This study investigates whether the European regulations, known as the Market Abuse Directive (MAD) changed the distribution of recommendations and increased their credibility...financial analysts ; conflicts of interest ; recommendations ; Market Abuse Directive; European Union
Divulgations environnementales : quel référentiel pour quelles fins ?
International audienceGRI offers an international reference to firmâs stakeholders interested in social and environmental disclosures. However these disclosures target first and foremost investors, especially for listed firms. The environmental disclosure scores of 120 randomly selected European companies help us determine how their disclosures capture environmental information useful to all stakeholders (GRI scores) or to investors only (EFFAS scores). Our results show that GRI scores are to a large extent driven by the firmâs exposure to environmental risks. In contrast, EFFAS scores are driven by shareholding dispersion and, therefore, pressures exerted by investors. This suggests that environmental disclosures respond to a logic of environmental legitimacy when investorsâ pressure is weak. Otherwise they aim to satisfy investorsâ expectations.RĂ©fĂ©rence internationale en matiĂšre de reporting extra financier le GRI sâadresse Ă tous les partenaires de lâentreprise. Les investisseurs sont toutefois les destinataires privilĂ©giĂ©s du reporting environnemental, surtout si lâentreprise est cotĂ©e. Les scores de divulgation environnementale de 120 entreprises europĂ©ennes nous permettent de dĂ©terminer comment les entreprises cotĂ©es rĂ©pondent aux prescriptions du GRI qui reflĂštent les attentes de lâensemble des parties prenantes de lâentreprise et Ă celles de lâEFFAS qui reflĂštent les attentes des seuls investisseurs. Nos rĂ©sultats montrent que les dĂ©terminants des scores de divulgation GRI diffĂ©rent des dĂ©terminants des scores EFFAS au sens oĂč seuls les scores GRI sont sensibles Ă lâexposition environnementale de lâentreprise. Les scores EFFAS dĂ©pendent quant Ă eux de la pression des investisseurs. Il apparaĂźt donc que les divulgations environnementales rĂ©pondent Ă une logique de lĂ©gitimitĂ© environnementale lorsque la pression des investisseurs est faible. Elles visent prioritairement Ă satisfaire les investisseurs dans le cas contraire
Qui a le plus profitĂ© de lâadoption des IFRS en France ?
CAHIER DE RECHERCHE n°2014-05 E2Les Ă©tudes des effets de lâadoption obligatoires des IFRS sont nombreuses. Elles ne montrent pastoutes une amĂ©lioration significative de la qualitĂ© de lâinformation comptable. En revanche, ellessâaccordent Ă reconnaĂźtre les bienfaits de cette adoption pour les investisseurs (meilleure liquiditĂ©des titres et rĂ©duction de lâasymĂ©trie informationnelle) et pour les entreprises (rĂ©duction du coĂ»t deleur capital). Les effets mis en Ă©vidence par ces Ă©tudes ne sont toutefois que des effets moyens,aucune Ă©tude nâayant considĂ©rĂ© les caractĂ©ristiques de lâentreprise. LâĂ©tude que nous proposons viseĂ combler cette lacune. Elle montre que toutes les entreprises nâont pas identiquement bĂ©nĂ©ficiĂ© delâadoption des IFRS. Se focalisant sur lâasymĂ©trie dâinformation qui caractĂ©rise lâentreprise, variableclĂ© puisque les IFRS visent Ă accroĂźtre la transparence des firmes et par consĂ©quent rĂ©duire leurdĂ©ficit informationnel, lâĂ©tude montre que les entreprises qui ont bĂ©nĂ©ficiĂ© des IFRS sont celles quidivulguent le plus sur une base volontaire et celles qui sont le plus activement suivies par lesanalystes financiers. Les firmes peu suivies et celles qui divulguent peu ont Ă©tĂ© pĂ©nalisĂ©es parlâadoption des nouvelles normes. Les entreprises prĂ©sentant les actifs et les activitĂ©s les pluscomplexes, et donc les plus difficiles Ă dĂ©crire au moyen de lâinformation comptable, ont Ă©galementtirĂ© avantage de lâadoption des IFRS. Enfin, les entreprises qui souffraient du plus fort dĂ©ficitinformationnel ont vu ce dĂ©ficit sâaccroĂźtre suite Ă cette adoption. En revanche, et paradoxalement,les entreprises qui avaient le moins Ă gagner de lâadoption des IFRS du fait dâun faible dĂ©ficitinformationnel ont vu ce dĂ©ficit se rĂ©duire un peu plus
Qui a le plus profitĂ© de lâadoption des IFRS en France ?
CAHIER DE RECHERCHE n°2014-05 E2Les Ă©tudes des effets de lâadoption obligatoires des IFRS sont nombreuses. Elles ne montrent pastoutes une amĂ©lioration significative de la qualitĂ© de lâinformation comptable. En revanche, ellessâaccordent Ă reconnaĂźtre les bienfaits de cette adoption pour les investisseurs (meilleure liquiditĂ©des titres et rĂ©duction de lâasymĂ©trie informationnelle) et pour les entreprises (rĂ©duction du coĂ»t deleur capital). Les effets mis en Ă©vidence par ces Ă©tudes ne sont toutefois que des effets moyens,aucune Ă©tude nâayant considĂ©rĂ© les caractĂ©ristiques de lâentreprise. LâĂ©tude que nous proposons viseĂ combler cette lacune. Elle montre que toutes les entreprises nâont pas identiquement bĂ©nĂ©ficiĂ© delâadoption des IFRS. Se focalisant sur lâasymĂ©trie dâinformation qui caractĂ©rise lâentreprise, variableclĂ© puisque les IFRS visent Ă accroĂźtre la transparence des firmes et par consĂ©quent rĂ©duire leurdĂ©ficit informationnel, lâĂ©tude montre que les entreprises qui ont bĂ©nĂ©ficiĂ© des IFRS sont celles quidivulguent le plus sur une base volontaire et celles qui sont le plus activement suivies par lesanalystes financiers. Les firmes peu suivies et celles qui divulguent peu ont Ă©tĂ© pĂ©nalisĂ©es parlâadoption des nouvelles normes. Les entreprises prĂ©sentant les actifs et les activitĂ©s les pluscomplexes, et donc les plus difficiles Ă dĂ©crire au moyen de lâinformation comptable, ont Ă©galementtirĂ© avantage de lâadoption des IFRS. Enfin, les entreprises qui souffraient du plus fort dĂ©ficitinformationnel ont vu ce dĂ©ficit sâaccroĂźtre suite Ă cette adoption. En revanche, et paradoxalement,les entreprises qui avaient le moins Ă gagner de lâadoption des IFRS du fait dâun faible dĂ©ficitinformationnel ont vu ce dĂ©ficit se rĂ©duire un peu plus
Mandatory environmental disclosures by companies complying with IAS/IFRS: The case of France, Germany and the UK
This study investigates whether the adoption of a single set of accounting standards, such as IFRS, guarantees harmonization of accounting practices within a country and across countries, or whether differences in reporting practices persist because of dissimilarities in reporting habits and institutional settings. To this end, we investigate whether the level of environmental disclosure under IFRS is related to the size of the reporting firm, which has been shown to be a major determinant of voluntary environmental information, and the strength of legal and regulatory constraints on environmental disclosures in the country where the firm is domiciled. Results indicate that environmental disclosures imposed by IFRS increase with firm size, just like voluntary environmental disclosures. This suggests that application of IFRS is affected by the reporting practices that prevailed prior to IFRS adoption. Results also indicate that firms domiciled in countries with constraining environmental disclosure regulations (i.e. France and the UK) report more on environmental issues than do firms domiciled in countries with weakly constraining regulations (i.e. Germany). This suggests that national regulations strongly impact IFRS reporting. Taken as a whole, our results support the view that IFRS are not applied consistently across firms or across countries, notably because of persistence of reporting traditions and discrepancies in national legal requirements
Mandatory environmental disclosures by companies complying with IAS/IFRS: The case of France, Germany and the UK
This study investigates whether the adoption of a single set of accounting standards, such as IFRS, guarantees harmonization of accounting practices within a country and across countries, or whether differences in reporting practices persist because of dissimilarities in reporting habits and institutional settings. To this end, we investigate whether the level of environmental disclosure under IFRS is related to the size of the reporting firm, which has been shown to be a major determinant of voluntary environmental information, and the strength of legal and regulatory constraints on environmental disclosures in the country where the firm is domiciled. Results indicate that environmental disclosures imposed by IFRS increase with firm size, just like voluntary environmental disclosures. This suggests that application of IFRS is affected by the reporting practices that prevailed prior to IFRS adoption. Results also indicate that firms domiciled in countries with constraining environmental disclosure regulations (i.e. France and the UK) report more on environmental issues than do firms domiciled in countries with weakly constraining regulations (i.e. Germany). This suggests that national regulations strongly impact IFRS reporting. Taken as a whole, our results support the view that IFRS are not applied consistently across firms or across countries, notably because of persistence of reporting traditions and discrepancies in national legal requirements.environmental disclosure; environmental accounting regulations; International Accounting Standards/International Financial Reporting Standards (IAS/IFRS); France; Germany; UK.
Mandatory environmental disclosures by companies complying with IAS/IFRS: The case of France, Germany and the UK
This study investigates whether the adoption of a single set of accounting standards, such as IFRS, guarantees harmonization of accounting practices within a country and across countries, or whether differences in reporting practices persist because of dissimilarities in reporting habits and institutional settings. To this end, we investigate whether the level of environmental disclosure under IFRS is related to the size of the reporting firm, which has been shown to be a major determinant of voluntary environmental information, and the strength of legal and regulatory constraints on environmental disclosures in the country where the firm is domiciled. Results indicate that environmental disclosures imposed by IFRS increase with firm size, just like voluntary environmental disclosures. This suggests that application of IFRS is affected by the reporting practices that prevailed prior to IFRS adoption. Results also indicate that firms domiciled in countries with constraining environmental disclosure regulations (i.e. France and the UK) report more on environmental issues than do firms domiciled in countries with weakly constraining regulations (i.e. Germany). This suggests that national regulations strongly impact IFRS reporting. Taken as a whole, our results support the view that IFRS are not applied consistently across firms or across countries, notably because of persistence of reporting traditions and discrepancies in national legal requirements.environmental disclosure; environmental accounting;environmental regulation; IAS/IFRS
IFRS consequences on accounting conservation within Europe
We investigate the effects of mandatory IRS adoption in th EU on accounting conversation, an essential feature of earning quality, and the way large audit firms(big 4) interact with it.IFRS; consequences on accounting; conservation within Europe
La prise de risque dans l'espace routier chez le préadolescent (implication de l'identité sexuée, la recherche de sensations, l'estime de soi, l'attachement aux parents et la supervision parentale)
La prĂ©sente Ă©tude s interroge sur les rapports entre la prise de risque et diffĂ©rentes variables individuelles et sociales l identitĂ© sexuĂ©e, la recherche de sensations, l estime de soi, l attachement aux parents et la supervision parentale chez jeunes adolescents piĂ©tons ĂągĂ©s de 9 Ă 14 ans. Afin d obtenir les donnĂ©es, 948 participants scolarisĂ©s de la classe de CM1 Ă celle 3Ăšme ont rĂ©pondu Ă un questionnaire. Les rĂ©sultats nous ont permis de confirmer que d une part les garçons prennent plus de risques que les filles et d autre part, que plus l enfant est ĂągĂ© plus il prend des risques dans l espace routier. Les rĂ©sultats confirment Ă©galement l existence de liens entre l identitĂ© sexuĂ©e, la recherche de sensations, l attachement aux parents, la supervision parentale et la prise de risque piĂ©ton. Par contre, l estime de soi n est pas corrĂ©lĂ©e Ă la prise de risque piĂ©ton. Des analyses de rĂ©gression linĂ©aires nous ont permis de montrer que la recherche de sensations s explique par non seulement un besoin biologique ou physiologique de sensations mais aussi par un besoin de correspondre Ă des rĂŽles sociaux, Ă la norme. La recherche de sensations c est en grande partie quelque chose qui vise Ă satisfaire un besoin identitaire, rĂŽles de sociaux auxquels on est tenu d adhĂ©rer. Le modĂšle de Baron et Kenny (1986) nous a permis de vĂ©rifier que la supervision parentale agit bien comme variable mĂ©diatrice entre l attachement des parents et la prise de risque piĂ©ton. Ainsi nous proposons un modĂšle plus complexe du MIO (modĂšle interne opĂ©rant) de Greenberg (1987). En effet, la supervision fait partie de l attachement ; c'est-Ă -dire qu en plus des dimensions communication/confiance et aliĂ©nation, on ajoute la dimension de supervision. Le sentiment d ĂȘtre bien supervisĂ© par les parents explique la mise en danger de soi en plus de l attachement confiant.In the present study, we investigate the relationships between risk-taking and different individual and social variables gender-role identity, sensations-seeking, self-esteem partial-attachment and parental-supervision in young adolescent pedestrians (9 to 14 years old). In order to obtain valuable data, 948 pupils from CM1 to 3rd had to answer a set of questions. The results have confirmed that, on the one hand, boys take more risks than girls, and on the other hand, the more the child is old, the more he takes risks in the road-space. The results confirm, also, the association of the variables gender-role identity, sensations-seeking, parental attachment and parental supervision with the pedestrian risk-taking. On the other hand, there is no relationship between self-esteem and pedestrian risk-taking. A series of multiple regression analyses have shown that sensations-seeking cannot be explained only by biological or physiological need of sensations, but also by the need to correspond with the social roles. The Baron and Kenny (1986) model allows to verify that the parental-supervision does act as a mediating variable between parental-attachment and pedestrian risk-taking. So, we propose a more complex model of the MIO (construct of working models ) of Greenberg (1987). Supervision is one of the dimensions of the attachment that is to say that, in addition to the communication/confidence and alienation dimensions, there is the supervision dimension. The feeling of being well-supervised by the parents, explains the self-endangering in addition to the confident-attachment.NANTERRE-PARIS10-Bib. Ă©lec. (920509901) / SudocSudocFranceF
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