Résumés
Abstract
This paper investigates the moderating role of quality of assurance services, focusing on their scope, level of application, and the choice of a professional auditor as assurance provider. The study also explores the relationship between the issuance of a standalone corporate social responsibility (CSR) report and a firm’s market value (as measured by Tobin’s q). The econometric analysis is based on a matched sample of large French firms listed in the SBF 120 index between 2007 and 2017. The findings indicate that the relationship between the issuance of a standalone CSR report and Tobin’s q is negative but becomes positive when firms use higher-quality assurance services.
Keywords:
- corporate social responsibility (CSR),
- assurance quality,
- firm market value,
- standalone CSR report
Résumé
L’article étudie le rôle modérateur de la qualité des services d’assurance, en référence à l’importance de son champ d’application, à son niveau d’application et à l’usage d’un auditeur externe, sur la relation entre la publication d’un rapport RSE spécifique et la valeur de marché de l’entreprise (évaluée par le q de Tobin). L’analyse économétrique se fonde sur un échantillon de grandes entreprises françaises cotées dans l’indice SBF 120 entre 2007 et 2017. Les résultats concluent que la relation entre la publication d’un rapport RSE spécifique et la performance boursière (mesurée par le q de Tobin) est négative, mais devient positive lorsque les entreprises recourent à des services d’assurance d’un niveau élevé de qualité.
Mots-clés :
- Assurance qualité RSE,
- valeur de marché de l’entreprise,
- rapport RSE spécifique
Resumen
El artículo investiga el papel moderador de la calidad de los servicios de seguro, con referencia a su alcance, nivel de aplicación y uso de un auditor externo, sobre la relación entre la publicación de un informe específico de RSE y el valor de mercado de la empresa (evaluado por la q de Tobin). El análisis econométrico se basa en una muestra de grandes empresas francesas que cotizan en el índice SBF 120 entre 2007 y 2017. Los resultados concluyen que la relación entre la publicación de un informe específico de RSE y los resultados bursátiles (medidos por la q de Tobin) es negativa, pero se vuelve positiva cuando las empresas utilizan servicios de garantía de alto nivel de calidad.
Palabras clave:
- Garantía de calidad de la RSE,
- valor de mercado de la empresa,
- informe específico de RSE
Parties annexes
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