Abstract
The aim of this paper is to analyze the effects of Grenelle I and Grenelle II laws on financial performance, social performance, and risk-taking in France. The study is focussed on SBF120 (The SBF120 index consists of the 120 largest capitalizations listed on the French Stock Exchange market (SBF: Société des Bourses Françaises)) firms between 2005 and 2016. It provides the following results: first, it shows that after the introduction of the Grenelle I and II laws, financial performance decreased while corporate risk increased, particularly in low polluting industries. One explanation for this is that Grenelle laws are based on the comply or explain principle which may lead to adaptative and interpretative disclosure strategies. In addition, environmental regulations may involve high costs of compliance. In the short-term, environmental disclosure regulations do not drive businesses to improve their social performance: they have not been able to undertake socially and environmentally responsible projects based on good governance practices. Using the Environmental Policy Stringency EPS index to measure the stringency of environmental policy, we show that international binding laws such as the Paris Agreement, unlike locally binding Grenelle laws, are able to enhance the overall social performance through the environmental, social and governance channels. In the long-term, Grenelle laws show effective results on the environmental performance and the quality of governance which enhance the overall social performance without impairing the financial one. Finally, quantile regression analysis provides evidence that businesses are likely to increase their environmental performance at the expense of low financial and overall social performances.
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Notes
They consider among others environmental regulations enacted by the European Union (EU-ETS), international agreements (such as the Kyoto Protocol) and national environmental policies aimed at environmental protection by targeting water, soil and air (WSA) pollution: they.
EPS index has been introduced by the OECD to measure how much environmental policies put an explicit of explicit price on polluting or environmentally harmful behavior in many countries.
Beji et al. (2020) did not explore Grenelle I effect. Also, they did not analyze Grenelle II effects on corporate risk and corporate financial performance.
This data access was funded by CTE-Gestion, University of Montpellier.
More details are provided in appendix 1 regarding the areas covered by VigeoEiris to calculate the global CSR score.
We tested the effects of the subprime crisis of 2007 and the introduction of the gender quota law in 2011. The estimates are not significantly different. For the sake of simplicity, we did not add them to our variables. All details are available upon request.
Results are available upon request.
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Appendix 1
Appendix 1
A brief summary of VigeoEiris CSR scores.
CSR scores | |||||
---|---|---|---|---|---|
Human resources (HR) | Environment (ENV) | Business behavior (BB) | Corporate Governance (CG) | Community involvement (CIN) | Human rights (HRts) |
Social dialogue | Environmental strategy | Product safety | Board of directors | Local social and economic development | Fundamental rights |
Employee participation | Pollution prevention and control | Information to customers | Audit and internal controls | Societal impact of products and services | Fundamental labor rights |
Responsible re-organizations | Green products and services | Responsible customer relations | Shareholders | Philanthropic contributions | Nondiscrimination and diversity |
Career development | Biodiversity | Supply chain management (Contractual Standards) | Executive remuneration | Forced labor and child labor | |
Responsible remuneration systems | Water | Supply chain management (Environmental standards) | |||
Health and safety | Energy | Supply chain management (Labor standards) | |||
Responsible working hours | Atmospheric emissions | Corruption | |||
Waste management | Competition | ||||
Local pollution (noise/vibration) | Lobbying | ||||
Transportation | |||||
Impacts of product use and disposal |
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Yousfi, O., Loukil, N. Environmental laws in France: What are the effects of the Grenelle laws on firms?. Eur J Law Econ (2024). https://doi.org/10.1007/s10657-024-09802-2
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DOI: https://doi.org/10.1007/s10657-024-09802-2