Internet-based voluntary disclosure by French companies
type: Distribution
access URL: https://theses.hal.science/tel-00709722
format: HTML
issued: 2026-05-15T15:56:16.436864
modified: 2026-05-15T15:56:16.349506

test_moissonnage_selune
type: Agent

Internet-based voluntary disclosure by French companies
type: Dataset
contact point: Organization
  fn: CCSD
keyword: internet
keyword: infoeu-reposemanticsdoctoralthesis
keyword: gouvernance
keyword: analyse-lexicale
keyword: asymetrie-dinformation
keyword: content-analysis
keyword: risque
keyword: shsgestionhumanities-and-social-sciencesbusiness-administration
keyword: risk
keyword: voluntary-disclosure
keyword: offre-dinformation-volontaire
keyword: corporate-governance
keyword: information-asymmetry
keyword: theses
landing page: https://theses.hal.science/tel-00709722
description: The objective of this doctoral research is to study Internet-based disclosure practices in France. First, we examine the impact of corporate governance on Internet-based disclosure strategy. The results indicate that firms with more dispersed ownership disclose more information on the Internet; companies with a two-tier board system disseminate less information on their website than firms with a one-tier board; for companies in the one-tier system, we found that the level of Internet-based disclosure is negatively related to CEO-Chairman duality. Moreover, the creation of monitoring committees inside the board can improve online information transparency. Second, we examine the economic impact of Internet-based disclosure in the French capital market. The results show a negative relation between the amount of discretionary information published via Internet and the relative spread. We also observe that enhanced Internet-based disclosure can reduce the stock's volatility. These results indicate that quoted companies can reduce information asymmetry and investor uncertainty by enhancing information transparency via Internet. Third, we study the tone of financial announcements in order to complete our analysis of discretionary disclosure. Results from a content analysis show that the level of optimism in the tone of a financial announcement can be an indicator of future firm performance. Moreover, framing the financial announcement in a more optimistic angle causes investors to think positively about the future outlook of a firm.
identifier: NNT: 2011PEST0060
issued: 2026-05-15T15:56:16.382822
language: fr
modified: 2026-05-15T15:56:16.382828