Corporate social disclosure to stakeholders and its effect on firm performance: the case of some African emergent countries

摘要

This work is aimed at examining the effect of corporate social disclosure of African companies to the stakeholders on firm performance. In this respect, some annual reports of 103 African companies have been analysed, using a coding instrument inspired from the work of Wiseman (1982) as well as those of Cormier and Magnan (2003). Actually, the achieved results have shown the absence of any significant relationship between the African companies' level of social disclosure and corporate performance. Our results have demonstrated that social and environmental information turn out to be irrelevant in determining firm value as regards the African context.