Corporate Governance And Voluntary Disclosure In France

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Carlos P. Barros
Sabri Boubaker
Amal Hamrouni


Voluntary Disclosure, Corporate Governance, Board of Directors, Common Correlated Effects Estimators


This paper investigates the effect of corporate governance practices on the extent of voluntary disclosure in France. Using a panel of 206 non-financial French listed firms during the period 2006–2009, we find evidence that voluntary disclosure in annual reports increases with managerial ownership, board and audit committee independence, board meeting frequency, and external audit quality. We also find that frequency of audit committee meetings and diligence of board and auditing are associated with decreased disclosure. Additional findings show that larger, more profitable, and less indebted firms have greater voluntary disclosure.


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