Financial Disclosure Information, Board of Directors, and Firm Characteristics among French CAC 40 Listed Firms

In the context of economic globalization, the need for high-quality financial disclosure has become desiderative. The aim of our study is to analyze the effect of a set of financial attributes, firm characteristics, and board of director features on financial disclosure level among companies listed at CAC 40. The sample used in this study consists of the 40 largest companies operating in French (index CAC 40). The findings of our study show that a high level of financial disclosure will show the effectiveness of corporate governance represented by the percentage of outside directors and would tend to face fewer difficulties in accessing capital markets. Equally, financial disclosure level is positively associated with financial attributes, such as firm size and profitability. We find that firms with little stock price volatility and small board size disclose more financial information than other firms.