Title: Voluntary disclosures by family French firms

Authors: Meriem Jouirou

Addresses: LAMIDED, ISG de Sousse, Rue Abdelaziz Elbahi, BP763, Sousse 4000, Tunisia

Abstract: Our study investigates the extent of voluntary disclosures by family French firms under the entrenchment and the alignment of interest hypotheses. It also sheds the light on the moderating effect of board characteristics on this relation using a self-constructed index. Based on a sample of French listed companies from 2009 to 2013, we use GLS regressions for the empirical investigation. The results show that entrenched families have a negative effect on the extent of voluntary disclosures. On the other hand, in a context of alignment of interest, family firms disclose more voluntarily. In addition, our results suggest that, in the context of entrenchment of the family owners, board characteristics are proved to be inefficient in enhancing voluntary disclosure. So, the presence of entrenched majority shareholders is an obstacle to the proper functioning of the board.

Keywords: voluntary disclosure; family ownership; board characteristics; entrenchment; alignment of interests; France.

DOI: 10.1504/IJBGE.2021.112345

International Journal of Business Governance and Ethics, 2021 Vol.15 No.1, pp.81 - 105

Received: 24 Jul 2019
Accepted: 15 Nov 2019
Published online: 12 Jan 2021 *

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