This study examines how voluntary disclosures (VD) and corporate governance (CG) improve firm value through the moderating effect of a legal change in a continental context, namely France. Based on a sample of 1001 observations of French firms listed on the SBF 120 from 2006 to 2016, I experiment with the theoretical assumptions of the study. A generalized method of moments estimation was used to neutralize the endogeneity problem. I estimated five different models on the whole sample; then I tested these models by splitting the sample into sectors to check the robustness of our estimations. Findings show that voluntary disclosure is positively associated with the firm’s value. The empirical results also indicate that a change in the law, as a moderate variable, helps to widen the firm’s benefit by the development and improvement in its sound governance system. Moreover, this outcome is reliable with the view that the nexus between VD and CG can add value for the firm in the presence of favourable jurisdictions. This research provides guidelines for investors, managers and policymakers to increase firm value by the application of the best practices of VD and CG in the presence of an advantageous law. To improve their reliability and performance, firms adopt a good mechanism of governance that is harmonious with the law and disclose more voluntary information to attract investors. These results offer new insights to the voluntary disclosure and firm value literature. I suggest that the application of the directive 2013/34/EU improves the corporate governance system. Also, the quality aspect of information disclosed in annual reports increases the firm value. Second, I investigated the interaction between VD and firm value in the presence of a CG mechanism and interaction variables.

中文翻译：

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自愿披露和公司治理对公司价值的影响：法国上市公司研究

这项研究探讨了自愿披露（VD）和公司治理（CG）如何通过大陆性环境（即法国）法律变化的调节作用来提高公司价值。基于2006年至2016年SBF 120上法国公司的1001项观察样本，我尝试了这项研究的理论假设。一种通用的矩估计方法被用来抵消内生性问题。我估计了整个样本的五个不同模型；然后，我通过将样本划分为多个部分以检查我们的估计的稳健性来测试这些模型。研究结果表明，自愿披露与公司价值成正相关。实证结果还表明，法律变化是一个中等变量，通过完善和完善的治理体系，有助于扩大公司的利益。此外，考虑到VD和CG之间的联系可以在有利的司法管辖区存在下为公司增加价值，这种结果是可靠的。这项研究为投资者，管理人员和政策制定者提供了指导方针，以便在有利的法律​​存在的情况下通过采用VD和CG的最佳实践来增加公司价值。为了提高其可靠性和绩效，公司采用一种与法律相协调的良好治理机制，并披露更多自愿信息以吸引投资者。这些结果为自愿披露和企业价值文献提供了新的见解。我建议执行指令2013/34 / EU可以改善公司治理体系。还，年度报告中所披露信息的质量方面提高了公司价值。其次，我研究了在存在CG机制和相互作用变量的情况下VD与企业价值之间的相互作用。