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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.

Purpose – The most of practical work that corroborate governance theory has studied the relationship between corporate governance and firm performance. The study of the effect of external markets on financial strategies has been less pronounced and less explored in financial and previous literature. The paper aims to clarify the impact of external markets on financial strategies in the Tunisian context. It proposes an advanced model of econometric applied to Tunisian data of panel. The study aims to active the role of control mechanism in corporate governance in order to discipline the leaders and realize the stakeholders’ interests.

This study tries to extend previous works on behavioral corporate finance by examining the interaction between investment cash flow sensitivity and various CEO characteristics in either the existence or inexistence of managerial optimism. Using a Q-investment model and departing from a sample of 475 annual observations, our results highlight that CEO’s financial education, CEO’s ownership and their optimism bias can explain distortions in corporate investment policy since they affect investment cash flow’s relationship.Este estudio trata de ampliar los trabajos previos sobre el comportamiento de la financiación corporativa, mediante el examen de la interacción entre la sensibilidad del flujo de caja de inversión y las diversas características de los directores ejecutivos (CEO), en términos de existencia o no existencia de un optimismo gerencial. Utilizando un modelo de inversión Q, y partiendo de una muestra de 475 observaciones anuales, nuestros resultados subrayan que la formación financiera, la titularidad, y las tendencias del optimismo de los CEO pueden explicar las distorsiones de las políticas de inversión corporativa, ya que estas afectan a la relación del flujo de caja de inversión. Este estudio trata de ampliar los trabajos previos sobre el comportamiento de la financiación corporativa, mediante el examen de la interacción entre la sensibilidad del flujo de caja de inversión y las diversas características de los directores ejecutivos (CEO), en términos de existencia o no existencia de un optimismo gerencial. Utilizando un modelo de inversión Q, y partiendo de una muestra de 475 observaciones anuales, nuestros resultados subrayan que la formación financiera, la titularidad, y las tendencias del optimismo de los CEO pueden explicar las distorsiones de las políticas de inversión corporativa, ya que estas afectan a la relación del flujo de caja de inversión.