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This paper analyzes the moderating role of the CSR assurance as a sustainability-oriented corporate governance mechanism on the relationship between voluntary CSR reporting and the firm’s market value. Using a sample from the French SBF120 between 2001 and 2011, the results show that high CSR reporting is negatively perceived and the use of CSR assurance by an independent third-party organization is not necessarily relevant. The authors find, however, that shareholders do not make the same judgement on each dimension of CSR reporting, and they only perceive the interest of using CSR assurance in cases of doubt about the credibility of the information communicated.