The association between information disclosure and corporation''s value

• Main Authors: CHANG TZE MING, 張哲銘
• Other Authors: HUANG CHUNG HUEY
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/11971136010452401663

碩士 === 國立臺北大學 === 會計學系 === 92 === Recently, internet results in huge influence on economy and society. Traditional annual, semi-annual, and quarterly reports has not been able to fulfill investors’ needs. To follow the development of internet, corporations attempt to provide financial and non-financial information through their own websites to ease investors’ access to corporations’ information. In August 2002, Taiwan Stock Exchange Corporation established MOPS . The new system provides detailed information and helps investors get corporations’ information easier and more quickly. This new system is a channel for publicly traded corporations to disclose their information and provides researchers with opportunities to precisely analyze and compare different corporations’ information. However, most researches only focus on examining whether corporations set up websites to provide information but neglect to do further research on issues regarding the disclosure of information through internet by corporation and the usage of information gathered from internet by investors. As a result, this research compares the disclosure of information on corporation’s website and the announcement made by MOPS to analyze if the management makes different disclosure due to the size of corporation, the performance of operation, or the industry where the corporation is in. Furthermore, this research analyzes the effect on corporation’s value resulted from the disclosure of corporation’s information through internet. According to the research on publicly traded corporations’ websites, these corporations have quite high quality on the disclosure of information. Besides, size, roa, and electric industry are positively related to total disclosure, which is negatively related to M/B and returns. These results suggest that investors do not attach higher value for firms disclosing more information through internet. The possible reason might be that the investigation of the extent of disclosure of information on corporation’s website should consider the overall disclosures made by firms beyond internet. Moreover, the information disclosed on MOPS is forcible and is not varied with firm value. These two factors result in insignificant relationship between M/B, returns and the extent of information disclosure.