A STUDY ON THE RELATIONSHIP BETWEEN DISCLOSING INFORMATION OF CORPORATE GOVERNANCE AND INVESTOR’S BELIEF

• Main Authors: Hsien-te Huang, 黃獻德
• Other Authors: Hao-erl Yang
• Format: Others
• Language: en_US
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/71057185186553209458

碩士 === 大同大學 === 事業經營學系(所) === 92 === After the scandals of Enron and World Com, many media and investment institutions have regarded corporate governance as an important indicator for investment. Securities and Futures Commission also requests initially listed companies to put it into effect, in hence, corporate governance seems to be an important indicator to corporate development. Population of this study is investors in Taiwan. In order to raise the response rate, the questionnaires were delivered to the investors through the help of securities related companies in Taiwan. In addition, professional analysts are commissioned to Hua Nan Holding Company, President Securities Company, and Sino Pac Securities Company. Of the 500 questionnaires delivered, 384 questionnaires were returned and 308 were usable with 61.6% effective response rate. Corporate usually discloses more good news rather than bad ones, or announces good news early and bad news lately, and even dresses them up. By this way, corporate plays the role of information disclosure and seems unable to decrease information asymmetric in stock market. If corporate hopes its stock to be favored by investors, it should increase firm’s value and improve its performance. The result shows that investors depend on mass media when they do investing decisions. Furthermore, expecting rational investing behaviors, the unit concerned should add new acts or amend the regulation, and enhance the functions of certified accountants, securities brokers, and investing advisors, and improve information quality of financial statement as well.