The Information Content of Earnings, Board, Structure, and Disclosure

• Main Authors: Te-Ming Lin, 林德明
• Other Authors: Yen-Pao Chen
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/zge8kt

碩士 === 東吳大學 === 會計學系 === 96 === Recently, the burst of fraud cases made. As a result, corporate governance is becoming the key issue for interested corporate parties. The Government improved the corporate governance in two ways, one way is enhancing the board structure, and another is promoting the information disclosure and transparency. This research conducts a panel data regression analysis on 289 companies to examine the effects of information disclosure, board structure and earnings information on abnormal return. And we use the evaluated result of The Information Disclosure and Transparency Raking System as the disclosure transparency proxy variables. This research has the following of the results. First, disclosure level and establish of The Information Disclosure and Transparency Ranking System do not have impacts to the abnormal returns. Second, we examine both disclosure and board structure on abnormal returns. Disclosure level and establish of The Information Disclosure and Transparency Ranking System do not have impacts to the abnormal returns. The ratio of stockholding of the directors and supervisors has positive impacts to abnormal returns. The ratio outside directors and supervisors has positive impacts to abnormal returns. Third, disclosure level does not influence board structure and earnings information’s impacts to abnormal returns. Establishing the ranking system increases unexpected earnings’ impact to abnormal returns largely, and decreases the ratio of stockholding of the directors and supervisors and the ratio of pledged shares of directors and supervisors’ impacts to abnormal returns.