| Summary: | 碩士 === 南台科技大學 === 會計資訊系 === 97 === There is a close relationship between suppliers and customers in Taiwan’s electronics industry. The cooperation in the supply chain can help to reduce cost, share risk and improve operational performance.
In addition, Taiwan public-traded companies should disclose the information of the monthly gross revenue, which is a unique provision in Taiwan.
There is information transfer associated with the announcement of monthly revenue in the supply chain. In this research, we examine information transfers associated with monthly earnings announcements in the supply chain of Taiwan electronics industry. The empirical results show that monthly earnings announcements of customers have positive effect on suppliers’ stock prices. It means both customer’s cumulative abnormal returns and unexpected earnings have significant impact on suppliers’ cumulative abnormal returns. Cumulative abnormal returns have greater effect than unexpected earnings. Besides, results also show that information transfers are affected by the ratio of account receivables between upstream and downstream companies, the size of downstream companies etc..
|
|---|
