The Empirical Analysis of the Impact of Diversified Strategy ﹐Annual Report Information Disclosure and Voluntary Information Disclosure-Conference Call on Performance of Financial Industry firms

• Main Authors: Mei- Hui Huang, 黃美惠
• Other Authors: Hou Ou-Yang
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/2g7t3a

碩士 === 崑山科技大學 === 企業管理研究所 === 98 === This paper investigates the impact of diversified strategy and corporate governance－ annual report information disclosure and voluntary information disclosure－conference call on the accounting and market performance of financial industry firms. We adopted Entropy method to measure the degree of group diversification and follow Security and Futures Institute information evaluation system to measure the annual report information disclosure, and use “whether conference call is held or not” to be the index of voluntary information disclosure. By using a sample of interlocking group of financial firms which listed on the Taiwan Stock Exchange (TSE) and Taiwan’s Over-The-Counter market during 2005 to 2008, and to proceed the statistic and empirical analysis of diversified index, annual report information disclosure, and voluntary information disclosure. Our findings as follow: In total sample, the “total diversified strategy” has positive impact on accounting and market performance. The “related diversified strategy” and “unrelated diversified strategy” has positive or negative impact on accounting and market performance, respectively, but they are not reach significant level. The “annual report information disclosure” has significantly negative impact on accounting performance, but it has non-significantly positive impact on market performance. The “financial and operational information” has non-significantly negative impact on accounting and market performance, while the “components of board of directors and ownership structure” has non-significantly positive impact on accounting and market performance. The “whether conference call is held or not” has significantly negatively and positive impact on accounting and market performance, respectively. The “frequency of conference call” has non-significantly negative and positive impact on accounting and market performance, respectively. In “financial holding companies sample” and “non-financial holding companies sample”, the “total diversified strategy” has non-significantly positive impact on accounting and market performance, but the “total diversified strategy” benefit of “financial holding companies sample” is greater than “non-financial holding companies sample”. In “financial holding companies sample”, both “related diversified strategy” and “unrelated diversified strategy” have negative impact on accounting and market performance, , but they are not reach significant level. In “non-financial holding companies sample”, the “related diversified strategy” and “unrelated diversified strategy” has positively or negatively impact on accounting and market performance, respectively, but they are not reach significant level, too. The “annual report information disclosure” has non-significantly positive and negative impact on “financial holding companies sample” and “non-financial holding companies sample” accounting performance, but it has significantly positive and non- significantly negative impact on market performance. In “financial holding companies sample”, the “financial and operational information” has non-significantly negative impact on accounting and market performance, while the “components of board of directors and ownership structure” has non-significantly positive and negative impact on accounting and market performance, respectively. In “non-financial holding companies sample”, the “financial and operational information” has non-significantly positive and negative impact on accounting and market performance, respectively. The “components of board of directors and ownership structure” has non-significantly negative and positive impact on accounting and market performance, respectively. In “financial holding companies sample”, the “whether conference call is held or not” has non-significantly negatively impact on accounting performance, while it has significantly positively impact on market performance. In “non-financial holding companies sample”, the “whether conference call is held or not” has non-significantly positively impact on accounting and market performance. In “financial holding companies sample”, the “frequency of conference call” has non-significantly negative and significantly positive impact on accounting and market performance, respectively. In “non-financial holding companies sample”, the “frequency of conference call” has non-significantly positively impact on accounting and market performance. The contributions of this research are as follows: First, it replenishes the empirical evidence related to diversified strategy how to impact on Taiwan financial companies performance. Second, it provides empirical evidence of the impact of annual report information disclosure on p Taiwan financial industry firms’ performance. Third, it consider and provides the empirical findings of the voluntary information disclosure－conference call on accounting and market performance of financial industry firms