The study on association among information disclosure, institutional investors and corporate performance institutional investors and corporate performance

• Main Authors: Liu, Chia-Hui, 劉家輝
• Other Authors: Chen, Dar-Hsin
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/07209681812106341696

碩士 === 國立臺北大學 === 企業管理學系 === 98 === In order to enhance the transparency of corporate information disclosure, Taiwan Securities and Futures Institute (SFI) has built “Information Disclosure and Transparency Ranking System” (IDTRS) to evaluate the level of the transparency for all TSE/GTSM listed companies since 2003, and publish the evaluation results regularly.This study uses multiple regression analysis of least square method, adopting the results, five information disclosure indicators and the ratio of the stock held by the institutional investors as independent variables to explore association with corporate performance. The empirical results show: 1. In addition to financial industry, the results show significant positive relation between stockholdings of foreign investment institution, domestic institution and corporate performance, and can assist investors in their decision making. No significant relation was found between stockholdings of dealer and corporate performance. 2. SFI has promoted IDTRS strongly in recent years and most TSE/GTSM listed companies have enforced information disclosure obviously. As a result of the evaluation results were only divided into five grades, the ranking scores’ differentiation is not well identified. The results also show no significant relation between evaluation results and corporate performance.