| Summary: | 碩士 === 東吳大學 === 會計學系 === 98 === This study is an attempt to explore if the “Information Transparency and Disclosure Ranking Results” announced by the Securities and Futures Institute can adequately represent the transparency of a company and hence reflect the level of corporate government of such company. The Disclosure Ranking Results is expected to serve as a reference for investors. The listed companies disclosed in the 3rd to the 6th Disclosure Ranking Results were taken as the samples in this study. Over the long-term, we selected those rated as outstanding and poor for four consecutive years for analysis. Short-term analysis has also been conducted whereby listed companies, the Disclosure Ranking Results of which changed in a period of two years, were subject to sensitivity analysis. The samples will be tested on the association between information transparency and corporate governance.
From the perspective of long-term, the empirical findings indicated that the deviation of voting right and cash flow right and the board size negatively correlates to the Disclosure Ranking Results, which is congruent with the expectation. The proportion of shareholding by foreign investors and independent directors negatively correlates to the Disclosure Ranking Results to a significant degree. This result is not congruent with the expectation. The proportion of managerial ownership negatively correlates to the Disclosure Ranking Results, but to an insignificant degree. From the perspective of short-term sensitivity, the changes in the proportion of managerial ownership, the changes in deviation of voting right and cash flow right, the changes in the proportion of independent directors and the changes in the board size, which are indicators of corporate governance, insignificantly correlate to the and Disclosure Ranking Results. The changes in the proportion of shareholding by foreign investors and the Disclosure Ranking Results positively correlate to a significant degree and are congruent with the expectation.
This study is analysed based on long-term analysis and short-term observation of variation sensitivity with reference to the short-term analysis in the literature. The result of the study shows that the relationship between the Disclosure Ranking Results and corporate governance is unstable, and the timely response is not significant. Indeed, this is a topic that deserves further study from different perspectives that the Information Transparency and Disclosure Ranking Results can adequately represent the transparency of a company and hence reflect the level of corporate government of such company. Furthermore, the indicators used in the “Information Transparency and Disclosure Ranking System” shall be improved continuously so that they can truly present the status of corporate governance of companies and be extensively believed and used by investors.
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