The Impact of Ownership Structure and Firm Characteristics on Earnings Informativeness--The Case of Listed Electronic Companies in Taiwan

• Main Authors: Yi-chun Chen, 陳怡君
• Other Authors: Huey-jean Ley
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/00145389717634909483

碩士 === 南華大學 === 財務金融學系財務管理碩士班 === 99 === 　　The purpose of this study is to discuss different corporate ownership structure (proportion of stocks held by board members、proportion of stocks held by institutions、proportion of stocks held by managers) and the ratio of mortgaged pledged shares of directors and supervisors lead to influence the informativeness of earnings. In addition, further to learn more about firms'' characteristics (including size of company, company profits and losses, P/B ratio, debt ratio and R&D ratio) under the grouping, the corporate ownership structure and the ratio of mortgaged pledged shares of directors and supervisors difference analysis of the impact on the informativeness of earnings. The mainly object of this study is the 313 TSEC listed electronic companies during 2005 up to 2009. Using multiple regression methods to verify, empirical results found: 1. When company profits and debt ratio under low grouping, the higher the proportion of stocks held by board members, the lower the informativeness of earnings. 2. In all samples, the higher proportion of stocks held by institutions, the lower the informativeness of earnings. Under the company profit grouping, the higher proportion of stocks held by institutions, the lower the informativeness of earnings. 3. When the liabilities under the high proportion of grouping, the higher proportion of stocks held by managers, the higher the informativeness of earnings. When R&D ratio under the high proportion of grouping, the higher proportion of stocks held by managers, the lower the informativeness of earnings. 4. When under the large group of companies, the higher ratio of mortgaged pledged shares of directors and supervisors, the higher the informativeness of earnings.