| Summary: | 碩士 === 東吳大學 === 企業管理學系 === 100 === The economic outcomes of voluntary corporate disclosure have been the focus of attention in the capital market. The purpose of this study is to verify the relativity between voluntary disclosure and managerial performance of the local companies. What makes this study apart from other similar researches is to employ ROE as the measuring index of managerial performance. Unlike other domestic and foreign literature that commonly adopt Tobin’s q or abnormal rate of return, this study applies DuPont Analysis to further break down ROE into net profit margin, total assets turnover and financial leverage ratios. Based on the analytical results of this study, conclusions are drawn as follows:
1. There is indeed a positive correlation between voluntary disclosure and managerial performance, that is, companies making voluntary disclosures have higher ROEs than those making no disclosure. Furthermore, it is the net after-tax profit margin resulting in a higher ROE rather than the asset turnover or financial leverage. Evidently, the managerial performance of a company making voluntary disclosure is mainly build on the operating activities, not the non-operating components.
2. Compared within an industry, the same positive correlation also exists in companies’ voluntary disclosure and managerial performance. After removing the industrial factors, companies making voluntary disclosures have higher ROEs than those making no disclosure. It is still the net after-tax profit margin resulting in a higher ROE rather than the asset turnover or financial leverage. Evidently, compared with its industry, the managerial performance of a company making voluntary disclosure is mainly build on the operating activities, not the non-operating components.
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