The Effect of Firms Type on the Abnormal Returns of Stock Repurchases-Share Repurchases Announcement and Information Disclosure as Moderating Variables

• Main Authors: Chien-Tsung Lin, 林建宗
• Other Authors: Ying-Jiuan Wong
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/45121958720739833867

碩士 === 國立高雄應用科技大學 === 企業管理系碩士在職專班 === 101 === This thesis aim is to research the impact of the List Company of family firm repurchases stock for abnormal returns from 2005 to 2012 in Taiwan Open Market. The data of this study is compiled from Taiwan Economic Journal (TEJ), Market Observation Post System (MOPS), and Information Transparency & disclosure ranking results from Taiwan Securities & Future Information Center . According to related research, family firms are commonly having divergence between control and cash flow right in Taiwan. Because family firms had higher asymmetry information, it could be cause higher possibility of under evaluation of company. Therefore, family firms would use stock repurchases to convey information to market and find have lower abnormal returns around repurchased announcements that compared with non-family firms.The results show that companies with higher disclosure will have better long-term cumulative abnormal returns than firm’s low disclosure. It means disclosure information contents would attract investors to close this company stock . The opposition is low disclosure contents would cause abnormal returns on company treasury stock. In addition, the positive information disclosure level would reduce stock repurchases costs and agent problem.