The Market Reaction to the Resignation of Independent Directors

• Main Authors: Ying-NiangChang, 張嫈娘
• Other Authors: Chaur-Shiuh Young
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/x47n75

碩士 === 國立成功大學 === 財務金融研究所碩士在職專班 === 102 === This study aimed to investigate the capital markets’ response to the declaration of the company on the resignation of independent directors. This study searched for the announcements of significant messages by listed or OTC companies of our nation via MOPS in 2012, collected all the companies’ declarations of resignation of independent directors as samples, and explored the reactions of capital markets on such declarations, using event study method. The results show that the capital markets have positive abnormal reactions toward the messages of resignation of independent directors, but less than significant level. This situation is likely because the investors have known the messages of resignation through various channels and have done the reactions before the official declarations of the messages. Another possibility would be due to the numerous retail investors in Taiwan's capital markets and the informational asymmetry. The individual concept of investment may be incomplete or incorrect. The personal interpretation of the information may be lack of professional judgment. If the investor does ignore the negative significance that messages of resignation of independent directors have passed, the authorities need to strengthen the promotion of education in this regard.