The Comparison with Pre- and Post-Audit Committee on Operating Performance, Stock Price, and Risk

• Main Authors: WU,PI-AN, 吳璧安
• Other Authors: YEH,CHUN-TSEN
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/zz76ea

碩士 === 長榮大學 === 經營管理研究所 === 105 === This study used the listed companies between 2007 and 2015 in Taiwan as objects to investigate the market announcement effects, operating performance, and risk changes after the establishment of Audit Committee. In terms of market announcement effects and long-term operating performance, the empirical results show different outcomes from earlier studies: some positive response was found before the announcement day, but no significant difference was found after the announcement day. The operating performance (ROCAA and ROA) before the announcement declined for two years, while the operating performance (ROCAA and ROA) after the announcement declined for one year and no significant change was found afterward. Market Model and Fama and French 3-factor Model were utilized to measure the systematic risks of rights and interests. The results indicate that the establishment of Audit Committee can significantly reduce enterprise operating risks.