學術產出-Theses
Article View/Open
Publication Export
-
題名 法規的力量：強制企業編製永續報告書對資訊不對稱的影響
Force of Law: The Impact of Mandatory Sustainability Report Filing on Information Asymmetry作者 楊可芯
Yong, Ker-Sim貢獻者 黃嘉威
Huang, Chia-Wei
楊可芯
Yong, Ker-Sim關鍵詞 強制揭露
企業社會責任
永續報告書
資訊不對稱
Mandatory disclosure
CSR
ESG reporting
Information Asymmetry日期 2023 上傳時間 2-Aug-2023 13:01:45 (UTC+8) 摘要 本文旨在探討台灣證券交易所於2014年11月26日發佈之「上市公司編製與申報企業社會責任報告書作業辦法」強制符合所列情事之企業必須編製永續報告書對其資訊不對稱之影響。本研究採用差異中之差異法 (Difference-in-Differences, DID)，以台灣上市公司2012、2013、2015、2016年，共計四年之資料，檢測受規範之公司在政策實施前後的差異，實證結果及後續解構子樣本分析中皆一致未能找到足夠的證據支持假說，即在本文之研究設計下，該法規降低資訊不對稱之效果可能不如預期顯著。
This study examines the impact of the "Guidelines for Preparation and Filing of Corporate Social Responsibility Reports by Listed Companies" issued by the Taiwan Stock Exchange on November 26, 2014, which mandates that certain listed companies must prepare sustainability reports. Using the Difference-in-Differences (DID) method, this research analyzes data from Taiwanese listed companies for the years 2012, 2013, 2015, and 2016 to assess the differences before and after policy implementation for regulated firms. Under the research design of this paper, the empirical results, as well as subsequent subgroup analyses, consistently fail to find sufficient evidence to support the hypothesis that the regulation significantly reduces information asymmetry.參考文獻 英文部分Atiase, R. K. (1985). Predisclosure Information, Firm Capitalization, and Security Price Behavior Around Earnings Announcements. Journal of Accounting Research, 23(1), 21-36.Bartov, E., Radhakrishnan, S., & Krinsky, I. (2000). Investor Sophistication and Patterns in Stock Returns after Earnings Announcements. The Accounting Review, 75(1), 43-63.Boone, J. P. (1998). Oil and gas reserve value disclosures and bid-ask spreads. Journal of Accounting and Public Policy, 17(1), 55-84.Brown, S., & Hillegeist, S. A. (2007). How disclosure quality affects the level of information asymmetry. Review of Accounting Studies, 12(2), 443-477.Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48.Collins, D. W., & Kothari, S. P. (1989). An analysis of intertemporal and cross-sectional determinants of earnings response coefficients. Journal of Accounting and Economics, 11(2), 143-181.Dhaliwal, D., Radhakrishnan, S., Tsang, A., & Yang, G. (2011). Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review, 87.Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review, 87(3), 723-759.Easley, D., Hvidkjaer, S., & O`Hara, M. (2002). Is Information Risk a Determinant of Asset Returns? The Journal of Finance, 57(5), 2185-2221.Easley, D., & O’Hara, M. (1987). Price, trade size and information in securities markets. Journal of Financial Economics, 19(1), 69-90.Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Cambridge University Press.Friedman, M. (1970) The Social Responsibility of Business Is to Increase Its Profits. New York Times Magazine, 32-33, 122-126.Grewal, J., Riedl, E. J., & Serafeim, G. (2016). Market Reaction to Mandatory Nonfinancial Disclosure. Management Science, 65(7), 3061-3084.Grossman, S. J. (1981). The Informational Role of Warranties and Private Disclosure about Product Quality. The Journal of Law and Economics, 24(3), 461-483.Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1), 405-440.Hung, M., Shi, J., & Wang, Y. (2015). Mandatory CSR Disclosure and Information Asymmetry: Evidence from a Quasi-natural Experiment in China.Jiambalvo, J., Rajgopal, S., & Venkatachalam, M. (2002). Institutional Ownership and the Extent to which Stock Prices Reflect Future Earnings*. Contemporary Accounting Research, 19(1), 117-145.Lang, M., & Lundholm, R. (1993). Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures. Journal of Accounting Research, 31(2), 246-271.Lang, M. H., & Lundholm, R. J. (1996). Corporate Disclosure Policy and Analyst Behavior. The Accounting Review, 71(4), 467-492.Lanis, R., & Richardson, G. (2012). Corporate social responsibility and tax aggressiveness: An empirical analysis. Journal of Accounting and Public Policy, 31(1), 86-108.Leuz, C., & Verrecchia, R. E. (2000). The Economic Consequences of Increased Disclosure. Journal of Accounting Research, 38(Supplement), 91-124.Milgrom, P. R. (1981). Good News and Bad News: Representation Theorems and Applications. The Bell Journal of Economics, 12(2), 380-391.Wang, X., Cao, F., & Ye, K. (2018). Mandatory Corporate Social Responsibility (CSR) Reporting and Financial Reporting Quality: Evidence from a Quasi-Natural Experiment. Journal of Business Ethics, 152(1), 253-274.Yoon, H., Zo, H., & Ciganek, A. P. (2011). Does XBRL adoption reduce information asymmetry? Journal of Business Research, 64(2), 157-163.中文部分黃曉盈(2023)。強化上市櫃公司 ESG 資訊揭露。證券暨期貨月刊，41(4)，19-28。黃曉盈(2023)。發布上市櫃公司永續發展行動方案推動企業永續發展。證券暨期貨月刊，41(6)，5-15。陳韻如(2023)。我國推動上市櫃公司永續發展路徑圖。證券暨期貨月刊，41(4)，29-38。王怡心(2014)。以良心消除黑心談CSR報告的揭露認證。會計研究月刊，348，20-22。 描述 碩士
國立政治大學
財務管理學系
110357038資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110357038 資料類型 thesis dc.contributor.advisor 黃嘉威 zh_TW dc.contributor.advisor Huang, Chia-Wei en_US dc.contributor.author (Authors) 楊可芯 zh_TW dc.contributor.author (Authors) Yong, Ker-Sim en_US dc.creator (作者) 楊可芯 zh_TW dc.creator (作者) Yong, Ker-Sim en_US dc.date (日期) 2023 en_US dc.date.accessioned 2-Aug-2023 13:01:45 (UTC+8) - dc.date.available 2-Aug-2023 13:01:45 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2023 13:01:45 (UTC+8) - dc.identifier (Other Identifiers) G0110357038 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146296 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 110357038 zh_TW dc.description.abstract (摘要) 本文旨在探討台灣證券交易所於2014年11月26日發佈之「上市公司編製與申報企業社會責任報告書作業辦法」強制符合所列情事之企業必須編製永續報告書對其資訊不對稱之影響。本研究採用差異中之差異法 (Difference-in-Differences, DID)，以台灣上市公司2012、2013、2015、2016年，共計四年之資料，檢測受規範之公司在政策實施前後的差異，實證結果及後續解構子樣本分析中皆一致未能找到足夠的證據支持假說，即在本文之研究設計下，該法規降低資訊不對稱之效果可能不如預期顯著。 zh_TW dc.description.abstract (摘要) This study examines the impact of the "Guidelines for Preparation and Filing of Corporate Social Responsibility Reports by Listed Companies" issued by the Taiwan Stock Exchange on November 26, 2014, which mandates that certain listed companies must prepare sustainability reports. Using the Difference-in-Differences (DID) method, this research analyzes data from Taiwanese listed companies for the years 2012, 2013, 2015, and 2016 to assess the differences before and after policy implementation for regulated firms. Under the research design of this paper, the empirical results, as well as subsequent subgroup analyses, consistently fail to find sufficient evidence to support the hypothesis that the regulation significantly reduces information asymmetry. en_US dc.description.tableofcontents 第一章、 緒論 1第一節、 研究背景 1第二節、 研究動機 1第三節、 研究架構 3第二章、 文獻探討與假説建立 4第一節、 台灣企業永續的發展及法規沿革 4第二節、 永續報告書與資訊不對稱 6第三章、 研究設計 8第一節、 樣本選取與資料來源 8第二節、 實證模型與變數衡量 9第四章、 實證結果與分析 13第一節、 樣本敘述性統計分析 13第二節、 迴歸估計結果與分析 17第三節、 解構實驗效果與分析 20第五章、 結論與建議 27第一節、 研究結論 27第二節、 研究建議 27參考文獻 30 zh_TW dc.format.extent 1561642 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110357038 en_US dc.subject (關鍵詞) 強制揭露 zh_TW dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 永續報告書 zh_TW dc.subject (關鍵詞) 資訊不對稱 zh_TW dc.subject (關鍵詞) Mandatory disclosure en_US dc.subject (關鍵詞) CSR en_US dc.subject (關鍵詞) ESG reporting en_US dc.subject (關鍵詞) Information Asymmetry en_US dc.title (題名) 法規的力量：強制企業編製永續報告書對資訊不對稱的影響 zh_TW dc.title (題名) Force of Law: The Impact of Mandatory Sustainability Report Filing on Information Asymmetry en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 英文部分Atiase, R. K. (1985). Predisclosure Information, Firm Capitalization, and Security Price Behavior Around Earnings Announcements. Journal of Accounting Research, 23(1), 21-36.Bartov, E., Radhakrishnan, S., & Krinsky, I. (2000). Investor Sophistication and Patterns in Stock Returns after Earnings Announcements. The Accounting Review, 75(1), 43-63.Boone, J. P. (1998). Oil and gas reserve value disclosures and bid-ask spreads. Journal of Accounting and Public Policy, 17(1), 55-84.Brown, S., & Hillegeist, S. A. (2007). How disclosure quality affects the level of information asymmetry. Review of Accounting Studies, 12(2), 443-477.Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48.Collins, D. W., & Kothari, S. P. (1989). An analysis of intertemporal and cross-sectional determinants of earnings response coefficients. Journal of Accounting and Economics, 11(2), 143-181.Dhaliwal, D., Radhakrishnan, S., Tsang, A., & Yang, G. (2011). Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review, 87.Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review, 87(3), 723-759.Easley, D., Hvidkjaer, S., & O`Hara, M. (2002). Is Information Risk a Determinant of Asset Returns? The Journal of Finance, 57(5), 2185-2221.Easley, D., & O’Hara, M. (1987). Price, trade size and information in securities markets. Journal of Financial Economics, 19(1), 69-90.Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Cambridge University Press.Friedman, M. (1970) The Social Responsibility of Business Is to Increase Its Profits. New York Times Magazine, 32-33, 122-126.Grewal, J., Riedl, E. J., & Serafeim, G. (2016). Market Reaction to Mandatory Nonfinancial Disclosure. Management Science, 65(7), 3061-3084.Grossman, S. J. (1981). The Informational Role of Warranties and Private Disclosure about Product Quality. The Journal of Law and Economics, 24(3), 461-483.Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1), 405-440.Hung, M., Shi, J., & Wang, Y. (2015). Mandatory CSR Disclosure and Information Asymmetry: Evidence from a Quasi-natural Experiment in China.Jiambalvo, J., Rajgopal, S., & Venkatachalam, M. (2002). Institutional Ownership and the Extent to which Stock Prices Reflect Future Earnings*. Contemporary Accounting Research, 19(1), 117-145.Lang, M., & Lundholm, R. (1993). Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures. Journal of Accounting Research, 31(2), 246-271.Lang, M. H., & Lundholm, R. J. (1996). Corporate Disclosure Policy and Analyst Behavior. The Accounting Review, 71(4), 467-492.Lanis, R., & Richardson, G. (2012). Corporate social responsibility and tax aggressiveness: An empirical analysis. Journal of Accounting and Public Policy, 31(1), 86-108.Leuz, C., & Verrecchia, R. E. (2000). The Economic Consequences of Increased Disclosure. Journal of Accounting Research, 38(Supplement), 91-124.Milgrom, P. R. (1981). Good News and Bad News: Representation Theorems and Applications. The Bell Journal of Economics, 12(2), 380-391.Wang, X., Cao, F., & Ye, K. (2018). Mandatory Corporate Social Responsibility (CSR) Reporting and Financial Reporting Quality: Evidence from a Quasi-Natural Experiment. Journal of Business Ethics, 152(1), 253-274.Yoon, H., Zo, H., & Ciganek, A. P. (2011). Does XBRL adoption reduce information asymmetry? Journal of Business Research, 64(2), 157-163.中文部分黃曉盈(2023)。強化上市櫃公司 ESG 資訊揭露。證券暨期貨月刊，41(4)，19-28。黃曉盈(2023)。發布上市櫃公司永續發展行動方案推動企業永續發展。證券暨期貨月刊，41(6)，5-15。陳韻如(2023)。我國推動上市櫃公司永續發展路徑圖。證券暨期貨月刊，41(4)，29-38。王怡心(2014)。以良心消除黑心談CSR報告的揭露認證。會計研究月刊，348，20-22。 zh_TW
