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Laurentz, Sara. "Corporate Information Specialists or Librarians in Today's Information Society : Their Key Roles in Corporate Success." Thesis, Uppsala University, 2002. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-158478.
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Posthumus, Shaun Murray. "Corporate information risk : an information security governance framework." Thesis, Nelson Mandela Metropolitan University, 2006. http://hdl.handle.net/10948/814.
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Information Security is currently viewed from a technical point of view only. Some authors believe that Information Security is a process that involves more than merely Risk Management at the department level, as it is also a strategic and potentially legal issue. Hence, there is a need to elevate the importance of Information Security to a governance level through Information Security Governance and propose a framework to help guide the Board of Directors in their Information Security Governance efforts. IT is a major facilitator of organizational business processes and these processes manipulate and transmit sensitive customer and financial information. IT, which involves major risks, may threaten the security if corporate information assets. Therefore, IT requires attention at board level to ensure that technology-related information risks are within an organization’s accepted risk appetite. However, IT issues are a neglected topic at board level and this could bring about enronesque disasters. Therefore, there is a need for the Board of Directors to direct and control IT-related risks effectively to reduce the potential for Information Security breaches and bring about a stronger system of internal control. The IT Oversight Committee is a proven means of achieving this, and this study further motivates the necessity for such a committee to solidify an organization’s Information Security posture among other IT-related issues.
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Laurentz, Sara. "Corporate Information Specialists or Librarians in Today´s Information Society - Their Key Roles in Corporate Success." Thesis, Uppsala University, Department of ALM, 2002. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-101584.
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Schweizer, David D. "Corporate information management;a case study." Thesis, Monterey, California. Naval Postgraduate School, 1991. http://hdl.handle.net/10945/26438.
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Thomson, Kerry-Lynn. "Integrating information security into corporate culture." Thesis, Port Elizabeth Technikon, 2003. http://hdl.handle.net/10948/132.
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Introduction: There are many components that are required for an organisation to be successful in its chosen field. These components vary from corporate culture, to corporate leadership, to effective protection of important assets. These and many more contribute to the success of an organisation. One component that should be a definitive part in the strategy of any organisation is information security. Information security is one of the fastest growing sub-disciplines in the Information Technology industry, indicating the importance of this field (Zylt, 2001, online). Information security is concerned with the implementation and support of control measures to protect the confidentiality, integrity and availability of electronically stored information (BS 7799-1, 1999, p 1). Information security is achieved by applying control measures that will lessen the threat, reduce the vulnerability or diminish the impact of losing an information asset. However, as a result of the fact that an increasing number of employees have access to information, the protection of information is no longer only dependent on physical and technical controls, but also, to a large extent, on the actions of employees utilising information resources. All employees have a role to play in safeguarding information and they need guidance in fulfilling these roles (Barnard, 1998, p 12). This guidance should originate from senior management, using good corporate governance practices. The effective leadership resulting from good corporate governance practices is another component in an organisation that contributes to its success (King Report, 2001, p 11). Corporate governance is defined as the exercise of power over and responsibility for corporate entities (Blackwell Publishers, 2000, online). Senior management, as part of its corporate governance duties, should encourage employees to adhere to the behaviour specified by senior management to contribute towards a successful organisation. Senior management should not dictate this behaviour, but encourage it as naturally as possible, resulting in the correct behaviour becoming part of the corporate culture. If the inner workings of organisations are explored it would be found that there are many hidden forces at work that determine how senior management and the employees relate to one another and to customers. These hidden forces are collectively called the culture of the organisation (Hagberg Consulting Group, 2002, online). Cultural assumptions in organisations grow around how people in the organisation relate to each other, but that is only a small part of what corporate culture actually covers (Schein, 1999, p 28). Corporate culture is the outcome of all the collective, taken-for-granted assumptions that a group has learned throughout history. Corporate culture is the residue of success. In other words, it is the set of procedures that senior management and employees of an organisation follow in order to be successful (Schein, 1999, p 29). Cultivating an effective corporate culture, managing an organisation using efficient corporate governance practices and protecting the valuable information assets of an organisation through an effective information security program are, individually, all important components in the success of an organisation. One of the biggest questions with regard to these three fields is the relationship that should exist between information security, corporate governance and corporate culture. In other words, what can the senior management of an organisation, using effective corporate governance practices, do to ensure that information security practices become a subconscious response in the corporate culture?.
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He, Yujun. "Information environment and gains from corporate takeovers." Thesis, Durham University, 2009. http://etheses.dur.ac.uk/67/.
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Motivated by the inadequate research in understanding the determinants of takeover wealth creation, as well as the theoretical and practical importance of information environment in the takeover market, this thesis examines the wealth effects of information environment on UK takeovers. It regards information dissemination as a process inherent in takeover announcements, along which, factors capturing the characteristics of information sender, information content, information recipient and market condition, are addressed to form three key research issues. First considered are the wealth effects of misvaluation conditional on information signalled by payment and financing methods of takeovers. The results indicate that a price run-up via an upward revaluation follows undervalued bidders releasing good news (non-equity financed cash deals). Secondly, this research is concerned with the wealth effects of investor sentiment, towards the information released, at a whole market and individual firm level. The results show that high investor sentiment drives up target firms’ announcement returns and further causes an increase in takeover premium. The last issue addressed is the relation between information asymmetry and gains to frequent bidders. The results suggest that information asymmetry declines in a merger series while serial non-equity financed cash deals generate decreasing bidders’ announcement returns since the scale of their upward revaluations continually decreases with subsequent announcements. These three groups of results form a mechanism of information environment’s wealth effect as follows. Takeover announcements release new information. With the arrival of new information investors update their assessments of firm value. The scale of revaluation is determined by a firm’s information asymmetry, the direction of it depends on firm misvaluation, information signalled by takeover announcements and the investor sentiment in interpreting this information.
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Abdul, Rahman Azhar Bin. "Disclosure of corporate financial information in Malaysia." Thesis, University of Newcastle Upon Tyne, 1998. http://hdl.handle.net/10443/168.
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This study examines empirically the relationship between a number of corporate attributes and levels of disclosure of information in annual reports of Malaysian public listed companies. The perceived importance of selected information items to two user groups; accountants and fmancial analysts is also examined using a structured questionnaire. Three unweighted disclosure indices (overall disclosure index, mandatory disclosure index and voluntary disclosure index) were applied to 54 corporate annual reports for three different years: 1974, 1984 and 1994. The results indicate that the level of disclosure has improved over the twenty-year period. The overall and mandatory disclosure scores show a substantial increase in 1984 and a moderate increase in 1994. However, only a marginal increase in disclosure level for voluntary disclosure items is noted for the same period. The association between the extent of disclosure and fifteen corporate attributes was examined using several multiple regression models. The results indicate that: (a) the variable total assets shows significant relationship with the three disclosure indices; (b) the variables liquidity ratio, scope of business operations, leverage, and type of management are significantly associated with some of the disclosure indices; (c) the variables number of shareholders, corporate image and fmancial year end show weak relationships with some of the disclosure indices; and (d) the other variables namely, total sales, market capitalisation, proportion of shares owned by outsiders, profit margin, parent company size and type of external auditor show no significant relationship with disclosure scores. Except for total assets, all variables in (b) and (c) above produce inconsistent results when employed under different regression models. The two user groups also demonstrate significant differences in perceptions on 31 (55%) out of 56 items of information. Overall, the financial analysts' group perceive a substantial number of items of information as more important than the accountants' group
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Liu, Xuewen. "Essays on corporate finance under information asymmetry." Thesis, London School of Economics and Political Science (University of London), 2007. http://etheses.lse.ac.uk/1943/.
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Essay 1: Stage Financing and Syndication in Venture Capital Investment: The combined use of stage financing and syndication is one of the most remarkable characteristics of venture capital financing. In particular, the majority of later-stage venture capital investments rather than early-stage are syndicated. The paper presents a theoretical rationale for this financial arrangement. The model shows that tight control (i.e. efficient refinancing or continuation/liquidation decision) of the venture capitalist by stage financing can achieve ex-post efficiency but may disincentivize the entrepreneur's effort provision ex-ante. Hence, the project value is not maximized. I show that the combined use of later-stage syndication with stage financing is a mechanism that can realize the optimal tradeoff between high effort ex ante and efficient continuation ex post thus maximizing project value. The model offers testable empirical predictions. Essay 2: The Capital Structure of Private Equity-backed Firms: In this paper I study one fundamental tension between venture capitalist and management in private equity-backed firms and show capital structure (of private equity-back firms) is a mechanism to resolve the tension. The paper gives rationale for several financial arrangements in private equity investment. (1) Private equity deals are typically partially outside financed even though the private equity fund may not be financially constrained at the deal level. (2) The optimal security for outside financing is debt. (3) The maturity of outside security is long-term. The insight of the paper has applications outside of private equity. Essay 3: Market Transparency and the Accounting Regime: We model the interaction of financial market transparency and different accounting regimes. This paper provides a theoretical rationale for the recently proposed shift in accounting standards from historic cost accounting to marking to market. The paper shows that marking to market can provide investors with an early warning mechanism while historical cost gives management a "veil" under which they can potentially mask a firm's true economic performance. The model provides new explanations for several empirical findings and has some novel implications. We show that greater opacity in financial markets leads to more frequent and more severe crashes in asset prices (under a historic-cost-accounting regime). Moreover, our model indicates that historic cost accounting can make the financial market more rather than less volatile, which runs counter to conventional wisdom. The mechanism shown in the model also sheds light on the cause of many financial scandals in recent years.
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Washburn, Adrianne J. "Executive Information Seeking and the Corporate Library." Thesis, University of North Texas, 2015. https://digital.library.unt.edu/ark:/67531/metadc801910/.
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This study began with an interest in corporate libraries and a genuine curiosity in the information preferences and resources valued by executive leaders at JET Aircraft Co. Executive information preferences and the downward trend in special libraries initiated the investigation of information seeking among executive leaders and yielded the inquiry: What resources do JET Aircraft Co. executives value when they need information? Employing an ethnographic approach, this study investigated what JET Aircraft Co. executives know about information resources, what they believe about information resources, and how they act when they require information. While JET Aircraft Co. maintained a special corporate library called the Company Research Library (CRL), the purpose of this study was to determine what resources were of value to executives at JET Aircraft Co., understanding that the CRL may or may not be a resource executives’ value. As a byproduct, this study also sought to establish executive information preferences and perceptions of the CRL. Information seeking at the executive level, studied through an ethnographic lens, provided insight into how executives at JET Aircraft Co. work and what they prefer, and it established a baseline for the Company Research Library’s position among the resources valued by executives.
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Mears, Lynette May. "Towards a framework for corporate information governance." Thesis, Nelson Mandela Metropolitan University, 2006. http://hdl.handle.net/10948/820.
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Information is a critical asset without which an organisation could not survive. The adequate and effective governance of this asset is an essential function and is the direct responsibility of the board and senior management. The board and senior management have a responsibility to maintain the financial and material health of their enterprise and this includes setting the proper direction and governance of the information asset. Many organisations have, over the past few years, suffered severe losses and failures due to the inadequate governance and protection of this valuable asset. The reasons for the lack of corporate information governance need to be examined. The board and senior management need to direct and control their organisations effectively, with the appropriate delegation of responsibilities, to reduce the possibility of suffering similar losses and/or failures. The contribution made by this study is illustrated in the designing of a framework and activity plans to facilitate the board in practically implementing an improved corporate information governance process.
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Liao, Chih-Hsien. "Does Corporate Governance Reduce Information Asymmetry of Intangibles?" Case Western Reserve University School of Graduate Studies / OhioLINK, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=case1218675062.
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Zhang, Tianyu. "Corporate layers and corporate transparency in a transition economy : evidence from China /." View abstract or full-text, 2004. http://library.ust.hk/cgi/db/thesis.pl?ACCT%202004%20ZHANG.
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Zhang, Man. "Information technology capability, organizational culture, and export performance." Online access for everyone, 2005. http://www.dissertations.wsu.edu/Dissertations/Spring2005/M%5FZhang%5F040505.pdf.
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Rao, Xiaoli, and 饒曉莉. "Two essays on information and control issues in accounting?" Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B29294848.
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Faulk, David Philip. "Cost models and the Corporate Information Management (CIM) initiative." Thesis, Monterey, California. Naval Postgraduate School, 1991. http://hdl.handle.net/10945/30969.
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Approved for public release, distribution unlimitedThis thesis provides a brief history of the Corporate Information Management (CIM) initiative, and initiative and includes a summary of the methodology being employed to complete the initiative. The focus of this thesis is on the alternative cost models that are available to the Department of Defense (DoD), and the information requirements for each of them. The cost models reviewed include: actual, normal, standard, variable, cost-volume-profit analysis, and job order. Advantages and disadvantages of each of these models is discussed. In addition, the current DoD implementation of unit costing is ·also discussed and compared and contrasted to the alternative models that exist.
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Kaffman, Jacob, and Joseph Kaffman. "ANALYSIS OF THE INFORMATION FLOW AT ABB CORPORATE RESEARCH." Thesis, Mälardalens högskola, Akademin för innovation, design och teknik, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-24484.
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ABB Corporation is a swedish-swiss international company, specializing in power and automation technologies. The company is a joint-venture between ASEA and Brown Bouveri, merging into one company in 1988. ABB has five business unit, where the products and services mainly comes from research and development work within the company. Each business unit performs R&D initiatives and investments within respective area of reach, in order to achieve competitive products and services. ABB Corporate Research is responsible for research and development within the company where R&D initiative takes place. During autumn 2013 ABB Corporate Research will launch an improvement study, which will be the basis for subsequent major project. Information is a key factor within ABB Corporate Research, where each stakeholder in a specific project has access for specific information. The question is, how accessible/searchable is the information, and also how user-friendly is the current information system within the unit. The mission of the conducted study is to examine what the employees of ABB Corporate Research think about the existing information distribution system for technical reports and publications, also propose overview improvements within the particular area. Delimitation has been established to conduct the study within the department of Software Architecture & Usability (SARU) in Västerås, which is a part of Automation Technology (AT) department, in order to deliver on the required time frame. Theories regarding Innovation management, Lean thinking, Change management, Information distribution, Integration of information system and Ishikawa was studied thoroughly within the project. A qualitative research methodology was used, based on performing interviews with key personnel within SARU. The interviews converted into key factors (findings), which resulted into correlations to all key factors. A root cause analysis (Ishikawa) was performed, in order to examine and visualize which challenges appear within the current information system. The result from the conducted analysis and correlations indicates that: the database is not user-friendly enough, it is difficult to acquire correct information, information is not in detail level due to limitation of information, it is time consuming to search in the databases in order to acquire correct information, Usually rely on internal networking instead of searching into the information system, restricted internal security and person based information dependence. With the help of theories within the project, in combination with the conducted results from the analysis and correlations, improvements have been proposed. Due to the time frame of the project, further analysis should be performed for respective improvement proposals. The improvement proposals could be a starting point for the upcoming project. The improvements proposals are: RSS Feeds solution for usability efficiency Standardized Work Methodology Integrated Database Interface Internal Information Transparency The authors recommend implementing all improvement proposals, in order to further achieve productivity and efficiency within the organization.
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Yu, Suxiu. "Essays on Corporate Finance, Security Design and Information Choice." Thesis, Toulouse 1, 2017. http://www.theses.fr/2017TOU10028.
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Trzeciakiewicz, Agnieszka. "Essays on information asymmetry, agency problem, and corporate actions." Thesis, University of Hull, 2014. http://hydra.hull.ac.uk/resources/hull:10593.
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This study investigates the implications of the asymmetric information between managers and shareholders and the resulting costly agency problems. In doing so, it focuses on the heterogeneity of executive directors with respect to their trading behaviour and personal characteristics, and the corporate governance mechanisms which can help lessen the adverse effects of the manager-shareholder agency conflicts. The study recognises that executive directors cannot be treated as a homogenous group and their incentives and the ability to impact decisions differ significantly. Two top executive directors are considered throughout this study, namely Chief Executive Officers (CEOs) and Chief Finance Officers (CFOs). In this study, we address several important research questions. First, we consider whether executive directors have an informational advantage over outsiders. Second, we address if the heterogeneity of directors with respect to their role in the company and personal characteristics matters. Third, we examine whether internal corporate governance mechanisms play a significant role in moderating the manager-shareholder agency problem. Last but not least, we investigate if the nature of the interactions between asymmetric information, agency issues and corporate governance change during and after the global financial crisis of 2007-08. In carrying out our empirical analysis, we employ a unique dataset on the UK nonfinancial firms during the sample period 2000 to 2010. The detailed information about the corporate governance structure of firms and the personal characteristics of CEOs and CFOs enable us to carry out a comprehensive analysis of the research questions outlined above for three distinct periods, namely the pre-crisis, crisis and post-crisis periods. Our analysis shows that the position that directors hold in the company and their characteristics can help explain the subsequent market-adjusted returns on insider trading. We find that the returns to insider purchase transactions are generally positive. However, they are weaker in the longer term, possibly suggesting that the informative content of director trades is less significant than it is perceived by the market. The main finding of our analysis in relation to the link between insider trading and the probability of bankruptcy is that insider trading increases the predictive power of insolvency models. This study also reports that CEOs exert a greater influence on the leverage decision than CFOs in firms that seem to operate under their optimal leverage. However, we observe that the CFO’s characteristics become more significant in determining leverage after the recent financial crisis. Overall, the analysis of this study provides strong evidence for the view that the presence of asymmetric information between insiders and outsiders and the costly manager-shareholder agency conflict are central to our understanding of the corporate finance decision making process and its consequences. However, more importantly, the findings of this study provide a relatively new notion that considering the heterogeneity of top executive directors in the empirical analysis of corporate decisions is essential, especially in exploring modern corporations.
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Loh, Lawrence. "The economics and organization of information technology governance : sourcing strategies for corporate information infrastructure." Thesis, Massachusetts Institute of Technology, 1993. http://hdl.handle.net/1721.1/12545.
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Johnson, George Alfred. "The information value of new disaggregated accounting information: the case of voluntary corporate spinoffs." Diss., Virginia Tech, 1990. http://hdl.handle.net/10919/39804.
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This dissertation is an empirical investigation of security excess returns associated with the announcement of corporate spinoffs. Spinoff excess returns exist, but the sources of these returns are not clear. Varying levels of disaggregated accounting information result from spinoffs. The purpose of this dissertation is to relate these information levels to spinoff excess returns.
A sample of 79 voluntary spinoffs from 1980 to 1987 is categorized according to levels of disaggregated accounting information. Analyses of the security returns for the entire sample and for the subsamples formed by information levels are performed. Additionally, the importance of the size of the spinoff and the combined impact of spinoff size and information levels are investigated. Daily excess returns from the CRSP Excess Returns File are the source of the dependent variable measure. Although the market reaction to spinoffs has been studied previously I the reaction to spinoffs from 1980 to 1987 has not been studied in detail.
The key findings and implications of the empirical investigation include:
1. Spinoff announcements do result in significant excess returns. This is a confirmation of similar findings from earlier investigations.
2. The size of the spinoff has a significant relationship to the announcement return. This is also a confirmation of results from earlier spinoff studies.
3. Levels of disaggregated accounting information are not significantly related to spinoff announcement returns. Another possible source of spinoff excess returns has been investigated.
4. Levels of disaggregated accounting information are related to the dispersion of spinoff announcement returns. The value of accounting information in a new setting is known.
5. Interaction between spinoff size and information levels is related to spinoff announcement returns. A qualification of the effect of size on spinoff excess returns is demonstrated.
6. Levels of disaggregated accounting information are related to spinoff postannouncement returns. This finding suggests postannouncement drift and a topic for further research.Ph. D.
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Ballard, Mavourneen W. "Corporate policy management for a financial organization." [Denver, Colo.] : Regis University, 2006. http://165.236.235.140/lib/MBallard2006.pdf.
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Chan, Tai On. "The dynamics of diffusion of corporate GIS /." Connect to thesis, 1998. http://eprints.unimelb.edu.au/archive/00001055.
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Burkhead, Randy L. "A phenomenological study of information security incidents experienced by information security professionals providing corporate information security incident management." Thesis, Capella University, 2015. http://pqdtopen.proquest.com/#viewpdf?dispub=3682325.
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The security of digital information is paramount to the success of private organizations. Violating that security is a multi-billion-dollar criminal business and exploiting these vulnerabilities creates a single point of failure for operations. Thus, understanding the detection, identification, and response to information security incidents is critical to protecting all levels of infrastructure. The lived experiences of current professionals indicate 10 unique themes in regards to how information security incidents are addressed in private organizations. These unique themes led the researcher to offer several conclusions related to the importance of planning, communication, offensive capabilities, and integration with third-party organizations. Information security incident management is accomplished as an escalation process with multiple decision points leading to a restoration of services or security. The source of the incident is not often sought beyond the first external IP address but their purpose and intent are essential to information security incident management. The key lessons learned from professionals include the importance of having a plan, training the plan, and incorporating the human elements of security into information security incident response. Penetration testing as well a knowledge about threat and attack patterns are important to information security incident management for detection, containment, and remediation. External organizations play a major role in the management of information security incidents as fear, incompetence, and jurisdictional issues keep the private sector from working with government, military, and law enforcement organizations. These themes have wide reaching implications for practical application and future research projects.
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Hatrash, Hamad Omar. "Corporate finance practices and corporate governance effect on firm performance and information leakage in Saudi Arabia." Thesis, Manchester Metropolitan University, 2018. http://e-space.mmu.ac.uk/620928/.
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The major aim of this thesis is to investigate corporate finance practices, as well as the effect of corporate governance mechanisms on firm performance and information leakage in Saudi Arabia. Saudi Arabia is a major state among developing and Middle Eastern countries, characterised by certain economic and financial differences in contrast with other advanced and developing countries. Little consensus exists with regard to the means through which firms should come to corporate financial decisions. Therefore, a scant number of studies have conducted comprehensive surveys into corporate finance practices, covering capital budgeting, cost of capital, capital structure and dividends. These studies have indicated that firm practices are not always in accordance with academic rules and theories. Regardless of such evidence, no research has been undertaken to explore the discrepancy between financial theories developed in western markets and the corporate financial practices of Saudi firms. Therefore, as far as I am aware, this thesis is the first study seeking to fill this literature gap, providing a contribution to the literature in the form of a comprehensive investigation of corporate finance decision making in Saudi Arabia. To execute this investigation, a draft survey was devised and distributed to the CFOs of all Saudi listed firms. Analysis of the responses indicated that popular techniques were IRR and NPV, for capital budgeting and earnings yield assessments of equity costs. The Zakat rate is the tax rate utilised by 94.2% of Saudi firms, with support present for the pecking-order theory and the trade-off theory. Furthermore, Saudi firms have a long-term target pay-out ratio, while strong support is indicated for the bird in hand theory and signalling mechanism. Moreover, one of the major issues relating to the Saudi market has been the emergence of insider trading and information leakage. Additionally, in 2006 the Saudi stock market crashed, producing a negative influence on investor confidence. Subsequently, Saudi Arabia’s Capital Market Authority (CMA) issued corporate governance regulations; in 2009, the CMA began enforcing these regulations on all Saudi listed firms, as a means of enhancing market transparency and credibility. Despite the significance of these regulations, no existing research has assessed the effect of these regulations on the information leakage phenomenon, or the impact of regulations on firm performance post-2009. Therefore, to the best of my knowledge, this is the first study investigating the effect of these governance mechanisms on information leakage, in addition to firm performance for the post-2009 period. To undertake this examination, information leakage was identified on the basis of cumulative abnormal returns (CARs), prior to quarterly and annual earnings announcements. Three models were utilised to calculate abnormal returns, namely the constant mean return model, market adjusted model and market model. Three measures were applied for firm performance: return on assets (ROA); return on equity (ROE), alongside Tobin’s Q. Additionally, for the regression analysis, the System Generalized Methods of Moments (GMM) was adopted as a control for autocorrelation, heteroscedasticity, heterogeneity and endogeneity. The findings indicated that significant information leakage and CARs was present prior to the official quarterly and annual earnings announcements. Besides, the information leakage level before quarterly earnings announcements for the period 2006-2008 were greater than for 2009-2014. Additionally, the results indicated the negative effect of ownership concentration, government ownership and board subcommittees’ presence on firm performance. Institutional ownership, director ownership, managerial ownership, board size and audit committee size were positively correlated to firm performance. Moreover, the results confirmed that ownership concentration, board size and frequency of board meetings have a positive influence effect on information leakage, whereas institutional ownership, director ownership, board subcommittees’ presence and audit committee size all have a negative impact on information leakage.
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Amini, Moghadam Shahram. "Two Essays on Competition, Corporate Investments, and Corporate Earnings." Diss., Virginia Tech, 2018. http://hdl.handle.net/10919/82851.
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The general focus of my dissertation, which consists of two essays, is on how changes in the financial and economic environment surrounding a firm affect managerial incentives and firm policies regarding investment in physical capital, innovation, equity offerings, and repurchases. The first essay in my dissertation examines how product market competition affects firms' investment decisions. While competition among firms benefits consumers via lower prices, greater product variety, higher product quality, and greater innovation, recent studies provide evidence that competition has been declining in the U.S. economy over the past decade. The evidence shows that American firms' profits are at near-record levels relative to GDP and are persistent. Industries have become more concentrated as a result of mergers and acquisitions, and barriers to entry have risen and the rate of new entry has been declining for decades. Taking these findings at face value, we examine empirically whether companies feel less compelled to invest in physical capital and in research and development because they face fewer threats from rival firms.
Using both traditional proxies and recently developed text-based measures of industry concentration, we show that firms operating in competitive industries invest significantly more in both physical capital and research and development relative to their peers in concentrated industries. We also report that the propensity to invest less by managers of monopolistic firms is partially mitigated by superior corporate governance that reduces the agency problem, and by certain product market characteristics such as low pricing power and low product differentiation/entry barriers. However, after accounting for all these mitigating factors, the negative association between industry concentration and investment persists. Our results are robust to including various control variables and exclusion of firms from industries that face significant competition from imports. The results are also robust to controlling for endogeneity caused by missing time-invariant and time-varying industry level factors that could potentially be related to both the level of concentration and investments.
Overall, our results are consistent with the notion that firms in competitive industries have a greater incentive to invest and innovate to survive and thrive in a competitive environment relative to the managers of the firms in more concentrated industries whose incentive to invest and innovate is to maintain their monopoly rents. Our findings have obvious policy implications in that investment and hence economic growth is being adversely affected in the current era of increasing industry concentration and declining competition.
The second essay in my dissertation investigates whether information contained in equity issues and buybacks is fully incorporated into prices such that the market reaction to subsequent earnings announcements is unrelated to those corporate actions. Korajczyk at al. (1991) argue that firms prefer to issue equity when the market is most informed about the quality of the firm to prevent adverse selection costs associated with new equity issues. This implies that equity issues tend to follow credible information releases contained in earnings announcements. However, analyzing a sample of 19,466 SEO pricing dates between 1970 and 2015 and 15,106 buyback announcements between 1994 and 2015 shows that a considerable number of equity offerings and repurchase announcements take place before the announcement of earnings. About 28% of buybacks and 32% of SEO pricings are made in the three weeks prior to an earnings announcement. Given these statistics, we examine whether these corporate actions provide information about upcoming earnings announcements (earnings predictability) to the extent that new information has not been fully incorporated into prices by market participants.
We find evidence of earnings predictability: the market reaction to earnings following buyback announcements is higher by 5.1% than the reaction to earnings following equity issues over the (-1,+30) window when four-factor abnormal returns are used; the difference is 2.2% when unadjusted returns are considered. The results are robust to several alternate sample construction methodologies. There are at least two puzzling effects of earnings predictability that are difficult to reconcile with the market efficiency hypothesis. First, there is an incomplete adjustment to SEO pricings and buyback announcements that results in residual market reaction to earnings announcements. Second, prices continue to drift after earnings announcements: upward for buybacks and downward for SEO pricings. Unlike post-earnings announcement drift, the drift documented here does not depend on the market reaction to earnings announcement. We test several reasons for this anomalous behavior including prior returns, price, size of buyback or SEO, analyst forecast errors, and bid-ask spread. We find that information asymmetry proxies partially explain the persistence of earnings predictability following SEO pricings and buyback announcements.Ph. D.
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Ott, Michael F. "Reengineering the Department of Defense : the Corporate Information Management initiative /." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 1994. http://handle.dtic.mil/100.2/ADA289636.
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Thesis (M.S. in Information Technology Management) Naval Postgraduate School, September 1994.Thesis advisor(s): James C. Emery, Frank J. Barrett. "September 1994." Includes bibliographical references. Also available online.
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Tsui, Chen-Shiuan, and 崔震萱. "Corporate Information Disclosure and Corporate Performance." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/56989011682108030423.
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碩士國立交通大學
管理學院碩士在職專班管理科學組
95
In this thesis, we undertake a study on the relationship between corporation’s disclosure quality and their financial performance. Main sources of data include the public disclosure evaluation conducted by the Securities and Futures Institute during 2003~2005, as well as annual reports published by publicly listed Taiwanese companies. The quantitative methods, OLS (Ordinary Least Square Approach) and 2SLS (Two Stage Least Square Approach), were adopted to uncover the correlations and to reduce Homoskedasticity problems. The empirical results show that there is a consequential positive correlation between credit risk and disclosure quality. The quality of disclosure is also positively correlated with size of foreign institutional shareholding, and negatively correlated with the presence of large domestic shareholders. Further, there is indeed a positive correlation between disclosure quality and financial performance, inline with our research hypothesis. Other ancillary findings show that R&D expenditure is positively correlated with financial performance, whilst sizable government holding is a negative factor for performance. Size of holding by the senior management team also turns out to be a negative performance factor, we believe, due to the Mutual Back Scratching Effect that impairs management effectiveness. Board of Directors compensation showed a positive factor for performance. This indicates that higher compensation has encouraged board members to get more involved in monitoring and guiding the company’s developments. The presence of Independent Directors proved a further positive factor for performance. This result also shows that the Cronyism Effect commonly witnessed in the U.S. capital markets is not currently demonstrated in Taiwan.
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Wang, Chung-Mei, and 王鍾湄. "Corporate Information Governance." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/82935028303995285517.
Full textAbstract:
碩士國立臺灣大學
法律學研究所
103
Since the Asian Financial Crisis in 1997 and the surge of corporate scandals in the U.S. between 2001 and 2002, such as the collapse of Enron, have led to a renewed interest in corporate governance internationally, namely how does company law deals with mismanagement and balances the interests of stakeholders in a company by adopting a range of mechanisms that can be described as a system of checks and balances. Improving transparency and disclosure are key steps to corporate governance as they can provide stakeholders with timely and accurate disclosure on all material matters of a company. According to Article 210 of Taiwan Company Act, any shareholder and any creditor of a company may request at any time, by submitting evidentiary document(s) to show his/her interests involved and indicating the scope of interested matters, an access to inspect and to make copies of the Articles of Incorporation, the minutes of every meeting of the shareholders, the financial statements, the shareholders roster and the counterfoil of corporate bonds issued by the company. However, the scope of a company’s books and records that can be inspected and copied does not include the original date of the accounting books and records or financial and business conditions of an affiliated enterprise, which indicate the results of operations and the financial position of a company. Refer to the U.S. legislative experience, Companies Act 2006 and Hong Kong Companies Ordinance, we can find out that the shareholders roster and other corporate books and records should be transparent at a minimum level. Greater transparency in corporate books and records can give stakeholders the necessary knowledge to exercise their rights and protect their interests. What’s more, it can defer the directors or mangers of a company from wrongdoings. In addition, company registration is a key part of information disclosure regime. Whereas, the competent authority in Taiwan have no right to update or rectify the company registration records or documents, and there are still other ways to access corporate information, we need to rethink the function of company registration and to clarify the role that the competent authority should play in corporate information governance. Finally, this thesis will review the current legal mechanism of the corporate information right under Taiwan Company Act, and propose amendments base on the cases and theories discussing in previous chapters.
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Hsu, Lien-Cheng, and 許聯誠. "CORPORATE GOVERNANCE, INFORMATION TRANSPARENCY, AND CORPORATE PERFORMANCE." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/79ab6b.
Full textAbstract:
碩士大同大學
事業經營學系(所)
107
Corporate governance is a mechanism for guiding and managing enterprises, which enables the board of directors and management to achieve operational goals in a way that is in the best interests of the company and all shareholders, to fulfill the responsibilities of business operators, and to protect the legitimate rights and interests of shareholders and to take into account other stakeholders interests. Information asymmetry is one of the biggest reasons for investment risk, and the lack of information transparency and the lack of instant disclosure are the main reasons for the asymmetry of information. Therefore, corporate governance ratings and information transparency have gradually received the attention of international investors, investment companies and regulatory authorities. This study explores the impact of corporate governance indicators and information transparency assessments on the performance of companies listed in Taiwan. The operating performance data ROE, ROA and TOBIN are used as dependent variables, and the explanatory variables and their correlations are observed. During the period, the data of all companies' quarterly data and annual data showed that the ROE performance of most companies was better than the average. The difference between the maximum value and the minimum value of the performance was more than ten times. The quarterly data on corporate governance and business performance during the sample period is added to the information transparency variable. The empirical result data shows that after adding the information transparency (TRUST) variable, the empirical result data shows that the relevant corporate governance mechanism has a negative impact on the ROA and ROE of business performance. The number of variables decreases, and the number of positive impact variables increases and has a significant impact. The results of this study empirically show that corporate governance mechanisms do affect the performance of business performance. Enterprises with larger board sizes and more independent board seats will have a significant and significant impact on the company's operational performance under a sound corporate governance mechanism. The empirical results support the arguments of this study.
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Lu, Kuan-Yi, and 盧冠嶧. "Corporate Social Responsibility, Information Transparency and Corporate Value." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/bkxhhz.
Full textAbstract:
碩士國立臺中科技大學
會計資訊系碩士班
106
This study’s focus is on the effects of corporate social responsibility (CSR) and information transparency (IT) on corporate value of the listed companies in Taiwan. The analyses are based on data from 2007 to 2014. The empirical results are consistent with our hypotheses that both CSR and IT are significantly positive correlated to corporate value.
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Ko, Yo-Long, and 柯佑隆. "Corporate Governance and Corporate Social Responsibility Information Disclosure." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/13519891494520683554.
Full textAbstract:
碩士國立臺北大學
會計學系
99
In recent years, corporate social responsibility has been widely discussed .Enterprises in addition to practice corporate social responsibility, preparation and issue of corporate social responsibility report has became an international business trends. And those times with the evolution of corporate governance theory, today's corporate governance is not just to shareholders, should guarantee the rights of persons are interested, this point coincides with the concept of corporate social responsibility. In the past, most empirical research focuses on the relationship between corporate social responsibility and financial performance, or just consider the corporate governance and financial performance , research between these three concepts there is still much room for improvement, because the corporate social responsibility and corporate governance is inextricably linked, taking into account the two is necessary. This study intends to answer the following question related to the CSR disclosure: Will companies with stronger corporate governance be more willing to issue CSR? To help academics and practitioners understanding more about management voluntary disclosure behavior, but also provides capital market investors to conduct business as an important reference evaluation basis. Empirical results revealed positive relationship between independent directors and corporate social responsibility. Finally, the GRI (G3) and the exposing situation of Taiwanese companies are analyzed, hoping to bring a reference about social responsibility report for domestic enterprises.
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Chang, Hsiu-Pei, and 張修珮. "Information Disclosure and Corporate Governance." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/33359269061577168787.
Full textAbstract:
碩士國立交通大學
管理學院碩士在職專班經營管理組
97
Corporate governance is the focus of recent development. Information disclosure is the measure for stakeholders to rapidly understand the corporate governance. This study applies the structure-conduct-performance (SCP) model to analyze the coporate governance under the cross-strait trade opening. The incidents of Sanlu, Yili, King Car, and Wei Chuan companies are used for case studies. For instance, the powdered milk poisoning incidents are included as case scenarios. The major findings are as follows: 1. To promote the fundamental significance of corporate governance is to enable enterprises sustain business. 2. Proactive information disclosure helps gain the stakeholders’ trust and understanding. 3. Enterprises with better corporate governance tend to have self-sustaining governance practices and information disclosure, in order to obtain better performance. 4. Enterprises with better corporate governance are more capable of crisis management. 5. The often-seemed co-playing the chairman and general manager causes lack of check and balances. 6. The implementation of corporate governance should be extended to non-listed companies, especially to the food and beverage industries. 7. Information disclosure is fundamental for sound corporate governance.
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Huang, Li-Ting, and 黃莉婷. "Information Disclosure in Corporate Merger." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/63454505910249468140.
Full textAbstract:
碩士銘傳大學
法律學系碩士班
100
This essay primarily discusses information disclosure in corporate mergers. In Taiwan, stipulations on corporate information disclosure are scattered in various commercial laws rather than as one unified provision. Beginning with the definition of information disclosure, the essay attempts to establish the principles of information disclosure in civil and commercial laws through a discussion of related stipulations in Taiwan’s civil and commercial laws, and legislative precedents in other countries. The essay also discusses whether information disclosure principles under civil and commercial laws are applicable in the information disclosure of corporate mergers; and it analyzes Taiwan’s legal provisions and measures that are related to the United States Federal Law and Delaware Corporation Law from the perspective of the subject and object of corporate merger disclosure. In the case of the subject of merger disclosure and its responsibility, directors’ responsibility and limitation of liability are reinforced through director primacy and business judgment rule; and for the object of merger disclosure, information disclosed is determined by materiality principle and possibility and impact in the basis case. Furthermore, the essay discusses flaws in Taiwan’s laws and regulations relating to merger disclosure through three actual cases in Taiwan, i.e. the Global Securities Finance Corp. merger, TCB-Farmers Bank of China merger and Jabil-Green Point merger. It also attempts to propose solution and recommendation for revision of relevant laws and regulations in the hope of outlining the direction and blueprint for Taiwan’s legal system in the future.
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Du, Kui active 2013. "Information technology and corporate acquisitions." 2013. http://hdl.handle.net/2152/21596.
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This dissertation examines how information technology can help acquirers to improve the performance of their acquisition targets. An acquisition creates value when the acquirer can generate more returns from the acquired business than its former owner can, a condition we call the acquirer's parenting advantage. Then, we introduce two IT-related sources of parenting advantage. Acquirers with more extensive process digitization can provide richer digitized resource to serve their newly acquired businesses, and acquirers with more related process digitization can unlock more synergies between the newly acquired and existing business units. So, as we argue, digitization extensiveness enables a digitization-revitalization mechanism for acquisition value creation, and digitization relatedness enables an integration-synergy-creation mechanism. Both mechanisms can be carried out through digital accommodation activities after acquisitions. Furthermore, the digitization gap between acquirers and targets is a major contingency for digital accommodation, with the second mechanism functioning mostly when the target has already had advanced digitization achievements. We empirically validated these hypothesized relationships by tracking the IT and performance changes in 109 U.S. hospitals before and after they were acquired, using a 7 year study timeframe.text
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Cheng, Sheng-Ren, and 鄭勝仁. "Information Asymmetry and Corporate Spinoffs." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/82192279866250463992.
Full textAbstract:
碩士國立高雄第一科技大學
金融所
98
This study investigates the relation between the spin-off decision and the information asymmetry. In addition, we also investigate the change of information asymmetry, external financing, foreign ownership, large Shareholders after spin-off. The sample includes 39 event firms and 39 match firms listed on the Taiwan Stock Exchange in the period from 2001 to 2008. The results show that high degree of information asymmetry is not associated with increased spinoff decision. Additionally, information asymmetry and block shareholding do not decrease and external financing and foreign ownership do not increase after spin-off.
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Lin, Jui-chin, and 林瑞琴. "Relationship among Firms Performance, Corporate Governance and Corporate Information Transparency." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/19016536680272791664.
Full textAbstract:
碩士輔仁大學
會計學系碩士班
95
In recent years, there are many financial frauds, happened in domestic and international capital markets, which make investors cast doubts on the reliability of financial reports. It is believed that the company management honestly disclosing more reliable information to the stakeholders will promote the investor’s trust to the financial reports. Searching the determinants of the company’s information transparency is vital issue now. This study is focused on examining the effects of corporate performance and corporate governance on the company’s information transparency. This research retrieves the information transparency ratings from The Information Disclosure and Transparency Rankings System of Securities and Futures Institute and adapts these ratings as the information transparency variable. Furthermore, this study uses the rate on equity to proxy the corporate performance and builds up several corporate governance indices. The sample consists of listed companies from 2003 to 2005 that have the information transparency ratings. The empirical results are as follows： 1. The information transparency rating variable is significantly positive-associated with ROE. This result means that the higher firm performance level the higher corporate information transparency. 2. The empirical results of various corporate governance show that the better corporate governance the higher corporate information transparency. These results are robust in alternative performance measure test, and different corporate governance index measurement test.
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Lin-Chih-Chung and 林至中. "Accounting information usefulness and Corporate governance." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/78738894244913527483.
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碩士國立中正大學
會計學研究所
90
This study intends to develop an agency-based model that provides a theoretical connection between compensation-earnings sensitivities (CES) and value-earnings sensitivities (VES). This investigation can advance our understanding on the relation between the stewardship and valuation roles of earnings. Since the capitalization rate of earnings into value also influences the marginal product of current period actions, we expect that CES and VES are positive correlated. The empirical tests we propose intend to find a positive link between CES and VES after controlling for earnings persistence and other agency-based determinants of CES. The second object of this study is to investigate how governance systems of public Taiwanese corporations vary with information properties of earnings produced by their financial accounting systems. In firms whose current accounting numbers do a relatively poor job of capturing the effects of the firm’s current activities and outcomes on shareholder value, the earnings are less effective in the governance setting of compensation design. We predict that such firms will substitute costly governance mechanisms to compensate for their less useful earnings. Our research design aims at examining the cross-sectional relation between proxies for earnings timeliness and subsequent corporate governance systems of Taiwanese public firms after controlling for other firm characteristics that are related to corporate governance. This study will make several major contributions. First, this study will add evidence to the corporate governance and accounting information literature and help us better understand the relation between the stewardship and valuation roles of accounting earnings. Second, this study will produce empirical evidence that will help the related authority to evaluate the current corporate governance structure and formulate appropriate regulatory policies in order to protect minority shareholders. Keywords: Corporate governance, Earnings usefulness, Earnings timeliness, Executive compensation, Compensation-earnings sensitivities, Value-earnings sensitivities.
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Wen-YiChang and 張文宜. "Information Asymmetry and Corporate Spinoff Decisions." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/24989089388428398345.
Full textAbstract:
碩士國立成功大學
財務金融研究所
98
This paper examines the role of information asymmetry in explaining the incidence of corporate spinoffs. We argue that corporations with higher information asymmetry have a greater incentive to spin off. We study the spinoffs in the U.S. and test if the level of asymmetry affects the spinoff decisions. The evidence indicates that the level of information asymmetry is significantly different between spinoff firms and non-spinoff firms. Our empirical results indicate that higher information asymmetry will increase the incentives of firms to engage in spinoffs. Although the firm size, proportion of R＆D expenditures in total sales, and commercial paper ratings do not support for this premise, the standard deviation of sales, standard deviation of earnings and bonds ratings show significant impacts on the incidence of spinoffs.
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Cyue, TingShu, and 闕廷書. "Corporate Social Responsibility And Information Asymmetry." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/48388257108950012261.
Full textAbstract:
碩士國立臺北大學
金融與合作經營學系
100
This research investigates the connection between Corporate Social Responsibility (CSR) and the issue of information asymmetry. Our empirical work would like to provide evidences about the following questions: First, firms which put more attentions on corporate social responsibility (abbreviated as CSR firms) would have less degree of information asymmetry contrast to those being considered making fewer efforts in CSR. Second, although the firms who have higher degree of information asymmetry may endure higher cost of capital, CSR firms would enjoy a discount because they demonstrate positive images in the markets. Furthermore, we also examine whether CSR may reduce the excess returns when higher degree of information asymmetry exist; and the last, this study explores that CSR character may reduce the overreaction results of book-to-market effect and intangible information, which are mentioned by Daniel and Titman(2006). Our CSR sample comes from the DJSI (Dow Jones Sustainability North America Index), and ranges since 2002 to 2010. We also collect the counterparty matching firms by selecting with same SIC code and similar size in the sample. Refer to Jayaraman (2008, JAR) , the information asymmetry is proxied by daily closing bid-ask spread divided by the mid-point of bid and ask quotation. Control variables, such as size, ROA, and BM ratio are also considered in the regressions. The major findings can be depicted as follows: 1. There is a significantly negative relationship between CSR and information asymmetry proxy, which means that market responds CSR with smaller gap between bid-ask spreads. 2. CSR firms would enjoy a discount of capital cost when they belong to higher degree of information asymmetry; in addition, CSR also reduce the excess returns when higher degree of information asymmetry exists. 3. Finally, CSR firms have less degree of overreaction than matching firms when the book-to-market effect is considered.
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CHEN, KENG-CHUN, and 陳秔君. "Information Content of Corporate Governance Evaluation." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/ftfm36.
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碩士國立臺北大學
會計學系
107
This study is based on the evaluation results of the Corporate Governance Rating evaluation system provided by the Financial Supervisory Commission as the index of Corporate Governance Rating evaluation, using the results of the third and fourth Corporate Governance reviews published in 2017 and 2018. The objective of this paper is to investigate the relationship between information content of change rating of corporate governance evaluation and cumulative abnormal returns (financial transaction, short selling). The results suggest that the up (down) rating is larger (smaller) cumulative abnormal returns; it beats the expectation, but is not significant. The results of financial transaction and short selling are the same. In general, the results of this study do not support the relationship between information content of change rating of corporate governance evaluation and cumulative abnormal returns (financial transaction, short selling). It could be information of change rating of corporate governance evaluation that cannot be caught by general investor.
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Tsai, Cheng-Ying, and 蔡承穎. "Literature Review for Corporate Information Asymmetry." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/82448457554514849865.
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碩士亞洲大學
財務金融學系碩士在職專班
103
The study reviews the literature about information asymmetry, including the definition, reasons, and measures for the information asymmetry, as well as the impact of the information asymmetry. Information asymmetry means that securities buyers and sellers cannot fully understand the opponent's information when they trade, or the company's insiders have more firm-related information than outsiders do. Past literature mentioned factors affecting the degree of information asymmetry; the study classifies them from viewpoints of people, time, thing, place, and object. The thing viewpoint matters most, including the level of the enterprise information disclosure, , audit and financial report quality, financial conditions, business growth, stock’s turnover rate, stock’s risk and its premium, the extent of the company's business and product diversification, corporate conference, etc. The literature can make readers to completely understand how to reduce information asymmetry and improve the degree of information p transparency. The study also explores the measures of information asymmetry, including indirect and direct methods. The former uses some specific indexes to measure information asymmetry, for example, the time length firm’s stock listed, non-systematic risk, etc.; the latter uses the probability that firm has an advantage to trade using private information. Understanding various measures provides readers more and detailed references in measuring information asymmetry; also, according to their logic, readers can develop new methods to measure information asymmetry. Information asymmetry causes a lot of influences, such as trading risk, market liquidity, the company's dividend policy, financing and investment decisions, earnings management, corporate governance, the impact on the value of the company, etc. The related literature is reviewed in detail in this study.
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Lin, Ju-Pei, and 林朱培. "On Information Disclosure and Corporate Governance." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/51631668101811260478.
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碩士國立高雄第一科技大學
金融營運所
93
ABSTRACT Full disclosure is one way to solve the information asymmetry among the management, stockholders, and debtors. Therefore, the requirement by law on information disclosure should be looked upon a minimum for any enterprise. The most important goal is to improve the communication with investors and debtors, revealing all relevant information on decision making. This paper explores and compares some cases, discussing issues on information disclosure and corporate governance.
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Tai-Lin, Liu, and 劉泰麟. "Incremental Information Content of Corporate Governance." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/60282563398344340969.
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碩士東海大學
會計學系
92
Since The Asian Financial Crisis arose in 1997, the government body of financial has noticed the issue of “Corporate Governance”, and after the scandal of Enron and WorldCom erupted, the importance of Corporate Governance has been more confirmed. From the end of 2001, Taiwan has begun to amend The Corporate Law and built some relevant system. Because the system was just established, it was still in doubt whether the Corporate Governance might work. According to conception and structure built by OECD and World Bank, the function of Corporate Governance could be divided into two scopes: “to promote what is beneficial” and “to abolish what is harmful”. As far as the former is concerned, domestic and foreign literature had the same conclusion that effective corporate governance can enhance the value and performance of the corporations. The function stood out although Corporate Governance has just been put into practice. As far as the latter is concerned, it includes inappropriate policy, inefficiency and earning management, and etc. Because they are not easily quantified, this paper is focus on earning management which could be quantified. In the literature whether Corporate Governance could inhibit earning management had different conclusion and the reason is that one segment of Corporate Governance was discussed but each had inconsistent conclusion. It could not show the overall effect of Corporate Governance; therefore, this paper is used to test “what is harmful” by Corporate Governance Integrative Index. Many elements can affect earning management, such as debt contract, financial forecast and so on. Corporate management is perhaps one of those. In Taiwan, Corporate Governance has not become a significant element to inhibit earning management yet; accordingly, not only was the relationship between Corporate Governance and earning management researched but Corporate Governance was attached to financial forecast of corporations in thee first half year to indirectly test the incremental effect. The conclusions are as follows: (1)In the direct test, there is not remarkable effect in ”what is harmful”. It proves under the circumstances of Taiwan, Corporate Governance is not a significant factor to affect earning management. (2)In the indirect test, the variable of Corporate Governance attached to financial forecast error, the result showing that better Corporate Governance has incremental effect which can inhibit earning management of financial forecast in the second half year and the 4th quarter. (3)The indirect test shows that institutional shareholdings have incremental effect in 4th quarter significantly. The outcome is similar with foreign literature, and in Taiwan its effect is especially in 4th quarter.
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HSUEH, TSUNG-SHENG, and 薛宗盛. "The Impact of Financial Statements Information Disclosureand Corporate Governance on Corporate Crisis." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/3j4sg9.
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博士中國文化大學
國際企業管理學系
106
This study aims is to combine financial statements information disclosure and corporate governance, we expect to find the existence of a positive relation probability with the corporate crisis. Due to Taiwan have limited size of the industry with a small island economies feature, we selected 182 samples of crisis companies and 182 samples of normal company which participation on fixed assets similar basis, sample select does not distinguish the category of the industries. Under this study for the results of model development, we hope can to strengthening the business value and the possibility of early prediction of corporate crisis. In addition, we are also look forward to complement the existing literature related index variables for prediction accuracy of the deficiencies described. Overall, the results are also expected be able to provide stakeholders and government authorities for an important reference.
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Hsu, Shu-Ying, and 許淑盈. "The Study on Relationship among Information Transparency、Corporate Governance and Corporate Performance." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/31662664148139163047.
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碩士大葉大學
管理學院碩士在職專班
102
ABSTRACT This article ought to investigate the OTC companies’ information that was announced by the Information Transparency and Disclosure Ranking System (IDTRS) of the Securities and Futures Institute (SFI) from 2005 to 2012 as samples.The evaluation results of the IDTRS were used as the constant variables of information transparency to determine the relationship among the information transparency, corporate governance , and corporate performance. The finding of this study：Information disclosure evaluation with the company's operating performance has a significant relationship between higher corporate information transparency will help to enhance the company's operating performance. Corporate governance is to help enhance information transparency and corporate performance and Information disclosure result is better performance help to improve its operating performance. Key Words : Information Transparency and Disclosure Ranking System、Information Transparency、Corporate Governance、Corporate Performance
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Chen, Guan Hong, and 陳冠宏. "A Study of Corporate Governance, Corporate Social Performance, and Environmental Information Disclosure." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/77227677299473341107.
Full textAbstract:
碩士亞洲大學
會計與資訊學系碩士班
98
Based on agency theory and stewardship theory, this research explores the relationship between corporate governance and corporate social performance. Furthermore, we also test the difference of environmental information disclosure among Taiwanese companies. Binary Logistic regression and t-test analysis are used to test our hypotheses. The empirical results indicate that when companies have more institutional ownership, stock ownership by directors and supervisors, and external independent directors’ seats; they are more likely to have corporate social performance. In addition, companies that have more the deviation between control rights and cash-flow rights of control stockholders are likely to encounter less corporate social performance. Finally, the results also show that the better corporate social performance, the more transparency of environmental information disclosure is.
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Faraz, Zunaira. "The Information Content of Corporate Governance Ratings." Thesis, 2013. http://spectrum.library.concordia.ca/977909/1/Faraz_MSc_F2013.pdf.
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Several corporate governance rating agencies in recent years have introduced quantitative measures of corporate governance rating for publicly traded firms. Firms invest significant resources to be rated by such agencies as they anticipate potential benefits for investors. One potential benefit is the reduction in information asymmetry between firms and investors. We examine the cross-sectional relation between commercial corporate governance ratings of firms and their contemporaneous information asymmetry proxies. We use two leading governance rating agencies; Governance Metrics International (GMI) and Institutional Shareholder Services (ISS) and six information asymmetry proxies and find a significant relation between the ratings and several measures of information asymmetry. We, however, find no significant impact on information asymmetry level of firms around the first time they get rated. In addition, contrary to our expectations, we find a negative significant relation between highly rated firms and the cumulative abnormal returns around the announcement date but insignificant relation for low or moderately rated firms. Overall, our results suggest that governance ratings are related to the information environment surrounding a firm.
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Lehmann, Nico. "Corporate Governance, Information Intermediation, and Earnings Management." Doctoral thesis, 2014. http://hdl.handle.net/11858/00-1735-0000-0023-98EE-E.
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Li, Yi-Hua, and 李怡樺. "Essays on Information Transparency and Corporate Governance." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/8d39bn.
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博士國立交通大學
財務金融研究所
103
This study contains two essays on information transparency and corporate governance. Two proxy variables are utilized to represent information transparency: voluntary disclosure and information cost. The first essay refines and extends Brick, Palmon and Wald (2006) and explores excess executive compensation and its effects on firm value. The results show that excess executive compensation has a positive effect on firm value when firms disclose comprehensive information voluntarily and that this effect is even more pronounced in group-affiliated firms. Moreover, firms that engage in better comprehensive voluntary disclosure appear to alleviate agency problems more effectively when their controllers have a greater private benefit incentive or when the firms have better corporate governance. The second essay is based on an exogenous event and examines whether foreign institutional investors affect firm operating performance and corporate governance when the impact of the cost of information is considered. The results indicate that increasing the amount of foreign institutional investors has a positive effect on firm value and corporate governance. Moreover, the influence of foreign institutional investors is more efficient when the company has low information cost.
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Sankar, Mandira R. "Corporate voluntary disclosures of pre-decision information." Thesis, 1993. http://hdl.handle.net/2429/1757.
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This dissertation consists of two essays in the area of corporate voluntary disclosure of predecision information. The first essay entitled, "Disclosure Choice in a Duopoly", focusses on the phenomenon of partial disclosure, where the manager of the firm discloses selected signals and withholds the rest. The manager may or may not receive private information which is related to both firm-specific and industry-wide common factors. The motivation for disclosure (non-disclosure) is derived from the proprietary nature of the manager's private information. The cost (benefit) of disclosure is modelled in an imperfectly competitive product market, where an uninformed opponent’s reaction to a disclosure affects the manager's expected profit. Our results indicate that the nature of the manager's optimal disclosure policy is crucially dependent on whether the signal is more informative about firm-specific or industry-wide common factors. Unfavourable news is disclosed and favourable news withheld if the signal is more informative about common factors. On the other hand, favourable news is disclosed and unfavourable news is withheld if the signal is more informative about firm-specific factors. Comparative statics show that the sensitivity of the optimal disclosure policy and the probability of disclosure to some key parameters are also dependent on this characteristic of a signal. The empirical implications of our results suggest that when testing hypotheses involving voluntary disclosures, failure to take the above characteristic into account may confound the results. The second essay entitled, "Disclosure and Reputation in Credit Markets", deals with a different aspect of voluntary disclosures. A reputation game is modelled in the absence of credible disclosure. The manager's ability with respect to obtaining predecision information is of interest to the firm's creditors. The manager's future nominal interest charges depend on the creditors' belief about the manager's ability, i.e., on his reputation. Hence, the manager attempts to communicate this ability through sub-optimal production choice and creditors learn about the manager by observing the end of period revenue realization. If credible disclosures are possible the manager may make direct disclosures to communicate his information gathering ability to the creditors. This alternative mechanism avoids the cost of reputation building incurred by selecting a suboptimal project. However, it is shown that if these two mechanisms for reputation acquisition are not "independent", then the possibility of disclosure increases the manager's incentive to select a sub-optimal action.