政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/122834

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Title:	法人說明會影音資訊之內涵 The Information Content of Audiovisual Record of Conference Call
Authors:	黃劭彥 Huang, Shaio-Yan 鍾宇軒 Chung, Yu-Hsuan 沈子崴 Shen, Tz-Wei
Contributors:	會計評論
Keywords:	法人說明會;影音檔案;資訊內涵 Conference call;Audiovisual record;Information content
Date:	2019-01
Issue Date:	2019-04-02 09:07:02 (UTC+8)
Abstract:	我國自2013年6月起要求國內自辦法人說明會之企業必須公開影音資訊檔案，本文即透過企業法人說明會影音檔案中的時間長度及以語言基礎衡量的情緒字詞探討法人說明會影音資訊溝通時間與字詞調性之資訊內涵。本文以2013後半年度公開法人說明會影音資訊的企業作為研究對象，實證結果發現法人說明會問答階段時間較長且用詞比率較偏向正面調性時，會產生正向的股票報酬反應。本文結果彰顯了當法人說明會逐漸成為資本市場傳遞資訊的場合時，管理階層與參與者於法說會問答階段的溝通與互動交流將愈趨重要。 This study examines the information content on audiovisual record of conference call by using conference call characteristics, namely, call length and linguistic-based call tone, after compulsory disclosure of self-holding conference call audiovisual files from June 2013 in Taiwan. Using the latter half-year data of 2013, our empirical results indicate that the stock price reaction is positively associated with the greater call length and positive conference call tone in question and answer section. Our evidence highlights the importance of communications and interactions between management and participants in conference question and answer section as conference call becomes a venue for information dissemination in the capital market.
Relation:	會計評論, 68, pp.39-80
Data Type:	article
DOI link:	https://doi.org/10.6552/JOAR.201901_(68).0002
DOI:	10.6552/JOAR.201901_(68).0002
Appears in Collections:	[International Journal of Accounting Studies] Journal Articles

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