Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/30314
|
| Title: | 公司創新活動與召開記者會關係之研究
On the Association between Innovation and Press Conferences |
| Authors: | 陳書鈺
Chen,Shu-yu |
| Contributors: | 金成隆
Chin,Chen-lung
陳書鈺
Chen,Shu-yu |
| Keywords: | 記者會
創新
Press conferences
Innovation |
| Date: | 2004 |
| Issue Date: | 2009-09-11 17:38:59 (UTC+8) |
| Abstract: | 本研究旨在探討我國上市(櫃)公司創新活動與公司管理當局舉辦記者會之間的關係。詳言之，創新活動愈多的公司，是否舉辦記者會的誘因、次數以及討論的詳細度也較多或愈高，以降低財務報表無法表彰創新結果所引起的「會計性資訊不對稱」；其次，本研究也預期，記者會提到較多的創新活動時，市場給予比較高的津貼。實證結果顯示，第一，創新活動與舉辦記者會的機率、頻率呈現正相關，且就有召開記者會的樣本而言，創新活動愈多時，會中提到創新活動的內容也比較詳盡。第二，實證結果也發現，創新活動愈多時，召開的記者會具有較高的異常報酬，且未來經營績效也較佳。此一結果的含意是：面對面動態溝通的記者會，可以提供有用的訊息給投資者評估公司的創新情況。
The primary objective of this paper is to examine the association of innovation activities with press conferences. Specifically, we predict that, to reduce the accounting-related information asymmetry derived by innovation activities, firms with higher innovative activities are more likely to held press conferences. Furthermore, we also predict that information content of press conferences are positively associated with innovations. Consistent with our expectation, the empirical findings show that the likelihood and frequency of press conferences are higher for firms with more innovative activities compared to firms with less innovative activities, and more innovative firms are more likely to discuss innovation activities during press conferences. Secondly, we also find that market premiums are higher for firm with more innovative activities. The implication for this finding is that disclosure based on face-to-face or other interactive contact with the audience (e.g., press conferences) typically has greater effect in decrease in information asymmetry derived by the innovation activities. |
| Reference: | 台灣證券交易所股份有限公司「對上市公司重大訊息之查證暨公開處理程序」。
金成隆、林修葳與洪郁珊，2003，無形資產、新股折價與內部人持股關係之研究，會計評論，第36期：23-53。
金成隆、林修葳與紀信義，2004，專利權的價值攸關性：從企業生命週期分析，管理學報，第二十一卷，第2期：175-197。
財團法人中華民國證券櫃檯買賣中心「對上櫃公司重大訊息之查證暨公開處理程序」。
財團法人中華民國證券櫃檯買賣中心「上櫃公司重大訊息說明記者會作業程序」。
蔡幸儒，2001，法人說明會資訊內涵及影響管理當局召開行為動機之研究，國立台北大學會計學研究所未出版碩士論文。
Abdel-khalik, A. R. 1975. Advertising effectiveness and accounting policies. The Accounting Review 50:657-670.
Aboody, D., and B. Lev. 2001. The productivity of chemical research and development. Working paper, Stern School of Business, New York.
Ashbaugh, H., K. Johnstone, and T. Warfield. 1999. Corporate reporting on the internet. Accounting Horizons 13: 241-257.
Baginski, S., J. Hassell, and M. Kimbrough. 2002. The effect of legal environment on voluntary disclosure: Evidence from management earnings forecasts issued in U.S. and Canadian markets. The Accounting Review 77 : 25-50.
Balkin, D. B., G. D. Markman, and L. R. Gomez-Mejia. 2000. Is CEO pay in high-technology firms related to innovation? Academy of Management Journal 43 :1118-1129.
Barron, O., D. Byard, C. Kile, and E. J. Riedl. 2002. High-technology intangibles and analysts’ forecasts. Journal of Accounting Research 40 : 289-312.
Barth, M. E., and R. Kasznik. 1999. Share repurchase and intangible assets. Journal of Accounting and Economics 28 :211-241.
_____, M. E., R. Kasznik, and M. F. McNichols. 2001. Analyst coverage and intangible assets. Journal of Accounting Research 39 : 1-34.
Botosan, C. A. 1997. Disclosure level and cost of equity capital. The Accounting Review 72 :323-349.
_______, C., and M. Plumlee. 2002. A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40 : 21-40.
Bublitz, B., and M. Ettredge. 1989. The information in discretionary outlays:
Advertising, research, and development. The Accounting Review 64 :108-124.
Chen, K. C. W., Z. H. Chen, and J.K.C. Wei. 2003. Disclosure, corporate governance, and the cost of equity capital: Evidence from Asia’s emerging markets. Working Paper.
Diamond, D., and R. Verrecchia. 1991. Disclosure, liquidity, and the cost of capital. Journal of Finance 66 : 1325-1355.
Edvinsson, L., and M. Malone. 1997. Intellectual capital: Realizing your company’s true value by measuring its hidden brainpower. Harper Collin’s Publishers Ltd., New York.
Fan, J., and T.J. Wong. 2001. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33: 401-426.
___., and T.J. Wong. 2005. Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia. Journal of Accounting Research 43:35-72.
Frankel, R., M. McNichols, and G. P. Wilson. 1995. Discretionary disclosure and external financing. The Accounting Review 70 :135-150.
Gu, F., and J. Q. Li. 2003. Disclosure of innovation activities by high-technology firms. Asia-Pacific Journal of Accounting and Economics 10:1-24.
Healy, P., and K. Palepu. 1993. The effect of firms’ financial disclosure strategies on stock prices. Accounting Horizon 7:1-11.
_____, P., and K. Palepu. 1995. The challenges of investor communication: The case of CUC international, Inc. Journal of Financial Economics 38:111-140.
_____, P., A. Hutton, and K. Palepu. 1999. Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16 : 485-520.
_____, P., and K. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting & Economics 31: 405-440.
Hirschey, M., and J. Weygandt. 1985. Amortization policy for advertising and research and development expenditures. Journal of Accounting Research 23 :326-335.
Hitt, M. A., R. E. Hoskisson, R. D. Ireland, and J. S. Harrison. 1991. Effects of acquisitions on R&D inputs and outputs. Academy of Management Journal 34: 693-706.
Jensen, M. C., and W.H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3: 305-360.
Kallapur, S., and S. Kwan. 2000. The value of relevance of brand assets recognized by UK firms. Working paper, Purdue University.
Kasznik, R., and B. Lev. 1995, To warn or not to warn: Management disclosures in the face of an earnings surprise. The Accounting Review 70:113-134.
_______, R. 1997. Financial reporting discretion and corporate disclosure policies: Evidence from the software industry. Working paper, Stanford University.
Kennedy, P. 1998. A guide to econometrics. Cambridge,Massachusetts: The MIT Press.
Lang, M., and R. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 71:246-271.
____, M., and R. Lundholm. 1996. Corporate disclosure policy and analyst behaviour. The Accounting Review 71: 467-492.
Leftwich, R., R. Watts, and J. Zimmerman. 1981.Voluntary corporate disclosure：The case of interim reporting. Journal of Accounting Research 19：50-88.
Lev, B., and T. Sougiannis. 1996. The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics 21:107-138.
___, B., and P. Zarowin. 1999. The boundaries of financial reporting and how to extend them. Journal of Accounting Research 37:353-385.
Lundholm, R., and L. Myers. 2002. Bringing the future forward: The effect of
disclosure on the returns-earnings relation. Journal of Accounting Research 40: 809-840.
Pirchegger, B., and A. Wagenhofer. 1999. Financial information on the internet－A survey of the homepages of austrian companies. The European Accounting Review 8: 383-395.
Seethamraju, C. 2003. The value-relevance of trademarks. Published as a chapter in the book Intangible Assets, Values, Measures and Risks, Oxford Management Readers.
Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. The Accounting Review 73: 459-474.
Sher, P. J., and P. Y. Yang. 2005. The effects of innovative capabilities and R&D clustering on firm performance: The evidence of Taiwan’s semiconductor industry. Technovation 25:33-43.
Sougiannis, T. 1994. The accounting based valuation of corporate R&D. The Accounting Review 69:44-68.
Spence, M. 1973. Job market signaling. Quarterly Journal of Economics 87:355-379.
Tasker, S. 1998. Bridging the information gap: Quarterly conference calls as a medium for voluntary disclosure. Review of Accounting Studies 3:137-167.
Yu, F. 2002. Accounting transparency and the term structure of credit spreads. SSRN Working Paper.
Watts, R. L., and R. W. Leftwich. 1977. The time-series of annual accounting earnings. Journal of Accounting Research 15: 253-271.
White, H. 1980. A heteroskdeasticity-consistent covariance matrix estimator and direct test for heteroskdeasticity. Econometrica 48: 817-838. |
| Description: | 碩士
國立政治大學
會計研究所
92353039
93 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0923530391 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| index.html | 0Kb | HTML2 | 264 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
