政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/46262
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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/46262


    Title: Does foreign institutional ownership motivate firms in an emerging market to increase voluntary disclosure? Evidence from Taiwan
    Authors: 梁嘉紋
    Liang, Jia-Wen;Lin, Mei-Feng;Chin, Chen-Lung
    Keywords: Voluntary disclosure;Conference calls;Foreign institutional investors;Trading turnover
    Date: 2012-07
    Issue Date: 2010-10-06 11:31:07 (UTC+8)
    Abstract: This study examines the relationship between foreign institutional ownership and voluntary disclosure in an emerging market. By exploiting a unique dataset of daily foreign investment flow and ownership data from Taiwan, this paper examines whether foreign ownership is associated with the likelihood of holding conference calls and investigates whether conference calls are informative to foreign market participants. After controlling for other characteristics of a firm’s information environment, we find that the decision to hold conference calls is positively associated with foreign institutional ownership. We also provide evidence that the trading turnover by foreign institutional investors immediately increases after the conference calls, indicating that conference calls are informative for foreign institutional investors. Our results are robust, after controlling for endogeneity.
    Relation: Review of Quantitative Finance and Accounting, 39(1), 55-76
    Data Type: article
    DOI link: http://dx.doi.org/10.1007/s11156-011-0245-0
    DOI: 10.1007/s11156-011-0245-0
    Appears in Collections:[Department of Accounting] Periodical Articles

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