公司執行長資訊揭露程度對營運績效的影響

How Does CEO Information Disclosure Level Affect Corporate Performance

王怡敏(Yi-Min Wang)

指導教授 ： 王衍智

國立臺灣大學/管理學院/財務金融學研究所/碩士(2019年)

https://doi.org/10.6342/NTU202000290

摘要

資訊透明及曝光度是影響企業營運的重要因素之一，在眾多降低資訊不對稱的方式中，網路媒體扮演重要的媒介，過去亦有許多研究，探討媒體資訊揭露對公司績效及股價表現的影響。本篇研究以標準普爾1500指數之上市公司作為實證研究，分析非傳統媒體維基百科（Wikipedia）之CEO資訊揭露，對公司經營績效（ROA）的影響，利用普通最小平方法，及固定效應模型，探討公司執行長（Chief Executive Officer ,CEO）於任職年間，隨著CEO之資訊揭露更加透明，是否影響市場對該公司的投資決策，進而提升公司營運績效。有別於過往文獻多以探討傳統媒體資訊揭露對公司的影響，本研究主要透過非傳統媒體Wikipedia的歷史修改紀錄，衡量資訊揭露程度。
實證結果顯示，CEO於Wikipedia之資訊揭露程度與公司經營績效為顯著正相關，Wikipedia資訊揭露對於公司存在監督效果，有助於降低代理問成本，使公司擁有較高績效表現。另外，研究亦針對不同規模以及產業進行個別分析，發現無論大公司或小公司，Wikipedia之CEO資訊揭露皆對公司績效擁有顯著影響；然以產業分群則發現，部分產業類別樣本之分析結果為不顯著，推論與樣本特性有關。

關鍵字

標準普爾1500指數 ； 執行長 ； 資訊揭露 ； 維基百科 ； 經營績效 ； 社群媒體

並列摘要

Information transparency plays an important role on corporate performance. There are many ways to reduce the degree of information asymmetry, such as analyst report, traditional media and online media. Under this perspective, many scholars have discussed the relationship between corporate performance and information disclosure on media. The purpose of this study is to investigate the influence of the information disclosure of social media on the corporate performance by using a sample of firms in S&P1500 between 2004 to 2017. In comparison of the past literature, this study was aim to test the impact on information disclosure of nontraditional media, and we use the historical record on Wikipedia to measure information transparency. The information disclosure index in this study is constructed upon Wikipedia historical record, and then the analysis of the relationship between information disclosure and corporate performance is performed, in which I measure the corporate performance by return on asset (ROA).
The main empirical results show that there is a positive relationship between level of information disclosure and corporate performance. The information disclosure on Wikipedia makes supervisory effectiveness be more strong, reducing the degree of information asymmetry and improving corporate performance. In addition, this study adopts the cluster regression model based on industry category and the assets of company. The results show that the information disclosure indicates a positive relationship with corporate performance under both big and small companies. As for sample clustering by industry categories, the results of regression show that there is positive relationship between the information disclosure variables and corporate performance in certain industries, we presume the result caused by the characteristics of sample.

並列關鍵字

S&P1500 ； Information disclosure ； CEO ； Wikipedia ； Corporate performance ； Social media

參考文獻

英文文獻

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