Information disclosure, transparency ranking system and firms’ value deviation: evidence from Taiwan

Chien-Chi Chu, Kung-Cheng Ho, Chia-Chun Lo, Andreas Karathanasopoulos and I-Ming Jiang ()
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Chien-Chi Chu: Shantou University
Kung-Cheng Ho: Zhongnan University of Economics and Law
Chia-Chun Lo: Prince Mohammad Bin Salman College (MBSC)
Andreas Karathanasopoulos: American University of Beirut
I-Ming Jiang: Yuan Ze University

Review of Quantitative Finance and Accounting, 2019, vol. 53, issue 3, No 4, 747 pages

Abstract: Abstract We examine whether the implementation of the information disclosure and transparency ranking system (IDTRS) affects firms’ value deviation in Taiwan using the annual reports of the listed companies for the period 2001–2004. Using firms’ value deviation as a proxy for information disclosure, we find that reducing information asymmetry can allay moral hazard. We also document a significant difference in the level of information disclosure in the years before and after the IDTRS implementation. Stronger information transparency can strengthen investment certainty and lead to less forecasting errors.

Keywords: Corporate governance; Firm value deviation; Information disclosure; Transparency ranking system (search for similar items in EconPapers)
JEL-codes: G18 G3 G30 G34 K23 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (5)

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DOI: 10.1007/s11156-018-0764-z

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