| Summary: | 碩士 === 雲林科技大學 === 資訊管理系碩士班 === 97 === Disclose the corporate financial information on the internet become a common way to communicate with investors and shareholders. Recently the scandal of corporation financial operation made the corporate to get into financial distress. Investors pay more attention about information transparency and information quality. Therefore, this study discusses the relationship about the information transparency and information quality impact to investor beliefs.
A range of studies have shown that company characteristics could impact to information transparency and information quality. We focus on four characteristics have been identified from the literature. Two comprehensive checklists were used to measure information transparency and information quality. Three variables are used as proxy variables for investor beliefs, and are employed to examine whether firm with higher information transparency and information quality can gain investor’s trust and believe, enhance corporate value. Twelve hypotheses linking information transparency and information quality with company characteristics and investors beliefs were developed and tested by using Two-Stage Least Squares (2SLS). Detailed data on the corporate website and the explanatory variables was collected from 231 listed electronic industry companies.
Empirical results show that more information disclosure, particularly in the investor relation area, attracts more investor, because these disclosures increase the demand for investor reports and reduce cost. Through the research model, we can find the quality of information will led to an increase in the amount of information disclosed on company websites and improve investor accurate decision and lower dispersion of forecast, but it is insignificant effect to the investor beliefs directly.
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