| Summary: | 碩士 === 元智大學 === 商學碩士班(會計學程) === 101 === Cash plays an important role in firm’s operating activities but it is also the asset that would be misused by the managements. Especially, when firms with higher information asymmetries, the cost of agency problem become more serious then lead to the lower market value of a marginal dollar of cash. Therefore, it is important to increase corporate information disclosures then mitigate information asymmetries and lead to the higher market value of a marginal dollar of cash. To enhance the transparent of the publicly listed company, Taiwan Stock Exchange Corporation releases a new regulation that firms need to make conference call’s contents broadly available on internet since June first 2013. Therefore, conference calls become more and more important in Taiwan capital market. This paper attempts to investigate the relationship between conference call and cash holdings. Using 4263 samples of publicly listed company in Taiwan from 2006 to 2011 and examining voluntary disclosures as measured by conference calls, the empirical results show that conference call do increase cash value of the firm.
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