| Summary: | 碩士 === 輔仁大學 === 會計學系碩士班 === 103 === The aims of this study are to empirically explore the effect of voluntary disclosure of CSR reports on the value-relevance of accounting information based on the empirical model of Ohlson (1995). And through three other proxies’ institutional ownership, pyramidal ownership structure and DEV (divergence between cash flow rights and control rights of the controlling shareholders) to examine the ownership structure how to moderate the effect of voluntary disclosure of CSR reports on the value-relevance of accounting information.
This study refers that the value-relevance of both earnings and book values would be affected by the impact of the interaction among the disclosure of CSR reports, ownership structure and informativeness of earnings. The empirical results demonstrate that (a) corporates do disclose the CSR reports whose value-relevance of earnings are higher, (b) the value-relevance of earnings is significant positive with institutional ownership, the value-relevance of book values is significant positive with pyramidal ownership structure and DEV.
This study conducts several further test to examine how the disclosure of CSR reports affects moderating effect of the ownership structure and value-relevance of both earnings and book values. The results show that (a) the value-relevance of earnings is negative with institutional ownership, pyramidal ownership structure and DEV when corporates disclose CSR reports, (b) the value-relevance of earnings is positive with institutional ownership, pyramidal ownership structure and DEV when corporates do not disclose CSR reports.
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