| Summary: | 碩士 === 國立成功大學 === 財務金融研究所碩士在職專班 === 104 === A company makes different decisions according to the different life cycle stage, different market reaction, and change of external and internal environment. Different decisions impact the company’s value, and different information disclosure affects the judgement of the market participants.
This study investigates the company’s information disclosure in each life cycle and the relationship between each life cycle’s information transparency. This study follows Anthony and Ramesh (1992)’s theory to divide the enterprise’s life cycle into three periods, the growth stage, the maturity stage and the decline stage, which was divided according to the four index, the dividend payout, sales growth rate, the capital expenditures rate, and the establishment years. The information disclosure data are obtained by the evaluation results of Corporate Information Disclosure and Transparence Ranking System (IDTRS) of the Securities and Futures Institute (SFI).
Theoretically, since the relationship between the company’s life cycle and the information disclosure is significantly positive, we can infer that the higher evaluation score of the company’s life cycle (the company is closely to the decline stage), the information disclosure is more transparent. Therefore, according to our study, a company has the lowest amount of information disclosure in the growth stage, has the moderate amount of information disclosure in the maturity stage, and has the highest amount of information disclosure in the decline stage.
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