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政大機構典藏 > 理學院 > 神經科學研究所 > 期刊論文 > Item 140.119/71545

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/71545

Title:	Disclosure Levels, Stock Market Liquidity, and Earnings Quality: Evidence from Taiwan
Authors:	郭弘卿;Hsiu-Chin Lin
Contributors:	會計系
Keywords:	Disclosure;Information transparency;Earnings quality;Liquidity
Date:	2014
Issue Date:	2014-11-19 10:42:47 (UTC+8)
Abstract:	In 2003, authorities in Taiwan launched a system to annually rank listed firms according to disclosure levels to encourage increasing disclosure levels so as to reduce the cost of capital. This study explores the relation between disclosure levels (as proxied by the ranking results of the system) and market liquidity (as measured by effective bid-ask spreads) to empirically test whether the objective of the system can be achieved. In examining the relation between disclosure and the cost of capital, Francis et al. [1] find that the relation between the constructs is caused because disclosure is merely seen as a proxy for earnings quality. Following Francis et al. [1], this study examines whether earnings quality plays a role in the relation between disclosure and liquidity. The results of the study reveal that market liquidity is better for firms with higher levels of disclosure. In addition, this study finds that market liquidity is higher (lower) for firms with higher (lower) earnings quality. Finally, in contrast to Francis et al. [1], this study finds no significant difference in the relation between disclosure levels and liquidity after controlling for earnings quality, which indicates that, aside from earnings quality, information disclosure is also affected by other factors.
Relation:	The Austin Journal of Accounting, Audit and Finance Management, Vol.1, No.1, pp.1-11
Data Type:	article
Appears in Collections:	[神經科學研究所 ] 期刊論文

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