公司治理與作業風險宣告效果

Abstract

本文探討公司治理與作業損失宣告效果之關聯性。當公司宣告作業損失，負面的市場反應將導致該公司股價下跌。我們檢視美國市場在1994年至2009年期間，總共540個作業損失事件。實證結果顯示，內部公司治理制度會影響市場對損失宣告的反應，法人持有比例愈高，宣告效果愈小。同時，內部公司治理與市場反應之關聯性會隨著產業不同而異。相反地，外部公司治理制度並不影響作業損失之宣告效果。另一方面，我們發現對於內部詐欺導致的作業損失，市場反應之強弱不受公司治理制度影響。

his study examines the relationship between corporate governance and the announcement effect of operational loss. The occurrence of operational loss is associated with unsound corporate governance mechanism and influents firm’s stock price negatively. We study 540 operational events in US market during 1994 and 2009. The empirical results show that internal corporate governance mechanism affects market reaction on operational loss announcement. In general, there is a positive association between percentage of institutional holdings and market reaction. We also find that internal corporate governance factors have different influences among industries. Contrary to the importance of internal corporate governance, external governance mechanism is not a crucial determinant of operational loss announcement effect Furthermore, for those events caused by internal fraud, corporate governance seems irrelevant.