公司執行長資訊揭露程度如何影響公司價值

Abstract

本研究將維基百科(Wikipedia)刊登之內容視為非傳統型媒體報導，並探討標準普爾(S&P) 1500公司之執行長(Chief Executive Officer, CEO)在非傳統型媒體-維基百科上的資訊揭露程度，對於公司價值(Tobin’s Q)之影響。實證結果顯示，CEO於維基百科上資訊揭露程度越高者，其公司價值顯著提升，代表公司資訊揭露越透明，越能降低外部投資人資訊不對稱之問題、提升外部投資人之投資意願，進而降低公司資金成本、提升公司之價值。 規模分群樣本實證結果顯示，CEO於維基百科上之資訊揭露，不論對於大規模公司或小規模公司之價值皆有顯著提升之效果，但對於小規模公司之價值提升幅度更高。赫芬達指數分群樣本實證結果亦顯示，處於高度競爭市場的公司(即赫芬達指數較低者)，其CEO於維基百科資訊揭露程度正向影響公司價值。年度分群樣本實證結果顯示，2013年之後，CEO於維基百科資訊揭露程度正向影響公司價值，反映隨著網路科技的普及，維基百科之內容一定程度地成為外部投資人倚賴的資訊參考平台。

This paper considers the content recorded in Wikipedia as non-traditional media coverage and explores the relationship between the degree of information disclosure and the firm value, proxied by Tobin’s Q. The empirical results show that the degree of information disclosure on CEOs’ Wikipedia pages is positively correlated with the firm value. That is, with the more transparent information disclosure of the firm, reduced information asymmetry causes share price that uninformed investors are willing to pay. Accordingly, the firm’s cost of capital is reduced and its value is improved. The empirical result of the subsample further shows that the degree of information disclosure on CEO’s Wikipedia pages leads to a higher improvement of firm value for small firms than large firms. The degree of information disclosure is positively correlated with the firm value for the firms in more competitive product market.