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臺大管理論叢
第
26
卷第
3
期
29
4. Research Limitations
The research data is hand-collected and is restricted to the semiconductor industry;
therefore, our research finding might not be generalized to other industries.
5. Contribution
Our research contributes to the literature on information transfer in three ways. First of
all, this research contributes to the literature by examining the effect of the vertical
information transfer along the supply chain. We show that information is not only transferred
within an industry but also transferred to the related industries in the supply chain. Secondly,
in addition to financial information, we also investigate the effect of nonfinancial
information contained in conference calls on market investors’ perception. Finally, we
contribute to the literature by providing evidence that the information effect from upstream
firms or downstream firms varies systematically with the echelon distance in the supply
chain. Specifically, we find that the farther the echelon distance is, the more pronounced the
information effect from upstream firms or downstream firms in the supply chain is.