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臺大管理論叢
第
26
卷第
3
期
27
The Vertical Information Transfer of Conference Calls along the
Supply Chain: An Example from the Semiconductor Industry in
Taiwan
1. Objective
The objective of this paper is to examine whether information transfers exist along the
supply chain by focusing on the semiconductor industry in Taiwan. We hypothesize that the
market gives a premium for firms whose upstream firms disclose favorable news through
conference calls, regardless of whether it is financial or nonfinancial information.
Three hypotheses are proposed in this paper :
Hypothesis 1: Cumulative abnormal returns (CAR) for middle and downstream firms
are associated with the financial information disclosed in the conference
calls held by upstream supply chain firms.
Hypothesis 2: CAR for middle and downstream firms are associated with the
nonfinancial information disclosed in the conference calls held by
upstream supply chain firms.
Hypothesis 3: Evidence of H1 and H2 is conditional on the echelon distance along the
supply chain.
2. Design/Methodology
We focus on the semiconductor industry in Taiwan. The research period is from 2005 to
2011. We hand-collect conference call data from the “Market Observation Post System” of
the Taiwan Stock Exchange (TWSE), and all the other data are collected from the TEJ
database and the Knowledge Management Winner (KMW) database.
In this research, we collect news reports following conference calls to extract the
nonfinancial information disclosed in the calls. First, we collect news reports from the KMW
database; next, we translate the news reports into numerical data using the text mining
technique. The financial information disclosed in the calls is hand-collected from the file
from the “Market Observation Post System” of the Taiwan Stock Exchange (TWSE).
Kai-Ting Nien
, Assistant Professor, College of Management, Yuan Ze University
Chen-Lung Chin
, Professor, Department of Accounting, National Chengchi University
Chi-Chun Chou
, Associate Professor, College of Business, California State University-Monterey Bay
Wu-An Wang
, Auditor, PricewaterhouseCoopers Taiwan