Page 135 - 臺大管理論叢第32卷第1期

NTU Management Review
Vol. 32 No. 1 Apr. 2022, 127-152
DOI:10.6226/NTUMR.202204_32(1).0004

The Determinants of Voluntary Disclosure of Unaudited
Earnings by Listed Company on Market Observation
Post System

影響上市櫃公司於公開資訊觀測站自願申報自結損益的

決定因素

Jan-Zan Lee, Department of Accountancy, National Taipei University
李建然 / 國立臺北大學會計學系
Hsiu-Mei Liao, Department of Accountancy, Ming Chuan University
廖秀梅 / 銘傳大學會計學系
Hsin-Ping Ma, Sunrise CPA firm
馬心屏 / 日桓聯合會計師事務所
Received 2019/10, Final revision received 2021/10

Abstract
The study collects data of public listed companies in Taiwan from 2009 to 2017 to examine
the determinants that influence these company managements’ voluntary disclosures of
unaudited earnings after the implementation of the unaudited earnings reporting system on
the TSE Market Observation Post System (MOPS). This study further divides the sample
into three different disclosure frequencies, namely “Monthly,” “Quarterly,” and “None,”
to analyze the economic motivation behind managements’ decision-making on disclosure
frequency. The empirical results show that companies are more likely to voluntarily
disclose their unaudited earnings and have higher disclosure frequency when falling in the
following conditions: in the need of raising funds, of larger scales, with lower buy-and-
hold abnormal return, showing better operating performance, non-family controlled, with
larger board size, and with lower ratio of independent directors.
【Keywords】voluntary disclosure, unaudited earnings, disclosure frequency of unaudited
earnings, unaudited earnings reporting system

摘 要
本研究以 2009 年至 2017 年之上市櫃公司為研究對象，探討在 2009 年公開資訊觀測
站自結損益平台申報制度實施後，影響管理當局自願性申報自結損益的決定因素。此
外，本研究將申報自結損益的行為區分為「按月申報」、「按季申報」以及「未申報」
三種不同頻率，分析影響管理當局不同揭露頻率的經濟動機。實證結果顯示，當公司
有募集資金的需求、公司規模越大、買進並持有異常報酬越低、經營績效越好、非家
族企業、董事會規模越大以及獨立董事席次越低，管理當局較願意自願性申報自結損
益，而且申報自結損益的頻率亦會越高。

【關鍵字】 自願性揭露、自結損益、自結損益申報頻率、自結損益申報平台

領域主編：戚務君教授

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