This study revealed the corporate governance information associated with abnormal returns of the analysis of the securities and futures markets and Development Foundation in 2002 to 2006 to expose the information released mainly evaluation indicators, listed counters with the financial statements of corporate announcements, View of the company disclose information related to the content and extent of the anomaly would have paid.
In the efficient market hypothesis, although Taiwan listed counters at this stage open information system had been exposed getting complete, the investors received statements from the backward message for more information, not as shares of the leading indicators of return, and therefore hoped that through the corporate governance angle to explore, whether it is because of the speed messaging produce abnormal returns on the stock of relations.
To explore the link between the different variables of this study using multiple regression analysis of the financial statements of public inspection data, and research company information and expose the rate of return of a connected. Empirical results indicate that the company disclosed information of the abnormal returns generated significant positive linear relationship between the assumptions of the present study.
The empirical results show that: the chairman and general manager of the same person, the independent Dong supervisor ratio between the abnormal returns and no significant relationship. Major shareholders in the short term pledge proportion of abnormal returns and indeed there is some degree of connection. The higher the proportion of shareholding, and have no control of the situation of minorities, but the company information to expose the lower level. The higher the proportion of foreign shareholdings, the company revealed higher level of information, in the long term, the company has a positive influence trading. Dong supervisor of the company paid some of the surplus ratio, the higher the ratio the better the performance, the board of directors can increase the corporate affairs of the input and participation.
However, in practical use, because many of Taiwan''s industries mainly to small and medium enterprises, and public information disclosure regulations of a grey area, and unable to effectively regulate transactions of the special relationship between people Moreover often major shareholders or through the use of investment companies private fund tax, and therefore many foreign enterprises have different special phenomenon.