臺灣博碩士論文加值系統

This study aims to examine the effects of firm life cycle over the relationship between information transparency and cost of capital. Based on agency theory, I posit that the severity of agency problems from free cash flows differs for firms at different life-cycle stages. The marginal benefit that increased information transparency brings to the firms’ cost of capital is expected to be greatest for mature firms and smallest for decline firms. Using archival data from publicly listed companies in Taiwan, I find that the relationship between information transparency and cost of capital differs for firms at different life-cycle stages. More specifically, the association between corporate information transparency and cost of capital is stronger for mature firms and, in contrast, weaker for decline firms. When cost of capital is measured by credit ratings, an ex ante measure of cost of debt, the association between corporate information transparency and credit ratings is stronger for mature firms. When cost of capital is proxied by cost of equity, the association between information transparency and cost of equity is weaker for decline firms.

Abstract i
摘 要 ii
TABLE OF CONTENTS iii
LIST OF TABLES iv
Chapter 1 Introduction 1
1.1 Background and Motivation 1
1.2 Research Objectives and Questions 3
1.3 Results 3
1.4 Contributions 3
1.5 Research Organization 4
Chapter 2 Literature Review 5
2.1 Information Transparency 5
2.2 Information Transparency and Cost of Debt 10
2.3 Information Transparency and Cost of Equity 11
2.4 Firm Life Cycle 13
Chapter 3 Research Methodology 17
3.1 Research Hypotheses 17
3.1.1 Information Transparency and Cost of Capital 17
3.1.2 Information Transparency, Cost of Capital, and Firm Life Cycle 18
3.2 Sample and Data 21
3.3 Variable Measurement 24
3.3.1 Information Transparency 24
3.3.2 Dependent Variable: Cost of Capital 24
3.3.2.1 Cost of Debt 25
3.3.2.2 Cost of Equity 25
3.3.3 Firm Life Cycle 26
3.3.4 Control Variables 27
3.3.4.1 Control Variables Affecting Cost of Debt 27
3.3.4.2 Control Variables Affecting Cost of Equity 30
3.4 Empirical Models 31
Chapter 4 Results 35
4.1 Descriptive Statistics 35
4.2 Correlation Analysis 37
4.3 Empirical Results 40
4.3.1 Information Transparency and Cost of Capital 40
4.3.2 Information Transparency, Cost of Capital, and Firm Life Cycle 46
Chapter 5 Conclusion 51
5.1 Summary and Conclusion 51
5.2 Limitations and Future Research 52
References 54

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