Abstract

The purpose of this study is to investigate the ability of relative sustainability rankings of firms to predict future sustainability performance and to address the limitations of the current sustainability scoring methodology in terms of accuracy and stability. Relative sustainability rankings are assessed through a combination of relative rankings and absolute scores of firms within an industry or group, which can effectively mitigate the confusion caused by disagreements between different rat...

Abstract

This paper examines whether investors value financial technology (FinTech) development when reacting to seasoned equity offerings (SEOs). Using 986 observations of U.S. SEOs from 2019 to 2022, we find that firms with better FinTech experience more positive reactions than others. This positive effect is especially pronounced for firms with higher levels of information asymmetry, highlighting FinTech’s role in reducing information asymmetry. An extended event window analysis further shows that Fin...

Abstract

The Financial Supervisory Commission of Taiwan mandates that listed and OTC companies disclose compensation information for non-executive full-time employees on the Market Observation Post System starting from 2019. This study aims to examine under this disclosure policy, whether capital market investors are influenced by factors such as a company's disregard for employee rights, the compensation adjustment policies of warned companies, and the transitions from warned to non-warned companies, ul...

Abstract

This study attempts to explore the correlation between significant economic changes, key human capital changes in companies, and major R&D project progress changes, and the similarity of "letter to shareholders". The study sample consists of publicly listed biotechnology and medical companies from 2017 to 2022. By calculating the text similarity of "letter to shareholders", and conducting regression analysis, the empirical results are as follows: (1) Text analysis shows that the text similarity ...