盈餘透明度與獨特性風險對從眾行為之影響-以台灣股票市場為例

Abstract

本研究以西元1998年至2022年台灣股票市場之上市公司股票為研究樣本，探討獨特性風險與盈餘透明度對於從眾行為之影響，並且進一步探討獨特性風險與盈餘透明度如何交互影響從眾行為，以及在2008年金融危機前、中、後之差異。本研究實證結果顯示，獨特性風險對從眾行為有顯著的正向影響，盈餘透明度對於從眾行為有顯著負向影響。在2008年金融危機期間，盈餘透明度對於從眾行為的影響更大，並且對高獨特性風險的股票而言，盈餘透明度對於從眾行為的影響更為顯著。前述的結果顯示盈餘透明度能夠降低不確定性所引發之投資人從眾行為，並使我們對於影響投資人從眾行為的因素有更進一步的認識。This study utilizes a sample of stock data from companies listed on the Taiwan stock market from 1998 to 2022to investigate the impact of idiosyncratic risk and earnings transparency on herding behavior. Furthermore, I delve into how these two corporate characteristics interact to influence herding behavior, as well as the differences before, during, and after the 2008 financial crisis. The empirical results indicate that idiosyncratic risk has a significant positive effect on herding behavior, while earnings transparency has a significant negative effect. During the 2008 financial crisis, the impact of earnings transparency on herding behavior was more pronounced. Additionally, for stocks with high idiosyncratic risk, the effect of earnings transparency on herding behavior was particularly significant. These findings suggest that earnings transparency can mitigate investors’ herding behavior induced by uncertainty, and provide further insights into the factors affecting investor herding behavior.