Date of Award


Document Type


Granting Institution

Lynn University

Degree Name

Doctor of Philosophy (PHD)

Degree Program

Global Leadership - with a specialization in Corporate and Organizational Management


College of Business and Management

First Advisor

Ralph Norcio

Second Advisor

Jim Miller

Third Advisor

John Cipolla


Corporate governance is not a new issue in today's world. Nevertheless, addressing the impact of financial information transparency on investor behavior in the stock market should be explored. With the large number of incidents of accounting fraud and misstatements revealed in the past five to six years, the integrity of business financial information becomes an increasingly important issue for investors and the general public. To provide greater definition of the roles and responsibilities of publicly-owned company executives and members of their boards of directors, U.S. President George W. Bush signed the Sarbanes-Oxley Act (SOX) into law on July 30, 2002. This act provides a framework for greater financial transparency for publicly-traded companies and adds increased monitoring responsibility for representatives of the accounting and legal professions, as well as adding to the responsibilities of directors and executives.

There has been little empirical research to explore this phenomenon in the Taiwan Stock Market. The purpose of this explanatory mixed study was to explore the relationship between financial information transparency and investor behavior. The study examined TSEC investor perceptions of financial information transparency dimensions, investor demographics, and investor experience as significant explanatory variables of investor behavior in the TSEC.

This research design employed a mixed method approach, using 19 closed-ended questions, plus one open-ended question on a survey instrument. The survey questionnaire, with a closed-ended 1 to 9 Likert scale, was used to ask participants the extent to which they agree or disagree (9 = very strong agree, 5 = neither agree nor disagree, 1 = very strong disagree). Collected data was analyzed by SPSS-analysis. Five different statistical analyses were used in this study; descriptive statistics, correlation analysis, independent-samples t-test analysis, ANOVA analysis, and multiple regression analysis.

In this study, investor behavior was measured by an instrument of investor behavior questionnaire. Three-hundred respondents participated in the data collection. Using systematic sampling, they were approached to complete the survey questionnaire at the entrance located outside an underwriter's office. Findings indicated that ownership structure, financial transparency, and board structure were significant explanatory variables of investor behavior. Therefore, improved financial information transparency can lead to an increase investment in the Taiwan Stock Market.



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