An empirical study of disclosure effects in listed biotechnology and medicine industry using MLR model
by Chiung-Lin Chiu; You-Shyang Chen
International Journal of Computational Science and Engineering (IJCSE), Vol. 18, No. 2, 2019

Abstract: This research employs the multiple linear regression model to investigate the relationship between voluntary disclosure and firm performance in biotechnology and medicine industry in Taiwan. Using 44 firm-year observations collected from Information Transparency and Disclosure Ranking System and Taiwan Economic Journal financial database for companies listed in the Taiwan Stock Exchange and Taipei Exchange Market, the regression results reveal that there is a positive and significant relationship between voluntary disclosure and firm performance. Firms with better voluntary disclosure have better performance than do firms without voluntary disclosure. The results suggest that companies should pay more attention to voluntary disclosure as additional information. It is also considered by investors as valuable information when making their investment decision.

Online publication date: Mon, 25-Feb-2019

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