英文摘要 |
Apple Inc. generated high sales as soon as it was launched, and Taiwan was a main of Apple’s supply chain vendors, launched to new product announcements (NPA) may affect the stock price of the supply chain. This study combined NPA with supply chain vendors, and investigated the abnormal returns of important iPad and iPhone component vendors in Taiwan when new products were announced, using the even study methodology and multiple regression. Furthermore, this paper explored the impact of company's characteristics and announcements types on the announcement effect to complement previous studies inadequate for impacts of NPA on the Industry Supply Chain. The object of this study was supply chain vendors of Apple Inc. of in Taiwan, and stock returns data from 2006 to 2012 were used. Sample companies were selected by analyst reports, and vendors in the supply chain were screened by public announcement. Finally a total of 67 companies were selected in this study from among the Apple’s supply chain. Empirical results supported that the NPA effect is reflected significantly in the supply chain vendors in Taiwan, but the positive abnormal returns reverse after announcement date. We also found that different firm characteristics and declarative-styles would influent market reaction direction and strength. Meanwhile, the value creation is higher in announcements of original new products than updates of existing products. |