Mozes and Rapaccioli(1995)實證發現若股利宣告在盈餘宣告之前，不存在規模效應，反之若沒有支付股利或股利宣告在盈餘宣告之後，則存在規模效應。本文以台灣證券交易所117家上市公司為樣本，首先估計每一家樣本公司在盈餘宣告時SI指標（衡量資訊強度），其次建立迴歸模式以探討台灣股票市場是否存在規模效應以及股利宣告對於規模效應的影響。實證結果發現，國內上市公司在盈餘宣告期間的平均資訊量應是大於宣告前期間的平均資訊量，即盈餘宣告具資訊強度，並且小規模公司擁有較大的資訊強度。其次，迴歸分析結果顯示公司盈餘宣告的資訊強度與公司規模具有顯著的反向關係，表示盈餘宣告具規模效應。最後，迴歸分析結果也顯示，股利宣告在盈餘宣告之前，股利宣告應會降低盈餘宣告時的資訊量，並且也會降低規模效應。實證結果與Mozes and Rapaccioli所得結論大致上是一致的。

Mozes and Rapaccioli (1995) found that if the dividend announcement precedes the earnings announcement, no size effect exists. However, if a firm does not pay dividends or if the firm's earnings announcement precedes its dividend announcement, the size effect exists. This study selects a random sample of 117 firms from the Taiwan stock exchange corporation (TSEC). First, this study estimates the SI index for each sample during the earnings announcement period. Second, this study constructs regression models to investigate whether the size effect exists in the Taiwan stock market and the impact of the dividend announcement on size effect. The empirical results of this study are as follows: First, the relationship between firm size and the information content of earnings announcement is significantly negative. Next, the regression results indicate that the size effect exists. Finally, if dividends are announced before the earnings announcement, dividend announcements reduce the information amount of earnings announcements and size effect. These results are consistent with the conclusion of Mozes and Rapaccioli.