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- 저자 : 강나라(제1저자) ( Na Ra Kang ) (검색결과 1 건)
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강나라(제1저자) ( Na Ra Kang ),최권일(교신저자) ( Kwon Il Choi ),최관(공동저자) ( Kwan Choi ) 한국회계학회 2015 회계학연구 Vol.40 No.6
본 연구는 이익공시의 적시성에 따라 주가붕괴위험이 어떻게 다른가를 살펴보았다. 주가붕괴란 단기간 내에 극단적인 음(-)의 수익률이 발생하는 현상으로, 선행연구에서는 누적된 나쁜 뉴스(bad news)가 일시에 전달되는 것을 원인으로 지목해 왔다. 적시성과주가붕괴위험은 밀접한 관련이 있을 수 있다. 왜냐하면 나쁜 뉴스를 보류하려는 경영자의의도가 적시성에 영향을 주기 때문이다. 본 연구는 이익공시의 적시성을 이익보고시차(reporting delay)와 이익보고간격(reportinginterval)으로 구분하여 적시성과 주가붕괴위험과의 관련성을 살펴보았다. 두 가지 측정방법 모두 적시성의 수준이 높을수록 주가붕괴위험이 낮은 것으로 나타났다. 이러한 결과는 나쁜 뉴스의 전달을 보류하려는 경영자의 의도가 이익공시의 적시성에 반영됨을 의미한다. 추가분석으로 기업의 투명성과 관련된 적시성을 통제한 후 적시성 수준의 변화분과 주가붕괴위험과의 관련성을 살펴보았다. 왜냐하면 기업정보의 투명성의 수준에 따라 적시성 수준은 상당한 예측가능성을 가짐으로, 투명성과 관련된 적시성 수준을 통제한 후에도 주가붕괴위험과 관련성이 있는가를 살펴보기 위해서다. 추가분석결과, 투명성 수준을 통제한 후에도 적시성 수준이 높을수록 주가붕괴위험이 낮은 것으로 나타났다. 본 연구는 경영자의 의도가 적시성에 영향을 줌으로 적시성과 주가붕괴위험이 밀접한 관련성을 갖는다는 점을 밝혔다. 더 나아가 이익의 중요한 질적 속성 중의 하나인 적시성에 대한 이해를 넓혔다. 본 연구의 결과는 공시정책 담당자뿐만 아니라 투자자들에게도 시사하는 바가 클 것으로 기대된다. This study examines the association between timeliness of earnings announcement and stock price crash risk. Stock price crash risk is defined as the probability that the extreme negative return occurs in the short term period(DeFond et al. 2015). Prior researches report that stock price crash is more likely to happen when the accumulated bad news are released to investors at once(Jin and Myers 2006, Hutton et al. 2009, Francis et al. 2011, Kim and Zhang 2015). Also, opacity is one of the factors that cause stock price crash since firms with low transparency are more likely to cumulate bad news(Hutton et al. 2009). If the timeliness of earnings announcement is affected by both managers`` intention which is not to delivered bad news in a timely manner and firm-specific transparency level, then it should be associated with stock price crash risk. In this study, we proxy for crash risk with two measures: (i) the indicator variable that equals to one if a firm experiences one or more firm-specific weekly returns falling 3.2 or more standard deviations below the mean firm-specific weekly return for fiscal year and (ii) the negative skewness of firm-specific weekly returns. Earnings timeliness is influenced by manager``s intention to withhold bad news(Givoly and Palmon 1982, Patell and Wolfson 1982). Also, the timeliness of a firm``s earnings announcement is one of the factors to determine the firm-level transparency(Bushman et al. 2004). Therefore, we can expect that the timeliness of earnings announcement and stock price crash risk are closely related to each other. Generally, an improvement in reporting timeliness which include both reporting delay and reporting interval generates the positive value of financial reporting and provides more useful information. In our study, the reporting delay is measured by the period from the end of the fiscal year to earnings announcement day, and the reporting interval is measured by the frequency of voluntary earnings announcement following Feltham(1968). Total sample consists of 4,266 firm-year observations that are traded over Korea Exchange for the period 2004~2013 but the year of financial crisis period is excluded. Empirical evidences of our study show that the reporting delay and stock price crash risk have a significant and positive association. We also find that changes in reporting delay are significant and positively associated with stock price crash risk in all models after controlling for transparency that is related with timeliness using the last year``s reporting delay. We find that the frequency of voluntary earnings announcement is significantly and negatively associated with stock price crash risk. We take an additional analyses to examine the relation between frequency of voluntary earnings announcement and crash risk after controlling for firm-specific transparency levels that is related with frequency of voluntary earnings announcement. Additional tests yield that changes in voluntary earnings announcement are significantly and negatively associated with stock price crash risk after controlling for firm-specific transparency levels using last year`` reporting frequency. We could interpret this result as the voluntary reporting frequency reflects the manager``s intention to withhold bad news. This study contributes to the literatures as the below; First, this study explores the relation between timeliness of earnings announcement and stock price crash risk. Though timeliness is one of the important earning qualitative characteristics, up to the present, there is little empirical evidence to examine this relation. Generally, the prior literatures which explore stock price crash risk investigate the relation between earnings quality, such as conservatism and discretionary accruals, and stock price crash risk(Kim and Zhang 2015, Hutton et al. 2009). In contrast, this study explores the association between timeliness and stock price crash, it widens the understanding of the relationship between the stock price crash and the earning qualitative characteristics. Second, this study proves the positive relation between timeliness of earnings announcement and stock price crash risk which is caused by accumulation of bad news. We expect that the results of this study contribute to not only the persons in charge of disclosure but also investors.
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