증권 애널리스트에 대한 선택적 정보개시의 규제

손영화(Son, Younghoa) 한양법학회 2007 漢陽法學 Vol.20 No.-

SEC adopted Regulation FD(Fair Disclosure) to prevent “selective disclosure” of material information and increase investor confidence in the fairness and integrity of the securities markets. Before Regulation FD, companies often informally disclosed material, nonpublic information to institutional investors and security professionals, causing these market insiders to benefit from such information before it was made available to the general public. The main policy concern that Reg FD was intended to address was the belief that selective disclosure led to a loss of investor confidence in the markets, similar to that which occurs with insider trading. Investor confidence in the fairness of the markets is lost when investors know that other participants, no matter how small of a group, can exploit informational advantages derived from their access to corporate insiders and not from their own hard work or insights. Regulation FD was also designed to prevent corporate management from using material information as a commodity to achieve positive analyst reports by excluding from calls and meetings those analysts who did not report favorably about the company, which could lead to tainted reports and loss of market integrity. We have introduced Regulation Fair Disclosure in November 2002. The Korean Regulation Fair Disclosure has some positive effects in securities markets. But we have needed to revision in some respects. First, the disclosure of predicted future information like as corporate earnings is not regulated very sensitively. So It has probability for abusing. We make improvement the disclosure system about future information. The Korean Regulation Fair Disclosure is different collect data and press release. But the selective disclosures to an organ of expression like as newspaper or broadcasting are seem to be fair. We have to need revision of press release in Regulation Fair Disclosure. I propose press release to 3 organs of expression is regarded as fair. The Korean Regulation Fair Disclosure requires simultaneous public disclosure if the selective disclosure to analyst are material nonpublic information and prompt public disclosure if such selective disclosure has made by negligence or mistake. is unintentional. We needed to amendment Prompt public disclosure. Prompt public disclosure has amendment as soon as reasonably practicable, for example, in no event after the later of 24 hours or the commencement of the next day’s trading on the Korea Exchange. Lastly, we prepare the ground provision about Fair Disclosure in Securities Exchange Act.

공시행태에 따른 회계이익의 가치관련성에 관한 연구

오상희(Sang-hui Oh) 한국산업경제학회 2015 산업경제연구 Vol.28 No.5

본 연구의 목적은 금융감독원이 2002년 공정공시제도를 도입한 이후, 공정공시의 공시행태에 따라 회계이익이 가치관련성이 있는지와 기업 규모에 따라 공시행태가 회계이익과 가치관련성이 있는지를 살펴보고자 한다. 공시행태는 실적예측공시항목과 비실적예측공시항목으로 나누어지고 표본기간은 5년이다. 본 연구의 분석결과를 요약하면 다음과 같다. 첫째, 공정공시제도 중 실적예측공시항목은 회계이익이 기업가치를 잘 반영하는 것으로 나타났으며, 비실적예측공시항목 또한 회계이익과 기업가치관련성이 유의적으로 나타나고 있었다. 따라서 가설 1과 2 모두에서 공시수준이 높을수록 회계이익의 가치관련성은 증가하는 것으로 나타났다. 둘째, 대기업과 소기업으로 표본을 나누어 분석한 결과, 대기업일수록 실적예측공시항목과 비실적예측공시항목 모두에서 회계이익과 기업가치관련성이 유의적인 양(+)의 값을 나타내었다. 따라서 가설 3과 4에서 대기업에서 공시수준이 높을수록 회계이익의 가치관련성은 증가하는 것으로 나타났다. 본 연구는 공시행태를 실적예측공시항목뿐만 아니라, 비실적공시예측항목까지 포함하여 분석한 것에 의의가 있으며, 이전의 연구와는 달리 공정공시라는 정보환경의 변화를 회계이익과 가치관련성의 입장에서 분석한 것에 의의가 있다고 할 수 있다. 또한 연구기간을 공시제도 도입 이후부터로 확장하지 않은 것이 한계점이다. Regulation Fair Disclosure was adopted in 2002, in Korea. The purpose of this study is that the value-relevance of earnings has increased significantly for the entire firms. And the value-relevance of earnings has increased significantly after the separation by size of firms. In the this study, types of Regulation Fair Disclosure was classified in two sub items earnings forecasts disclosure and non-earnings forecasts disclosure. For empirical analyses, this study selected the data for the period from 2010 to 2015 from Korean stock market. The empirical results are summarized as follows: First, earnings forecasts disclosure of Regulation Fair Disclosure has increased significantly in the value-relevance of earnings. And non-earnings forecasts disclosure of Regulation Fair Disclosure is has increased significantly in the value-relevance of earnings. Therefore hypothesis 1, 2 was proved that higher level of disclosure was increased in the value-relevance of earnings. Second, this study was classified the sample by the big firms and the small firms. The result of study, the big firms has increased significantly in the value-relevance of earnings in earnings forecasts disclosure and non-earnings forecasts disclosure. This study has two implications as follows. First, this study has two types disclosure in earnings forecasts disclosure and non-earnings forecasts disclosure unlike prior studies. Second, in Changed accounting information environment, this study had in the view point that Regulation Fair Disclosure will have relation value-relevance and accounting earnings. Last, this study of limitation is that period of study is too short.

공정공시제도 도입으로 인한 회계이익의 가치관련성 변화에 대한 연구

이세용 ( Se Yong Lee ),노밝은 ( Bahl Geun Roh ) 한국회계학회 2011 회계학연구 Vol.36 No.1

우리나라에서 2002년 11월에 도입된 공정공시제도는 경영자가 기업에 대한 중요한 정보를 재무분석가나 기관투자자 등 특정인에게 선별적으로 제공하고자 하는 경우, 모든 시장참가자들이 동 정보를 알 수 있도록 증권시장을 통해 이를 사전적으로 공시하도록 하는 제도이다. 이러한 공정공시제도의 효과와 관련하여 선행연구들은 공정공시일의 주가변동성이나 재무분석가 이익예측치의 정확성 등을 검증함으로써 공정공시제도의 효과를 분석하였다. 그러나 이들 선행연구들에서는 공정공시제도에 따라 회계이익의 유용성이 어떻게 변화하였는지에 대해서는 구체적인 분석이 이루어지고 있지 못하다. 이에 본 연구에서는 공정공시제도의 도입에 따라 회계이익의 가치관련성이 어떻게 달라지는지를 분석함으로써 공정공시제도의 도입에 따라 회계이익의 유용성에 어떠한 변화가 나타났는지를 분석하였다. 이의 분석을 위하여 본 연구에서는 1999년부터 2006년까지의 기간을 대상으로 공정공시제도 도입을 전후하여 일정 기간 동안에 나타나는 회계이익의 가치관련성 변화를 살펴보았다. 분석 결과, 공정공시제도의 도입 이후, 전체 기업에 대한 회계이익의 가치관련성은 유의하게 증가하는 모습을 보였으며, 공정공시 미시행기업의 경우, 회계이익의 가치관련성은 공정공시제도 도입 이후 기간에 증가하지 않는 반면, 공정공시 시행기업의 회계이익의 가치관련성은 공정공시제도 도입 이전 기간에 비해 유의하게 증가하는 것으로 나타났다. 이러한 결과는 공정공시제도의 도입에 따라 회계이익 정보의 선별적 제공이 제한됨으로써 자본시장의 정보비대칭이 완화되고 결과적으로 회계정보의 유용성이 증가된다는 것을 의미한다. In Korea, Regulation Fair Disclosure(RFD, hereafter) was adopted in November, 2002. The purpose of RFD is to prevent the selective provision of information on firms to selected interested parties, and to urge firms to announce the same information to the public that they want to give to the selected parties such as analysts or institutional investors. By blocking selective disclosure through the RFD, regulators` intention was to eliminate any informational advantages that had benefited the selected parties only. Prior studies in Korea show that the enforcement of RFD reduced the leakage of advanced information (Lee & Choi, 2004), which implies that information asymmetry among market participants was mitigated after the adoption of RFD. For example, volatility of abnormal returns or variation of stock trading volume has been decreased on the disclosure day in the concerned industries (Kim et al, 2005). And Oh & Sohn (2006) showed that there was significant decrease in both analysts` forecasting performance and their optimistic bias after the enforcement of RFD. Foreign prior studies also show that RFD reduces volatility of abnormal return in the earings announcement day, the leakage of advanced information, and the trading expense. Many studies also show that the forecasting accuracy has not been declined even if relative uncertainty in the forecasting of earnings has become large (Shane et al., 2001; Heflin et al., 2003; Gadarowski and Sinha., 2007; Eleswarapu et al., 2004). Although many prior studies, domestic or foreign, showed that (the 생략) RFD has positive effects as mentioned above, however, it might have negative effects as well. RFD can restrict the communication between analysts (or institutional investors) and firm managers, which leads to the result that analysts might have difficulty in gathering private information needed to forecast future earnings from managers. In addition, there could be a loss in available information for investors, because it is likely that managers are reluctant to announce information due to both the complicated procedure of RFD and penalties against unfair disclosure. Additionally, whether to disclose or not is subject to managers` arbitrary decision because of the ambiguity of the related regulations concerned with the requirement which the firms should disclose to satisfy the RFD. In the stream of research that we have seen in the above, we could not find any studies as to whether the usefulness of accounting earnings has changed after the adoption of RFD. Therefore, the purpose of our paper is to examine whether the adoption of the RFD has increased the value relevance of earnings or not. By doing so, we hope that we could answer the question, whether RFD has made positive effects on the usefulness of accounting information. Value relevance as a summary indicator of informativeness of accounting numbers is related with the question, "how well the accounting information summaries every information that affects stock price ex post facto at least". However, the most prominent problem about the value relevance is that current stock price is a noisy proxy about true firm value. So we can measure the value relevance by estimating how much the accounting information include distinct information independent with current stock price about true firm value. (Kwon et al, 2010. p.569) In this respect, by blocking selective disclosure, the earnings information can be transferred faster. In this case, we can expect that the relation of earnings and returns would be improved. If this expectation is appropriate, we can believe that earnings information would be transferred to the market participants more quickly by RFD. And then RFD might increase value relevance in the capital market. In this context we can find the validity of the RFD in the accounting perspective. To achieve our purpose, we selected the sample for the period from 1999 to 2006, and analyzed the changes in value-relevance of accounting earnings before and after the adoption og RFD. The results showed 1) the value-relevance of accounting earnings has increased significantly for the entire firms after the adoption of RFD, 2) for the firms that did not practice fair disclosure, increase in value-relevance of accounting earnings has not been observed, and 3) however, for the firms that did practice fair disclosure, the value-relevance of accounting earnings has increased more after the adoption of RFD compared with before the adoption of RFD. These results imply that with the adoption of RFD, selective provision of accounting information is restricted, information asymmetry in capital markets is also mitigated, and, as their results, the usefulness in accounting information is increased. Compared to prior studies, this paper has two distinctive implications as follows. Firstly, most of prior studies have analyzed the changes in information asymmetry driven from RFD. Concretely they examined the market response around the event day, which was mainly the date when regulators announced that they would enforce fair disclosure, or measured the increase or decrease in the accuracy of earnings forecasts by analysts after RFD, However, the prior studies have not worked on the concrete analysis about how RFD has affected the informativeness of earnings. In this kind of research stream, we investigated the effect of RFD on the value relevance which is an important measure of accounting earnings` usefulness. So we expect that our paper would tell how RFD improves the usefulness of accounting information by analyzing the changes in value-relevance of accounting earnings before and after the adoption of RFD. Secondly, most Korean prior studies have made short-term analyses such as the effect of the RFD by event study or immediate effect after the adoption of the system. Our study, however, analyzed the long-term effect of RFD by seeing value relevance of accounting earnings for eight years, each four years before and after the adoption, respectively. Nevertheless, our study has limitations as follows. Firstly, compared to the firms not practicing fair disclosures, firms practicing fair disclosures show value relevance significantly high after RED, but the significance level is about 10 percent, which means that our results is not robust. So we are hoping for studies that would back up our conclusion. The way of backing up could be adding more samples, rearranging samples used in this paper and so on. Secondly, it is risky to generalize the conclusion of our study to every firms because we could not observe the effect of RFD on small firms. We guess that the reason is not the ineffectiveness of RFD but the prejudiced market response toward the small firms. Even if a small firms disclose well, market may not trust the announcement for the simple reason that they are small ones. This kind of facts would be a subject studied afterward. In conclusion, we believe that the adoption of RFD improves informational environment in capital market and then strengthens value relevance. But in the cases of firms not practicing fair disclosure and small firms, there exist no effect of RFD. Therefore, we believe that we need to make some improvements to RFD to help it function properly.

노동조합이 기업의 공정공시에 미치는 영향에 대한 연구

안태식 ( Tae Sik Ahn ),심호식 ( Ho Shik Shim ),박진하 ( Jin Ha Park ) 한국회계학회 2011 회계학연구 Vol.36 No.4

개요: 본 연구에서는 노동조합이 기업에서 공정공시를 통해 발표하는 정보의 빈도에 미치는 영향을 조사하였다. 연구 분석 결과 평균적으로 유노조기업은 무노조기업에 비해 공정공시의 빈도가 낮으며, 유노조기업만을 대상으로 볼 때는 노동조합가입률이 높을수록 공정공시의 빈도가 높은 것으로 나타났다. 상기의 결과는 (1) 유노조기업의 경영진은 노동조합과의 단체교 섭에서 유리한 위치를 점유하기 위하여 무노조기업에 비해 공정공시를 덜 하려는 유인이 있으며, 노동조합의 존재만으로는 기업의 투명경영을 제고하고 공정공시대상정보의 생산 및 유통을 촉구하는 역할을 수행하는데 한계가 있으나, (2) 노동조합의 협상력이 강해지면, 투명경영에 대한 요구 및 공정공시대상정보의 대내외적 증가를 통해 공정공시 빈도가 증가하게 되는 것으로 해석될 수 있다. 본 연구를 통해 노동조합이, 전통적인 노사관계론의 영역을 넘어, 기업의 공시전략에 미치는 영향에 대한 이해를 보다 풍부하게 할 수 있다. 또한 국내의 노동조합 연구는 미국의 산업별자료가 아닌 기업별 자료를 기반으로 수행되므로 노동조합의 존재유무와 관련된 내생성 문제를 직접적으로 통제하여 발생 가능한 측정오류를 줄일 수 있다. 마지막으로, 실무에서는 노동조합이 기업의 정보제공수준에 영향을 미칠 수 있다는 점을 인지하여 투자결정을 해야 함을 시사한다. This study examines the relationship between labor union and the frequency of information disclosed under fair disclosure system. Specifically, we investigate whether the presence of union (bargaining power of unions) is related to the frequency of disclosure. There exist two different perspectives on the role of unions in a union-management relationship: a partner for goal alignment or a residual claimant. The former view emphasizes that management can achieve effective labor-management cooperation and goal alignment with unions by sharing information (Palmer 1977; Foley and Maunders 1977). However, the latter perspective stresses that unions, through collective bargaining, redistribute a larger portion of profits to their members and consequently decrease firm profitability. In other words, in a situation where the firm and the union share the profits, the union would attempt to maximize the utility of its members by increasing its share of the firm`s surplus. Therefore, firms with a unionized workforce should have an incentive to hide or misrepresent their true position to take advantage of the negotiation (Reynolds et al. 1998). In this regard, studies have suggested that unionized firms carry out a lower level of investments (Bronars and Deere 1993; Fallick and Hassett 1999), use accounting choice to influence labor negotiations (DeAngelo and DeAngelo 1991; D`Souza et al. 2001; Yoon and Ko 2006), increase debt (Bronars and Deere 1991; Matsa 2010), or hold smaller cash reserves (Klasa et al. 2009). However, there is little evidence concerning whether a firm conceals information to its union except Hilary (2006) which finds empirical evidence of a positive relationship between strong organized labor forces and information asymmetry. Thus, the purpose of our study is to enhance understanding on this issue by examining the relationship between labor union and the frequency of disclosure. We investigate corporate disclosures following the adoption of regulation fair disclosure of the Korea Stock Exchange (KSE) in November 2002. Disclosures under this rule are voluntary in terms of that the firm has discretion over whether to release the information or not (Shim et al. 2010). Therefore, this provides a good environment to investigate a firm`s strategy on disclosure when they have an organized labor force. We develop our hypotheses based on two competing effects of union. On the one hand, managers of a firm may have an incentive to reduce information when the uncertainty concerning managerial objectives is higher. Strong labor provides this environment because managers act differently in the presence of different parties that have potentially conflicting goals. For example, while managers would manipulate earnings upward in general, those facing strong union would manipulate earnings downward, and thereby misrepresent their true position to be better off both in the market and in labor negotiation. From this perspective, unionized firms may have an incentive to minimize disclosure and increase uncertainty in order to increase their bargaining power in collective bargaining. On the other hand, unions argue that not only they are residual claimant but also they enhance the information environment by discipline firms to report the firm`s financial condition faithfully and to disclose that information to the market. In addition, information required by union is overlapped with the regulation fair disclosure, and KSE`s guideline propose firm to disclose information that is internally distributed if it is a subject of regulation fair disclosure. The more strong the union is, the bigger this effect will be. Therefore, from the second perspective, it is expected that the frequency of disclosure is higher in the presence of strong union. We do not predict whether the relationship between labor union and the frequency of disclosure is positive or negative because there are competing arguments. On the one hand, as we discussed above, a strong union could reduce the frequency of disclosure because firms have an incentive to minimize information flow both to them and to the market. On the other hand, a strong union could demand for more information disclosure both to them and to the market resulting in a higher frequency of the disclosure. Following these two competing arguments, we posit our hypotheses in null form that the presence of union (bargaining power of unions) is not related to the frequency of disclosure. Our sample consists of 1,681 firm-year observations in the manufacturing industry for the period 2003-2008. All firms are listed on the KSE. Using this sample, we find that unionized firms have lower frequency of fair disclosure compared to nonunionized firms. Second, we find that union`s bargaining power is positively related to the frequency of fair disclosure. In sum, this result implies that the existence of a union reduces the firm`s level of fair disclosure, but in a unionized firm, the stronger the union, the higher frequency of fair disclosure because union can play a monitoring role. This study has implications to practitioners and academics on labor negotiations and disclosure. In addition, we try to eliminate the endogeneity problem that arises from the characteristic differences between unionized firms and non-unionized firms using Heckman`s two-step regression (1979). Finally, the paper utilizes firmlevel union data uniquely available in Korea.

공정공시가 주식유동성에 미치는 영향에 대한 연구: 중소기업과 대기업 비교

심호식 ( Hoshik Shim ) 한국중소기업학회 2015 기업가정신과 벤처연구 Vol.18 No.3

본 연구는 한국의 공정공시제도 도입 이후의 공시자료를 이용하여 기업별로 공정공시 빈도가 주식유동성에 미치는 영향에 대하여 연구하였다. 공시이론에서는 공시의 빈도가 높을수록 해당기업의 정보비대칭 현상이 해소되어 유동성이 증가하고, 그 결과 자기자본 비용이 감소한다고 밝히고 있다. 그러나 한국과 같은 신흥시장에서는 공시 이전의 정보 유출현상 때문에 공시의 효과를 예측하기가 어려운 실정이다. 공정공시제도의 도입으로 인해 한국의 상장회사들은 해당되는 항목에 대하여 모든 시장참여자에게 동시에 그정보를 공개하도록 의무화되었다. 따라서 공정공시제도의 시행은 과거 사전적인 정보 유출현상을 효과적으로 방지할 수 있는 제도적 틀을 마련한 것으로 기대할 수 있다. 본 연구는 이러한 점에 착안하여 공정공시제도가 자본시장에 미치는 영향 중 주식유동성과의 관련성에 대해 실증적으로 분석하였다. 분석결과, 공시빈도가 많을수록 주식의 유동성이 증가하는 것을 확인하였다. 구체적으로 공시빈도가 많을수록 해당기업주식의 거래량 및 변동성이 증가하였으며, 거래비용이 감소하여 무수익(zero-return) 거래일의 빈도가 감소하는 것으로 나타났다. 한편 이러한 공시효과는 중소기업과 대기업에서 모두 발견되지만, 개별 유동성 변수에 미치는 영향이 다른 것으로 나타났다. 강건성 분석으로 도구변수를 이용하여 내생성을 통제하였을 경우에도 이러한 결과는 유지되었다. 본 연구의 결과는 공시가 자본시장에 미치는 영향, 특히 공시와 자기자본비용 간의 관계를 연구할 때 시장유동성의 영향과 기업규모에 따른 정보환경의 영향을 반드시 고려해야 함을 시사한다. This paper investigates the impact of disclosure activity on the stock market liquidity under the Regulation Fair Disclosure in Korea. Economic theories generally support that more disclosures reduce the level of information asymmetry, increase stock liquidity, and thus decrease the costs of equity capital. A series of empirical studies examine the impact of disclosure policy, however, they mainly focus on the relationship between disclosure and costs of equity capital, but not on the relationship between disclosure and liquidity especially in Korea. Since the disclosure theory is driven with a joint hypotheses, it is needed to investigate the relationships by stage. Using various measures of market liquidity, this study finds that disclosure activity is positively related with market liquidity. And the comparative analysis shows that both SMEs and large firms have disclosure impacts, but they affect this relation differently. Various sensitivity tests show that the relation is robust. The findings of this paper have an implication that the impact of liquidity and also the impact of information environment (i.e., SMEs vs. large firms) should be considered in examining the relation between disclosure and costs of equity capital.

Accruals Quality and Manager s Choice of the Type of Voluntary Disclosure: Evidence from Regulation Fair Disclosure in Korea

정광우(Kwang Hwa Jeong),오광욱(Kwang Wuk Oh),정석우(Seok Woo Jeong) 글로벌경영학회 2018 글로벌경영학회 학술대회 발표논문집 Vol.2018 No.1

Using the model of measuring accruals quality by Francis, LaFond, Olsson, and Schipper (2005), this study investigates how accruals quality is related with managers’ choice of the type of voluntary disclosure under Regulation Fair Disclosure in Korea. This study finds that good accruals quality is positively associated with frequency of performance-related (management forecasts and preliminary earnings announcements) voluntary disclosure while it is negatively associated with that of business-related voluntary disclosure that contains prospective business plan and key contracts information. Moreover, this study also finds that the effect of the relation is more pronounced in innate accruals quality rather than discretionary accruals quality. Results of this study contribute to the extant literature by showing expanded evidence on whether accruals quality affects managers’ disclosure behavior.

Intraday Stock Returns and Investors’ Trading Reactions to Fair Disclosure : An Analysis of the Korean Stock Market

Byung Hee Lee,Meeok Cho,Sehee Kim 한국정부회계학회 2020 정부회계연구 Vol.18 No.3

공정공시 제도(Regulation Fair Disclosure; Reg FD)가 2002년 11월부터 국내에 도입 됨에 따라 기업들은 중요한 정보를 모든 투자자들에게 동시에 공시해야 한다. 본 연구에서 는 일중(intraday) 주식거래자료를 이용하여 공정공시 발표를 전후로 시장반응을 분석하였 다. 2002년 11월부터 2004년 12월까지의 유가증권시장 상장기업을 대상으로 분석한 결과 는 다음과 같다. 첫째, 대부분의 주가반응은 공정공시 발표직후 1~2분 사이에 발생하고, 거 래량은 긍정(부정)적인 뉴스에 대해서 약 80(40)분 가량 평소보다 유의적으로 많이 발생한 다. 둘째, 개인투자자들은 대체로 공정공시 뉴스의 성격에 관계없이 주식을 순매수하는 경 향을 보이는 반면, 그 외 투자자들은 거래의 방향성을 명확하게 보이지 않았다. 셋째, 공정 공시 발표이후 주식을 매수하는 경우 수익을 거두기 어려움을 발견하였다. 종합하건대, 공 정공시 제도 도입이후 주가의 효율성이 높음을 지지한다. 본 연구는 공정공시가 발표된 전 후의 일중 주가 또는 거래량 반응을 투자자 유형에 따라 살펴보았다는 점에서 의의가 있다. Using intraday stock market data from 2002 to 2004, we explore investors’ market responses to corporate disclosure subject to Regulation Fair Disclosure (Reg FD) in Korean stock market. We present three findings. First, stock prices jump up for two minutes right after the release of FD and investors’ abnormal turnover to positive (negative) FDs lasts for about 80 (40) minutes after FD. Second, individual investors’ trading reactions to FDs are stronger than those of institutional investors. Lastly, we find that it is difficult to make profits by using a short-term trading strategy based on positive FDs. Overall, this study provides the implications of intraday market responses to corporate disclosure.

경영자소유권과 자발적 공시행태

김경옥(Kim, Gyeong-Ok) 한국산업경영학회 2017 經營硏究 Vol.32 No.4

본 연구는 경영자소유권에 따라 자발적 공시행태에 영향을 미치는지를 분석한다. 경영자와 외부 주주간의 대리인문제에 대해 이해일치가설과 이익침해가설이 제기되어왔다. 이해일치가설은 경영 자지분율이 높을수록 정보 비대칭이 줄어든다는 가설이고 이익침해가설은 경영자지분율이 낮을수록 정보 비대칭이 줄어든다는 가설이다. 공정공시제도는 정보 비대칭을 줄이기 위한 장치이다. 경영자는 자발적공시를 함으로써 외부주주와의 정보 비대칭을 줄일 수 있다. 이때 이해일치가설에 따르면 경영자지분율이 높을수록 경영자는 정보 비대칭을 줄이기 위해 자발적 공시를 할 가능성이 높고, 이익침해가설에 따르면 경영자지분율이 낮을수록 경영자는 자발적 공시를 할 가능성이 높을 것이다. 본 연구에서는 두 가지 대리인이론을 기초 경영자소유권과 자발적 공시의 행태를 조사하였다. 자발적 공시의 대리변수로 경영자예측치 공시여부, 공시횟수, 공시항목을 사용하여 분석한 결과, 경영자가 일정수준 미만의 소유권을 가질 경우 이해일치가설과 일치하게 경영자소유권과 자발적 공시와 양(+)의 관련성을 발견한 반면, 경영자가 일정수준 이상의 소유권을 가질 경우 이익침해가설과 일치하게 경영자소유권과 자발적 공시간의 음(-)의 관련성을 발견하였다. 이는 대리인 이론 중 또 다른 가설인 절충가설을 지지하는 결과로 외부주주와 금융당국에 대하여 정책적 함축의미를 제공할 수 있다. This Research focuses on the effect of management ownership on the voluntary disclosure behavior using a sample of listed companies in Korean securities market. the finance literature finds that levels of management ownership reflect two agency problems between managers and outside shareholders. First, there is a convergence of interest hypothesis. Second, there is an entrenchment hypothesis. The fair disclosure regulations reduces information asymmetry. According to the convergence of interest hypothesis, manager is the more equity, the likely it will be to reduce information asymmetry. On the other hand, according to the entrenchment hypothesis, manager is the less equity, the likely it will be to reduce information asymmetry. This study investigates the empirical relationship between management ownership and three proxy of voluntary disclosure. Results indicate that significant non-monotonic relationship between management ownership and voluntary disclosure. Consistent with a convergence of interest hypothesis, the association between management ownership and voluntary disclosure is found to be significantly positive within low regions of management ownership. The association is significantly negative within high regions of management ownership, as suggested by an entrenchment hypothesis. The non-linearity is consistent with the finance literature and with the prediction of agency theory. These evidences suggest the possibility that voluntary disclosure contributes to addressing the asymmetric information between managers and outside shareholders.

R&D Intensity and Regulation Fair Disclosure

Jin-Ha Park,Hoshik Shim 한국유통과학회 2019 The Journal of Asian Finance, Economics and Busine Vol.6 No.1

This study examines the relationship between R&D intensity and disclosure. R&D activities are essential in bringing innovation to companies. However, R&D activities are naturally uncertain and increase information asymmetry. Thus, firms with high R&D activities are more likely to have the incentive to communicate the potential of R&D investment to the market through voluntary disclosure and, concurrently, resolve information asymmetry. Meanwhile, incentives to less voluntary disclosure exist because of the proprietary cost and the risk of competitiveness loss. Furthermore, the uncertainties inherent in R&D activities caused the possible decrease in the information accuracy. For the two opposing views, this study investigates the relationship between R&D intensity and disclosure frequency using the Regulation Fair Disclosure data in Korea. Moreover, the relationship between R&D intensity and usefulness of the information disclosed is also examined. Using firm sample listed in the 2011–2016 Korea Stock Market, results show that firms with high R&D intensity make disclosures more frequent. Subsequently, the analysis using forecast sample shows that management forecast error is higher in firms with high R&D intensity. This research contributes to the existing literature by presenting evidence that R&D intensity is a significant factor affecting manager's disclosure behavior and information usefulness.

기업의 지속가능성과 공시 정보의 빈도 사이의 관계

정광화 한국세무학회 2018 세무와 회계저널 Vol.19 No.5

This study examines the relation between Corporate Social Responsibility (CSR), the properties of corporate disclosure, and corporate value. CSR is defined as the corporate activities that strive for solving social concerns beyond the firms economic interest. Managers have an incentive to invest in CSR because the support from constituent groups in society is essential for sustainable development and firms ignoring CSR cannot survive. On the other hand, managers can invest in CSR in order to opportunistically gain personal reputation or cover corporate misconduct. Therefore, investors cannot discern the nature of CSR investment ex-ante and ask financial information to reduce information asymmetry and uncertainty resulting from CSR expenditure. Because managers who are concerned with CSR have an incentive to meet investors’ needs for information and differentiate their own CSR investment by providing transparent information, disclosure frequency is relatively high. Investors are expected to reflect these superior properties of CSR firm’s disclosure on corporate value. The empirical results reveal that a firm’s CRS activities are positively associated with the frequency of Reg FD and the positive relation between the frequency of Reg FD and firm value is more pronounced for firms with high frequency than firms with low frequency. Main results of this study have an implication that investors’ information asymmetry and uncertainty on CSR expenditure can be reduced and firm value can be enhanced when managers provide better financial information complementary to non-financial performance. The contributions of this study are as follows. First, this study extends the scope of research on CSR into the field of corporate disclosure by providing the empirical evidence that there are significant relations between CSR and disclosure frequency. In addition, this study provides one of the explanations to an important question, “Why is there a positive relation between CSR and firm value?”, by suggesting the role of high quality of voluntary disclosure. Second, this study provides empirical result that CSR is one of the determinants for voluntary disclosure decisions. The empirical result that CSR firms provide a better quality of disclosure will be useful for investors using disclosure information for decision-making. 본 연구는 지속가능한 경영을 확보하는 수단으로서 기업의 사회적 책임(CSR)과 경영자의 공시빈도, 그리고 기업가치 간의 관계를 분석한다. 기업 간 경쟁이 치열해지고 경영환경의 불안정성이심화됨에 따라 기업에 대한 사회와 그 구성원들의 지지는 기업의 장기적 성장에 필수적인 요소가되었다. 반면에 경영자는 개인적인 명성 제고, 기업 비행 무마 등 기회주의적인 유인에서 CSR에집중할 수도 있다. 따라서 투자자들은 CSR의 성격을 사전적으로(ex-ante) 판단할 수 없으며 이러한 정보비대칭과 그로 인한 불확실성을 해소하고자 더 많은 재무정보를 요구하게 된다. 기업 발전을 위해 CSR에 충실한 경영자라면 영업활동을 투명하게 보여줌으로써 투자자들의 정보수요를 충족하고 CSR 활동이 대리인비용이 아님을 강조하려는 유인을 가진다. 이러한 기업의 공정공시 빈도는 높으며 투자자들은 이러한 사실을 기업가치에 긍정적으로 반영할 것으로 예상된다. 본 연구는 2003년부터 2009년까지 한국거래소에 상장된 유가증권시장주권상장법인을 대상으로CSR과 기업의 공정공시 빈도 간에는 유의한 관련성이 있는지, 선행연구에서 밝혀진 CSR과 기업가치 간의 양(+)의 관계는 공정공시 빈도에 따라 차이가 있는지를 실증분석하였다. 실증분석 결과, CSR을 적극적으로 수행하는 기업일수록 공정공시 빈도는 높은 것으로 나타났다. 다음으로 기업가치와의 관련성을 살펴본 결과, 공정공시 빈도가 높을수록 CSR과 기업가치 간에는추가적인 양(+)의 관계가 있는 것으로 나타났다. 본 연구는 다음과 같은 공헌점을 가진다. 첫째, 본 연구는 CSR과 공시 빈도 사이에는 유의한 관계가 있음을 밝혀내어 CSR 연구의 영역을 공시 부문으로 확장하였다는 공헌점이 있다. 또한 선행연구에서 밝혀진 CSR과 기업가치 간의 양(+)의 관계에 대한 설명 요인 중 하나로 공시 정보의 양을 제시한다는 점에서 연구의 의의가 있을 것으로 기대한다. 둘째, 본 연구는 경영자의 공시 유인중 하나로 기업의 영업성과를 제시한 선행연구(Houston et al., 2010)에 추가하여 기업의 비재무성과도 공시를 유발하는 요인 중 하나라는 실증결과를 제시한다. CSR 수준이 높을수록 공시정보를 적극적으로 제공한다는 본 연구의 결과는 공시정보를 이용하여 투자 관련 의사결정을 내리는 시장참여자들에게 유용한 정보가 될 것이다.