연결재무제표의 공시의무화에 따른 회계정보의 공시확대 효과와 정부규제의 상징적 의미 효과 비교

다국어 초록 (Multilingual Abstract)

When the financial accounting regulations are established by governmental agency, the accounting regulation change may have two aspects of effect. The one is the effect of regulation itself. The other is symbolic meaning effect of governmental regulation. This study is to investigate the information content of the mandated disclosure of consolidated financial statements in these two aspects. First, I investigated the disclosure expansion effect by the comparison of the information content of parent companies with control companies which had no disclosure duty. Second, I investigated the symbolic meaning effect of governmental regulation by the comparison of the information content of members in Big Group Companies with non-members. The empirical test results are as fellows. First, there is no significant difference in information content between parent companies and non-disclosure duty companies. And there is no significant difference between already disclosure firms and non-disclosure firms. This results show that the disclosure expansion effect doesn`t exist. Second, except the case of disclosure duty companies, there is significant difference in information content between members in Big Group Companies and non-members. And the members are lower in CAR than non-members. This shows that symbolic meaning effect of governmental regulation change exists.