금융위기 시 회계정보의 가치관련성과 기업지배구조와의 관계 연구: 경영자에 대한 시사점 제시 = A Study of the Relationship between the Value Relevance of Accounting Information and Corporate Governance During the Financial Crisis in 2008 : Implications for CEO

다국어 초록 (Multilingual Abstract)

This paper examines the value relevance of accounting information (earnings and book values) of Korean public companies in the period surrounding the Financial Crisis in 2008. I also examine the effects of the corporate governance mechanisms with the economic crisis on the value relevance of accounting numbers. In this paper, I use the data about corporate governance which was produced by Korean Corporate Governance Service. The corporate governance mechanisms consist of stockholders’ rights protection, board of directors system, disclosure activity, audit system and dividend activity as subcomponents.
The results indicate that the value relevance of earnings was reduced during the Financial Crisis while the value relevance of book value increased during the crisis, which is consistent with Barth et al. (1998). That indicates that in crisis, investors focus on book values rather than earnings because book values are used as liquidation value, while earnings are construed as future growth opportunities.
Also the results indicate that the level of corporate governance mechanisms has an impact on the extent of change in the value relevance of earnings and book values during the crisis. Specifically, when the level of stockholders’ rights protection (subindex of corporate governance) increases, the value relevance of BPS increases significantly at 1% level. Also when the level of disclosure activity and audit system (subindices of corporate governance) increases, the value relevance of EPS increases marginally at 10% level.
Overall, in crisis, investors use book values as their investment strategy while discounting the value of earnings numbers. Additionally investors give attention to corporate governance system in companies when they use summary accounting information(EPS, BPS) as investment strategy. The information of firm’s cororate governance mechanisms enables them to discern trustworthy information with respect to accounting information especially in crisis period.

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