감사품질과 무형자산의 가치관련성 = The Effect of Audit Quality on the Value－Relevance of Intangible Assets

다국어 초록 (Multilingual Abstract)

The portion of intangible assets is increasing gradually in the knowledge－based information society and prior research showed that investigated information usefulness of intangible assets enhanced the value－relevance of intangible assets and intangible expenditures. This paper investigates the relations between audit quality and value－relevance of intangible assets such as development costs on the balance sheet based on the Ohlson model(1995). The sample of 2,057 firm－years was selected from Korean Stock Change for the period of 2000－2006. The proxy variables of audit quality was used whether or not Big4(BIG4), introduction of audit committee(AC) and audit hours(TIME). Empirical results indicate that audit quality improved value－relevance of intangible assets reported in the balance sheet. Intangible assets turned out to have as significant value－relevance assets in the market. It also examines the relations between audit quality and development costs of intangible assets. The two proxy variables(TIME, AC) of audit quality have significant relation with development costs. That is, TIME and AC variables enhanced the value－relevance of development costs but Big4 have not related with value－relevance of development costs. Especially, empirical result of introduction of audit committee improved value－relevance of development costs means that audit committee enhanced usefulness of accounting information. This paper has made a significant contribution to find out empirical evidence that enhance of audit quality increase value－relevance of intangible assets.

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