회계정보의 적시성 결정요인과 주가반응

• 영문명: The Timeliness of Financial Accounting Disclosures
• 발행기관: 호남대학교 인문사회과학연구소
• 저자명: 이화진(Hwajin Lee)
• 간행물 정보: 『인문사회과학연구』제9집, 289~322쪽, 전체 34쪽
• 주제분류: 사회과학 > 사회과학일반
• 파일형태: PDF
• 발행일자: 2002.12.30

영문 초록

It is emphasized that the basic objective of accounting is to provide the information about business enterprise that is useful to information users in making economic decisi -os. Timeliness is an important determinant of information usefulness. FASB views time -liness as an "ancillary aspect" of relevance, which is one of the two primary decision- specific qualities delineated by SFAC No.2. Yet there has been only a little research on the timeliness of financial accounting disclosures, and more, in Korea, previous research has repoted mixed results. The objectives of this research are as follows: 1. What is the feature of the timeliness of annual earnings announcement in Korea 2. What is the association between financial reportint delay and firm chracteristics, paticularly, firm size and operating peformance? 3. What is the relationship between the timeliness of annual earnings announcement and the magnitude of the related market reation? The research period was covered by 9 years form 1998 to 1996. The sample of 118 firms in 13 industries was collected from the firms listed on the Korea Stock Exchange on March, 1996. Dates of annual earnings announcement were collected from audit report and inner documents o "Korea Listed Companies Association". Firm characteris -tics were derived from KIS-FAS. Stock returns were derived from KIS-SMAT. The testing hypothesis are as follows: H1: Firm size is expected to be nagatively associated with annual earnings reporting delay. H2: The type of news is expected to be negatively associated with annual earnings reporting delay. H3: The annual earnings reporting delay is expected to be negatively associated with announcement-date market reaction. The association between selected firm characteristics and reporting delay was examined by non-parametric statistics. In the research for the relationship between the timeliness of annual earnings disclosure and the associated securities price reaction, OLS regression were run with Atiase et al.'s SQR statistics as dependent variable (which is derived from the daily return) and the firm size, reporting delay as the explanatory variables. The empirical results of this study are as follows: 1. Firm size is highly associated with annual earning reporting delay. In Korea, Larger firms usually disclose earnings relatively early. 2. Bad news tends to be delayed, though the significance is los. 3. After controlling for firm size, the length of the reporting delay is inversely related to the magnitude of report period price revaluations. That is, longer delays are associated with smaller market reactions, and this relation holds for the expected portion of the total chronological lag, as well as for the enexpected lag. This study has several limitations. 1. The timing of accounting reporting is not conclusive. 2. The daily return has non-synchronicity problem, and size variable, lag variable are highly right-skewed. Logs of the variables must have been used. 3. The sample size is not sufficient because of restrict sample criteria. This confound the construction of portfolio. 4. In each year analysis, there are some cases that the result is inconsistent. This implies that pooling regression results might have been influenced by paticular year.

목차

Ⅰ. 서론

Ⅱ. 회계보고 적시성의 성격

Ⅲ. 선행연구의 검토와 기설의 설정

Ⅳ. 표본의 선정과 연구방법

Ⅴ. 실증분석 결과

Ⅵ. 결론 및 한계점

참고문헌

ABSTRACT

키워드

accounting reports firm size informativeness unexpected earnings abnormal returns