감사인지정제도가 KOSDAQ IPO 시장의 효율성에 미치는 효과

• 영문명: The Effect of the Auditor Designation System on the Efficiency of the KOSDAQ IPO Market
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 이진훤 김경순
• 간행물 정보: 『아태비즈니스연구』제14권 제3호, 167~186쪽, 전체 20쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2023.09.30

영문 초록

Purpose - The purpose of this study is to empirically investigate whether the auditor accreditation system for IPO firms improves the efficiency of the KOSDAQ IPO market. To verify the effectiveness of the auditor designation system, we time series compare four measures of IPO firms (earnings management, long-term stock performance, change in operating performance, and possibility of delisting). Design/methodology/approach - We test the hypothesis through event research method and regression analysis. Specifically, the dependent variables of the regression model are discretionary accruals in the year of IPO, 36-month holding period excess return after IPO, change in operating performance for 3 years after IPO, and dummy variable for delisting. And the explanatory variable is a dummy variable that separates the period before and after the implementation of the auditor designation system. Findings - We find that earnings management and delisting risks decreased more in the period after the implementation of the auditor accreditation system than in the previous period. In addition, we find that long-term stock performance and operating performance after IPO increase further after the implementation of the auditor accreditation system. Research implications or Originality - Overall, the results of this study suggest that the implementation of the auditor accreditation system for IPO firms contributes to improving market efficiency in the KOSDAQ market, where information asymmetry is high. Our study differs from previous studies in that it demonstrates the effectiveness of the auditor designation system using various measures.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경

Ⅲ. 연구설계

Ⅳ. 분석결과

Ⅴ. 결론

References

키워드

KOSDAQ IPO Auditor Designation System Earnings Management Long-term Stock Performance Operating Performance Change Delisting