기업 소유구조가 회계정보 공시수준에 미치는 영향

This study attempts to assess the extent to which accounting information disclosure is determined by company's ownership structure. The accounting information disclosure level is estimated by quantifying the mandatory and voluntary information items disclosed in sample company's annual report. The ratio of liabilities to total assets, the ratio of inside owners' equity holdings and the ratios of foreign and institutional owners' equity holdings are used as the surrogate of ownership structure. To control the effects of extraneous variables, firm size, company age, industry type, profitability and the quality of external audit are included in the model. The result of multiple regression analysis indicates that the liabilities to total assets ratio shows insignificant negative relationship, the inside owners‘ holding ratio shows significant negative relationship, and the foreign and institutional owners' holding ratios show significant positive relationship with the accounting information disclosure level. These results are as expected. While the profitability and industry type used as control variables show significant relationship, firm size, company age, and the quality of external audit show insignificant relationship with the accounting information disclosure level. * Professor, School of Business Administration, Chung-Ang University ** Instructor, School of Business Administration, Chung-Ang University Time-lag analysis are carried out to see if there exists the cause and effect relationship. The results confirm that the lesser accounting information is disclosed as the higher the inside owners holding ratio is, whereas the more accounting information is disclosed as the higher the foreign and institutional owners' holding ratios are. Year-by-year analysis shows that the liabilities to total assets ratio and inside owners' holding ratio have mixed results in different years. However the foreign and institutional owners' holding ratios are found to exert increasingly significant influences on the accounting information disclosure level in recent years.