한국기업의 지배구조와 재무정보의 신뢰성

This study investigates whether the quality of corporate governance of a firm is associated with how credible investors perceive its reported earnings number to be. This study defined corporate governance as internal control system of company and measured the corporate governance by a factor analysis on 13 variables. This study examines whether the reliability of financial informations, proxied by the informativeness of earnings, varies with the quality corporate governance and use the earnings-returns relationship to measure earning informativeness. Additionally, This study tests whether the relation between corporate governance and reliability of financial information varies with the level of agency problems in a company. The results indicate that three aspects of governance structures-audit committee, ownership structures, and degree of company organizational system-are significantly associated with reliability of financial information. Specifically, first, earnings of companies with active audit committee are perceived as being more informative by market participants. Second, the informativeness of earnings of companies with low ownership for management, directors, families, and related parties is stronger. Third, earnings of companies with high reliability and independence of external auditors are perceived as being more informative by market participants. However, This study can't find the evidence that association between governance structure and the reliability of financial information varies with the level of agency problems in a company.