수시공시사항에 대한 사업보고서 공시의 임의성

The progress and changes of important management matters have been reported on annual report since a few years ago. Important management matters that are the contents of timely disclosure were mandated to report on annual report in order to disclose the progress and changes additionally. Because the progress and changes of important management matters are inside information of the companies, the companies are likely to commit discretionary disclosure. This study examines discretionary disclosure about the progress and changes of important management matters on annual report. The results show that good news ratio is higher on annual report than timely disclosure and bad news ratio is lower on annual report than timely disclosure. The results also show that good progress and changes of important management matters are reported many more on annual report than bad progress and changes. These results indicate that the companies disclose the progress and changes of important management matters discretionary on annual report. This study is meaningful to understand the disclosure behaviors of the companies by examining discretionary disclosure on annual report directly. This study throw the question whether current disclosure system that allows discretionary disclosure on annual report is valid.