기업지배구조와 회계오류수정 사이의 관련성 연구

This study examines the relationship between corporate governance and earnings restatement through prior error corrections. If a firm with better corporate governance mechanism may invest more time and expense to promote high-quality financial reporting, it is possible that the chance to find error in previously released financial statements and correct the error later. This paper empirically examines this issue. For the measure of the level of the corporate governance, we use the corporate governance index annual issued by Corporate Governance Service. The empirical results are summarized as follows. First, we find no or very weak evidence that the frequency of error correction is related with the level of corporate governance. Only the sub-governance level related to 'the distributions of firms' operating performance' is marginally associated with the chance of error correction. But this association disappears when we use matched sample tests. Second, the weak finding is entirely driven by the sample firms that report loss in prior error corrections, not the firms that report gain in prior error corrections. Third, the amount of error correction is not associated with the level of corporate governance. In summary, although we find very weak evidence that the level of corporate governance mechanism is associated with the chance of the occurrence of accounting errors, the results are generally inconclusive. Further research on this issue is requested to solve this puzzle.