기업의 소유구조가 인터넷 재무정보 공시수준에 미치는 영향

This study empirically analyzed the effects of corporate ownership structure on the disclosure level of internet financial reporting. For the empirical analysis, this study measured the disclosure level of internet financial reporting of listed companies and used it as a dependent variable. The largest shareholder’s ownership and foreign investors’ ownership are used as proxy variables of corporate ownership. Furthermore, in order to control the effects on the disclosure level, this study included firm size, company age, profitability, debt ratio and audit quality as control variables. The disclosure level had a negative correlation with the largest shareholder’s ownership. In addition, unlike inside shareholders, the foreign investors were outside shareholders and they would require a large amount of information. There was a significantly positive correlation between foreign investors’ ownership and the disclosure level. The firm size and profitability that were used as control variables had significantly positive relation with the disclosure level. However, company age, debt ratio and audit quality were not associated with the disclosure level. While companies are making efforts to improve their transparency by disclosing financial information voluntarily, this study confirmed that the corporate ownership structure is related to the internet disclosure level. Even if it is difficult for all the companies to disclose their full financial information voluntarily through the establishment of their web-sites, it would be possible in the future. This study measured the index of internet disclosure level corresponding to the conditions in Korea. Also, it was meaningful to investigate the effects of corporate ownership on the financial disclosure level of internet financial reporting.