공시품질의 효과에 관한 연구

Research on disclosure quality has been conducted to measure the quantity of disclosure or conducted assuming that there is a positive relation between disclosure quality and quantity of disclosure. In U.S., Association for Investment and Research(AIMR) has been used as an indicator for disclosure quality and many studies have used this variable as a proxy for disclosure level. However, none of the study has been seriously conducted to examine the overall disclosure quality in Korea. This study measures the disclosure quality in various ways, and investigates the effects disclosure quality have on the information asymmetry and cost of capital. Proxies for disclosure quality used are (ⅰ) designation of the unfaithful disclosure, (ⅱ) existence of an error in the pre screen of proxy statement, (ⅲ) disclosure quality index invented by authors, and (ⅳ) disclosure quality rating by Korean Corporate Governance Center(CGS). In measuring the degree of information asymmetry, analyst forecast error and dispersion are used. Cost of capital is measured with OJ model and PEG model by Easton. Empirical results show evidence indicating that firms with high disclosure quality have lower analyst forecast error and lower cost of capital when the disclosure quality is measured with the error in the proxy statement and the disclosure level by authors. Therefore, information asymmetry and cost of capital can be reduced by a proper disclosure policy and practices. However, designation of unfaithful disclosure and rating by CGS do not show an empirical evidence consistent with the hypothesis and the disclosure theory. Class action suit has been introduced recently and transparency of disclosure becomes a critical issue. This study contributes this line of research and practices.