기업지배구조, 회계정보 및 기업가치－한국과 미국 자본시장의 비교연구－

This study compares and analyzes Korea and US' researches on the relations among corporate governance, accounting, and firm vale. Effective corporate governance reduces agency conflicts from the separation of ownership and management, and promotes market efficiency and firm value. The effects of corporate governance mechanisms on accounting and firm value are world－widely investigated issues, and during the last ten years Korea's research in the number of papers has overwhelmed US research which has been a dominant leader. By comparing both countries' accounting research related to corporate governance, this study analyzes the role of accounting and corporate in capital markets and, from the view point of improving research content and method, provides limits of previous research and directions of future research. The analysis indicates that Korean and US' empirical results on the relations among corporate governance, accounting, and firm value are mixed. Most studies cannot eliminate the possible problems of omitted variables, measurement errors, and model mis－specifications, hence limiting the internal and external validity. The sample partition and sensitivity analysis by firm characteristics such as size and interests has resulted relatively low explanation power around 5%, limiting the generalization of research results. Especially, the relationship between interests and firm value is a non－linear shape, and even under the same model the results differ across the blocks of interests. These mixed results are partially due to the lack of sound theories, along with failure to find relevant research model effectively combining constructs of corporate governance, accounting, and firm value. Therefore, the future research may attempt develop valid research constructs and models by taking scientific approach instead of ad hoc approach in the process of selecting research content and methods. In Korea, with regard to the relationship between firm value and corporate governance, the prospective research area are operation results of internal accounting control system and regulatory guides among corporate governance mechanisms. Additionally, the investigation into accounting and regulatory differences across nations might provide an insight regarding the relevancy of Korea's on－going accounting and regulatory changes to meet the world－wide financial crisis.