증권관련집단소송의 도입이 재무보고 적시성에 미치는 상호작용효과

As of January 1, 2005, the Securities Class Action was enforced to the Korean large listed companies with asset size of above two trillion won. The class action privileges are sure to increase the legal exposure to the managers and auditors linked to the accounting malpractices. This increased legal risk could give them a motive to control up the accounting and auditing quality, which can widen the audit and reporting lag and thus had the negative effect on the timeliness of financial reporting. Dong-Young et. al.(2009)' study investigated the possible adverse relationships between the increased regal risk due to the class action privileges and the financial reporting lag of Korean companies. 186 company－year samples are consisted of 2003 and 2004 accounting periods of 93 Korean listed companies, of which 47 large companies(enforced companies) have been under the 'Securities Class Action' since 2005 and 46 companies(graced companies) had been under grace until 2007. The purpose of this study is to enlarge the Dong-Young et. al.(2009)' model and investigate the interaction effects of two research variables(year and company) and various control variables. The empirical results of this interaction terms model showed many control variables, such as foreigner's ownership rate, ROI, total accrual, leverage, auditor's market share and independence index, had influenced the report lags and thus the timeliness of financial report interactively with the company type or the control the year variable.