기업내부 회계·공시전문인력의 보유가 회계정보의 질과 기업가치관련성에 미치는 영향

In December of 2004, the Financial Supervisory Service(FSS) mandated the disclosure of specialists in accounting and disclosures in an effort to enhance the transparency and accountability of the stage in which accounting information is compiled. This policy reflects the importance of specialists in accounting and disclosures, a sentiment shared by both Korean academics and business professionals in Korea. The importance of specialists in accounting and disclosures is expected to increase due to the enforcement of securities related class-action lawsuits. As there are no previous studies verifying the role of specialists in accounting and disclosures, this study seeks to ascertain the effects of hiring specialists in accounting and disclosures on the quality of accounting information and value. The sample firms consisted of non－financial institutions and were listed on the Korea Stock Exchange Market during the period of 2004 through 2008. By using these sample firms, this study, based on the modified Jones model(1995) and the performance-controlled discretionary accruals measure, verifies the importance of the role of specialists in accounting and disclosures on accounting quality. This study also uses the Basu(1997), the Penman and Zhang(2002), the Feltham and Ohlson(1995) models to ascertain that a company with specialists in accounting and disclosures tends to promote accounting conservatism. Finally, based on the Ohlson model(1995), this study demonstrates empirically the effects of hiring specialists in accounting and disclosures on value relevance. Upon completion of the study, the following results were determined. First, hiring specialists in accounting and disclosures is negatively associated with accruals quality, but this has no significance on the level itself. Meanwhile, the figures show that specialists in accounting and disclosures tend to consolidate accounting conservatism. Through these results, we were able to deduce that hiring specialists in accounting and disclosures cannot effectively control the corporate earnings management but the hiring of these experts can induce companies to do conservative accounting procedures. Furthermore, the empirical results show that accounting information of the company hiring specialists in accounting and disclosures has high value relevance which means that specialists in accounting and disclosures can help accounting information more accurately reflect firm value.