이사회 특성과 공시품질 사이의 관련성

The purpose of this study identifies the relationships between the characteristics of board of directors and disclosure quality. Furthermore, this paper investigates the moderating effect of R&D investment on the association between the characteristics of board of directors and disclosure quality. The samples for this study consist of companies listed on the Korea Stock Exchange as manufacturing companies from the year 2003 to 2007 during which we are able to collect KCGS' disclosure scores. We gather data on the characteristics of board of directors and control variables by searching through FnGuide and KisValue, and check them by scanning the annual reports as published in the electronic disclosure system DART (Data Analysis, Retrieval and Transfer System) of the Financial Supervisory Service. The results of this study are as follows: First, board's independence and expertise have significant positive influences on disclosure quality of firms. Second, the effects of the independence and expertise of board of directors on disclosure quality are even higher for firms with greater R&D investment. Third, the effect of the existence of audit committee on disclosure quality is even greater for firms with higher R&D investment. These results imply that the effectiveness of board of directors increases disclosure quality of companies and the relationships between the characteristics of board of directors and disclosure quality are higher for firms with greater R&D investment which have greater agency costs between managers and shareholders. This study remains meaningful, because we empirically tests the effect of boards' characteristics on disclosure quality as measure of high level of validity. The result of this paper can be quite helpful for facilitating future studies on the effect of disclosure quality, and also can provide regulated institutions with helpful guideline.