기업지배구조에 따른 회계정보의 질과 투자의 효율성

This paper examines that good corporate governance structures induce high quality accounting and that higher quality accounting enhances investment efficiency by reducing information asymmetry between managers and outside suppliers of capital. Because the information environment of corporations is better for firms with sound corporate governance systems, I expect that sound corporate governance structures induce high quality accounting and investment efficiency is an increasing function in quality of accounting information. I perform the path analysis and mediator effect analysis to test hypotheses of this paper. Results show that the link between internally generated cash flows and investment is weaker when corporate governance structure is good and accounting quality is high, implementing sound corporate governance structures induce high accounting quality and enhance investment efficiency by mitigating investment cash flow sensitivity. And my findings also lend support to the argument that the relationship between corporate governance structures, accounting quality, and investment efficiency is stronger for firms which financing is largely provided through stock market compared with companies which creditors supply more capital. I expect that findings of this study would provide the opportunity to lay emphasis on importance of information environment through corporate governance structures and corporate investment activities. I also expect that this paper would suggest the implementation for accounting quality with sound corporate governance structures increase investment efficiency.