회계부정기업의 지배구조와 회계정보의 가치관련성: 코스닥 기업을 중심으로

The Accounting scandals for many KOSDAQ firms are related to the management’s misappropriation. Management’s misappropriation such as embezzlement should be considered in connection with the accounting fraud in KOSDAQ. This paper investigates the effect of accounting fraud on the value relevance of accounting information. To analyze empirically, we selected a sample of 220 accounting scandal firms that occurs misappropriation by management, accusation by SFC or enforcement by FSS during 2006-2012, and organized the triple matching sample by year, by industry, and by size. The empirical results are as follows. First, the value relevance of net income decreases significantly for the accounting scandal firms. However, that of net asset showed a different signs or statistical significance. Second, As the level of corporate governance goes down, empirical results shows that the value relevance of net income decreases significantly but that of net asset increases significantly for the accounting scandal firms. This finding are different from results for matching sample but are consistent with the assertion of Barth et al.(1998). This implies that accounting scandal firms with weak corporate governance are recognized as negative marginal firms in KOSDAQ market. These empirical results contribute to the literature on usefulness of accounting information in KOSDAQ by discussing critical issues related to the accounting fraud behaviors.