불성실공시 기업의 재무투명성과

For the unfaithful disclosure firms during the period from August, 2001 to December, 2011, this paper examines if there exists any difference in long-term stock performance and survival rate depending on financial transparency and trading behavior by investor type. The results are summarized as follows. First, we find that as the financial transparency is lower, the negative announcement effect of unfaithful disclosure is larger and the long-term stock performance is much lower. Second, domestic institutional and foreign investors show strong sell-patterns for the firms of which financial transparency is low during the period from forewarning day to confirmation day of unfaithful disclosure, whereas they do not show sell-pattern for the firms of high financial transparency. This result suggests that domestic institutional and foreign investors avoid the loss through their information advantage, causing significant loss to individual investors. Third, through cross-section regression analysis, we confirm that as the financial transparency is lower and the net-sell of domestic institutional and foreign investors increases, long-term stock performance is lower. Finally, we find that the firm’s survival rate becomes lower when the net-sell of domestic institutional and foreign investors increases and the financial transparency is getting lower. We conclude that the firm’s financial transparency is important for the investor protection even in case of unfaithful disclosure.