기업 내부의 회계·공시전문인력과 타인자본비용 간의 관계에 관한 연구

This study examines to test the impact of hiring specialists in accounting and disclosure on the cost of debt and credit rating. Due to the mandatory adoption of IFRS to listed companies on KSE in 2011, quality of accounting information and transparency of accounting information are improved. But managements’ discretion will increase and they should take more responsibility. Therefore, the importance of hiring specialists in accounting and disclosure is empathized in the future. This paper examines a relation between in－house specialists in accounting and disclosure and cost of debt using a sample of 883 firm－year in listed from 2004 to 2008. Findings of this paper are following. First, we find that cost of debt is not significantly in－house specialists in accounting and disclosure. But credit rating is positively in－house specialists in accounting and disclosure. Second, cost of debt is negatively a quantitative characteristics of in－house specialists in accounting and disclosure. And credit rating is positively a quantitative characteristics of in－house specialists in accounting and disclosure. Third, cost of debt is not significantly a qualitative characteristics of in－house specialists in accounting and disclosure. Also credit rating is not significantly a qualitative characteristics of in－house specialists in accounting and disclosure. The study makes mainly some contributions. This study attempts to provide empirical evidence for in－house specialists in accounting and disclosure and cost of debt and credit rating. The results of this paper suggest that hiring specialists in accounting and disclosure gives a good signal in terms of transparency of accounting information. Therefore, this study is expected to provide implications to regulators, investors, company that interested in in－house specialists in accounting and disclosure.