감사품질과 회계정보의 가치관련성 -기업지배구조 관점에서

The paper studies the effect of Big4 and corporate governance on the value relevance of accounting information(EPS, BPS). It analyzes whether there is incremental effect on the value relevance of accounting information audited by Big4 as corporate governance becomes stronger. Overall corporate governance framework consists of shareholer’s rights protection, board of directors system and operation, disclosure activity, audit system and operation and distribution of corporate dividends. The results indicate that the value relevance of accounting information audited by Big4 was significantly higher than that audited by Non-big4. It suggests that investors recognize the difference of audit quality between Big4 and Non-big4. As corporate governance becomes stronger, EPS shows incremental significance of value relevance while BPS shows negative significance of value relevance. It means that if investors perceive via corporate governance accounting information is credible, they rely on EPS rather than BPS. In analysis of sub corporate governance, as corporate governance of disclosure system and audit system become stronger, the coefficient of EPS audited by Big4 shows incremental significance while that of BPS shows negative significance. Here investors moved their decision weight from BPS to EPS, which is the similar results as in overall corporate governance case.