분기실적 보고시차의 결정요인에 대한 연구

The purpose of this study is to investigate why some firms announce their earnings performance early, while the others announce it late. The timeliness of announcements is one of the most important factors that influence the usefulness of information in the research area dealing with information disclosure of firm. This study deals with the timeliness of announcements in view of reporting lag. We consider an disclosure pressure of investors, litigation risk and whether or not the performance achieves an threshold of earnings numbers as a main determinant of the reporting lag. According to an analysis, the results meet this expectation. First, firms that suffer a large pressure from the investors would report in more timely pattern, and, as expected, the larger the trading volume, the more the share ratio of foreign investors; the lower the share ratio of the block holders, the shorter the reporting lag. Second, firms that have a large litigation risk would report in more timely pattern, and, as expected, the larger the ratio of the outside director, or when the firm is technology incentive, the shorter the reporting lag. Third, firms that miss the threshold of the numbers of quarterly performance would report in less timely pattern, and, as expected, when the firm reports negative earnings, an earnings lower than pervious year’s performance, or an earnings lower than earnings forecasts of financial analysts, the longer the reporting lag. In addition, the relationship between reporting lag and other control variables(size, leverage, information asymmetry, accounting complexity) included in model is also in accordance with expectation.