K－IFRS의 도입은 경영투명성이 투자효율성에 미치는 순기능을 확대시키는가?

Previous studies address whether the adoption of International Financial Reporting Standards (IFRS) enhances capital investment efficiency measured by investment－cash flow sensitivity. The 8,480 Korean listed firms are evaluated as mandatory IFRS samples during the period from 2007 to 2014. In addition, we examine whether the management transparency factors enhance investment efficiency especially the post－IFRS. The empirical findings are as follows. First, the firms with more equity ownership of foreign investors, the better improvement of investment－cash flow sensitivity after the adoption of K－IFRS. It reflects that the investment efficiency can be increased in terms of the number of supervisors increased after the adoption of K－IFRS. Foreign investors had a positive impact on the company's efficient investment activities, and the positive impact of the adoption of K－IFRS was strengthened. Second, the improvement of investment－cash flow sensitivity is promoted with more equity ownership of top managers after the adoption of K－IFRS. The result shows that less agency cost between managers and investors, the better improvement of investment－cash flow sensitivity. The results argue that the adoption of K－IFRS increased the transparency of accounting information, thus causing management to prevent unduerinvestment and over－investment. Indeed, the adoption of K－IFRS suggests that increased foreign shareholders and managerial ownership may, such as decreased agency costs and management monitoring activities, play a significant role in enhancing corporate efficiency in more transparency accounting environment. Our findings extend that the adoption of K－IFRS increases the transparency of accounting information as shown in previous studies, and the increased transparency induced the managers to perform more reasonable investment behaviors.