주석 내용의 변동과 주식시장 : 주석 내용의 변동이 자기자본비용과 주식거래량 및 이익반응계수에 미치는 영향

The purpose of this study is to investigate the effect of changes in footnotes by managers, which may have a significant impact on the disclosure of corporate financial status. K-IFRS, which is principle-based accounting, has become more diverse in terms of accounting choices that managers can choose at a discretionary level, due to the expansion of discretion over accounting choices and the strengthening of fair value valuation. To disclose supplementary explanations on financial statements, the importance of footnotes has increased after the introduction of IFRS. Since the content of the footnotes reflects the economic reality of the company, the change in the content of the footnotes can serve to leak internal information to the outside, therefore changes in contents of footnotes can contribute to lowering information asymmetry levels. Moreover, the change in the discretionary accounting method by the management has a significant effect on the change of the financial statement annotation, so the annotation and management discretion exercise are closely related. Therefore, this study introduces a new index measuring disclosure of corporate financial status and managerial discretion by measuring the change of footnotes using cosine similarity with text mining technique. K-IFRS is principle based accounting standards. This means that rather than presenting detailed accounting methods, the accounting officer should be able to reasonably determine the accounting method based on the economic substance. As a result of adopting new accounting standards, the proportion of footnotes in the financial statements has increased in order to disclose explanations of the selectable accounting treatments. Since the accounting principles based on principles have been adopted, the supplementary explanation on the applied financial statements is produced in the footnotes, such as various selective accounting and estimation, management judgment, and new comments (presentation of financial instruments by category, fair value disclosure, capital management, risk management, etc.). Therefore, the amount of supplementary disclosure in footnotes increased significantly. Despite the fact that the footnotes include significant accounting treatments, less study has conducted on the content of footnotes, hence in this study, I analyze how the information change in footnotes disclosure by the manager effects the change of belief and amount of information in market participants using the level of information asymmetric.