최고경영자의 특성과 기업의 공시 빈도 간의 관련성 연구

[Purpose]This study examines whether there is a difference in the frequency of firms according to the characteristics of CEO. In the past research, the study of incentives for corporate disclosure has been conducted steadily. They primarily seek to find disclosure incentives at firm－level variables such as corporate governance and financial characteristics. However, if we consider the influence of CEOs in the decision－making process of corporate disclosure, factors affecting disclosure level can be found at managerial level. Therefore, this study suggests that the characteristics of management due to the differences of the manager's personal values and recognition methods will be reflected in the decision－making of disclosure. We have examined whether CEO－specific characteristics influence the choice of disclosure. [Methodology]This study analyzes listed companies from 2004 to 2014. Specifically, this study examined the effects of managerial age, MBA status, and major on the frequency of disclosure. The quantitative level of disclosure was measured as annual fair disclosure of firms, number of timely disclosures, and number of voluntary disclosures. [Findings]The results of the empirical analysis are as follows. First, the frequency of disclosure is relatively higher for young managers. Young managers seem to practice transparent management in order to receive a positive evaluation in the labor market. Second, the frequency of disclosure of MBA－educated managers is low. These managers who are inclined to avoid innovation and risk will not change much within the company. They will make reliable decisions, and they will also provide only the minimum necessary information. [Policy Implications]As a contribution point of this study, first, in spite of few studies that have tried to find the factors affecting the level of disclosure of firms in the characteristics of CEOs among Korean empirical analysis studies, this study focuses on the characteristics of CEO and examines the relationship with disclosure level. This study confirms that there is a significant relationship between managerial characteristics and disclosure quantitative level, suggesting that various characteristics of managers can be an important factor in corporate disclosure. In particular, it is meaningful to measure comprehensive disclosure level by various methods considering fair disclosure, voluntary disclosure and timely disclosure. This provides robustness to existing research results. This suggests that managerial characteristics can be an important factor to consider in the issue of different disclosure choices. We expect that the research related to CEO will be expanded in the field of accounting disclosure.