내부회계관리제도 인적자원에 대한 투자와 불성실공시지정 간의 관련성에 대한 연구

[Purpose] Using data on the human resources investments in the Internal Accounting Control System(IACS) in South Korea, this study examines the association between human resources investments in the IACS and unfaithful disclosure designations. [Methodology] From the Data Analysis, Retrieval and Transfer System(DART) provided by the Financial Supervisory Service, we collect the data on the number of employees working in the IACS and the average number of months of IACS employees’ work experience for the firms listed on the KOSPI and KOSDAQ markets from 2014 to 2018. And we collect the data on unfaithful disclosure designations from Korea Investor’s Network for Disclosure System(KIND) by the Korea Exchange. We conduct regression analyses to empirically test the relationship between human resources investments in the IACS and unfaithful disclosure designations. [Findings] From the regression analyses, we find that the number of employees working in the IACS is negatively associated with the unfaithful disclosure designations. However, there is no statistically significant relationship between the average number of months of IACS employees’ work experience and the unfaithful disclosure designations. In addition, when classifying reasons for the unfaithful disclosure designations into accounting related issues and non－accounting related issues, we find that the number of employees working in the IACS is negatively associated with the unfaithful disclosure designations due to accounting issues. [Implications] Our findings indicate that the human resources investments in the IACS is a crucial factor to improve firms’ disclosure quality. This study is meaningful in that it is a pioneering empirical study investigating the relationship between human resources investments in the IACS and the unfaithful disclosure designations.