사업보고서의 섹션별 정보의 양과 회계정보의 가치관련성

[Purpose]This study empirically analyzes the effect of the amount of information in each section of the annual report on the value－relevance of accounting information. In addition, this study aims to confirm the effectiveness of disclosure policies by analyzing the consolidation, separation and the change in reporting order of the annual report sections. [Methodology]This study collects the text of the annual report using a Python－based web crawler and measures the amount of information by section of the annual report as the number of characters. [Findings]First, the more information to understand overview of company and corporate governance and executive incentives are provided, the greater the value relevance of accounting information. Second, information on the audit opinion and information related to transactions with affiliates partially reduce the relevance of accounting information. Third, the amount of information related to financial statements does not significantly affect the value relevance of accounting information. Fourth, the consolidation, separation and the change in reporting order of the annual report sections generally have no significant impact on the value relevance of accounting information. [Implications]This study is meaningful in that it provides a basis for reference in the formulation and revision of the annual report disclosure policy by verifying the usefulness of the disclosure policy. Furthermore, this study has an academic contribution to expand the possibility of text analysis in accounting research.