불성실공시법인 지정과 회계정보의 가치관련성 : 감사인 규모 및 소속 상장시장을 중심으로

[Purpose] This study analyzes the effect of the designation of unfaithful disclosure by the Korea Exchange on the incremental value relevance of accounting information. Specifically, the study investigated whether the low disclosure quality gives incremental information value to accounting information. In addition, in the process of reflecting accounting information to stock prices by investors, the study analyzed whether the designation of unfaithful disclosure is discriminated by auditor size and listing market type. [Methodology] To test the value relevance of accounting information, multiple regression analysis was conducted according to previous studies (Ohlson 1995). And, the study used a sample of 13,913 company－year listed companies for 8 years from 2011 to 2018 after the adoption of the Korean International Financial Reporting Standards. In addition, the study tested the samples using propensity score matching method to reduce sample selection bias. [Findings] As a result of the analysis, the designation of unfaithful disclosure in the entire sample did not show an incremental relationship with the value of accounting information. However, in the analysis by separating the samples, in firms with non－BIG4 auditor and KOSDAQ, the designation of an unfaithful disclosure showed a negative relationship with the incremental value relationship of net profit. This result implies that investors reflect accounting information negatively in the valuation only to the group which accounting information is relatively low. [Implications] The result of this study which the designation of unfaithful disclosure is incrementally related to net profit provides by auditor size and listing market type provides implication for investors and supervisory institutions.