핵심감사제 도입이 회계정보의 가치관련성에 미치는 영향

[Purpose] This study empirically verifies the introduction effect of KAM in accordance with the characteristics of the industry, by investigating the order production industry and non－order production industry separately. [Methodology] This study conducts the time－series analysis comparing the pre－introduction years and the post－introduction years for firms that introduced KAM, and the cross－sectional analysis on the difference of value relevance between introduced firms and non－introduced firms. [Findings] The main results of this study are as follows: First, in the whole samples, this study find that value relevance of BPS in post－introduction years have significantly higher than pre－introduction years, while the value relevance of EPS in post－introduction years have significantly lower than pre－ introduction years. Second, in the case of non－order production industry, this study find results that as same as the whole samples. On the other hand, in the order production industry the introduction of KAM has not significant effect on value relevance of BPS and EPS. Third, this study find that there is no significant effect on the value relevance of BPS, whereas value relevance of EPS in introduced firms have significantly lower than non－introduced firms. Fourth, as a result of examining the non－ order production industry only, this study find that the value relevance of both BPS and EPS in introduced firms have significantly higher than non－introduced firms. [Implications] This study contributes in terms of providing institutional implications that introduction of KAM to non－order production industry have a positive effect to increase the value relevance of accounting information.