기업지배구조 보고서 의무공시에 따른 시장반응 및 공시 품질에 관한 연구

[Purpose] This study examines the validity of the mandatory disclosure regulation of corporate governance reports which implemented since 2019. [Methodology] To achieve this goal, we observed the abnormal market return around the disclosure of corporate governance reports to verify information effect of it and we examined the information quality of the report in terms of earnings management ex－post facto. [Findings] Summary of main findings are as follows. First, we find a significant positive cumulative average abnormal return(CAR) around mandatory disclosure of corporate governance report and this market response was more significant in firms which were indentified as having better corporate governance on the basis of the reports. This means that corporate governance reports have useful information value for market participants. Second, based on corporate governance reports, firms with better corporate governance show lower level of earnings management measured by discretionary accruals. This result suggests that contents presented in corporate governance reports is not based on the firm’s arbitrary interpretation or token regulations, but rather on comprehensive information about the firm’s governance structure. [Implications] Our findings suggest the need to gradually expand the scope of firms subject to mandatory disclosure of the report and further improve the scope of information to be included within the report, in order to improve the transparency of corporate management by providing sufficient information about corporate governance.