사업보고서에 대한 투자자 관심 집중도와 가치관련성

This study investigates the relationship between the concentration of investors’ attention in the business report on the business report disclosure date and value relevance. Specifically, the search volume index (SVI) is used to measure the concentration of investors’ attention in the business report, and this study investigates the relationship between the level of SVI concentration on the business report disclosure date, compared to sample period, and value relevance of EPS. Prior research related to information disclosure has been studied in depth in various aspects, such as the quantity and quality of information provided to investors, as well as the environment and process in which information is prepared, such as the board of directors or external auditors. This perspective assumes the rationality of investors, and approaches the usefulness of information mainly from the side of firms (providing information). However, considering the limited rationality of investors, it is necessary to consider investors' choices and reactions to the numerous information provided. Therefore, this study investigated the relationship between the concentration of investors’ attention in the business report on the business report disclosure date and value relevance by using the searching volume index (SVI) of the keyword of Naver Data Lab. As a result, the concentration of investors’ attention showed a significant negative relationship with value relevance of EPS. This empirical result can be understood that despite the various information provided by the firm, the more investors focus and rely on business reports, lower the value relevance. This study is meaningful in that it analyzes the usefulness of information provided by firms from the perspective of information consumers, and is meaningful in that it confirms investors' attention and reaction to information.