재무제표의 비교가능성이 기업고유위험에 미치는 영향

This study examines the effect of comparability in financial statements on idiosyncratic volatility. The analysis showed that the estimated coefficient of idiosyncratic volatility had a significant negative(－) in the analysis model, confirming that the higher the comparability of financial statements, the lower the idiosyncratic volatility. This could be determined by entities that are more comparable to financial statements, the more information asymmetry is mitigated and the greater the monitoring function of managers, resulting in lower idiosyncratic volatility. The contributions of this study are as follows. Comparability, a qualitative characteristic of accounting information, provides usefulness in accounting information users’ decision－making, which mitigates information collection costs and information cost symmetry, and provides implications to prepare accounting standards. In addition, if the usefulness of comparability is recognised in this study, comparability will be considered in revising accounting standards by establishing standards such as the Board of Accounting Standards. Furthermore, the research direction could be provided to accounting information writers, accounting standards－setting agencies, regulators, etc. by highlighting the need to find ways to increase comparability in financial statements.