기업의 경영전략에 따른 자발적 공시와 정보비대칭의 차별적 관련성

[Purpose] The purpose of this study is to analyze the effect of voluntary disclosure on information asymmetry depending on the type of business strategy of the company. [Methodology] First, We analyze whether voluntary disclosures provided by firms resolve information asymmetry between managers and investors. And using the Miles and snow(1978)’s Business Strategy typology, this study analyzes the different effects of voluntary disclosure and information asymmetry depending on business strategy. [Findings] As a result, First, Companies that hold voluntary disclosure(DIS) and invest relation(IR) have increased Daily stock return volatility(VOLA) and Trading volume turnover(VOL). Second, As a result of analyzing the differential effect of voluntary disclosure(DIS) on information asymmetry according to the choice of business strategy, Appeared insignificant. Third, additional analysis, Analyzer firms have an effect on information asymmetry, as a result of analyzing the differential effects of voluntary disclosure and information asymmetry on the choice of business strategy. The Daily stock return volatility(VOLA) decreased and the Trading volume(VOL) increased. The analyzer firms have shown that information asymmetry is mitigated. In summary, Voluntary disclosure does not resolve information asymmetry. But it shows that voluntary disclosure of analyzer firms are trusted in the capital market and affects information asymmetry. [Implications] This study has significance in that it empirically analyzed the effect of business strategy selection on voluntary disclosure and information asymmetry based on prior research.