상장중소기업의 강화된 내부회계관리제도 모범규준 적용과 주가급락위험

[Purpose] Domestic listed small and medium－sized companies (SMEs) can apply a relaxed Standard in applying the internal control over financial reporting (ICFR) unlike the Standard applied to large companies. This study analyzes the effect of applying the Standards applied to large－ scale listed companies (‘strengthened application’) to stock price crash risk in listed SMEs. [Methodology] The study used a sample of 4,017 company－year listed companies for 8 years from 2011 to 2018 after the adoption of the Korean International Financial Reporting Standards. In addition, we used two major measures (skewness and volatility) proxied for stock price crash risk. [Findings] We found a significant negative relationship between strengthened application of ICFR for listed SMEs and stock price crash risk. These results suggest that the voluntary efforts of listed SMEs to enhance accounting transparency are related to reducing information asymmetry about the company, ultimately reducing stock price crash risk. [Implications] This study empirically suggested the economic effects of voluntary selection of Standard f or I CFR of l isted SMEs. In p articular, this study provided important implications f or companies, investors, and supervisory authorities by suggesting the impact of active application of the Standard of listed SMEs on the real wealth of investors.