외국인 투자자 지분율과 조건적 보수주의

[Purpose] This study investigated the relationship between foreign ownership and conditional conservatism. It is known that foreign investors have the function of monitoring decisions for pursuing private interests based on their informational superiority. This study is to expand this and verify whether foreign investors increase the timeliness of losses. [Methodology] Our research was conducted on firms that listed on the KOSPI market from 2009 to 2019. Conditional conservatism was measured using of Ball and Shivakumar(2005) and Khan and Watts(2009). [Findings] As a result of the analysis, the higher the foreign investor’s ownership ratio is positively related to the timeliness of losses. In other words, it can be seen that foreign investors play a role in mitigating information asymmetry between shareholders and agents by inducing managers to disclose bad news more timely. This can be confirmed even if the method of measuring foreign investor equity ratio or conditional conservatism is different, so that the results of this study do not change sensitively depending on the measurement method. [Implications] In a study on the listed market, the foreign investor’s equity ratio had a very large meaning as an influential variable, but studies on the foreign investor’s equity ratio were relatively demonstrated in the early 2000s, a period when foreign investors rapidly increased. This study expanded the role and usefulness of foreign investors in that research on corporate accounting policies.