상장시장 유형과 조건적 보수주의

[Purpose] This study investigated whether there is a difference in the level of accounting conservatism according to the type of listed market(KOSPI vs. KOSDAQ). In addition, we also tested whether the relationship between the two variables showed a difference according to the size of the auditor. We judged that the KOSPI and KOSDAQ will show different market pressures and show differences in accounting conservatism. However, there are conflicting viewpoints about which market will appear more distinctly. [Methodology] The period from 2012 to 2020 was set as the analysis period, and conditional conservatism was measured using the research models of Ball and Shivakumar(2005, 2006) and Basu (1997) targeting 13,392 firm－year. [Findings] The analysis results are summarized as follows. First, for conditional conservatism, lower in KOSPI was observed compared to KOSDAQ. This result means that the demand for timeliness of bad news in the KOSDAQ is greater than that of the KOSPI. In addition, a study conducted in Korea by Hwang et al.(2008) presented a result that the timeliness of bad news was higher in listed firms than in unlisted firms. Also, in KOSDAQ, the greater the size of the auditor, the more clearly the timeliness of bad news was observed. Therefore, the relationship between listed market type and accounting conservatism indicates that there is a difference according to the size of the auditor. [Implications] This study differs in that it examines accounting conservatism while there is a relatively lack of research analyzing the characteristics of companies in the types of listed markets.