대표주관사의 특성이 신규상장기업에 미치는 영향：코스닥시장을 중심으로

[Purpose]This study examines effects of characteristics of representative underwriting companies on the firms that are newly listed in the KOSDAQ market. [Methodology]For characteristics of representative underwriting companies, we focus on the designation of the market maker in the previous year and the net capital ratio in the previous year. [Findings]Using 264 samples from 2014 to 2019, the analyses show a significantly positive relationship between the designation of the market maker in the previous year and the return on the day of listing. In addition, the net capital ratio in the previous year shows a significantly negative relationship with the performance－matched discretionary accruals of Kothari et al.(2005). These results indicate that the representative underwriting companies have the ability to select profitable companies and reduce earnings management incentives of the newly listed firms in KOSDAQ market. [Policy Implications]This study adds to the literature by extending prior studies and contributes to the literature by presenting new evidence regarding the role of the representative underwriting company. Finally, the findings of this study are expected to provide implications for policies aimed at strengthening the actual responsibility of representative underwriting companies for listed companies.