회계정보 공시품질과 자발적 기술혁신 공시가 미래 주가급락위험에 미치는 조건부 효과

[Purpose]This study examines the effect of voluntary disclosure of technological cooperation (specifically, in－bound transfer, out－bound transfer and technological alliance) on the crash risk possibility and its determinants of crash risk by quality of accounting information. [Methodology]The final sample consists of 206 firms which have made disclosures of technological cooperation in 12 years between 2005 and 2016. Basically, event study methodology is used, and multiple regression analysis is performed to test hypothesis and secure robustness. [Findings]First, We found a significant negative relationship between the accrual quality and the crash risk in the in－bound transfer disclosure sample. However, no significant relationship was found in the subsample of out－bound transfer and technological alliance disclosure. This means the accounting information factor can distinguish the inherent characteristics of disclosure of in－bound transfer well. Second, firms that had high accounting transparency and voluntarily disclosed technology in－bound had a higher risk of crash than others. These results show that firms that disclose technology in－bound for opportunistic purposes may have higher information risk due to asymmetric disclosure behavior. And as a result, it suggests that investors may be exposed to greater adverse selection risk. [Implications]The research results show that opportunistic technology introduction disclosure can increase the risk of adverse selection by investors. Moreover, it has been empirically proven that the quality of accounting disclosure is closely related to the quality of disclosure of technological cooperation. These research results are expected to provide academic and practical contributions.