회계정보의 질과 시설투자의 시장반응에 대한 실증연구

This study examines the differential response to disclosure effects and long-term performance by the level of accounting information of individual companies. As a result of the analysis, the short-term excess return CAR(-1,+1) before and after the announcement date shows an average value of .02, and CAR(2Y) shows an average value of .25. Research results examining the short-term disclosure effect by accounting quality show that the regression coefficient of main variable is - .11, which is a significant result, showing that the higher the quality of accounting information, the higher the excess return rate. The regression coefficient of the research results analyzing the relationship between the long-term performance and the quality of accounting information showed a significant value of – .15. It means that different long-term performance appears depending on the quality of accounting information. In other words, when a disclosure event of company with high quality accounting information is known to investors, the market interprets this as a relatively positive signal. So, the quality of accounting information for individual companies is important factor for investment decision with uncertainty. It suggests that it can be used as a proxy variable for information risk and as a useful information indicator for investment.