정정공시와 재무분석가 이익예측에 관한 연구

[Purpose]The purpose of this study is to analyze the effect of business report disclosure corrections on the accuracy of financial analysts’ profit forecasts and the amount of information provided by financial analysts. [Methodology]First, we verified the impact of disclosure of corrections in information in the previous year on the accuracy of financial analysts’ profit forecast information for the relevant company. Next, in the case of companies that made disclosures of corrections in the previous year, the impact on the degree of information provision by financial analysts was verified by the number of financial analysts. [Findings]An analysis was conducted on 3,365 non－financial companies listed on the Korea Exchange stock market from 2013 to 2022, and the following results were obtained. First, it was found that whether or not business report statements are corrected has a positive effect on financial analysts’ profit forecast errors. This can be interpreted as whether correction disclosure reduces the accuracy of financial analysts’ profit forecasts. Second, the presence or absence of corrections in business reports was found to have a negative effect on the number of financial analysts. This can be interpreted as whether correction disclosure reduces the tracking of companies by financial analysts, thereby reducing the amount of information provided in the capital market. [Policy Implications]This study has a contribution in that it presents empirical results showing that capital market participants need to pay attention to the information provided by financial analysts about companies making corrective disclosures in the capital market.