연구개발비 주석공시의 유사도와 테마감리의 효과: 텍스트 마이닝으로 살펴본 제약⋅바이오 산업

This study explores the rapidly growing bio-pharmaceutical industry, which is driven by rising living standards and an aging population, with a particular focus on the accounting performance of these companies. It examines the disclosure practices related R&D expenditures, which constitute a significant portion of total assets. To evaluate the impact of the 2018 thematic audit conducted by Financial Supervisory Service (FSS), the study uses cosine similarity to analyze whether there are differences in the notes on R&D disclosures across bio-pharmaceutical companies, both before and after the review period. Specifically, by assessing the similarity of disclosures between companies at the single point in time (cross-sectional) and within the same company over time (longitudinal), the study find that cosine similarity decreased in 2017, when the FSS announced the review, and in 2018, when it was implemented. This suggests that companies responded to regulatory scrutiny by providing disclosures that were distinct from previous disclosures or differentiated from other companies. However, after 2018, longitudinal similarity increased again, implying that the changes in R&D disclosure practices were likely temporary and influenced by regulatory actions. This research contributes to the literature by offering an objective, quantifiable assessment of the effects of the thematic audit, providing academic and policy insights beyond previous studies on the accounting treatment and disclosure of R&D expenditures in bio-pharmaceutical industry.