시장은 기업의 윤리 수준에 관심이 있는가?

This study investigates the role of ethical information in enhancing the reliability of disclosed data. We test whether the market recognizes the patterns in unethical firms and reacts differently to their disclosures, such as unethical events or high tax avoidance. Based on previous research, which links habitual unethical behavior to low-quality disclosures in ethically deficient firms, we find that preliminary ethical risk (e.g., tax avoidance) helps reduce information asymmetry. Furthermore, even when provisional ethical risk information is provided alongside preliminary ethical risk, it continues to reduce information asymmetry. However, we also find that good news disclosed by unethical firms, such as increased provisional earnings or high ESG scores, does not result in significant market reactions (abnormal returns or abnormal trading volumes). These results suggest that when ethical information is disclosed in advance, the market has time to assess its credibility, thereby making the information valuable for interpreting other disclosures. This research contributes to the literature by demonstrating that ethical information is used by the market to assess the credibility of other disclosed information.