감사품질과 투자효율성 및 ESG 정보공시

[Purpose]This study investigates the effect of audit quality on corporate investment efficiency and explores whether ESG disclosure quality moderates this relationship. It aims to empirically identify how audit quality and ESG disclosure—two critical mechanisms to reduce information asymmetry—interact to influence resource allocation efficiency in the capital market. [Methodology]Using a sample of 330 non—financial firms listed on the Korea Exchange from 2017 to 2022, investment inefficiency was measured as the absolute residuals from the McNichols and Stubben (2008) model. Audit quality was proxied by (1) an indicator for engagement with Big4 audit firms (AQ－BIG4) and (2) the natural logarithm of audit fees (AQ－AF). ESG disclosure quality was measured based on ratings from independent ESG evaluation agencies. Fixed－effects panel regressions were performed with control variables and industry/year dummies. [Findings]Empirical results show that audit quality is significantly and negatively associated with investment inefficiency, suggesting that high－quality audits constrain both over－ and under－investment. Furthermore, ESG disclosure quality significantly strengthens the effect of audit quality on investment efficiency, implying a complementary relationship between financial and non－financial information in capital market decision－making. [Implications]This study offers novel evidence that audit quality and ESG disclosure quality jointly contribute to more efficient investment decisions. The findings have practical implications for regulators and standard－setters, particularly in jurisdictions like Korea where mandatory ESG disclosure and audit expansion are underway.