주가붕괴위험의 전염효과 : 감사파트너를 중심으로

[Purpose] This study aims to examine whether there is a contagion effect of stock price crash risk among firms audited by the same audit partner, using publicly disclosed data on audit partners' names. Additionally, it seeks to investigate whether the contagion effect of stock price crash risk at the audit partner level varies with the audit partner's workload. [Methodology] The analysis targets firms listed on the KOSPI and KOSDAQ markets in Korea from 2018 to 2020, following the mandatory disclosure of audit partner names. A network of client firms sharing the same audit partner was constructed, and panel regression analysis was employed to test whether a stock price crash in one firm affects crash risk in other firms within the same partner network. [Findings] The analysis shows a high likelihood of contagion of stock price crash risk among firms audited by the same partner. Furthermore, the contagion effect of stock price crash risk at the audit partner level decreases as the workload of the audit partner increases. [Implications] These results imply a systematic relationship between audit partners and audit quality and provide additional information for investors to infer the quality of audit services provided by audit partners to their client firms. Moreover, contrary to regulatory concerns, the workload of an audit partner may be interpreted as an indicator of their capability. The findings of this study demonstrate that audit partners are not exempt from responsibility for stock price crash risk, highlighting the contagion effect through audit partners.