기업의 정보 공개 전략이 미래 기술의 재무적 가치에 미치는 영향

Given the high uncertainty surrounding the development and adoption of metaverse technologies, this study examines how signal type, firm size, and the timing of news announcementsfunction as strategic signals in financial markets, influencing investor expectations and market reactions. Using an event study methodology, we analyze 477 metaverse-related corporate announcementsby KOSPI and KOSDAQlisted firms between July 2020 and December 2022. Our results indicate that early disclosures by small firmsfunctioned as strong, expectation-enhancing signals. In contrast, large firms received positive market reactions only when they issued ‘signal-type’ information early. These findings suggest that the market response is driven more by who delivers the signal, when, and how, rather than the mere presence of execution-based information. This offers an empirical refinement to the costliness-based interpretation of Signaling Theory. By focusing on metaverse-related corporate information releases, this study demonstrates that firms’ external communications can serve as strategic signaling tools in contexts of technological uncertainty. The findings further suggest that the proposed signaling framework may be applicable to other emerging technologies.