내부회계관리제도의 취약점과 정보비대칭

초록

Accounting information mitigates the information asymmetry between market participants and companies. Because accounting information provides useful information to market participants. However companies reporting material weaknesses in internal accounting control system (ICW) are expected to show lower level of accounting reliability and market participants do not use accounting information of these companies. This study examines the effect of material weaknesses in internal accounting control system on information asymmetry. In concrete, this study uses firm-year sample of all companies listed on KOSPI and KOSDAQ for the seven-year period 2005-2011. Moreover, this study analyses the effect of ICW on the five proxies for information asymmetry and changes of information asymmetry. As a result, this study finds that ICW increases information asymmetry. Moreover, the results of the five proxies for information asymmetry are consistent. Therefore we can say that accounting information with ICW increases the information asymmetry. This study makes several contributions. Firstly, this study performs regression analysis and change analysis to find the effect of ICW on the information asymmetry. This results can be the strong evidences that ICW is important factor of increasing information asymmetry. Lastly, this study contributes to the companies operating the internal accounting control system, supervisory institutions, market participants, and auditors by providing the evidences for the argument that the benefits of internal control system exceeds the costs.

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