내부회계관리제도의 정보성

초록

Even though internal control disclosure requirement has been put in force for the past several years both in the U. S. and in Korea, its usefulness is still controversial among the academicians as well as among the practitioners. That`s because they have argued the effects of internal control disclosure requirement with only its indirect effects. Therefore, it is necessary to analyze the direct market reactions on the internal control disclosure in order to judge whether the internal control disclosure requirement is useful or not. This study investigates the market reaction of the firms that have disclosed the material weaknesses in their internal control system from 2005 to 2007. We collect the sample firms with the material weakness in the internal control over financial reporting from the auditor`s report and investigate their stock returns. According to the results, cumulative size-adjusted abnormal returns are the most significantly negative during three days before and after the disclosure date both in the total samples and in the sub-samples, divided into KOSPI and KOSDAQ. In the case of KOSPI sub-samples, cumulative returns measures such as CAR and cumulative size, industry, or ROS-adjusted abnormal returns are significantly negative during three days and five days before and after the disclosure date. Also, in the case of KOSDAQ subsample, only cumulative size, industry, or ROS-adjusted abnormal returns during three days and five days before and after the disclosure date are significantly negative. Additionally, it is examined whether qualified opinion and other special remarks in auditor`s report influence on the results or not and there are little differences in the results between before and after extracting these influences. Overall, this study shows that the disclosure of the material weaknesses provides investors with the information of the internal control structures.

키워드