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논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2008.5
- 수록면
- 568 - 580 (13page)
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Much progress has been made in an effort to improve accounting standards and strengthen the oversight of corporate financial reporting in the years following the 1997 financial crisis. The government decided to introduce the class action lawsuit in the capital market. The class action lawsuit is one of the most effective measures to improve the transparency of corporate accounting, but it may cause many problems due to the low level of reliability of financial reporting for the past periods in Korea.
The Financial Supervisory Commission set the grace period of 2005 and 2006 for companies to revise the fraudulent financial statements of past periods before implementing the Class Action Lawsuit Act in the Capital Market. Many firms voluntarily disclosed fraud and revised financial statements for past periods in the grace period. Investors may be shocked at the voluntary disclosure of fraud. However, they may positively react to the disclosure because it is a signal of improvement in the transparency of the firms. It is an empirical research issue to analyze whether the capital market will positively interpret the disclosure and increase the reliability of accounting information of the firms after disclosing fraud.
This study investigates weather the relevance of accounting information on market value is different after voluntary disclosure of fraud. Specifically, we compare the value relevance of accounting information between fraud firms and other firms.
The results provide that the earnings and annual cumulative abnormal returns of fraud firms are not associated even after the voluntary fraud disclosure. In the analysis on the relevance of book value and earnings to the market value, however, the book value of all firms has a positive coefficient, while the earnings variable has a positive coefficient only in other firms. The adjusted determinant coefficients of other firms is found higher than those of voluntary fraud disclosure firms, which shows different relevance of earnings between fraud firms and other firms.
The findings suggest that investors are not satisfied with the level of transparency of financial statements of the voluntary fraud disclosure firms even after the voluntary fraud disclosure. An alternate explanation is that the coefficient of earning variable of the voluntary fraud disclosure firms is insignificant because many fraud firms report net loss in the year.
The Financial Supervisory Commission set the grace period of 2005 and 2006 for companies to revise the fraudulent financial statements of past periods before implementing the Class Action Lawsuit Act in the Capital Market. Many firms voluntarily disclosed fraud and revised financial statements for past periods in the grace period. Investors may be shocked at the voluntary disclosure of fraud. However, they may positively react to the disclosure because it is a signal of improvement in the transparency of the firms. It is an empirical research issue to analyze whether the capital market will positively interpret the disclosure and increase the reliability of accounting information of the firms after disclosing fraud.
This study investigates weather the relevance of accounting information on market value is different after voluntary disclosure of fraud. Specifically, we compare the value relevance of accounting information between fraud firms and other firms.
The results provide that the earnings and annual cumulative abnormal returns of fraud firms are not associated even after the voluntary fraud disclosure. In the analysis on the relevance of book value and earnings to the market value, however, the book value of all firms has a positive coefficient, while the earnings variable has a positive coefficient only in other firms. The adjusted determinant coefficients of other firms is found higher than those of voluntary fraud disclosure firms, which shows different relevance of earnings between fraud firms and other firms.
The findings suggest that investors are not satisfied with the level of transparency of financial statements of the voluntary fraud disclosure firms even after the voluntary fraud disclosure. An alternate explanation is that the coefficient of earning variable of the voluntary fraud disclosure firms is insignificant because many fraud firms report net loss in the year.
목차
【Abstract】
Ⅰ. Introduction
Ⅱ. Background of Voluntary Disclosures of Accounting Fraud
Ⅲ. Regression Models
Ⅳ. Sample and Regression Results
Ⅴ. Summary and Conclusions
References
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