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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 52, No. 2, pp.391-414
ISSN: 1226-1874 (Print)
Print publication date 30 Apr 2023
Received 25 Oct 2022 Revised 12 Jan 2023 Accepted 03 Feb 2023
DOI: https://doi.org/10.17287/kmr.2023.52.2.391

개별주식선물 상장이 기업의 재무보고 의사결정에 미치는 영향

Sung Min Jeon ; Sang Hyuk Lee
(First Author) Researcher (Ph.D.), Institute for Business Research and Education (IBRE), Korea University hsungminh@gmail.com
(Corresponding Author) Assistant Professor, School of Social Science, Hansung University tkdqur@hansung.ac.kr
Are there Listing Effects of Single Stock Futures in the Derivatives Market on Firms’ Financial Reporting Decision?


Copyright 2011 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

This paper analyzes the financial reporting decisions of firms whose single stock futures are listed in the derivatives market of the Korea Exchange (KRX). Given that Korean derivatives market volume is growing, it is necessary to investigate how the derivatives market affects the firms' accounting information. We find that firms have higher financial reporting quality and more disclosures after single stocks are listed in future market. Our findings provide contributions to the studies on the financial reporting quality by demonstrating the effect of single stock future on firms’ financial accounting behaviors.

Keywords:

Derivatives market, Single stock futures, Financial reporting quality, Voluntary disclosures

Acknowledgments

This research was financially supported by Hansung University.

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∙ The author Sungmin Jeon is a researcher for Institute for Business Research and Education (IBRE), Korea University Business School. She graduated from Korea University Business School and worked for Citi Bank Korea. She received her Ph.D. in Business Administration at Korea University. Her research interests are Valuation, Corporate Governance, and CEO compensation.

∙ The author Sang Hyuk Lee is an Assistant Professor, School of Social Science, Hansung University. He received his Ph.D. in Business Administration at Korea University. As a certified public accountant (KICPA), he worked for Samil PwC and KRX. Sang Hyuk Lee’s research interests are Valuation, Disclosure and Corporate Governance.