
시장은 기업의 윤리 수준에 관심이 있는가?
Copyright 2025 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
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초록
본 연구에서는 윤리적 결함기업의 습관적인 비윤리적 행태와 공시 정보의 질 사이의 유의적인 음(-)의 관계를 제시한 선행연구를 토대로 시장참여자 관점에서 기업의 윤리정보가 공시의 질을 판단하는 도구로 활용되는지를 실증분석으로 검증하였다. 분석은 윤리위험의 수준을 세분화(확정적 윤리위험: 윤리스캔들 공시, 잠정적 윤리위험: 조세회피수준)하여 윤리정보로 정의하고, 해당 정보의 특성에 따라 공시정보에 대한 시장반응이 차별적인지 검증하였다. 분석 결과, 잠정적 윤리위험이 높은 경우 애널리스트 이익예측오차 및 주가예측괴리도로 측정한 예측오차가 증가하지만, 확정적 윤리위험정보와 결합된 잠정적 윤리위험은 애널리스트 예측오차를 낮추는 것으로 나타났다. 또한, 비기대이익 및 ESG 성과 개선 등 호재성 정보공시라 하더라도 윤리위험 수준이 높은 기업의 공시정보는 시장에서 유의한 반응이 없음을 확인하였다. 이러한 결과는 윤리정보가 기업과 시장참여자 간의 정보비대칭을 감소시킬 뿐만 아니라 기업의 공시정보의 신뢰성을 포함한 전반적인 질적 수준을 사전적으로 판단하는데 활용됨을 지지하는 결과로 해석될 수 있다. 본 연구는 윤리위험기업의 공시정보의 특징을 제시한 기존 연구에서 더 나아가 윤리위험기업의 특징을 학습한 시장이 윤리정보를 다른 공시정보를 해석하는데 활용하고 있음을 시사한 연구라는 측면에서 공헌점과 차별성을 갖는다.
Abstract
This study investigates the role of ethical information in enhancing the reliability of disclosed data. We test whether the market recognizes the patterns in unethical firms and reacts differently to their disclosures, such as unethical events or high tax avoidance. Based on previous research, which links habitual unethical behavior to low-quality disclosures in ethically deficient firms, we find that preliminary ethical risk (e.g., tax avoidance) helps reduce information asymmetry. Furthermore, even when provisional ethical risk information is provided alongside preliminary ethical risk, it continues to reduce information asymmetry. However, we also find that good news disclosed by unethical firms, such as increased provisional earnings or high ESG scores, does not result in significant market reactions (abnormal returns or abnormal trading volumes). These results suggest that when ethical information is disclosed in advance, the market has time to assess its credibility, thereby making the information valuable for interpreting other disclosures. This research contributes to the literature by demonstrating that ethical information is used by the market to assess the credibility of other disclosed information.
Keywords:
ethical risk, differential market reaction, information asymmetry, provisional earnings, ESG Score키워드:
윤리위험, 차별적 시장반응, 정보비대칭, 잠정이익, ESG 성과References
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∙저자 김희주는 현재 성균관대학교(SKKU) 경영대학 핀테크융합전공 박사후연구원으로 재직 중이다. 저자는 한국공인회계사(KICPA)로서 경희대학교에서 경영학 학사를, 성균관대학교에서 통계학 석사 및 회계전공 경영학 박사 학위를 취득하였다. 주요 연구 분야는 회계품질, 감사품질, 시장 행태, 그리고 규제 효과이다.
∙저자 이종은은 현재 성균관대학교(SKKU) 경영대학 회계전공 교수로 재직 중이다. 저자는 한국공인회계사(KICPA)로서 연세대학교에서 경영학 학사, 뉴욕주립대에서 회계학 석사, Temple 대학에서 경영학 박사(회계전공)학위를 취득하였다. 주요 연구 분야는 재무보고품질, 감사품질, 내부회계관리제도, 지배구조, 자발적 공시이다
∙저자 유현정은 현재 한국조세재정연구원에서 연구원으로 재직 중이다. 성균관대학교 경영학 석박통합으로 박사학위를 취득하였다. 주요 연구 분야는 애널리스트, 투자자 행태, 행동회계 등 이다.