기업지배구조가 경영자의 잠정실적공시 적시성과 과대공시에 미치는 영향

Abstract

This study examine the effect of corporate governance on the delay of preliminary earnings disclosure and optimistic preliminary Earnings Announcements. The manager's interim earnings disclosure is one of the highest information availability disclosures as a preemptive profit disclosure. Therefore, examining the preliminary earnings disclosure is a significant study to examine the timeliness and information asymmetry of information usefulness in the domestic capital market. However, until now, research on this has not been actively conducted due to data acquisition. In addition, existing research has been mainly focused on profit adjustment. Therefore, this study focused on corporate governance, which is a perspective that encompasses all profit adjustments, unlike previous studies, and examined the effect of corporate governance on the preliminary earnings disclosure. For corporate governance performance, we used the corporate governance performance of Korea Corporate Governance Service and seven detailed indicators. The empirical results of this study are as follows. First, corporate governance has a negative effect on the delay in preliminary earnings disclosure. Firms with good corporate governance performance has a high timeliness of preliminary earnings disclosure. Second, among the measures of corporate governance structure, sustained strategy, sustainability management organization, and shareholder value sharing are negatively related to the manager's preliminary earnings disclosure. The results of this study are meaningful in that the corporate governance structure directly improves the timeliness of Preliminary earnings disclosure and prevents optimistic preliminary earnings announcements.