길장호 교수

ABSTRACT Previous studies indicate the existence of a negative relation between proprietary costs of financial reporting and financial statement comparability in the United States. However, this relation may vary depending on the strength of the financial reporting environment. Using four country-level latent factors suggested in Isidro, Nanda, and Wysocki (2020), this study investigates the impact of country-level attributes on the relation between proprietary costs of financial reporting and f

The 1999 Silicon Graphics International (SGI) case reduced litigation risks and allowed for discretion in financial statements, resulting in a decrease in the expected losses associated with litigation. In this paper, we explore this new legislative environment and examine the pathways underlying the impact of changes to the legal environment on firm value. Accordingly, this study visualizes how these changes can enhance the value of a firm. In addition, this paper reveals how managers react to

This paper investigates the effect of board interlock networks on financial statement comparability (FSC), using a sample of U.S. publicly traded firms from 1996 to 2023. While prior studies suggest that well-connected boards may enhance certain aspects of financial reporting quality, other evidence highlights the potential for negative spillovers and conformity pressures within interlocked networks. Addressing this tension, we find that firms with more well-connected boards exhibit lower compar

This research investigates the relationship between product market competition, Chief Executive Officers’ (CEOs) overconfidence and financial statement comparability. It presents evidence supporting the argument that product market competition diminishes financial statement comparability consistent with the agency problem. Furthermore, it suggests that this negative relationship intensifies when CEOs display overconfidence. A tendency to underestimate risks and have an exaggerated view of one's

Recently, there has been increasing emphasis on the importance of accounting transparency and corporate governance. While previous studies have individually examined their impact on firm values, this paper investigates their combined effects. Using data from the Compustat and Center for Research in Security Prices databases obtained through Wharton Research Data Services, we measure accounting transparency and company value, and we employ the E-index as a measure of corporate governance. This st

It is essential for firms to adjust their capabilities and strategies when facing turbulent environments in industries. Despite this importance, there is limited evidence on how environmental turbulence affects corporate behaviour. Therefore, this study examines whether environmental turbulence (proxied by industry technological and market turbulences) is associated with earnings management. Using the pooled ordinary least square (OLS) regression model based on a sample of US firms between 1987

본 연구는 경제정책 불확실성(Economic Policy Uncertainty, EPU)이 중소기업 경영자의 단기주의적 의사결정에 미치는 영향을 실증적으로 분석한다. 중소기업은 대기업에 비해 자본 접근성과 위험 흡수 능력이 제한되어 있어, 정책 불확실성 확대 국면에서 경영자의 단기 성과 압박에 더욱 취약할 가능성이 크다. 이에 본 연구는 이익조정을 경영자 단기주의의 대리변수로 활용하여, 경제정책 불확실성이 중소기업의 의사결정 행태에 미치는 영향을 검증한다. 미국 상장 중소기업을 대상으로 한 실증분석 결과, 경제정책 불확실성이 증가할수록 발생액 기반 및 실물활동 기반 이익조정이 유의하게 확대되는 것으로 나타났다. 이러한 결과는 경제정책 불확실성의 대체 측정치를 사용한 경우에도 일관되게 유지된다. 본 연구는 경제정책 불확실성이 중소기업 경영자로 하여금 장기적 가치 창출보다는 단기 재무성과 관리에 의존하도록 유도할 수 있음을 보여주며, 중소기업 정책 설계 시 정책 환경의 안정성과 예측 가