Asia-Pacific Journal of Business (아태비즈니스연구)

KNU The Institute of Management & Economy Research (강원대학교 경영경제연구소)
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The Effect of the Auditor Designation System on the Efficiency of the KOSDAQ IPO Market

감사인지정제도가 KOSDAQ IPO 시장의 효율성에 미치는 효과

  • Jin-Hwon Lee (Department of Business Management, Osan University) ;
  • Kyung-Soon Kim (Division of Business Administration College of Business, Chosun University)
  • Received : 2023.08.31
  • Accepted : 2023.09.21
  • Published : 2023.09.30
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Abstract

Purpose - The purpose of this study is to empirically investigate whether the auditor accreditation system for IPO firms improves the efficiency of the KOSDAQ IPO market. To verify the effectiveness of the auditor designation system, we time series compare four measures of IPO firms (earnings management, long-term stock performance, change in operating performance, and possibility of delisting). Design/methodology/approach - We test the hypothesis through event research method and regression analysis. Specifically, the dependent variables of the regression model are discretionary accruals in the year of IPO, 36-month holding period excess return after IPO, change in operating performance for 3 years after IPO, and dummy variable for delisting. And the explanatory variable is a dummy variable that separates the period before and after the implementation of the auditor designation system. Findings - We find that earnings management and delisting risks decreased more in the period after the implementation of the auditor accreditation system than in the previous period. In addition, we find that long-term stock performance and operating performance after IPO increase further after the implementation of the auditor accreditation system. Research implications or Originality - Overall, the results of this study suggest that the implementation of the auditor accreditation system for IPO firms contributes to improving market efficiency in the KOSDAQ market, where information asymmetry is high. Our study differs from previous studies in that it demonstrates the effectiveness of the auditor designation system using various measures.

Keywords

Acknowledgement

이 논문은 2021년 대한민국 교육부와 한국연구재단의 인문사회분야 신진연구자지원사업의 지원을 받아 수행된 연구(NRF-2021S1A5A8069382)이며, 일부는 조선대학교 학술연구비의 지원을 받아 연구되었음(2022).

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