한국채택국제회계기준의 도입 이후의 자본시장 안전성: 보수주의의 매개효과를 중심으로

초록

Purpose This study examines the effect of the International Financial Reporting Standards (IFRS), which has been mandatory since 2011 for listed companies, on the stock price crash through conservatism. Design/Methodology/Approach The stability of the capital market was measured by stock price crash, and Khan and Watts (2009)’s method of measuring the level of conservatism was used. To verify the mediating effect, regression analysis was performed 3 times, and the results of the sobel test were also confirmed. Findings As a direct effect, IFRS adoption was found to increase the stock price crash in the stock market. The level of conservatism has decreased due to IFRS adoption. Conservatism has been found to be a parameter between IFRS adoption and the stock price crash. Research Implication This study is meaningful in that it examines the effect of IFRS adoption on the changes in the information environment of Korean companies, that is, the stock price crash. It was revealed that the level of conservatism after IFRS adoption is an important factor in the stability of the capital market.

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