투자주의 환기종목 지정제도에 대한 연구

Abstract

This study examined the information effect on the disclosure date and the market's response for companies designated as investment alert during the period of April 2011 to November 2022. The results of the empirical analysis of this study are as follows. First, as a result of analyzing the difference in the average of major variables between investment alert companies and general KOSDAQ companies, the opacity of financial reports was significantly higher in investment alert companies than general KOSDAQ companies. The relatively high opacity suggests that the quality of profits is low and that earning management behavior is implemented using information asymmetry. Companies designated as investment alert had poor profitability and a relatively high debt ratio. In addition, the largest shareholder’s shares also decreased compared to the previous year. Second, according to the event study on the designation date of investment alert, the cumulative abnormal return (CAR) fell 19 days before the designation date, raising the possibility that prior information had already been leaked before the designation date. Third, according to the results of logistic regression analysis, the opacity of financial reports could predict the designation of investment alert in advance.