지속가능경영보고서의 공시와 기업가치

초록

This paper empirically examines the effect of voluntary disclosure on accounting quality and firm value. As interest of ESG information grow, most firm tend to voluntarily provide non-financial information to the market. Under the absence of non-financial information disclosure standards, the concerns on undertandability and comparability of non-financial information increase. This paper examines whether a firm with good quality of financial information voluntarily disclosure non-financial information. In addition, we further test a relationship between non-financial disclosure and a firm’s value. Specifically, we measure non-financial information as whether a firm voluntarily disclosure a sustainability report. We also measure discretionary accruals as a proxy for financial information quality. For a proxy for a firm’s value, we employ a firm’s TobinQ and MTB, respectably. Using 11,450 listed-companies from 2016 to 2021, we find that the firms with good accounting information quality are more likely to disclosure a sustainability report. This implies a positive relationship between financial information and non-financial information in terms of quality. We also find that a firm disclosure a sustainability report are more likely to have high firm value. These findings suggest that voluntary disclosure affects a firm’s value. Our study contributes to better understanding a firm’ voluntary non-financial information and the effect of non-financial information on s firm’s value.

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