제약·바이오 기업이 자발적으로 질 높은 사업보고서 공시를 제공할 유인에 관한 연구

초록

In order to improve disclosures of R&D activities in bio-pharmaceutical industries, the Financial Supervisory Service (FSS) issued a guideline as to how to disclose R&D activities in quarterly and annual reports in 2018. Given that the guideline was not a mandatory requirement, not all bio-pharmaceutical firms adopted the FSS guideline for 2018 Q3 quarterly and annual reports. Thus, this study examines what determines bio-pharmaceutical firms’ decisions to voluntarily adopt the FSS guideline. Our results reveal that bio-pharmaceutical firms tend to adopt the FSS guideline when foreign equity ownership is lower, investment in tangible assets is high, firms are larger, and firms are listed on the KOSDAQ market, after controlling for other variables. These results are consistent with the information asymmetry theory. Moreover, firms that have good operating performance and report net income tend to adopt the guideline in consistent with the management signaling theory. Finally, firms are less likely to adopt the guideline when they have higher growth opportunities, they have been listed on stock exchanges for shorter time periods, and their major products are brand-name drug. These results are consistent with the proprietary cost theory. Our results suggest that management of bio-pharmaceutical firms simultaneously consider incentives driven by diverse disclosure theories for voluntary disclosure decisions.

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