Purpose : This study examines The impact of human resource investment in internal control on stock price crash risk. Effective internal control ensures that information provided is complete and accurate, financial statements are reliable. By overseeing management, internal control systems can reduce agency costs between management and outside parties. In Korea, firms have to disclose information about internal control systems. The working experience of human resources in internal control systems is also provided for interested parties. If a firm hires more experienced internal control personnel, it can better facilitate the disclosure of information. Prior studies reported that information asymmetry between managers and investors increases future stock price crash risk. Therefore, the longer working experience internal control personnel have, the lower probability stock crashes have. Research design, data and methodology : This study analyzed the association between the working experience of internal control personnel and crash risk using regression analysis on KOSPI listed companies for fiscal years 2016 through 2017. The sample consists of 1 ,034 firm-years of non-financial firms whose fiscal year end on December 31. Career spanning data of internal control personnel was collected from internal control reports. The professionalism(IC_EXP) was measured as the logarithm of the average working experience of internal control personnel in months. Negative conditional skewness(NSKEW) and down-to-up volatility (DUVOL) are used to measure firm-specific crash risk. Both measures are based on firm-specific weekly returns derived from the expanded market model. Results : We find that work experience in internal control environment is negatively related to stock price crashes. Specifically, skewness(NSKEW) and volatility (DUVOL) are reduced when firms have longer tenure of human resources in internal control division. The results imply that firms with experienced internal control personnel are less likely to experience stock price crashes. Conclusions : Stock price crashes occur when investors realize that stock prices have been inflated due to information asymmetry. There is a learning effect when internal control processes are done repetitively. Thus, firms with more experienced internal control personnel could manage their internal control more effectively. The results of this study suggest that firms could decrease information asymmetry by investing in human resources for their internal control system.

Abstract
1. 서론
2. 이론적 배경과 연구가설
    2.1. 내부회계관리제도
    2.2. 주가급락
    2.3. 연구가설
3. 연구방법
    3.1. 주가급락위험 측정
    3.2. 내부회계관리ㆍ운영조직 인력의 경력
    3.3. 검증모형
    3.4. 표본의 선정
4. 실증분석
    4.1. 기술통계량
    4.2. 상관관계분석
    4.3. 회귀분석 (1)
    4.4. 회귀분석 (2)
5. 결론
    5.1. 연구의 결론
    5.2. 연구의 공헌도 및 시사점
References

• Hae-Young RYU(Assistant Professor of Hansei University, Department of Business Administration)
• Soo-Joon CHAE(Professor of Kangwon National University, Division of Business Administration and Accounting.) Corresponding Author.