본논문에서는 FTA 국내보완대책의 일환으로 추진되고 있는 폐업지원제도의 정부실패 사례를 살펴보고 그 원인을 규명하였으며, 더 나아가 이를 개선하기 위한 방안을 제시하였다. 1. 폐업지원제도는 FTA 이행에 따른 시장개방과정에 국내 농업의 경쟁력 제고와 농가 소득안정을 목적으로 정부가 동원한 정책수단의 하나임. 그러나 제도 운영과정에서 정부실패 사례가 나타남. 2. 폐업과정에서 신규 농가가 진입하여 정책효과가 저감되고, 예상보다 많은 농가가 폐업함으로써 해당 산업의 가치사슬이 왜곡되고, 폐업 후 타 작목으로 전환하면서 풍선효과가 나타나 간접피해를 유발하고, 생산규모가 자연적으로 감소하는 가운데 인위적인 폐업지원으로 비효율적 예산 투입이 이루어지고, 지원금 단가가 높아 과도한 폐원을 유도함. 3. 이와 같은 정부실패의 주요 원인은 정책 이해관계자 사이의 정보비대칭과 정보 부족임. 결국, 폐업지원제도의 운영과 정에서 나타난 정부실패를 해소하고 제도의 효과를 높이기 위해서는 제도 이해관계자 사이의 정보비대칭 혹은 정보 부족문 제를 해소해야 함. 4. 구체적인 대안으로 생산·가격·소득정보에 대한 이해관계자의 접근성을 높임과 동시에 사후 컨설팅사업 병행, 수입피해를 소명한 농가에 한해 지원하는 ‘신청주의’ 도입 등이 필요함.

In this paper, we have studied the impact of adopting XBRL (eXtensible Business Reporting Language) on information asymmetry in capital markets with the additional research on the usefulness of XBRL data how to improve the quality of accounting informatio

인간의 적응적인 마음상태는 긍정적/부정적 사고의 상호작용에서 자기 고양적인 방향으로 편향된 비대칭성을 가정한다. 본 논문에서는 긍정적/부정적 인지, 정서의 균형에 대한 심리 수학적 모형인 SOM 모형을 감성판단 영역에 적용하여 보았다. ,iOM 모형은 개인이 긍정적, 부정적 감성의 이분법적 판단에 있어서 평균적으로 6B의 비율을 유지한다고 제안하며, 이러한 비율은 고대수학의 .6)0 ,.182의 황금분할비와 일치하는 것이다. 32명의 일반성인을 대상으로 한 분석결과, 긍정적/부정적 감성단어에 대한 자기 관련성 평정의 SOM 비율은 .62(SD=.On)로 나타났으며, 우연회상 과제수행의 SOM 비율은 .18(SD=.34)로 이론적 기준과 유사하게 나타났다. 또한 상관분석에서 개인의 10M 비율은 긍정적/부정적 감성단어에 대한 평정과도 유의미한 상관관계를 지니고 있는 것으로 나타났다. 이러한 결과를 바탕으로 인지적 균형비의 의미와 감성과학 분야의 적용 가능성에 대해 제안하였다.

This study analyzed the effect of Corporate Social Responsibility and ESG (Environmental, Social and Governance) score on information asymmetry from the perspective of investors, who are important stakeholders of the company. For KOSPI-listed companies from 2017 to 2020, the effect of ESG overall score and each item score (E, S, G) on the bid-ask spread, which is a proxy for information asymmetry, was confirmed. The results are as follows. First, the increase in corporate CSR activities resulted in lowering information asymmetry of investors. It was found that the higher the ESG score, an indicator of CSR activity, the lower the bid-ask spread, which is a proxy variable for information asymmetry. Second, as a result of analysis using ESG scores for each section, information asymmetry decreased as companies with higher scores in the environmental (E) and social (S) aspects, while the governance (G) score did not have a statistically significant effect. The analysis confirmed that corporate CSR activities can contribute to improving market efficiency by resolving information asymmetry of investors and convergence of the stock market into a state of equilibrium. This means that the company's CSR activities are reflected in the investment decision-making, which suggests that the company should consider the investor as a stakeholder in decision-making related to CSR activities.

This study aims to test Voluntary Disclosure, Quality of Financial Reporting and Information Asymmetry as Moderation Variables. The Voluntary Disclosure variable is calculated using the Index Disclosure. This research uses quantitative methods and uses partial least square with EViews data analysis. The research sample consisted of 225 manufacturing companies listed on the Indonesian stock exchange for the period 2016- 2018. The results of the study state that voluntary disclosure has a positive and significant effect on the quality of financial reporting through asymmetric information. The relationship between voluntary disclosure and asymmetric information has a negative effect on the quality of financial reporting, states that the disclosure of voluntary reports to companies can prevent information asymmetry, as well as the relationship of voluntary disclosure to information asymmetry states that companies that make voluntary disclosure will increase the interest of investors and other stakeholders. The quality of financial reporting states that if there is information asymmetry, the quality of financial reporting will also decline. The low value of relevance will affect the level of large or small information gaps between management and investors. The quality of financial reporting with increased relevance means that asymmetric information will have a negative impact on financial reporting.

The purposes of this research were: 1) to investigate the effect of participatory management on financial information asymmetry, 2) to investigate the effect of corporate governance on financial information asymmetry, 3) to examine the influences of benefits incentives on financial information asymmetry, and 4) to test the mediating effects of benefits incentive that influences the relationship between participatory management, corporate governance, and financial information asymmetry. The research sample consisted of 388 Thai-listed firms. Data were collected through a survey questionnaire. Descriptive analysis, Multiple Regression Analysis, and Structural Equation Modeling were used for the data analysis. The results revealed: 1) participatory management and participation in evaluation had a negative influence on financial information asymmetry. 2) Corporate governance and the rights of shareholders had a negative influence on financial information asymmetry. 3) Benefits incentive was negatively associated with financial information asymmetry. 4) The model’s influences of participatory management, corporate governance on the reduction of financial information asymmetry through benefits incentive as mediator fit the empirical data (Chi-square = 104.459, df = 84, p = 0.065, GFI = 0.967, RMSEA = 0.025). The variables in the model explained 78.00% and 4.70 % of the variance of benefits incentive and financial information asymmetry, respectively.

This paper examines how corporate social responsibility is related to the degree of asymmetric information in the Korean financial market. Recent theory argues that there is a negative relationship between a firm’s corporate social responsibility and its information asymmetry. To test this hypothesis, we use the environment, social and governance (ESG) score, published by the Korean Corporate Governance Service, to proxy a firm’s management practices toward socially responsible activities. In the entire sample of the Korean firms, we find contrasting results; the ESG score shows negative relationships with the price impact measure but statistically insignificant relationships with the dispersion of analyst forecasts. However, the ESG score shows negative relationships with both measures when we exclude chaebol affiliates from the sample. These findings are robust when we examine environmental, social and corporate governance scores separately. This set of results argues for the extant theory, expecting a negative relationship between a firm’s engagement in corporate social responsibility and asymmetric information. It further argues for the importance of firm characteristics in determining the influence of socially responsible activities.

Purpose - The main purpose of the current study is to examine the impact of accounting information quality and information asymmetry on the underinvestment phenomenon among the listed companies on the Tehran Stock Exchange (TSE). Research design, data, and methodology - The population includes 94 firms selected through systematic sampling. The data is collected from the audited financial statements of the firms provided by TSE’s website from 2010 to 2015. Accounting information quality and information asymmetry is considered as independent variables, and their impact is examined on the dependent variable (underinvestment). Results - The statistical results, based on data collected from 94 listed companies on the TSE during 2010–2015, revealed positive impact of accounting information quality and positive impact of information asymmetry on underinvestment. There was a significant relationship between accrual quality (AQ) and underinvestment, and spread and underinvestment. The results also showed that information asymmetry is the main factor in the creation underinvestment. Conclusions - Findings of this article can assist accounting researchers and theoreticians in comparing Real world facts with hypotheses developed with respect to accounting information quality, information asymmetry and underinvestment. However, the results of fuzzy regression analysis indicate significant relationships between the independent variable except underinvestment.