본 연구는 우리나라 거래소에 상장되어 있는 12월 결산 제조업에 해당하는 기업을 연구대상으로 하여 2000년부터 2003년까지 연간이익 공시시점별 이익정보에 대한 시장반응을 조사함으로써 이익정보 공시일에 대한 정확한 시점을 파악하고자 한다. 이에 이익변동공시일, 주주총회소집통지공시일, 주주총회7일전을 각각의 이익공시시점으로 보고 시장반응을 검증하였다. 연구 결과, 첫째, 이익공시시점별 회귀분석에서는 이익변동공시일에서만 이익정보에 대한 유의적인 주가반응이 나타났다. 둘째, 각 이익공시시점마다 최초공시와 반복공시의 경우를 구분하여 회귀분석한 결과 이익변동공시일과 주주총회소집통지공시일의 최초공시 시점에서 유의적인 주가반응이 나타났으며, 반복공시 시점에서는 주가반응이 모두 유의적이지 않음을 발견하였다.

This study examines the accurate disclosure timing of annual earnings. In the United States, the date of earnings disclosure is databased in COMPUSTAT, so most related research is approached with an understanding of this cycle. But Korean researchers have recognized the limitation of their research designs due to paucity of information regarding the accuracy of disclosure timing of annual earnings. Recently, the corporate disclosure environment has gone through tremendous change. First, the DART system was fully implemented. Second, rapid change in earnings compared with the previous fiscal year`s earnings is has been disclosed via the on-line DART system since 2000. Third, with the adoption of Regulation Fair Disclosure (Reg FD) in 2002, the timing of earnings disclosure post-FD is earlier than pre-FD, and the number of earnings releases has increased. The theme of this study is appropriate under these circumstances. Using a sample of 684 Korean firm-year observations that disclose earnings information for the years 2000-2003, this paper empirically examines the accurate disclosure timing of annual earnings. The results of this study are summarized as follows. First, there is no market reaction during the period of rapid change of earnings` disclosures. Second, there is a significant market reaction during the period of rapid change of earnings disclosures and the notice of shareholders` conferences if only the earnings` disclosure is disclosed before the conference. This is not the case if the disclosure is made repeatedly.