Journal of the Korea Convergence Society (한국융합학회논문지)

Korea Convergence Society (한국융합학회)
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The Effects of Financial Reporting Transparency and High-Quality Audit on Donations to Non-Profit Organizations: Evidence from Korean Charitable Organizations

재무보고의 투명성과 감사품질이 비영리법인의 기부금에 미치는 영향 : 한국자선단체로부터의 증거

  • Received : 2018.11.14
  • Accepted : 2019.01.20
  • Published : 2019.01.28
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Abstract

In this study, we investigate the effects of disclosure and high-quality audit on donations to charitable organizations in Korea. We find that the mandatory disclosure of financial information and high-quality audit is significantly and positively related to donations to charitable organizations. We also find that charitable organizations audited by Big 4 audit firms have greater likelihood to receive more donations, compared to those audited by non-Big 4 audit firms. Furthermore, we find that those positive associations are more pronounced for smaller charitable organizations. Collectively, those results imply that, as in the profit-making sector, disclosure and high-quality audit play a critical role in enhancing accountability and transparency of financial reporting and revenue for charitable organizations.

본 연구는 감사품질이 비영리법인인 자선단체의 기부금에 미치는 영향을 분석하고 있다. 실증분석 결과에 의하면 재무정보의 강제공시와 높은 수준의 감사품질은 자선단체의 기부금과 양(+)의 관계를 가지는 것으로 나타났으며, 또한, 대형 4개 회계감사법인이 감사업무를 맡은 자선단체는 그렇지 않은 자선단체에 비해 더 많은 기부금을 받을 가능성이 높은 것으로 나타났다. 이와 같은 양(+)의 관계는 규모가 작은 자선단체에서 더욱 유의한 것으로 나타났다. 본 연구에서의 분석결과는 재무정보의 공시 및 수준 높은 외부감사를 통한 자선단체 재무보고의 투명성 제고가 기부금 증가에 매우 중요한 역할을 하고 있음을 시사하고 있음을 알 수 있다.

Keywords

Table 1. Definition of research variables

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Table 2. Sample distribution by year

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Table 3. Univariate Analysis

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Table 4. Correlation Matrix for the Variables Used in the Model

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Table 5. Results of Regression on the Effects of Disclosure Regulation and High-quality Audit on Donations

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Table 6. Results of Regression on the Effect of Disclosure Regulation and High-quality Audit on Donations After Controlling for Auditor Self-selection Bias

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Table 7. Effect of Disclosure Regulation and High-quality Audit on Donations by Charity Size

OHHGBW_2019_v10n1_227_t0007.png 이미지

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