内部控制人员的定量和定性投资与企业运营效率:来自韩国的证据

Q2 Economics, Econometrics and Finance Investment Management and Financial Innovations Pub Date : 2023-09-14 DOI:10.21511/imfi.20(3).2023.23
Inkyung Yoon, Hansol Lee, Dongjoon Choi, Eunsang Jee
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引用次数: 0

摘要

虽然公司内部控制系统旨在为与业务、报告和合规相关的目标提供合理的保证,但关注业务效率的研究有限。本研究探讨了内部控制人员的定量和定性投资对企业运营效率的影响。利用固定效应回归模型、Heckman(1979)两阶段模型和两阶段最小二乘法,本研究分析了2018年至2020年韩国上市公司的4471个公司年观察结果。结果表明,内部控制人员投入与运营效率之间存在正相关关系。正如Heckman和两阶段最小二乘模型所证实的那样,即使在敏感性测试和潜在内生性的担忧下,这种关系仍然稳固。具体而言,Heckman模型显示,负责内部控制的员工人数(coef = 0.023, t值= 5.20)与注册会计师人数(coef = 0.256, t值= 5.43)之比与经营效率呈正相关。内控人员的平均工作经验(coef = 0.002, t值= 1.84)也与操作效率呈正相关。本研究为投资内部控制人员对提高经营效率的重要性提供了实证证据,并建议企业应同时考虑内部控制的定量和定性两个方面。
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Quantitative and qualitative investments in internal control personnel and firm operational efficiency: Evidence from Korea
Although internal control systems in firms aim to provide reasonable assurance regarding objectives related to operations, reporting, and compliance, research focusing on operational efficiency is limited. This study investigates the impact of both quantitative and qualitative investments in internal control personnel on a firm’s operational efficiency. Utilizing a fixed-effect regression model, the Heckman (1979) two-stage model, and a two-stage least squares procedure, this study analyzes 4,471 firm-year observations from Korean listed firms from 2018 to 2020. The findings indicate a positive association between investment in internal control personnel and operational efficiency. This relationship remains robust even under sensitivity tests and concerns of potential endogeneity, as confirmed by the Heckman and two-stage least squares models. Specifically, the Heckman model shows that the ratio of the number of employees (coef = 0.023, t-value = 5.20) and certified public accountants (coef = 0.256, t-value = 5.43) responsible for internal control is positively associated with operational efficiency. Average work experience (coef = 0.002, t-value = 1.84) of internal control personnel is also positively related to operational efficiency. This study provides empirical evidence for the significance of investing in internal control personnel to boost operational efficiency and suggests that firms should consider both quantitative and qualitative aspects of internal control.
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来源期刊
Investment Management and Financial Innovations
Investment Management and Financial Innovations Economics, Econometrics and Finance-Finance
CiteScore
2.50
自引率
0.00%
发文量
99
审稿时长
11 weeks
期刊介绍: The international journal “Investment Management and Financial Innovations” encompasses the results of theoretical and empirical researches carried out both on macro- and micro-levels, concerning various aspects of financial management and corporate governance, investments and innovations (including using of quantitative methods). It is focused on the international community of financiers, both academics and practitioners. Key topics: financial and investment markets; government policy and regulation; corporate governance; information and market efficiency; financial forecasting and simulation; financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds; objects of real and financial investing; financial instruments and derivatives; efficiency of investment projects; econometric and statistic methods in project management; alternative investments; ratings and rating agencies.
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