Do internal control personnel affect post-earnings announcement drift? Evidence from the Korean stock market

Hyunjung Choi

Applied Economics Letters, 2024, vol. 31, issue 13, 1172-1177

Abstract: This study investigates the relationship between a firm with a sufficient number of personnel in charge of its internal controls and post-earnings announcement drift (PEAD). Having enough internal control personnel is expected to increase the transparency and reliability of accounting information, reduce the delay in investors’ decision-making, and ultimately reduce PEAD. The empirical results show that PEAD is reduced when the size of a firm’s internal control workforce is adequate. This study contributes to the literature by finding that having a sufficient number of internal personnel responsible for a company’s accounting information is an additional factor that influences PEAD.

Date: 2024
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DOI: 10.1080/13504851.2023.2177585

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