기업의 손실과 이익에 따른 시장정보의 비대칭적 적시성
Asymmetric Timeliness of Market Information According to Corporate Losses and Earnings
1
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
본 연구는 동일한 시장정보에 대하여 이익과 손실이라는 회계정보의 특성차이에 따라 회계이익에 반영되는 민감도가 차별적인지를 검증하였다. 이를 위해 Basu의 조건부 보수주의 측정치 및 Ball and Shivakumar의 보수주의 측정치를 활용하여 2012년부터 2020년까지 유가증권시장 및 코스닥시장에 상장된 비금융 상장기업 11,462개의 기업-연도별 자료를 분석대상으로 시장정보와 회계정보의 조합에 따라 회계이익 민감도를 분석하였다. 연구결과 경제적 이익에 대하여 이익기업과손실기업 모두 지연 인식하는 것으로 나타난 반면, 경제적 손실에 대하여 손실기업은 신속하게 인식하고, 이익기업은 지연 인식하는 경향이 있음을 확인하였다. 이익기업과 비교하여 손실기업은 경제적 이익을 지연 인식하는 반면, 경제적 손실은 조기인식함으로써 더욱 엄격한 보수주의가 적용되는 것을 확인하였다. 손실기업은 시장정보에 민감하게 반응하는 반면, 이익기업은 시장정보에 민감하게 반응하지 않음을 검증함으로써 시장정보와 회계정보의 결합효과와 비대칭적 적시성 간의 인과성에대한 실증자료를 제공하고 있다.
Abstract
This study investigates the sensitivity reflected in the accounting earnings differs according to the difference in the characteristics of accounting information such as profit and loss for the same market information. For this, market information and accounting data were analyzed for 11,462 non-financial listed companies listed on the KOSPI and KOSDAQ markets from 2012 to 2020 by using Basu's measurement of conditional conservatism and Ball and Shivakumar's measurement of conservatism. Accounting earnings sensitivity was analyzed according to the combination of information. As a result of the study, it was confirmed that both earnings and losses corporates recognize losses with delay, while losses are recognized quickly by loss corporates and delayed recognition by earnings companies. It was confirmed that more strict conservatism was applied to the losses corporates compared to the earnings corporates by delaying the recognition of earnings while the early recognition of the losses. It provides empirical data on the causality between the asymmetric timeliness and the combined effect of market information and accounting information by verifying that the losses corporates responds sensitively to market information while the earnings corporates does not react sensitively to the market information.
참고문헌 (32)
- R. L. Watts, "Positive ac-counting theory" (1986), Prentice Hall
- C. Ruddock., "Nonaudit services and earnings conservatism : Is auditor independence impaired?", Contemporary Accounting Research, 23(3), pp.701~746 (2006)
- J. M. García Lara, "Conservative reporting and smoothing of accounting earnings", XXXIX Congress of the European Accounting Association (2006)
- The im-pact of conservatism on the cost of debt : Conditional versus unconditional conservatism. Katholieke Universiteit Leuven, "H. Vander Bauwhede", ~ (2007)
- S. Basu, "The conservatism principle and the asymmetric timeliness of earnings", Journal of Accounting and Economics, 24, pp.3~37 (1997)
- R. T. Ball, "Dissecting earnings recognition timeliness", Journal of Accounting Research, 51(5), pp.1099~1132 (2013)
- C. Hayn, "The information content of losses", Journal of Accounting and Economics, 20, pp.125~153 (1995)
- A. Lawrence, "Why Are Losses Less Persistent Than Profits? Curtailments vs. Conservatism", Management Science, 64(2), pp.673~694 (2018)
- 하승화, "회계정보의 비대칭성에 대한 청산옵션가설과 조건부 보수주의의 역할", 경영학연구, 47(6), pp.1457~1483 (2018), 한국경영학회[DOI]
- R. Ball, "Earnings quality in U. K. private firms : comparative loss recognition timeliness", Journal of Accounting and Economics, 39, pp.83~128 (2005)
- W. H. Beaver, "Conditional and unconditional conservatism: concepts and modeling", Review of Accounting Studies, 10(2, pp.3) (2005), 269~309
- G. Richardson, "Accounting based valuation models : What have we learned?", Accounting and Finance, 44(2), pp.223~255 (2004)
- S. H. Penman, "Accounting conservatism, the quality of earnings, and stock returns", The accounting review, 77(2), pp.237~264 (2002)
- R. Ball, "The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition", Journal of Accounting Research, 44, pp.207~242 (2006)
- The Role of Negative Earnings in the Valuation of Equity Stocks, "C. L. Jan", New York University and Santa Clara University, ~ (1995)
- D. Burgstahler, "Earnings Management to Avoid Earnings Decreases and Losses", Journal of Accounting and Economics, 24(1), pp.99~126 (1997)
- M. Martikainen, "Accounting losses and in-vestors' growth expectations", International Review of Financial Analysis, 6(2), pp.97~105 (1997)
- M. Barth, "Relative valuation roles of equity book value and net income as a function of financial health", Journal of Accounting and Economics, 25(1), pp.1~34 (1998)
- 손성규, "예측수정시 나타나는 재무분석기간의 예측성향의 차이", 연세경영연구, 35(1), pp.137~156 (1998), 경영연구소
- D. W, Collins, "Equity valuation and negative earnings : The role of book value of equity", The Accounting Review, 74, pp.29~61 (1999)
- C. W. Suh, "Changes in the im-portance of valuation of loss-reporting companies and accounting information", Korean Accounting Journal Proceedings of the Winter Conference, 9, pp.197~219 (2000)
- G. J. Kwon, "(An)empirical analysis on the relevance of accounting income and book value using option-style model of equity value", Korean Accounting Journal Proceedings of the Winter Conference, 0, pp.650~680 (2004)
- 이화득, "이익기업과 손실기업의 이익지속성과 자본시장의 반응", 세무와회계저널, 9(4), pp.85~119 (2008), 한국세무학회
- P. R. Joos, "Valuing loss firms", Accounting Review, 80, pp.847~870 (2005)
- D. Givoly, "The changing time-series properties of earnings, cash flows and accruals : Has financial reporting become more conservative", Journal of Accounting and Economics, 29, pp.287~320 (2000)
- J. R. Francis, "Acquisition prof-itability and timely loss recognition", Journal of ac-counting and economics, 49(1-2), pp.161~178 (2010)
- 백원선, "보수주의, 이익지속성 및 가치평가", 회계학연구, 29(1), pp.1~28 (2004), 한국회계학회
- B. L. Connelly, "Signaling theory : A review and assessment", Journal of management, 37(1), pp.39~67 (2011)
- J. M. G. Lara, "The economic determinants of conditional conservatism", Journal of Business Finance & Accounting, 36(3‐4), pp.336~372 (2009)
- A. Charitou, "Earnings behaviour of financially distressed firms : The role of institutional ownership", Abacus, 43(3), pp.271~296 (2007)
- K. Ahmed, "The association be-tween research and development expenditure and firm performance : Testing a life cycle hypothesis", International Journal of Accounting : Auditing and Performance Evaluation, 7(4), pp.267~286 (2011)
- M. Darrough, "Valuation of loss firms in a knowledge-based economy", Review of Accounting Studies, 12, pp.61~93 (2007)