이익동조화와 발생액 추정오류가 기업 이익투명성에 미치는 영향: 미국 기업을 중심으로
The effect of earnings co-movement and accrual estimation errors on earnings transparency
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2000년부터 2020년까지 미국 NYSE와 NASDAQ 증권 거래소에 상장된 모든 미국 기업을 표본으로 이용하여 기업 이익투명성에 대한 이익동조화 및 발생액 추정오류의 영향을 조사하였다. 실증 결과는 기업 보고이익이 소속 산업 수준의 이익과 관련되는 정도를 표시하는 이익동조화가 높을수록 기업의 가치변화에 대한 설명력, 이익 정보성을 증가시킨다는 것을 보여준다. 이익과 발생액의 질을 표시하는 발생액 추정오류 즉, 발생액과 현금흐름의 일치도와 관련된 불확실성은 주가 반응에 부정적인 영향을 미치고 가치 관련 정보의 반영을 지연시킨다. 또한, 산업 전반과 관련된 이익 구성 요소와 기업 고유의 이익 구성 요소 간의 상관 관계가 이익 공조화와 발생액 추정오류의 영향 하에서도 기업의 기본적인 경제 성과를 반영하는 정도에 긍정적인 영향을 미친다는 것을 보여준다. 요약하면, 본 연구는 이익투명성이 이익동조화와 양의 관계가 있고 발생 추정오류와는 음의 관계가 있음을 보고한다.
Abstract
Using a sample of all U.S. firms listed on NYSE and NASDAQ for the period covering 2000 through 2020, I investigate the role of earnings co-movements and accrual estimation errors on earnings transparency. The results show that earnings co-movements, the degree to which firm-specific earnings are related to industry-level earnings, increase the explanatory power of a firm’s earnings and the change in earnings for the changes in a firm, earnings informativeness. The accrual estimation errors in the quality of earnings and accruals, the degree of the uncertainty associated with the accrual-to-cash flow mapping, negatively influence price response, delaying the reflection of value-relevant information. My study corroborates that earnings transparency is positively related to co-movements earnings transparency and is negatively to accrual estimation errors.
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