본문 바로가기
KERD
논문KCI 등재

The Role of Financial Statement Comparability in Corporate Valuation: Evidence Based on BM Anomaly

신희정|최수영
경영연구소 (Management Research Center)|2023.12|신산업경영저널 (Journal of New Industry and Business)|제41권 제2호|pp. 69-91|DOI 10.30753/emr.2023.41.2.004

0

조회

0

다운로드

0

인용

0

참고문헌

키워드

Financial Statement Comparability시장효율성Market EfficiencyQualitative Characteristics재무제표 비교가능성BM Anomaly재무제표 질적특성장부가-시가 이상현상
주제분류경영학

초록

This study investigates the role of financial statement comparability in corporate valuation, presenting empirical evidence based on the BM anomaly, or value effect. A series of regressions on data of KSE-listed firms for the period 2011-2020 reveal that firms with high comparability contribute to reducing the abnormal stock returns associated with BM anomaly, on average. This indicates that high comparability of financial statements is useful for more accurately accessing equity values and mitigates stock mispricing in capital market. Additionally, the effect of comparability in reducing mispricing is not significant in high BM firms (i.e., Value stocks) involved in the risk-reward relationship inherent in value investing. This study is valuable to the literature on the qualitative characteristics of financial statements by suggesting the role of comparability in enhancing market efficiency.

Abstract

This study investigates the role of financial statement comparability in corporate valuation, presenting empirical evidence based on the BM anomaly, or value effect. A series of regressions on data of KSE-listed firms for the period 2011-2020 reveal that firms with high comparability contribute to reducing the abnormal stock returns associated with BM anomaly, on average. This indicates that high comparability of financial statements is useful for more accurately accessing equity values and mitigates stock mispricing in capital market. Additionally, the effect of comparability in reducing mispricing is not significant in high BM firms (i.e., Value stocks) involved in the risk-reward relationship inherent in value investing. This study is valuable to the literature on the qualitative characteristics of financial statements by suggesting the role of comparability in enhancing market efficiency.

참고문헌 (34)

  1. Basu, S., "Investment performance of common stocks in relation to their price-earnings ratios : A test of the efficient market hypothesis", The Journal of Finance, 32(3), pp.663~682 (1977)
  2. Bhushan, R., "Firm characteristics and analyst following", Journal of Accounting and Economics, 11(2-3), pp.255~274 (1989)
  3. Biddle, G. C., "Relative versus incremental information content", Contemporary Accounting Research, 12(1), pp.1~23 (1995)
  4. Brochet, F., "Mandatory IFRS adoption and financial statement comparability", Contemporary Accounting Research, 30(4), pp.1373~1400 (2013)
  5. Chan, L. K., "Fundamentals and stock returns in Japan", The Journal of Finance, 46(5), pp.1739~1764 (1991)
  6. Chen, C. R., "Mispricing and the cross-section of stock returns", Review of Quantitative Finance and Accounting, 32, pp.317~349 (2009)
  7. Chen, C. W., "Financial statement comparability and the efficiency of acquisition decisions", Contemporary Accounting Research, 35(1), pp.164~202 (2018)
  8. 조중석, "발생액 변동이 정보비대칭, 이익예측과 자본비용에 미치는 영향", 회계저널, 19(3), pp.175~199 (2010), 한국회계학회
  9. 최승욱, "저품질의 회계이익이 비교가능할 수 있는가? 재량적발생액과 비교가능성의 관계 분석", 회계ㆍ세무와 감사 연구, 60(2), pp.181~220 (2018), 한국공인회계사회[DOI]
  10. 최영수, "The Effects of Financial Statement Comparability on Firm Visibility", 세무와회계저널, 19(6), pp.117~131 (2018), 한국세무학회[DOI]
  11. De Franco, G., "The benefits of financial statement comparability", Journal of Accounting Research, 49(4), pp.895~931 (2011)
  12. Esty, B. C, "What determines comparability when valuing firms with multiples?", Journal of Financial Education, pp.24~33 (2000)
  13. Fama, E. F., "The cross-section of expected stock returns", The Journal of Finance, 47(2), pp.427~465 (1992)
  14. Francis, J., "The relative and incremental explanatory power of earnings and alternative(to earnings)performance measures for returns", Contemporary Accounting Research, 20(1), pp.121~164 (2003)
  15. 조은혜, "가치평가오류, 내부자거래와 회계정보의 비교가능성", 회계ㆍ세무와 감사 연구, 60(2), pp.221~260 (2018), 한국공인회계사회[DOI]
  16. 강민정, "회계정보의 비교가능성이 재무분석가 이익예측 및 회계정보 가치관련성에 미치는 영향에 대한 연구", 회계학연구, 38(1), pp.281~320 (2013), 한국회계학회
  17. 김병모, "기업설명회의 개최는 정보비대칭을 완화시키는가?", 재무연구, 21(3), pp.1~39 (2008), 한국재무학회
  18. Kim, J. B., "Financial statement comparability and expected crash risk", Journal of Accounting and Economics, 61(2-3), pp.294~312 (2016)
  19. Klein, A., "Audit committee, board of director characteristics, and earnings management", Journal of Accounting and Economics, 33(3), pp.375~400 (2002)
  20. Lakonishok, J., "Contrarian investment, extrapolation, and risk", The Journal of Finance, 49, pp.1541~1578 (1994)
  21. Lang, M. H., "Corporate disclosure policy and analyst behavior", Accounting Review, pp.467~492 (1996)
  22. La Porta, R., "Expectations and the cross-section of stock returns", The Journal of Finance, 51, pp.1715~1742 (1996)
  23. 이상호, "회계 보수성이 미래 주가폭락위험에 미치는 영향: 재무제표 비교가능성과 정보불균형의 효과를 중심으로", 경영학연구, 46(2), pp.561~594 (2017), 한국경영학회[DOI]
  24. 이진훤, "회계이익의 질이 가치평가오류와 주가급락에 미치는 영향", 회계와 정책연구, 20(2), pp.151~179 (2015), 한국회계정책학회
  25. Liu, J., "Equity valuation using multiples", Journal of Accounting Research, 40(1), pp.135~172 (2002)
  26. Mohanram, P. S., "Separating winners from losers among lowbook-to-market stocks using financial statement analysis", Review of Accounting Studies, 10, pp.133~170 (2005)
  27. 문현주, "K－IFRS 도입 후 외국인 투자와 회계이익의 질", 세무회계연구, (49), pp.37~58 (2016), 한국세무회계학회[DOI]
  28. Na, C. K, "The effects of foreign ownership on the magnitude of the post-earningsannouncement drift", Korean Accounting Review, 37(3), pp.203~238 (2013)
  29. Piotroski, J. D, "Value investing : The use of historical financial statement information to separate winners from losers", Journal of Accounting Research, pp.1~41 (2000)
  30. Rhodes–Kropf, M., "Valuation waves and merger activity : The empirical evidence", Journal of Financial Economics, 77(3), pp.561~603 (2005)
  31. Shane, P. B., "Financial statement comparability and valuation of seasoned equity offerings", ~ (2014)
  32. Shin, H., "Do foreign investors mitigate anchoring bias in stock market? Evidence based on post-earnings announcement drift", Pacific-Basin Finance Journal, 48, pp.224~249 (2018)
  33. 윤선주, "회계정보의 비교가능성이 기업의 정보비대칭에 미치는 영향", 회계와 정책연구, 19(3), pp.51~79 (2014), 한국회계정책학회
  34. Wooldridge, J. M., "Introductory econometrics" (2013), Cengage Learning

관련 논문AI추천

The effect of financial statement comparability on analysts’ reliance on common information기은선, 심준용사람과세계경영학회 · Global Business and Finance Review2017 · 제22권 제3호The effect of consistency in accounting choices on financial statement comparability: Evidence from South KoreaYong-Shik Kim사람과세계경영학회 · Global Business and Finance Review2020 · 제25권 제3호The Impact of K-IFRS Adoption on the Value Relevance of Accounting Information지현미사람과세계경영학회 · Global Business and Finance Review2017 · 제22권 제2호Impact of Accounting Conservatism on the Informativeness of Current Stock Prices for Future Earnings김응길, Junyong Shim사람과세계경영학회 · Global Business and Finance Review2023 · 제28권 제5호Analysts’ Forecast Consistency and Investor Responsiveness to Earnings Information김영겸, 나종길, 신희정경영연구소 · 신산업경영저널2019 · 제37권 제2호Income Smoothing and Overvaluation차상권사람과세계경영학회 · Global Business and Finance Review2024 · 제29권 제5호

이 간행물의 다른 논문 (3건)

Establishing Optimal Service Cutoff Times for an Order Fulfillment System김현호, 강원석pp. 3-24팀 내 다양성이 팀 창의성과 팀 성과에 미치는 영향에 관한 연구: 정보정교화의 매개효과를 중심으로김문주, 이지예pp. 25-50이익동조화와 발생액 추정오류가 기업 이익투명성에 미치는 영향: 미국 기업을 중심으로조중석pp. 51-67
원문 보기