영업손익 공시변경이 가치관련성에 미치는 영향

Abstract

This study investigates and compares the value relevance of operating income between the pre and the post revision of K-IFRS No. 1001 “Presentation of Financial Statements”. While operating income is decided according to the firm's economic conditions before the revision of K-IFRS, it is regulated by accounting standards after the revision of K-IFRS. According to the results of price level model, all of the coefficients , , and are significantly positive, which suggests that the stock price is higher as the book value per share, operating income per share, and non-operating income per share are greater. We also confirm that the value relevance of operating income between the pre and the post revision of K-IFRS is not significantly different, but that between 2011 and 2012 is significantly different through analysing Parallelism test and using dummy variable. According to the results of stock return model, all of the coefficients , and (2012 only) are significantly positive, which suggests that the stock return is higher as operating income ratio, and non-operating income ratio are greater. We also confirm that the value relevance of operating income between the pre and the post revision of K-IFRS is not significantly different, but that between 2011 and 2012 is significantly different through analysing Parallelism test and Vuong test and using dummy variable. Additionally, we test the same procedures above by dividing into KOSPI and KOSDAQ samples, and the results with full sample are similar to those with KOSDAQ and KOSPI samples. We also look into the historical operating income (loss) of firms which change from operating income to operating loss due to the revision of K-IFRS, and we confirm that the number of the consecutive operating income firms are more than that of the consecutive operating loss firms, which means that the consecutive operating income firms are more likely to avoid operating loss to remove the negative information effects than the consecutive operating loss firms are likely to avoid operating loss to avoid workout or delisting. We finally investigate the factors which increase or decrease operating income due to the revision of K-IFRS, and we confirm that all of the coefficients , , and are significantly negative, which suggests that the firms which disclose the higher net income, the more historical consecutive positive operating income, and the previous year's positive operating income are likely to manage the income statements to disclose the higher operating income.