산업융합연구 (Journal of Industrial Convergence)

대한산업경영학회 (DAEHAN Society of Industrial Management)
권호 표지
DOI QR코드

DOI QR Code

기업의 손실과 이익에 따른 시장정보의 비대칭적 적시성

Asymmetric Timeliness of Market Information According to Corporate Losses and Earnings

  • Jong-Gyu, Kim (Dept. of Business Administration, Pusan National University) ;
  • Myoung-Jong, Kim (Dept. of Business Administration, Pusan National University) ;
  • Seong-Jun, Hwang (Dept. of Business Administration, Pusan National University)
  • 투고 : 2022.08.16
  • 심사 : 2022.12.20
  • 발행 : 2022.12.28
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

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 이익기업과 손실기업 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 조기 인식함으로써 더욱 엄격한 보수주의가 적용되는 것을 확인하였다. 손실기업은 시장정보에 민감하게 반응하는 반면, 이익기업은 시장정보에 민감하게 반응하지 않음을 검증함으로써 시장정보와 회계정보의 결합효과와 비대칭적 적시성 간의 인과성에 대한 실증자료를 제공하고 있다.

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.

키워드

참고문헌

  1. R. L. Watts & J. L. Zimmerman. (1986). Positive accounting theory. Englewood Cliffs, NJ: Prentice Hall.
  2. C. Ruddock., S. J. Taylor & S. L. Taylor. (2006). Nonaudit services and earnings conservatism: Is auditor independence impaired?. Contemporary Accounting Research, 23(3), 701-746.
  3. J. M. Garcia Lara., B. Garcia Osma & A. Mora. (2006). Conservative reporting and smoothing of accounting earnings. In XXXIX Congress of the European Accounting Association.
  4. H. Vander Bauwhede & V. Gent. (2007). The impact of conservatism on the cost of debt: Conditional versus unconditional conservatism. Katholieke Universiteit Leuven, Working paper.
  5. S. Basu. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics, 24, 3-37. https://doi.org/10.1016/S0165-4101(97)00014-1
  6. R. T. Ball & P. Easton. (2013). Dissecting earnings recognition timeliness. Journal of Accounting Research, 51(5), 1099-1132.
  7. C. Hayn. (1995). The information content of losses. Journal of Accounting and Economics, 20, 125-153. https://doi.org/10.1016/0165-4101(95)00397-2
  8. A. Lawrence, R. Sloan & E. Sun. (2018). Why Are Losses Less Persistent Than Profits? Curtailments vs. Conservatism. Management Science, 64(2), 673-694. https://doi.org/10.1287/mnsc.2016.2624
  9. S. H. Ha & M. J. Kim. (2018). The Role of Liquidation Option and Conditional Conservatism on Asymmetric Informativeness of Earnings. Korea Business Review, 47(6), 1457-1483.
  10. R. Ball & L. Shivakumar. (2005). Earnings quality in U.K. private firms: comparative loss recognition timeliness. Journal of Accounting and Economics, 39, 83-128. https://doi.org/10.1016/j.jacceco.2004.04.001
  11. W. H. Beaver & S. G. Ryan (2005). Conditional and unconditional conservatism: concepts and modeling. Review of Accounting Studies, 10(2/3), 269-309. https://doi.org/10.1007/s11142-005-1532-6
  12. G. Richardson & S. Tinaikar. (2004). Accounting based valuation models: What have we learned?. Accounting and Finance, 44(2), 223-255. https://doi.org/10.1111/j.1467-629x.2004.00109.x
  13. S. H. Penman & X. J. Zhang. (2002). Accounting conservatism, the quality of earnings, and stock returns. The accounting review, 77(2), 237-264. https://doi.org/10.2308/accr.2002.77.2.237
  14. R. Ball & L. Shivakumar. (2006). The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition. Journal of Accounting Research, 44, 207-242. https://doi.org/10.1111/j.1475-679X.2006.00198.x
  15. C. L. Jan & J. Ou. (1995). The Role of Negative Earnings in the Valuation of Equity Stocks. New York University and Santa Clara University Working Paper.
  16. D. Burgstahler & I. Dichev. (1997). Earnings Management to Avoid Earnings Decreases and Losses. Journal of Accounting and Economics, 24(1), 99-126. https://doi.org/10.1016/S0165-4101(97)00017-7
  17. M. Martikainen. (1997). Accounting losses and investors' growth expectations. International Review of Financial Analysis, 6(2), 97-105. https://doi.org/10.1016/S1057-5219(97)90010-7
  18. M. Barth, W. Beaver & W. Landsmn. (1998). Relative valuation roles of equity book value and net income as a function of financial health. Journal of Accounting and Economics, 25(1), 1-34. https://doi.org/10.1016/S0165-4101(98)00017-2
  19. S. K. Sohn. (1998). Characteristics of Financial Analysts' Forecast Revision. Yonsei Business Review, 35(1), 137-156.
  20. D. W, Collins, M. Pincus & H. Xie. (1999). Equity valuation and negative earnings: The role of book value of equity. The Accounting Review, 74, 29-61. https://doi.org/10.2308/accr.1999.74.1.29
  21. C. W. Suh & K. J. Park. (2000). Changes in the importance of valuation of loss-reporting companies and accounting information. Korean Accounting Journal Proceedings of the Winter Conference: 197-219.
  22. G. J. Kwon & S. P. Cho. (2004). (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: 650-680.
  23. H. D. Yi, J. K. Ko & J. H. Kim. (2008). The Persistence and Market Pricing of Earnings and Components for Profit and Loss Firms. Journal of Taxation and Accounting, 9(4), 85-119.
  24. P. R. Joos & G. A. Plesko. (2005). Valuing loss firms. Accounting Review, 80, 847-870. https://doi.org/10.2308/accr.2005.80.3.847
  25. D. Givoly & C. Hayn. (2000). The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative. Journal of Accounting and Economics, 29, 287-320. https://doi.org/10.1016/S0165-4101(00)00024-0
  26. J. R. Francis & X. Martin. (2010). Acquisition profitability and timely loss recognition. Journal of accounting and economics, 49(1-2), 161-178. https://doi.org/10.1016/j.jacceco.2009.09.003
  27. W. S. Paek & S. R. Lee. (2004). Conservatism, Earnings Persistence and Equity Valuation. Korea Accounting Review, 29, 1-27.
  28. B. L. Connelly, S. T. Certo, R. D. Ireland & C. R. Reutzel. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39-67. https://doi.org/10.1177/0149206310388419
  29. J. M. G. Lara, B. G. Osma & F. Penalva. (2009). The economic determinants of conditional conservatism. Journal of Business Finance & Accounting, 36(3-4), 336-372. https://doi.org/10.1111/j.1468-5957.2008.02122.x
  30. A. Charitou, N. Lambertides & L. Trigeorgis. (2007). Earnings behaviour of financially distressed firms: The role of institutional ownership. Abacus, 43(3), 271-296. https://doi.org/10.1111/j.1467-6281.2007.00230.x
  31. K. Ahmed & M. Jinan. (2011). The association between research and development expenditure and firm performance: Testing a life cycle hypothesis. International Journal of Accounting: Auditing and Performance Evaluation, 7(4), 267-286. https://doi.org/10.1504/IJAAPE.2011.042771
  32. M. Darrough & J. Ye. (2007). Valuation of loss firms in a knowledge-based economy. Review of Accounting Studies, 12, 61-93.  https://doi.org/10.1007/s11142-006-9022-z