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기업의 자본구조가 회계이익공시의 정보효과에 미치는 영향
고성효,이경주 제주대학교 1992 논문집 Vol.35 No.1
The purpose of this study is to examine the effect of a firm's capital structure (i.e., financial leverage), as a relevant omitted variable, on the abnormal returns associated with unexpected earnings, i.e., information content of accounting earnings. The motivation for this study arises from the observation that the explanatory power of the market-based cross-sectional studies is extremely weak, indicating a potential problem of specification error in the empirical models employed. It is argued that the particular form of specification error concerns the problem of omitted variables. Our simple analytical model, which is based on both Modigliani and Miller (1958) cost of capital concept and the assumptions underlying the Capital Asset Pricing Model, suggests that a potential omitted variable is the firm's financial leverage. In particular, leverage is shown to be positively related to the residual variance (abnormal stock returns) associated with unexpected earnings. Our empirical results, based on 80 firms over 2-year period(1989-1990), are consistent with theoretical predictions. Specifically, abnormal returns are a positive function of financial leverage after controlling for unexpected earnings and systematic risk. Further, the inclusion of financial leverage as an additional explanatory variable increases the explanatory power (R^2) of the cross-sectional regression model relating unexpected earnings and abnormal returns from 0.025 to 0.447. These results hold up even after controlling for cross-sectional dependence problem. Overall, our findings suggest that financial leverage should be included as a control variable in the market-based cross-sectional model.
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고성효,고창열,고봉조 한국회계정보학회 2015 회계정보연구 Vol.33 No.4
The purpose of this study is to investigate an effect of managerial ability on the implied cost of equity capital. We also examine how a relation between managerial ability and the implied cost of equity capital is affected by information asymmetry. We measure managerial ability based on prior studies of Demerjian et al.(2012). Our result show that managerial ability are negatively related to the implied cost of equity capital. High managerial ability is significantly associated with lower implied cost of equity capital. We also find that firms with lower information asymmetry have a larger decrease in the cost of capital. Our study is distinguished from prior studies because we empirically analyze the evidence that a relation between managerial ability and the implied cost of equity capital. In addition we find empirical evidence that a relation between managerial ability and the implied cost of equity capital is affected by information asymmetry. Overall our study implicates the importance of managerial ability in terms of investment and financing decision making. 본 연구는 2000년부터 2014년까지 유가증권에 상장된 기업을 대상으로 경영자의 능력과 내재자기자본비용의 관계를 실증분석하였다. 선행연구에서 기업의 내재자기자본비용은 기업의 사회적 책임활동의 수준, 정보비대칭, 발생액 변동액 등에 영향을 받는다고 하였고 경영자의 능력이 보수주의, 회계정보의 질, 조세회피의 수준에 영향을 미친다고 하였으나 경영자능력이 내재자기자본비용과 어떠한 관련성을 가지는지에 대해서는 보고된 바 없다. 본 논문에서는 Demerjian et al.(2012)이 제시한 경영자 능력 측정치를 이용하여 경영자능력이 내재자기자본비용에 어떠한 영향을 미치는 지를 분석하였다. 본 연구의 주요 분석결과는 다음과 같다. 첫째, 경영자의 능력이 높을수록 내재자기자본비용은 감소하는 것을 확인하였다. 이러한 결과는 기업을 경영하는 경영자의 능력이 높을수록 외부이해관계자들은 미래 경영성과와 현금흐름에 대해 불확실성을 낮게 인식하여 내재자기자본비용을 낮게 요구하는 결과라 해석할 수 있다. 둘째, 정보비대칭이 작은 집단에서는 경영자의 능력과 내재자기자본비용 사이에 유의한 음(-)의 관계가 있음을 실증하였다. 반면 정보비대칭이 큰 집단에서는 경영자의 능력과 내재자기자본비용 사이에 통계적인 유의성은 검증되지 않았다. 이러한 결과는 정보비대칭이 큰 상황에서는 경영자의 능력과 관계없이 내재자기자본비용이 결정되지만 정보비대칭이 작은 상황에서는 외부이해관계자들이 경영자의 능력을 충분히 인지하여 내재자기자본비용에 유의적인 음(-)의 영향을 미침을 의미한다. 본 연구는 경영자능력과 내재자기자본비용간의 관계를 분석함으로써 경영자능력이 기업가치에 기여하는 추가적인 경로를 파악하였다는 점에서 의의가 있다. 또한 본 연구의 분석결과 투자안에 대한 평가시 경영자의 능력에 따라 할인율이 달라질 수 있음을 확인하였다. 이러한 결과는 경영자의 능력이 기업의 투자 및 재무의사결정에 지대한 영향을 미칠 수 있음을 시사한다.
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高成孝 제주대학교 1984 논문집 Vol.17 No.2
In modern accounting ruled by the dynamic accounting thought, the realization for income measurement has been dealt with the important concept in accounting theories and practices. The concept has been criticized in relation to income measurement and the legal, economic, and accounting views. This study reviews what the critical responses of the revenue realization have been developed ill history views, and in what views it has to understand the substances and problems of the realization. The problems of revenue recognition became the advant of the realization in connection with income measurement. In the logical views, the recognition of revenue has been discussed as the central figure of taxation. And in the economic view, the problems of the revenue realization gave many scholars theoritical backgrounds for them to adjust them from accounting income to real income. The realization in accounting bases the argument on overcoming and formulating the logic inconsistency with going-concern, conservatism, and objectivity. Because this explains it under the interrelation with all basic concepts of accounting theory. The first authoritative use of the world realization seems to have occured in the 1932 correspondence between AIA and N.Y. Stock Ex- change. From opening it, there has been exhibited many critical views at the side of accounting theory. Particularly, critical responses by Hatfield, Paten, Canning, and Gilman include the simplistic of the notion, the arbitrary rules rather than a coherent theory, the lack of nature discussion, the dependance on the assumptions of matching and conservatism, etc,. Conclusively, the challenges to the realization rule have been practiced by many accountants. Revenues should be acknowledged and reported at the time of the accomplishment of the major economic activity if its measurement is verfiable and free from bias. Thus, the realization has come generally to mean the reporting of when it has been validated by sale. And the reporting of revenue before or after the point of sale is generally considered an exception to the realization rule. Accordingly, if the realization rule that has traditionally used tries to overcome the problems and find the useful accounting information, there is no doubt about the important subject that should be study and develop accounting methods and techniques in the future.
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