회계이익의 정보유용성에 관한 실증분석 = 가치평가와 수탁책임의 정보력 비교

다국어 초록 (Multilingual Abstract)

Earnings have been known to simultaneously perform the roles of valuation and stewardship. The purpose of this study is to prove whether there exists stable relationship between the valuation and stewardship role of earnings over times. If there is no relation between valuation and stewardship role, a decline in value-earnings sensitivities(earnings response coefficients; ERCs) does not mean the accompanying decline compensation-earnings sensitivities(response coefficient of compensation to earnings; CERCs). But it is theoretically proved that CERCs are increasing in ERCs. This positive correlation between valuation and stewardship role stems from the fact that the capitalization rate of earnings into firm-value also influences the marginal product of current period efforts that impact current earnings. The sample consists of firms listed on the Korea Stock Exchange. Firms are required to have accounting data available on the KIS-FAS from 1980 to 2000. The firms are also required to have monthly returns available on the KIS-SMAT for same research periods. This results in a sample of 3,723 firm-year observations. The results of empirical tests are as follows: First, it is not consistent with theoretical connection between CERCs and ERCs. With my data, CERCs have nothing to do with ERCs. Second, changes in ERCs reveal a negative, statistically significant association with change in CERCs. Third, the results present that the role of accounting accruals is to provide a measure of firm performance that more reflects information of valuation and stewardship than do realized cash flow.