비핵심발생액의 시장이상현상|RISS 상세보기

다국어 초록 (Multilingual Abstract)

This study examines accrual anomaly documented by Sloan (1996) by decomposing accruals into components based on their location relative to operating income. We define core (non-core) accruals as those above (below) operating income. To the extent that market participants are more interested in operating performance vis-a-vis nonoperating performance, it is of interest to examine whether core and/ or non-core accruals are equally persistent and mispriced. Under International Financial Reporting Standards, operating income is not required to be disclosed separately on income statement. Thus, there is an increasing concern about deterioration of accounting information due to such flexibility. Accrual anomaly is a phenomenon that market participants tend to overprice less persistent components of earnings. As Sloan (1996) documents, accruals are less persistent than operating cash flows and accruals (operating cash flows) are overpriced (underpriced). This is interpreted as market participants` failure to distinguish the differential persistence attributable to accruals from operating cash flows. Subsequent studies have attempted to identify which components of earnings drive accrual anomaly or under what context accrual anomaly is prominent. Note that core accruals located above operating income are repetitive and regular while non-core accruals are one-time and less frequently occurring in nature. It is expected that non-core accruals are less persistent than core accruals. However, it has not been well explored that market participants price adequately the difference in persistence between core and non-core accruals. Sloan`s (1996) result suggests that less (more) persistent components tend to be overpriced (underpriced). Thus, we hypothesize that non-core accruals are less persistent than core accruals and overpriced. The sample consists of non-banking firms (5,441 firm-years) with December fiscal years that are traded over Korean Stock Exchange during 1995-2005. Empirical findings generally support our expectation. First, we document that non-core accruals are less persistent than core accruals in earnings forecast regressions. Second, it is shown that non-core accruals are consistently overpriced in valuation regressions. Third, among non-core accruals, gains on disposal of noncurrent assets are prominently overpriced. This study contributes to the literature by documenting empirically the anomaly of core and non-core accruals based on location relative operating income. Also, given that international financial reporting standards allow firms to report income statements in a more flexible format in which even operating income is not needed to be mandatorily reported, this study provides implication what can be lost or gained from such change in policy.

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참고문헌 (Reference)

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