재무보고 품질과 기업 이익발표 시 이익의 정보성: 미국기업을 중심으로

초록

Using a sample of the U.S. firms traded on NYSE and NASDAQ from 2000 to 2021, this study investigates the relation between financial reporting quality and accounting earnings informativeness at the earnings announcements. When financial report quality is less reliable or unpredictable, for example, causing uncertain and less persistent earnings, investors face difficulty interpreting the inherent effects of current earnings news on future cash flows, and the capital market’s reactions to the earnings announcements are expected to be delayed in reaching its future cash flow estimates and rely more on private information in the price formation process. As financial reporting quality measures, I adopt the divergence between earnings volatility and cash flow volatility and the matching of revenues and expenses. Earnings transparency represents the level of firms’ overall information environments and is expected to ease uncertainty in estimating future firm value due to the reduced information asymmetry. As an earnings informativeness measure, I adopt Weller (2018) ’s price jump ratio. This study shows that the more earnings diverge from realized company performance (cash flows), the more delayed the market incorporates value-related information at the earnings announcements. When revenues and expenses are aligned, they provide more relevant information about future earnings and positively affect the market’s price formation process. Transparency facilitates the market’s reaction and positively affects the price formation process before the earnings announcements. When financial reporting quality and transparency are combined, the market’s reactions are expedited, and they positively affect the stock price formation process at the earnings announcements.

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