재무이익－세무이익 차이가 투자자의 의견차이에 미치는 영향

초록

We test for the associations between book－tax differences (BTD) and divergence of opinion among investors. Although firms disclose BTD on the financial statements to the public, each investor has propensity to interpret BTD idiosyncratically. This is because BTD contains the information about the uncertainty for the future earnings. In our study, we examine the relations between BTD and divergence of opinion among investors. We use both magnitude (absolute value) of BTD and the variability of BTD for BTD measure. In addition, we exploit (1) share turnover, (2) analyst forecast dispersion, (3) stock return variance, (4) unexpected share turnover, and (5) unexpected stock return variance as proxies for divergence of opinion. Firstly, we find the positive relation between BTD and dispersion of opinion. It is suggesting that market participants perceive greater BTD to be an indicator of greater uncertainty. Also,greater BTD contributes to disagreement among market participants apart from the other. Secondly, we find the contribution of temporary difference to disagreement among market participants is greater than the contribution of permanent difference to disagreement among market participants. It contradicts Comprix et al. (2011) and it is suggesting that temporary difference is more discretionary than permanent difference in Korean market. We contribute to the literature by providing first empirical evidence on the relation between BTD and divergence of opinion among investors in Korea. In addition, we extend the measures of prior studies and test variety of measures for investors’ divergence.

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