기업별 이익구성요소 특성이 정보비대칭 및 재무분석가의 이익예측 편의에 미치는 영향: 산업별 이익구성요소 특성과의 비교

초록

According to economic theory, the industry-wide earnings component is recognized more in the stock price because it is relatively less volatile and more persistent than firm-specific information. Previous research shows that industry-wide earnings component tend to be more persistent than firm-specific earnings. Based on this, we examine how each earnings component affect firms’ information environments. Specifically, we investigate how industry-wide and firm-specific components are associated with information asymmetry and influence the analysts earnings forecast. Following Hui et al.‘s (2016) methodology, we decompose earnings into industry-wide and firm-specific components. As we hypothesized, we verify that firm-specific component is more related with information asymmetry. Then, we also find that firm-specific component is more related to the forecast bias. As additional robust tests, we control for firm characteristics, operating cycle, and earnings volatility, these results remain consistent. These results suggest the need for market participants to understand the different effects of specific earnings components and to reflect them in their firm valuation. They should pay more attention to a distinctiveness between industry-wide and firm-specific earnings component for their economic decisions. These findings will provide meaningful implications for standards setters and accounting practitioners.

키워드