회계이익과 세무이익의 차이와 이익의 질

초록

We examine the information content of temporary difference of book－tax difference toward earnings quality. Our perspectives are, first, we examine the relation between the magnitude of temporary difference and, earnings quality, earnings persistence, predictability and income smoothing. Second, we follow the prior literature that reports positive relation between higher earnings quality and, earnings response coefficient(ERC) and future earnings response coefficient (FERC)(Collins and Kothari, 1989；Tucker and Zarowin, 2006). Our research period is from 1999 to 2007 and we analyze 3,192 firm－year data of companies traded in KOSPI market. Our results are as follows. First, higher temporary difference have propensity to decrease earnings quality, earnings persistence, predictability and income smoothing. Second, higher temporary difference tend to lower ERC and FERC. Additionally, we find that earnings quality properties, ERC and FERC of the group with high temporary difference are lower than those of the group with low temporary difference. Also, the results are supported in, not only the group with positive temporary difference, but also the group with negative temporary difference. It implies that without regard of the sign, whether positive or negative, higher temporary difference decrease the quality of accounting income, and temporary difference is useful indicator for measuring earnings quality. We contribute to the literature by examining the usefulness of temporary difference toward earnings quality with broad perspective. For investors, our result will promote the use of temporary difference data in the disclosures.

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