기업이익의 불투명성과 미래이익에 대한 주가정보성

초록

In this study, we investigate the effect of corporate earnings opacity on stock price informativeness about future earnings. According to previous studies, more value-relevant accounting information reduces uncertainty in forecasting future earnings and as a result, more future earnings-related information is reflected in the current stock price (Collins et al. 1994; Tucker and Zarowin 2006). That means that more value-relevant accounting information induces higher future earnings response coefficient (FERC). Based on this, we expect that firms with less transparent earnings suffer lower FERC than others. This paper empirically analyzes the effect of corporate earnings opacity on FERC of the non-financial Korean companies listed on KOSPI and KOSDAQ market between 2003 and 2016. As we posit, our empirical results show that there exists a significantly negative relation between corporate earnings opacity and stock price informativeness about future earnings. As additional robust tests, we control for firm characteristics and adopt a variety of opacity measures. The results remain intact. Our results indicate that investors are not forming reasonable expectations for future earnings as highly opaque earnings do not provide relevant information regarding future earnings. These findings provide important implications of corporate earnings opacity to several interested parties such as researchers and practitioners.

키워드