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Earnings Transparency and Investments Efficiency

Title
Earnings Transparency and Investments Efficiency
Other Titles
이익투명성과 투자효율성
Author
신호영
Keywords
Earnings Transparency; Earnings Quality; Investment Efficiency; 이익투명성; 이익의 질; 투자효율성
Issue Date
2017-08
Publisher
글로벌경영학회
Citation
글로벌경영학회지, v. 14, no. 4, page. 19-36
Abstract
This study empirically analyzes the effect of earnings transparency on investments efficiency in Korea, using a sample of 6,827 firm-years from 2002 to 2014. Earnings transparency is measured using Barth et al. (2013) and Cheng and Subramanyam (2008) and is defined as how well it explains a firm value. Transparent firms may provide high quality information and better describe the economic value of a firm (Bushman and Smith 2003; Park et al. 2014).Investments efficiency can be regarded as an effective investment activity by reducing or increasing the amount of future investments in a situation where firms are likely to over- or under-invest. Prior research documents that financial accounting quality can improve investments efficiency by mitigating information asymmetry between investors and managers (Biddle and Hilary 2006; McNichols and Stubben 2008; Biddle at al. 2009). Investors in firms with high earnings transparency could monitor managerial decisions more effectively because their financial statements are comparable across the peers in the same industry and year (Bushman and Smith 2001; Biddle et al. 2009). Thus, we expect that managers' opportunistic behaviors such as over- or under-investments may decrease in firms with high transparent earnings. investments efficiency is measured by using Chen et al. (2011).The results of this study show that earnings transparency is positively and significantly associated with investments efficiency. In addition, when investments is divided into over- and under-investments, the result is only consistent with the case of under-investments, implying that higher earnings transparency reduces only under-investments.We expand the prior literature on earnings transparency. This study provides insight for future research in areas such as capital market and corporate governance by showing the relation between earnings transparency and corporate investments decisions.본 연구는 2002년부터 2014년까지 유가증권 시장에 상장된 6,827개 기업을 대상으로 이익투명성과 투자효율성 간의 관계를 실증 분석하였다. 선행연구는 회계정보의 품질이 높을수록 자본조달비용이 감소하며, 경영자의 기회주의적인 행위를 억제하는 매커니즘으로 작동하여 투자효율성을높이는 것으로 보고한다. 따라서 이익투명성이 높을수록 정보비대칭 문제는 감소하고, 이로 인해경영자를 통제하는 비용이 낮아져 투자효율성이 향상될 것으로 예측하였다. 이익투명성은 Barth et al.(2013)과 Cheng and Subramanyam(2008)에서 제시한 방법으로 측정하였고, 투자효율성은 Chen et al.(2011)의 방법으로 측정하였다.분석결과는 다음과 같다. 첫째, 이익투명성이 투자효율성에 미치는 영향은 양(+)의 방향으로 유의하였다. 이는 회계정보를 제공하는 기업의 이익정보가 투명할수록 기업의 투자효율성이 좋아진다는 것을 의미한다. 둘째, 표본을 과대투자와 과소투자로 나누어 각각 분석한 결과 , 과소투자의표본에서만 이익투명성과 투자효율성 간의 관계는 통계적으로 유의한 양(+)의 방향성을 나타냈다.이는 과소투자의 경우에만 이익투명성이 높을수록 기업 투자행위는 효율적으로 진행된다고 할 수있다.
URI
http://scholar.dkyobobook.co.kr/searchDetail.laf?barcode=4010026003796#https://repository.hanyang.ac.kr/handle/20.500.11754/115033
ISSN
1738-4745
Appears in Collections:
GRADUATE SCHOOL OF BUSINESS[S](경영전문대학원) > BUSINESS ADMINISTRATION(경영학과) > Articles
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