한국채택국제회계기준(K-IFRS)의 도입은 회계투명성을 향상시키는가? - 자본시장에서의 회계정보 유용성을 통한 분석 -Does Adoption of K-IFRS Improve Accounting Transparency? - Analysis of the Usefulness of Accounting Information in Capital Market -
- Authors
- 최서아; 최국현
- Issue Date
- Jun-2015
- Publisher
- 한국생산성학회
- Keywords
- Accounting Quality; Earnings Transparency; IFRS Adoption; Capital Market; Return-Earnings Relation
- Citation
- 생산성논집, v.29, no.2, pp 197 - 230
- Pages
- 34
- Journal Title
- 생산성논집
- Volume
- 29
- Number
- 2
- Start Page
- 197
- End Page
- 230
- URI
- https://scholarworks.bwise.kr/cau/handle/2019.sw.cau/10798
- DOI
- 10.15843/kpapr.29.2.201506.197
- ISSN
- 1225-3553
- Abstract
- In 2011, Korea has adopted International Financial Reporting Standards(IFRS) requiring all publicly traded firms prepare financial statements with K-IFRS. This K-IFRS adoption is expected to enhance Korean accounting practices and to promote accounting transparency, thus to decrease, so called Korea discount.
Accordingly accounting quality has been the most arguing issue in many studies. as a For a proxy of accounting quality studies in this literature mostly have used earnings management based on accounting numbers. However, as Dechow et al.(1995) mentioned, the measurement of accrual-based earnings management has fundamental limitation such as model and variables misspecification arising from correlated omitted variables, resulting in quite confusing findings.
This study examines the effects of K-IFRS adoption on accounting quality, using earnings transparency measures (TRANS) which introduced by Barth et al.(2013). This measure provides market-based evidence whether accounting quality has increased after adoption of IFRS. TRANS shows the explanatory power of the returns-earnings relation. We use two approaches. First, we test a relation between earnings transparency and subsequent excess returns, and second, we test a relation between earnings transparency and portfolio mean subsequent returns. We do not find evidence that K-IFRS adoption has improved accounting quality. Inversely, we find results that K-IFRS adoption decreased the explanatory power of return-earnings relation. These results imply that adoption of K-IFRS might increase managerial discretion on accounting choices, resulting in the increase of uncertainty lacking in consistency and/or comparability of accounting information. Further, adoption of K-IFRS appears to fail to provide credibility and/or reliability of accounting information at least to market participants.
- Files in This Item
- There are no files associated with this item.
- Appears in
Collections - College of Business & Economics > School of Business Administration > 1. Journal Articles
![qrcode](https://api.qrserver.com/v1/create-qr-code/?size=55x55&data=https://scholarworks.bwise.kr/cau/handle/2019.sw.cau/10798)
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.