손익구조변경공시 시점의 회계이익과 과세소득 차이의 유용성에 관한 연구

Abstract

The material change disclosure is the first disclosure of earnings prior to the disclosure of financial statements, and is the disclosure with the highest stock market reactions. Therefore, material change disclosure has been recognized as useful information for investors. However, due to the limitations of the data in material change disclosure, they cannot measure earning quality before the disclosure of financial statements . Therefore, this study proposes the BTD (book-tax difference) in the material change disclosure as a proxy variable for the earnings quality that can be estimated as financial data in the material change disclosure. This study investigates in three aspects whether BTD is a useful tool to detect earnings management or measure the earnings quality. First, the usefulness of the material change disclosure BTD is investigated using the B&D model. Next, we examine whether a firm with a high BTD in the material change disclosure has a high earnings response coefficient. Finally, we examine the relevance and R-square of material change disclosure BTD and discretionary accruals. The results of this study are as follows. First, there is a positive correlation between material change disclosure BTD and loss avoidance firms. Second, the firms with a high material change disclosure BTD show a lower earnings response coefficient. Third, there is a positive correlation between material change disclosure BTD and discretionary accrual. This study has the following contributions. This study expand the usefulness of material change disclosure by proposing a proxy for the earnings quality of material change disclosure. © 2022, Korean Accounting Association. All rights reserved.