논문 국내 국내전문학술지(KCI급) THE COMPARATIVE VALUE RELEVANCE OF ACCOUNTING EARNINGS, BOOK VALUE, NET CASH FLOWS, OPERATING INCOME, AND NET OPERATING CASH FLOWS IN LISTED KOREAN STOCK MARKETS
- 학술지 구분 국내전문학술지(KCI급)
- 게재년월 2015-08
- 저자명 권기정
- 학술지명 국제회계연구
- 발행처명 한국국제회계학회
- 발행국가 국내
- 논문언어 외국어
- 전체저자수 1
홈페이지논문 초록 (Abstract)
This paper explores the comparative value relevance of book value, accounting earnings, net cash flows, operating income, and net operating cash flows in listed Korean stock markets from 2000 to 2013. Especially this study classifies sample data into several sub groups according to firm size (large enterprise vs. small and medium -sized enterprises), financial markets (KOSPI vs. KOSDAQ), technolog y level (high technology companies vs. low technology companies), and economic conditions (before and after global financial crisis) to exam ine the value relevance change among main variables. The empirical evidence of this paper shows that net cash flows are most value efficient for the small and medium-sized, KOSDAQ, high-tech, lo w-tech, and pre-GFC groups, while operating income ranks first fo r the big firm, KOSPI, and post-GFC groups; accounting earnings are the least value-relevant for the high-tech, low-tech, and pre-GFC groups. Net cash flows are the most value-relevant factor before the GFC an d the least after it. These results suggest that the comparative value relevance of book value , accounting earnings, net cash flows, net operating cash flows, and o perating income mainly depends on firm size, financial market, techn ology level, and the GFC in listed Korean stock markets.