논문 해외 국제전문학술지(SCI급) Changes in the value relevance of energy industries' accounting information: the impact of the shale revolution
- 학술지 구분 국제전문학술지(SCI급)
- 게재년월 2023-01
- 저자명 권기정
- 학술지명 International Journal of Accounting, Auditing and Performance Evaluation
- 발행처명 Inderscience Enterprises Ltd.
- 발행국가 해외
- 논문언어 외국어
- 전체저자수 3
홈페이지논문 초록 (Abstract)
This study investigates how the value relevance of accounting information is changing as a result of the shale revolution that began in 2012. The empirical analysis of this study shows that the value relevance of R&D expenditures has declined dramatically since 2012, when shale gas extraction began in US. It also shows that in the energy industry, operating cash flow and company size are not important value-related factors in increasing corporate value. Conversely, operating income is the most important value relevant variable for corporate value since 2010. The results also suggest that accounting information from the energy equipment and services industry group is more useful than information about firms in the oil gas consumable fuel industry. This study shows that there is a change in the value relevance of firm value variables in the energy industry after the shale revolution.