학술논문
자기주식취득과 회계이익의 정보효과 - 재량적 회계선택 중심으로
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- 영문명
- Stock Repurchase and Information Effect of Accounting Earnings - Evidence from Discretionary Accounting Choices
- 발행기관
- 실천경영학회
- 저자명
- 김윤태(Kim Yoontae)
- 간행물 정보
- 『실천경영연구』實踐經營硏究 第2卷 第1號 (通卷 2號), 97~111쪽, 전체 15쪽
- 주제분류
- 경제경영 > 경영학
- 파일형태
- 발행일자
- 2007.12.30
4,600원
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국문 초록
영문 초록
This study empirically investigates the fact that manager’ discretionary accounting choices are higher for firms that repurchase their own stocks (treatment firms) than for firms that do not repurchase their own stocks(control firms), and the market response. In particular, the study tests two related hypotheses: Hypothesis 1 is that the absolute of discretionary accruals are higher for treatment firms than for control firms; hypothesis 2 is that the market response to discretionary accruals in treatment firms and control firms is significantly different.
Manager’s discretionary accounting choices can be measured by discretionary accruals. and Whether discretionary accruals arise from manager’s opportunistic behavior or attempt to signal inside superior information inference from market assessments.
The sample of this study consistsof 560 manufacturing firms listed in the Korean Stock Exchanges from 1994 to 2002. To increase internal validity of the study, we include these variables: |OCF|, |TAt-1|, SIZE, DEBT, RISK and I(industry dummy) in regression analysis.
The results of this study are as follows. First, with regard to hypothesis 1, the absolute of discretionary accruals is higher significantly for treatment firms than for control firms. Second, the market response to this discretionary accruals shows a statistically negative relationship. These results are consistent with the fact that a manager’s discretionary accounting choices are higher for treatment firms than for control firms, which infers that market assess manager’ opportunistic behavior than signal inside superior information.
Manager’s discretionary accounting choices can be measured by discretionary accruals. and Whether discretionary accruals arise from manager’s opportunistic behavior or attempt to signal inside superior information inference from market assessments.
The sample of this study consistsof 560 manufacturing firms listed in the Korean Stock Exchanges from 1994 to 2002. To increase internal validity of the study, we include these variables: |OCF|, |TAt-1|, SIZE, DEBT, RISK and I(industry dummy) in regression analysis.
The results of this study are as follows. First, with regard to hypothesis 1, the absolute of discretionary accruals is higher significantly for treatment firms than for control firms. Second, the market response to this discretionary accruals shows a statistically negative relationship. These results are consistent with the fact that a manager’s discretionary accounting choices are higher for treatment firms than for control firms, which infers that market assess manager’ opportunistic behavior than signal inside superior information.
목차
Ⅰ. 서론
Ⅱ. 선행연구 및 가설설정
Ⅲ. 연구설계
Ⅳ. 가설검증결과
Ⅴ. 결론
REFERENCES
Abstract
Ⅱ. 선행연구 및 가설설정
Ⅲ. 연구설계
Ⅳ. 가설검증결과
Ⅴ. 결론
REFERENCES
Abstract
키워드
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