재무분석가의 현금흐름예측과 발생액 이상현상

• 영문명: Analysts’ Cash Flow Forecasts and Accrual Anomaly
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 김종현(Jong-Hyun Kim) 장석진(Seok-Jin Chang)
• 간행물 정보: 『아태비즈니스연구』제11권 제3호, 137~151쪽, 전체 15쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2020.09.30

영문 초록

Purpose - The purpose of this study is to investigate whether financial analysts cash flow forecasts mitigate the accrual anomaly. In addition, we examine whether the more accurate analysts cash flow forecasts are the greater the decline of the accrual anomaly. Design/methodology/approach - Data used in the empirical tests are extracted through KIS-VALUE and FN-GUIDE, and the sample consists of firms listed on Korea Stock Exchange for 7 years from 2005 to 2011. We test the hypotheses using multiple regression analysis and we also estimate the regressions with the decile ranks of the explanatory variables to minimize the influence of outliers. Findings - We have failed to capture evidence that the provision of financial analysts cash flow forecasts itself reduces the accrual anomaly. However, we find the accrual anomaly to be less severe when financial analysts provide more accurate cash flow forecasts. The findings are consistent in the regression models with the decile ranks as well as in the robustness tests that controlled the accruals quality. Research implications or Originality - This study contributes to the expansion of related studies in the Korea by providing empirical evidence partially that the financial analysts cash flow forecasts mitigate the accrual anomaly.

목차

Ⅰ. 서론

Ⅱ. 선행연구 및 연구가설

Ⅲ. 연구설계

Ⅳ. 실증분석 결과

Ⅴ. 결론

References

키워드

New Audit Report Key Audit Matters Value Relevance of Non-Accounting Information Ohlson Model Financial Industry