학술논문
The Usefulness of Other Comprehensive Income for Predicting Future Earnings
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- 영문명
- 발행기관
- 한국유통과학회
- 저자명
- Joonil LEE Su Jeong LEE Sera CHOI Seunghwan KIM
- 간행물 정보
- 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 7 No.5, 31~40쪽, 전체 10쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2020.05.30
무료
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국문 초록
영문 초록
This study investigates whether other comprehensive income (OCI) reported in the statement of comprehensive income (one of the main
financial statements after the adoption of K-IFRS) predicts a firm’s future performance. Using the quarterly data of Korean listed companies, we examine the association between OCI estimates and future earnings. First of all, we find that OCI is positively associated with earnings in both 1- and 2-quarter ahead, supporting the predictive value of OCI. When we break down OCI into its individual components, our results suggest that the net unrealized gains/losses on available-for-sale (AFS) investment securities are positively associated with future earnings, while the other components (e.g., net unrealized gains/losses on valuation of cash flow hedge derivatives) present insignificant results. In addition, we investigate whether the reliability in OCI estimates enhances the predictive value of OCI to predict future performance. We find that the predictive ability of OCI, in particular the net unrealized gains/losses on available-for-sale (AFS) investment securities, becomes more pronounced when firms are audited by the Big 4 audit firms. Overall, our study suggests that information content embedded in OCI can provide decision-useful information that is helpful for the prediction of future firm performance.
목차
1. Introduction
2. Literature Review
3. Research Design and Sample
4. Empirical Results
5. Conclusion
References
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