회계이익의 가치관련성과 판매관리비의 하방경직성

• 영문명: Value Relevance of Earnings and the Asymmetrical Behavior of SG&A Costs
• 발행기관: 한국세무학회
• 저자명: 권대현(Dae-Hyun Kwon)
• 간행물 정보: 『세무와회계저널』제16권 제4호, 201~224쪽, 전체 24쪽
• 주제분류: 경제경영 > 회계학
• 파일형태: PDF
• 발행일자: 2015.08.30

국문 초록

본 연구는 회계이익의 가치관련성 정보가 원가의 비대칭성에 영향을 주는지에 대해 분석한다. 회계이익의 가치관련성이 높은 기업의 경우 매출 감소 시 유휴자원(slack resources)을 보다 적극적으로 줄이려고 할 것인데, 그 이유는 유휴자원을 유지할 경우 그렇지 않은 경우보다 회계이익이 감소할 것이고, 결과적으로 기업가치의 하락 정도가 회계이익의 가치관련성이 낮은 기업에 비해 커질 것이기 때문이다. 분석 결과 회계이익의 가치관련성이 증가함에 따라 판매관리비의 하방경직성의 정도는 감소하는 결과가 도출되었다. 이는 매출 감소에 직면한 경영자가 유휴자원의 조정과 관련한 의사결정 시 회계이익의 가치관련성 정보를 고려함을 의미한다. 다음으로 가치관련성 측정에서 영업현금흐름의 가치관련성을 추가적으로 고려하여 가설을 재검증하였다. 분석결과 영업현금흐름의 가치관련성을 추가적으로 고려해도 가설과 일치하는 결과가 도출되었다. 본 연구는 관리회계-원가의 하방경직성-와 재무회계-회계이익의 가치관련성-의 중요한 연구주제를 하나로 통합하고 있을 뿐만 아니라, 가치관련성 정보와 경영자의 의사결정 간 연관성 연구의 확대에 기여하고 있다.

영문 초록

This study examines how value relevance of earnings affects the degree of asymmetrical SG&A cost behavior. After Anderson et al.’s (2003) study, many other pieces of research provide evidence of the existence of asymmetrical cost behavior. A substantial body of research also show the drivers of asymmetrical cost behavior: adjustment costs, the manager’s expectations for future sales, (Anderson et al. 2003; Calleja et al. 2006; Subramaniam and Weidenmier 2003; Banker and Chen 2006a; Banker et al. 2010) and managers’ incentives to maximize their personal wealth (Chen et al. 2012; Dierynck et al. 2012; Kama and Weiss 2013). Besides the incentive of self-interested managers, managers make resource adjustment decisions based on optimal resource planning, considering adjustment costs and the expectations for future demand. The ultimate goal of rational resource planning is to increase the firm value. Accounting performance measures serves a purpose of valuing firm, among which earnings play a critical role and are used broadly for valuation (Collins et al., 1997; Ashbaugh and Olsson, 2002; Caylor et al. 2007). So managers who act in the best interests of shareholders may consider information on value relevance of earnings in the resource adjustment decision-making process in response to demand decline. However, there is little research examining the association between value relevance of accounting information and the degree of cost asymmetry. This study examines whether value relevance may explain asymmetrical cost behavior. Managers whose firm value is closely tied to earnings are likely to accelerate cuts of unused resources in response to sales drop because retaining resources can reduce current earnings, resulting in more rapid decrease of firm value compared to the firms whose value is relatively not closely tied to earnings. Cuts in committed resources beyond optimal level can increase firms’ earnings in periods of sales decline, leading to prevent the rapid decrease of firm value. Thus, this study hypothesizes that the degree of SG&A cost asymmetry is negatively associated with value relevance of earnings. I formally test this prediction using 7,538 firm-year observations for the period 2000-2012. The empirical results support my prediction. The degree of SG&A cost stickiness decreases with the value relevance of earnings. The negative association I document could result from managers whose firm value is closely tied to earnings accelerating reduction in committed resources in response to sales decrease to prevent the rapid decrease of firm value. I evaluate the robustness of my findings by considering cash flows as the supplementary performance measure in estimating the value relevance. Specifically, I use value relevance of earnings and cash flows, and value relevance of cash flows as alternative measures for value relevance of earnings. The result also support my prediction. This study contributes to the literature in the following ways. First, it integrates both financial and management accounting research topics: value relevance and cost behavior. Traditionally, cost behavior has attracted the attention of management accountants only. The current results show that researcher on value relevance benefit from understanding cost behavior as well. Second, this study expands the scope of value relevance research. The focus of value relevance research is usually on finding the factors affecting cross-sectional variation of value relevance of accounting performance. Value relevance itself can be an exogenous factor, as well as an endogenous one. However, there is little research considering value relevance as an explanatory variable which could affect other factors. This study adds to the existing literature by using value relevance factor as an exogenous one to influence firm's other characteristics.

목차

Ⅰ. 서 론

Ⅱ. 선행연구 및 가설설정

Ⅲ. 연구설계

Ⅳ. 분석 결과

Ⅴ. 결 론

참고문헌

키워드

원가의 하방경직성 판매관리비 가치관련성 영업현금흐름 Asymmetrical cost behavior SG&A cost value relevance cash flows from operation