가치-이익 볼록성 차이의 결정요인에 관한 연구

• 영문명: Determinants of Difference in the Value-Earnings Convexity
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 권신형(Shin-Hyoung Kwon) 심해린(Hae-Rin Shim)
• 간행물 정보: 『아태비즈니스연구』제15권 제3호, 325~349쪽, 전체 25쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2024.09.30

국문 초록

Purpose - This study aims to identify and document earnings management, sources of investment growth, and CEO personality traits as three determinants of difference in the value-earnings convexity. Design/methodology/approach - To test our hypotheses, we run cross-sectional regressions based on the Fama and Macbeth (1973) procedure using US firm-year observations from 1968 to 2017. Findings - First, we show that the value-earnings association decreases with accruals and real earnings management. Second, we demonstrate that the value-earnings convexity is weaker when investment growth is supported by off-balance-sheet intangible assets relative to on-balance-sheet tangible and intangible assets. Finally, we find that extraverted CEOs and CEOs who are more open to experience are better at exploiting the growth opportunities implied by the current accounting profitability. Conscientious and neurotic personality traits of CEOs make no difference in exploiting the growth opportunities that the current accounting profitability suggests. Research implications or Originality - This study complements and extends the literature on real options and behavioral agency by demonstrating that the value-earnings convexity depends not only on accounting profitability and investment growth rate, but also on earnings management, sources of investment growth, and CEO personality traits.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경 및 연구가설 설정

Ⅲ. 연구설계

Ⅳ. 표본 및 기술통계량

Ⅴ. 분석결과

Ⅵ. 결론

References

키워드

Accounting Profitability CEO Personality Traits Earning Management Off-Balance-Sheet Intangible Asset Real Option