경영자 이익예측 공시가 이익반응계수에 미치는 영향

초록

This study examines the effect of management earnings forecasts on stock price. The sample consists of manufacturing firms listed on Korean Stock Exchange which issue management earnings forecasts between 2002 and 2009. This study investigate the effects of management earnings forecast on the stock price. The results are as follows; First, there is no difference in stock market valuation between management earnings forecasters and no-forecasters. Second, the earnings response coefficient of forecasters are different depending on whether the forecasters accomplishes the earnings forecasts. Under-performed forecasters are evaluated negatively in stock market valuation. The result shows that earnings quality of management earnings forecasters may be lower than that of non-forecasters. The contributions of this study are as follows; First, this study will help improve disclosure systems about management earnings forecasts in the future. Second, this study examines the direct effect of management earnings forecasts on stock market valuation for the first time. This study has some limitations. First, there can be measurement errors in calculating earnings management level through discretionary accruals and real activities manipulation. Second, there is possibility that all characteristics of forecasters are not controlled in the test model. Third, by analyzing additionally the structural relationship among management earnings forecasts, earnings management and stock price, it will be helpful for understanding more clearly the association of the three variables.

키워드