K - IFRS 의무도입이 동일 산업 내 비교가능성에 미치는 영향–기업지배구조 특성별 차이를 중심으로 (The Impact of Mandatory K-IFRS Adoption on Accounting Comparability in the Same Industry: Focusing on the Differences of the Corporate Governance Characteristics)

서지정보

· 발행기관 : 한국회계학회
· 수록지 정보 : 회계저널 / 24권 / 6호 / 235 ~ 276페이지
· 저자명 : 최영수, 양동훈, 조광희

초록

본 연구는 K-IFRS 의무도입이 회계정보의 비교가능성에 미치는 영향을 분석하고, 기업지배구조 특성별로 K-IFRS 의무도입이 비교가능성에 미치는 영향을 검토하였다. K-IFRS 의무도입 전·후 기간을 각각 2009년, 2010년과 2012년, 2013년으로 구분하고, 유가증권시장 상장기업 1,852 기업·연도를 표본으로 선정하였다. 비교가능성은 De Franco et al.(2011)의 주식수익률과 순이익의 기대치와의 관계에서 도출된 측정치를 사용하였고, 실증분석 결과 도출을 위하여 패널회귀(panel regression)분석 모형을 적용하였다. K-IFRS 의무도입이 회계정보의 비교가능성에 미치는 영향을 실증분석한 결과, K-IFRS 의무도입 이후에 비교가능성이 증가한 것으로 나타났다. 이는 회계정보의 비교가능성 측면에서 검토한 회계정보의 질이 K-IFRS 의무도입 이후에 향상된 결과로 해석된다. 또한, K-IFRS의 원칙중심 회계처리방식 하에서 동일 산업 내 기업들 간의 유사한 회계처리의 가능성과, 주식수익률과 회계이익을 사용하여 측정한 De Franco et al.(2011)의 비교가능성 측정치의 특성을 고려할 때 경제적 실질을 반영하기에 적합한 원칙중심의 회계기준인 K-IFRS를 채택한 기업의 회계이익이 보다 더 해당 기업의 경제적 실질에 접근함으로 인한 가치 반영의 결과로도 해석할 수 있다. 한편, 최대주주지분율이 낮거나, 외국인지분율이 높은 경우에 K-IFRS 의무도입 이후에 비교가능성이 증가한 것으로 확인되었다. 반면에, 대규모기업집단 소속 표본과 소속되지 않은 표본 모두에서 K-IFRS 의무도입 이후 비교가능성이 증가한 것으로 나타났으나 두 표본 사이에 유의한 차이는 발견하지 못 하였다. 이러한 실증분석 결과는 최대주주가 경영자의 사적이익추구에 편승하여 소액주주의 이익을 침해한다는 이익침해가설을 지지하고, 외국인투자자가 경영자의 사적이익추구를 위한 이익조정을 효과적으로 감시·감독한 결과일 가능성을 제시하고 있다.

영어초록

This study analyzes the impact of mandatory K-IFRS adoption on accounting comparability in the same industry that is one of the important qualitative characteristics of accounting information and also does the differences of its impact by corporate governance characteristics related to Korea-specific accounting environment, along with the fourth year of the introduction of the mandatory K-IFRS adoption.
This study uses the sample of 1,852 firm-year listed companies belonging to non-financial corporate sector in 2009, 2010, 2012 and 2013, which includes two years before and after the mandatory K-IFRS adoption period respectively. The comparability measure developed by De Franco et al.(2011), which is derived from the relationship of the expected value of net income and stock rate of return, is utilized as the comparability of accounting information. We also utilizes the largest shareholder ownership ratio, conglomerate dummy and foreign investor ownership ratio as the proxy variables of corporate governance characteristics. In addition, we performed empirical analyses using panel regression analysis model which is differentiated from the previous study.
The results of empirical analyses indicate that comparability of accounting information has increased after the mandatory K-IFRS adoption. These results are consistent with the previous study(Kang et al. 2012; Choi et al. 2013; Yu and Cha 2014) that, after the mandatory K-IFRS adoption, earnings management decreased and value relevance of accounting information increased and the quality of accounting information overall improved for those reasons. It is also interpreted that the quality of accounting information that has been examined from the point of view of comparability of accounting information also improved after the mandatory K-IFRS adoption. In addition, unlike the accounting treatment under K-GAAP, the ambiguity of accounting treatment exists under the possible uncertainty that can be associated with the principle-based accounting under K-IFRS. Therefore, these results are also interpreted as a result that reflects the possibility of similar accounting treatment between companies within the same industry, resulted from the possibility of herding behavior between management in the same industry.
On the other hand, this study finds that the comparability has increased after the mandatory K-IFRS adoption when the largest shareholder ownership ratio is low and foreign ownership ratio, though it is marginally observed, is high, while non-significant results are observed on the basis of conglomerate dummy. These results present the possibility supporting the expropriation of minority shareholder hypothesis that the largest shareholder piggybacks on the pursuit of private interests of management and infringes on the interests of minority shareholders, and also demonstrate the possibility that foreign investors effectively monitor and supervise earnings management.
The contribution of this study is two folds. First, this study presents the empirical evidence that the comparability of accounting information increased after the mandatory K-IFRS adoption, which is the first study on the basis of two-year measured value of comparability since the mandatory K-IFRS adoption. Second, this study is expected to provide useful information for investors, management, analysts, and policy-making and supervisory authorities and is also expected to be useful in subsequent studies in the future, by presenting the differentiated impact of mandatory K-IFRS adoption on comparability with regard to corporate governance characteristics including the largest shareholder ownership ratio, conglomerate dummy and foreign investor ownership ratio.

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